Document:

EXHIBIT 10.1

  

   

  

   EXECUTION VERSION

  

   

  

  
    	
            

              US$3,225,000,000

              364-DAY CREDIT AGREEMENT

             

            dated as of

            June 10, 2020,

              

              among

              

              AUTOMATIC DATA PROCESSING, INC.

             

            

            The BORROWING SUBSIDIARIES

              referred to herein

             

            

            The LENDERS Party Hereto

             

            

            JPMORGAN CHASE BANK, N.A.,

              as Administrative Agent

            _________________________

             

            

            BANK OF AMERICA, N.A.

              BNP PARIBAS

            WELLS FARGO BANK, N.A. and

                DEUTSCHE BANK SECURITIES INC.,

                as Syndication Agents

               

            BARCLAYS BANK PLC and

              MUFG BANK, LTD.,

            as Documentation Agents

             

            

            JPMORGAN CHASE BANK, N.A.

              BOFA SECURITIES, INC.

            BNP PARIBAS SECURITIES CORP.

            WELLS FARGO SECURITIES, LLC and

              DEUTSCHE BANK SECURITIES INC.,

              as Joint Lead Arrangers and Joint Bookrunners

             

            

          

  

  

    

    

    
      
        

    

    
    
      TABLE OF CONTENTS

      

      

      	
              ARTICLE I

            	 
	 	 
	
              Definitions

            	 
	 	 
	
              SECTION 1.01. Defined Terms.

            	
              1

            
	
              SECTION 1.02. Classification of Loans and Borrowings.

            	
              20

            
	
              SECTION 1.03. Terms Generally.

            	
              20

            
	
              SECTION 1.04. Accounting Terms; GAAP.

            	
              21

            
	
              SECTION 1.05. Divisions.

            	
              21

            
	
              SECTION 1.06. Interest Rates; LIBOR Notification.

            	
              21

            
	 	 
	
              ARTICLE II

            	 
	 	 
	
              The Credits

            	 
	 	 
	
              SECTION 2.01. Commitments.

            	
              22

            
	
              SECTION 2.02. Loans and Borrowings.

            	
              22

            
	
              SECTION 2.03. Requests for Revolving Borrowings.

            	
              23

            
	
              SECTION 2.04. Competitive Bid Procedure.

            	
              24

            
	
              SECTION 2.05. Funding of Borrowings.

            	
              26

            
	
              SECTION 2.06. Repayment of Borrowings; Evidence of Debt; Extension of Maturity Date.

            	
              27

            
	
              SECTION 2.07. Interest Elections.

            	
              28

            
	
              SECTION 2.08. Termination and Reduction of Commitments.

            	
              29

            
	
              SECTION 2.09. Prepayment of Loans.

            	
              30

            
	
              SECTION 2.10. Fees.

            	
              31

            
	
              SECTION 2.11. Interest.

            	
              31

            
	
              SECTION 2.12. Alternate Rate of Interest.

            	
              32

            
	
              SECTION 2.13. Increased Costs.

            	
              34

            
	
              SECTION 2.14. Break Funding Payments.

            	
              35

            
	
              SECTION 2.15. Taxes.

            	
              35

            
	
              SECTION 2.16. Payments Generally; Pro Rata Treatment; Sharing of Setoffs.

            	
              37

            
	
              SECTION 2.17. Mitigation Obligations; Replacement of Lenders.

            	
              39

            
	
              SECTION 2.18. Designation of Borrowing Subsidiaries.

            	
              40

            
	
              SECTION 2.19. Defaulting Lenders.

            	
              40

            
	 	 
	
              ARTICLE III

            	 
	 	 
	
              Representations and Warranties

            	 
	 	 
	
              SECTION 3.01. Organization; Powers.

            	
              41

            
	
              SECTION 3.02. Authorization; Enforceability.

            	
              41

            
	
              SECTION 3.03. Governmental Approvals; No Conflicts.

            	
              41

            
	
              SECTION 3.04. Financial Position; No Material Adverse Change.

            	
              41

            

      

      

      

      

      
        i

        
          

      

      

      

      	
              SECTION 3.05. Properties.

            	
              42

            
	
              SECTION 3.06. Litigation and Environmental Matters.

            	
              42

            
	
              SECTION 3.07. Compliance with Laws and Agreements.

            	
              42

            
	
              SECTION 3.08. Federal Reserve Regulations..

            	
              43

            
	
              SECTION 3.09. Investment Company Status.

            	
              43

            
	
              SECTION 3.10. Taxes.

            	
              43

            
	
              SECTION 3.11. ERISA.

            	
              43

            
	
              SECTION 3.12. Disclosure..

            	
              43

            
	
              SECTION 3.13. Anti-Corruption Laws and Sanctions.

            	
              44

            
	
              SECTION 3.14. Affected Financial Institution.

            	
              44

            
	 	 
	
              ARTICLE IV

            	 
	 	 
	
              Conditions

            	 
	 	 
	
              SECTION 4.01. Effective Date.

            	
              44

            
	
              SECTION 4.02. Each Credit Event.

            	
              45

            
	
              SECTION 4.03. Initial Credit Event for each Borrowing Subsidiary.

            	
              45

            
	 	 
	
              ARTICLE V

            	 
	 	 
	
              Affirmative Covenants

            	 
	 	 
	
              SECTION 5.01. Financial Statements and Other Information.

            	
              46

            
	
              SECTION 5.02. Notices of Material Events.

            	
              47

            
	
              SECTION 5.03. Existence; Conduct of Business.

            	
              47

            
	
              SECTION 5.04. Payment of Taxes.

            	
              47

            
	
              SECTION 5.05. Maintenance of Properties.

            	
              48

            
	
              SECTION 5.06. Books and Records; Inspection Rights.

            	
              48

            
	
              SECTION 5.07. Compliance with Laws.

            	
              48

            
	
              SECTION 5.08. Use of Proceeds.

            	
              48

            
	 	 
	
              ARTICLE VI

            	 
	 	 
	
              Negative Covenants

            	 
	 	 
	
              SECTION 6.01. Liens.

            	
              49

            
	
              SECTION 6.02. Sale and Leaseback Transactions.

            	
              50

            
	
              SECTION 6.03. Fundamental Changes.

            	
              50

            
	 	 
	
              ARTICLE VII

            	 
	 	 
	
              Events of Default

            	 
	 	 
	
              ARTICLE VIII

            	 
	 	 
	
              The Administrative Agent

            	 

      

      

      

      

      
        ii

        
          

      

      

      

      	
              ARTICLE IX

            	 
	 	 
	
              Guarantee

            	 
	 	 
	
              ARTICLE X

            	 
	 	 
	
              Miscellaneous

            	 
	
              SECTION 10.01. Notices.

            	
              58

            
	
              SECTION 10.02. Waivers; Amendments.

            	
              59

            
	
              SECTION 10.03. Expenses; Indemnity; Damage Waiver.

            	
              60

            
	
              SECTION 10.04. Successors and Assigns.

            	
              61

            
	
              SECTION 10.05. Survival.

            	
              64

            
	
              SECTION 10.06. Counterparts; Integration; Effectiveness.

            	
              64

            
	
              SECTION 10.07. Severability.

            	
              65

            
	
              SECTION 10.08. Right of Setoff.

            	
              65

            
	
              SECTION 10.09. Governing Law; Jurisdiction; Consent to Service of Process.

            	
              65

            
	
              SECTION 10.10. WAIVER OF JURY TRIAL.

            	
              66

            
	
              SECTION 10.11. Headings.

            	
              66

            
	
              SECTION 10.12. Confidentiality.

            	
              67

            
	
              SECTION 10.13. Conversion of Currencies..

            	
              68

            
	
              SECTION 10.14. Interest Rate Limitation.

            	
              68

            
	
              SECTION 10.15. Certain Notices.

            	
              68

            
	
              SECTION 10.16. No Fiduciary Relationship.

            	
              69

            
	
              SECTION 10.17. Acknowledgement of and Consent to Bail-In of Affected Financial Institutions.

            	
              69

            

      

      

      

      

      	
              SCHEDULES:

            	 
	
              Schedule 2.01

            	
              —  Lenders and Commitments

            
	
              Schedule 2.16

            	
              —  Payment Instructions

            
	
              Schedule 6.01

            	
              —  Liens

            
	 	 
	
              EXHIBITS:

            	 
	
              Exhibit A

            	
              —  Form of Assignment and Assumption

            
	
              Exhibit B-1

            	
              —  Form of Borrowing Subsidiary Agreement

            
	
              Exhibit B-2

            	
              —  Form of Borrowing Subsidiary Termination

            
	
              Exhibit C

            	
              —  Form of Promissory Note

            
	
              Exhibit D

            	
              —  Form of Opinion of General Counsel of the Company

            

      

      

    

    

    

    
      iii

      
        

    

     

    

     

    

    
      364-DAY CREDIT AGREEMENT dated as of June 10, 2020 (this “Agreement”), among
        AUTOMATIC DATA PROCESSING, INC., a Delaware corporation (the “Company”); the BORROWING SUBSIDIARIES from time to time party hereto (the Company and the Borrowing Subsidiaries being collectively called the “Borrowers”); the LENDERS
        from time to time party hereto; and  JPMORGAN CHASE BANK, N.A., as Administrative Agent.

      The Company has requested that the Lenders (such term and each other capitalized term used and not otherwise
        defined herein having the meaning assigned to it in Article I) extend credit in the form of  Commitments under which the Borrowers may obtain Loans in US Dollars in an aggregate principal amount outstanding at any time of US$3,225,000,000.  The
        Company has also requested that the Lenders provide (a) a procedure pursuant to which the Borrowers may invite the Lenders to bid on an uncommitted basis on short-term Loans to the Borrowers and (b) a procedure pursuant to which the Borrowers may
        obtain Loans on an uncommitted basis from individual Lenders on terms to be negotiated at the time such Loans are requested.  The proceeds of borrowings hereunder are to be used for general corporate purposes of the Borrowers and their
        subsidiaries, including the refinancing of any indebtedness outstanding under the Company’s 364-Day Credit Agreement dated as of June 12, 2019 (the “Existing Credit Agreement”), under the Company’s Five-Year Credit Agreement dated as of June
        13, 2018 or under the Company’s Five-Year Credit Agreement dated as of June 12, 2019.

      The Lenders are willing to establish the credit facilities referred to in the preceding paragraph upon the
        terms and subject to the conditions set forth herein.  Accordingly, the parties hereto agree as follows:

      ARTICLE I

        

        Definitions

      SECTION 1.01.  Defined Terms.  As used in this Agreement, the following terms have the meanings
        specified below:

      “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans
        comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate.

      “Administrative Agent” means JPMCB, in its capacity as administrative agent for the Lenders hereunder,
        or any successor in such capacity.  Unless the context requires otherwise, the term “Administrative Agent” shall include any Affiliate of JPMCB through which JPMCB shall perform any of its obligations in such capacity hereunder.

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

      
        
          

      

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

      “Agreement Currency” has the meaning assigned to such term in Section 10.13(b).

      “Alternate Base Rate” means, for any day, a rate per annum equal to the highest of (a) the Prime Rate in
        effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% per annum and (c) the LIBO Rate for a one month interest period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1% per
        annum.  For purposes of clause (c) above, the LIBO Rate on any day shall be based on the applicable Screen Rate at approximately 11:00 a.m., London time, on such day for deposits in US Dollars with a maturity of one month (without any rounding). 
        Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the LIBO Rate, respectively.  If
        the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.12 (for the avoidance of doubt, only until any amendment has become effective pursuant to Section 2.12(b)), then the Alternate Base Rate shall be the
        greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.

      “Ancillary Document” has the meaning assigned to such term in Section 10.06(b).

      “Anti-Corruption Laws” means the FCPA and other laws, rules and regulations applicable to the Borrower
        or its Subsidiaries concerning or relating to bribery or corruption.

      “Applicable Rate” means a rate per annum equal to, with respect to (a) any Eurocurrency Loan, 0.625% and
        (b) any ABR Loan, 0.00%.

      “Arranger” means each of JPMCB, BofA Securities, Inc., BNP Paribas Securities Corp., Wells Fargo
        Securities, LLC and Deutsche Bank Securities Inc., each in its capacity as joint lead arranger and joint bookrunner for the credit facility established hereunder.

      “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee
        (with the consent of any party whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent.

      “Attributable Debt” means, with respect to any Sale and Leaseback Transaction, the present value
        (discounted at the rate set forth or implicit in the terms of the lease included in such Sale and Leaseback Transaction) of the total obligations of the lessee for rental payments (other than amounts required to be paid on account of taxes,
        maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items which do not constitute payments for property rights) during the remaining term of

      
        2

        
          

      

      the lease included in such Sale and Leaseback Transaction (including any period for which such lease has been extended).  In the
        case of any lease which is terminable by the lessee upon payment of a penalty, the Attributable Debt shall be the lesser of the Attributable Debt determined assuming termination upon the first date such lease may be terminated (in which case the
        Attributable Debt shall also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated) or the Attributable Debt determined assuming no
        such termination.

      “Availability Period” means the period from and including the Effective Date to but excluding the
        earlier of the Termination Date and the date of termination of the Commitments.

      “Bankruptcy Event” means, with respect to any Person, that such Person becomes the subject of a
        bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business or custodian appointed for it,
        or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment, provided that a Bankruptcy Event shall
        not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof. If, however, such ownership interest  results in or provides such Person
        with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate,
        disavow or disaffirm any contracts or agreements made by such Person, such ownership interest will constitute a Bankruptcy Event.  Nothing in this definition or elsewhere in this Agreement shall require any Person to disclose any information that
        it would be prohibited from disclosing under applicable law or regulation.

      “Benchmark Replacement” means the sum of:
        (a) the alternate benchmark rate (which may be a SOFR-Based Rate) that has been selected by the Administrative Agent and the Company giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for
        determining such a rate by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBO Rate for U.S. dollar-denominated syndicated credit facilities
        and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement; provided further that any
        such Benchmark Replacement shall be administratively feasible as determined by the Administrative Agent in its sole discretion.

      “Benchmark Replacement Adjustment” means the
        spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Company giving due consideration to (i) any selection
        or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the

      
        3

        
          

      

      replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body and/or (ii)
        any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement for
        U.S. dollar-denominated syndicated credit facilities at such time (for the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the form of a reduction to the Applicable Rate).

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

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

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

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

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

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

      (2) a public statement or publication of information by the regulatory supervisor for the
        administrator of the Screen Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the Screen Rate, a resolution authority with jurisdiction over the administrator for the Screen Rate or a court
        or an entity

      
        4

        
          

      

      with similar insolvency or resolution authority over the administrator for the Screen Rate, in each case which
        states that the administrator of the Screen Rate has ceased or will cease to provide the Screen Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to
        provide the Screen Rate; and/or

      (3) a public statement or publication of information by the regulatory supervisor for the
        administrator of the Screen Rate announcing that the Screen Rate is no longer representative.

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

      “Benchmark Unavailability Period” means, if
        a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time
        that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder in accordance with Section 2.12 and (y) ending at the time that a Benchmark Replacement has replaced
        the LIBO Rate for all purposes hereunder pursuant to Section 2.12.

      “Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as
        required by the Beneficial Ownership Regulation.

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

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

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

      “Borrower” means the Company or any Borrowing Subsidiary.

      “Borrowing” means Loans (including Competitive Loans and Contract Loans) of the same Class and Type,
        made, converted or continued on the same date and, in

      
        5

        
          

      

      the case of Eurocurrency Loans or Fixed Rate Loans, as to which a single Interest Period is in effect.

      “Borrowing Minimum” means US$5,000,000.

      “Borrowing Multiple” means US$1,000,000.

      “Borrowing Request” means a request by a Borrower for a Borrowing in accordance with Section 2.03.

      “Borrowing Subsidiary” means any Subsidiary that has been designated as such pursuant to Section 2.18
        and that has not ceased to be a Borrowing Subsidiary as provided in such Section.

      “Borrowing Subsidiary Agreement” means a Borrowing Subsidiary Agreement substantially in the form of
        Exhibit B-1.

      “Borrowing Subsidiary Termination” means a Borrowing Subsidiary Termination substantially in the form of
        Exhibit B-2.

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

      “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other
        amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person
        under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

      “Change in Law” means (a) the adoption of any law, rule, regulation or treaty after the date of this
        Agreement, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or by
        any lending office of such Lender or by such Lender’s holding company with any request, rule, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided
        that notwithstanding anything herein to the contrary, no act, event or circumstance referred to in clause (a), (b) or (c) of this definition shall be deemed to have occurred prior to the date of this Agreement as a result of the applicable law,
        rule, regulation, treaty, interpretation, application, request, guideline or directive having been adopted, made or issued under the general authority of the Dodd-Frank Wall Street Reform and Consumer Protection Act or Basel III as promulgated by
        the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities.

      
        6

        
          

      

      “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans
        comprising such Borrowing, are Revolving Loans, Competitive Loans or Contract Loans.

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

      “Commitment” means, with respect to each  Lender, the commitment of such Lender to make  Loans pursuant
        to Section 2.01, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Loan Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and (b) reduced or increased from
        time to time pursuant to assignments by or to such Lender pursuant to Section 10.04.  The initial amount of each Lender’s Commitment is set forth on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender shall have assumed
        its  Commitment, as applicable.  The aggregate amount of the Commitments on the date hereof is US$3,225,000,000.

      “Company” has the meaning assigned to such term in the heading of this Agreement.

      “Competitive Bid” means an offer by a Lender to make a Competitive Loan in accordance with Section 2.04.

      “Competitive Bid Rate” means, with respect to any Competitive Bid, the Margin or the Fixed Rate, as
        applicable, offered by the Lender making such Competitive Bid.

      “Competitive Bid Request” means a request for Competitive Bids in accordance with Section 2.04.

      “Competitive Borrowing” means a Borrowing comprised of Competitive Loans.

      “Competitive Loan” means a Loan made pursuant to Section 2.04.  Each Competitive Loan shall be a
        Eurocurrency Loan or a Fixed Rate Loan.

      “Competitive Loan Exposure” means, with respect to any Lender at any time, the aggregate principal
        amount of the outstanding Competitive Loans of such Lender.

      “Compounded SOFR” means the
        compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to
        determine the interest amount payable prior to the end of each Interest Period) being established by the Administrative Agent in accordance with:

      
        7

        
          

      

      (1)          the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:

      (2)          if, and to the extent that, the Administrative Agent, in consultation with the Company, determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and
          conventions for this rate that the Administrative Agent, in consultation with the Company, determines in its reasonable discretion are substantially consistent with any evolving or then-prevailing market convention for determining compounded SOFR
          for U.S. dollar-denominated syndicated credit facilities at such time;

      provided, further, that if the Administrative Agent, in consultation with the
        Company, decides that any such rate, methodology or convention determined in accordance with clause (1) or clause (2) is not administratively feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for
        purposes of the definition of “Benchmark Replacement.”

      “Consolidated Net Worth” means the shareholders’ equity of the Company, determined on a consolidated
        basis in accordance with GAAP.

      “Contract Loan” has the meaning assigned to such term in Section 2.02(e).

      “Contract Loan Exposure” means, with respect to any Lender at any time, the aggregate principal amount
        of the outstanding Contract Loans of such Lender.

      “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of
        the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.

      “Corresponding Tenor” with respect to a
        Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the applicable Interest Period with respect to the LIBO Rate.

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

      “Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date required
        to be funded or paid, to (i) fund any portion of its Loans or (ii) pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, it notifies the
        Administrative Agent in writing that such failure is the result of its good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified
        the Company, any other Borrower or the Administrative Agent in writing, or has made a public statement to the effect, that it

      
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      does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public
        statement indicates that such position is based on its good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or
        generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by the Administrative Agent, acting in good faith, to provide a certification in writing from an authorized officer
        thereof that it will comply with its obligations (and is financially able to meet such obligations) to fund Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the
        receipt by the Administrative Agent of such certification in form and substance satisfactory to the Administrative Agent, or (d) has become the subject of a Bankruptcy Event or a Bail-In Action (as defined in Section 10.17).

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

      (1) (i) a determination by the Administrative Agent and the Company or (ii) a notification by
        the Required Lenders to the Administrative Agent (with a copy to the Company) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that
        contained in Section 2.12 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and

      (2) (i) the election by the Administrative Agent and the Company or (ii) the election by the
        Required Lenders with the written consent of the Company to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent and the Company of written notice of such election to the Lenders or by the
        Required Lenders and the Company of written notice of such election to the Administrative Agent and the other Lenders.

      “Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or
        waived in accordance with Section 10.02).

      “Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a
        contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

      “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender and (c) any other Person, other
        than, in each case, (i) a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person), (ii) a Defaulting Lender, (iii) the Company or any of its Affiliates or (iv) a
        Sanctioned Person.

      “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments,
        injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of
        any Hazardous Material or to health and safety matters.

      
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      “Environmental Liability” means any liability, contingent or otherwise (including any liability for
        damages, costs of environmental remediation, fines, penalties or indemnities), of any of the Borrowers or any of their Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use,
        handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or
        other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

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

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

      “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations
        issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) any failure by any Plan to satisfy the minimum funding standard (within the meaning of Section 412 of the Code or Section 302 of ERISA)
        applicable to such Plan, in each case whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the
        incurrence by the Company or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice
        relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Company or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Plan or
        Multiemployer Plan; (g) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a
        determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA, or in endangered or critical status, within the meaning of Section 305 of ERISA; or (h) a determination that any Plan is, or is
        expected to be, in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code).

      “Eurocurrency”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
        Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the LIBO Rate.

      “Event of Default” has the meaning assigned to such term in Article VII.

      “Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of
        any payment to be made by or on account of any Obligation hereunder, (a) income or franchise Taxes imposed on (or measured by) its net income by

      
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      the United States of America (or any political subdivision thereof), or by the jurisdiction under which such recipient is
        organized or in which its principal office or any lending office from which it makes Loans hereunder is located, (b) any branch profit Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction described in
        clause (a) above, (c) except in the case of an assignee pursuant to a request by the Company under Section 2.17(b), any withholding Tax that is imposed by the United States of America (or any political subdivision thereof) on payments by a Borrower
        from an office within such jurisdiction to the extent such Tax is in effect and would apply as of the date such Lender becomes a party to this Agreement or relates to payments received by a new lending office designated by such Lender and is in
        effect and would apply at the time such lending office is designated, (d) any withholding Taxes imposed by the United States of America pursuant to FATCA and (e) any withholding Tax that is attributable to such Lender’s failure to comply with
        Section 2.15(f), except, in the case of clause (c) above, to the extent that (i) such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts with respect to
        such withholding Tax pursuant to Section 2.15 or (ii) such withholding Tax shall have resulted from the making of any payment to a location other than the office designated by the Administrative Agent or such Lender for the receipt of payments of
        the applicable type.

      “Existing Credit Agreement” has the meaning assigned to such term in the introductory statement.

      “Exposure” means, with respect to any Lender at any time, such Lender’s Revolving Loan Exposure,
        Competitive Loan Exposure and Contract Loan Exposure at such time.

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

      “FCPA” means the United States Foreign Corrupt Practices Act of 1977.

      “Federal Funds Effective Rate”  means, for any day, the rate calculated by the NYFRB (rounded upwards,
        if necessary, to the next 1/100 of 1.0%) based on such day’s federal funds transactions by depository institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next
        succeeding business day by the NYFRB as the federal funds effective rate; provided that if the Federal Funds Effective Rate, determined as provided above, would be less than zero, the Federal Funds Effective Rate shall for all purposes of
        this Agreement be zero.

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

      “Financial Officer” means the chief financial officer, principal accounting officer, treasurer or
        controller of the Company.

      
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      “Fixed Rate” means, with respect to any Competitive Loan (other than a Eurocurrency Competitive Loan),
        the fixed rate of interest per annum specified by the Lender making such Competitive Loan in its related Competitive Bid.

      “Fixed Rate Loan” means a Competitive Loan bearing interest at a Fixed Rate.

      “GAAP” means generally accepted accounting principles in the United States of America.

      “Governmental Authority” means any nation or government, any federal, state, local or other political
        subdivision thereof and any entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government (including any applicable supranational bodies such as, without limitation, the European
        Union, the European Central Bank, the Bank for International Settlements and the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).

      “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise,
        of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation
        of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the
        payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial
        statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such
        Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.

      “Hazardous Materials”  means all explosive or radioactive substances or wastes and all hazardous or
        toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any
        nature regulated pursuant to any Environmental Law.

      “Hedging Agreement” means any interest rate protection agreement, foreign currency exchange agreement,
        commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement.

      “IBA” has the meaning set forth in Section 1.06.

      “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed
        money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or

      
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      similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of
        such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts
        payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired
        by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such
        Person as an account party in respect of letters of credit and letters of guaranty and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances.  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 to the extent
        the terms of such Indebtedness provide that such Person is not liable therefor.

      “Indemnified Taxes” means Taxes other than Excluded Taxes.

      “Interest Election Request” means a request by the relevant Borrower to convert or continue a Borrowing
        in accordance with Section 2.07.

      “Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June,
        September and December, (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three
        months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, (c) with respect to any Fixed Rate Loan, the last day of the Interest Period
        applicable to the Borrowing of which such Loan is a part and, in the case of a Fixed Rate Loan with an Interest Period of more than 90 days’ duration (unless otherwise specified in the applicable Competitive Bid Request), each day prior to the last
        day of such Interest Period that occurs at intervals of 90 days’ duration after the first day of such Interest Period, and any other dates specified in the applicable Competitive Bid Request as Interest Payment Dates with respect to such Borrowing
        and (d) with respect to any Contract Loan, the date or dates agreed upon by the relevant Borrower and the applicable Lender or, if no such dates shall have been agreed upon, the last day of each March, June, September and December.

      “Interest Period” means, (a) with respect to any Eurocurrency Borrowing, the period commencing on the
        date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the relevant Borrower may elect, (b) with respect to any Fixed Rate Borrowing, the period (which shall
        not be less than seven days or more than 360 days) commencing on the date of such Borrowing and ending on the date specified in the applicable Competitive Bid Request and (c) with respect to any Contract Loan, the period commencing on the date of
        such Borrowing and ending on the date agreed upon by the relevant Borrower and the applicable Lender; provided that (i) if any Interest Period would end on a day other than a

      
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      Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurocurrency
        Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurocurrency Borrowing that
        commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such
        Interest Period.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made, and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

      “Interpolated Screen Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, a
        rate per annum which results from interpolating on a linear basis between (a) the applicable Screen Rate for the longest maturity for which a Screen Rate is available that is shorter than such Interest Period and (b) the applicable Screen Rate for
        the shortest maturity for which a Screen Rate is available that is longer than such Interest Period, in each case at 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period.

      “JPMCB” means JPMorgan Chase Bank, N.A. and its successors.

      “Judgment Currency” has the meaning assigned to such term in Section 10.13(b).

      “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party
        hereto pursuant to an Assignment and Assumption, other than any such Person that shall have ceased to be a party hereto pursuant to an Assignment and Assumption.

      “LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, the applicable
        Screen Rate at 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that (a) if the applicable Screen Rate shall not be available at such time for such Interest Period but the applicable
        Screen Rate shall be available at such time for maturities both longer and shorter than such Interest Period, then the LIBO Rate shall be the Interpolated Screen Rate as of such time and (b) if the LIBO Rate, determined as set forth above, shall be
        less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

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

      
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      “Loan Documents” means this Agreement, each Borrowing Subsidiary Agreement, each Borrowing Subsidiary
        Termination and each promissory note delivered pursuant to this Agreement.

      “Loans” means the loans made by the Lenders to the Borrowers pursuant to this Agreement.

      “Margin” means, with respect to any Competitive Loan bearing interest at a rate based on the LIBO Rate,
        the marginal rate of interest, if any, to be added to or subtracted from the LIBO Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making such Loan in its related Competitive Bid.

      “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations,
        prospects or condition, financial or otherwise, of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company to perform any of its obligations under this Agreement or (c) the rights of or benefits available to the Lenders
        under this Agreement.

      “Material Indebtedness” means Indebtedness (other than the Loans), or obligations in respect of one or
        more Hedging Agreements, of the Company and its Subsidiaries in an aggregate principal amount exceeding US$250,000,000.  For purposes of determining Material Indebtedness, the “principal amount” of the obligations of any Borrower or any Subsidiary
        in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Borrower or Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.

      “Material Subsidiary” means (a) any Subsidiary that is a Borrower, (b) any Subsidiary that directly or
        indirectly owns or Controls any Material Subsidiary and (c) any other Subsidiary (i) the consolidated revenues of which for the most recent period of four fiscal quarters of the Company for which audited financial statements have been delivered
        pursuant to Section 5.01 were greater than 10% of the Company’s consolidated revenues for such period or (ii) the consolidated assets of which as of the end of such period were greater than 10% of the Company’s consolidated assets as of such date;
        provided that if at any time the aggregate consolidated revenues or assets of all Subsidiaries that are not Material Subsidiaries for or at the end of any period of four fiscal quarters exceeds 10% of the Company’s consolidated revenues for
        such period or 10% of the Company’s consolidated assets as of the end of such period, the Company shall (or, in the event the Company has failed to do so within 10 days, the Administrative Agent may) designate sufficient Subsidiaries as “Material
        Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute Material Subsidiaries.  For purposes of making the determinations required by this definition, revenues and assets of
        foreign Subsidiaries shall be converted into US Dollars at the rates used in preparing the consolidated balance sheet of the Company included in the applicable financial statements.

      
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      “Maturity Date” means the Termination Date or any later date to which the Maturity Date shall have been
        extended pursuant to Section 2.06(f).

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

      “Notice of Illegality” has the meaning assigned to such term in Section 2.18.

      “NYFRB” means the Federal Reserve Bank of New York.

      “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such
        day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, on the immediately preceding Business Day); provided that if none of such rates is published for any day that is a Business Day,
        the term “NYFRB Rate” shall mean the rate for a federal funds transaction quoted at 11:00 a.m. (New York City time) on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided
        further, that if the NYFRB Rate, determined as provided above, would be less than zero, the NYFRB Rate shall for all purposes of this Agreement be zero.

      “Obligations” means the due and punctual payment of (i) the principal of and premium, if any, and
        interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans made to any Borrower, when and as due,
        whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or
        otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Borrowers under this Agreement
        and the other Loan Documents.

      “Other Taxes” means any and all present or future recording, stamp, documentary, excise, transfer,
        sales, property or similar taxes, charges or levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document.

      “Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and
        overnight Eurocurrency borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) and published on the next succeeding
        Business Day by the NYFRB as an Overnight Bank Funding Rate (from and after such date as the NYFRB shall commence to publish such composite rate).

      “Participant” has the meaning assigned to such term in Section 10.04(e).

      “Participant Register” has the meaning assigned to such term in Section 10.04(h).

      
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      “Patriot Act” has the meaning assigned to such term in Section 10.15.

      “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor
        entity performing similar functions.

      “Percentage” means, with respect to any  Lender, the percentage of the total Commitments represented by
        such Lender’s Commitment.  If the Commitments have terminated or expired, the  Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments.

      “Permitted Encumbrances” means:

      (a) Liens imposed by law for taxes that are not yet due or are being contested in compliance
        with Section 5.04;

      (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens
        imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in good faith;

      (c) pledges and deposits made in the ordinary course of business in compliance with workers’
        compensation, unemployment insurance and other social security laws or regulations;

      (d) deposits to secure the performance of bids, trade contracts, leases, statutory
        obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business;

      (e) judgment liens; and

      (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property
        imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of any of the
        Borrowers or any of their Subsidiaries;

      provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness or any Lien in favor of
        the PBGC.

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

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

      
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      “Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMCB as its
        prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

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

      “Register” has the meaning assigned to such term in Section 10.04.

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

      “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the
        respective directors, officers, employees, trustees, agents and advisors of such Person and such Person’s Affiliates.

      “Relevant Governmental Body” means the Board and/or the NYFRB, or a committee officially endorsed or
        convened by the Board and/or the NYFRB or, in each case, any successor thereto.

      “Required Lenders” means, at any time, Lenders having unused  Commitments and Revolving Loan Exposures
        representing more than 50% of the aggregate total unused Commitments and Revolving Loan Exposures at such time; provided that, for purposes of declaring the Loans to be due and payable pursuant to Article VII, and for all purposes after the
        Loans become due and payable pursuant to Article VII or the Commitments expire or terminate, the outstanding Competitive Loans and Contract Loans of the Lenders shall be included in their respective Revolving Loan Exposures in determining the
        Required Lenders.

      “Revolving Borrowing” means a Borrowing comprised of Revolving Loans.

      “Revolving Loan” means a Loan made by a Lender pursuant to Section 2.01.  Each Revolving Loan shall be a
        Eurocurrency Loan or an ABR Loan.

      “Revolving Loan Exposure” means, at any time, the aggregate principal amount of the Revolving Loans
        outstanding at such time.  The Revolving Loan Exposure of any Lender at any time shall be such Lender’s  Percentage of the total Revolving Loan Exposure at such time.

      “Sale and Leaseback Transaction” means any arrangement whereby the Company or a Subsidiary, directly or
        indirectly, shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property which it intends to use for substantially the
        same purpose or purposes as the property being sold or transferred.

      
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      “Sanction Laws” means laws and executive orders of the United States of America, the
        United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom imposing economic or financial sanctions or trade embargoes, and regulations implementing such laws and executive orders.

      “Sanctioned Country” means, at any time, a country, region or territory which is the subject or target of any Sanction Laws that are applicable to transactions with such country or Persons operating, organized or resident therein generally (and not merely to transactions with specifically designated Persons operating, organized or resident therein).  On the date hereof, the Sanctioned Countries are
          Crimea, Cuba, Iran, Syria and North Korea.

      “Sanctioned Person” means (a) any Person on the list of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control of the U.S. Department of Treasury or on any other list maintained by any
        Governmental Authority under applicable Sanction Laws, (b) any Person operating, organized or resident in a Sanctioned Country with whom the Company is prohibited from doing business as a result of applicable Sanction Laws, or (c) any Person who
        is, to the Company’s knowledge, owned or controlled by any Person or Persons described in the preceding clauses (a) and (b).

      “Screen Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, a rate per
        annum equal to the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in the US Dollars (for delivery on the first day of such
        Interest Period) with a term equivalent to such Interest Period as displayed on the Reuters screen page that displays such rate (currently page LIBOR01) (or, in the event such rate does not appear on a page of the Reuters screen, on the appropriate
        page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion).  If no such rate shall be available for a particular Interest Period but rates shall
        be available for maturities both longer and shorter than such Interest Period, than the LIBO Rate for such Interest Period shall be the Interpolated Screen Rate.  Notwithstanding the foregoing, if the Screen Rate, determined as provided above in
        this definition, would be less than zero, the Screen Rate shall for all purposes of this Agreement be zero.

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

      “SOFR-Based Rate” means SOFR, Compounded SOFR or Term SOFR.

      “Statutory Reserves” means any reserve, liquid asset or similar requirements established by any
        Governmental Authority of the United States to which banks in such jurisdiction are subject for any category of deposits or liabilities customarily used to fund loans in US Dollars or by reference to which interest rates applicable to Loans are
        determined.

      
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      “subsidiary” means, with respect to any Person, any entity with respect to which such Person alone owns,
        such Person or one or more of its subsidiaries together own, or such Person and any Person Controlling such Person together own, in each case directly or indirectly, capital stock or other equity interests having ordinary voting power to elect a
        majority of the members of the Board of Directors of such corporation or other entity or having a majority interest in the capital or profits of such corporation or other entity.

      “Subsidiary” means any subsidiary of the Company.

      “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or
        withholdings imposed by any Governmental Authority.

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

      “Termination Date” means June 9, 2021.

      “Transactions” means the execution, delivery and performance by the Company and the other Borrowers of
        the Loan Documents, the borrowing of Loans hereunder and the use of the proceeds thereof.

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

      “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement
        Adjustment; provided that, if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

      “US Dollars” or “US $” means the lawful money of the United States of America.

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

      “Withholding Agent” means any Borrower and the Administrative Agent.

      SECTION 1.02.  Classification of Loans and Borrowings.  For purposes of this Agreement, Loans may be
        classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving  Loan”).  Borrowings also may be classified and referred to by Class
        (e.g., a “Revolving Borrowing”) or by Type (e.g., a “ Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving Borrowing”).

      
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      SECTION 1.03.  Terms Generally.  The definitions of terms herein shall apply equally to the singular
        and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the
        phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document
        herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein),
        (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference
        herein to any Person shall be construed to include such Person’s successors and assigns, (d) the words “herein”, “hereof” and “hereunder” and words of similar import shall be construed to refer to this Agreement in its entirety and not to any
        particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (f) the words “asset” and “property” shall
        be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (g) any definition of or reference to any statute, rule or
        regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor law).

      SECTION 1.04.  Accounting Terms; GAAP.  Except as otherwise expressly provided herein, all terms of an
        accounting or financial nature shall be construed in accordance with GAAP as in effect from time to time; provided that if the Company notifies the Administrative Agent that the Company requests an amendment to any provision hereof to
        eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that the Required Lenders request an amendment to any
        provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately
        before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

      SECTION 1.05.  Divisions.  For all purposes under the Loan Documents, in connection with any division
        or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws), if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it
        shall be deemed to have been transferred from the original Person to the subsequent Person, and if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its
        equity interests at such time.

      SECTION 1.06.  Interest Rates; LIBOR Notification.  The interest rate on Eurocurrency Loans is
        determined by reference to the LIBO Rate, which is derived from

      
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      the London interbank offered rate.  The London interbank offered rate is intended to represent the rate at which contributing
        banks may obtain short-term borrowings from each other in the London interbank market.  In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate
        submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in
        2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurocurrency Loans. In light of this eventuality, public and private sector
        industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate.  Upon the occurrence of a Benchmark Transition Event or an Early Opt-In Election, Section 2.12(b)
        provides a mechanism for determining an alternative rate of interest.  The Administrative Agent will promptly notify the Company, pursuant to Section 2.12(d), of any change to the reference rate upon which the interest rate on Eurocurrency Loans is
        based.  However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other
        rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section
        2.12(b), whether upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.12(c)), including without limitation, whether the
        composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank
        offered rate prior to its discontinuance or unavailability.

      ARTICLE II

      The Credits

      SECTION 2.01.  Commitments.  Subject to the terms and conditions set forth herein, each Lender
        severally agrees to make Revolving Loans to the Company and the Borrowing Subsidiaries from time to time during the Availability Period in US Dollars in an aggregate principal amount at any time outstanding that will not result in (i) such Lender’s
        Revolving Loan Exposure exceeding its Commitment or (ii) the aggregate Exposures exceeding the aggregate Commitments.

      SECTION 2.02.  Loans and Borrowings.  (a)  Each Revolving Loan shall be made as part of a Borrowing
        consisting of Revolving Loans made by the Lenders (or their Affiliates as provided in paragraph (b) below) ratably in accordance with their respective Commitments.  Each Competitive Loan shall be made in accordance with the procedures set forth in
        Section 2.04.  Each Contract Loan shall be made in accordance with the procedures set forth in paragraph (e) below.   The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations
        hereunder;

      
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      provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure
        to make Loans as required hereunder.

      (b)  Subject to Section 2.12, (i) each Revolving Borrowing shall be comprised entirely of Eurocurrency Loans or
        ABR Loans as the applicable Borrower may request in accordance herewith and (ii) each Competitive Borrowing shall be comprised entirely of Eurocurrency Loans or Fixed Rate Loans, as the applicable Borrower may request in accordance herewith.  Each
        Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.12, 2.13, 2.14 and 2.15 shall apply to such Affiliate to
        the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loan in accordance with the terms of this Agreement.  Notwithstanding any other provision
        of this Agreement, the Borrowers shall not be responsible under Section 2.13 or 2.15 for any increased costs incurred by a Lender as a result of a change in the location from which such Lender makes Loans unless such Lender is legally required to
        make such change.

      (c)  At the commencement of each Interest Period for any Borrowing (other than a Borrowing comprised of
        Competitive Loans or Contract Loans), such Borrowing shall be in an aggregate amount that is at least equal to the Borrowing Minimum and an integral multiple of the Borrowing Multiple; provided that an ABR Borrowing may be made in an
        aggregate amount that is equal to the aggregate available  Commitments.  Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of five Eurocurrency
        Revolving Borrowings outstanding.

      (d)  Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to request, or to
        elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

      (e)  At any time, any Borrower and any Lender may agree that such Lender will make a Loan (a “Contract Loan”)
        to the Borrower denominated in US Dollars and bearing interest at an agreed upon rate, for an interest period to be agreed upon and upon such other terms as the applicable Borrower and Lender may agree (it being understood that a Contract Loan
        shall not be required to be in any particular minimum amount); provided, that, (i) after giving effect to the making of any such Contract Loan, the aggregate Exposures shall not exceed the aggregate Commitments and (ii) no such Loan shall
        be a Contract Loan unless the relevant Borrower and the applicable Lender expressly agree at the time such Loan is made, and notify the Administrative Agent, that such Loan shall be a Contract Loan for purposes of this Agreement.  If the applicable
        Borrower and Lender shall, after any Contract Loan is made, agree that such Contract Loan shall no longer be a Contract Loan hereunder and shall notify the Administrative Agent of such agreement, such Loan shall, as of the date of such agreement,
        cease to be a Contract Loan or to be entitled to any further benefits under this Agreement.  Contract Loans shall be deemed Loans for all purposes under this Agreement.  Each Borrower and Lender shall promptly notify the Administrative Agent of (i)
        the date, principal amount, maturity, interest rate, Interest Period and Interest Payment Dates of each Contract Loan made by such Lender to

      
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      such Borrower and (ii) the date and amount of any repayment or prepayment of any such Contract Loan.

      SECTION 2.03.  Requests for Revolving Borrowings.  To request a Revolving Borrowing, the applicable
        Borrower, or the Company on behalf of the applicable Borrower, shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurocurrency Borrowing, not later than 2:00 p.m., New York City time, three Business Days before
        the date of the proposed Borrowing and (b) in the case of an ABR Borrowing, not later than 2:00 p.m., New York City time, on the date of the proposed Borrowing.  Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed
        promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the applicable Borrower, or by the Company on behalf of the applicable Borrower.  Each
        such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02:

      (i) the Borrower requesting such Borrowing (or on whose behalf the Company is requesting
        such Borrowing);

      (ii) the aggregate principal amount of the requested Borrowing;

      (iii) the date of the requested Borrowing, which shall be a Business Day;

      (iv) the Type of the requested Borrowing;

      (v) in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable
        thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and

      (vi) the location and number of the relevant Borrower’s account to which funds are to be
        disbursed, which shall comply with the requirements of Section 2.05.

      If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing.  If no Interest
        Period is specified with respect to any requested Eurocurrency Borrowing, then the relevant Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Promptly following receipt of a  Borrowing Request in accordance with
        this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of the Loan to be made by such Lender as part of the requested Borrowing.

      SECTION 2.04.  Competitive Bid Procedure.  (a)  Subject to the terms and conditions set forth herein,
        from time to time during the Availability Period any Borrower may request Competitive Bids for Competitive Loans in US Dollars and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans; provided
        that the aggregate Exposures at any time shall not exceed the aggregate Commitments.  To request Competitive Bids, the Company or the applicable Borrower shall notify the Administrative Agent of such request by telephone (i) in the case of a
        Eurocurrency

      
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      Competitive Borrowing, not later than 10:00 a.m., New York City time, four Business Days before the date of the proposed
        Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 12:00 noon, New York City time, one Business Day before the date of the proposed Competitive Borrowing.  Not more than three Competitive Bid Requests may be
        submitted on the same day.  Each telephonic Competitive Bid Request shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Competitive Bid Request in a form approved by the Administrative Agent and signed
        by the Company.  Each such telephonic and written Competitive Bid Request shall specify the following information in compliance with Section 2.02:

      (i) the Borrower requesting the Competitive Bid and the aggregate amount of the requested
        Borrowing;

      (ii) the date of such Borrowing, which shall be a Business Day;

      (iii) whether such Borrowing is to be a Eurocurrency Borrowing or a Fixed Rate Borrowing;

      (iv) the Interest Period to be applicable to such Borrowing, which shall be a period
        contemplated by the definition of the term “Interest Period”; and

      (v) the location and number of the Company’s account to which funds are to be disbursed,
        which shall comply with the requirements of Section 2.05.

      Promptly following receipt of a Competitive Bid Request in accordance with this Section, the Administrative Agent shall notify the
        Lenders of the details thereof by telecopy, inviting the Lenders to submit Competitive Bids.

      (b)  Each Lender may (but shall not have any obligation to) make one or more Competitive Bids to the Company in
        response to a Competitive Bid Request.  Each Competitive Bid by a Lender must be in a form approved by the Administrative Agent and must be received by the Administrative Agent by telecopy, (i) in the case of a Eurocurrency Competitive Borrowing,
        not later than 12:00 noon, New York City time, four Business Days before the date of the proposed Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 9:30 a.m., New York City time, on the date of the proposed
        Competitive Borrowing.  Competitive Bids that do not conform to the form approved by the Administrative Agent may be rejected by the Administrative Agent, and the Administrative Agent shall notify the applicable Lender as promptly as practicable. 
        Each Competitive Bid shall specify (i) the principal amount (which may equal the entire principal amount of the Competitive Borrowing requested by the Company) of the Competitive Loan or Loans that the Lender is willing to make, (ii) the
        Competitive Bid Rate or Rates at which the Lender is prepared to make such Loan or Loans (expressed as a percentage rate per annum in the form of a decimal to no more than four decimal places) and (iii) the Interest Period applicable to each such
        Loan and the last day thereof.

      (c)  The Administrative Agent shall promptly notify the Company by telecopy of the Competitive Bid Rate and the
        principal amount specified in each Competitive Bid and the identity of the Lender that shall have made such Competitive Bid.

      
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      (d)  Subject only to the provisions of this paragraph, the applicable Borrower may accept or reject any
        Competitive Bid.  The Borrower shall notify the Administrative Agent by telephone, confirmed by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Bid, (i) in the
        case of a Eurocurrency Competitive Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 10:30 a.m., New
        York City time, on the date of the proposed Competitive Borrowing; provided that (i) the failure of the Borrower to give such notice shall be deemed to be a rejection of each Competitive Bid, (ii) the Borrower shall not accept a Competitive
        Bid made at a particular Competitive Bid Rate if such Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by the Borrower shall not exceed the aggregate amount of the
        requested Competitive Borrowing specified in the related Competitive Bid Request and (iv) to the extent necessary to comply with clause (iii) above, the Borrower may accept Competitive Bids at the same Competitive Bid Rate in part, which
        acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive Bid; provided further that in calculating the pro rata allocation of
        acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral multiples of the Borrowing Multiple in a manner determined by the Borrower.  A notice given
        by the Borrower pursuant to this paragraph shall be irrevocable.

      (e)  The Administrative Agent shall promptly notify each bidding Lender by telecopy whether or not its
        Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each successful bidder will thereupon become bound, subject to the terms and conditions hereof, to make the Competitive Loan in respect of which
        its Competitive Bid has been accepted.

      (f)  If the Administrative Agent or one of its Affiliates shall elect to submit a Competitive Bid in its
        capacity as a Lender, it shall submit such Competitive Bid directly to the applicable Borrower at least one quarter of an hour earlier than the time by which the other Lenders are required to submit their Competitive Bids to the Administrative
        Agent pursuant to paragraph (b) of this Section.

      SECTION 2.05.  Funding of Borrowings.  (a)  Each Lender shall make each Loan (other than a Contract
        Loan) to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 2:00 p.m., New York City time (or if later, in the case of an ABR Borrowing, one hour after the Lenders shall have been notified of the
        applicable Borrowing Request), to the account of the Administrative Agent.  The Administrative Agent will make such Loans available to the relevant Borrower by promptly crediting the amounts so received, in like funds, to an account of such
        Borrower maintained by the Administrative Agent (or another account specified by such Borrower in the applicable Borrowing Request) in New York City.  Each Lender shall make each Contract Loan to be made by it hereunder on the proposed date thereof
        by wire transfer of immediately available funds by the time and to the account agreed upon by the relevant Borrower and the applicable Lender.

      
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      (b)  Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any
        Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a)
        of this Section and may, in reliance upon such assumption, make available to the relevant Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent,
        and the Administrative Agent has made an amount corresponding to such share available to such Borrower, then the applicable Lender and such Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount
        with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the rate reasonably determined by
        the Administrative Agent to be the cost to it of funding such amount or (ii) in the case of such Borrower, the interest rate applicable to the subject Loan.  If such Lender pays such amount to the Administrative Agent, then such amount shall
        constitute such Lender’s Loan included in such Borrowing and the Administrative Agent shall return to such Borrower any amount (including interest) paid by such Borrower to the Administrative Agent pursuant to this paragraph.

      SECTION 2.06.  Repayment of Borrowings; Evidence of Debt; Extension of Maturity Date.  (a)  Each
        Borrower hereby unconditionally promises to pay to the Administrative Agent for the accounts of the applicable Lenders (i) the then unpaid principal amount of the Loans comprising each Borrowing of such Borrower on the Maturity Date and (ii) the
        then unpaid principal amount of each Competitive Loan on the last day of the Interest Period applicable thereto.  Each Borrower hereby unconditionally promises to pay to the applicable Lender the then unpaid principal amount of each Contract Loan
        on the date or dates agreed by such Borrower and such Lender.

      (b)  Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the
        obligations of each Borrower to such Lender resulting from the Loans made by such Lender.

      (c)  The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Borrowing
        made hereunder, the Class and Type thereof and the Interest Period applicable thereto and (ii) the amount of any sum received by the Administrative Agent hereunder for the accounts of the Lenders and each Lender’s share thereof.

      (d)  The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie
        evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts, or any error therein, shall not in any manner affect the obligation of
        any Borrower to repay the Loans made to it in accordance with the terms of this Agreement.

      
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      (e)  Any Lender may request that Loans of any Class made by it to any Borrower be evidenced by a promissory
        note if it is the policy of such Lender to obtain promissory notes in transactions comparable to those provided for herein or if such Lender has another business reason for requesting such a promissory note.  In such event, each applicable Borrower
        shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) in the form of Exhibit C hereto.  Thereafter, the Loans evidenced
        by each such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such
        promissory note is a registered note, to such payee and its registered assigns).

      (f)  Each Borrower may, by notice to the Administrative Agent (which shall promptly deliver a copy to each of
        the Lenders) given not less than 45 days and not more than 60 days prior to the Termination Date, extend the Maturity Date to a date not later than the first anniversary of the Termination Date; provided that any such extension of the
        Maturity Date shall be subject to the satisfaction, on and as of the Termination Date, of the following conditions:

      (i) The representations and warranties of the Borrowers set forth herein shall be true and
        correct on and as of the Termination Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct as of such earlier date).

      (ii) Immediately before and after the Termination Date, no Default shall have occurred and
        be continuing.

      An extension of the Maturity Date as set forth herein shall be deemed to constitute a representation and warranty by each Borrower
        on and as of the Termination Date as to the matters specified in paragraphs (i) and (ii) of this Section 2.06(f).  Loans repaid or prepaid after the Termination Date may not be reborrowed.

      SECTION 2.07.  Interest Elections.  (a)  Each Borrowing initially shall be of the Type specified in the
        applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.  After the initial Revolving Borrowings, the Borrowers may elect to convert and continue such
        Revolving Borrowings to or as other Revolving Borrowings as provided in this Section.  The Borrowers may elect different options with respect to different portions of the affected Borrowings, in which case each such portion shall be allocated
        ratably among the Lenders holding the Loans comprising such Borrowings and any Loans resulting from an election made with respect to any such portion shall be considered a separate Borrowing.  Notwithstanding any other provision of this Section, no
        Borrowing may be converted into or continued as a Borrowing with an Interest Period ending after the Maturity Date.  This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.

      
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      (b)  To make an election pursuant to this Section, a Borrower, or the Company on its behalf, shall notify the
        Administrative Agent of such election by telephone in the case of an election that would result in a Borrowing, by the time and date that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Borrowing of the
        Type resulting from such election to be made on the effective date of such election.  Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a
        written Interest Election Request in a form approved by the Administrative Agent and signed by the relevant Borrower, or the Company on its behalf.  Notwithstanding any contrary provision herein, this Section shall not be construed to permit any
        Borrower to elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.02(d).

      (c)  Each telephonic and written Interest Election Request shall specify the following information in
        compliance with Section 2.03:

      (i) the Borrowing to which such Interest Election Request applies and, if different options
        are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each
        resulting Borrowing);

      (ii) the effective date of the election made pursuant to such Interest Election Request,
        which shall be a Business Day;

      (iii) whether a Eurocurrency Borrowing or an ABR Borrowing is elected; and

      (iv) in the case of an election of a Eurocurrency Borrowing, the Interest Period to be
        applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”; provided that no Eurocurrency Borrowing may be elected with an Interest Period that would extend
        after the Maturity Date.

      If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower
        shall be deemed to have selected an Interest Period of one month’s duration.

      (d)  Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each
        Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

      (e)  If the relevant Borrower fails to deliver a timely Interest Election Request with respect to a
        Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing.

      (f)  The conversion or continuation of any Borrowing shall not constitute a repayment of amounts outstanding or
        a new advance of funds hereunder.

      
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      SECTION 2.08.  Termination and Reduction of Commitments.  (a)  Unless previously terminated, the
        Commitments shall terminate on the Termination Date.

      (b)  The Company may at any time terminate, or from time to time reduce, the Commitments; provided that
        (i) each reduction of the Commitments shall be in an amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum and (ii) the Company shall not terminate or reduce the Commitments if, after giving effect to
        any concurrent prepayment of the Loans in accordance with Section 2.09, the Revolving Loan Exposure of any Lender would exceed its Commitment or the aggregate Exposures would exceed the aggregate Commitments.

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

      SECTION 2.09.  Prepayment of Loans.  (a)  Any Borrower, or the Company on behalf of any Borrower, shall
        have the right at any time and from time to time to prepay any Borrowing of such Borrower in whole or in part, subject to prior notice in accordance with paragraph (d) of this Section; provided that, unless the applicable Borrowers and
        Lenders shall have otherwise agreed at the time such Loans were made, Competitive Loans or Contract Loans may be prepaid only with the consent of the Lenders making such Loans.

      (b)  If the aggregate Exposures shall exceed the aggregate Commitments, then (i) on the last day of any
        Interest Period for any Eurocurrency Borrowing, and (ii) on any other date in the event ABR Borrowings shall be outstanding, the applicable Borrowers shall prepay Loans in an amount equal to the lesser of (A) the amount necessary to eliminate such
        excess (after giving effect to any other prepayment of Loans on such day) and (B) the amount of the applicable Borrowings referred to in clause (i) or (ii), as applicable.

      (c)  Prior to any optional or mandatory prepayment of Borrowings hereunder, the applicable Borrower shall
        select the Borrowing or Borrowings to be prepaid and shall specify such selection in the notice of such prepayment pursuant to paragraph (d) of this Section.

      (d)  The applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the
        Administrative Agent by telephone (confirmed by telecopy) of

      
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      any prepayment of a Borrowing hereunder (i) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., New York City
        time, three Business Days before the date of such prepayment and (ii) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of such prepayment.  Each such notice shall be irrevocable and
        shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of optional prepayment is given in connection with a conditional notice of termination of the
        Commitments as contemplated by Section 2.08(c), then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.08(c).  Promptly following receipt of any such notice, the Administrative Agent
        shall advise the Lenders of the contents thereof.  Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02.  Each prepayment of a
        Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.  Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.11 and (ii) break funding payments pursuant to Section 2.14.

      SECTION 2.10.  Fees.  (a)  The Company agrees to pay to the Administrative Agent in US Dollars for the
        account of each Lender (except, in the case of any Defaulting Lender, as provided in Section 2.19) a commitment fee, which shall accrue at the rate of 0.0175% per annum on the daily unused amount of the Commitment of such Lender during the period
        from and including the date hereof to but excluding the date on which such Commitment terminates.  Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year, commencing on the first such
        date to occur after the date hereof, and on the date on which the Commitments terminate.  All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day
        but excluding the last day).  For purposes of computing commitment fees, a Commitment of a Lender shall be deemed to be used to the extent of the outstanding Loans of such Lender.

      (b)  On the Termination Date, the Company agrees to pay to the Administrative Agent for the account of each
        Lender a term-out fee equal to 0.75% of the outstanding amount of such Lender’s Loans that are not repaid on the Termination Date.

      (c)  The Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts
        and at the times separately agreed upon between the Company and the Administrative Agent.

      (d)  All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the
        Administrative Agent for distribution, in the case of commitment fees, to the Lenders.  Fees paid shall not be refundable under any circumstances.

      SECTION 2.11.  Interest.  (a)  The Loans comprising each ABR Borrowing shall bear interest at the
        Alternate Base Rate plus the Applicable Rate.

      
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      (b)  The Loans comprising each Eurocurrency Borrowing shall bear interest (i) in the case of a Revolving
        Borrowing, at the LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, or (ii) in the case of a Eurocurrency Competitive Loan, at the LIBO Rate for the Interest Period in effect for such Borrowing plus (or minus,
        as applicable) the Margin applicable to such Loan.

      (c)  Each Fixed Rate Loan shall bear interest at the Fixed Rate applicable to such Loan.

      (d)  Each Contract Loan shall bear interest at a rate per annum agreed upon between the applicable Borrower and
        Lender.

      (e)  Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee payable by any
        Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any
        Loan, 2% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section and (ii) in the case of any other amount payable, 2% per annum plus the rate applicable to ABR Loans as provided in paragraph
        (a) above.

      (f)  Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided
        that (i) interest accrued pursuant to paragraph (e) above shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued
        interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued
        interest on such Loan shall be payable on the effective date of such conversion.

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

      SECTION 2.12.  Alternate Rate of Interest.  (a)  If prior to the commencement of any Interest Period
        for a Eurocurrency Borrowing:

      (i) the Administrative Agent determines (which determination shall be conclusive absent
        manifest error) that adequate and reasonable means do not exist for ascertaining the LIBO Rate (including because the Screen Rate is not available or published on a current basis) for such Interest Period; provided that no Benchmark
        Transition Event shall have occurred at such time; or

      
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      (ii) the Administrative Agent is advised by a majority in interest of the Lenders (or in the
        case of a Eurocurrency Competitive Loan, the Lender that is required to make such Loan) that would participate in such Borrowing that the LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making
        or maintaining their Loans included in such Borrowing for such Interest Period;

      then the Administrative Agent shall give notice thereof to the applicable Borrower and the applicable Lenders by telephone or
        telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the applicable Borrower and the applicable Lenders that the circumstances giving rise to such notice no longer exist, (A) any Interest Election Request that
        requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective, and any Eurocurrency Borrowing that is requested to be continued shall be repaid on the last day of the then current
        Interest Period applicable thereto, and (B) any Borrowing Request for a Eurocurrency Borrowing shall be ineffective; provided that (x) if the circumstances giving rise to such notice do not affect all the Lenders, then requests by the
        Borrower for Eurodollar Competitive Borrowings may be made to Lenders that are not affected thereby and (y) if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.

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

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

      (d)  The Administrative Agent will promptly notify the Company and the Lenders of (i) any occurrence of a
        Benchmark Transition Event or an Early Opt-in Election,

      
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      as applicable, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement
        Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Administrative Agent or the Required Lenders (or the relevant Lenders in the case of
        Eurocurrency Competitive Borrowings) pursuant to this Section 2.12, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
        from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.12.

      (e)  Upon the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period, (i) any
        Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurocurrency Borrowing shall be ineffective, (ii) if any Borrowing Request requests a Eurocurrency Revolving
        Borrowing, such Borrowing shall be made as an ABR Borrowing and (iii) any request by a Borrower for a Eurocurrency Competitive Borrowing shall be ineffective.

      SECTION 2.13.  Increased Costs.  (a)  If any Change in Law or the applicability of any Statutory
        Reserves shall:

      (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
        insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender; or

      (ii) impose on any Lender or the London interbank market any other condition affecting this
        Agreement or Eurocurrency Loans made by such Lender or participations therein;

      and the result of any of the foregoing shall be to increase the cost to such Lender of making, continuing, converting into or
        maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Company will pay
        or cause the other Borrowers to pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

      (b)  If any Lender reasonably determines that any Change in Law regarding capital or liquidity requirements has
        or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by, such Lender, to a level below that which such
        Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from
        time to time the Company will pay or cause the other Borrowers to pay to such Lender, as the

      
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      case may be, such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such
        reduction suffered.

      (c)  Each Lender shall determine the amount or amounts necessary to compensate such Lender or such Lender’s
        holding company, as the case may be, as specified in paragraph (a) or (b) of this Section using the methods customarily used by it for such purpose (and if such Lender uses more than one such method, the method used hereunder shall be that which
        most accurately determines such amount or amounts).  A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or such Lender’s holding company, as the case may be, as specified in paragraph (a) or (b) of
        this Section, and an explanation in reasonable detail of the method and calculations by which such amount shall have been determined, shall be delivered to the Company and shall be conclusive absent manifest error.  The Company shall pay or cause
        the other Borrowers to pay to such Lender the amount shown as due on any such certificate within 15 Business Days after receipt thereof.

      (d)  Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not
        constitute a waiver of such Lender’s right to demand such compensation; provided that the Company shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days prior
        to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and delivers a certificate with respect thereto as provided in paragraph (c) above; provided further that, if
        the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

      SECTION 2.14.  Break Funding Payments.  In the event of (a) the payment of any principal of any
        Eurocurrency Loan or Fixed Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan to a Loan of a different Type or Interest Period
        other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked
        under Section 2.09(d) and is revoked in accordance therewith), or (d) the assignment or deemed assignment of any Eurocurrency Loan or Fixed Rate Loan other than on the last day of the Interest Period applicable thereto as a result of a request by
        the Company pursuant to Section 2.17, then, in any such event, the applicable Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.  In the case of a Eurocurrency Loan such loss, cost or expense to any
        Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at the LIBO Rate that would have
        been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest
        Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount for such period at the interest rate such Lender would bid were it to bid, at the commencement of such period, for deposits of a comparable amount
        and period from other banks in the London interbank

      
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      market.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
        Section, and setting forth in reasonable detail the calculations used by such Lender to determine such amount or amounts, shall be delivered to the applicable Borrower and shall be conclusive absent manifest error.  The applicable Borrower shall
        pay such Lender the amount shown as due on any such certificate within 15 Business Days after receipt thereof.

      SECTION 2.15.  Taxes.  (a)  Any and all payments by or on account of any Borrower in respect of any
        Obligation hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if any Borrower shall be required to deduct any Indemnified Taxes or Other
        Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or the
        applicable Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Borrower shall make such deductions and (iii) such Borrower shall pay the full amount deducted to the
        relevant Governmental Authority in accordance with applicable law.

      (b)  In addition, the Borrowers shall pay any Other Taxes to the relevant Governmental Authority in accordance
        with applicable law.

      (c)  The relevant Borrower shall indemnify the Administrative Agent and each Lender, within 15 Business Days
        after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of any Borrower
        hereunder or under any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with
        respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability setting forth in reasonable
        detail the circumstances giving rise thereto and the calculations used by such Lender to determine the amount thereof delivered to the Company by a Lender, or by the Administrative Agent, on its own behalf or on behalf of a Lender, shall be
        conclusive absent manifest error.

      (d)  As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Borrower to a
        Governmental Authority, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
        evidence of such payment reasonably satisfactory to the Administrative Agent.

      (e)  Each Lender shall severally indemnify the Administrative Agent for (i) any Taxes (but, in the case of any
        Indemnified Taxes, only to the extent that the relevant Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the relevant Borrower to do so) attributable to

      
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      such Lender and (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.04(h) relating to
        the maintenance of a Participant Register, in each case that are paid or payable by the Administrative Agent in connection with any Loan Document and any penalties, interest and 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.  The indemnity under this paragraph (e) shall be paid within 15 Business Days after the Administrative Agent delivers to the applicable Lender a
        certificate stating the amount of Taxes so paid or payable by the Administrative Agent.  Such certificate shall be conclusive of the amount so paid or payable absent manifest error.

      (f)  (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax under the law of the
        jurisdiction in which a Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Company (with a copy to the Administrative Agent), at the time or times prescribed
        by applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Company as will permit such payments to be made without withholding or at a reduced rate; provided that such
        Lender has received written notice from the Company advising it of the availability of such exemption or reduction and containing all applicable documentation.

      (ii)  If a payment made to a Lender under any Loan Document would be subject to United
        States federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
        deliver to the Withholding Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Withholding Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)
        of the Code) and such additional documentation reasonably requested by the Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine that such Lender has or has not complied with such
        Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment.  Solely for purposes of this Section 2.15(f)(ii), “FATCA” shall include any amendments made to FATCA after the date of this
        Agreement.

      SECTION 2.16.  Payments Generally; Pro Rata Treatment; Sharing of Setoffs.  (a)  Except as agreed by
        the relevant Borrower and the applicable Lenders with respect to Contract Loans, each Borrower shall make each payment required to be made by it hereunder or under any other Loan Document (whether of principal, interest or fees, or of amounts
        payable under Section 2.13, 2.14 or 2.15, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set-off or counterclaim.  Any amounts received after such time (or any other applicable
        time agreed by the relevant Borrower and the applicable Lenders with respect to Contract Loans) on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of
        calculating interest thereon.  All such payments shall be made to the Administrative Agent to the applicable account

      
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      specified in Schedule 2.16 for the account of the applicable Lenders or, in any such case, to such other account as the
        Administrative Agent shall from time to time specify in a notice delivered to the Company and the applicable Borrower; provided that payments to the applicable Lenders in respect of Contract Loans and payments pursuant to Sections 2.13,
        2.14, 2.15 and 10.03 shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein (it being agreed that the Borrowers will be deemed to have satisfied their
        obligations with respect to payments referred to in this proviso if they shall make such payments to the persons entitled thereto in accordance with instructions provided by the Administrative Agent; the Administrative Agent agrees to provide such
        instructions upon request, and no Borrower will be deemed to have failed to make such a payment if it shall transfer such payment to an improper account or address as a result of the failure of the Administrative Agent to provide proper
        instructions).  The Administrative Agent shall distribute any such payments received by it for the account of any Lender or other Person promptly, in accordance with customary banking practices, following receipt thereof at the appropriate lending
        office or other address specified by such Lender or other Person.  If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any
        payment accruing interest, interest thereon shall be payable for the period of such extension.  All payments hereunder shall be made in US Dollars.  Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been
        made by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or operating procedures of the clearing or settlement system used by the
        Administrative Agent to make such payment.

      (b)  If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in
        respect of any principal of or interest on its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the
        Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with
        the aggregate amount of their Loans and accrued interest thereon; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and
        the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by any Borrower pursuant to and in accordance with the express terms of this
        Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Company or any Subsidiary or Affiliate thereof (as to which the
        provisions of this paragraph shall apply).  Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may
        exercise against such Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.  Any purchaser of a participation under this
        paragraph shall have the benefit

      
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      of Sections 2.13, 2.14 and 2.15 with respect to the participation purchased, but shall not be deemed by virtue of such purchase to
        have extended any Commitment that it had not extended prior to such purchase.

      (c)  Unless the Administrative Agent shall have received notice from the relevant Borrower prior to the date on
        which any payment is due for the account of all or certain of the Lenders hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and
        may, in reliance upon such assumption, distribute to the applicable Lenders, as the case may be, the amount due.  In such event, if such Borrower has not in fact made such payment, then each of the applicable Lenders severally agrees to repay to
        the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent,
        at a rate determined by the Administrative Agent in accordance with banking industry practices on interbank compensation.

      (d)  If any Lender shall fail to make any payment required to be made by it to the Administrative Agent
        pursuant to this Agreement, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by it for the account of such Lender to satisfy such Lender’s obligations to the
        Administrative Agent until all such unsatisfied obligations are fully paid.

      SECTION 2.17.  Mitigation Obligations; Replacement of Lenders.  (a)  If any Lender requests
        compensation under Section 2.13, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, then such Lender shall consult with the Company
        regarding any actions that could be taken to reduce amounts payable under such Sections and the costs of taking such actions and shall, at the request of the Company following such consultations, use reasonable efforts to designate a different
        lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or
        reduce amounts payable pursuant to Section 2.13 or 2.15, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Company hereby
        agrees to pay all reasonable, direct, out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment.

      (b)  If (i) any Lender requests compensation under Section 2.13, (ii) any Borrower is required to pay any
        additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, (iii) any Lender becomes a Defaulting Lender or (iv) any Lender delivers a Notice of Illegality pursuant to Section 2.18, then the
        Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 10.04), all
        its interests, rights and obligations under the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);

      
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      provided that (A) the Company shall have received the prior written consent of the Administrative Agent, which consent
        shall not be unreasonably withheld, conditioned or delayed, (B) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it
        hereunder, from the assignee or the Company and (C) in the case of any such assignment and delegation resulting from the delivery of a Notice of Illegality under Section 2.18, it shall not be unlawful under Federal or applicable state or foreign
        law for the assignee to make Loans or otherwise extend credit to or do business with the Subsidiary in respect of which such Notice of Illegality was delivered.  A Lender shall not be required to make any such assignment and delegation if, prior
        thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such  assignment and delegation cease to apply.

      SECTION 2.18.  Designation of Borrowing Subsidiaries.  The Company may at any time and from time to
        time designate any Subsidiary as a Borrowing Subsidiary by delivery to the Administrative Agent of a Borrowing Subsidiary Agreement executed by such Subsidiary and the Company.  As soon as practicable upon receipt thereof, the Administrative Agent
        will post a copy of such Borrowing Subsidiary Agreement to the Lenders.  Each Borrowing Subsidiary Agreement shall become effective on the date five Business Days after it has been posted by the Administrative Agent to the Lenders (subject to the
        receipt by any Lender of any information reasonably requested by it not later than the third Business Day after the posting of such Borrowing Subsidiary Agreement under the Patriot Act or other “know-your-customer” laws including, to the extent
        such Subsidiary qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such Subsidiary), unless prior thereto the Administrative Agent shall have received written notice
        from any Lender that it shall be unlawful under Federal or applicable state or foreign law or prohibited under such Lender’s bona fide internal policies of general applicability for such Lender to make Loans or otherwise extend credit to or do
        business with such Subsidiary (a “Notice of Illegality”), in which case such Borrowing Subsidiary Agreement shall not become effective until such time as such Lender withdraws such Notice of Illegality or ceases to be a Lender hereunder
        pursuant to Section 2.17(b).  Upon the effectiveness of a Borrowing Subsidiary Agreement as provided in the preceding sentence, the applicable Subsidiary shall for all purposes of this Agreement be a Borrowing Subsidiary and a party to this
        Agreement until the Company shall have executed and delivered to the Administrative Agent a Borrowing Subsidiary Termination with respect to such Subsidiary, whereupon such Subsidiary shall cease to be a Borrowing Subsidiary and a party to this
        Agreement.  Notwithstanding the preceding sentence, no Borrowing Subsidiary Termination will become effective as to any Borrowing Subsidiary at a time when any principal of or interest on any Loan to such Borrowing Subsidiary shall be outstanding
        hereunder, provided that such Borrowing Subsidiary Termination shall be effective to terminate the right of such Borrowing Subsidiary to make further Borrowings under this Agreement.  As soon as practicable upon receipt of a Borrowing
        Subsidiary Agreement, the Administrative Agent shall send a copy thereof to each Lender.

      SECTION 2.19.  Defaulting Lenders.  (a)  Notwithstanding any provision of this Agreement to the
        contrary, if any Lender becomes a Defaulting Lender, then (i)

      
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      commitment fees shall cease to accrue on the unused portion of the Commitment of such Defaulting Lender pursuant to Section
        2.10(a); and (ii) the Commitment and Revolving Loan Exposure of such Defaulting Lender shall be disregarded for purposes of any determination of whether the Required Lenders or other requisite Lenders have taken or may take any action hereunder
        (including any consent to any amendment, waiver or other modification pursuant to Section 10.02); provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender shall require the consent of
        such Defaulting Lender.

      (b)  In the event that the Administrative Agent and the Company shall agree that a Defaulting Lender has
        adequately remedied all matters that caused such Lender to be a Defaulting Lender, then on such date such Lender shall fund its Loan to each Borrower or purchase at par Loans of the other Lenders (other than Competitive Loans), in each case as the
        Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans ratably in accordance with its Commitment.  Such Lender shall cease to be a Defaulting Lender upon remedying all matters to the satisfaction of the
        Administrative Agent and the Borrower that caused such Lender to be a Defaulting Lender, including the funding of any Loan or the closing of the purchase of any Loan necessary in order for such Lender to hold such Loans ratably in accordance with
        its Commitment.

      ARTICLE III

      Representations and Warranties

      The Company and each other Borrower represents and warrants to the Lenders that:

      SECTION 3.01.  Organization; Powers.  The Company and each of the Material Subsidiaries is duly
        organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the
        aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

      SECTION 3.02.  Authorization; Enforceability.  The Transactions are within the Company’s and each other
        Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action.  This Agreement has been duly executed and delivered by the Company and each other Borrower and constitutes a legal, valid
        and binding obligation of each of them, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of
        equity, regardless of whether considered in a proceeding in equity or at law.

      SECTION 3.03.  Governmental Approvals; No Conflicts.  The Transactions (a) do not require any consent
        or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full

      
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      force and effect and except as may be required under applicable securities laws and regulations, (b) will not violate any
        applicable law or regulation or the charter, by-laws or other organizational documents of the Company or any other Borrower or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or
        instrument governing Material Indebtedness binding upon the Company or any Subsidiary or their assets, or give rise to a right thereunder to require any payment to be made by the Company or any Subsidiary, and (d) will not result in the creation or
        imposition of any Lien on any asset of the Company or any Subsidiary under any indenture, agreement or instrument governing Material Indebtedness.

      SECTION 3.04.  Financial Position; No Material Adverse Change. (a)  The Company has heretofore
        furnished to the Lenders its consolidated balance sheet and statements of income, stockholders’ equity and cash flows as of and for the fiscal year ended June 30, 2019 (the “Annual Financial Statements”), reported on by Deloitte & Touche
        LLP, independent registered public accountants, certified by its chief financial officer as presenting fairly, in all material respects, the financial position and results of operations of the Company and its consolidated subsidiaries on a
        consolidated basis in accordance with GAAP consistently applied, and its consolidated balance sheet and statements of income, stockholders’ equity and cash flows as of and for the fiscal quarters ended September 30, 2019, December 31, 2019 and
        March 31, 2020 (collectively, the “Quarterly Financial Statements”), certified by one of its Financial Officers as presenting fairly, in all material respects, the financial position and results of operations of the Company and its
        consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes.  The Annual Financial Statements and the Quarterly Financial Statements
        present fairly, in all material respects, the financial position and results of operations and cash flows of the Company and the consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to, in the case of the
        Quarterly Financial Statements, normal year-end adjustments and the absence of footnotes.

      (b)  Since March 31, 2020, there has been no material adverse change in the business, assets, operations,
        prospects or condition, financial or otherwise, of the Company and the Subsidiaries, taken as a whole.

      SECTION 3.05.  Properties.  The Company and each Material Subsidiary has good title to, or valid
        leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their
        intended purposes and except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

      SECTION 3.06.  Litigation and Environmental Matters.  (a)  There are no actions, suits or proceedings
        by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Company, threatened against or affecting the Company and its Subsidiaries (i) as to which there is a reasonable possibility of an adverse
        determination and that, if adversely determined, could reasonably be expected, individually or in the

      
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      aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions.

      (b)  Except with respect to any other matters that, individually or in the aggregate, could not reasonably be
        expected to result in a Material Adverse Effect, none of the Company and the Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any
        Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability.

      SECTION 3.07.  Compliance with Laws and Agreements.  The Company and each Material Subsidiary is in
        compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to be in compliance,
        individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

      SECTION 3.08.  Federal Reserve Regulations.  (a)  Neither any Borrower nor any Subsidiary is engaged
        principally, or as a substantial part of its activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock (within the meaning of Regulation U).

      (b)  No part of the proceeds of any Loan has been or will be used, whether directly or indirectly, and whether
        immediately, incidentally or ultimately, to purchase or carry Margin Stock (as defined in Regulation U of the Board) or to refinance Indebtedness originally incurred for such purpose, or in any manner or for any purpose that has resulted or will
        result in a violation of Regulation T, U or X of the Board.

      SECTION 3.09.  Investment Company Status.  Neither any Borrower nor any of the Subsidiaries is an
        “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.

      SECTION 3.10.  Taxes.  The Company and the Material Subsidiaries have timely filed or caused to be
        filed all Tax returns and reports required to have been filed and have paid or caused to be paid all Taxes required to have been paid by them, except (a) any Taxes that are being contested in good faith by appropriate proceedings and for which the
        Company or such Subsidiary has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

      SECTION 3.11.  ERISA.  No ERISA Event has occurred or is reasonably expected to occur that, when taken
        together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.  The present value of all accumulated benefit obligations under each Plan (based on
        the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts,

      
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      exceed by more than US$100,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated
        benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more
        than US$100,000,000 the fair market value of the assets of all such underfunded Plans.

      SECTION 3.12.  Disclosure.  Neither the Confidential Information Memorandum nor any of the other
        reports, financial statements, certificates or other information furnished by or on behalf of the Borrowers to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or
        supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

      SECTION 3.13.  Anti-Corruption Laws and Sanctions.  The Company has implemented and will maintain and enforce policies and procedures that are in the Company’s judgment appropriate to ensure compliance by the Company, its Subsidiaries, and their directors, officers,
          employees and agents with applicable Anti-Corruption Laws and applicable Sanction Laws.  None of the Company or any Subsidiary or, to the knowledge of any Borrower, any of their directors, officers or employees, is a Sanctioned Person.

      SECTION 3.14.  Affected Financial Institution.  No Borrower is an Affected Financial Institution (as defined in Section 10.17).

      ARTICLE IV

      Conditions

      SECTION 4.01.  Effective Date.  This Agreement shall become effective on the date on which each of the
        following conditions is satisfied (or waived in accordance with Section 10.02):

      (a) The Administrative Agent (or its counsel) shall have received from each party hereto
        either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile or e-mail transmission of a signed signature page of this Agreement) that such
        party has signed a counterpart of this Agreement.

      (b) The Administrative Agent shall have received a favorable written opinion (addressed to
        the Administrative Agent and the Lenders and dated the Effective Date) of Michael A. Bonarti, Esq., General Counsel of the Company, substantially in the form of Exhibit D, and covering such other matters relating to the Company, this Agreement or
        the Transactions as the Required Lenders shall reasonably request.  The Company hereby requests such counsel to deliver such opinion.

      
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      (c) The Administrative Agent shall have received such documents and certificates as the
        Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrowers, the authorization of the Transactions and any other legal matters relating to the Borrowers, this Agreement or
        the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel.

      (d) The Administrative Agent shall have received a certificate, dated the Effective Date and
        signed by the President, a Vice President or a Financial Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02 (without giving effect to the parenthetical in such paragraph (a)).

      (e) The Administrative Agent shall have received all fees and other amounts due and payable
        on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company hereunder.

      (f) The commitments under the Existing Credit Agreement shall have been or shall
        simultaneously be terminated and the principal of and interest accrued on all loans outstanding thereunder and all fees and other amounts accrued or owing thereunder shall have been or shall simultaneously be paid in full.

      The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and
        binding.  Notwithstanding the foregoing, the obligations of the Lenders to make Loans shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 10.02) at or prior to 5:00 p.m., New York City
        time, on June 10, 2020 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time).

      SECTION 4.02.  Each Credit Event.  The obligation of each Lender to make a Loan on the occasion of any
        Borrowing is subject to the satisfaction of the following conditions:

      (a) The representations and warranties of the Borrowers set forth in this Agreement (other
        than the representations set forth in Sections 3.04(b) and 3.06(a)) shall be true and correct in all material respects on and as of the date of such Borrowing.

      (b) At the time of and immediately after giving effect to such Borrowing, no Default shall
        have occurred and be continuing.

      Each Borrowing shall be deemed to constitute a representation and warranty by the Borrowers on the date thereof as to the matters
        specified in paragraphs (a) and (b) of this Section.

      SECTION 4.03.  Initial Credit Event for each Borrowing Subsidiary.  The obligation of each Lender to
        make Loans to any Borrowing Subsidiary is subject to the satisfaction of the following conditions:

      
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      (a) The Administrative Agent (or its counsel) shall have received a Borrowing Subsidiary
        Agreement of such Borrowing Subsidiary duly executed by all parties thereto.

      (b) The Administrative Agent shall have received such documents, legal opinions and
        certificates as the Administrative Agent or its counsel may reasonably request relating to the formation, existence and good standing of such Borrowing Subsidiary, the authorization of the Transactions insofar as they relate to such Borrowing
        Subsidiary and any other legal matters relating to such Borrowing Subsidiary, its Borrowing Subsidiary Agreement or such Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel.

      ARTICLE V

      Affirmative Covenants

      Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all
        fees and other amounts payable hereunder shall have been paid in full, the Company and each other Borrower covenants and agrees with the Lenders that:

      SECTION 5.01.  Financial Statements and Other Information.  The Company will furnish to the
        Administrative Agent:

      (a) within 90 days after the end of each fiscal year of the Company, its audited
        consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by
        Deloitte & Touche LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect
        that such consolidated financial statements present fairly, in all material respects, the financial position and results of operations of the Company and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently
        applied;

      (b) within 45 days after the end of each of the first three fiscal quarters of each fiscal
        year of the Company, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case
        in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly, in all material
        respects, the financial position and results of operations of the Company and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of
        footnotes;

      
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      (c) concurrently with any delivery of financial statements under clause (a) or (b) above, a
        certificate of a Financial Officer of the Company certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto;

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

      (e) promptly following any request therefor, such other information regarding the
        operations, business affairs and financial position of the Company or any of its subsidiaries, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request.

      Reports required to be delivered pursuant to subsections (a), (b) and (d) of this Section 5.01 shall be deemed to have been
        delivered on the date on which the Company posts such reports on the Company’s website on the Internet at www.adp.com or when such report is posted on the SEC’s website at www.sec.gov; provided that the Company shall deliver paper copies of
        the reports referred to in subsection (a), (b) and (d) of this Section 5.01 to the Administrative Agent or any Lender who requests the Company to deliver such paper copies until written notice to cease delivering paper copies is given by the
        Administrative Agent or such Lender.  The Administrative Agent shall promptly make available to each Lender a copy of the certificate to be delivered pursuant to subsection (c) of this Section 5.01 by posting such certificate on IntraLinks or by
        other similar means.

      SECTION 5.02.  Notices of Material Events.  The Company will furnish to the Administrative Agent and
        each Lender prompt written notice (in any case within five Business Days) of the following:

      (a) the occurrence of any Default;

      (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator
        or Governmental Authority against or affecting the Company or any Subsidiary as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected to result in a Material Adverse
        Effect; and

      (c) any other development that results in, or could reasonably be expected to result in, a
        Material Adverse Effect.

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

      
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      SECTION 5.03.  Existence; Conduct of Business.  The Company will, and will cause each other Borrower
        to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the
        foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.

      SECTION 5.04.  Payment of Taxes.  The Company will, and will cause each Material Subsidiary to, pay its
        Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings,
        (b) the Company or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse
        Effect.

      SECTION 5.05.  Maintenance of Properties.  The Company will, and will cause each Material Subsidiary
        to, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted.

      SECTION 5.06.  Books and Records; Inspection Rights.  The Company will keep proper books of record and
        account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities.  The Company will permit any representatives designated by the Administrative Agent, or by any Lender through the
        Administrative Agent, at reasonable times and upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers.

      SECTION 5.07.  Compliance with Laws.  The Company will, and will cause each Material Subsidiary to,
        comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including ERISA and environmental laws), except where the failure to do so, individually or in the aggregate, could not reasonably
        be expected to result in a Material Adverse Effect. The Company will maintain and enforce policies and procedures that are in the Company’s judgment appropriate to ensure compliance by the Company, its Subsidiaries,
          and their directors, officers, employees and agents with applicable Anti-Corruption Laws and applicable Sanction Laws.

      SECTION 5.08.  Use of Proceeds.  (a)  The proceeds of the Loans will be used only for general corporate
        purposes, including the refinancing of any indebtedness outstanding on the Effective Date under the Existing Credit Agreement, under the Company’s Five-Year Credit Agreement dated as of June 13, 2018 or under the Company’s Five-Year Credit
        Agreement dated as of June 12, 2019.  No part of the proceeds of any Loan will be used, whether directly or indirectly, to purchase or carry Margin Stock (as defined in Regulation U of the Board) or to refinance Indebtedness originally incurred for
        such purpose, or in any manner or for any purpose that will result in a violation of Regulation T, U or X of the Board.

      
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      (b)  The proceeds of any Borrowing will not knowingly be used by the Borrowers or their Subsidiaries for the
        purpose of (i) making or furthering a payment, a promise to pay or an offer of money or value to any Person in violation of applicable Anti-Corruption Laws, (ii) financing any activity or transaction of or with any Sanctioned Person or in any
        Sanctioned Country, to the extent such activities or transactions would be prohibited by Sanctions Laws if conducted by a corporation incorporated in the United States or (iii) carrying out any other transaction that would result in the violation
        of any applicable Sanction Laws.

      ARTICLE VI

      Negative Covenants

      Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees
        and other amounts payable hereunder have been paid in full, the Company and each other Borrower covenants and agrees with the Lenders that:

      SECTION 6.01.  Liens.  The Company will not, and will not permit any Subsidiary to, create, incur,
        assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect thereof, except:

      (a) Permitted Encumbrances;

      (b) any Lien on any property or asset of the Company or any Subsidiary existing on the date
        hereof and set forth in Schedule 6.01; provided that (i) such Lien shall not apply to any other property or asset of any of the Borrowers or any of their Subsidiaries and (ii) such Lien shall secure only those obligations which it secures
        on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

      (c) any Lien existing on any property or asset prior to the acquisition thereof by the
        Company or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of
        or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of any of the Company or any Subsidiary and (iii) such Lien shall secure only those
        obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

      (d) Liens on fixed or capital assets acquired, constructed or improved by the Company or any
        Subsidiary; provided that (i) such Liens and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement, (ii) the Indebtedness secured thereby does
        not exceed the cost of acquiring, constructing or improving such fixed

      
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      or capital assets and (iii) such security interests shall not apply to any other property or assets of the
        Company or any Subsidiary;

      (e) Liens on securities deemed to exist under repurchase agreements and reverse repurchase
        agreements entered into by the Company and the Subsidiaries; and

      (f) other Liens not expressly permitted by clauses (a) through (d) above; provided
        that the sum of (i) the aggregate principal amount of outstanding obligations secured by Liens permitted under this clause (f) and (ii) the Attributable Debt permitted by Section 6.02(b) does not at any time exceed 25% of Consolidated Net Worth.

      SECTION 6.02.  Sale and Leaseback Transactions.  The Company will not, and will not permit any of its
        Subsidiaries to, enter into any Sale and Leaseback Transaction except:

      (a) Sale and Leaseback Transactions to which the Borrower or any Subsidiary is a party as of
        the date hereof; and

      (b) other Sale and Leaseback Transactions; provided that the sum of (i) the
        aggregate principal amount of outstanding obligations secured by Liens permitted by Section 6.01(f) and (ii) the aggregate Attributable Debt in respect of Sale and Leaseback Transactions permitted by this clause (b) does not at any time exceed 25%
        of Consolidated Net Worth.

      SECTION 6.03.  Fundamental Changes.  Neither the Company nor any other  Borrower will merge into or
        consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions and including by means of any merger or sale of
        capital stock or otherwise) all or substantially all of its assets (whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred
        and be continuing or would result from such transaction, the Company or any Borrower may merge or consolidate with any Person if (a) the Company or such Borrower, as the case may be, is the surviving Person or (b) the surviving Person (i) is
        organized under the laws of The United States of America or, in the case of a merger or consolidation of a Borrower other than the Company, the jurisdiction of organization of such Borrower, and (ii) assumes in writing all of the Company’s or such
        Borrower’s obligations under this Agreement pursuant to documentation reasonably satisfactory to the Administrative Agent, such satisfaction to be based solely upon the validity and enforceability of the assumption contained in such documentation.

      ARTICLE VII

      Events of Default

      If any of the following events (“Events of Default”) shall occur:

      
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      (a) the Company or any other Borrower shall fail to pay any principal of any Loan, when and
        as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

      (b) the Company or any other Borrower shall fail to pay any interest on any Loan or any fee
        or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three Business Days;

      (c) any representation or warranty made or deemed made by or on behalf of the Company or any
        Borrower in or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any
        amendment or modification hereof or waiver hereunder, shall prove to have been incorrect in any material respect when made or deemed made;

      (d) the Company or any Borrower shall fail to observe or perform any covenant, condition or
        agreement contained in Section 5.02, 5.03 (with respect to the Company’s or such Borrower’s existence) or 5.08 or in Article VI;

      (e) the Company or any Borrower shall fail to observe or perform any covenant, condition or
        agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent or any Lender to the
        Company;

      (f) the Company or any Subsidiary shall default in the payment of any Material Indebtedness
        when and as due, or any event or condition shall occur that results in any Material Indebtedness becoming due prior to its scheduled maturity; provided, that if the maturity of any Material Indebtedness of a Person acquired directly or
        indirectly by the Company after the date hereof shall be accelerated by reason of such acquisition, no Event of Default under this paragraph (f) shall be deemed to have occurred with respect to such Material Indebtedness so long as such
        acceleration shall have been rescinded, or such Material Indebtedness shall have been repaid, within five Business Days following the date of such acceleration;

      (g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed
        seeking (i) liquidation, reorganization or other relief in respect of the Company or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar
        law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any Material Subsidiary or for a substantial part of its assets, and, in any such case, such
        proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

      
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      (h) the Company or any Material Subsidiary shall (i) voluntarily commence any proceeding or
        file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a
        timely and appropriate manner, any proceeding or petition described in clause (g) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any
        Material Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any
        action for the purpose of effecting any of the foregoing; or

      (i) the Company or any Material Subsidiary shall become unable, admit in writing its
        inability, or fail generally, to pay its debts as they become due;

      then, and in every such event (other than an event with respect to any Borrower described in clause (g) or (h) of this Article),
        and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company, take either or both of the following actions, at the same or different
        times:  (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal or other amount not so declared to
        be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued
        hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and in case of any event with respect to any of the Borrowers described in
        clause (g) or (h) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall
        automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers.

      ARTICLE VIII

      The Administrative Agent

      In order to expedite the transactions contemplated by this Agreement, the Person named in the heading of this
        Agreement is hereby appointed to act as Administrative Agent on behalf of the Lenders.  Each of the Lenders and each assignee of any Lender hereby irrevocably authorizes the Administrative Agent to take such actions on behalf of such Lender or
        assignee and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.  The Administrative Agent is hereby expressly
        authorized by the Lenders, without hereby limiting any implied authority, and by the Borrowers with respect to clause (c) below, (a) to receive on behalf of the Lenders all payments of principal of and interest on the Loans and all other amounts
        due to the Lenders

      
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      hereunder, and promptly to distribute to each Lender its proper share of each payment so received; (b) to give notice on behalf of
        each of the Lenders to the Company of any Default or Event of Default specified in this Agreement of which the Administrative Agent has actual knowledge acquired in connection with its agency hereunder; and (c) to distribute to each Lender copies
        of all notices, financial statements and other materials delivered by the Company or any other Borrower pursuant to this Agreement or the other Loan Documents as received by the Administrative Agent.

      With respect to the Loans made by it hereunder, the Administrative Agent in its individual capacity and not as
        the Administrative Agent shall have the same rights and powers as any other Lender and may exercise the same as though it were not the Administrative Agent, and the Administrative Agent and its Affiliates may accept deposits from, lend money to and
        generally engage in any kind of business with any of the Borrowers or any of their Subsidiaries or other Affiliates thereof as if it were not the Administrative Agent.

      The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan
        Documents.  Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent
        shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise upon receipt of
        notice in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.02), and (c) except as expressly set forth in the Loan Documents, the
        Administrative Agent shall not have any duty to disclose, and the Administrative Agent shall not be liable for the failure to disclose, any information relating to any of the Borrowers or any of their Subsidiaries that is communicated to or
        obtained by the institution serving as the Administrative Agent or any of its Affiliates in any capacity.  The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required
        Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.02) or in the absence of its own gross negligence or willful misconduct.  The Administrative Agent shall not be
        deemed to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by a Borrower (in which case the Administrative Agent shall give written notice to each other Lender), and the Administrative Agent
        shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered
        hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity, enforceability, effectiveness or
        genuineness of any Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be
        delivered to the Administrative Agent.

      
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      The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon,
        any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person.  The Administrative Agent also may rely upon any statement made to it
        orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon.  The Administrative Agent may consult with legal counsel (who may be counsel for any Borrower), independent
        accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

      The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through
        any one or more sub-agents, which may include any of its branches or affiliates, appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through
        their respective Related Parties.  The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
        activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent.

      Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph,
        the Administrative Agent may resign at any time by notifying the Lenders and the Company.  Upon any such resignation, the Required Lenders shall have the right, with the consent of the Company (not to be unreasonably withheld, conditioned or
        delayed and except during the continuance of an Event of Default hereunder, when no consent shall be required), to appoint a successor.  In addition, if the Administrative Agent is a Defaulting Lender due to it having had a receiver, conservator,
        trustee, administrator, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business or custodian appointed for it, the Required Lenders shall have the right, by notice in writing to the
        Company and such Administrative Agent, to remove such Administrative Agent in its capacity as such and, with the consent of the Company (not to be unreasonably withheld, conditioned or delayed and except during the continuance of an Event of
        Default hereunder, when no consent shall be required), to appoint a successor.   If (a) no successor to a retiring Administrative Agent shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days
        after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or
        an Affiliate of any such bank or (b) no successor to a removed Administrative Agent shall have been so appointed and shall have accepted such appointment within 30 days following the issuance of a notice of removal, the removal shall become
        effective on such 30th day and on such date the Required Lenders shall succeed as Administrative Agent to such removed Administrative Agent.  Upon the acceptance of
        its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Administrative Agent, as the case may be, and such
        retiring or removed Administrative Agent shall be discharged from its duties and

      
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      obligations hereunder.  After the Administrative Agent’s resignation or removal, as the case may be, hereunder, the provisions of
        this Article and Section 10.03 shall continue in effect for the benefit of such retiring or removed Administrative Agent, as the case may be. its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken
        by any of them while it was acting as Administrative Agent.

      Each Lender agrees (a) to reimburse the Administrative Agent, on demand, in the amount of its pro rata share
        (based on the amount of its Loans and available Commitments hereunder) of any expenses incurred for the benefit of the Lenders by the Administrative Agent, including counsel fees and compensation of agents and employees paid for services rendered
        on behalf of the Lenders, that shall not have been reimbursed by the Company or any other Borrower and (b) to indemnify and hold harmless the Administrative Agent and any of its Related Parties, on demand, in the amount of such pro rata share, from
        and against any and all liabilities, taxes, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by or asserted against it in its
        capacity as Administrative Agent or any of them in any way relating to or arising out of this Agreement or any other Loan Document or action taken or omitted by it or any of them under this Agreement or any other Loan Document, to the extent the
        same shall not have been reimbursed by the Company or any other Borrower; provided that no Lender shall be liable to the Administrative Agent or any such other indemnified Person for any portion of such liabilities, taxes, obligations,
        losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are determined to have resulted from the gross negligence or willful misconduct of the Administrative Agent, and any of its Related Parties or any of their
        respective directors, officers, employees or agents.

      Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any
        other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon the
        Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other
        Loan Document or related agreement or any document furnished hereunder or thereunder.

      None of the Lenders identified on the facing page or signature pages of this Agreement or elsewhere herein as a
        “syndication agent” or “documentation agent” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such.

      Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)
        covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of
        doubt, to or for the benefit of the Company or any Subsidiary, that at least one of the following is and will be true:  (i) such Lender is not using “plan assets” (within

      
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      the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans in connection with the Loans or the Commitments,
        (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
        involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment
        funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and
        this Agreement, (iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of
        such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies
        the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation
        in, administration of and performance of the Loans, the Commitments and this Agreement, or (iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

      In addition, unless sub-clause (i) in the immediately preceding paragraph is true with respect to a Lender or a
        Lender has provided another representation, warranty and covenant as provided in accordance with sub-clause (iv) in the immediately preceding paragraph, such Lender further (x) represents and warrants, as of the date such Person became a Lender
        party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers and their respective Affiliates, and
        not, for the avoidance of doubt, to or for the benefit of the Company or any Subsidiary, that none of the Administrative Agent, the Arrangers or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in
        such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this
        Agreement, any Loan Document or any documents related to hereto or thereto).

      The Administrative Agent and the Arrangers hereby inform the Lenders that each such Person is not undertaking
        to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or
        an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans or the Commitments for an amount less than the amount being paid for
        an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents

      
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      or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees,
        ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums,
        banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

      ARTICLE IX

      Guarantee

      In order to induce the Lenders to extend credit to the other Borrowers hereunder, the Company hereby
        irrevocably and unconditionally guarantees, as a primary obligor and not merely as a surety, the payment when and as due of the Obligations of such other Borrowers.  The Company further agrees that the due and punctual payment of such Obligations
        may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding any such extension or renewal of any such Obligation.

      The Company waives presentment to, demand of payment from and protest to any Borrower of any of the
        Obligations, and also waives notice of acceptance of its obligations and notice of protest for nonpayment.  The obligations of the Company hereunder shall not be affected by (a) the failure of the Administrative Agent or any Lender to assert any
        claim or demand or to enforce any right or remedy against any Borrower under the provisions of this Agreement, any other Loan Document or otherwise; (b) any extension or renewal of any of the Obligations; (c) any rescission, waiver, amendment or
        modification of, or release from, any of the terms or provisions of this Agreement or any other Loan Document or agreement; (d) any default, failure or delay, willful or otherwise, in the performance of any of the Obligations; or (e) any other act,
        omission or delay to do any other act which may or might in any manner or to any extent vary the risk of the Company or otherwise operate as a discharge of a guarantor as a matter of law or equity or which would impair or eliminate any right of the
        Company to subrogation.

      The Company further agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or
        not any bankruptcy or similar proceeding shall have stayed the accrual or collection of any of the Obligations or operated as a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by the
        Administrative Agent or any Lender to any balance of any deposit account or credit on the books of the Administrative Agent or any Lender in favor of any Borrower or any other Person.

      The obligations of the Company hereunder shall not be subject to any reduction, limitation, impairment or
        termination for any reason, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability of any of the Obligations, any impossibility in the
        performance of any of the Obligations or otherwise.

      
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      The Company further agrees that its obligations hereunder shall continue to be effective or be reinstated, as
        the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the Administrative Agent or any Lender upon the bankruptcy or reorganization of any Borrower or otherwise.

      In furtherance of the foregoing and not in limitation of any other right which the Administrative Agent or any
        Lender may have at law or in equity against the Company by virtue hereof, upon the failure of any other Borrower to pay any Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or
        otherwise, the Company hereby promises to and will, upon receipt of written demand by the Administrative Agent or any Lender, forthwith pay, or cause to be paid, to the Administrative Agent or such Lender in cash an amount equal to the unpaid
        principal amount of such Obligations then due, together with accrued and unpaid interest thereon.

      Upon payment by the Company of any sums as provided above, all rights of the Company against any Borrower
        arising as a result thereof by way of right of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment in full of all the Obligations owed by such Borrower to the
        Administrative Agent and the Lenders.

      Nothing shall discharge or satisfy the liability of the Company hereunder except the full performance and
        payment of the Obligations.

      ARTICLE X

      Miscellaneous

      SECTION 10.01.  Notices.  (a)  Except in the case of notices and other communications expressly
        permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered
        mail or sent by telecopy, as follows:

      (i) if to any Borrower, to Automatic Data Processing, Inc., One ADP Boulevard, MS #420,
        Roseland, NJ 07068-1728, Attention of Treasurer (Fax No. 973-974-3320), with a copy to Automatic Data Processing, Inc., One ADP Boulevard, MS #450, Roseland, NJ 07068-1728, Attention of General Counsel (Fax No. 973-974-3324);

      (ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan and Agency Services
        Group, 500 Stanton Christiana Rd., NCC5 / 1st Floor, Newark, DE 19713, Attention: Matthew Reed (E-Mail: 12016395215@tls.ldsprod.com), with a copy to JPMorgan Chase Bank, N.A., 383 Madison Avenue, Floor 24, New York, NY, 10179, Attention of Ryan
        Zimmerman (E-Mail: ryan.zimmerman@jpmorgan.com); and

      (iii) if to any Lender, to it at its address (or telecopy number) set forth in its
        Administrative Questionnaire.

      
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      Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other
        parties hereto or in the case of a Lender, to the Administrative Agent and the Borrowers.  All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the
        date of receipt.  Notices delivered through Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

      (b)  Notices and other communications to the Borrowers and the Lenders hereunder may be delivered or furnished
        by using an electronic platform pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the
        applicable Lender.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval
        of such procedures may be limited to particular notices or communications.

      (c)  Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an
        e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices
        or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or
        communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such
        notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

      SECTION 10.02.  Waivers; Amendments.  (a)  No failure or delay by the Administrative Agent or any
        Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
        a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are
        not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of any Loan Document or consent to any departure by any Borrower therefrom shall in any event be effective unless the same shall be permitted by
        paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a
        waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.

      
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      (b)  Subject to Section 2.12, neither this Agreement nor any other Loan Document nor any provision hereof or
        thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Company and the Required Lenders or by the Company and the Administrative Agent with the consent of the Required Lenders or, in
        the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Borrowers that are parties thereto, in each case with the consent of the Required Lenders; provided that
        no such agreement shall (i) increase any Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan, reduce the rate of interest thereon, or reduce any fees payable hereunder, without the
        written consent of each Lender adversely affected thereby, (iii) postpone the date of any scheduled payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any
        such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby (provided that nothing shall limit the right of each Borrower to extend the Maturity Date pursuant to
        Section 2.06(f)), (iv) change Section 2.16(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender (it being understood that the addition of new  tranches of loans or
        commitments that may be extended under this Agreement shall not be deemed to alter such pro rata sharing of payments), (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision of any Loan
        Document specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (except, in each case, to provide
        for new tranches of loans or commitments that may be extended under this Agreement), (vi) release the Company from, or limit or condition, its obligations under Article IX, without the written consent of each Lender, (vii) change the currency in
        which Loans may be made without the written consent of each Lender affected thereby or (viii) change Section 10.17 in any manner without the written consent of each Lender that is an EEA Financial Institution (as defined in Section 10.17); provided further
        that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder or under any other Loan Document without the prior written consent of the Administrative Agent.

      SECTION 10.03.  Expenses; Indemnity; Damage Waiver.  (a)  The Company shall pay (i) all reasonable and
        documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of one counsel for the Administrative Agent and such Affiliates, in connection with the syndication
        of the credit facility provided for herein, the preparation and administration of this Agreement or the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
        contemplated hereby or thereby shall be consummated) and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the reasonable fees, charges and disbursements of any counsel for the
        Administrative Agent or any Lender, in connection with the enforcement or protection of its rights under any Loan Document, including its rights under this Section, or in connection with the Loans made, including all such out-of-pocket expenses
        incurred during any workout, restructuring or negotiations in respect of such Loans.

      
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      (b)  The Company shall indemnify the Administrative Agent and each Lender, and each Related Party of any of the
        foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, liabilities, out-of-pocket costs or expenses, including the reasonable fees, charges and disbursements of
        any counsel for any Indemnitee, incurred by or asserted against any Indemnitee (whether by a third party or by any Borrower) arising out of, in connection with or as a result of (i) any transaction or proposed transaction (whether or not
        consummated) in which any proceeds of any Borrowing hereunder are applied or proposed to be applied, directly or indirectly, by any of the Borrowers or their Subsidiaries, (ii) any Loan or the use of the proceeds therefrom or (iii) the execution,
        delivery or performance by any of the Borrowers and their Subsidiaries of the Loan Documents, or any actions or omissions of a Borrower or any of its Subsidiaries in connection therewith; provided that such indemnity shall not, as to any
        Indemnitee, be available to the extent that such losses, liabilities, costs or expenses (x) shall be 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 Indemnitee or (y) result from a claim brought by the Company or any Borrowing Subsidiary against an Indemnitee for a material breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Company or
        such Borrowing Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction to the effect that such a material breach in bad faith has occurred.  Without limiting the
        provisions of Section 2.15(c), this Section 10.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

      (c)  To the extent that the Company fails to pay any amount required to be paid by it to the Administrative
        Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of
        such unpaid amount; provided that the unreimbursed loss, liability, cost or expense, as the case may be, was incurred by or asserted against the Administrative Agent.  For purposes hereof, a Lender’s “pro rata share” shall be determined
        based upon its share of the sum (without duplication) of the total Exposures and unused Commitments at the time.

      (d)  To the extent permitted by applicable law, no Borrower shall assert, and each Borrower hereby waives, any
        claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or
        instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the use by unintended recipients of any information or
        other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the Transactions contemplated hereby or thereby, other than for
        damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final nonappealable judgment of a court of competent jurisdiction.

      
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      (e)  All amounts due under this Section shall be payable within 15 Business Days after receipt by the Company
        of a reasonably detailed invoice therefor.

      SECTION 10.04.  Successors and Assigns.  (a)  The provisions of this Agreement shall be binding upon
        and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Company nor any Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the
        prior written consent of each Lender (and any attempted assignment or transfer by any Borrower without such consent shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed
        to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent and the Lenders) any legal or
        equitable right, remedy or claim under or by reason of this Agreement.

      (b)  Any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations
        under this Agreement (including all or a portion of its Commitments and the Loans or other amounts at the time owing to it); provided that (i)  the Administrative Agent (except in the case of an assignment to a Lender, an Affiliate of a
        Lender or a Related Fund of a Lender) and the Company (except in the case of an assignment to a Lender, an Affiliate of a Lender or a Related Fund of a Lender or if an Event of Default has occurred and, except in the case of an Event of Default
        under Sections (a), (b), (g) or (h) of Article VII of this Agreement, has been continuing for 30 days) must each give their prior written consent to such assignment (which consents shall not be unreasonably withheld, conditioned or delayed), (ii) except in the case of an assignment to a Lender, an Affiliate of a Lender or a Related Fund of any Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitments and outstanding
        Loans, the Commitments and outstanding Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be
        less than US$10,000,000 unless each of the Company and the Administrative Agent otherwise consent, (iii) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing
        and recordation fee of US$3,500 and (iv) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; provided further that (x) any consent of the Company otherwise required
        under this paragraph shall not be required if an Event of Default referred to in clause (g), (h) or (i) of Article VII has occurred and is continuing, (y) the Company shall be deemed to have consented to any such assignment unless it shall object
        thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof and (z) no assignment shall be made to any Person other than an Eligible Assignee.  Subject to acceptance and recording thereof
        pursuant to paragraph (d) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption,
        have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in
        the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party

      
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      hereto but shall continue to be entitled to the benefits of Sections 2.13, 2.14, 2.15 and 10.03).  Any assignment or transfer by a
        Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph
        (e) of this Section.  The Borrowers shall not be responsible under Section 2.13 or 2.15 for any increased costs incurred by a Lender as a result of an assignment under this Section to an Affiliate of such Lender unless such Lender is legally
        required to make such assignment.

      (c)  The Administrative Agent, acting for this purpose as an agent of each Borrower, shall maintain at one of
        its offices in The City of New York a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each
        Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the
        Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Company and any Lender, at any reasonable time and from
        time to time upon reasonable prior notice.

      (d)  Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an
        assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment
        required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register.  No assignment shall be effective for purposes of this Agreement unless it
        has been made in compliance with this Agreement as provided in this paragraph.

      (e)  Any Lender may, without the consent of any Borrower or the Administrative Agent, sell participations to
        one or more Eligible Assignees (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (i) such
        Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent and the other
        Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that
        such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
        without the consent of the Participant, agree to any amendment, modification or waiver described in clause (i), (ii), (iii) or (vi) of the first proviso to Section 10.02(b) that affects such Participant.  Subject to paragraph (f) of this Section,
        each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 and 2.15 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section.

      
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      (f)  A Participant shall not be entitled to receive any greater payment under Section 2.13 or 2.15 than the
        applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant so provides and is made with the Company’s prior written consent.  A
        Participant shall not be entitled to the benefits of Section 2.15 unless the Company is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 2.15(f) as though
        it were a Lender.

      (g)  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under
        this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other applicable central bank or, in the case of a Lender that is an investment fund, to the trustee under
        the indenture to which such fund is a party, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its
        obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

      (h)  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of
        the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement or any other Loan
        Document (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a
        Participant’s interest in any Commitments or Loans or its other obligations under this Agreement or any other Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other
        obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
        in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have
        no responsibility for maintaining a Participant Register.

      SECTION 10.05.  Survival.  All covenants, agreements, representations and warranties made by the
        Borrowers herein or in any other Loan Document or in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties
        hereto or thereto and shall survive the execution and delivery of this Agreement and any other Loan Document and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the
        Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any
        accrued interest on any Loan or any fee or any other amount payable under this Agreement or any other Loan Document is outstanding and so long as the Commitments have not expired or terminated.  The provisions of Sections 2.13, 2.14, 2.15, 10.03
        and 10.12 and Article VIII shall survive and

      
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      remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans
        and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.

      SECTION 10.06.  Counterparts; Integration; Effectiveness.  (a)  This Agreement may be executed in
        counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the other Loan Documents, any separate
        letter agreements with respect to fees payable to the Administrative Agent and any provisions in any commitment letter executed and delivered by the Borrower in connection with the transactions contemplated hereby that by the express terms of such
        commitment letter survive the execution or effectiveness of this Agreement, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written,
        relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof
        which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

      (b)  Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document
        and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 10.01), certificate, request, statement, disclosure or authorization related to this
        Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces
        an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable.  The words “execution,” “signed,” “signature,”
        “delivery,” and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including
        deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
        physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior
        written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and
        each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrowers without further verification thereof and without any obligation to review the appearance or form of any such Electronic
        signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature  shall be promptly followed by a manually executed counterpart.  Without limiting the generality of the foregoing, the Borrowers hereby (i)
        agree that, for

      
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      all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy
        proceedings or litigation among the Administrative Agent, the Lenders, and the Borrowers, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or
        any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (ii) agree that the Administrative Agent and each of the Lenders
        may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s
        business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waive any argument,
        defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or
        such Ancillary Document, respectively, including with respect to any signature pages thereto and (iv) waive any claim against any Related Party of the Administrative Agent or any Lender for any Liabilities arising solely from the Administrative
        Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as
        a result of the failure of the Borrowers to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

      SECTION 10.07.  Severability.  Any provision of this Agreement held to be invalid, illegal or
        unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and
        the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

      SECTION 10.08.  Right of Setoff.  If an Event of Default shall have occurred and be continuing, each
        Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final and in whatever
        currency denominated) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Borrower against any of and all the obligations of such Borrower now or hereafter existing under
        this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured.  Each Lender agrees promptly to notify the Administrative Agent after any
        such set-off and application made by such Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application.  The rights of each Lender under this Section are in addition
        to other rights and remedies (including other rights of setoff) which such Lender may have.

      
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      SECTION 10.09.  Governing Law; Jurisdiction; Consent to Service of Process.  (a)  This Agreement shall
        be construed in accordance with and governed by the law of the State of New York.

      (b)  Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the
        exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding
        arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be
        heard and determined in such New York State or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
        jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or
        proceeding relating to this Agreement against any Borrower or its properties in the courts of any jurisdiction.

      (c)  Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and
        effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this
        Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

      (d)  Each party to this Agreement irrevocably consents to service of process in the manner provided for notices
        in Section 10.01.  Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

      SECTION 10.10.  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
        BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN  ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON
        CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
        THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

      
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      SECTION 10.11.  Headings.  Article and Section headings and the Table of Contents used herein are for
        convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

      SECTION 10.12.  Confidentiality.  (a)  The Administrative Agent and each Lender agrees to maintain the
        confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates and to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors
        (including service providers engaged by the Administrative Agent or any Lender in connection with the administration and management of the Loan Documents and the Commitments), to Related Funds’ directors and officers and to any direct or indirect
        contractual counterparty in swap agreements (it being understood that each Person to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the
        extent requested by any regulatory authority (including any self-regulatory authority) having jurisdiction over such Lender, (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any
        other party to this Agreement, (v) to the extent required or advisable in the judgment of counsel in connection with any suit, action or proceeding relating to the enforcement of rights of the Administrative Agent or the Lenders against the
        Borrowers under this Agreement or any other Loan Document, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant
        in, any of its rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction or any credit insurance provider relating to the Borrower and its obligations, (vii)
        with the consent of the Company or (viii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section of which the Administrative Agent or such Lender is aware or (B) becomes available to the
        Administrative Agent or any Lender on a nonconfidential basis from a source other than the Company other than as a result of a breach of this Section of which the Administrative Agent or such Lender is aware.  For the purposes of this Section, “Information”
        means all information received from the Company relating to the Company or its business, other than (i) any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Company
        other than as a result of a breach of this Section of which the Administrative Agent or such Lender is aware and (ii) customary information with respect to the terms of the credit facility established under this Agreement routinely provided by
        arrangers to data service providers, including league table providers, that serve the lending industry.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
        obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

      (b)  Each Lender acknowledges that Information furnished to it pursuant to this Agreement may include material
        non‐public information concerning the Company and its Related Parties or the Company’s securities, and confirms that it has developed compliance procedures regarding the use of material non-public information and that it will

      
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      handle such material non-public information in accordance with those procedures and applicable law, including Federal and state
        securities laws.

      (c)  All information, including requests for waivers and amendments, furnished by the Company, the Subsidiaries
        or the Administrative Agent pursuant to, or in the course of administering, this Agreement will be syndicate-level information, which may contain material non-public information about the Company, the Subsidiaries and their Related Parties or the
        Company’s securities.  Accordingly, each Lender represents to the Borrower and the Administrative Agent that it has identified in its Administrative Questionnaire a credit contact who may receive information that may contain material non-public
        information in accordance with its compliance procedures and applicable law, including Federal and state securities laws.

      SECTION 10.13.  Conversion of Currencies.  (a)  If, for the purpose of obtaining judgment in any court,
        it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal
        banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given.

      (b)  The obligations of each Borrower in respect of any sum due to any party hereto or any holder of the
        obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement Currency”),
        be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may, in accordance with normal banking procedures in the
        relevant jurisdiction, purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, such Borrower agrees,
        as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss.  The obligations of the Borrowers contained in this Section 10.13 shall survive the termination of this Agreement and the
        payment of all other amounts owing hereunder.

      SECTION 10.14.  Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any
        time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
          Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in
        respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and
        the interest and Charges payable to such Lender in respect of other Loans shall be increased (but not above the Maximum Rate therefor) until such

      
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      cumulated amount, together with interest thereon at the Federal Funds Effective Rate, shall have been received by such Lender.

      SECTION 10.15.  Certain Notices.  Each Lender hereby notifies each Borrower that pursuant to the
        requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies such
        Borrower, which information includes the name and address of such Borrower and other information that will allow such Lender to identify such Borrower in accordance with the Patriot Act and the Beneficial Ownership Regulation.  Each Borrower agrees
        to provide the Lenders, upon request, with all documentation and other information required to be obtained by the Lenders pursuant to applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.

      SECTION 10.16.  No Fiduciary Relationship.  Each Borrower, on behalf of itself and the Subsidiaries,
        agrees that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, each Borrower, the Subsidiaries and their Affiliates, on the one hand, and the Administrative Agent, the Lenders and
        their Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Administrative Agent, the Lenders or their Affiliates, and no such duty will be deemed
        to have arisen in connection with any such transactions or communications.  Each Borrower, on behalf of itself, the Subsidiaries and its and their respective Affiliates, waives and releases, to the fullest extent permitted by law, any claims that
        such Borrower, the Subsidiaries or such Affiliates may have against the Administrative Agent, any Person identified on the facing page or signature pages of this Agreement or elsewhere herein as a “syndication agent” or “documentation agent”, any
        Lender or any Affiliate of any of the foregoing in respect of any breach or alleged breach of agency or fiduciary duty.

      SECTION 10.17.  Acknowledgement of and Consent to Bail-In of Affected Financial Institutions.  (a) 
        Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any
        Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

      (i) the application of any Write-Down and Conversion Powers by the applicable Resolution
        Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

      (ii) the effects of any Bail-in Action on any such liability, including, if applicable, (A)
        a reduction in full or in part or cancelation of any such liability, (B) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge
        institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with

      
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      respect to any such liability under this Agreement or any other Loan Document or (C) the variation of the terms
        of such liability in connection with the exercise of the Write-Down and Conversion Powers of any applicable Resolution Authority.

      (b)  The following terms shall for purposes of this Section have the meanings set forth below:

      “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial
        Institution.

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

      “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of
        Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule
        and (b) with respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks,
        investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings.

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

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

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

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

      “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial
        Institution, a UK Resolution Authority.

      
        71

        
          

      

      “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook
        (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct
        Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

      “UK Resolution Authority” means the Bank of England or any other public administrative authority having
        responsibility for the resolution of any UK Financial Institution.

      “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the
        write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule,
        and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority  under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  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.

      [Remainder of page intentionally left blank]

    

    

    

    

    

    
      72

      
        

    

    

    

    

      	 	
              AUTOMATIC DATA PROCESSING, INC.,

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              By:

            	
              /s/ Michael C. Eberhard

            	 
	 	 	
              Name:

            	
              Michael C. Eberhard

            	 
	 	 	
              Title:

            	
              Corporate Vice President and Treasurer

            	 
	 	 	 	 	 

      

      

      

      

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              JPMORGAN CHASE BANK, N.A.,

              individually and as Administrative Agent

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Ryan Zimmerman

            	 
	 	 	
              Name:

            	
              Ryan Zimmerman

            	 
	 	 	
              Title:

            	
              Vice President

            	 
	 	 	 	 	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              Bank of America, N.A., as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Arti Dighe

            	 
	 	 	
              Name:

            	
              Arti Dighe

            	 
	 	 	
              Title:

            	
              Director

            	 
	 	 	 	 	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              BNP PARIBAS, as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Brendan Heneghan

            	 
	 	 	
              Name:

            	
              Brendan Heneghan

            	 
	 	 	
              Title:

            	
              Director

            	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Karim Remtoula

            	 
	 	 	
              Name:

            	
              Karim Remtoula

            	 
	 	 	
              Title:

            	
              Vice President

            	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              WELLS FARGO BANK, NATIONAL

              ASSOCIATION, as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Karen McClain

            	 
	 	 	
              Name:

            	
              Karen McClain

            	 
	 	 	
              Title:

            	
              Managing Director

            	 
	 	 	 	 	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              DEUTSCHE BANK AG NEW YORK

              BRANCH, as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Ming K Chu

            	 
	 	 	
              Name:

            	
              Ming K Chu

            	
              ming.k.chu@db.com

            
	 	 	
              Title:

            	
              Director

            	
              +1-212-250-5451

            
	 	 	 	 	 
	 	
              by:1

            	
              /s/ Annie Chung

            	 
	 	 	
              Name:

            	
              Annie Chung

            	
              annie.chung@db.com

            
	 	 	
              Title:

            	
              Director

            	
              +1-212-250-6375

            
	 	 	 	 	 

      

      

      

      

      
        ____________

        1 For any institution requiring a second signature line.

      

      

      

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      	 	
              BARCLAYS BANK PLC, as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Patricia Oreta

            	 
	 	 	
              Name:

            	
              Patricia Oreta

            	 
	 	 	
              Title:

            	
              Director

            	 
	 	 	
              Executed in New York

            	 

       

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      

      

      	 	
              MUFG BANK, LTD., as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Marlon Mathews

            	 
	 	 	
              Name:

            	
              Marlon Mathews

            	 
	 	 	
              Title:

            	
              Director

            	 
	 	 	 	 	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              PNC BANK NATIONAL ASSOCIATION,

              as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Timothy J. Ambrose

            	 
	 	 	
              Name:

            	
              Timothy J. Ambrose

            	 
	 	 	
              Title:

            	
              Vice President

            	 
	 	 	 	 	 

      

      

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              BANK OF MONTREAL, as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Randon Gardley

            	 
	 	 	
              Name:

            	
              Randon Gardley

            	 
	 	 	
              Title:

            	
              Director, Chicago Branch

            	 
	 	 	 	 	 
	 	
              by:1

            	 	 
	 	 	
              Name:

            	 	 
	 	 	
              Title:

            	 	 

      

      

      

      

      
        ____________

        1 For any institution requiring a second signature line.

      

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      	 	
              ROYAL BANK OF CANADA, as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Jennifer Flann

            	 
	 	 	
              Name:

            	
              Jennifer Flann

            	 
	 	 	
              Title:

            	
              Authorized Signatory

            	 
	 	 	 	 	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              U.S. Bank National Association, as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Jennifer Hwang

            	 
	 	 	
              Name:

            	
              Jennifer Hwang

            	 
	 	 	
              Title:

            	
              Senior Vice President

            	 
	 	 	 	 	 

      

      

       

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              Mizuho Bank, Ltd., as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	/s/ Tracy Rahn	 
	 	 	
              Name:

            	
              Tracy Rahn

            	 
	 	 	
              Title:

            	
              Executive Director

            	 
	 	 	 	 	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              Morgan Stanley Bank, N.A., as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Michael King

            	 
	 	 	
              Name:

            	
              Michael King

            	 
	 	 	
              Title:

            	
              Authorized Signatory

            	 
	 	 	 	 	 

      

      

      	 	 	 	 	 
	 	
              by:1

            	 	 
	 	 	
              Name:

            	 	 
	 	 	
              Title:

            	 	 
	 	 	 	 	 

      

      

      ____________

      1 For any institution requiring a second signature line.

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      	 	
              Truist Bank, formerly known as Branch Banking and Trust Company, as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Matthew J. Davis

            	 
	 	 	
              Name:

            	
              Matthew J. Davis

            	 
	 	 	
              Title:

            	
              Senior Vice President

            	 
	 	 	 	 	 

      

      

      	 	 	 	 	 
	 	
              by:1

            	 	 
	 	 	
              Name:

            	 	 
	 	 	
              Title:

            	 	 
	 	 	 	 	 

      

      

      ___________

      1 For any institution requiring a second signature line.

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      	 	
              SOCIETE GENERALE, as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Andrew Johnman

            	 
	 	 	
              Name:

            	
              Andrew Johnman

            	 
	 	 	
              Title:

            	
              Managing Director

            	 
	 	 	 	 	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              SANTANDER BANK, N.A. as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Larisa Chilton

            	 
	 	 	
              Name:

            	
              Larisa Chilton

            	 
	 	 	
              Title:

            	
              Senior Vice President

            	 
	 	 	 	 	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              The Bank of Nova Scotia, as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	/s/ Shanshan Yang	 
	 	 	
              Name:

            	
              Shanshan Yang

            	 
	 	 	
              Title:

            	
              Director

            	 
	 	 	 	 	 

      

      

      	 	 	 	 	 
	 	
              by:1

            	
              /s/ Erica He

            	 
	 	 	
              Name:

            	
              Erica He

            	 
	 	 	
              Title:

            	
              Associate Director

            	 
	 	 	 	 	 

      

      

      ____________

      1 For any institution requiring a second signature line.

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      

      

      	 	
              The Northern Trust Company, as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Andrew D. Holtz

            	 
	 	 	
              Name:

            	
              Andrew D. Holtz

            	 
	 	 	
              Title:

            	
              Senior Vice President

            	 
	 	 	 	 	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      	 	
              FIFTH THIRD BANK, NATIONAL ASSOCIATION,

              as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ José A. Rosado

            	 
	 	 	
              Name:

            	
              José A. Rosado

            	 
	 	 	
              Title:

            	
              Senior Vice President

            	 
	 	 	 	 	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      	 	
              THE BANK OF NEW YORK MELLON, as

              a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Thomas J. Tarasovich, Jr.

            	 
	 	 	
              Name:

            	
              Thomas J. Tarasovich, Jr.

            	 
	 	 	
              Title:

            	
              Vice President

            	 
	 	 	 	 	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      	 	
              Svenska Handelsbanken AB (publ), New York Branch as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Mark Emmett

            	 
	 	 	
              Name:

            	
              Mark Emmett

            	 
	 	 	
              Title:

            	
              Vice President

            	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Fredrik Gabrielson

            	 
	 	 	
              Name:

            	
              Fredrik Gabrielson

            	 
	 	 	
              Title:

            	
              Vice President

            	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      	 	
              TD Bank, N.A., as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Shivani Agarwal

            	 
	 	 	
              Name:

            	
              Shivani Agarwal

            	 
	 	 	
              Title:

            	
              Senior Vice President

            	 
	 	 	 	 	 

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      	 	
              Bayerische Landesbank, New York Branch,

              as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	/s/ Varbin Staykoff	 
	 	 	
              Name:

            	
              Varbin Staykoff

            	 
	 	 	
              Title:

            	
              Senior Director

            	 
	 	 	 	 	 

      

      

      	 	 	 	 	 
	 	
              by:1

            	
              /s/ Elke Videgain

            	 
	 	 	
              Name:

            	
              Elke Videgain

            	 
	 	 	
              Title:

            	
              Vice President

            	 
	 	 	 	 	 

      

      

      ____________

      1 For any institution requiring a second signature line.

      

      

      

      

      [Signature Page to 364-Day Credit Agreement]

      
        
          

      

      

      

      	 	
              ING Bank N.V., Dublin Branch, as a Lender

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	
              by:

            	
              /s/ Sean Hassett

            	 
	 	 	
              Name:

            	
              Sean Hassett

            	 
	 	 	
              Title:

            	
              Director

            	 
	 	 	 	 	 

      

      

      

      

      	 	 	 	 	 
	 	
              by:1

            	
              /s/ Pádraig Matthews

            	 
	 	 	
              Name:

            	
              Pádraig Matthews

            	 
	 	 	
              Title:

            	
              Director

            	 
	 	 	 	 	 

      

      

      ____________

      1 For any institution requiring a second signature line.

      

      

      [Signature Page to 364-Day Credit Agreement]Exhibit
10.16

 

PURCHASE
AGREEMENT

 

This
Purchase Agreement (“Agreement”) is dated as of June 10, 2020 (the “Date of this Agreement”)
and is between HARDEE WATERBRIDGE INVESTMENTS, LLC, a South Carolina limited liability company (“Seller”),
and HARBOR CUSTOM DEVELOPMENT, INC., a Washington corporation (“Buyer”).

 

1.
Purchase and Sale. This is an agreement to purchase and sell two hundred and twenty-six (226) fully developed,
residential lots to the Development Specifications set forth in Section 9 below within Phase 2 of the Waterbridge
Subdivision located on Carolina Forest Blvd. in Myrtle Beach, SC, and shown as the 226 planned lots on the site plan (the
“Site Plan” with such Phase 2 shown on the Site Plan being hereafter the
“Subdivision”) attached hereto and incorporated herein as Exhibit A (collectively,
the “Lots”) together with all rights, privileges, easements and interests appurtenant thereto
(collectively, the “Property”). Seller shall sell, and Buyer shall purchase, the Lots subject to
the terms and conditions provided herein.

 

2.
Purchase Price. Buyer shall purchase the Property in three (3) takedowns with 76 lots in the first takedown, 75 lots in the
second takedown, and 75 lots in the third and final takedown as further set forth in Section 11. The purchase price for
the Property shall be paid on a per Lot basis in immediately available funds, subject to adjustments, prorations and credits as
herein provided. The purchase price per Lot shall be Eighty-Six Thousand Thee Hundred Thirty and No/100th Dollars ($86,330.00)
(the “Purchase Price”). The total purchase price for all 226 lots is the property is Nineteen Million
Five Hundred Ten Thousand Five Hundred Eighty and No/100 Dollars ($19,510,580.00) in immediately available funds.

 

3.
Earnest Money and Purchase Price Deposits. Buyer agrees to initially deposit by FEDWIRE transfer Five Hundred Thousand and
No/100 Dollars ($500,000.00) as earnest money (such amount being the “Earnest Money”) into escrow with
Chicago Title Insurance Company 3700 Forest Drive, Suite 201, Columbia, S.C. 29204, Attention: Jennifer W. Rubin, Esq., Fax: (803)
790-5621, E- mail: jennifer.rubin@ctt.com (the “Escrow Agent”), within three (3) business days (as hereafter
defined) after the Date of this Agreement. The Escrow Agent will hold the Earnest Money in escrow in accordance with the terms
and conditions of an escrow agreement among the Escrow Agent and the parties in the form attached as Exhibit B to
be executed at the time of execution of this Agreement (the “Escrow Agreement”).

 

If
Buyer elects to terminate the Agreement prior to the expiration of the Inspection Period (as hereafter defined) in the manner
set forth in Section 7 hereof, the parties shall immediately instruct the Escrow Agent in accordance with the terms of
the Escrow Agreement to promptly return the Earnest Money to the Buyer.

 

If
Buyer does not terminate this Agreement prior to the expiration of the Inspection Period (as hereafter defined) in the manner
set forth in Section 7 hereof, the parties shall immediately instruct the Escrow Agent in accordance with the terms of
the Escrow Agreement to promptly pay the Earnest Money to Seller which Earnest Money in the amount of $500,000 shall constitute
the initial Purchase Price deposit (the “Initial Deposit”). Thereafter Buyer shall pay to Seller on
July 20, 2020 an additional purchase price deposit of Two Million and No/100 Dollars ($2,000,000.00) and on October 30, 2020 a
additional purchase price deposit of One Million Five Hundred Thousand Two Hundred and No/100 Dollars ($1,500,200.00) (collectively
the “Additional Deposits”). The Initial Deposit as supplemented by the Additional Deposits in accordance
with this Agreement is hereafter the “Purchase Price Deposit”. At each Closing, a portion of the Purchase
Price Deposit shall be applied and credited to the Purchase Price of the Property equal to Seventeen Thousand Seven Hundred and
No/100 Dollars ($17,700.00) per Lot being purchased by the Buyer at each such Closing as further illustrated in Section 11.The
Purchase Price Deposit shall be non-refundable to Buyer except in the event of (i) a termination of this Agreement by Buyer under
Section 18(a) as a result of a Seller default, (ii) a termination of this Agreement by either party as a result of the
failure to agree on certain architectural matters in accordance with Section 21, in which case the Escrow Money or any
Purchase Price Deposit paid to Seller shall be returned to the Buyer, (iii) a termination of this Agreement by either party for
the failure of the Buyer to waive the No Moratorium Closing Condition in accordance with Section 31 if not previously satisfied,
in which case the remainder of the Purchase Price Deposit, to the extent not previously credited to the Purchase Price at prior
Closing(s), shall be returned to the Buyer, or (iv) the failure of the Buyer to close on the Property pursuant to this Agreement
as a result of the failure to satisfy or waive all the Buyer’s Conditions Precedent in accordance with Section 11.
In event of a termination of this Agreement described in subsections (i), (ii), (iii) and (iv) above, the balance of the Purchase
Price Deposit existing at that time (being the aggregate amount of Initial and Additional Deposits having been made less such
amounts credited toward the Purchase Price at prior Closings) may be refunded as further provided in this Agreement.

 

    	1

     

    

 

4.
Title and Survey Review.

 

(a)
Within Three (3) days of the Date of this Agreement, Seller shall provide Buyer with a copy of the title insurance commitment
issued by Chicago Title Insurance Company, to Seller with regards to the purchase of the Property. Within Fifteen (15) days of
the Date of this Agreement, Buyer shall obtain a title insurance commitment to insure the Property (the “Title Commitment”)
from Chicago Title Insurance Company, through its agent, Riverside Abstract, LLC (the “Title Company”).
Buyer agrees to give Seller written notice of any objections Buyer has regarding title matters with respect to the Property shown
on the Title Commitment (collectively, “Buyer’s Objections”) at least ten (10) days prior to the
expiration of the Inspection Period (the “Title Objection Deadline”). Buyer waives any title objections
it does not make in writing to Seller before the Title Objection Deadline. If Seller does not respond in writing to Buyer’s
Objections within five (5) business days after Buyer deliver its Buyer’s Objections, Seller will be deemed to have refused
to cure or cause to be cured any of Buyer’s Objections except that Seller will be deemed to have agreed to cure any liens
on the Property imposed by, or caused by, Seller, during its ownership of the Property. If Seller agrees to cure or cause to be
cured one or more Buyer’s Objection (collectively, the “Objections to be Cured”), Buyer’s
obligation to close on the applicable portion of the Property at each Closing is contingent upon (i) Seller curing such Objections
to be Cured to the Title Company’s satisfaction to remove the objection or provide reasonable affirmative coverage over
such objection and (ii) there being no new title exceptions that would be reflected on an updated Title Commitment occurring after
the later of the Date of this Agreement or the date of the Title Commitment not removed or fully satisfied by the Seller prior
to the applicable Closing or not otherwise approved by Buyer, with such approval not to be unreasonably withheld, conditioned,
delayed, or denied, except that new title exceptions involving: (A) the addition of the Property to the coverage of the Declaration
of Protective Covenants, Restrictions, Easements, Charges and Liens for Waterbridge dated August 8, 2006, and recorded August
24, 2006, in Deed Book 3147 at Page 901 (as amended and assigned, the “Waterbridge Declaration”) and
the applicability of the terms, conditions, covenants, restrictions, easements, and other matters set forth therein to the Property,
(B) the imposition, amendment or modification of architectural review guidelines and procedures affecting the Property in accordance
with the Waterbridge Declaration, (C) the imposition, amendment, or modification of rules and regulations affecting the Property
and/or common areas within the Waterbridge development in accordance with the Waterbridge Declaration, (D) imposition of easements,
restrictions, and other matters affecting the Property related to the general development of the Property into Lots within the
Waterbridge community provided such easements, restrictions, and other matters do not have a material adverse effect on the ability
of the Buyer to construct single family homes on the Lots consistent with the requirements of the Waterbridge Declaration and
the ARC Guidelines (as defined in Section 21 below) and procedures affecting the Property which have been adopted and recorded
prior to the Initial Closing, and (E) title exceptions created or suffered by Buyer, shall all be considered Permitted Exceptions
which have been deemed approved by Buyer (the “Title Closing Contingency”). Seller may, but shall have
no obligation to cure or cause to be cured any or all of Buyer’s Objections with any such cure being at Seller’s sole
costs or that of the current owner of the Property. If Seller does not agree to cure all of Buyer’s Objections prior to
the end of the Inspection Period, Buyer may terminate this Agreement in accordance with Section 7 hereof. Following the
expiration of the Inspection Period, without termination of this Agreement by Buyer, any Buyer’s Objections which are not
designated by Seller as Objections to be Cured shall be deemed waived by Buyer and shall be Permitted Exceptions, as defined in
Section 12 below.

 

    	2

     

    

 

(b)
Seller has furnished Buyer with a copy of a survey (the “Phase II Survey”) of the undeveloped Property
which sets forth the boundaries of the undeveloped Property prior to subdivision into Lots. Buyer agrees to give Seller written
notice of any objections Buyer has regarding survey matters with respect to the Property shown on the Phase II Survey or otherwise
(collectively, “Buyer’s Survey Objections”) not later than ten (10) days prior to the expiration
of the Inspection Period (the “Survey Objection Deadline”). Buyer waives any survey objections it does
not make in writing to Seller before the Survey Objection Deadline. If Seller does not respond in writing within three (3) business
days after Buyer delivers its Buyer’s Survey Objections, Seller will be deemed to have refused to cure any of Buyer’s
Survey Objections. If Seller agrees to cure or cause to be cured one or more Buyer’s Survey Objection (collectively, the
“Survey Objections to be Cured”), Buyer’s obligation to close on the applicable Property at each
Closing is contingent upon Seller curing or causing to be cured such Survey Objections to be Cured to the Title Company’s
satisfaction to remove the survey objection or provide reasonable affirmative coverage over such survey objection (the “Survey
Closing Contingency”) which shall be a Buyer’s Condition Precedent. Seller may, but shall have no obligation
to, cure or cause to be cured any or all of Buyer’s Survey Objections with any such cure being at Seller’s sole cost.
Following the expiration of the Inspection Period without termination of this Agreement by Buyer, any Buyer’s Survey Objections
which are not designated by Seller as Survey Objections to be Cured shall be deemed waived by Buyer and be Permitted Exceptions.

 

5.
Due Diligence Materials.

 

(a)
To the extent not already provided to Buyer, Seller covenants to deliver or make available to Buyer within five (5) business days
of the Date of this Agreement the following materials concerning the Property to the extent within Seller’s possession and
to the extent not already made available by Seller or its attorney: copies of any and all ALTA surveys, title insurance policies
and commitments and all title exceptions including restrictions, easements, conservation easements, and covenants, environmental
reports, FEMA flood maps and any correspondence or documents received in connection therewith, USACOE wetlands letter(s), survey
plats, any agreements encumbering the Property after Closings including any development agreements or road or other infrastructure
agreements; agreements with adjoining or nearby properties which involve the Property, and current zoning documents with respect
to the Property, copies of all documents relating to the Vested Rights – Waterbridge Phase 2 – PIN 397-00-00-0151
together with all amendments thereto, those engineering studies and other plans performed by DDC Engineers, Inc. or any other
engineers including site work, utility and infrastructure plans (actual and proposed) as well as building improvement plans, financial
statements of the HOA, reserve studies of the HOA, contracts affecting the Property after the Closings, and all other documents
that Seller has in its possession pertaining to the Property or the Waterbridge Development (collectively, the “Property
Documents”).

 

    	3

     

    

 

(b)
Seller covenants to use commercially reasonable efforts to promptly deliver, and not later than prior to the Closing any updates
or supplements to the Property Documents including without limitation, any written notices, correspondence, or other documents
with regard to the Property or the Waterbridge Development received by Seller after the Date of this Agreement originating from
government entities, any association(s) or other entities governing the Property or the Waterbridge Development, insurance companies,
property owners, claimants, or other third parties, including without limitation, matters involving title, zoning, FEMA flood
maps, USACOE wetland determination letter and survey plat, environmental, or code enforcement issues as well as permits, approvals,
licenses and correspondence from governmental authorities with respect to the Property or the Waterbridge Development, or that
relate to any actual or contemplated claim, loss, or condemnation of or against the Property or the Waterbridge Development (such
updates and additional materials are included within the term “Property Documents” for purposes of this
Agreement.) In the event this Agreement is terminated for any reason and Buyer has not closed on any portion of the Property,
Buyer shall destroy or return all Property Documents to Seller. Buyer warrants that it will not share copies of the Property Documents
with any third parties except for its employees, attorneys, lenders, builders, engineers or consultants. Buyer shall cause any
Property Documents shared with third parties to be returned to Seller or destroyed when required of Buyer.

 

(c)
Buyer hereby covenants and agrees on behalf of itself, and to cause its employees, officers, directors, customers, independent
agents, associates, lawyers, advisors, investors, clients, acquaintances, and any other interested party claiming by, through
or under Buyer (collectively, the “Buyer Parties”), to keep confidential and not disclose to any other
person or party (other than Buyer’s prospective lenders, attorneys, consultants or other professionals), the existence of
this Agreement, the Property Documents and their contents and/or the Property Documents as wells as any and all other information
(whether written, electronic, and/or oral) regarding the Property or the transaction contemplated by this Agreement which is obtained
by or delivered to the Buyer Parties by or at the direction of Seller or through the Buyer Parties’ access to the Property
pursuant to this Agreement (hereinafter, collectively, the “Proprietary Information”). Seller acknowledges
that if any of the Property Documents are in the public domain, such documents shall not be considered Proprietary Information.
Except as otherwise set forth in this Agreement, any Proprietary Information provided by Seller is for informational purposes
only and Seller makes no representation or warranty, express or implied, with respect to such Proprietary Information. Buyer shall
inform the Buyer Parties of the confidentiality of and nondisclosure obligations of this Agreement. This Section 5(c) shall
survive the expiration or termination of this Agreement.

 

6.
Buyer’s Inspection. Buyer and its contractors may enter the Property
to inspect and survey the Property and the infrastructure and other improvements located on other developed portions of the Waterbridge
Development that may serve the Property and do environmental site assessments and soil tests, and other examinations and testing.
Seller shall have the right to have Seller’s representative or agent accompany the Buyer or contractors when visiting the
Property. All engineering and other inspections, tests and examinations shall be conducted by parties qualified and, where applicable,
licensed to conduct such inspections, tests and/or examinations. Buyer shall pay the costs of all tests, inspections, examinations,
investigations, and reviews conducted pursuant to this Agreement. After the performance of any tests, inspections, examinations,
investigations and reviews, Buyer shall promptly repair any damage and otherwise return the Property to substantially the same
condition as existed prior to the conduct of said tests, inspections, examinations, investigations and reviews. Prior to undertaking
any activity or exercising any rights granted in this Agreement, Buyer shall obtain, and subsequently maintain in full force and
effect throughout the duration of this Agreement, commercial general liability insurance in an amount not less than that required
in Section 29. Such policy or policies shall name Seller, A. O. Hardee & Son, Inc., and any other parties that Seller
may reasonably designate as additional insureds and shall cover damage to property and persons resulting from or connected with
any Property inspection activity of Buyer as contemplated under this Agreement. Notwithstanding anything to the contrary set forth
in this Agreement, Buyer agrees to indemnify and hold harmless Seller, A. O. Hardee & Son, Inc., and Seller’s affiliates,
and their employees, managers, and members, from any and all liability, loss or damage, including reasonable attorneys’
fees and related costs and expenses arising out of, or resulting from, any and all engineering, development, marketing and other
studies that may be conducted by Buyer, including, without limitation, physical damage to the Property (and any adjoining property)
and claims of mechanics and materialmen arising out of such activities. The foregoing indemnities shall extend to all court costs
and attorney’s fees in connection with such claims. The foregoing indemnity shall survive the Closing or the termination
of this Agreement (as the case may be).

 

    	4

     

    

 

To
the extent required by applicable law, Buyer warrants that it will seek approval from the appropriate governmental authorities,
including but not limited to the U.S. Army Corps of Engineers, prior to conducting any testing of the Property wetlands. Buyer
shall immediately repair or mitigate any damage to the Property wetlands required by applicable law when caused by or in relation
to such testing and shall indemnify, defend, and hold harmless Seller, A. O. Hardee & Son, Inc., and Seller’s affiliates,
and their employees, managers, and members, from any claims, damages, costs or liability relating thereto.

 

7.
Inspection Period; Buyer’s Right to Terminate. Buyer’s inspection period ends on the thirtieth (30th) day following
the Date of this Agreement at 5:00 p.m. Eastern time (the “Inspection Period”). Buyer may, in its sole
and absolute discretion, terminate this Agreement by delivering a written termination notice to Seller before the date the Inspection
Period ends. If Buyer gives Seller a written termination notice on or before the date and time the Inspection Period ends, the
Escrow Agent will return the Earnest Money to Buyer and neither party will have any further rights, obligations, or liabilities
under this Agreement except those that survive termination and only for the survival periods set forth in this Agreement. Following
the expiration of the Inspection Period without termination of this Agreement by Buyer, the Earnest Money will become part of
the Purchase Price Deposit with a portion being applied to the Purchase Price for the Lots at each Closing.

 

8.
Subdivision Plans. Seller represents and warrants that:

 

(a)
A complete set of construction plans for the subdivision of the property into Lots, including but not limited to the site plan,
water and sewer plan, grading plan and drainage plan (collectively, the “Construction Plans”) has been
submitted to Horry County. Seller shall not substantially modify the Construction Plans without Buyer’s prior consent, which
shall not be unreasonably withheld, conditioned or delayed.

 

(b)
Seller shall not substantially modify the Site Plan or the subdivision plats creating the Subdivision of the undeveloped property
into Lots, which shall be substantially in accordance with the Site Plan (collectively, the “Subdivision Plats”)
without Buyer’s prior consent, which shall not be unreasonably withheld, conditioned or delayed. However, Seller has been
informed by Horry County that county approval of the Subdivision Plats may not include any substantial changes to the Site Plan
previously approved by the county constituting a portion of Seller’s vested rights with respect to the Property. The Site
Plan, the Subdivision Plats and the Construction Plans are hereinafter collectively referred to as the “Subdivision
Plans.”

 

9.
Development Specifications. Seller covenants to develop the Subdivision and the Property so that each meets all applicable
laws, regulations, ordinances, restrictions, orders and zoning conditions, and the development specifications stated in this Section
9 (collectively, the “Development Specifications”). For purposes of this Agreement, a “Lot”
is a discrete parcel of developed and legally existing land that has its own, individual tax identification number and that meets
all the Development Specifications and all requirements for construction of a detached, single-family residence thereon. Without
limiting the generality of the foregoing, Seller warrants that:

 

    	5

     

    

 

(a)
The following Subdivision improvements have been or will be completed by Seller, in accordance with the Subdivision Plans prior
to the applicable Closing with respect to the Lots being purchased at such Closing: (1) clearing; (2) grading within a tolerance
of plus or minus 3 inches according the Subdivision Plans; (3) curbing on completed roads servicing such Lots; (4) paving of all
or a portion of completed road(s) necessary to access such Lots from a paved road, whether public or private (except the topcoat
maybe left off to be completed no later than ninety (90) days following the issuance of the last certificate of occupancy for
each home in the Subdivision by Horry County); (5) storm drainage, retention and detention facilities and other storm drainage
systems; (6) sanitary sewer; (7) public water source and distribution system with adequate capacity to serve a single-family dwelling
unit on each Lot; and (8) streetlights (which shall be installed and leased from the local electrical utility in accordance with
customary local development practice) and street signs according to Horry County requirements.

 

(b)
Each Lot will be served by the following underground utilities: (1) underground electric lines sufficient to service each Lot,
installed in a utility easement adjacent to the Lot line, with all applicable fees for electric service and installation paid;
(2) telephone service to service the Lot and lines extending to the boundary of each Lot, and (3) cable television and internet
service.

 

(c)
Buyer, upon the Closing of a Lot, shall have the right to connect to existing and readily available water and sewer systems upon
Buyer’s payment of tap fees to the governing jurisdiction, which fees shall not exceed the amounts charged to the owners
of any other lots in the Subdivision.

 

(d)
If the Property is subject to a tree preservation plan, tree replacement plan or similar program (a “Tree Ordinance”),
then Seller shall comply with the Tree Ordinance. Trees that are required to be preserved or replaced on the Property in a location
other than on a Lot shall be Seller’s responsibility.

 

(e)
All water lines and sewer mains, including laterals and water meter boxes will be installed to the utility provider’s requirements
and in substantial accordance with the Subdivision Plans.

 

(f)
All debris will be burned or hauled off in accordance with all applicable laws, regulations, ordinances, restrictions and orders.
Seller has not and will not bury any materials or substances of any nature on the Lots.

 

(g)
Prior to a Closing, Seller shall provide Buyer with a licensed soil engineer’s letter certifying the compaction and soil
bearing pressure of each Lot being purchased at such Closing.

 

(h)
The Lots shall have full and free access to the public street known as Carolina Forest Boulevard through non-exclusive easements
over Subdivision private roads.

 

(i)
Prior to a Closing, all utilities servicing the Lots being purchased at such Closing, including water and sewer lines are operable
and have received the appropriate certifications and clearances form the applicable utilities and agencies.

 

(j)
Prior to a Closing, all Subdivision improvements have been completed on the Lots being purchased at such Closing in accordance
with the Subdivision Plans so that the issuance of building permits is not inhibited by any failure to complete such improvements
in accordance with such Subdivision Plans.

 

(k)
Prior to a Closing, no part of the building pad of any Lot being purchased at such Closing is located within a designated state
or federal wetland, wetland buffer area, conservation area, stream buffer, floodway, 100-year flood zone or area of special flood
hazard.

 

    	6

     

    

 

(l)
Seller shall undertake commercially reasonable efforts to remove all significant roots in the building pad area to a minimum depth
of 12” below or existing finished grade whichever is lowest. The Lots will be developed with building pads with positive
drainage toward the permitted stormwater system and ninety-five percent (95%) compaction, and a net allowable bearing capacity
of 1,600 psf, and they will support monolithic slab foundations without stem walls or crawl space.

 

10.
Development of Lots; Notice of Completion; Pre-Closing Lot Inspection; Step-In-Rights.

 

(a)
Development of Lots. Seller shall commence construction of the Lots no later than thirty (30) days following the expiration
of the Inspection Period. Thereafter Seller shall diligently prosecute the completion of such Lots in accordance with the Subdivision
Plans, and in a commercially reasonable manner such that each set of Lots are ready for sale at the next Closing in accordance
with the Closing Schedule (as hereafter defined). Upon substantial completion of all Lots to be purchased at the next Closing
to the Development Specifications, Seller shall send written notice to Buyer that to Seller’s knowledge (as hereafter defined)
all of such Lots have been substantially completed in accordance with the Development Specifications (the “Notice
of Substantial Completion”). Within fifteen (15) days of receipt of the Seller’s Notice of Substantial Completion
Buyer shall perform an inspection of the Lot(s) to be purchased at the next Closing and prepare and deliver to Seller a list of
any and all items not reasonably in compliance with the Development Specifications. After delivering such notice Seller shall
continue to work to complete such Lots while addressing Buyer’s initial punch list. Upon completion of all Lots to be purchased
at the next Closing to the Development Specifications, Seller shall send written notice to Buyer that to Seller’s knowledge
all of such Lots have been completed in accordance with the Development Specifications (the “Notice of Completion”).
Within ten (10) days of receipt of the Seller’s Notice of Substantial Completion Buyer shall perform an inspection of the
Lot(s) to be purchased at the next Closing and prepare and deliver to Seller a list of any and all items not reasonably in compliance
with the Development Specifications. Buyer’s determination of each Lot being built to the Development Specification shall
allow for reasonable tolerances and shall not be unreasonably withheld, conditioned, delayed or denied. Seller shall correct all
items as described on the list within fifteen (15) days after the Seller’s receipt of Buyer’s final completion punch
list and prior to the next Closing and for any items that cannot be reasonably corrected within such period of time Seller shall
commence correcting such item within such period of time and shall diligently prosecute the correction of such items until completion.
In the event all such defective Lot(s) have not been corrected by the next scheduled Closing date for such Lots, such Closing
shall be extended until such time as the defective Lots have been corrected not to exceed sixty (60) days. In the alternative,
Buyer and Seller may agree to: (a) complete such Closing and allow Seller to complete the items after the Closing or (b) delay
the closing of the defective Lot(s) and complete the closing of the other non-defective Lots designated for such takedown and
thereafter promptly close on the defective Lot(s) following their full correction. Notwithstanding anything to the contrary, in
the event there are defective Lot(s) scheduled for the next Closing which have not been corrected, Seller has completed other
Lots to the Development Specifications that are in the proximity of those Lot(s) being taken down, and Buyer has had the opportunity
to inspect and verify such other completed Lot(s) for compliance with the Development Specifications, Seller may substitute such
defective Lot(s) for such other completed Lots within such proximity at the next Closing. Once the defective Lot(s) have been
corrected they will be added to the next Closing. In the event of a dispute between the Seller and the Buyer as to the determination
of whether one or more Lots have been completed to the Development Specifications and the Subdivision Plans, the determination
and certification of the project engineer (the “Project Engineer”) that the development of such Lots
has been completed in accordance with such Development Specifications and Subdivision Plans and all permits and approvals issued
in regards to the Subdivision Plans, and that no additional requirements with regards to the development of the Lot(s) shall be
required prior to Buyer’s submittal of building permits for the Lot(s) (other than Buyer’s payment of permit fees,
tap fees, and other fees and costs to be paid in connection the issuance of a building permit and the construction of a home on
the Lots) shall be deemed effective to determinate such completion.

 

    	7

     

    

 

(b)
Step-In Rights. Subject to the cure and substitution rights set forth above in Section 10(a), in the event Seller
fails to complete to the Development Specifications the required Lots for the next Closing including any associated infrastructure
such as roads, stormwater management, pump station, and utilities for such Lots within sixty (60) days of their estimated completion
date set forth in the Closing Schedule in Section 11, subject to Seller’s receipt of all permits and approvals required
by applicable governmental authorities and utility providers and Force Majeure (as hereafter defined), then in addition to any
other remedies Buyer may have under the terms of this Agreement, Buyer may elect to assume responsibility for the completion of
the same (the “Step-In-Rights”) by providing not less than sixty (60) days’ prior written notice
to Seller of such election (the “Notice of Development Default”). Seller shall have the right and opportunity
to cure the non-compliance alleged in the Notice of Development Default during such sixty (60) day period beginning on the date
of Notice of Development Default and ending on the 60th day thereafter (the “Cure Period”). If Seller
fails to cure the non- compliance during such sixty (60) day period, then, in addition to any other remedies under this Agreement,
Buyer may exercise the Step-In-Rights by delivering written notice of such election to Seller within thirty (30) days following
the expiration of the Cure Period. Failure of Buyer to deliver such election within the foregoing thirty (30) day timeframe shall
be deemed a waiver of the Step-In-Rights set forth herein. In the event Buyer exercises the Step-In-Rights as set forth above,
then Seller shall reasonably cooperate with Buyer in connection with the granting of any easements in forms acceptable to Seller
reasonably required by Buyer in order to exercise the Step-In-Rights, any non-exclusive assignment of any applicable permits and
approvals and the Subdivision Plans required to exercise such Step-In- Rights, and thereafter Buyer shall (a) promptly and diligently
perform such work to completion strictly in accordance with the Subdivision Plans and all applicable laws and in a good and workmanlike
manner using diligent efforts; (b) post all applicable bonds or other security required by the applicable governmental authorities
for the completion of the applicable Lots to the Development Specifications, provided that in no event shall Seller be entitled
to the return or replacement of any bonds or other security previously delivered by Seller, or any bonds or other security subsequently
posted by Buyer as provided above; and (c) immediately restore any damage to the Property or common areas within Subdivision and
the remainder of the Waterbridge development caused by Buyer or its employees, agents or contractors at Buyer’s sole cost
and expense.

 

(c)
Step-in-Rights Insurance Requirements. Buyer hereby indemnifies, defends and holds Seller, A.O. Hardee & Son, Inc.
(“A.O.”), and Seller’s and A.O.’s members, officers, employees, agents, guests and invitees,
harmless from and against any damages, cost or expense, including but not limited to reasonable attorneys’ fees and court
costs, incurred by Seller and resulting from or in any way relating to all work, materials and improvements performed or to be
performed by Buyer in connection with the Step-In-Rights. During the performance of any Step-In-Rights, Buyer shall maintain the
insurance coverages specified in this Agreement and as may otherwise be reasonably required of Seller at its expense. Following
Buyer’s substantial completion of the previously incomplete Lots required for the next Closing to the Development Specifications
in accordance with the Subdivision Plans, as evidenced by Seller’s receipt of the Project Engineer’s written certification
as to the same, Buyer may elect to (i) have Seller shall reimburse Buyer for all of actual third-party costs and expenses incurred
in connection therewith, together with an amount equal to fifteen (15%) percent of such actual third-party costs and expenses
incurred, excluding any bonds or other security required by the applicable governmental authorities for the completion of the
applicable Lots to the Development Standards that Buyer posted which Buyer will be reimbursed by the applicable governmental authority
(collectively “Buyer’s Costs to Complete”), within thirty (30) days after written request therefor with reasonable
evidence of the expenditures; or (ii) off-set the Purchase Price to be paid by Buyer to Seller at the next scheduled Closing.
Buyer expressly releases, discharges and waives all present and future claims against, and covenants not to sue, Seller, A.O.,
and their officers, directors, shareholders, employees, agents, parents, affiliates, successors and assigns with respect to any
claim, liability, obligation, damage, expense or loss whatsoever relating to the work performed by Buyer following Buyer’s
exercise of the Step-In Rights (if applicable). Buyer, reserves all present and future claims against Seller, and Seller hereby
indemnifies, defends and holds Buyer harmless from, all present and future claims against officers, directors, shareholders, employees,
agents, parents, affiliates, successors and assigned with respect to any claim, liability, obligation, damage, expense or loss
whatsoever relating to the work performed by Seller prior to Buyer’s exercise of the Step-in-Rights.

 

    	8

     

    

 

(d)
Development Standards. Buyer acknowledges and agrees that Seller’s completion of Lots to the Development Specifications
in accordance with the Subdivision Plans, shall be subject to all faults and defects and without any expressed, implied or statutory
warranties or representations of any kind, and Seller hereby disclaims any such representations and warranties.

 

To
the extent Buyer exercises the Step-in-Rights, and only if Buyer exercises the Step-in-Rights, Seller acknowledges and agrees
that Buyer’s completion of Lots to the Development Specifications in accordance with the Subdivision Plans, shall be subject
to all faults and defects and without any expressed, implied or statutory warranties or representations of any kind, and Buyer
hereby disclaims any such representations and warranties. Seller further agrees that, to the extent Buyer exercises the Step-in-Rights,
Seller shall be deemed to have assigned to Buyer, all of the Subdivision Plans, permits and approvals associated with the Lots
then being improved, together with the Temporary Construction Easement described in subsection (e) below, and releasing
the Project Engineer to continue the completion of the Lots to the Development Specifications in accordance with the Subdivision
Plans, by Buyer.

 

(e)
Temporary Construction Easement. Subject to Buyer’s exercise of its Step-In Rights, Seller hereby grants and conveys
to Buyer, its employees, agents, contractors, successors and assigns, a temporary construction easement over, under, upon, across
and through those certain portions of the Subdivision property owned by Seller as necessary for the completion of the applicable
Lots to the Development Specifications. This Temporary Construction Easement shall automatically terminate upon the completion
of construction subject to any required follow up work within a year of such completion.

 

(f)
Closings Delayed. In the event the Buyer exercises its Step-In Rights, future Closing(s) shall be delayed until the applicable
Lots being completed by Buyer have been completed in accordance with the Development Specifications in accordance with this Section
10.

 

(g)
Cost of Subdivision Development. The parties acknowledge that Seller shall be responsible for the cost and other obligations
of developing the Subdivision including the development of the Subdivision property into Lots in accordance with the Development
Specifications, completing the Subdivision infrastructure such as roads, utilities, drainage, and landscaping in the common areas
in accordance with the Subdivision Plans, and Seller’s legal work associated with adding the Property to the Waterbridge
Declaration and the adoption of the ARC Guidelines (as defined in Section 21 below), which ARC Guidelines are to be produced
by Buyer and submitted for approval to Seller, which approval shall not be unreasonably withheld in accordance with Section
21. Buyer shall be responsible for all costs and other obligations of developing or locating its homes, model homes, construction
trailer(s), and sales trailer(s) on the Lots including the cost to run water and sewer lines to the mains located near the property
line of each lot, the payment of water and sewer tap fees, construction permit fees, and other fees that must be paid at the time
of pulling a building permit for such Buyer improvements.

 

    	9

     

    

 

(h)
Force Majeure. For the purposes of this subsection, “Force Majeure” shall mean delays caused
by events beyond Seller’s reasonable control, including, but not limited to, acts of God, epidemics, wars, riots, acts of
civil disobedience or disturbance, weather (including hurricanes, tropical storms and tropical depressions), impracticality, accident,
strike or other labor disputes, delays of suppliers, contractors or carriers, fire, flood or casualty, governmental or judicial
actions and shortages of material, components, fuel, labor or facilities. In the event of the occurrence of a Force Majeure affecting
the Seller’s ability to complete the development of the Lots in accordance with the requirements of this Agreement, the
Seller’s time period for performance to complete such Lots and the next Closing shall be extended as reasonably necessary
to account for delays caused by the Force Majeure event.

 

11.
Closing, Takedown of Lots. Subject to the satisfaction or waiver by Buyer of the Buyer’s Conditions Precedent (as hereafter
defined) as to Buyer and the satisfaction or waiver by Seller of the Seller’s Conditions Precedent (as hereafter defined)
as to Seller, Seller and Buyer agree to close on the purchase and sale of Lots (each, a “Closing”, and
collectively, the “Closings”) shall take place according to the following schedule (the “Closing
Schedule”) with the first Closing being referred to herein as the “Initial Closing”:

 

(a)
At the Initial Closing Buyer shall purchase all 76 developed Lots in Phase 2C as shown on the Site Plan within fifteen (15) days
of Seller’s delivery of the Notice of Completion to Buyer for such developed Lots (estimated to be in February of 2021);

 

(b)
At the next scheduled Closing (the “Second Scheduled Closing”) Buyer will purchase all 75 developed
Lots in Phase 2B as shown on the Site Plan upon the date which is the later of: (i) one year after the Closing date of the Initial
Closing or (ii) fifteen (15) days after Seller’s delivery of the Notice of Completion to Buyer for such developed Lots (estimated
to be in February 2022); and

 

(c)
At the next scheduled Closing (the “Third Scheduled Closing”) Buyer will purchase all 75 developed Lots
in Phase 2A as shown on the Site Plan (less any previously sold Model Home Lots as set forth in Section 25 upon the date which
is the later of: (i) one year after the Closing date of the Second Scheduled Closing or (ii) fifteen (15) days after Seller’s
delivery of the Notice of Completion to Buyer for such developed Lots (estimated to be in February 2023).

 

Ignoring
the purchase of any Model Home Lots and provided the closing of any Lots is not accelerated as hereafter provided, the Purchase
Price and Buyer’s credit for the Purchase Price Deposits at each Closing under the Closing Schedule shall be as follows:

 

Initial
Closing

Number
of Lots - 76

Purchase
Price - $6,561,080.00 (76 Lots * $86,330.00) Purchase Price Deposit Applied - $1,345,200.00 (76 * $17,700)

Net
Purchase Price - $5,215,880.00 (ignores prorations and closing costs)

 

Second
Scheduled Closing

Number
of Lots - 75

Purchase
Price - $6,474,750.00 (75 * $86,330.00)

Purchase
Price Deposit Applied - $1,327,500.00 (75 * $17,700)

Net
Purchase Price - $5,147,250.00 (ignores prorations and closing costs)

 

Third
Scheduled Closing

Number
of Lots - 75

Purchase
Price - $6,474,750.00 (75 * $86,330.00)

Purchase
Price Deposit Applied - $1,327,500.00 (75 * $17,700)

Net
Purchase Price - $5,147,250.00 (ignores prorations and closing costs)

 

    	10

     

    

 

After
the Initial Closing, if Seller determines that additional completed Lots have been completed to the Development Specifications
and are available for Closing, Buyer may accelerate the purchase of such completed Lots in groups of not less than thirty-seven
(37) contiguous Lots (with approximately 39% of such accelerated purchased Lots being interior Lots and 41% being lakefront Lots)
with at least fifteen (15) days prior notice to the Seller. Accelerated purchased Lots shall reduce the number of Lots that Buyer
is required to purchase at the next Scheduled Closing but shall not affect its obligation to close on the remainder of such Lots
in accordance with the Closing Schedule.

 

Buyer’s
obligation to close on each set of Lots at each Closing is conditioned on the occurrence, or Buyer’s written waiver of,
all the following conditions precedent: (i) the satisfaction of the Title Closing Contingency and the Survey Closing Contingency;
(ii) a final Subdivision Plat(s) showing the Lots being purchased at such Closing as separately existing parcels of land, substantially
in accordance with the Site Plan, which shall have been approved by Horry County, South Carolina and recorded at the Horry County
Registry; (iii) the completion of the Lots to the Development Specifications in accordance with the Subdivision Plans, subject
to the terms and conditions set forth in Section 10; (iv) there being no ongoing public or private litigation, judicial
action or proceeding (zoning, condemnation, environmental, or otherwise) or ongoing governmental investigation pending, threatened,
against or relating to (A) all or any portion of the Property that constitutes an encumbrance on the Property that would show
up on the Buyer’s title insurance policy following Closing, or (B) challenging the sale of the Property to Buyer; and (v)
Seller having marketable and insurable title to the Property; and (vi) Seller shall have made all required Closing deliveries
into the Closing Escrow (as hereafter defined) and not be in default under this Agreement (collectively, the “Buyer’s
Conditions Precedent”).

 

Seller’s
obligation to close on the Property is conditioned on the occurrence, or Seller’s written waiver of, all the following conditions
precedent: (i) a final Subdivision Plat(s) showing the Lots being purchased at such Closing as separately existing parcels of
land shall have been approved by Horry County, South Carolina and recorded at the Horry County Registry; and (ii) Buyer shall
have made all required Closing deliveries into the Closing Escrow and not be in default under this Agreement (collectively, the
“Seller’s Conditions Precedent”).

 

If
the Buyer’s Conditions Precedent are not satisfied or waived by Buyer at or prior to Closing or if the Seller’s Conditions
Precedent are not satisfied or waived by Seller at or prior to Closing, the date of Closing will be extended, at Seller’s
or Buyer’s option, with written notice to the other party, for up to forty-five (45) days to give Seller time to obtain
the approval and recording the required Subdivision Plats and fifteen (15) calendar days to give the applicable party time to
satisfy, or waive in its sole and absolute discretion, its other applicable Conditions Precedent. If all such Buyer’s Conditions
Precedent are not satisfied or waived within such applicable extension periods, then except for a reason of a Seller default,
either party shall have a right to terminate this Agreement with written notice to the other and the remaining Purchase Price
Deposit shall be returned to the Buyer by the Seller and neither party will have any further rights, obligations, or liabilities
under this Agreement except those that survive termination and only for the survival periods set forth in this Agreement. If all
such Seller’s Conditions Precedent are not satisfied or waived within such extension period, then except for a reason of
a Buyer default, either party shall have a right to terminate this Agreement with regard to future Closings with written notice
to the other and the remaining Purchase Price Deposit shall be returned to the Buyer by the Seller and neither party will have
any further rights, obligations, or liabilities under this Agreement except those that survive termination and only for the survival
periods set forth in this Agreement. Notwithstanding the provisions of this Section 11, (i) in the event of a Seller default
under this Agreement, the provisions of Section 18(a) shall control, and (ii) in the event of a Buyer default under this
Agreement, the provisions of Section 18(b) shall control.

 

    	11

     

    

 

12.
Seller’s Closing Deliveries. At or before each Closing, Seller agrees to sign and deliver the following into escrow
with the Buyer’s SC licensed attorney as settlement agent (the “Closing Escrow”) on or prior to
the scheduled Closing Date: (i) a limited warranty deed from Seller for the applicable Lots being sold in the customary recordable
form for South Carolina conveying good and marketable title which is insurable by the Title Company subject only to the hereafter
defined Permitted Exceptions (the “Deed”); (ii) a customary South Carolina seller’s affidavit
without indemnity sufficient to cause the Title Company to remove the standard mechanic’s lien exception (except those cause
by Buyer or its agents) and the standard parties in possession exception together with a title gap indemnity for matters caused
by the actions or inaction of Seller not to exceed seven (7) days; (iii) substitute Form 1099S, South Carolina Nonresident Seller
Withholding Affidavit (South Carolina Department of Revenue Form I-295), South Carolina Department of Revenue Tax Compliance Certificate
(or a Transferor Affidavit, if applicable), and any other necessary affidavits, to satisfy federal and state tax reporting requirements;
(iv) a Foreign Investment in Real Property Tax Act (“FIRPTA”) certification in conformance with the
requirements of FIRPTA; (v) an authority and incumbency certificate with copies of the Seller’s governing documents, Seller’s
certificate of authority, customary Seller resolutions and any other evidence of authority as may be required by the Title Company
to insure title to the Property at Closing at standard rates attached thereto; (vi) a closing statement; and (vii) bring down
certificate as to Seller’s representations and warranties as to the Lots being purchased at such Closing dated as of the
date of Closing.

 

The
“Permitted Exceptions” shall include (1) title exceptions created or suffered by Buyer, (2) those Buyer’s
Objections and Buyer’s Survey Objections and other title or survey matters waived or deemed waived by Buyer in accordance
with Section 4, (3) new title exceptions after the Date of this Agreement as set forth in Section 4 above.

 

13.
Buyer Closing Deliveries. At or before each Closing, Buyer agrees to sign and deliver the following into the Closing Escrow
with the Buyer’s SC licensed attorney as settlement agent on or prior to the scheduled Closing Date: (i) the full purchase
price for the Lots being purchased by FEDWIRE transfer, with credit for the applicable portion of the Purchase Price Deposit as
set forth in Section 3 plus or minus the adjustments and prorations for which this Agreement provides and plus Buyer’s
Closing costs; (ii) all premiums and other customary costs associated with the issuance of the Buyer’s Title Commitment
and it title policy for the Lots being purchased; (iii) a closing statement; (iv) an authority and incumbency certificate with
copies of the Buyer’s governing documents, Buyer’s certificate of authority, customary Buyer resolutions and any other
evidence of authority as may be required by the settlement agent to close the transaction attached thereto; (vi) bring down certificate
as to Buyer’s representations and warranties dated as of the date of Closing; and (vii) any other customary buyer documents
the Title Company or Seller reasonably requires to close in accordance with the terms and conditions of this Agreement.

 

14.
Closing Costs. Seller agrees to pay any rollback taxes assessed on the Lots being purchased, the cost of the Subdivision Plats,
and the South Carolina deed recording fee (previously known as deed stamps) based on sales price due in connection with the transfer
of the Lots being purchased and filing the Deed. To the extent such rollback taxes have not been assessed at the respective Closing,
Seller and Buyer agree to escrow an amount equal to the estimated rollback taxes to be assessed on the Lots being purchased, until
such rollback taxes have been assessed. Buyer agrees to pay for the Title Commitment and the premium for its title policy, all
charges for any endorsements requested by Buyer to its title policy, all other recording costs to record the deeds and other transaction
documents (except those necessary to release or satisfy Objections to be Cured which have been cured by Seller which shall be
paid by Seller), all costs related to Buyer’s due diligence costs including the cost of any environmental report, soil report,
appraisal, or other inspection reports Buyer elects to order. Each party shall pay for their own attorneys’ fees and other
costs incurred with respect to this Agreement and the transactions contemplated herein. Buyer shall pay the fee to escrow the
Earnest Money with the Escrow Agent.

 

    	12

     

    

 

15.
Prorations. As to the portion of the Property being purchased at the applicable Closing, Seller and Buyer agree to prorate
as of the date of the applicable Closing all property taxes for the year of the Closing, installments of special assessments due
in the year of the Closing which accrue over the year/month of the Closing, and if applicable, any annual, quarterly or monthly
owners’ association dues, assessments, and other charges which accrue over the year/quarter/month of the Closing, based
on the current year’s amounts, if available, or on the best information available including without limitation the preceding
year’s amounts if the current year amounts are not available. In the event the prorations are estimated they shall be subject
to re-adjustment after the actual amount of the prorated costs are determined. This Section 15 shall survive the applicable
Closing for a period of one (1) year.

 

16.
Representations and Warranties of Seller.

 

(a)
Seller’s Representations and Warranties. Seller covenants, represents, and warrants the following from the Date of
this Agreement through the applicable date of Closing as to the Lots being purchased at such Closing unless otherwise specifically
noted:

 

i.
Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the State of South
Carolina;

 

ii.
Seller has full right, power, and authority to enter into this Agreement and sell the Property to the Buyer pursuant to the terms
and conditions of this Agreement including the power and authority to execute and deliver, all of the seller’s closing documents
and other deliveries provided the Seller’s Conditions Precedent have been satisfied;

 

iii.
Seller has not (A) made a general assignment for the benefit of creditors, (B) filed any voluntary petition in bankruptcy or suffered
the filing of any involuntary petition by Seller’s creditors (C) suffered the appointment of a receiver to take possession
of all, or substantially all, of Seller’s assets, which remains pending or (D) suffered the attachment or other judicial
seizure of all, or substantially all of Seller’s assets, which remains pending;

 

iv.
Seller is not a party to any agreement that would prohibit Seller from selling the Property to the Buyer under this Agreement;

 

v.
Seller has not entered into and will not enter into any agreement granting to any person or entity any right or option to acquire
the Property or the Seller, or any portion thereof that is not subordinate to the rights of Buyer under this Agreement;

 

vi.
Seller is not an entity with whom U. S. persons or entities are restricted from doing business under regulations of the Office
of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s
Specially Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive
Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism);

 

vii.
Seller has good and marketable fee simple title to the Property;

 

viii.
No portion of any building pad on a Lot is or shall be located within a flood plain, flood prone area, buffer wetlands, jurisdictional
waters or special flood hazard area as indicated by any map or plats issued or controlled by FEMA, the Federal Insurance Administration,
or any other federal, state or local agency;

 

    	13

     

    

 

ix.
As the Date of this Agreement there are no impact fees, taxes, levies, assessments or special fees of any kind (other than normal
ad valorem property taxes, tap fees and building permit fees for the Lots which the Buyer shall be responsible for paying when
due) imposed by any governmental authority or utility provider that would be payable by Buyer in connection with its use of the
Property;

 

x.
No commitments have been made to any governmental authority, utility company, school board, church, religious body, homeowner’s
association, or other organization, group, or individual that would impose an obligation upon Buyer to construct any improvements,
to make any contribution of money, to dedicate any land or to maintain any land or improvements;

 

xi.
Except for assessments under the Waterbridge Declaration, all assessments against the Property are shown in the official records
of Horry County, South Carolina; other than the widening of Carolina Forest Boulevard (which assessments shall be an expense of
Seller), to the Seller’s knowledge no site or area improvements have been constructed or installed by any public authority
the cost of which may be assessed in whole or in part against any part of the Property; and Seller has not been notified of any
possible future improvements that might create an assessment against any part of the Property;

 

xii.
As of the Date of this Agreement, Seller has no notice or knowledge of any threatened, taking or condemnation of the Property
or any portion thereof, or any action, litigation or proceeding by any organization, person or governmental agency affecting the
Property or Seller;

 

xiii.
As of the Date of this Agreement, Seller has no notice or knowledge of any violation of law, order, ruling, ordinance, rule or
regulation with respect to Seller or the Property;

 

xiv.
During the time Seller has owned the Property, and to Seller’s knowledge with regard to the time prior to Seller’s
ownership of the Property: (1) none of the Property has been excavated or filled except in connection with the development of
the lakes within the Subdivision and the development of the Lots; (2) no construction or other debris (including, without limitation,
livestock, other organic materials, strippings, rocks, stumps or concrete) has been buried upon the Property except in connection
with the normal movement of dirt for development of the Property; and (3) the Property has not contained a bury or borrow pit;

 

xv.
The Property is not being, assessed or taxed under any agricultural, special use, open space, “Conservation Use”,
“Current Use”, “Green Acres” or similar valuation or program;

 

xvi.
Seller has filed all federal, state and local tax returns as required by law with respect to Seller and the Property;

 

xvii.
The Lots have or will have vehicular and pedestrian access to and from Carolina Forest Boulevard, a public right-of-way, through
easements over private streets within the Subdivision which are or will be governed by the terms and conditions of the Waterbridge
Declaration;

 

xviii.
The execution and delivery of this Agreement and the consummation of sale of the Lots in a series of takedowns will not result
in a breach of any of the terms of, or constitute a default under, any (1) indenture, contract or instrument to which Seller is
a party or by which Seller or the Property is bound, or (2) law, order, ruling, ordinance, rule, order or regulation with respect
to Seller or the Property or the use or construction thereof;

 

    	14

     

    

 

xix.
To Seller’s knowledge, the Land contains no threatened or endangered species or endangered or protected habitats or items
of archaeological significance as defined by applicable state and federal laws;

 

xx.
To Seller’s knowledge, there are no cemeteries, grave sites or burial sites or archaeological or historic artifacts or sites
located on the Property;

 

xxi.
The Lots developed by Seller, without Buyer exercising any Step-In-Rights, when closed upon by the Buyer will be usable as Lots
upon which a single-family residence can be constructed and used for residential purposes without extraordinary expense for: footings,
foundation, slab installation, or for sewer and water installation, in accordance with the Development Specifications and the
Subdivision Plans;

 

xxii.
The following shall be the utility providers for the Subdivision: Telephone: Horry Telephone Cooperative (“HTC”);
Electric: Santee Cooper; Cable with Internet: HTC; Water: Grand Strand Water and Sewer; and Sewer: Grand Strand Water and Sewer;

 

xxiii.
To Seller’s knowledge, the information and materials furnished and to be furnished by Seller to Buyer, and Seller’s
representations and warranties made herein or in connection herewith, are true, complete and accurate and do not omit any material
information necessary to make the same true or not misleading;

 

xxiv.
The Property is zoned to allow the construction of single-family homes;

 

xxv.
As occasioned by the prior use of the Property from approximately 1940- 1948 as the Conway Bombing and Gunnery Range, to Seller’s
knowledge, solely in reliance on its review of the information set forth in that letter to Mr. Joe C. Garrell of LandBank Fund
IX, LLC from ERM Southeast, Inc. June 29, 2005 (the “LandBank ERM Letter”) and that Phase III Target
Anomaly Removal Report Parcel B of Tract 18B of Safety and Target Zones, Areas B and B-1 Former Conway Bombing and Gunnery Range
prepared by ERM dated June 2005 (the “ERM Phase III Removal Report” and collectively with the LandBank
ERM Letter and the preceding proposals, work plan, and reports prepared by ERM referenced therein, the “ERM Reports”),
(A) with the exception of the wetland areas, the Property has been cleared of all surface and subsurface explosive ordinance within
at least six (6) feet from the surface to the extent further described in such ERM Reports subject to the disclaimers and limitations
set forth therein, and (B) the removal of exploded and unexploded ordinance on the Property was completed by ERM in the manner
set forth in the ERM Phase III Removal Report subject to the disclaimers and limitations set forth therein;

 

xxvi.
At the applicable Closing the Lots being acquired by Buyer at such Closing shall be subject to the Waterbridge Declaration with
owners having access and use of the Subdivision amenities subject to the terms and conditions of such Waterbridge Declaration;

 

xxvii.
Seller has not used, generated, manufactured, produced, stored or disposed of on, under or about the Property or transported to
or from the Property any flammable explosives, asbestos, radioactive materials, hazardous wastes, toxic substances or related
injurious materials, whether injurious by themselves or in combination with other materials (collectively, “Hazardous
Materials”) except in small amounts customary to the operation, care, maintenance, and development of the Property
in compliance with applicable environmental laws. There are no Hazardous Material or underground storage tanks located on, under,
or within its portion of the Property except as may exist with respect to materials described in the U.S. Army bombing range disclosures
set forth above and in the Property Documents), and there is no proceeding or inquiry pending or contemplated by any governmental
authority with respect to the presence of such Hazardous Materials on its portion of the Property or the migration thereof from
or to other property. For this Agreement, the term “Hazardous Materials” as defined above shall also
include, but not be limited to, substances defined as “hazardous substances,” “hazardous materials,” or
“toxic substances” in any South Carolina state or federal law or regulation, including, but not limited to, the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. Section 9601 et seq.; the Hazardous Materials
Transportation Act, 49 U.S.C Section 1801 et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq.,
and in the regulations adopted and publications promulgated pursuant to said laws;

 

    	15

     

    

 

xxviii.
To Seller’s knowledge, and in complete reliance on the site plan and detail aerials attached and incorporated herein as
Exhibit E, the Lots do not, or will not, contain any wetlands except as shown on such site plan and aerials; and

 

xxix.
Attached as Exhibit F which is incorporated herein by reference is an email and site plan prepared by the Project
Engineer showing and discussing varying limits on the dimensions of feasible building pads on the Lots. Where permitted in accordance
with such site plan, Seller will construct the building pads to the dimensions of 40’ wide by 78’ deep on each Lot
that can accommodate such pad dimensions and for the Lots which cannot accommodate such pad dimensions Seller will construct such
building pads to the dimensions of 40’ wide by 60’ deep unless otherwise agreed to by the parties in writing. Per
the Project Engineer’s comments set forth in Exhibit F, the dimensions of the actual homes constructed on
such building pads may need to be reasonably adjusted within the building pad dimensions to account for a suitable set back tolerance,
future infrastructure, drainage, etc.

 

The
aforementioned covenants, representations, and warranties of Seller as to the Lots being purchased by Buyer shall survive one
(1) year from the date of the applicable Closing of such Lots being purchased. When the phrase “Seller’s knowledge”
is used in this Agreement, such knowledge is hereby defined as to the actual knowledge of Benjy Hardee without inquiry or investigation.

 

(b)
EXCEPT AS SPECIFICALLY SET FORTH IN THE SELLER’S REPRESENTATIONS AND WARRANTIES IN SECTION 16(A), SELLER HEREBY DISCLAIMS
ANY REPRESENTATIONS OR WARRANTIES AS TO THE TRUTH, ACCURACY OR COMPLETENESS OF THE SELLER’S REPRESENTATIONS AND WARRANTIES
AND SHALL BE RELEASED AND HELD HARMLESS THEREFROM.

 

17.
Buyer’s Representations. Buyer covenants, represents, and warrants: (i) Buyer is duly organized, validly existing, and
in good standing under the laws of the state in which it was organized; (ii) it has full right, power, and authority to carry
on its business as presently being conducted by it. The enter into this Agreement and purchase the Property under this Agreement;
(iii) the execution and delivery by Buyer of this Agreement and the performance by Buyer of its obligations hereunder have been
duly authorized by any and all necessary corporate action, and upon execution and delivery by Buyer and that this Agreement shall
constitute the legal, valid and binding obligation of Buyer, enforceable in accordance with its terms; (iv) the execution, delivery
and performance of this Agreement by Buyer and the consummation by Buyer of the transactions contemplated hereby will not violate
(with or without the giving of notice or the lapse of time or both), or require any consent, approval, filing or notice under,
any provision of any law, rule or regulation, court order, judgment or decree; and (v) Buyer has the financial capability, wherewithal,
and ability to get any required financing to purchase the Property as necessary to close on the Property in accordance with terms
and conditions of this Agreement. The aforementioned covenants, representations, and warranties of Buyer shall survive one (1)
year from last Closing or one (1) year from the earlier termination of the Agreement.

 

    	16

     

    

 

18.
Default.

 

(a)
Seller Default. Except as otherwise set forth in Section 10, if Seller breaches this Agreement prior to the applicable
Closing subject to the satisfaction or waiver of the Seller’ Conditions Precedent, and such default is not cured within
the cure period set forth below in Section 18(d), Buyer may do the following as its sole and exclusive remedies: (i) terminate
this Agreement by written notice to Seller, in which case Seller authorizes the Escrow Agent to return the Initial Deposit to
Buyer (if still in its possession), and Seller will immediately pay over to Buyer all of the balance of the Purchase Price Deposit
(after subtracting any previous portions which have been credits to the Purchase Price at prior Closings), (ii) enforce specific
performance in a lawsuit which must be filed in a court of competent jurisdiction in South Carolina no later than ninety (90)
days from the expiration of the Seller’s cure period for such default, and/or (iii) seek reimbursement from Seller for its
costs and expenses in legal fees and other third party professional fees to negotiate this Agreement, inspect and study the Property,
and prepare for Closing including any engineering, title, or survey costs not to exceed $250,000.00. This Section 18(a)
shall not be construed to limit Buyer’s remedies for a Seller default with regard to those representations, warranties,
and covenants of the Seller which pursuant to this Agreement survive the Closings or its earlier termination. Provided however,
except where specifically set forth otherwise in this Agreement, such covenants, representations, and warranties of Seller shall
not survive more than one (1) year from the date of the applicable Closing for the portion of the Property acquired at such Closing
as specifically provided in this Agreement or one (1) year from the earlier termination of the Agreement.

 

(b)
Buyer Default. If Buyer defaults in its obligation to: (i) pay the Initial Deposit or pay the Additional Deposits, or (ii)
close under this Agreement by the Closing Date for the applicable Closing subject to the satisfaction or waiver of the Buyer’s
Conditions Precedent, and such default is not cured within seven (7) days’ of Buyer’s receipt of written notice of
such default, Seller may, as its exclusive remedy for any of such default, terminate this Agreement by written notice to Buyer,
in which case Buyer authorizes the Escrow Agent to deliver the Earnest Money currently on deposit to Seller, and such Earnest
Money together with the balance of the Purchase Price Deposit (after subtracting any previous portions which have been credits
to the Purchase Price at prior Closings), to the extent delivered by Buyer to Seller, shall be considered as full, fixed, and
liquidated damages for Buyer’s failure to close or to pay the Additional Deposit, and neither of the parties will have any
further rights, obligations, or liabilities under this Agreement except those that survive termination. This Section 18(b)
shall not be construed to limit Seller’s remedies for a Buyer default with regard to those representations, warranties,
and all other covenants of the Buyer which pursuant to this Agreement survive the Closing or its earlier termination. Provided
however, except where specifically set forth otherwise in this Agreement, such covenants, representations, and warranties of Buyer
shall not survive more than one (1) year from date of the last Closing or one (1) year from the earlier termination of the Agreement.

 

(c)
Post-Closing Remedies. Each party shall have the right to pursue its actual (but not consequential, special, extraordinary
or punitive) damages against the other party for: (1) a breach of any covenant or agreement contained herein that is performable
after or that survives any Closing (including the indemnification obligations contained in this Agreement), and (2) a breach of
any representation or warranty in this Agreement, which survives any Closing. This subsection shall not apply to any obligation
of Buyer to purchase Lots.

 

(d)
Notice and Cure Rights. In the event of a default under any representation, warranty, or covenant contained in this Agreement,
the non-defaulting party shall give the defaulting party notice of such default, specifying in reasonable detail the nature of
the default. Thereafter, except where a specific cure period is otherwise provided for a specific default, the defaulting party
shall have fifteen (15) business days from the date notice of default is given to cure the default. If the defaulting party cures
the default within the 15- business day period, it shall not incur any liability to the other party for the default. Each party
shall reasonably cooperate with any and all attempts by the other to cure any default within the cure-period.

 

    	17

     

    

 

19.
Broker Commissions. Buyer and Seller represent to the other, that to its knowledge, the only brokers or other parties involved
in the purchase and sale of the Property, as contemplated by this Agreement, who are entitled to a fee or commission are Curtis
Dukes of Blue Strand Properties, LLC and Ashley Gardner of Strategic Real Estate Advisors (collectively, the “Brokers”).
In connection with the transaction contemplated by this Agreement Seller agrees that it will be responsible for paying Brokers
a collective commission not to exceed $660,000.00 (6% of $11,000,000.00) to be split 50/50 between such Brokers pursuant to a
separate Agreement with Brokers provided the Closings occur. Such commission shall be paid pro-rata at each Closing based on the
number of Lots closed. Buyer shall be responsible for any commission or fees due to Brokers in addition to or in excess of that
which will be paid by Buyer at Closing per the prior sentence. Except for the Brokers, Seller and Buyer covenant to the other
that it will be responsible for any commissions owed as a result of its engagement or use of, or agreement with, any real estate
broker, agent, finder, or any other party who could claim a commission or other payment in connection with this Agreement. Seller
and Buyer agree to indemnify and defend the other against all loss, claims, costs, and expenses, including reasonable attorney
fees caused by a breach of its covenants in this Section 19. This Section 19 shall survive the date of Closing or
earlier termination of the Agreement.

 

20.
Notices. All notices to either party in connection with this Agreement must be in writing and will be effective and delivered
on the date sent by email to the email addresses of all of the party’s notice recipients designated below, if sent before
6:00 p.m. on a business day in Myrtle Beach, South Carolina, and otherwise on the next business day provided copy of such
email notice is sent via a nationally- recognized delivery service such as Federal Express or United Parcel Service to the notice
recipient at its street address below for next business day delivery. Notice to that notice recipient will also be effective and
delivered: (i) on the date personally delivered to the notice recipient street address or (ii) on the date sent for next business
day delivery by a nationally-recognized delivery service such as Federal Express or United Parcel Service to the notice recipient
at its street address. Seller’s and Buyer’s notice recipients and their addresses are:

 

	 	Seller’s
    notice recipients: Hardee 	 	Waterbridge
        Investments, LLC

        Attn:
        Benjy Hardee and Doug Wendel

        55
        Park Street Extension

        Little
        River, SC 29566

        Email:
        benjyhardee@aohardee-son.com and

        doug@aohardee-son.com

        Telephone:
        843.249.1264

	 	 	 	 
	 	and
    the attorney for Seller:	 	Nelson
        Mullins Riley & Scarborough L.L.P.

        Attn:
        Zeb M. Thomas

        3751
        Robert Grissom Parkway, Third Floor

        Myrtle
        Beach, SC 29577

        Email:
        zeb.thomas@nelsonmullins.com

        Telephone:
        843.946.5671

	 	 	 	 
	 	Buyer’s
    notice recipients:	 	Harbor
        Custom Development, Inc.

        Attn:
        Sterling Griffin, President

        11505
        Burnham Dr. NW, Suite 301

        Gig
        Harbor, WA 98332-9173

        Email:
        sgriffin@harborcustomdev.com

        Telephone:
        253.649.0636

	 	 	 	 
	 	With
    copy to: 	 	Jeff
        Habersetzer, General Counsel 11505 Burnham Dr. NW, Suite 301

        Gig
        Harbor, WA 98332-9173

        Email:
        jhabersetzer@harborcustomdev.com

        Telephone:
        (253) 649-0632

 

    	18

     

    

 

	 	Escrow
    Agent’s notice recipients:	 	 
	 		 	Chicago
        Title Insurance Company Attention: Jennifer W. Rubin, Esq. 3700 Forest Drive, Suite 201

        Columbia,
        S.C. 29204

        E-mail:
        Jennifer.rubin@ctt.com

        Telephone:
        803.790.5620

 

Each
party may change its designated notice recipients and their addresses by notice under this Section 20. The attorney for
each party is authorized to give any notice under or related to this Agreement on behalf of its client.

 

21.
Architectural Matters. Within sixty (60) days of the Date of this Agreement Buyer will submit proposed architectural review
guidelines and procedures for the Property and within ninety (90) days of the Date of this Agreement buyer will submit unstamped
initial house renderings showing floorplans, elevations, design aesthetics, and exterior materials for the Lots to be approved
by the Seller in accordance with such guidelines and procedures, with such approval not to be unreasonably withheld, delayed,
conditioned or denied. Buyer will produce for Seller’s review such standards and materials necessary to establish the initial
architectural review guidelines and procedures for the Property (the “ARC Guidelines”), which are acceptable
to Seller, in Seller’s reasonable discretion, and work together with Buyer to approve initial house plans (which for approval
purposes may consist of unstamped house renderings showing floorplans, elevations, design aesthetics, and exterior materials)
consistent within such established guidelines and procedures (the “Initial House Plans”). Once the ARC
Guidelines produced by Buyer and accepted by Seller have been adopted by the Seller, Seller will not substantially revise such
ARC Guidelines in a manner that affects the specifications and approval of house plans on the Lots purchased or under contract
to be purchased by Buyer, without the approval of Buyer, such approval not to be unreasonably withheld, delayed, conditioned or
denied. Notwithstanding anything to the contrary, all homes to be built on the Lots by Buyer, its successors and assigns, shall
have a minimum heated square footage of 1,800 square feet and be built such that all exterior siding consists of either wood,
brick, on masonry siding or combination thereof. Chimneys, but not exterior walls, may be covered with stucco. There will be no
exterior vinyl or metal siding or trim on any house or outbuilding. If Buyer and Seller are not able to agree upon the establishment
and approval of ARC Guidelines and the approval of the Initial House Plans within one hundred twenty (120) days of the Date of
this Agreement, either party may terminate this Agreement with written notice to the other within the 30-day period thereafter
ending on the date which is one hundred fifty (150) days from the Date of this Agreement and the Buyer shall be entitled to a
return of the Earnest Money from the Escrow Agent and any Purchase Price Deposit from the Seller previously paid by Buyer. If
the Agreement is not terminated within such 30-day period, Seller shall enact ARC Guidelines in its sole discretion and Seller’s
thereafter approval of the Buyer’s Initial House Plans will not be unreasonably withheld, delayed, conditioned or denied
so long as such plans are consistent with the ARC Guidelines. After approval of the Initial House Plans, Buyer may submit additional
house plans or changes to the previously approved house plans for approval by Seller with such approval not to be unreasonably
withheld, delayed, conditioned or denied so long as such plans are consistent with the ARC Guidelines.

 

    	19

     

    

 

To
ensure Seller’s ability to approve the Buyer’s house plans on the Lots in compliance with the ARC Guidelines, Seller
agrees to maintain the right to appoint all members of the Subdivision ARC until the sale of all Lots in the Subdivision. At the
last Closing in which Seller will no longer own any Lots in the Subdivision, upon Buyer’s request, Seller agrees to assign,
without representation or warranty, such appointment rights to Buyer at such Closing.

 

22.
Property Conveyed As Is, Where Is. THE PARTIES ACKNOWLEDGE AND AGREE THAT THE PROPERTY IS BEING CONVEYED BY SELLER TO BUYER
IN ITS “AS-IS/WHERE- IS” CONDITION WITHOUT ANY REPRESENTATION OR WARRANTY OF SELLER EXCEPT AS EXPRESSLY
SET FORTH IN SECTION 9 AND SECTION 16(a) OF THIS AGREEMENT.

 

23.
Site Work. The parties agree that all site work on the Property shall be performed by A.O. Hardee & Son, Inc.

 

24.
Stormwater.

 

(a)
Seller agrees to comply with all local, state and federal laws, codes, rules, orders, permits and regulations during all stages
of the development of the Subdivision, including but not limited to performing all inspections that are required under all applicable
local, state and federal laws, codes, rules, orders, permits and regulations and regularly maintaining all erosion and pollution
control devices and best management practices in the Subdivision. To the extent required, Seller shall file a Notice of Intent
(“NOI”) and shall prepare, implement, and comply with a Storm Water Pollution Prevention Plan (“SWPPP”)
that includes elements necessary for compliance with all applicable general permits for construction activities under the National
Pollutant Discharge Elimination System (“NPDES”), and shall keep copies of all inspections and provide
Buyer with copies of all inspections that are required by any governmental agency.

 

(b)
To the extent not already adopted or assumed by the HOA, the parties expressly agree and acknowledge that Seller shall be deemed
the “owner” and “operator” of the subdivision of the Property for purposes of the SWPPP, and Buyer’s
obligation to comply with the SWPPP, if any, will only relate to the Lots purchased by Buyer under this Agreement. Seller hereby
indemnifies and holds harmless Buyer and its affiliates, agents, employees, directors, officers, managers, members, partners,
shareholders, assigns and/or successors (collectively, the “Indemnitees”) from and against any liability,
loss, cost, damage or expense, including, without limitation, court costs, expert witness fees and attorneys’ fees (collectively,
“Claims”), that Indemnitee may suffer or incur as a result of any claim, demand, action, cost or judgment
made or obtained by any individual, partnership, corporation, entity, Governmental Authorities or person which arises out of or
results from Seller’s failure to fully comply with the requirements set forth in this paragraph or is otherwise caused,
directly or indirectly, by Seller’s action or inaction under NPDES or any other similar, related or successor local, state
or federal law, code, rule, order or regulation relating to stormwater; expressly excluding, however, any Claim, to the extent
arising from Buyer’s, its agents’, employees’ or contractors’ acts or failure to comply with the SWPPP.
Buyer hereby indemnifies and holds harmless Seller and its affiliates, agents, employees, directors, officers, managers, members,
partners, shareholders, assigns and/or successors (“Seller’s Indemnitees”), from and against any Claims that
Seller or Seller’s Indemnitees may suffer or incur as a result of any claim, demand, action, cost or judgment made or obtained
by any individual, partnership, corporation, entity, Governmental Authorities or person which arises out of or results from Buyer’s
failure to fully comply with the requirements set forth in this paragraph or is otherwise caused, directly or indirectly, by Buyer’s
action or inaction under NPDES or any other similar, related or successor local, state or federal law, code, rule, order or regulation
relating to stormwater; expressly excluding, however, any Claim, to the extent arising from Seller’s, its agents’,
employees’ or contractors’ acts or failure to comply with the SWPPP.

 

(c)
Seller shall be responsible for all “developer” contributions to any city or county stormwater maintenance plan or
similar program to which the Property is subject.

 

    	20

     

    

 

(d)
Upon substantial completion of homebuilding activities and to the extent required to assure proper operation, Buyer covenants
and agrees to clean the stormwater piping system servicing Buyer’s Lots, to remove all debris and dirt that may have accumulated
therein during Buyer’s construction activities. Buyer’s indemnity obligations set forth in subsection (b) shall apply
to any Claims against Seller’s Indemnities arising from Buyer’s failure to comply with this subsection. This subsection
(d) expressly survives each Closing for a period of 1 year from the final Closing.

 

25.
Model Home Lots; Construction Trailer; and Sales Trailer. Provided Seller is able to get subdivision approval from Horry
County and Buyer notifies Seller prior to the expiration of the Inspection Period of the number of lots desired, Seller will subdivide
up to four (4) lots within Phase 2A of the Site Plan located near the entrance on Starlit Way for use by Buyer for model homes,
visitor parking, the location of a construction trailer and/or sales information trailer (collectively, the “Model
Home Lots”). If such subdivision approval is likely to be obtained as determined by Seller, Seller will proceed
to finish said Model Home Lots by the Initial Closing to the Development Specifications except that Seller may elect not to complete
the street, curb, gutter, street lights, and other street improvements beyond that currently constructed until Seller completes
the development of Lots within Phase 2A. In addition to the Lots Buyer is required to purchase at the Initial Closing Buyer shall
also close on such Model Home Lots at such Closing at the same Lot purchase price of $86,330 per Model Home Lot with the same
Seller credit from the Purchase Price of $17,700 per Model Home Lot.

 

26.
Marketing. Subject to applicable governmental regulations, compliance with the Waterbridge Declaration or any architectural
guidelines or rules and regulations promulgated pursuant thereto, Buyer shall have the non-exclusive right to locate marketing
and directional signage on property owned by Seller and Common Areas of Waterbridge including the front gate area in accordance
with Seller’s rights under the Declaration. Seller reserves the right to approve the appearance of any signage and limit
the size and number of signs in its reasonable discretion. Buyer acknowledges the importance to Seller of protecting the Waterbridge
brand, including trademarks, service marks and other images. All printed and electronic materials, advertising copy, scripts,
billboards and monument and other signage (collectively, “Marketing Materials”) developed and/or used
by Buyer must be approved by Seller with such approval not to be unreasonably delayed, conditioned, or denied. Furthermore, any
Marketing Materials for Waterbridge not specific to the Property (being Phase 2 of Waterbridge) may also require the approval
of the master developer.

 

27.
Waterbridge Declaration. In accordance with its declarant rights under the Waterbridge Declaration Seller covenants to submit
the Subdivision property to the Waterbridge Declaration by an amendment to the Waterbridge Declaration in similar format as previous
phases of the Waterbridge community have been submitted but with the addition of a provision which establishes a separate architectural
review board for the Subdivision (the “Subdivision ARC”) and adopts the ARC Guidelines for the Subdivision,
prepared by Buyer, approved and adopted by Seller which have been developed accordance with the procedures set forth in Section
21. To the extent Seller’s establishes a Subdivision ARC, which includes members who are not employees, agents, officers
or members of Seller or its affiliates, during the term of this Agreement, upon the request of Buyer, Seller agrees to appoint
a designee of Buyer to the Subdivision ARC.

 

Buyer
shall comply, and shall cause Buyer’s agents, contractors, subcontractors, consultants or employees to comply, at all times
with the terms and conditions of the Waterbridge Declaration including any rules, regulations, guidelines, and procedures promulgated
thereunder by the HOA, a declarant, or the ARC Guidelines established by the Subdivision ARC. Buyer hereby indemnifies and holds
harmless Seller and Seller’s Indemnitees, from and against any Claims that Seller or Seller’s Indemnitees may suffer
or incur as a result of any claim, demand, action, cost or judgment made or obtained by the HOA or any individual, partnership,
corporation, entity, governmental authorities or person which arises out of or results from Buyer’s failure to fully comply
with the requirements set forth in this paragraph or is otherwise caused, directly or indirectly, by Buyer’s action or inaction
with respect to the requirements of the Waterbridge Declaration.

 

    	21

     

    

 

28.
Maintenance. Seller shall maintain the portions of the Subdivision owned by Seller, including all Lots not yet purchased by
Buyer and all roadways and common areas owned by Seller until turned over to the HOA, in a good and operational manner, free of
trash, garbage, refuse and construction debris. Buyer shall maintain its job sites in a neat and orderly condition throughout
construction and keep roadways, easements, swales, and other property within the Subdivision clear of its trash and construction
materials at all times. Buyer shall promptly repair all ruts and other damage caused by Buyer or Buyer’s agents to any adjacent
lots or property (and otherwise restore such lots or property to their former condition).

 

29.
Insurance Requirements.

 

(a)
Unless otherwise agreed to by Seller and Buyer prior to the expiration of the Inspection Period, Buyer shall comply with the insurance
requirements described in this section. Prior to Closing, and prior to any entry onto the Property by Buyer’s agents, contractors,
subcontractors, consultants or employees and for a period continuing until Buyer has sold all of the Lots, Buyer shall deliver
to Seller current certificates of insurance which evidence that Buyer is carrying:

 

(i)
workers’ compensation insurance in statutory amounts; and

 

(ii)
a commercial general liability insurance policy covering losses, damages and claims arising out of Buyer’s occupation, use
of, activities on and ownership of property within the Subdivision, including property damage and death, and including coverage
for contractual liability, products/completed operations liability, and explosion, collapse and underground damage liability,
which policy shall be written by a financially responsible insurance company, and shall have a combined single limit of a least
Two Million and No/100 Dollars ($2,000,000); and

 

(iii)
automobile liability insurance covering all vehicles owned, hired or used in connection with Buyer’s construction activities
in the Subdivision, in an amount of at least One Million and No/100 Dollars ($1,000,000); and

 

(iv)
employer’s liability insurance in the amount of One Hundred Thousand and No/100 Dollars ($100,000.00) and builder’s
risk insurance with materials replacement coverage in an amount equal to one hundred percent (100%) of the completed value of
the materials and services provided to the Lots; and

 

(v)
excess liability/umbrella policy in excess of limits of other policies, in the amount of at least Five Million and No/100 Dollars
($5,000,000.00).

 

(b)
Buyer shall require that Workers’ Compensation, Commercial General Liability and Automobile Liability insurance required
to be maintained by Buyer be endorsed to provide that the underwriter waives its right of subrogation against Seller. In addition,
the Commercial General Liability policy(ies) shall be endorsed specifically to name Seller as an additional insured party for
both ongoing and completed operations by issuance of ISO Form CG 2010 11 85, or in lieu thereof, CG 2010 10 01 and 2037 10 01,
or equivalents acceptable to Seller. The Automobile Liability policy shall also be endorsed specifically to name Seller as an
additional insured party. Both the Commercial General Liability and Automobile Liability policies shall be endorsed to provide
that they are primary coverages, not in excess of any other insurance available to Seller to insure Seller and A.O. Hardee &
Son, Inc. against claims arising from Buyer’s occupation, use of activities on and ownership of property within the Subdivision,
including property damage and death. Evidence of such specific endorsements shall be furnished to Seller. IN THE EVENT BUYER FAILS
TO OBTAIN SUCH SPECIFIC ENDORSEMENTS, BUYER HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD SELLER HARMLESS FROM ANY AND ALL LOSSES,
CLAIMS, DAMAGES, AND EXPENSES WHICH WOULD BE COVERED BY SUCH SPECIFIC ENDORSEMENTS THAT SELLER MAY INCUR, INCLUDING (WITHOUT LIMITATION)
COSTS OF DEFENSE AND ATTORNEYS’ AND LEGAL ASSISTANTS’ FEES AND COSTS, BUT SPECIFICALLY EXCLUDING ANY AND ALL LOSSES,
CLAIMS, DAMAGES, AND EXPENSES ARISING FROM OR RELATED TO IN WHOLE OR IN PART ON THE IMPUTED, JOINT OR CONCURRENT NEGLIGENCE OF
SELLER.

 

    	22

     

    

 

(c)
Buyer shall furnish to Seller, prior to entering the Property, certificates evidencing that the required insurance is in force.
The certificates shall provide that in the event of cancellation or material change, thirty (30) days’ prior written notice
shall be given to Seller in accordance with the terms of such policies.

 

(d)
Buyer’s compliance with the provisions above and the limits of liability shown for each of the insurance coverages to be
provided by Buyer shall not be deemed to constitute a limitation of Buyer’s liability for the claims or in any way limit,
modify or otherwise affect the Buyer’s contractual indemnification obligations. The insolvency, bankruptcy, or failure of
any insurance company carrying insurance for Buyer or any subcontractor, or the failure of any insurance company to pay valid
claims accruing shall not be held to waive any of the provisions of this Agreement.

 

30.
Memorandum of Agreement. Following (i) the expiration of the Investigation Period without this Agreement being terminated
by Buyer and (ii) and the Seller’s receipt of the Initial Deposit from the Escrow Agent following joint instructions for
payment issued by Seller and Buyer, the parties shall execute and deliver to the Buyer’s attorney an original Memorandum
of this Agreement duly witnessed and notarized in the form attached as Exhibit C (the “Memorandum”),
which the Buyer will cause to be recorded, at Buyer’s expense. In conjunction with the delivery of the Memorandum, Buyer
shall deliver to Seller a duly executed, witnessed and notarized, original termination of the Memorandum in the form attached
as Exhibit D (the “Termination”). Seller shall hold the Termination and (a) record it
at the final Closing, at Buyer’s expense, or (b) if this Agreement is terminated, record such Termination only if (i) this
Agreement is terminated by Seller pursuant to Section 18(b) as a result of Buyer’s default, (ii) this Agreement is
terminated by Buyer in accordance with Section 11 for failure to satisfy or waive the Buyer’s Conditions Precedent
or by either party in accordance with Sections 21 and 31 and Buyer has received the remainder of the Purchase Price Deposit
paid to Seller, to the extent not previously credited to the Purchase Price at prior Closing(s), (iii) this Agreement is terminated
by Buyer pursuant to Section 18(a) as result of Seller’s default and Buyer has received the remainder of the Purchase
Price Deposit paid to Seller, to the extent not previously credited to the Purchase Price at prior Closing(s), and Buyer has received
reimbursement for its expenses not to exceed $250,000 in accordance with Section 18(a) provided Buyer submits a list of
all such itemized expenses with reasonable detail within thirty (30) days of such termination, or (iv) Buyer refuses to perform
its obligations under this Agreement as a result of Seller’s default under this Agreement not cured within the permitted
cure period and Buyer fails to file an action for specific performance within the time required and in accordance with Section
18(a) in which case Seller may terminate this Agreement but Buyer may exercise any remaining remedies set forth herein for
such Seller default subject to the terms and limitations of this Agreement.

 

31.
Assignment. Buyer shall have the right to assign its rights and/or obligations in this Agreement to any entity (an “Affiliate”)
controlled by or under common control with Buyer, or to an entity which succeeds to Buyer in any merger or acquisition, without
recourse, whereupon Buyer shall be released from its obligations hereunder. Buyer shall have the right to assign its rights and/or
obligations in this Agreement to any other person or entity without recourse, provided, however, if such assignee is not an Affiliate,
Buyer shall not be released from its obligations hereunder.

 

    	23

     

    

 

32.
Moratoriums or Governmental Delays. Buyer’s obligations to close on the Property at subsequent Closings shall be conditioned
on there being no event in which any local, state or federal regulatory authority having jurisdiction over the Property or the
Lots imposes a moratorium on the issuance of building permits, sewer taps, water taps, public school attendance rights or certificates
of occupancy (a “Moratorium” with such condition being the “No Moratorium Closing Condition”).
Unless such No Moratorium Closing Condition is waived by Buyer, then the future Closings shall be suspended and extended until
the condition is satisfied or otherwise waived in full by Buyer. If the No Moratorium Closing Condition is not satisfied, or fully
waived by Buyer in writing delivered to Seller, within one hundred and eighty (180) days of the occurrence of the Moratorium,
either party may terminate this Agreement with written notice to the other. In the event of such termination, the Purchase Price
Deposit, to the extent not previously credited to the Purchase Price at prior Closing(s), shall be refunded to Buyer.

 

33.
General Terms. This contract shall be binding upon and inure to the benefit of the parties’ successors and permitted
assigns. Neither party shall have a right to assign any interest in this Agreement without the advance written consent of the
other party. This Agreement is governed by the laws of the State of South Carolina. If the date of the Closing or the last day
of the inspection period or other time for performance would fall on a day that is not a business day, then the date of the Closing
or the inspection period or other period for performance will be extended to the next business day. A “business day”
shall be a week day which is not a Federal holiday or customary bank holiday in the state where the Property is located. Time
is of the essence in the occurrence of all events, the satisfaction of all conditions and the performance of all obligations hereunder;
provided, the foregoing shall not be construed to undermine any express cure period afforded any party under this Agreement. This
Agreement is the entire agreement between the parties and supersedes all prior agreements and understandings, if any, with respect
to the Property, including any letter of intent. If either party employs an attorney to enforce or defend its rights under this
Agreement, the losing party will pay the prevailing party its actual attorney fees as determined by final non-appealable judgment.
BOTH SELLER AND BUYER WAIVE ITS RIGHT TO A JURY TRIAL. If any provision of this Agreement shall be declared invalid or
unenforceable by laws applicable thereto, or unenforceable as to certain parties, then the performance of such provision shall
be excused by the parties hereto and the remaining provisions of this Agreement shall remain in full force and effect. Any failure
or delay of Buyer or Seller to enforce any term of this Agreement shall not constitute a waiver of such term, it being explicitly
agreed that such a waiver must be specifically stated in a writing delivered to the other party in compliance with the notice
provisions set forth herein. Any such waiver by Buyer or Seller shall not be deemed to be a waiver of any other breach or of a
subsequent breach of the same or any other term. The parties may sign this Agreement in counterparts and may deliver it by email.
The provisions of this Section 33 shall survive the date of Closing or earlier termination of the Agreement.

 

[Signature
Pages Follow]

 

    	24

     

    

 

Signature
Page to Purchase Agreement

(Waterbridge
Phase II)

 

	 	Seller:
	 	 
	 	HARDEE
    WATERBRIDGE INVESTMENTS, LLC
	 	 	
	 	By:	Hardee
Management, LLC
	 	Its:	Manager
	 	 	 
	 	By:	/s/
    Benjy Hardee
	 	 	Benjy
    Hardee, its Manager
	 	 	 
	 	Date:	June
    __, 2020

 

Signature
Page

 

    	 

     

    

 

Signature
Page to Purchase Agreement

(Waterbridge
Phase II)

 

	 	Buyer:
	 	 
	 	HARBOR
    CUSTOM DEVELOPMENT, INC.
	 	
	 	By:	/s/
    Sterling Griffin             
	 	 	Sterling
    Griffin, its President
	 	 	 
	 	Date:	June
    10, 2020

 

Signature
Page

 

    	 

     

    

 

Exhibit
A

 

SITE
PLAN

 

 

Exhibit
B

 

    	 

     

    

 

Exhibit
B

 

ESCROW
AGREEMENT

 

[See
Attachment]

 

Exhibit
B

 

    	 

     

    

 

3700
Forest Drive, Suite 201, Columbia, South Carolina 29204

Phone:
(803) 790-5620 Fax: (803) 790-5621

 

 

 

THANK
YOU FOR SELECTING CHICAGO TITLE INSURANCE COMPANY FOR 

YOUR TITLE INSURANCE AND ESCROW NEEDS.

 

Attached
is a copy of our standard escrow agreement. In addition to our standard escrow agreement you will also find our fee schedule,
wiring instructions, and a W-9 form (required by our financial institution if the escrowed funds are to be invested).

 

Please
feel free to contact our office if you have any questions.

 

    	1

     

    

 

ESCROW
AGREEMENT

 

THIS
ESCROW AGREEMENT (Agreement) is made as of this 10th day of June 2020 by and among Chicago Title Insurance Company at 3700 Forest
Drive, Suite 201, Columbia, SC 29204 (“Escrow Agent”) and HARDEE WATERBRIDGE INVESTMENTS, LLC. hereafter referred
to as “Seller” and as a “Party” and HARBOR CUSTOM DEVELOPMENT, INC., hereafter referred to as “Purchaser”
and as a “Party” and collectively with the Seller, the “Parties”

 

WHEREAS,
Parties have requested that Chicago Title Insurance Company serve as Escrow Agent in accordance with the terms and conditions
of this Agreement;

 

NOW,
THEREFORE, in consideration of the Mutual promises, covenants and agreements herein, it is agreed as follows:

 

1.
The Parties hereby appoint Chicago Title Insurance Company as Escrow Agent under this Agreement.

 

2.
The following: EARNEST MONEY IN THE INITIAL PRINCIPAL AMOUNT OF $500,000.00 IN ACCORDANCE WITH THAT PURCHASE AND SALE AGREEMENT
AMONG THE PARTIES DATED JUNE 10, 2020 (THE “PSA”) is hereby delivered to Escrow Agent by the Parties, the receipt
of which Escrow Agent does hereby acknowledge.

 

Escrow
Agent agrees to hold such funds, together with all accrued interest if Parties request the funds to be deposited into an escrow
bearing account and provide a properly completed W-9 form to Escrow Agent. Further, Escrow Agent agrees to hold any additional
funds or documents deposited with Escrow Agent including any Additional Earnest Money (as defined in the PSA) (collectively, the
“Escrowed Funds”) until written release/disbursement instructions are given to Escrow Agent by the Parties. When the
PSA calls for the Escrow Agent to disburse the escrow funds in accordance with the provisions of the PSA, the Parties agree to
promptly provide Escrow Agent with release/disbursement instructions consistent with the requirements of the PSA and the Escrow
Agent’s instructions set forth therein but no later than 2 business days from a written request thereof from the other Party
or the Escrow Agent. A “business day” shall mean a weekday which is not customary bank holiday in South Carolina.

 

3.
Additional funds may be delivered to Escrow Agent in accordance with the PSA.

 

4.
All funds deposited with Escrow Agent under this Agreement will be processed in the normal course of business. Escrow Agent may
commingle funds received by it in escrow with funds of others and may, without limitation, deposit such funds in its trust or
escrow accounts with Wells Fargo. The Parties to this Agreement acknowledge that the maintenance of such escrow accounts with
Wells Fargo (“the Depository”) may result in Escrow Agent being provided with an array of bank services, accommodations
or other benefits by the Depository. Escrow Agent or its affiliates also may elect to enter into other business transactions with
or obtain loans for investment or other purposes from the Depository institution. All such services, accommodations and other
benefits shall accrue to the Escrow Agent, and Escrow Agent shall have no obligation to account to the parties to the escrow for
the value of such services, accommodations or other benefits.

 

    	2

     

    

 

It
is understood that Escrow Agent shall be under no obligation to invest the funds deposited with it on behalf of any Party unless
specifically directed by a Party pursuant to Paragraph 5 below so long as a properly completed W-9 form is submitted. Interest
earned is dependent upon the amount of the deposit, the time of deposit and the prevailing interest rate at the time. NOTICE
OF OPPORTUNITY: You have the opportunity to earn interest on your escrowed funds by requesting Escrow Agent to set up an interest-bearing
account on your behalf by completing Paragraph 5 below and furnishing the appropriate completed W-9 and other appropriate documents
(if any) to Escrow Agent. Once invested, the undersigned acknowledge that the Escrow Agent is prohibited from withdrawing funds
except to redeposit them into their custodial escrow account.

 

5.
You are authorized and directed to open an account (the “Account”) in the customer name of Chicago Title Insurance
Company as Escrow Agent for HARBOR CUSTOM DEVELOPMENT, INC., in the initial amount of $500,000.00.

 

The
Account shall be opened at the Depository of Chicago Title Insurance Company’s choosing. The undersigned hereby acknowledge
that they have delegated the selection of the depository institution where the escrowed funds are to be deposited to Chicago Title
Insurance Company so long as such institution is a national bank with an office in South Carolina.

 

Unless
otherwise instructed by Purchaser, ,the Account need not be an interest-bearing account. If the Account is opened as an interest-bearing
account, Interest or other income from the Account shall accrue for the benefit of the Parties to be divided pursuant to their
agreement at the close of escrow. All interest will accrue to and be reported to the Internal Revenue Service for the account
of:

 

Name:
Harbor Custom Development, Inc., a Washington corporation

Attn:
Sterling Griffin

Tax
ID or Social Security No.: (contact Purchaser or Purchaser’s counsel)

 

The
designated Account is a fiduciary account. The Parties understand that the Escrow Funds to be deposited by Escrow Agent into the
designated Account are insured by the Federal Deposit Insurance Corporation (“FDIC”) as the funds of the Parties,
as the principal/actual owner, to the same extent as if the Escrow Funds were deposited directly by the Parties, as the principal/actual
owner. Accordingly, each Party hereby acknowledges that it is aware that the FDIC insurance coverage currently applies only to
a cumulative maximum for each particular depositor (in this case, Party) for all of depositor’s accounts (in this case,
all of Parties’ accounts) at the same insured bank or financial institution. Each Party acknowledges and agrees that, notwithstanding
any other provision of this Agreement, Escrow Agent assumes no responsibility for, nor will the Parties hold Escrow Agent liable
for, any loss occurring that arises from the fact that the amount of the above Account may exceed or may cause the aggregate amount
of the Parties’ accounts to exceed the FDIC cumulative maximum and that excess amount is not being insured. Each Party further
understands that certain banking instruments such as, but not limited to, repurchase agreements and letters of credit are not
covered at all by such insurance.

 

6.
Escrow Agent shall not be liable for any loss or damage resulting from the following (the undersigned acknowledges that the total
responsibility of the Escrow Agent is to make the deposit as above instructed):

 

	 	(a.)	Any
    defects or conditions of title to any property except those resulting from its own acts or insured by a title insurance policy
    of Chicago Title Insurance Company which is issued or to be issued. No title insurance liability is created by this Agreement.

 

    	3

     

    

 

	 	(b.)	Any
    defects in the property purchased, obligations or rights of any tenant or other party in possession, the surrender of possession
    or any misrepresentations made by any other party.
	 	 	 
	 	(c.)	Any
    default, error, action or omission of any other party.
	 	 	 
	 	(d.)	The
    expiration of any time limit or other delay, unless such time limit was known to Escrow Agent and such loss is solely caused
    by failure of Escrow Agent to proceed in its ordinary course of business.
	 	 	 
	 	(e.)	Lack
    of authenticity, sufficiency and effectiveness of any documents delivered to it and lack of genuineness of any signature or
    authority of any person authorized to sign any such document.
	 	 	 
	 	(f.)	Any
    loss or impairment of funds deposited in the course of collection or while on deposit with a Depository institution resulting
    from its failure, suspension, insolvency, bankruptcy or inability to pay said funds, or accrued interest upon demand for withdrawal.
	 	 	 
	 	(g.)	Escrow
    Agent complying with any and all legal process, writs, orders, judgments, and decrees of any court whether issued with or
    without jurisdiction and whether or not subsequently vacated, modified, set aside or reversed.
	 	 	 
	 	(h.)	Escrow
    Agent asserting or failing to assert any cause of action or defense in any judicial, administrative or other proceeding either
    in the interest of itself or any other party or parties.
	 	 	 
	 	(i.)	Any
    good faith act or forbearance by Escrow Agent.
	 	 	 
	 	(j.)	Any
    loss caused by the failure, suspension, bankruptcy or dissolution of any such investment vehicle or fund.
	 	 	 
	 	(k.)	Any
    levies by taxing authorities or judicial order based upon the taxpayer identification number used to establish an interest-bearing
    account.

 

7.
Escrow Agent shall not be liable for loss or damage resulting from:

 

	 	(a.)	Any
    good faith act or forbearance of the Escrow Agent;
	 	 	 
	 	(b.)	Any
    default, error, action or omission of any party, other than Escrow Agent;
	 	 	 
	 	(c.)	Any
    defect in the title to any property unless such loss is covered under a policy of title insurance issued by the Escrow Agent;
	 	 	 
	 	(d.)	The
    expiration of any time limit or other delay which is not solely caused by the failure of Escrow Agent to proceed in its ordinary
    course of business, and in no event where such time limit is not disclosed in writing to the Escrow Agent;
	 	 	 
	 	(e.)	Escrow
    Agent’s compliance with all attachments, writs, orders, judgments, or other legal process issued out of any court;

 

    	4

     

    

 

	 	(f.)	Escrow
    Agent’s assertion of failure to assert any cause of action or defense in any judicial or administrative proceeding;
    or
	 	 	 
	 	(g.)	Any
    loss or damage which arises after the Funds have been disbursed in accordance with the terms of this Agreement.

 

8.
Escrow Agent shall have no obligation to inquire into the authenticity of any written instructions delivered to it as required
by this Agreement nor to inquire as to the genuineness of any signature of authority of any person to issue such instructions.

 

9.
If written notice of default, non-performance or dispute by or between the Parties hereto is given to Escrow Agent within reasonable
time prior to its required performance by any such Party, Escrow Agent shall notify in writing (via letter or email at Escrow
Agent’s option) the other Party of the receipt of such notice and shall not be required to perform its obligations hereunder
if Escrow Agent deems it to be in its best interests not to so perform. If within (15) days from the date of sending email notice
to the Parties by Escrow Agent a written instruction reply has not been received by Escrow Agent by the appropriate Party or Parties
or a conflicting instruction reply has been received within such time period from any Party, Escrow Agent may in its sole discretion
perform in accordance with its obligations hereunder or file any interpleader action to resolve the conflict. Escrow Agent shall
be indemnified, saved and held harmless by the Parties for all of its expenses, costs and reasonable attorney fees incurred in
connection with an interpleader action and such expenses, costs and fees may be deducted from the Escrow Funds held hereunder.

 

10.
If Escrow Agent is made a party to any judicial, non-judicial or administrative action, hearing, or process based on acts of any
of the Parties hereto and or on the alleged malfeasance and/or negligence of Escrow Agent in performing its duties hereunder and
which seeks to attach, recover or direct disbursement/release of the subject matter of this Agreement, the expenses, costs and
attorney’s fees incurred by Escrow Agent in responding to such action, hearing, process, or proceeding may be deducted from
the Escrow Funds held hereunder at Escrow Agent’s sole discretion and the Parties shall indemnify, save, and hold Escrow
Agent harmless from said expenses, costs, and fees so incurred.

 

11.
The fee for the services of the Escrow Agent hereunder are in accordance with attached Escrow Fee Schedule and will become due
and owing to Escrow Agent at the close of the escrow account unless some other agreement is arranged, memorialized in writing,
and signed off on by the Parties. Further, the Parties hereby agree that Escrow Agent may retain its agreed upon fees from the
Escrow Funds prior to disbursement or release without further consultation with the Parties. However, if at the time of a request
for disbursement and/or release of Escrow Funds and/or documents as required hereunder, Escrow Agent is advised or becomes aware
that the subject transaction shall not close or is anticipated not to close pursuant to the contract for sale and purchase or
other agreement of the Parties to the terms hereunder by reason of a dispute between the Parties hereto or by reason of cancellation
of such transaction by mutual consent, or if the request for Chicago Title Insurance Company policy covering said transaction
is cancelled, Escrow Agent shall be entitled to the full sum owed to it as set forth in the Escrow Fee schedule attached
as Exhibit A for services rendered hereunder to be paid prior to such disbursement/release or to be deducted from the Escrow Funds
upon disbursement thereof or to be a permitted charge against such Escrow Funds when deposited in court or in any proceedings
hereinabove mentioned.

 

    	5

     

    

 

12.
This Agreement shall terminate upon the distribution and transfer of the Escrow Funds as provided by the terms of this Agreement,
unless sooner terminated by written agreement of the Parties and Escrow Agent.

 

13.
The Parties agree that in the event that the escrowed funds are to be used to fund a purchase, then upon request of only one of
the Parties (or their counsel), Escrow Agent shall disburse the funds to the designated attorney or law firm.

 

14.
Miscellaneous provisions are as follows:

 

	 	(a.)	This
    Agreement contains, and is intended as, a complete statement of all of the terms of the arrangements between the Parties and
    Escrow Agent with respect to the matters provided for and supersedes any previous agreements and understandings between the
    Parties with respect to those matters. The introductory language and the recitals set forth above are incorporated into this
    Agreement by reference.
	 	 	 
	 	(b.)	This
    Agreement shall be governed by and construed and enforced in accordance with the laws of the State of South Carolina.
	 	 	 
	 	(c.)	All
    notices and other communications under this Agreement shall be in writing and shall be deemed given (i) when delivered if
    by hand or overnight courier, (ii) three days after depositing for mailing by first-class registered mail, return receipt
    requested, postage prepaid, or (iii) by e-mail with confirmation of its receipt by Escrow Agent, or (iv) when faxed, provided
    that concurrently therewith a copy is mailed by first-class registered mail, return receipt requested, postage prepaid, to
    the parties at the following addresses:

 

	 	Seller:	Hardee
                                         Waterbridge Investments, LLC.

        55
        Park Street Extension

        Little
        River, SC 29566

        Attn:
        Benjy Hardee

        Email:
        benjyhardee@aohardee-son.com

	 	 	 
	 	with a required copy to:
	 	 	 
	 	 	Doug
                                         Wendel.

        55
        Park Street Extension 

        Little
        River, SC 29566

        Email:
        doug@aohardee-son.com

	 	 	 
	 	and required copy to:
	 	 	 
	 	 	Zeb
                                         Thomas, Esquire

        Nelson
        Mullins Riley & Scarborough L.L.P.

        Pinnacle
        Corporate Center

        3751
        Robert M. Grissom Parkway, Suite 300

        Myrtle
        Beach, South Carolina 29577

        Fax
        No. (843) 946-5681

        Email:
        zeb.thomas@nelsonmullins.com

 

    	6

     

    

 

	 	Buyer:
	 	 
	 		Harbor
                                         Custom Development, Inc. 

Attn: Sterling Griffin, President

        11505
        Burnham Dr. NW, Suite 301

        Gig
        Harbor, WA 98332-9173

        Email:
        sgriffin@harborcustomdev.com

        Telephone: (253) 649-0636

	 	 	 
	 	with
    required copy to:
	 	 
	 		Jeff
                                         Habersetzer, General Counsel

        11505
        Burnham Dr. NW, Suite 301

        Gig
        Harbor, WA 98332-9173

        Email:
        jhabersetzer@harborcustomdev.com

        Telephone: (253) 649-0632

	 	 	 
	 	If
    to the Escrow Agent, to:
	 	 
	 		

                                                         Chicago
                                         Title Insurance Company

        3700
        Forest Drive, Suite 201

        Columbia,
        S.C. 29204

        Attention:
        Jennifer W. Rubin, Esq.

        Fax:
        (803) 790-5621

        E-mail:
        Jennifer.rubin@ctt.com

 

Attorneys
for any of the Parties are hereby authorized to send notices on behalf of their clients and may list their contact information
above if authorized by their clients.

 

	 	(d.)	If
    at any time any of the covenants or provisions contained in this Agreement are deemed invalid or unenforceable by the laws
    of South Carolina (the jurisdiction where this contract will be enforced), such covenants or provisions shall be considered
    divisible as to such portion and such covenants or provisions shall become and be immediately amended and reformed to include
    only such covenants or provisions as are enforceable by the court or other body having jurisdiction of this Agreement; and
    the Parties agree that such covenants or provisions, as so amended and reformed, shall be valid and binding as though the
    invalid or unenforceable portion had not been included herein.
	 	 	 
	 	(e.)	No
    provision of this Agreement may be amended or modified except by an instrument or instruments in writing signed by the Parties
    and Escrow Agent. Any Party may waive compliance by another with any of the provisions of this Agreement. No waiver of any
    provision hereof shall be construed as a waiver of any other provision. Any waiver must be in writing (and email is acceptable
    if its receipt is confirmed by Escrow Agent).
	 	 	 
	 	(f.)	None
    of the Parties hereto may assign any of its rights or delegate any of its duties under this Agreement without the prior written
    consent of the other Party; provided that a Party may assign any of its rights or delegate any of its duties to any entity
    controlled by said Party. All of the terms and provisions of this Agreement shall be binding on, and shall inure to the benefit
    of, the respective successors and permitted assigns of the Parties.

 

    	7

     

    

 

	 	(g.)	The
    representations, warranties, covenants and agreements contained in this Agreement are for the sole benefit of the Parties
    hereto and their respective successors and assigns and they shall not be construed as conferring and are not intended to confer
    any rights on any other persons.
	 	 	 
	 	(h.)	This
    Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and each Party thereto may
    become a Party hereto by executing a counterpart hereof. This Agreement and any counterpart so executed shall be deemed to
    be one and the same instrument. Further, the Parties agree that a copy of this Agreement shall be treated as if it were an
    original and the Parties and Escrow Agent agree to be bound by the terms and conditions of the copy as if it were the original
    document.

 

[Signature
Pages Follow]

 

    	8

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed in multiple counterparts by the parties hereto on the dates set forth
below.

 

	 	SELLER:
	 	 
	 	HARDEE WATERBRIDGE INVESTMENTS,
    LLC,
	 	a
                    South Carolina limited liability company

	 	 	 
	 	By:	Hardee Management, LLC
	 	Its:	Manager
	 	 	 
	 	By:	/s/
    Benjy Hardee
			Benjy Hardee,
    its Manager
	 	 	 
	Date: _______________________	 	 

 

    	9

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed in multiple counterparts by the parties hereto on the dates set forth
below.

 

	 	PURCHASER:
	 	 
	 	HARBOR CUSTOM DEVELOPMENT, INC.,
	 	a Washington corporation
	 	 	 
	 	By:	/s/
    Sterling Griffin
	 	 	Sterling Griffin, its President
	 	 	 
	Date: 6/10/2020      

 

    	10

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed in multiple counterparts by the parties hereto on the dates set forth
below.

 

	 	ESCROW
    AGENT:
	 	 
	 	CHICAGO
    TITLE INSURANCE COMPANY
	 	 
	 	By:	         
	 	Name:	 
	 	Its	 
	 	Duly
    authorized
	 	 
	Date:
    ___________________________	 

 

    	11

     

    

 

EXHIBIT
A

 

ESCROW
FEE SCHEDULE

 

Fees
for holding earnest money:

 

	Up to $500,000.00	 	$	500.00	 
	$500,000.00- $1 million	 	$	600.00	 
	$1 million - $5 million	 	$	800.00	 
	Over $5 million	 	$	1,000.00	 

 

Fees
for acting as funding Agent pursuant to closing instructions as part of a SC attorney supervised closing

 

	Any
                                         amount sent to CTIC to disburse where it is asked to act as funding agent1
                                         as part of a real estate closing
	Flat
    fee of $1,500.00 (no additional review or 

wire fees will apply)

 

NOTE:

 

	 	1.	There
    will be an additional onetime fee of $150 if the Parties elect to have their funds deposited into an interest-bearing account.
	 	2.	There
    will be an additional charge of $150.00 per year for every escrow that remains open for more than one year.
	 	3.	There
    will be an additional onetime fee of $500.00 for the review and approval for use of every escrow agreement form that does
    not conform to our standard escrow agreement.
	 	4.	There
    will be an additional fee of $150 for the review, approval and signature of Chicago Title Insurance Company on any other document
    presented by the Parties in conjunction with an Escrow Agreement (for example, the review, approval and signature of CTIC
    on a purchase and sales agreement that may make reference to the Escrow Agreement where there is also a separate escrow Agreement).

 

 

1
Under the supervision of a licensed South Carolina Attorney (Agent) so long as the title policy or policies will be written
on Chicago Title Insurance Company paper.

 

    	12

     

    

 

Exhibit
C

 

MEMORANDUM

 

 

 

MEMORANDUM
OF AGREEMENT

 

By
this Memorandum of Agreement (“Memorandum”) entered into this __________day of __________, 2020, HARDEE
WATERBRIDGE INVESTMENTS, LLC, a South Carolina limited liability company (“Seller”), and HARBOR
CUSTOM DEVELOPMENT, INC., a Washington corporation (“Buyer”), hereby declare and agree as follows:

 

A.
Seller is the owner of that certain real property located in Horry County, South Carolina, and described on the attached Exhibit
“A” (“Seller’s Property”).

 

B.
Seller and Buyer have entered into a Purchase Agreement dated as of June , 2020 (the “Agreement”)
which, among other things, grants to Buyer the right to purchase Seller’s Property.

 

C.
Seller and Buyer desire to give actual and constructive notice to all persons interested in Seller’s Property of the existence
of the Agreement.

 

MEMORANDUM:

 

1.
The foregoing recitals are true and correct and are incorporated herein by this reference.

 

2.
Buyer’s right to purchase Seller’s Property pursuant to the terms of the Agreement shall continue in full force and
effect unless such right is terminated with respect to Seller’s Property in accordance with the terms and conditions of
the Agreement.

 

3.
All of the terms, conditions, and agreements contained within the Agreement are fully incorporated herein by reference as if fully
set forth herein.

 

[SIGNATURE
PAGES FOLLOW]

 

    	1

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Memorandum of Agreement as of the date first set forth above.

 

	WITNESSES:	SELLER:
	 	 
	 	HARDEE
    WATERBRIDGE INVESTMENTS, LLC, 
	 	a
                                         South Carolina limited liability company

 

	 	By:	Hardee
    Management, LLC 
	 	Its:	Manager
	 	 	 
	 	By:	 
	__________________________	 	Benjy
    A. Hardee, its Manager
	Witness
    #1	 	 
	Print
    Name:______________	 	 
	 	 	 
	__________________________	 	 
	Witness
    #2/Notary	 	 
	Print
    Name:________________	 	 

 

	STATE
    OF SOUTH CAROLINA	)
	 	)
    ss:
	COUNTY
    OF HORRY	)

 

The
foregoing instrument was acknowledged before me this day of ____________________________, 2020, by Benjy A. Hardee, the Manager
of Hardee Management, LLC, a South Carolina limited liability company, as Manager of Hardee Waterbridge Investments, LLC, a South
Carolina limited liability company, on behalf of the company, who is personally known to me or produced ______________________________for
identification.

 

	 	Notary:
    _____________________________
	[NOTARIAL
    SEAL]	Print
    Name:______________________________
	 	Notary
    Public, State of South Carolina
	 	My
    commission expires:_________________________

 

    	2

     

    

 

	 	 	BUYER:
	 	 	 	 
	 	 	HARBOR CUSTOM DEVELOPMENT, INC.,

a Washington corporation

	 	 	 	 
	/s/
    Tim O’Sullivan	 	By:	/s/
    Sterling Griffin
	Witness
    #1	 	 	Sterling
    Griffin, its President
	Print
    Name: Tim O’Sullivan                  	 	 	 
	 	 	Title:	President

 

	/s/
    Anita J Fritz	 	 	 
	Witness
    #2/Notary	 	 	 
	Print
    Name: Anita J Fritz                 	 	 	 

 

	STATE
    OF WASHINGTON	)
	 	)
    ss:
	COUNTY
    OF PIERCE	)

 

The
foregoing instrument was acknowledged before me this 10th day of June 2020, by Sterling Griffin, as President
of Harbor Custom Development, Inc., a Washington corporation, on behalf of the corporation, who is personally known to me or produced
WA Drivers License for identification.

 

	 	Notary:
    /s/ Anita J Fritz                  
	[NOTARIAL
    SEAL]	Print
    Name: Anita J Fritz                    
	 	Notary
    Public, State of Washington
	 	My
    commission expires: 9-10-22                
	 	 
	 	

 

 

    	3

     

    

 

Exhibit
A

Legal
Description of the Property

 

    	4

     

    

 

Exhibit
D

 

TERMINATION
OF MEMORANDUM OF AGREEMENT

 

RELEASE
AND TERMINATION OF MEMORANDUM OF AGREEMENT

 

THIS
RELEASE AND TERMINATION OF MEMORANDUM OF AGREEMENT (“Release”) is made and entered into this__________________,
2020 to be effective as of ________________, 20 , by HARBOR CUSTOM DEVELOPMENT, INC., a Washington corporation (“Buyer”),
in favor of HARDEE WATERBRIDGE INVESTMENTS, LLC, a South Carolina limited liability company (“Seller”),
with reference to the following facts:

 

Preliminary
Statement

 

Buyer
and Seller executed a Memorandum of Agreement (the “Memorandum”) to evidence the Agreement For the Purchase
and Sale of Real Property between the parties dated_____________ 2020 and the parties’ rights and obligations thereunder,
which Memorandum was recorded in Official Records Book ______________, Page _______________in the Public Records of Horry County,
South Carolina.

 

NOW,
THEREFORE, for good and valuable consideration the receipt and adequacy of which is hereby acknowledged, Buyer hereby releases
all contractual or other rights Buyer may have in the real property situated in Horry County, South Carolina and more particularly
described in Exhibit “A” attached hereto and said Memorandum of Agreement shall hereafter be deemed
null, void and of no further force or effect.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	1

     

    

 

IN
WITNESS WHEREOF, this Release been executed as of the date first above written.

 

	 	 	BUYER:
	 	 	 	 
	 	 	HARBOR CUSTOM DEVELOPMENT, INC.,

a Washington corporation

	 	 	 	 
	/s/
    Tim O’Sullivan	 	By:	/s/
Sterling Griffin
	Witness
    #1	 	 	Sterling
    Griffin, its President
	Print
    Name: Tim O’Sullivan         	 	 	 
	 	 	Title:	President

 

	/s/
    Anita J Fritz	 	 	 
	Witness
    #2/Notary	 	 	 
	Print
    Name: Anita J Fritz         	 	 	 

 

	STATE
    OF WASHINGTON	)
	 	)
    ss:
	COUNTY
    OF PIERCE	)

 

The
foregoing instrument was acknowledged before me this 10th day of June, 2020, by Sterling Griffin, as President
of Harbor Custom Development, Inc., a Washington corporation, on behalf of the corporation, who is personally known to me or produced
WA Drivers License for identification.

 

	 	Notary:
    /s/ Anita J Fritz           
	[NOTARIAL
    SEAL]	Print
    Name: Anita J Fritz          
	 	Notary
    Public, State of Washington
	 	My
    commission expires: 9-10-22           
	 	 
	 	

 

    	2

     

    

 

Exhibit
A

Legal
Description of the Property

 

    	3

     

    

 

Exhibit
E

 

WETLAND
SITE PLAN

 

 

Exhibit
E

 

    	 

     

    

 

 

Exhibit
E

 

    	 

     

    

 

Exhibit
F

 

BUILDING
ENVELOPE SITE PLAN

 

From:
Steve Chenault <sjc@ddcinc.com>

Date: June 10, 2020 at 10:11:34 AM EDT

To:
Donnie Ray <Donnier@aohardee-son.com>, Doug Wendel <doug@aohardee- son.com>

Cc:
Mike Wooten <jmw@ddcinc.com>, Tim Kirby <tsk@ddcinc.com>

Subject: Waterbridge, Phase 2

 

Donnie,

 

Please
see attached pad fit exhibit.

 

We
performed the requested exercise utilizing the 40’x78’ pad dimensions that you provided.

 

Of
the 226 lots shown on the preliminary plat, 73 lots will “not” accommodate the desired 40’x78’ pad. These
lots are shown with the “red dot” symbol (approx. 32% of the 226 lots).

 

The
original design in 2006 was performed to accommodate a development generating 40’x60’ pads. As such, the lots that
will not meet the desired dimension will accommodate a 40’ x 60’ (approx.).

 

Please
be advised that this exhibit is performed on a preliminary plan and no infrastructure is in place. Therefore, we suggest you utilize
this material in a preliminary nature.

 

Based
on our past experience, we do not recommend building homes that generate the precise dimension available (example = 40’).
We have found that it is somewhat impossible to construct upon the exact setback line without minor error.

 

Steve

 

Exhibit
E

 

    	 

     

    

 

 

Exhibit
E

 

    	 

     

    

 

 

Exhibit
E

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