Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

among

 

THERMON GROUP HOLDINGS, INC.,

 

THERMON HOLDING CORP.,

as U.S. Borrower,

 

THERMON CANADA INC.,

as Canadian Borrower,

 

The Several Lenders from Time to Time Parties Hereto,

 

BMO Capital
markets corp.,

as Syndication Agent

 

WELLS FARGO
BANK, National association,

as Documentation Agent

 

and

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

Dated as of September 29, 2021

 

JPMORGAN CHASE BANK, N.A.,

and BMO
Capital markets corp.

as Joint Lead Arrangers and Joint Bookrunners 

 

 

     

     

    

 

	 	 	TABLE OF CONTENTS	 
	 	 	 	 
	 	 	 	Page
	 	 	 	 
	SECTION 1.	 	DEFINITIONS	1
	1.1	 	Defined Terms	1
	1.2	 	Other Definitional Provisions	51
	1.3	 	Limited Condition Acquisitions	52
	1.4	 	Currency Fluctuations	53
	1.5	 	Québec Matters	53
	1.6	 	Interest Rates; LIBOR Notification	54
	 	 	 	 
	SECTION 2.	 	AMOUNT AND TERMS OF COMMITMENTS	55
	2.1	 	Term A Commitments	55
	2.2	 	Procedure for Term Loan Borrowing	55
	2.3	 	Repayment of Term Loans	56
	2.4	 	Revolving Commitments	56
	2.5	 	Procedure for Revolving Loan Borrowing	57
	2.6	 	Swingline Commitment	57
	2.7	 	Procedure for Swingline Borrowing; Refunding of Swingline Loans	58
	2.8	 	Commitment Fees, etc.	59
	2.9	 	Termination or Reduction of Revolving Commitments	60
	2.10	 	Optional Prepayments	60
	2.11	 	Mandatory Prepayments and Commitment Reductions	60
	2.12	 	Conversion and Continuation Options	63
	2.13	 	Limitations on Eurodollar Tranches and CDOR Tranches	63
	2.14	 	Interest Rates and Payment Dates	64
	2.15	 	Computation of Interest and Fees	64
	2.16	 	Inability to Determine Interest Rate; Illegality	65
	2.17	 	Pro Rata Treatment and Payments	67
	2.18	 	Requirements of Law	69
	2.19	 	Taxes	70
	2.20	 	Indemnity	74
	2.21	 	Change of Lending Office	75
	2.22	 	Replacement of Lenders	75
	2.23	 	Defaulting Lenders	75
	2.24	 	Incremental Facilities	77
	2.25	 	Extension Offers	79
	2.26	 	Refinancing Facilities	81
	2.27	 	Prepayments Below Par	82
	2.28	 	Currency Fluctuations	85
	 	 	 	 
	SECTION 3.	 	LETTERS OF CREDIT	85
	3.1	 	L/C Commitment	85
	3.2	 	Procedure for Issuance of Letter of Credit	86
	3.3	 	Fees and Other Charges	86
	3.4	 	L/C Participations	87
	3.5	 	Reimbursement Obligation of the Borrowers	88
	3.6	 	Obligations Absolute	88
	3.7	 	Letter of Credit Payments	89
	3.8	 	Applications	89

 

     

     

    

 

	3.9	 	Replacement of Issuing Lender	89
	3.10	 	Cash Collateralization	90
	3.11	 	Letters of Credit Issued for Subsidiaries	90
	 	 	 	 
	SECTION 4.	 	REPRESENTATIONS AND WARRANTIES	90
	4.1	 	Financial Condition	90
	4.2	 	No Change	90
	4.3	 	Existence; Compliance with Law	90
	4.4	 	Power; Authorization; Enforceable Obligations	91
	4.5	 	No Legal Bar	91
	4.6	 	Litigation	91
	4.7	 	No Default	91
	4.8	 	Ownership of Property; Liens	92
	 	 	 	 
	4.9	 	Intellectual Property	92
	4.10	 	Taxes	92
	4.11	 	Federal Regulations	92
	4.12	 	Labor Matters	92
	4.13	 	ERISA and Related Canadian Compliance	92
	4.14	 	Investment Company Act	93
	4.15	 	Subsidiaries	93
	4.16	 	Use of Proceeds	93
	4.17	 	Environmental Matters	94
	4.18	 	Accuracy of Information, etc.	94
	4.19	 	Security Documents	94
	4.20	 	Solvency	95
	4.21	 	Holdings	95
	4.22	 	Insurance	95
	4.23	 	Anti-Corruption Laws and Sanctions	96
	4.24	 	Affected Financial Institutions	96
	4.25	 	Disclosure	96
	 	 	 	 
	SECTION 5.	 	CONDITIONS PRECEDENT	96
	5.1	 	Conditions to Restatement Effective Date	96
	5.2	 	Conditions to Each Extension of Credit	98
	 	 	 	 
	SECTION 6.	 	AFFIRMATIVE COVENANTS	99
	6.1	 	Financial Statements	99
	6.2	 	Certificates; Other Information	100
	6.3	 	Payment of Obligations	101
	6.4	 	Maintenance of Existence; Compliance	101
	6.5	 	Maintenance of Property; Insurance	101
	6.6	 	Inspection of Property; Books and Records; Discussions	102
	6.7	 	Notices	102
	6.8	 	Environmental Laws	103
	6.9	 	Canadian Pension Plans; Canadian Benefit Plans	103
	6.10	 	Additional Collateral, etc.	104
	6.11	 	Depository Banks	106
	6.12	 	[Reserved]	106
	6.13	 	Post-Closing Collateral Obligations	106

 

     

     

    

 

	SECTION 7.	 	NEGATIVE COVENANTS	106
	7.1	 	Financial Condition Covenants	106
	7.2	 	Indebtedness	106
	7.3	 	Liens	110
	7.4	 	Fundamental Changes	113
	7.5	 	Disposition of Property	113
	7.6	 	Restricted Payments	115
	7.7	 	Sales and Leasebacks	117
	7.8	 	Investments	117
	7.9	 	Optional Payments and Modifications of Certain Debt Instruments	119
	7.10	 	Transactions with Affiliates	120
	7.11	 	Swap Agreements	120
	7.12	 	Changes in Fiscal Periods	120
	7.13	 	Negative Pledge Clauses	121
	7.14	 	Clauses Restricting Subsidiary Distributions	121
	7.15	 	Lines of Business	122
	7.16	 	Use of Proceeds	122
	 	 	 	 
	SECTION 8.	 	EVENTS OF DEFAULT	122
	 	 	 	 
	SECTION 9.	 	THE ADMINISTRATIVE AGENT	126
	9.1	 	Appointment	126
	9.2	 	Delegation of Duties	126
	9.3	 	Exculpatory Provisions	126
	9.4	 	Reliance by Administrative Agent	127
	9.5	 	Notice of Default	127
	9.6	 	Acknowledgements of Lenders	127
	9.7	 	Indemnification	129
	9.8	 	Administrative Agent in Its Individual Capacity	129
	9.9	 	Successor Administrative Agent	129
	9.10	 	Arranger and Syndication Agents	130
	9.11	 	Secured Parties	130
	9.12	 	Credit Bidding	130
	9.13	 	Certain ERISA Matters	131
	 	 	 	 
	SECTION 10.	 	MISCELLANEOUS	132
	10.1	 	Amendments and Waivers	132
	10.2	 	Notices	134
	10.3	 	No Waiver; Cumulative Remedies	135
	10.4	 	Survival of Representations and Warranties	135
	10.5	 	Payment of Expenses and Taxes	136
	10.6	 	Successors and Assigns; Participations and Assignments	137
	10.7	 	Adjustments; Set-off	141
	10.8	 	Counterparts	142
	10.9	 	Severability	143
	10.10	 	Integration	143
	10.11	 	GOVERNING LAW	143
	10.12	 	Submission To Jurisdiction; Waivers	143
	10.13	 	Acknowledgements	144
	10.14	 	Releases of Guarantees and Liens	144
	10.15	 	Confidentiality	145
	10.16	 	WAIVERS OF JURY TRIAL	146

 

     

     

    

 

	10.17	 	USA Patriot Act	146
	10.18	 	Judgment Currency	146
	10.19	 	Borrower Representative	147
	10.20	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	147
	10.21	 	Acknowledgement Regarding Any Supported QFCs	148
	10.22	 	Amendment and Restatement; No Novation	148

 

     

     

    

 

SCHEDULES:

 

		1.1	Commitments

		3.1	Existing Letters of Credit

		4.4	Consents, Authorizations, Filings and Notices

		4.6	Litigation

		4.13	Canadian Pension Plans; Canadian Benefit Plans

		4.15	Subsidiaries

		4.17	Environmental Matters

		4.19	Filing Jurisdictions

		6.6	Collateral Location

		6.13	Post-Closing Collateral Obligations

		7.2(d)	Existing Indebtedness

		7.3(f)	Existing Liens

		7.8(n)	Existing Investments

		7.10	Existing Transactions with Affiliates

 

EXHIBITS:

 

		A	Form of U.S. Reaffirmation Agreement

		B	Form of Canadian Reaffirmation Agreement

		C	Form of Compliance Certificate

		D	Form of Closing Certificate

		E	Form of Assignment and Assumption

		F	Form of U.S. Tax Compliance Certificate

		G-1	Form of Increased Facility Activation Notice—Incremental Term Loans

		G-2	Form of Increased Facility Activation Notice—Incremental Revolving Commitments

		G-3	Form of New Lender Supplement

		H	Form of Discounted Prepayment Option Notice

		I	Form of Lender Participation Notice

		J	Form of Discounted Voluntary Prepayment Notice

 

     

     

    

 

AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”),
dated as of September 29, 2021, among Thermon Group Holdings, Inc., a Delaware corporation (“Holdings”), Thermon Holding
Corp., a Delaware corporation (the “U.S. Borrower”), Thermon Canada Inc., an Alberta corporation (the “Canadian
Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the
 “Lenders”), BMO Capital Market Corp. as syndication agent, Wells Fargo
Bank, National Association, as documentation agent, and JPMorgan Chase Bank, N.A. as administrative agent.

 

WHEREAS, the Borrowers entered into that certain
Credit Agreement, dated as of October 30, 2017 (the “Existing Credit Agreement”), among Holdings, the U.S. Borrower,
the Canadian Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent;

 

WHEREAS, the Borrowers wish to refinance the facilities
outstanding under the Existing Credit Agreement with the facilities set forth in this Agreement;

 

WHEREAS, subject to the conditions set forth herein,
the Lenders agree to provide loans to the Borrowers in order to refinance such facilities; and

 

WHEREAS, the Lenders, together with the Borrowers,
the Administrative Agent and the Issuing Lenders agree (a) that this Agreement shall constitute a Refinancing Facility Agreement as defined
in the Existing Credit Agreement, (b) that the loans provided herein shall constitute Refinancing Revolving Loans and Refinancing Term
Loans, in each case as defined in the Existing Credit Agreement, and shall have the terms set forth herein and (c) to amend and restate
in its entirety the Existing Credit Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the premises
and the agreements hereinafter set forth, the parties hereto hereby agree that, on the Restatement Effective Date, the Existing Credit
Agreement will be amended and restated in its entirety as follows:

 

SECTION
1.          DEFINITIONS

 

1.1              
Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set
forth in this Section 1.1.

 

“ABR”: for any day, a rate per
annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Eurodollar Rate on such day (or, if such day is not a Business
Day, the next preceding Business Day) for a deposit in Dollars with a maturity of one month plus 1.0%; provided that for
purposes of this definition, the Eurodollar Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not
available for such one-month period, the Interpolated Rate in respect of a one-month Interest Period) at approximately 11:00 a.m. London
time on such day. Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or such Eurodollar Rate shall be effective as
of the opening of business on the day of such change in the Prime Rate, the NYFRB Rate or such Eurodollar Rate, respectively. If ABR is
being used as an alternate rate of interest pursuant to Section 2.16 (for the avoidance of doubt, if applicable pursuant to such Section
2.16, only until the Benchmark Replacement has been determined pursuant to Section 2.16(b)) hereof, then ABR shall be the greater of clause
(a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if ABR shall be less than
1%, such rate shall be deemed to be 1% for purposes of this Agreement.

 

“ABR Loans”: Loans the rate of
interest applicable to which is based upon the ABR.

 

    1 

     

    

 

“Acceptable Accountant’s
Report”: as defined in Section 6.1(a).

 

“Acceptable Discount”:
as defined in Section 2.27(c).

 

“Acceptable Foreign Currency”:
(a) each of the Closing Date Foreign Currencies and (b) any other currency that is (i) a lawful currency (other than Dollars) that is
readily available and freely transferable and convertible into Dollars in the international interbank market, (ii) agreed to by the applicable
Issuing Lender and the Administrative Agent, and (iii) is readily available for funding from all of the Revolving Lenders.

 

“Acceptance Time”:
as defined in Section 2.27(b).

 

“Account”: as at any date of determination,
all “accounts” (as such term is defined in the UCC or PPSA) of any Borrower Party, including the unpaid portion of the obligation
of a customer of such Borrower Party in respect of inventory purchased by and shipped to such customer and/or the rendition of services
by such Borrower Party, as stated on the respective invoice of such Borrower Party, net of any credits, rebates or offsets owed to such
customer.

 

“Adjustment Date”: as defined
in the Applicable Pricing Grid.

 

“Administrative Agent”: JPMorgan
Chase Bank, N.A., together with its affiliates, as the arranger of the Commitments and as the administrative agent for the Lenders under
this Agreement and the other Loan Documents, together with any of its successors and any successor administrative agent appointed in accordance
with Section 9.9. For the avoidance of doubt, references to the “Administrative Agent” shall include JPMorgan Chase Bank,
N.A., Toronto Branch (including but not limited to matters pertaining to the Canadian Loan Parties) and any other branch or affiliate
of JPMorgan Chase Bank, N.A. designated by JPMorgan Chase Bank, N.A. for the purpose of performing its obligations in such capacity.

 

“Affected Facility”:
as defined in Section 2.25(a).

 

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

 

“Affiliate”: as to a specified
Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person.
For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or
more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person
or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.

 

“Aggregate Exposure”: with respect
to any Lender at any time after the Restatement Effective Date, an amount equal to the sum of (a) the aggregate then unpaid principal
amount of such Lender’s Term Loans and (b) the amount of such Lender’s Revolving Commitment then in effect or, if the Revolving
Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding.

 

“Aggregate Exposure Percentage”:
with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s Aggregate Exposure at such time to
the Aggregate Exposure of all Lenders at such time.

 

“Agreed Currencies”: Dollars and
each Acceptable Foreign Currency.

 

    2 

     

    

 

“Agreement”: as defined in the
preamble hereto.

 

“Ancillary Document”: as defined
in Section 10.8(b).

 

“Anti-Corruption Laws”: all laws,
rules and regulations of any jurisdiction applicable to the Group Members from time to time concerning or relating to bribery or corruption.

 

“Applicable Covenant Level” as
defined in Section 7.1(a).

 

“Applicable Discount”:
as defined in Section 2.27(c).

 

“Applicable Margin”: (a) for each
Type of Loan (other than Incremental Term Loans), the rate per annum set forth under the relevant column heading below:

 

	 	 	ABR Loans and

 Canadian Prime

 Loans	 	 	Eurodollar Loans

 and CDOR Loans	 
	Revolving Loans and Swingline Loans	 	 	0.625	%	 	 	1.625	%
	Canadian Term A Loans	 	 	0.625	%	 	 	1.625	%
	U.S. Term A Loans	 	 	0.625	%	 	 	1.625	%

 

, provided, that on and after the first Adjustment Date occurring
after the completion of one full fiscal quarter of Holdings after the Restatement Effective Date, the Applicable Margin with respect to
Revolving Loans, Swingline Loans, U.S. Term A Loans and Canadian Term A Loans will be determined pursuant to the Applicable Pricing Grid;
and

 

(b)       for
Incremental Term Loans, such per annum rates as shall be agreed to by the U.S. Borrower and the applicable Incremental Term Lenders as
shown in the applicable Increased Facility Activation Notice.

 

“Applicable Pricing Grid”: the
table set forth below:

 

	Consolidated Leverage

 Ratio	 	Applicable Margin 

for Eurodollar Loans 

and CDOR Loans	 	 	Applicable Margin 

for ABR Loans and 

Canadian Prime Loans	 	 	Commitment Fee

 Rate	 
	≥ 3.25:1.00	 	 	2.00	%	 	 	1.00	%	 	 	0.325	%
	< 3.25:1.00 but ≥ 3.00:1.00	 	 	1.875	%	 	 	0.875	%	 	 	0.300	%
	< 3.00:1.00 but ≥ 2.75:1.00	 	 	1.75	%	 	 	0.75	%	 	 	0.275	%
	< 2.75:1.00 but ≥ 2.50:1.00	 	 	1.625	%	 	 	0.625	%	 	 	0.250	%
	< 2.50:1.00 but ≥ 2.25:1.00	 	 	1.50	%	 	 	0.50	%	 	 	0.225	%
	< 2.25:1.00 but ≥ 2.00:1.00	 	 	1.375	%	 	 	0.375	%	 	 	0.200	%
	< 2.00:1.00	 	 	1.25	%	 	 	0.25	%	 	 	0.175	%

   

    3 

     

    

 

For the purposes of the Applicable Pricing Grid,
changes in the Applicable Margin or the Commitment Fee Rate resulting from changes in the Consolidated Leverage Ratio shall become effective
on the date (the “Adjustment Date”) that is five Business Days after the date on which financial statements are delivered
to the Lenders pursuant to Section 6.1 and shall remain in effect until the next change to be effected pursuant to this paragraph. If
any financial statements referred to above are not delivered within the time periods specified in Section 6.1, then, until the date that
is three Business Days after the date on which such financial statements are delivered, the highest rate set forth in each column of the
Applicable Pricing Grid shall apply. In addition, at all times while a Specified Event of Default shall have occurred and be continuing,
the highest rate set forth in each column of the Applicable Pricing Grid shall apply. Each determination of the Consolidated Leverage
Ratio pursuant to the Applicable Pricing Grid shall be made in a manner consistent with the determination thereof pursuant to Section 7.1.

 

“Applicable Reference Period”:
as at any date of determination, the most recently ended Reference Period for which financial statements with respect to each fiscal quarter
included in such Reference Period have been delivered pursuant to Section 6.1.

 

“Applicable Transactions”: as
defined in the definition of “Pro Forma Basis”.

 

“Application”: an application,
in such form as the relevant Issuing Lender may specify from time to time, requesting such Issuing Lender to open a Letter of Credit.

 

“Approved Fund”: any Person (other
than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the
ordinary course of its business and that is administered or managed by (a) a Lender, (b) an affiliate of a Lender or (c) an entity or
an affiliate of an entity that administers or manages a Lender.

 

“Arrangers”: the Joint Lead Arrangers
and Joint Bookrunners identified on the cover page of this Agreement.

 

“Asset Sale”: any Disposition
of property or series of related Dispositions of property pursuant to Section 7.5(r) that yields Net Cash Proceeds to any Group Member
(valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued
at fair market value in the case of other non-cash proceeds) in excess of $1,000,000.

 

“Assignee”: as defined in Section
10.6(b).

 

“Assignment and Assumption”: an
Assignment and Assumption, substantially in the form of Exhibit E.

 

“Attributable Indebtedness”: in
respect of any sale and leaseback transaction, as at the time of determination, the present value (discounted at the implied interest
rate in such transaction compounded annually) of the total obligations of the lessee for rental payments during the remaining term of
the lease included in such sale and leaseback transaction (including any period for which such lease has been extended or may, at the
option of the lessor, be extended).

 

“Available Revolving Commitment”:
as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Commitment then in
effect over (b) such Lender’s Revolving Extensions of Credit then outstanding; provided, that in calculating any Lender’s
Revolving Extensions of Credit for the purpose of determining such Lender’s Available Revolving Commitment pursuant to Section 2.8(a),
the aggregate principal amount of Swingline Loans then outstanding shall be deemed to be zero.

 

    4 

     

    

 

“Available Tenor”: as of any date
of determination and with respect to the then-current Benchmark for any Agreed Currency, as applicable, any tenor for such Benchmark (or
component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that
is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making
payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for
such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (f) of Section 2.16.

 

“Bail-In Action”: 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”: (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).

 

“Bankruptcy Code”: the provisions
of Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq.

 

“Bankruptcy Event”: with respect
to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, interim receiver, receiver-manager
conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization
or liquidation of its business 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, provided, further, that such ownership interest does not result
in or provide such Person with immunity from the jurisdiction of courts within the United States or Canada or from the enforcement of
judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate,
disavow or disaffirm any contracts or agreements made by such Person.

 

“Bankruptcy Plan”: a reorganization
or plan of liquidation pursuant to any Debtor Relief Laws.

 

“Benchmark”: initially, (i) with
respect to any Eurodollar Loan, the Eurodollar Base Rate and (ii) with respect to any CDOR Loan, CDOR; provided that if a Benchmark Transition
Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related Benchmark
Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for such Agreed Currency, then
 “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior
benchmark rate pursuant to clause (b) or clause (c) of Section 2.16.

 

    5 

     

    

 

 

“Benchmark Replacement”: for any
Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable
Benchmark Replacement Date; provided that, in the case of any Loan denominated in an Acceptable Foreign Currency or in the case of an
Other Benchmark Rate Election, “Benchmark Replacement” shall mean the alternative set forth in (3) below:

 

(1)       in
the case of any Loan denominated in Dollars, the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(2)       in
the case of any Loan denominated in Dollars, the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3)       the
sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrowers as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement
benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated
in the applicable Agreed Currency at such time in the United States and (b) the related Benchmark Replacement Adjustment;

 

provided that, in the case of clause (1), such Unadjusted Benchmark
Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative
Agent in its reasonable discretion; provided further that, in the case of clause (3), when such clause is used to determine the
Benchmark Replacement in connection with the occurrence of an Other Benchmark Rate Election, the alternate benchmark rate selected by
the Administrative Agent and the Borrowers shall be the term benchmark rate that is used in lieu of a LIBOR-based rate in the relevant
other Dollar-denominated syndicated credit facilities; provided further that, notwithstanding anything to the contrary in this
Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, 
on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum
of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first
proviso above).

 

If the Benchmark Replacement as determined pursuant
to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes
of this Agreement and the other Loan Documents.

 

“Benchmark Replacement Adjustment”:
with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period
and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)       for
purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order
below that can be determined by the Administrative Agent:

 

(a)       the
spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero)
as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the
Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable
Corresponding Tenor;

 

(b)       the
spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set
for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective
upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

    6 

     

    

 

(2)       for
purposes of clause (3) of the definition of “Benchmark Replacement,” 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
Borrowers for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date 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 such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable
Agreed Currency at such time;

 

provided that, in the case of clause (1) above, such adjustment
is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected
by the Administrative Agent in its reasonable discretion.

 

“Benchmark Replacement Conforming Changes”:
with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of
 “ABR,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency
of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices,
length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that
the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit
the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative
Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative
Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

 

“Benchmark Replacement Date”:
with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

 

(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 such Benchmark (or the published component
used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component
thereof);

 

(2)       in
the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published
component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such
Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by
reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark
(or such component thereof) continues to be provided on such date;

 

    7 

     

    

 

(3)       in
the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the Lenders
and the Borrowers pursuant to Section 2.16(c); or

 

(4)       in
the case of an Early Opt-in Election or an Other Benchmark Rate Election, the sixth (6th) Business Day after the date notice of such Early
Opt-in Election or Other Benchmark Rate Election, as applicable, is provided to the Lenders, so long as the Administrative Agent has not
received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election or Other
Benchmark Rate Election, as applicable, is provided to the Lenders, written notice of objection to such Early Opt-in Election or Other
Benchmark Rate Election, as applicable, from Lenders comprising the Required Lenders.

 

For the avoidance of doubt, (i) if the event giving
rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark
Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence
of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published
component used in the calculation thereof).

 

“Benchmark Transition Event”:
with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

 

(1) a public statement or publication of
information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing
that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently
or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to
provide any Available Tenor of such Benchmark (or such component thereof);

 

(2) a public statement or publication of
information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof),
the Federal Reserve Board, the NYFRB, the central bank for the Agreed Currency applicable to such Benchmark, an insolvency official with
jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator
for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased
or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that,
at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of
such Benchmark (or such component thereof); or

 

(3) a public statement or publication of
information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof)
announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will
no longer be, representative.

 

For the avoidance of doubt, a “Benchmark Transition
Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth
above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation
thereof).

 

    8 

     

    

 

“Benchmark Unavailability Period”:
with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1)
or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes
hereunder and under any Loan Document in accordance with Section 2.16 and (y) ending at the time that a Benchmark Replacement has replaced
such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.16.

 

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

 

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

 

“Benefit Plan”: any employee benefit
plan as defined in Section 3(3) of ERISA (whether governed by the laws of the United States or otherwise) (x) of which (i) any Loan Party
is a sponsor or (ii) is maintained by a Loan Party or (y) to which any Loan Party incurs or otherwise has any obligation or liability,
contingent or otherwise.

 

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

 

“Benefitted Lender”: as defined
in Section 10.7(a).

 

“BHC Act Affiliate”: of a party
means an “affiliate’ (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

 

“Board”: the Board of Governors
of the Federal Reserve System of the United States (or any successor).

 

“Borrower Parties”: the collective
reference to the U.S. Borrower and its Subsidiaries.

 

“Borrower Representative”: the
U.S. Borrower, in its capacity as a Borrower hereunder, and/or in its capacity as contractual agent, attorney-in-fact and representative
of the Canadian Borrower pursuant to Section 10.19, as the case may be.

 

“Borrowers”: the collective reference
to the U.S. Borrower and the Canadian Borrower.

 

“Borrowing Date”: any Business
Day specified by the applicable Borrower as a date on which such Borrower requests the relevant Lenders to make Loans hereunder.

 

“British Pounds Sterling”: the
lawful currency of the United Kingdom.

 

“Business Day”: a day other than
a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close, provided,
that (i) with respect to notices and determinations in connection with, and payments of principal and interest on, Loans having an interest
rate determined by reference to the Eurodollar Rate, such day is also a day for trading by and between banks in Dollar deposits in the
interbank eurodollar market and (ii) with respect to notices and determinations in connection with, and payments of principal and interest
on or Reimbursement Obligations in respect of, Loans or Letters of Credit denominated in Canadian Dollars, such day is also a day on which
banks are open for dealings in Canadian Dollars in Toronto, Ontario.

 

    9 

     

    

 

“Cafeteria Plan Flex Account”:
the bank deposit account (or if more than one, the aggregate of all such accounts) established and maintained by a U.S. Loan Party (other
than Holdings) from time to time to serve as collateral for stored value card transactions under the health and/or dependent care flexible
spending account components of a U.S. Loan Party’s (other than Holdings) cafeteria plan for employees, as such plan exists now or
may be amended in the future, but in each case only to the extent such accounts are established and maintained in accordance with applicable
laws and qualify under Section 125 of the Code.

 

“Calculation Date”: the last Business
Day of each calendar quarter (or any other day selected by the Administrative Agent); provided that (a) the second Business Day
preceding each Borrowing Date with respect to Revolving Loans or Swingline Loans (or such other Business Day as the Administrative Agent
shall deem applicable with respect to any currency in accordance with rate-setting convention for such currency) shall be a Calculation
Date, (b) the date on which a Revolving Loan denominated in Canadian Dollars is continued or converted shall be a Calculation Date and
(c) the date of each issuance, amendment, renewal or extension of a Letter of Credit, or any other date determined by the applicable Issuing
Lender, shall also be a Calculation Date.

 

“Canadian Benefit Plans”: any
plan, fund, program, or policy, whether oral or written, formal or informal, funded or unfunded, insured or uninsured, providing material
employee benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings
benefits, under which any Loan Party has any liability with respect to any employee or former employee, but excluding (a) any Canadian
Pension Plans, (b) any Pension Plan and (c) any Multiemployer Plan.

 

“Canadian Borrower”: as defined
in the preamble hereto.

 

“Canadian Collateral Documents”:
collectively, the Canadian Guarantee and Collateral Agreement, the Quebec Security Documents, and any other agreements, instruments and
documents executed by any Canadian Loan Party in connection with this Agreement that are intended to create, perfect or evidence Liens
to secure the Obligations (as defined in the Canadian Guarantee and Collateral Agreement) including all other security agreements, pledge
agreements, debentures, share charges, hypothecs, loan agreements, notes, guarantees, subordination agreements, pledges, powers of attorney,
assignments, contracts, notices, financing statements and all other written matter whether theretofore, now or hereafter executed by any
Canadian Loan Party and delivered to the Administrative Agent.

 

“Canadian Declined Amount”: as
defined in Section 2.11(b)(ii).

 

“Canadian Dollars” and “C$”:
dollars in lawful currency of Canada.

 

“Canadian Guarantee and Collateral Agreement”:
the Guarantee and Collateral Agreement dated as of October 31, 2017 executed and delivered by the Canadian Borrower and each Canadian
Subsidiary Guarantor in connection with the closing of the Existing Credit Agreement, as reaffirmed by the Canadian Reaffirmation Agreement.

 

“Canadian Loan Parties”: the collective
reference to the Canadian Borrower and the Canadian Subsidiary Guarantors.

 

    10 

     

    

 

“Canadian Pension Event”: (a)
any Loan Party shall, directly or indirectly, terminate or cause to terminate, in whole or in part, or initiate the termination of, in
whole or in part, any Canadian Pension Plan so as to result in any liability which could have a Material Adverse Effect; (b) any event
or condition exists in respect of any Canadian Pension Plan which presents the risk of liability of any Loan Party which could have a
Material Adverse Effect; (c) a going concern unfunded liability or the solvency deficiency (calculated using actuarial methods and assumptions
which are consistent with the valuations last filed with the applicable Governmental Authorities and which are consistent with generally
accepted actuarial principles) exists under any Canadian Pension Plan; (d) any Loan Party shall fail to make minimum required contributions
to amortize any funding deficiencies under a Canadian Pension Plan within the time period set out in applicable Laws or fail to make a
required contribution under any Canadian Pension Plan or Canadian Benefit Plan which could result in the imposition of a Lien upon the
assets of the Canadian Borrower or any of its Subsidiaries; or (e) any Loan Party makes any improper withdrawals or applications of assets
of a Canadian Pension Plan or Canadian Benefit Plan.

 

“Canadian Pension Plans”: each
pension plan required to be registered under Canadian federal or provincial law that is maintained, administered or contributed to by,
or to which there is or may be an obligation to contribute by, a Loan Party for its employees or former employees, but does not include
the Canada Pension Plan or the Quebec Pension Plan as maintained by the Government of Canada or the Province of Quebec, respectively.

 

“Canadian Prime Loans”: Loans
the rate of interest applicable to which is based upon the Canadian Prime Rate.

 

“Canadian Prime Rate”: for any
day, a rate per annum determined by the Administrative Agent to be the greater of (a) the rate equal to the PRIMCAN Index rate that appears
on the Bloomberg screen at 10:15 a.m. Toronto time on such day (or, in the event that the PRIMCAN Index is not published by Bloomberg,
any other information services that publishes such index from time to time, as selected by the Administrative Agent in its reasonable
discretion) and (b) the CDOR Rate for 30 day Canadian Dollar bankers’ acceptances plus 1.0%; provided, that if any the above
rates shall be less than zero, such rate shall be deemed to be zero. Any change in the Canadian Prime Rate due to a change in the PRIMCAN
Index or the CDOR Rate shall be effective as of the opening of business on the day of such change in the PRIMCAN Index or CDOR Rate, respectively.

 

“Canadian Reaffirmation Agreement”:
a reaffirmation agreement to be executed and delivered by the Canadian Borrower and each Canadian Subsidiary Guarantor on the Restatement
Effective Date, substantially in the form of Exhibit B.

 

“Canadian Subsidiary”: any Subsidiary
of the Canadian Borrower organized under the laws of any jurisdiction within Canada.

 

“Canadian Subsidiary Guarantor”:
each Wholly Owned Canadian Subsidiary of the Canadian Borrower (other than any Excluded Canadian Subsidiary), whether existing on the
Restatement Effective Date or established, created or acquired after the Restatement Effective Date, in each case unless and until such
time as the applicable Wholly Owned Canadian Subsidiary is released from all of its obligations under the Security Documents to which
it is a party in accordance with the terms and provisions hereof and thereof.

 

“Canadian Term A Commitment”:
as to any Lender, the obligation of such Lender, if any, to make a Canadian Term A Loan to the Canadian Borrower in a principal amount
not to exceed the amount set forth under the heading “Canadian Term A Commitment” opposite such Lender’s name on Schedule
1.1. The original aggregate amount of the Canadian Term A Commitments is C$76,182,000.

 

    11 

     

    

 

“Canadian Term A Facility”: as
defined in the definition of “Facility”.

 

“Canadian Term A Lender”: each
Lender that has a Canadian Term A Commitment or that holds a Canadian Term A Loan.

 

“Canadian Term A Loan”: as defined
in Section 2.1(b).

 

“Canadian Term A Percentage”:
as to any Canadian Term A Lender at any time, the percentage which such Lender’s Canadian Term A Commitment then constitutes of
the aggregate Canadian Term A Commitments (or, at any time after the Restatement Effective Date, the percentage which the aggregate principal
amount of such Lender’s Canadian Term A Loans then outstanding constitutes of the aggregate principal amount of the Canadian Term
A Loans then outstanding).

 

“Canadian Term Loans” the collective
reference to the Canadian Term A Loans and any Incremental Term Loans incurred by the Canadian Borrower.

 

“Capital Expenditures”: for any
period, with respect to any Person, the aggregate of all cash expenditures by such Person and its Subsidiaries for the acquisition or
leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs
and improvements during such period) which are required to be capitalized under GAAP on a consolidated balance sheet of such Person and
its Subsidiaries.

 

“Capital Lease Obligations”: as
to any Person, 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, for the purposes of this Agreement, the amount of such obligations at any time
shall be the capitalized amount thereof at such time determined in accordance with GAAP.

 

“Capital Stock”: any and all shares,
interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership
interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing, but excluding
any debt securities convertible into any of the foregoing.

 

“Capital Stock Equivalents”: all
securities convertible into or exchangeable for Capital Stock or any other Capital Stock Equivalent and all warrants, options or other
rights to purchase, subscribe for or otherwise acquire any Capital Stock or any other Capital Stock Equivalent, whether or not presently
convertible, exchangeable or exercisable.

 

“Cash Equivalents”: (a) marketable
direct obligations (i) issued by, or unconditionally guaranteed by, the Canadian or United States Government or (ii) issued by any agency
of the Canadian or United States Government and backed by the full faith and credit of Canada or the United States, as applicable, in
each case maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits
or overnight bank deposits having maturities of six months or less from the date of acquisition issued by any Lender or by any commercial
bank organized under the laws of Canada, the United States, any province or state thereof or the District of Columbia having combined
capital and surplus of not less than $250,000,000; (c) commercial paper of an issuer rated at least A-1 by Standard & Poor’s
Ratings Services (“S&P”) or P-1 by Moody’s Investors Service, Inc. (“Moody’s”),
or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings
of commercial paper issuers generally, and maturing within one year from the date of acquisition; (d) repurchase obligations of any Lender
or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days, with respect
to securities issued or fully guaranteed or insured by the Canadian or United States government; (e) securities with maturities of one
year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth, province or territory of Canada or the
United States, by any political subdivision or taxing authority of any such state, commonwealth, province or territory or by any foreign
government or any province or political subdivision thereof, the securities of which state, commonwealth, province, territory, political
subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s; (f) securities
with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial
bank satisfying the requirements of clause (b) of this definition; (g) money market mutual or similar funds that invest exclusively in
assets satisfying the requirements of clauses (a) through (f) of this definition; or (h) money market funds that (i) comply with the criteria
set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s
and (iii) have portfolio assets of at least $5,000,000,000.

 

    12 

     

    

 

“CDOR Loans”: Loans the rate of
interest applicable to which is based upon the CDOR Rate.

 

“CDOR Rate”: with respect to any
CDOR Loan for any Interest Period, the Canadian Dollar offered rate which, in turn means on any day, the rate equal to the sum of (a)
the annual rate of interest determined with reference to the arithmetic average of the discount rate quotations of all institutions listed
in respect of the relevant Interest Period for Canadian Dollar-denominated bankers’ acceptances displayed and identified as such
on the “CDOR Page” (or any display substituted therefore) of Reuters Monitor Money Rates Service Reuters Screen (or,
in the event such rate does not appear on such page or screen, on any successor or substitute page or screen that displays such rate,
or on the appropriate page of such other information service that publishes such rate from time to time, as selected by the Administrative
Agent in its reasonable discretion; in each case, the “CDOR Screen Rate”), at or about 10:15 a.m. Toronto local time
on the first day of the applicable Interest Period and, if such day is not a Business Day, then on the immediately preceding Business
Day (as adjusted by the Administrative Agent after 10:15 a.m. Toronto local time to reflect any error in the posted rate of interest or
in the posted average annual rate of interest) plus (b) 0.10% per annum; provided that if the CDOR Screen Rate shall be less than
zero, such rate shall be deemed to be zero; provided, further, that with respect to an Impacted Interest Period, the CDOR
Rate shall be the Interpolated Rate at such time (provided that if the Interpolated Rate shall be less than zero, such rate shall be deemed
to be zero for purposes of this Agreement).

 

“CDOR Screen Rate”: as defined
in the definition of “CDOR Rate”.

 

“CDOR Tranche”: the collective
reference to CDOR Loans under a particular Facility the then current Interest Periods with respect to all of which begin on the same date
and end on the same later date (whether or not such Loans shall originally have been made on the same day).

 

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

 

“CFC Holdco”: any Domestic Subsidiary
that has no material assets other than the Capital Stock in or Indebtedness of one or more CFCs, including the indirect ownership of such
Capital Stock or Indebtedness through one or more CFC Holdcos. 

 

“Change of Control”: as defined
in Section 8(k).

 

    13 

     

    

 

“Chinese Renminbi”: the lawful
currency of the People’s Republic of China.

 

“Closing Date”: October 30, 2017.

 

“Closing Date Foreign Currencies”:
(a) Canadian Dollars, (b) Euros, (c) British Pounds Sterling and (d) Chinese Renminbi.

 

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

 

“Collateral”: all property of
the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by any Security Document but which in
no event will include any Excluded Assets.

 

“Commitment”: as to any Lender,
the sum of the Term A Commitment and the Revolving Commitment of such Lender.

 

“Commitment Fee Rate”: 0.25% per
annum; provided, that on and after the first Adjustment Date occurring after the completion of one full fiscal quarter of Holdings
after the Restatement Effective Date, the Commitment Fee Rate will be determined pursuant to the Applicable Pricing Grid.

 

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

 

“Compliance Certificate”: a certificate
duly executed by a Responsible Officer of Holdings substantially in the form of Exhibit C.

 

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

 

“Consolidated Cash Flow”: for
any period:

 

(a) the sum of (i) Consolidated EBITDA for such period
plus (ii) Consolidated Lease Expense for such period, minus

 

(b) Unfinanced Capital Expenditures of the Group
Members for such period.

 

“Consolidated EBITDA”: for any
period:

 

(a) Consolidated Net Income for such period plus,

 

(b) without duplication and (other than with respect
to clause (x) below) to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of:

 

(i)        provisions
for taxes based on income (or similar taxes in lieu of income taxes), profits or capital (or equivalents), including federal, foreign,
state, provincial, local, franchise, excise and similar taxes and foreign withholding taxes of such Person paid or accrued during such
period,

 

(ii)        interest
expense and, to the extent not reflected in such interest expense, any net losses on hedging obligations or other derivative instruments
entered into for the purpose of hedging interest rate risk, amortization or write-off of debt discount and debt issuance costs and commissions,
discounts and other fees and charges associated with Indebtedness (including commitment, letter of credit and administrative fees and
charges with respect to the Facilities),

 

    14 

     

    

 

(iii)      depreciation and amortization
expense,

 

(iv)      amortization
of intangibles (including, but not limited to, goodwill) and organization costs,

 

(v)       non-cash
compensation expense,

 

(vi)      non-cash
expenses or losses from the application of purchase accounting, including the write down of inventory in connection therewith,

 

(vii)     so
long as the same is not reasonably likely to result in a cash expenditure in a future period, non-cash expenses (including as a result
of the acceleration of vesting in the event of a change of control) resulting from the grant or periodic remeasurement of stock options
or other equity-related incentives to any director, officer or employee of any of the Group Members pursuant to a written plan or agreement
approved by the board of directors or similar governing body of any Group Member,

 

(viii)    all
other non-cash losses or expenses, including any non-cash impairment charge or asset write-off related to intangible assets, long-lived
assets, and investments in debt and equity securities, and any non-cash foreign exchange losses, but excluding, in any event, any non-cash
loss or expense (x) that is an accrual of a reserve for a cash expenditure or payment to be made, or anticipated to be made, in a future
period or (y) relating to a write-down, write off or reserve with respect to Accounts and inventory,

 

(ix)       all
Transaction Expenses and any fees, costs, expenses or charges (other than depreciation or amortization charges) related to any actual,
proposed or contemplated equity offering (including any expense relating to enhanced accounting functions or other transaction costs associated
with a public company), Investment to which a Group Member is a party, acquisition, disposition or recapitalization permitted under this
Agreement or the incurrence of Indebtedness permitted to be incurred under this Agreement (including a refinancing thereof) or any amendment,
waiver or modification of Indebtedness (in each case, whether or not successful), including (A) such fees, expenses or charges incurred
in connection with the negotiation, execution and delivery on the Restatement Effective Date of the Loan Documents, (B) any amendment
or other modification of any Loan Document and (C) such costs, fees and expenses in connection with any tender for or redemption of any
Indebtedness, including any premium, make-whole or penalty payments,

 

(x)        cash
proceeds received by the Group Members in such period from business interruption insurance,

 

(xi)       losses
with respect to discontinued operations,

 

(xii)      non-recurring
cash expenses and costs, including non-recurring cash expenses and costs incurred in connection with (w) restructurings, integration,
severance and synergies, (x) acquisitions permitted under this Agreement (including restructurings, severance payments and synergies resulting
therefrom or implemented in connection therewith) and (y) compliance fees; provided that with respect to any Reference Period,
the aggregate amount added back in the calculation of Consolidated EBITDA for such Reference Period pursuant to this clause (xii), together
with the aggregate amount added back in the calculation of Consolidated EBITDA for such Reference Period pursuant to clause (xiii), shall
not exceed 20% of Consolidated EBITDA (calculated prior to giving effect to any add-backs pursuant to this clause (xii) and clause (xiii)),
and

 

    15 

     

    

 

(xiii)    the
amount of “run-rate” cost savings, operating expense reductions, operating improvements and synergies that are reasonably
identifiable, factually supportable and projected by Holdings in good faith to be realized as a result of mergers and other business combinations,
Permitted Acquisitions, divestitures, insourcing initiatives, cost savings initiatives, consolidations, openings and closings, product
rationalization and other similar initiatives after the Closing Date, in each case to the extent not prohibited by this Agreement (collectively,
 “Initiatives”) (calculated on a pro forma basis as though such cost savings, operating expense reductions, operating
improvements and synergies had been realized on the first day of the relevant Reference Period), net of the amount of actual benefits
realized in respect thereof; provided that (v) actions in respect of such cost-savings, operating expense reductions, operating
improvements and synergies have been, or will be, taken within 24 months of the applicable Initiative, (w) no cost savings, operating
expense reductions, operating improvements or synergies shall be added pursuant to this clause (xiii) to the extent duplicative of any
expenses or charges otherwise added to (or excluded from) Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for
such period, (x) projected amounts (and not yet realized) may no longer be added in calculating Consolidated EBITDA pursuant to this clause
(xiii) to the extent occurring more than eight fiscal quarters after the applicable Initiative, (y) the U.S. Borrower must deliver to
the Administrative Agent (1) a certificate of a Responsible Officer of Holdings setting forth such estimated cost-savings, operating expense
reductions, operating improvements and synergies and (2) information and calculations supporting in reasonable detail such estimated cost
savings, operating expense reductions, operating improvements and synergies and (z) with respect to any Reference Period, the aggregate
amount added back in the calculation of Consolidated EBITDA for such Reference Period pursuant to this clause (xiii), together with the
aggregate amount added back in the calculation of Consolidated EBITDA for such Reference Period pursuant to clause (xii), shall not exceed
20% of Consolidated EBITDA (calculated prior to giving effect to any add-backs pursuant to this clause (xiii) and clause (xii)), and minus,

 

(c) to the extent included in the statement of such
Consolidated Net Income for such period, the sum of:

 

(i)        interest
income,

 

(ii)       any
extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in the statement
of such Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary course of business),

 

(iii)      income
tax credits (to the extent not netted from income tax expense),

 

(iv)      any
other non-cash income, and

 

(v)       net
gains on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk,

 

all as determined on a consolidated basis. For the
purposes of calculating Consolidated EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”)
pursuant to any determination of the Consolidated Leverage Ratio or the Consolidated Secured Leverage Ratio, (i) if at any time during
such Reference Period a Borrower Party shall have made any Material Disposition, the Consolidated EBITDA for such Reference Period shall
be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material
Disposition for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for
such Reference Period and (ii) if during such Reference Period a Borrower Party shall have made a Material Acquisition, Consolidated
EBITDA for such Reference Period shall be calculated after giving pro  forma effect thereto as if such Material Acquisition
occurred on the first day of such Reference Period.

 

    16 

     

    

 

“Consolidated Fixed Charge Coverage Ratio”:
for any period, the ratio of (a) Consolidated Cash Flow to (b) Consolidated Fixed Charges for such period.

 

“Consolidated Fixed Charges”:
for any period, the sum (without duplication) of (a) the excess (to the extent positive) of (i) Consolidated Interest Expense for
such period minus (ii) total interest income of the Group Members for such period, (b) scheduled payments made during such period on account
of principal of Indebtedness of the Group Members (including scheduled principal payments in respect of the Term Loans), (c) Consolidated
Lease Expense for such period, (d) earnouts payable in cash by the Group Members during such period, (e) income tax expense paid or payable
in cash during such period by the Group Members and (f) Restricted Payments paid in cash during such period pursuant to Section 7.6(c),
Section 7.6(e), Section 7.6(g) or Section 7.6(h).

 

“Consolidated Interest Expense”:
for any period, total cash interest expense (including that attributable to Capital Lease Obligations) of the Group Members for such period
with respect to all outstanding Indebtedness of the Group Members (including all commissions, discounts and other fees and charges owed
with respect to letters of credit and bankers’ acceptance financing and net costs under Swap Agreements in respect of interest rates
to the extent such net costs are allocable to such period in accordance with GAAP).

 

“Consolidated Lease Expense”:
for any period, the aggregate amount of fixed and contingent rentals payable by the Group Members for such period with respect to leases
of real and personal property, determined on a consolidated basis in accordance with GAAP.

 

“Consolidated Leverage Ratio”:
as at the last day of any period, the ratio of (a) Consolidated Total Debt on such day to (b) Consolidated EBITDA for such period.

 

“Consolidated Net Income”: for
any period, the consolidated net income (or loss) of the Group Members, determined on a consolidated basis in accordance with GAAP; provided
that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of the U.S. Borrower
or is merged into or consolidated with a Borrower Party and (b) the income (or deficit) of any Person (other than a Subsidiary of the
U.S. Borrower) in which a Borrower Party has an ownership interest, except to the extent that any such income is actually received by
such Borrower Party in the form of dividends or similar distributions.

 

“Consolidated Secured Debt”: at
any date, Consolidated Total Debt at such date that is secured by a Lien on any property of any Group Member.

 

“Consolidated Secured Leverage Ratio”:
as at the last day of any period, the ratio of (a) Consolidated Secured Debt on such day to (b) Consolidated EBITDA for such period.

 

“Consolidated Total Assets”: the
total assets of Holdings and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, as shown on the consolidated
balance sheet of Holdings for the most recently completed fiscal quarter for which financial statements have been delivered pursuant to
Section 6.1(a) or (b).

 

    17 

     

    

 

“Consolidated Total Debt”: at
any date, Capital Lease Obligations, purchase money Indebtedness, Indebtedness for borrowed money and letters of credit (but only to the
extent drawn and not reimbursed), in each case of the Group Members at such date, determined on a consolidated basis in accordance with
GAAP.

 

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

 

“Control Affiliate”: as to any
Person, any other Person that directly or indirectly, is in control of, is controlled by, such Person. For purposes of this definition,
 “control” of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies
of such Person whether by contract or otherwise.

 

“Corresponding Tenor”: with respect
to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the
same length (disregarding business day adjustment) as such Available Tenor.

 

“Covered Entity”: any of the following:

 

(i)        a
 “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(ii)       a
 “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(iii)      a
 “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Covered Party”: as defined in
Section 10.21.

 

“Credit Party”: the Administrative
Agent, the Issuing Lender, the Swingline Lender or any other Lender and, for the purposes of Section 10.13 only, the Administrative Agent
and the Arranger.

 

“Daily Simple SOFR”: for
any day, SOFR, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in accordance
with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR”
for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the
Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.

 

“Debtor Relief Laws”: the Bankruptcy
Code, the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-up and Restructuring
Act (Canada) and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,
arrangement, compromise, receivership, insolvency, reorganization, or similar debtor relief laws of the United States, Canada or other
applicable jurisdictions from time to time in effect.

 

    18 

     

    

 

“Default”: any of the events specified
in Section 8, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied.

 

“Default Right”: as defined in,
and as interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“Defaulting Lender”: 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, (ii) fund
any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required
to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such
failure is the result of such Lender’s 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 Borrower Representative or any Credit Party in
writing, or has made a public statement to the effect, that it 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 such Lender’s 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 a Credit Party to provide a certification in writing from an authorized officer of such Lender that it
will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then
outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon such Credit Party’s and the Borrower Representative’s receipt of such certification
in form and substance satisfactory to it, the Administrative Agent and the Borrower Representative, or (d) has become the subject of a
Bankruptcy Event or a Bail-In Action.

 

“Designated Non-Cash Consideration”:
the fair market value of non-cash consideration received by a Borrower Party in connection with a Disposition that is so designated as
Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer of the U.S. Borrower setting forth the basis of such
valuation, less the amount of cash and Cash Equivalents received in connection with a subsequent sale of such Designated Non-Cash Consideration
within 180 days of receipt thereof.

 

“Discount Range”:
as defined in Section 2.27(b).

 

“Discounted Prepayment Option
Notice”: as defined in Section 2.27(b).

 

“Discounted Voluntary Prepayment”:
as defined in Section 2.27(a).

 

“Discounted Voluntary Prepayment
Notice”: as defined in Section 2.27(e).

 

“Disposition”: with respect to
any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof. The terms “Dispose”
and “Disposed of” shall have correlative meanings.

 

    19 

     

    

 

“Disqualified Capital Stock”:
with respect to any Person, any Capital Stock of such Person that by its terms (or by the terms of any security into which it is convertible
or for which it is exchangeable, either mandatorily or at the option of the holder thereof), or upon the happening of any event or condition:

 

(a)       matures
or is mandatorily redeemable (other than solely for Capital Stock of such Person that does not constitute Disqualified Capital Stock and
cash in lieu of fractional shares of such Capital Stock) whether pursuant to a sinking fund obligation or otherwise;

 

(b)       is
convertible or exchangeable, either mandatorily or at the option of the holder thereof, for Indebtedness or Capital Stock (other than
solely for Capital Stock of such Person that does not constitute Disqualified Capital Stock and cash in lieu of fractional shares of such
Capital Stock); or

 

(c)       is
redeemable (other than solely for Capital Stock of such Person that does not constitute Disqualified Capital Stock and cash in lieu of
fractional shares of such Capital Stock) or is required to be repurchased by a Group Member, in whole or in part, at the option of the
holder thereof;

 

in each case, on or prior to the date that is 91
days after the Latest Maturity Date (determined as of the date of issuance thereof or, in the case of any such Capital Stock outstanding
on the Restatement Effective Date, the Restatement Effective Date); provided, however, that (i) Capital Stock of any Person
that would not constitute Disqualified Capital Stock but for terms thereof giving holders thereof the right to require such Person to
redeem or purchase such Capital Stock upon the occurrence of an “asset sale” or a “change of control” (or similar
event, however denominated) shall not constitute Disqualified Capital Stock if any such requirement becomes operative only after repayment
in full of all the Loans and all other Obligations that are accrued and payable and (ii) Capital Stock of any Person that is issued to
any employee or to any plan for the benefit of employees or by any such plan to such employees shall not constitute Disqualified Capital
Stock solely because it may be required to be repurchased by such Person or any of its subsidiaries in order to satisfy applicable statutory
or regulatory obligations or as a result of such employee’s termination, death or disability.

 

“Disqualified Institutions”: (a)
competitors of the Borrower Parties, in each case identified by name in writing by the Borrower Representative to the Administrative Agent
from time to time and (b) as to any entity referenced in clause (a) above (the “Primary Disqualified Institution”),
any of such Primary Disqualified Institution’s Affiliates that are either (i) identified by name in writing by the Borrower Representative
to the Administrative Agent from time to time or (ii) clearly identifiable solely by similarity of name, but, in each case, excluding
any Affiliate that is primarily engaged in, or that advises funds or other investment vehicles that are engaged in, making, purchasing,
holding or otherwise investing in commercial loans, bonds and similar extensions of credit or securities in the ordinary course and with
respect to which the Primary Disqualified Institution does not, directly or indirectly, possess the power to direct or cause the direction
of the investment policies of such entity. For the avoidance of doubt (x) the Administrative Agent shall, and shall be permitted to, provide
such list of Disqualified Institutions to the Lenders and prospective Lenders, (y) any addition to the list of Disqualified Institutions
will not become effective until three Business Days after such addition is delivered by the Borrower Representative to the Administrative
Agent and (z) no designation of a Disqualified Institution shall retroactively disqualify any Person who has already become a Lender or
a Participant or entered into a trade to become a Lender or a Participant. Any such list of Disqualified Institutions and any updates
to the list shall be delivered by the Borrower Representative to the following email address: JPMDQ_Contact@jpmorgan.com.

 

“Documentation Agent”: Wells Fargo
Bank, National Association.

 

“Dollar Equivalent”: of any amount
means, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount and (b) with respect to any amount
denominated in a currency other than Dollars, the equivalent in Dollars of such amount determined at the Exchange Rate on the most recent
Calculation Date.

 

    20 

     

    

 

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

 

“Domestic Subsidiary”: any Subsidiary
of the U.S. Borrower organized under the laws of any jurisdiction within the United States.

 

“Early Opt-in Election”:
if the then current Benchmark with respect to Dollars is Eurodollar Base Rate, the occurrence of:

 

(1)       a
notification by the Administrative Agent to (or the request by the applicable Borrower to the Administrative Agent to notify) each of
the other parties hereto that at least five currently outstanding Dollar denominated syndicated credit facilities at such time contain
(as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR)
as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and

 

(2)       the
joint election by the Administrative Agent and the applicable Borrower to trigger a fallback from Eurodollar Base Rate and the provision,
as applicable, by the Administrative Agent of written notice of such election to the Lenders.

 

“EEA Financial Institution”: (a)
any institution 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 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”: any of the
member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority”: 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.

 

“Electronic Signature”: 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.

 

“Electronic System”: any electronic
system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site,
whether such electronic system is owned, operated or hosted by the Administrative Agent and/or any Issuing Lender and any of its respective
Related Parties or any other Person, providing for access to data protected by passcodes or other security system.

 

“Eligible Assignee”: (a) a Lender,
(b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person, other than, in each case, (i) a natural person, (ii) a Disqualified
Institution and (iii) except pursuant to Section 10.6(f), a Group Member or any other Affiliate of Holdings.

 

“Environmental Laws”: all Requirements
of Law and Permits imposing liability or standards of conduct for or relating to the regulation and protection of human health, safety,
the workplace, the environment and natural resources, and including public notification requirements and environmental transfer of ownership,
notification or approval provisions relating thereto.

 

    21 

     

    

 

“Environmental Liability”: any
Liability (including any costs of environmental remediation or indemnities), of any Borrower Party 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”: the Employee Retirement
Income Security Act of 1974, as amended from time to time.

 

“ERISA Affiliate”: collectively,
any Loan Party and any Person under common control or treated as a single employer with, any Loan Party, within the meaning of Section
414(b), (c), (m) or (o) of the Code.

 

“ERISA Event”: any of the following:
(a) a Reportable Event with respect to a Title IV Plan; (b) the withdrawal of any ERISA Affiliate from a Title IV Plan subject to Section
4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (c) the complete or
partial withdrawal of any ERISA Affiliate from any Multiemployer Plan; (d) with respect to any Multiemployer Plan, the filing of a notice
of insolvency or termination (or treatment of a plan amendment as termination) under Section 4041A of ERISA; (e) the filing of a notice
of intent to terminate a Title IV Plan (or treatment of a plan amendment as termination) under Section 4041 of ERISA; (f) the institution
of proceedings to terminate a Title IV Plan or Multiemployer Plan by the PBGC; (g) the failure to make any required contribution to any
Title IV Plan or Multiemployer Plan when due; (h) the imposition of a lien under Section 412 or 430(k) of the Code or Section 303 or 4068
of ERISA on any property (or rights to property, whether real or personal) of any ERISA Affiliate; (i) the failure of a Benefit Plan or
any trust thereunder intended to qualify for tax exempt status under Section 401 or 501 of the Code or other Requirements of Law to qualify
thereunder; (j) a Title IV plan is in “at risk” status within the meaning of Code Section 430(i); (k) a Multiemployer Plan
is in “endangered status” or “critical status” within the meaning of Section 432(b) of the Code; and (l) any other
event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan or for the imposition of any material liability upon any
ERISA Affiliate under Title IV of ERISA other than for PBGC premiums due but not delinquent.

 

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

 

“Euro”: the single currency of
participating member states of the European Union.

 

“Eurocurrency Reserve Requirements”:
for any day as applied to a Eurodollar Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction)
of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves) under any regulations of
the Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve requirements prescribed for eurocurrency
funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of
the Federal Reserve System.

 

    22 

     

    

 

“Eurodollar Base Rate”: with respect
to any Eurodollar Loan 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 Dollars for a period equal in length
to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters Screen that displays such rate (or, in the event such
rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or on
the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent
in its reasonable discretion; in each case, the “LIBO Screen Rate”) as of the Specified Time on the Quotation Day for
such Interest Period; provided that if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes
of this Agreement; provided, further, that with respect to an Impacted Interest Period, the Eurodollar Base Rate shall be
the Interpolated Rate at such time (provided that if the Interpolated Rate shall be less than zero, such rate shall be deemed to be zero
for purposes of this Agreement).

 

“Eurodollar Loans”: Loans the
rate of interest applicable to which is based upon the Eurodollar Rate.

 

“Eurodollar Rate”: with respect
to each day during each Interest Period pertaining to a Eurodollar Loan, a rate per annum determined for such day in accordance with the
following formula:

 

	Eurodollar Base Rate
	1.00 - Eurocurrency Reserve Requirements

; provided that the Eurodollar Rate shall
be no less than 0.0% per annum.

 

“Eurodollar Tranche”: the collective
reference to Eurodollar Loans under a particular Facility the then current Interest Periods with respect to all of which begin on the
same date and end on the same later date (whether or not such Loans shall originally have been made on the same day).

 

“Event of Default”: any of the
events specified in Section 8, provided that any requirement for the giving of notice, the lapse of time, or both, has been satisfied.

 

“Exchange Rate”: with respect
to (a) any Closing Date Foreign Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase
of Dollars with such Closing Date Foreign Currency in the London foreign exchange market at or about 11:00 a.m. London time (or New York
time, as applicable) on a particular day as displayed by ICE Data Services as the “ask price”, or as displayed on such other
information service which publishes that rate of exchange from time to time in place of ICE Data Services (or if such service ceases to
be available, the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of determination it
deems appropriate in its sole discretion) and (b) any other currency (other than Dollars and a Closing Date Foreign Currency), the equivalent
of such amount in Dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its sole
discretion.

 

“Excluded Assets”:

 

(a) real property and any leasehold rights and interests
in real property;

 

(b) any motor vehicles and other assets subject to
certificates of title to the extent a Lien thereon cannot be perfected by the filing of a UCC or PPSA financing statement or equivalent;

 

    23 

     

    

 

(c) any rights or interest in any lease, contract,
license or license agreement covering personal property or real property and/or such assets subject thereto, so long as under the terms
of such lease, contract, license or license agreement, or applicable law with respect thereto, the grant of a security interest or hypothec
(if applicable) or Lien therein for the benefit of the Secured Parties (1) is prohibited, (2) would reasonably be expected to result in
the loss of rights thereon or create a default thereunder, (3) would give any other party to such lease, contract, license or license
agreement, instrument or indenture the right to terminate its obligations thereunder, or (4) is permitted only with the consent of another
party (other than a Group Member, but including any Governmental Authority) (or would render such lease, contract, license or license
agreement cancelled, invalid or unenforceable) and such prohibition has not been or is not waived or the consent of the other party to
such lease, contract, license or license agreement has not been or is not otherwise obtained; provided that, this exclusion shall
in no way be construed to apply to the extent such prohibition is unenforceable or ineffective under the UCC, PPSA, Civil Code of Quebec
or any other law, rule or regulation (including any Debtor Relief Law) or so as to limit, impair or otherwise affect the unconditional
continuing security interests in and Liens for the benefit of the Secured Parties upon any rights or interests in or to monies due or
to become due under any such lease, contract, license or license agreement (including any receivables);

 

(d) any assets that are subject to a Lien permitted
under Section 7.3(g) if the contract or other agreement in which the Lien is granted (or the documentation providing for the Indebtedness
secured thereby) prohibits the creation of any other Lien on such assets or requires the consent of another party (other than a Loan Party
or any of its Subsidiaries) and such prohibition has not been or is not waived or the consent of the other party to contract or other
agreement has not been or is not otherwise obtained;

 

(e) any voting shares of any Foreign Subsidiary or
CFC Holdco other than 65% of all of the issued and outstanding voting Capital Stock in any Foreign Subsidiary or CFC Holdco directly owned
by a U.S. Loan Party;

 

(f) any application for registration of a trademark
filed in the United States Patent and Trademark Office on an intent to use basis to the extent that the grant of a security interest in
any such trademark application would adversely affect the validity or enforceability or result in cancellation or voiding of such trademark
application, provided, however, that such trademark applications shall be considered Collateral upon the filing of a Statement of Use
or when an Amendment to Allege Use has been filed and accepted in the United States Patent and Trademark Office;

 

(g) company-owned life insurance policies with respect
to the employees of any Loan Party or any of its Subsidiaries;

 

(h) Excluded Deposit Accounts; and

 

(i) assets as to which Administrative Agent and the
Borrower Representative agree in writing that the cost of creating or perfecting a pledge of, or a security interest in, such assets is
excessive in relation to the value of the security to be afforded thereby.

 

“Excluded Canadian Subsidiary”:
(a) any Canadian Subsidiary that is an Immaterial Subsidiary and (b) any Canadian Subsidiary whose direct or indirect parent is a Non-Canadian
Subsidiary of the Canadian Borrower.

 

“Excluded Deposit Accounts”: (a)
any deposit account (i) established solely as a payroll account and other zero-balance disbursement account or (ii) held in a fiduciary
capacity and established in connection with employee benefit plans in the ordinary course of business or pursuant to applicable legal
requirements, (b) any withholding tax, benefits, escrow, customs, trust or any other fiduciary account and (c) Cafeteria Plan Flex Accounts.

 

    24 

     

    

 

“Excluded Domestic Subsidiary”:
(a) any Domestic Subsidiary that is an Immaterial Subsidiary, (b) any CFC Holdco and (c) any Domestic Subsidiary whose direct or indirect
parent is a Subsidiary of the U.S. Borrower that is a Foreign Subsidiary or a CFC Holdco.

 

“Excluded Swap Obligation”: with
respect to any Loan Party, (a) any Swap Obligation if, and to the extent that, and only for so long as, all or a portion of the guarantee
of such Loan Party of, or the grant by such Loan Party of a security interest to secure, as applicable, such Swap Obligation (or any guarantee
thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures
Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure to constitute
an “eligible contract participant,” as defined in the Commodity Exchange Act and the regulations thereunder, at the time the
guarantee of (or grant of such security interest by, as applicable) such Loan Party becomes or would become effective with respect to
such Swap Obligation or (b) any other Swap Obligation designated as an “Excluded Swap Obligation” of such Loan Party as specified
in any agreement between the relevant Loan Parties and counterparty applicable to such Swap Obligations. If a Swap Obligation arises under
a master agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable
to Swaps for which such guarantee or security interest is or becomes illegal or unlawful under the Commodity Exchange Act or any rule,
regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof).

 

“Excluded Taxes”: any of the following
Taxes imposed on or with respect to a Credit Party or required to be withheld or deducted from a payment to a Credit Party, (a) Taxes
imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a
result of such Credit Party being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable
lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection
Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with
respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such
interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower Representative under Section 2.22) or
(ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.19, amounts with respect to
such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan
or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Credit Party’s
failure to comply with Section 2.19(f) and (d) any U.S. Federal withholding Taxes imposed under FATCA.

 

“Existing Credit Agreement”: as
defined in the recitals hereto.

 

“Existing Letter of
Credit”: any Letter of Credit issued by JPMorgan Chase Bank, N.A. under the Existing Credit Agreement that is outstanding on
the Restatement Effective Date and listed on Schedule 3.1.

 

“Extending Lender”:
as defined in Section 2.25(a).

 

“Extension Agreement”:
an Extension Agreement, in form and substance reasonably satisfactory to the Administrative Agent, among Holdings, the U.S. Borrower,
the Canadian Borrower (other than in respect of Term Loans), the Administrative Agent and one or more Extending Lenders, effecting an
Extension Amendment and such other amendments hereto and to the other Loan Documents as are contemplated by Section 2.25.

 

    25 

     

    

 

“Extension Amendment”:
an amendment to this Agreement and the other Loan Documents, effected in connection with an Extension Offer pursuant to Section 2.25,
providing for an extension of the Maturity Date applicable to the Extending Lenders’ Loans and/or Commitments of the applicable
Affected Facility (such Loans or Commitments being referred to as the “Extended Loans” or “Extended Commitments”,
as applicable) and, in connection therewith, (a) an increase or decrease in the rate of interest accruing on such Extended Loans, (b)
in the case of Extended Loans that are Term Loans of any Facility, a modification of the scheduled amortization applicable thereto, provided
that the weighted average life to maturity of such Extended Loans shall be no shorter than the remaining weighted average life to maturity
(determined at the time of such Extension Offer) of the Term Loans of such Facility, (c) a modification of voluntary or mandatory prepayments
applicable thereto (including prepayment premiums and other restrictions thereon), provided that in the case of Extended Loans
that are Term Loans, such requirements may provide that such Extended Loans may participate in any mandatory prepayments on a pro rata
basis (or on a basis that is less than a pro rata basis) with the Loans of the applicable Affected Facility, but may not provide for prepayment
requirements that are more favorable than those applicable to the Loans of the applicable Affected Facility, (d) an increase in the fees
payable to, or the inclusion of new fees to be payable to, the Extending Lenders in respect of such Extension Offer or their Extended
Loans or Extended Commitments and/or (e) an addition of any affirmative or negative covenants applicable to the Group Members, provided
that any such additional covenant with which the Group Members shall be required to comply prior to the Latest Maturity Date in effect
immediately prior to such Extension Amendment for the benefit of the Extending Lenders providing such Extended Loans or Extended Commitments
shall also be for the benefit of all other Lenders.

 

“Extension Offer”:
as defined in Section 2.25(a).

 

“Facility”: each of (a) the U.S.
Term A Commitments and the U.S. Term A Loans made thereunder (the “U.S. Term A Facility”), (b) the Canadian Term A
Commitments and the Canadian Term A Loans made thereunder (the “Canadian Term A Facility” and together with the U.S.
Term A Facility, the “Term A Facilities”), (c) the Revolving Commitments and the extensions of credit made thereunder
(the “Revolving Facility”) and (d) Incremental Term Loans with the same terms (each, an “Incremental Term
Facility”). Additional Facilities may be established pursuant to Section 2.25 and Section 2.26, and there may be multiple Incremental
Term Facilities outstanding.

 

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

 

“FCA”: as defined in Section 1.6.

 

“Federal Funds Effective Rate”:
for any day, the rate calculated by the NYFRB based on such day’s Federal funds transactions by depositary institutions, as determined
in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day
by the NYFRB as the federal funds effective rate; provided that if the Federal Funds Effective Rate shall be less than zero, such
rate shall be deemed to be zero for purposes of this Agreement.

 

    26 

     

    

 

 

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

 

“Fee Payment Date”: (a) the third
Business Day following the last day of each March, June, September and December and (b) the last day of the Revolving Commitment Period.

 

“Financial Covenant Increase Period”:
as defined in Section 7.1(a).

 

“Financial Covenant Ratio”: as
of any day, the ratio required by Section 7.1(a) in respect of the Applicable Reference Period (e.g., for the Applicable Reference Period
ended September 30, 2021, the Financial Covenant Ratio shall be 3.75:1.00).

 

“Floor”: the benchmark rate floor,
if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement
or otherwise) with respect to Eurodollar Base Rate.

 

“Foreign Benefit Arrangement”:
any employee benefit arrangement mandated by non-US law that is maintained or contributed to by any Loan Party, any ERISA Affiliate or
any other entity related to a Loan Party on a controlled group basis.

 

“Foreign Plan”: each employee
benefit plan (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to US law and is maintained
or contributed to by any Loan Party, or ERISA Affiliate or any other entity related to a Loan Party on a controlled group basis.

 

“Foreign Plan Event”: with respect
to any Foreign Benefit Arrangement or Foreign Plan, (a) the failure to make or, if applicable, accrue in accordance with normal accounting
practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Benefit Arrangement or Foreign
Plan; (b) the failure to register or loss of good standing with applicable regulatory authorities of any such Foreign Benefit Arrangement
or Foreign Plan required to be registered; or (c) the failure of any Foreign Benefit Arrangement or Foreign Plan to comply with any material
provisions of applicable law and regulations or with the material terms of such Foreign Benefit Arrangement or Foreign Plan.

 

“Foreign Subsidiary”: any Subsidiary
of Holdings that is not a Domestic Subsidiary.

 

“Funding Office”: the office of
the Administrative Agent specified in Section 10.2 or such other office as may be specified from time to time by the Administrative Agent
as its funding office by written notice to the Borrower Representative and the Lenders.

 

“GAAP”: generally accepted accounting
principles in the United States as in effect from time to time, except that for purposes of Section 7.1, GAAP shall be determined on the
basis of such principles in effect on the date hereof and consistent with those used in the preparation of the most recent audited financial
statements referred to in Section 4.1(b). In the event that any “Accounting Change” (as defined below) shall occur
and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the
Borrower Representative and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement
so as to reflect equitably such Accounting Changes with the desired result that the criteria for evaluating the financial condition of
the Group Members shall be the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as
such an amendment shall have been executed and delivered by the Borrower Representative, the Administrative Agent and the Required Lenders,
all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes
had not occurred. “Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule,
regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants
or, if applicable, the SEC.

 

    27

     

    

 

“Governmental Authority”: any
nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court,
central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining
to government, any securities exchange and any self-regulatory organization (including the National Association of Insurance Commissioners).

 

“Group Members”: the collective
reference to Holdings and the Borrower Parties.

 

“Guarantee Obligation”: as to
any Person (the “guaranteeing person”), any obligation, including a reimbursement, counterindemnity or similar obligation,
of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation
by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness, leases, dividends
or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any
manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase
any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for
the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or
otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for
the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary
obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided,
however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary
course of business and customary and reasonable indemnity obligations in effect on the Restatement Effective Date or entered into in connection
with any acquisition or disposition of assets or any Investment permitted under this Agreement. The amount of any Guarantee Obligation
of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be
liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount
for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation
shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower Representative
in good faith.

 

“Hazardous Materials”: any substance,
material or waste that is regulated or otherwise gives rise to liability under any Environmental Law, including but not limited to any
 “Hazardous Waste” as defined by the Resource Conservation and Recovery Act (RCRA) (42 U.S.C. § 6901 et seq. (1976)),
any “Hazardous Substance” as defined under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
(42 U.S.C. §9601 et seq. (1980)), any contaminant, pollutant, petroleum or any fraction thereof, asbestos, asbestos containing material,
polychlorinated biphenyls, mold, and radioactive substances or any other substance that is toxic, ignitable, reactive, corrosive, caustic,
or dangerous.

 

“Holdings”: as defined in the
preamble hereto.

 

    28

     

    

 

“Holdings Loans”: intercompany
loans made by the U.S. Borrower to Holdings to the extent that, at the time such loan is made, a Restricted Payment from the U.S. Borrower
to Holdings would be permitted under Section 7.6 and provided that (i) the proceeds of such loans are used for the purposes specified
in Section 7.6, (ii) at the request of the Administrative Agent, such loans are evidenced by promissory notes which are pledged pursuant
to the U.S. Guarantee and Collateral Agreement and (iii) such Holdings Loan shall be treated as a Restricted Payment for purposes of this
Agreement, including determining compliance with Section 7.6.

 

“Immaterial Subsidiary”: at any
date, any Subsidiary of Holdings (other than a Borrower) that, together with its consolidated Subsidiaries (i) does not, as of the last
day of the fiscal quarter of Holdings most recently ended on or prior to such date for which financial statements have been delivered
pursuant to Section 6.1 (or, prior to the delivery of any such financial statements, the Reference Period ended September 30, 2017), have
assets with a value in excess of 5.0% of the Consolidated Total Assets and (ii) did not, during the period of four consecutive fiscal
quarters of Holdings most recently ended on or prior to such date for which financial statements have been delivered pursuant to Section
6.1 (or, prior to the delivery of any such financial statements, the Reference Period ended September 30, 2017), have revenues exceeding
5.0% of the total revenues of Holdings and its consolidated Subsidiaries; provided that, the aggregate assets or revenues of all
Immaterial Subsidiaries, determined in accordance with GAAP, may not exceed 10.0% of Consolidated Total Assets or consolidated revenues,
respectively, of Holdings and its consolidated Subsidiaries, collectively, at any time (and the Borrower Representative will, within 30
days after the date on which the financial statements for such Reference Period have been delivered pursuant to Section 6.1, designate
in writing to the Administrative Agent the Subsidiaries which will cease to be treated as “Immaterial Subsidiaries” in order
to comply with the foregoing limitation). 

 

“Impacted Interest Period”: with
respect to any Eurodollar Loan or CDOR Loan, an Interest Period in which the LIBO Screen Rate or CDOR Screen Rate, as applicable, is not
available.

 

“Increased Facility Activation Date”:
any Business Day on which any Lender shall execute and deliver to the Administrative Agent an Increased Facility Activation Notice pursuant
to Section 2.24(a).

 

“Increased Facility Activation Notice”:
a notice substantially in the form of Exhibit G-1 or G-2, as applicable.

 

“Increased Facility Closing Date”:
any Business Day designated as such in an Increased Facility Activation Notice.

 

“Incremental Acquisition Debt”:
an Incremental Term Facility (a) the making of which is conditioned upon the consummation of, and the proceeds of which will be used to
finance, a Limited Condition Acquisition and (b) which has been designated as “Incremental Acquisition Debt” by the Borrower
Representative, the Administrative Agent and the applicable Incremental Term Lenders in the applicable Increased Facility Activation Notice.

 

“Incremental Revolving Commitments”:
any increased Revolving Commitments established pursuant to Section 2.24(a).

 

“Incremental Term Facility”: as
defined in the definition of “Facility”.

 

“Incremental Term Lenders”: (a)
on any Increased Facility Activation Date relating to Incremental Term Loans, the Lenders signatory to the relevant Increased Facility
Activation Notice and (b) thereafter, each Lender that is a holder of an Incremental Term Loan.

 

    29

     

    

 

“Incremental Term Loans”: any
term loans made pursuant to Section 2.24(a).

 

“Incremental Term Maturity Date”:
with respect to the Incremental Term Loans to be made pursuant to any Increased Facility Activation Notice, the maturity date specified
in such Increased Facility Activation Notice, which date shall not be earlier than the final maturity of the Term A Loans.

 

“Indebtedness”: of any Person
at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred
purchase price of property or services (other than (i) trade payables incurred in the ordinary course of such Person’s business
and (ii) earn-out obligations or contingent obligations consisting of purchase price adjustments, in each case of this clause (ii) until
such obligations become a liability on the balance sheet of such Person in accordance with GAAP), (c) all obligations of such Person evidenced
by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other
title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender
under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations
of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances,
letters of credit, surety bonds or similar arrangements, (g) all obligations of such Person in respect of Disqualified Capital Stock,
(h) the principal balance outstanding under any synthetic lease, off-balance sheet loan or similar off balance sheet financing product,
(i) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (h) above, (j) all
obligations of the kind referred to in clauses (a) through (i) above secured by (or for which the holder of such obligation has an existing
right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such Person,
whether or not such Person has assumed or become liable for the payment of such obligation, and (k) for the purposes of Section 8(e) only,
all obligations of such Person in respect of Swap Agreements. 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
expressly provide that such Person is not liable therefor.

 

“Indemnified Taxes”: (a) Taxes,
other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any
Loan Document and (b) to the extent not otherwise described in clause (a) above, Other Taxes.

 

“Intellectual Property”: the collective
reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational
or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, industrial
designs, technology, know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof,
including the right to receive all proceeds and damages therefrom.

 

“Intercreditor Agreement”: (a)
in respect of Indebtedness intended to be secured by some or all of the Collateral on a pari passu basis with the Obligations, an intercreditor
agreement reasonably acceptable to the Administrative Agent and entered into by the Administrative Agent, the terms of which are consistent
with market terms governing security arrangements for the sharing of Liens on a pari passu basis at the time such intercreditor agreement
is proposed to be established in light of the type of Indebtedness to be secured by such Liens, as reasonably determined by the Administrative
Agent and the Borrower Representative, and (b) in respect of Indebtedness intended to be secured by some or all of the Collateral on a
junior priority basis with the Obligations, an intercreditor agreement reasonably acceptable to the Administrative Agent and entered into
by the Administrative Agent, the terms of which are consistent with market terms governing security arrangements for the sharing of Liens
on a junior basis at the time such intercreditor agreement is proposed to be established in light of the type of Indebtedness to be secured
by such Liens, as reasonably determined by the Administrative Agent and the Borrower Representative (including a customary standstill
provision).

 

    30

     

    

 

“Interest Payment Date”: (a) as
to any ABR Loan or Canadian Prime Loan (other than, in each case, any Swingline Loan), the last day of each March, June, September and
December to occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan or CDOR Loan
having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest
Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period
and the last day of such Interest Period, (d) as to any Loan (other than any Revolving Loan that is an ABR Loan or Canadian Prime Loan
and any Swingline Loan), the date of any repayment or prepayment made in respect thereof and (e) as to any Swingline Loan, the day that
such Loan is required to be repaid.

 

“Interest Period”: as to any Eurodollar
Loan or CDOR Loan, (a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such
Eurodollar Loan or CDOR Loan and ending (x) in the case of a Eurodollar Loan, one, three or six (or, if agreed to by all Lenders under
the relevant Facility twelve) months thereafter and (y) in the case of a CDOR Loan, one, two or three months thereafter, in each case
as selected by the applicable Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto;
and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan or
CDOR Loan, as applicable and ending (x) in the case of a Eurodollar Loan, one, three or six (or, if agreed to by all Lenders under the
relevant Facility twelve) months thereafter and (y) in the case of a CDOR Loan, one, two or three months thereafter, in each case as selected
by the applicable Borrower by irrevocable notice to the Administrative Agent not later than 11:00 A.M., New York City time, on the date
that is three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that, all
of the foregoing provisions relating to Interest Periods are subject to the following:

 

(i)            if
any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such
Interest Period shall end on the immediately preceding Business Day;

 

(ii)           the
applicable Borrower may not select an Interest Period under a particular Facility that would extend beyond the Revolving Termination Date
or beyond the date final payment is due on the relevant Term Loans, as the case may be; and

 

(iii)         any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month.

 

“Interpolated Rate”: at any time,
the rate per annum (rounded to the same number of decimal places as the applicable Screen Rate) determined by the Administrative Agent
(which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on
a linear basis between: (a) the applicable Screen Rate (for the longest period for which such Screen Rate is available for the applicable
currency) that is shorter than the Impacted Interest Period and (b) the applicable Screen Rate (for the shortest period for which such
Screen Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, as of the Specified Time
on the Quotation Day for such Interest Period. When determining the rate for a period which is less than the shortest period for which
the applicable Screen Rate is available, the Screen Rate for purposes of clause (a) above shall be deemed to be (i) in respect of Dollars,
the overnight rate for Dollars determined by the Administrative Agent from such service as the Administrative Agent may select and (ii)
in respect of Canadian Dollars, the overnight rate for Canadian Dollars determined by the Administrative Agent from such service as the
Administrative Agent may select.

 

    31

     

    

 

“Investments”: as defined in Section
7.8.

 

“IRS”: the United States Internal
Revenue Service.

 

“ISDA Definitions”: the 2006 ISDA
Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented
from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International
Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Issuing Lender”: each of JPMorgan
Chase Bank, N.A., Bank of Montreal and any other Revolving Lender approved by the Administrative Agent and the Borrower Representative
that has agreed in its sole discretion to act as an “Issuing Lender” hereunder, or any of their respective affiliates, in
each case in its capacity as issuer of any Letter of Credit. Each reference herein to “the Issuing Lender” shall be deemed
to be a reference to the relevant Issuing Lender.

 

“ITA”: the Income Tax Act (Canada).

 

“Junior Indebtedness”: as defined
in Section 7.9.

 

“Latest Maturity Date”: at any
date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time, including in respect of any
Incremental Term Facility and including any Maturity Date that has been extended from time to time in accordance with this Agreement.

 

“L/C Commitment”: $40,000,000.

 

“L/C Exposure”: at any time, the
total L/C Obligations. The L/C Exposure of any Revolving Lender at any time shall be its Revolving Percentage of the total L/C Exposure
at such time; provided that in the case of Sections 2.6(a) and 3.1(a) when a Defaulting Lender shall exist, the L/C Exposure of any Revolving
Lender shall be adjusted to give effect to any reallocation effected pursuant to Section 2.23.

 

“L/C Obligations”: at any time,
an amount equal to the Dollar Equivalent of the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding
Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to
Section 3.5.

 

“L/C Participants”: with respect
to any Letter of Credit issued by an Issuing Lender, the collective reference to all the Revolving Lenders other than the Issuing Lender
with respect to such Letter of Credit.

 

“LCT Election”: as defined in
Section 1.3.

 

“LCT Test Date”: as defined in
Section 1.3.

 

    32

     

    

 

“Lender Parent”: with respect
to any Lender, any Person as to which such Lender is, directly or indirectly, a Subsidiary.

 

“Lender Participation Notice”:
as defined in Section 2.27(c).

 

“Lender Presentation”: the Lender
Presentation dated August 11, 2021 and furnished to the Lenders.

 

“Lender-Related Person” as defined
in Section 8.

 

“Lenders”: as defined in the preamble
hereto.

 

“Letters of Credit”: as defined
in Section 3.1(a).

 

“Liabilities”: all claims, actions,
suits, judgments, damages, losses, liability, obligations, responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions,
charges, disbursements and expenses, in each case of any kind or nature (including interest accrued thereon or as a result thereto and
fees, charges and disbursements of financial, legal and other advisors and consultants), whether joint or several, whether or not indirect,
contingent, consequential, actual, punitive, treble or otherwise.

 

“LIBOR”: as defined in Section
1.6.

 

“LIBO Screen Rate”: as defined
in the definition of “Eurodollar Base Rate”.

 

“Lien”: any mortgage, pledge,
hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or
any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional
sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the foregoing, but
not including the interest of a lessor under a lease which is not a capital lease).

 

“Limited Condition Acquisition”:
any acquisition by a Group Member that is permitted pursuant to this Agreement and whose consummation is not conditioned on the availability
of, or on obtaining, third party financing.

 

“Limited Condition Acquisition Agreement”:
with respect to any Limited Condition Acquisition, the definitive acquisition documentation in respect thereof.

 

“Loan”: any loan made by any Lender
pursuant to this Agreement.

 

“Loan Documents”: this Agreement,
the Security Documents, the Notes, any Extension Agreement, any Refinancing Facility Agreement, any Intercreditor Agreement and any amendment,
waiver, supplement or other modification to any of the foregoing.

 

“Loan Parties”: each Group Member
that is a party to a Loan Document.

 

“Majority Facility Lenders”: with
respect to any Facility, the holders of more than 50% of the aggregate unpaid principal amount of the Term Loans or the Total Revolving
Extensions of Credit, as the case may be, outstanding under such Facility (or, in the case of the Revolving Facility, prior to any termination
of the Revolving Commitments, the holders of more than 50% of the Total Revolving Commitments); provided, however, that
determinations of the “Majority Facility Lenders” shall exclude any Commitments or Loans held by any Defaulting Lender.

 

    33

     

    

 

“Margin Stock”: “margin
stock” as such term is defined in Regulation T, U or X of the Federal Reserve Board.

 

“Material Acquisition”: any acquisition
of property or series of related acquisitions of property that (a) constitutes assets comprising all or substantially all of an operating
unit of a business or constitutes all or substantially all of the common stock of a Person and (b) involves the payment of consideration
by the Group Members in excess of $15,000,000.

 

“Material Adverse Effect”: a material
adverse effect on (a) the business, property, operations or financial condition of the Group Members taken as a whole or (b) the validity
or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Administrative Agent or the Lenders
hereunder or thereunder.

 

“Material Disposition”: any Disposition
of property or series of related Dispositions of property under Section 7.5(r) that yields gross proceeds to the Borrower Parties in excess
of $15,000,000.

 

“Material Group Member”: any Loan
Party and any other Material Subsidiary.

 

“Material Subsidiary”: any Subsidiary
that is not an Immaterial Subsidiary.

 

“Maturity Date”: the Term Maturity
Date, the Incremental Term Maturity Date with respect to any Incremental Term Facility, the Revolving Termination Date, any extended maturity
date with respect to all or a portion of any Facility of Loans or Commitments extended pursuant to an Extension Agreement or any maturity
date with respect to any Facility of Loans or Commitments effected pursuant to a Refinancing Facility Agreement, as the context requires.

 

“Minimum Extension Condition”:
as defined in Section 2.25(a).

 

“Multiemployer Plan”: any multiemployer
plan, subject to Title IV of ERISA, as defined in Section 3(37) or 4001(a)(3) of ERISA, as to which any ERISA Affiliate incurs or otherwise
has any obligation or liability, contingent or otherwise.

 

“Net Cash Proceeds”:

 

(a)           with
respect to any Asset Sale or Recovery Event, the excess, if any, of (i) the sum of cash and Cash Equivalents received in connection with
such Asset Sale or Recovery Event (including any cash or Cash Equivalents received by way of deferred payment of principal pursuant to
a note or installment receivable or purchase price receivable or otherwise, but only as and when so received and, with respect to any
Recovery Event, any insurance proceeds or condemnation awards in respect of such Recovery Event actually received by or paid to or for
the account of a Group Member) over (ii) the sum of, without duplication, (A) the principal amount, premium or penalty, if any of any
Indebtedness that is secured by the applicable asset subject to such Asset Sale or Recovery Event and that is required to be repaid in
connection with such Asset Sale or Recovery Event (other than the Loans and any Permitted Credit Agreement Refinancing Indebtedness),
(B) customary fees and expenses (including attorneys’ fees, investment banking fees, survey costs, title insurance premiums, and
related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant
and other customary fees) actually incurred by a Group Member in connection with such Asset Sale or Recovery Event, (C) Taxes paid or
reasonably estimated to be payable as a result thereof (after taking into account any available Tax credits or deductions and any tax
sharing arrangements) and (D) in respect of any Asset Sale, any reasonable reserve for adjustment in respect of (1) the sale price of
such asset or assets established in accordance with GAAP and (2) any liabilities associated with such asset or assets and retained by
a Group Member after such sale or other disposition thereof, including pension and other post employment benefit liabilities and liabilities
related to environmental matters or with respect to any indemnification obligations associated with such transaction; provided
that the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of such liability) shall
be deemed to be Net Cash Proceeds of such Asset Sale received on the date of such reduction; and

 

    34

     

    

 

(b)          in
connection with any issuance or sale of Capital Stock or any incurrence of Indebtedness, the excess, if any, of (i) the sum of cash and
Cash Equivalents received from such issuance or incurrence over (ii) attorneys’ fees, investment banking fees, accountants’
fees, underwriting discounts and commissions and other customary fees and expenses actually incurred in connection therewith.

 

“New Lender”: as defined in Section 2.24(b).

 

“New Lender Supplement”: as defined
in Section 2.24(b).

 

“Non-Canadian Subsidiary”: any
Subsidiary of the Canadian Borrower that is not a Canadian Subsidiary.

 

“Non-Loan Party”: any Subsidiary
of Holdings that is not a Loan Party.

 

“Non-U.S. Lender”: a Lender that
is not a U.S. Person.

 

“Not Otherwise Applied”: in respect
of any amount contemplated to be used pursuant to Section 7.6(c), Section 7.6(l), Section 7.8(x) or Section 7.9(a)(viii), such amount
has not previously been (and is not currently being) applied to any other use or transaction under any such Section. 

 

“Notes”: the collective reference
to any promissory note evidencing Loans.

 

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

 

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

 

“Obligations”: the unpaid principal
of and interest on (including interest accruing after the maturity of the Loans and Reimbursement Obligations and interest accruing after
the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to a Borrower,
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and
liabilities of the Borrowers to the Administrative Agent or to any Lender (or, in the case of Specified Swap Agreements and Specified
Cash Management Agreements, any affiliate of any Lender at the time such agreement was entered into), whether direct or indirect, absolute
or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this
Agreement, any other Loan Document, the Letters of Credit, any Specified Swap Agreement, any Specified Cash Management Agreement or any
other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement
obligations, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent
or to any Lender that are required to be paid by the Borrowers pursuant hereto) or otherwise.

 

    35

     

    

 

“Offered Loans”: as defined in
Section 2.27(c).

 

“Offsetting Cash Amount”: as of
any date of determination, the excess (if positive) of (x) the aggregate stated balance sheet amount of unrestricted cash and Cash Equivalents
of the Group Members as of such date less (y) $20,000,000.

 

“Organization Documents”: (a)
for any corporation, the certificate, memorandum or articles of incorporation, the bylaws, any certificate of determination or instrument
relating to the rights of preferred shareholders of such corporation, any shareholder rights agreement and any unanimous shareholders’
agreement, (b) for any partnership, the partnership agreement and, if applicable, certificate of limited partnership, (c) for any limited
liability company, the operating agreement and articles or certificate of formation or (d) any other document setting forth the manner
of election or duties of the officers, directors, managers or other similar persons, or the designation, amount or relative rights, limitations
and preference of the Capital Stock of a Person.

 

“Other Benchmark Rate Election”:
with respect to any Loan denominated in Dollars, if the then-current Benchmark is the Eurodollar Base Rate, the occurrence of:

 

(a) a request by the applicable Borrower
to the Administrative Agent to notify each of the other parties hereto that, at the determination of the applicable Borrower, Dollar-denominated
syndicated credit facilities at such time contain (as a result of amendment or as originally executed), in lieu of a LIBOR-based rate,
a term benchmark rate as a benchmark rate, and

 

(b) the Administrative Agent, in its
sole discretion, and the applicable Borrower jointly elect to trigger a fallback from the Eurodollar Base Rate and the provision, as applicable,
by the Administrative Agent of written notice of such election to the applicable Borrower and the Lenders.

 

“Other Canadian First Lien Secured Indebtedness”:
at any time all Permitted First Priority Refinancing Indebtedness of the Canadian Borrower then outstanding.

 

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

 

“Other Taxes”: all present or
future stamp, court, or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution,
delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with
respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than
an assignment made pursuant to Section 2.22).

 

“Other U.S. First Lien Secured Indebtedness”:
at any time all Permitted First Priority Refinancing Indebtedness of the U.S. Borrower or a U.S. Subsidiary Guarantor then outstanding.

 

    36

     

    

 

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

 

“Participant”: as defined in Section 10.6(c).

 

“Participant Register”: as defined
in Section 10.6(c).

 

“Patriot Act”: as defined in Section 10.17.

 

“Payment”: as defined in Section
9.06(b).

 

“Payment Notice”: as defined in
Section 9.06(b).

 

“PBGC”: the Pension Benefit Guaranty
Corporation established under Section 4002 of ERISA and any successor entity performing similar functions.

 

“Pension Plan”: any
Benefit Plan (but not including a Multiemployer Plan) that is subject to Title IV of ERISA, Section 412 of the Code or Section 302 of
ERISA (i) which is or was sponsored, maintained or contributed to by, or required to be contributed to by, any Loan Party or any ERISA
Affiliate or (ii) with respect to which any Loan Party or any ERISA Affiliate has any actual or contingent liability.

 

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

 

“Permitted Acquisition”: the purchase
or other acquisition by a Borrower Party of all or a majority of the Capital Stock of, or all or substantially all of the property of,
any Person, or of any business, division, product line or business line of any Person; provided that with respect to each purchase
or other acquisition (i) after giving effect thereto, the Group Members are in compliance with Section 7.15, (ii) immediately before and
immediately after giving effect on a pro forma basis to any such purchase or other acquisition, no Event of Default under Section 8(a)
or Section 8(f) shall have occurred and be continuing, (iii) any such newly created or acquired Subsidiary shall, to the extent required
by Section 6.10, comply with the requirements of Section 6.10 and (iv) at the time of consummation of such Permitted Acquisition, (x)
the Consolidated Leverage Ratio for the Applicable Reference Period, calculated on a Pro Forma Basis as of the date of consummation thereof,
is not in excess of the Financial Covenant Ratio and (y) the Consolidated Fixed Charge Coverage Ratio, calculated on a Pro Forma Basis
as of the date of consummation thereof is in pro forma compliance with Section 7.1(b).

 

    37

     

    

 

“Permitted Credit Agreement Refinancing
Indebtedness”: Indebtedness of the U.S. Borrower, the Canadian Borrower or any U.S. Subsidiary Guarantor in the form of term
loans (other than, for the avoidance of doubt, Incremental Term Loans or other Term Loans under this Agreement) or bonds, debentures,
notes or similar instruments (a) that is either (i) (x) in the case of Indebtedness incurred by the U.S. Borrower or any U.S. Subsidiary
Guarantor, secured by Liens on the Collateral on a pari passu basis (but without regard to the control of remedies) with the Liens on
the Collateral securing the Obligations of the U.S. Borrower and any Other U.S. First Lien Secured Indebtedness and is not secured by
any Lien on any asset of the Group Members that does not also secure the Obligations of the U.S. Borrower or (y) in the case of Indebtedness
incurred by the Canadian Borrower, secured by Liens on the Collateral on a pari passu basis (but without regard to the control of remedies)
with the Liens on the Collateral securing the Obligations of the Canadian Borrower and any Other Canadian First Lien Secured Indebtedness
and is not secured by any Lien on any asset of the Group Members that does not also secure the Obligations of the Canadian Borrower (any
such Indebtedness described in this clause (i), “Permitted First Priority Refinancing Indebtedness”), (ii) (x) in the
case of Indebtedness incurred by the U.S. Borrower or any U.S. Subsidiary Guarantor, secured by Liens on the Collateral on a junior basis
to the Liens on the Collateral securing the Obligations of the U.S. Borrower and any Other U.S. First Lien Secured Indebtedness and is
not secured by any Lien on any asset of the Group Members that does not also secure the Obligations of the U.S. Borrower and (y) in the
case of Indebtedness incurred by the Canadian Borrower, secured by Liens on the Collateral on a junior basis to the Liens on the Collateral
securing the Obligations of the Canadian Borrower and any Other Canadian First Lien Secured Indebtedness and is not secured by any Lien
on any asset of the Group Members that does not also secure the Obligations of the Canadian Borrower (any such Indebtedness described
in this clause (ii), “Permitted Junior Priority Refinancing Indebtedness”) or (iii) unsecured, (b) the Net Cash Proceeds
of which, substantially concurrently with the incurrence thereof, are applied to the repayment or prepayment of then outstanding Term
Loans of any Facility in an aggregate principal amount equal to the aggregate amount of such Permitted Credit Agreement Refinancing Indebtedness
(less the aggregate amount of accrued and unpaid interest with respect to such outstanding Term Loans and any reasonable fees, premium
and expenses relating to such refinancing), (c) that, to the extent (i) the Liens securing the Term Loans being prepaid by such Indebtedness
were contractually subordinated to any Lien securing any of the Obligations, is not secured by any Lien that is not contractually subordinated
to at least the same extent and (ii) the Term Loans being prepaid by any such Indebtedness were unsecured, is unsecured, (d) (i) in the
case of Indebtedness incurred by the U.S. Borrower or any U.S. Subsidiary Guarantor, that is not guaranteed by any Group Member other
than the U.S. Loan Parties or any other Group Member that guarantees the Obligations of the U.S. Borrower and (ii) in the case of Indebtedness
incurred by the Canadian Borrower, that is not guaranteed by any Group Member other than the Loan Parties or any other Group Member that
guarantees the Obligations of the Canadian Borrower, (e) that matures no earlier than the Maturity Date in respect of the Term Loans
being prepaid, and has a weighted average life to maturity not shorter than the remaining weighted average life to maturity of the Facility
of Term Loans being prepaid, (f) that contains covenants, events of default, guarantees and other terms that are customary for similar
Indebtedness in light of then-prevailing market conditions as reasonably determined by the U.S. Borrower (it being understood and agreed
that any such Indebtedness in the form of bonds, debentures, notes or similar instruments shall not include any financial maintenance
covenants and that applicable negative covenants shall be incurrence-based to the extent customary for similar Indebtedness) and, when
taken as a whole (other than interest rates, rate floors, fees, call protection and optional prepayment or redemption terms), are not
more favorable to the lenders or investors, as the case may be, providing such Indebtedness than those set forth in the Loan Documents
are with respect to the Lenders (other than covenants or other provisions applicable only to periods after the Latest Maturity Date then
in effect at the time of incurrence of such Permitted Credit Agreement Refinancing Indebtedness) and (g) that, if secured (i) the security
agreements relating to which are substantially the same as the applicable Security Documents (with such differences as are reasonably
satisfactory to the Administrative Agent) and (ii) the holders thereof or a trustee, collateral agent, security agent or similar
Person, acting on behalf of the holders thereof, shall have become party to an Intercreditor Agreement.

 

“Permitted First Priority Refinancing Indebtedness”:
as defined in the definition of “Permitted Credit Agreement Refinancing Indebtedness”.

 

“Permitted Junior Priority Refinancing Indebtedness”:
as defined in the definition of “Permitted Credit Agreement Refinancing Indebtedness”.

 

    38

     

    

 

“Permitted Refinancing Indebtedness”:
in respect of any Indebtedness (the “Original Indebtedness”), any Indebtedness that extends, renews, refunds or refinances
such Original Indebtedness (or any Permitted Refinancing Indebtedness in respect thereof); provided that (a) the principal amount
(or accreted value, if applicable) of such Permitted Refinancing Indebtedness shall not exceed the principal amount (or accreted value,
if applicable) of such Original Indebtedness except by an amount no greater than accrued and unpaid interest and premium thereon with
respect to such Original Indebtedness plus reasonable fees and expenses reasonably incurred relating to such extension, renewal, refunding
or refinancing and by an amount equal to any existing commitments unutilized thereunder; (b) other than with respect to a Permitted Refinancing
Indebtedness permitted pursuant to Section 7.2(e), the stated final maturity of such Permitted Refinancing Indebtedness shall not be earlier
than that of such Original Indebtedness, and such stated final maturity shall not be subject to any conditions that could result in such
stated final maturity occurring on a date that precedes the stated final maturity of such Original Indebtedness; (c) such Permitted Refinancing
Indebtedness shall not be required to be repaid, prepaid, redeemed, repurchased or defeased, whether on one or more fixed dates, upon
the occurrence of one or more events or at the option of any holder thereof (except, in each case, upon the occurrence of an event of
default or a change in control, fundamental change, AHYDO payment or upon conversion or exchange in the case of convertible or exchangeable
Indebtedness or as and to the extent such repayment, prepayment, redemption, repurchase or defeasance would have been required pursuant
to the terms of such Original Indebtedness) prior to the maturity of such Original Indebtedness; provided that, notwithstanding
the foregoing, scheduled amortization payments (however denominated) of such Permitted Refinancing Indebtedness shall be permitted so
long as the weighted average life to maturity of such Permitted Refinancing Indebtedness shall be equal to or longer than the weighted
average life to maturity of such Original Indebtedness remaining as of the date of such extension, renewal or refinancing; (d) such Permitted
Refinancing Indebtedness shall not constitute an obligation (including pursuant to a guarantee) of any Group Member, in each case that
shall not have been (or, in the case of after-acquired Subsidiaries, shall not have been required to become pursuant to the terms of the
Original Indebtedness) an obligor in respect of such Original Indebtedness, and, in each case, shall constitute an obligation of ay Group
Member only to the extent of their obligations in respect of such Original Indebtedness; (e) if such Original Indebtedness shall have
been subordinated to the Obligations, such Permitted Refinancing Indebtedness shall also be subordinated to the Obligations on terms not
less favorable in any material respect to the Lenders; and (f) such Permitted Refinancing Indebtedness shall not be secured by any Lien
on any asset other than the assets that secured such Original Indebtedness (or would have been required to secure such Original Indebtedness
pursuant to the terms thereof) or, in the event Liens securing such Original Indebtedness shall have been contractually subordinated to
any Lien securing the Obligations, by any Lien that shall not have been contractually subordinated to at least the same extent.

 

“Permitted Unsecured Indebtedness”:
Indebtedness that (a) is unsecured (and does not benefit from any secured guarantees), (b) is incurred by a U.S. Loan Party (other than
Holdings) and is not guaranteed by any Group Member other than the U.S. Loan Parties, (c) matures no earlier than 91 days after the Latest
Maturity Date in effect at the time of incurrence thereof, (d) does not provide for any amortization, mandatory prepayment, redemption
or repurchase (other than upon a change of control or fundamental change, asset sale and customary acceleration rights after an event
of default and AHYDO payments and, for the avoidance of doubt, rights to convert or exchange in the case of convertible or exchangeable
Indebtedness) prior to the date that is 91 days after the Latest Maturity Date in effect at the time of incurrence of such Indebtedness
and (e) contains covenants, events of default, guarantees and other terms that are customary for similar Indebtedness in light of then-prevailing
market conditions as reasonably determined by the U.S. Borrower (it being understood and agreed that any such Indebtedness in the form
of bonds, debentures, notes or similar instruments shall not include any financial maintenance covenants and that applicable negative
covenants shall be incurrence-based to the extent customary for similar Indebtedness) and, when taken as a whole (other than interest
rates, rate floors, fees, call protection and optional prepayment or redemption terms), are not more favorable to the lenders or investors,
as the case may be, providing such Indebtedness than those set forth in the Loan Documents are with respect to the Lenders (other than
covenants or other provisions applicable only to periods after the Latest Maturity Date then in effect at the time of incurrence of such
Indebtedness).

 

    39

     

    

 

“Person”: an individual, partnership,
corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental
Authority or other entity of whatever nature.

 

“PPSA”: the Personal Property
Security Act (Ontario) and the Regulations thereunder, as from time to time in effect, provided, however, if attachment, validity, opposability,
enforcement, effect, perfection or priority of the Administrative Agent’s security interests in any Collateral are governed by the
personal property security laws of any jurisdiction other than Ontario, PPSA shall mean those personal property security laws in such
other jurisdiction (including the Civil Code of Québec) for the purposes of the provisions hereof relating to such attachment,
validity, opposability, enforcement, effect, perfection or priority and for the definitions related to such provisions.

 

“Prime Rate”: the rate of interest
last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such
rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected
Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein
(as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent).
Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

 

“Prior Claims”: all Liens created
by applicable law (in contrast with Liens voluntarily granted) which rank or are capable of ranking prior or pari passu with the Administrative
Agent’s security interests (or interests similar thereto under applicable law) against all or part of the Collateral of the Canadian
Loan Parties, including for amounts owing for employee source deductions, wages, vacation pay, goods and services taxes, sales taxes,
harmonized sales taxes, municipal taxes, workers’ compensation, Quebec corporate taxes, pension fund obligations, Wage Earner Protection
Program Act obligations and overdue rents.

 

“Pro Forma Balance Sheet”: as
defined in Section 4.1(a).

 

“Pro Forma Basis”: with respect
to the calculation of any test or covenant hereunder, such test or covenant being calculated after giving effect to (a) any Material Acquisition,
(b) any Material Disposition, and (c) any assumption, incurrence, repayment or other Disposition of Indebtedness (all of the foregoing,
 “Applicable Transactions”) using, for purposes of determining such compliance, the historical financial statements
of all entities or assets so acquired or sold (to the extent available) and the consolidated financial statements of Holdings and its
Subsidiaries, which shall be reformulated as if all Applicable Transactions during the Applicable Reference Period, or subsequent to the
Applicable Reference Period and on or prior to the date of such calculation, had been consummated at the beginning of such period.

 

“Projections”: as defined in Section 6.2(b).

 

“Proposed Discounted Prepayment
Amount”: as defined in Section 2.27(b).

 

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

 

    40

     

    

 

“Public-Sider”: a Lender whose
representatives may trade in securities of any Group Member while in possession of the financial statements provided by Holdings under
the terms of this Agreement.

 

“QFC”: as the term “qualified financial
contract” is defined in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

“QFC Credit Support”: as defined
in Section 10.21.

 

“Qualified Acquisition”: any Permitted
Acquisition in which the aggregate amount of Indebtedness incurred to finance such transaction, plus the amount of Indebtedness assumed
in connection therewith, by the U.S. Borrower and its restricted subsidiaries is at least $50,000,000.

 

“Qualified Holding Company Debt”:
unsecured Indebtedness of Holdings that (a) does not benefit from any Guarantee Obligation of any Subsidiary, (b) will not mature prior
to the date that is six months after the Latest Maturity Date in effect on the date of issuance or incurrence thereof, (c) has no scheduled
amortization or scheduled payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation
(other than customary prepayments in connection with a change of control or AHYDO), (d) does not require any payments in cash of interest
or other amounts in respect of the principal thereof prior to the date that is six months after the Latest Maturity Date in effect on
the date of such issuance or incurrence, (e) that has covenant, default and remedy provisions that are no more restrictive (taken as a
whole) to Holdings than those set forth in this Agreement and (f) is subordinated in right of payment to the Obligations on terms reasonably
acceptable to the Administrative Agent.

 

“Qualifying Lenders”:
as defined in Section 2.27(d).

 

“Qualifying Loans”:
as defined in Section 2.27(d).

 

“Quebec Security Documents”: a
deed of hypothec executed by any Loan Party from time to time, and any other related documents, bonds, debentures or pledge agreements
required to perfect a Lien in favor of the Administrative Agent in the Province of Quebec.

 

“Quotation Day”: with respect
to (i) any Eurodollar Loan for any Interest Period, two Business Days prior to the commencement of such Interest Period and (ii) any CDOR
Loan for any Interest Period, the first day of such Interest Period; provided that if such day is not a Business Day, then on the immediately
preceding Business Day.

 

“Real Estate”: any real property
owned, leased, subleased or otherwise operated or occupied by any Group Member.

 

“Recovery Event”: any settlement
of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of any Group
Member.

 

“Reference Period”: as defined
in the definition of “Consolidated EBITDA”.

 

“Reference Time”: with respect
to any setting of the then-current Benchmark means (1) if such Benchmark is Eurodollar Base Rate, 11:00 a.m. (London time) on the day
that is two London banking days preceding the date of such setting, (2) if such Benchmark is CDOR Rate, 11:00 a.m. Toronto, Ontario time
two Business Days preceding the date of such setting, or (3) if such Benchmark is not of the Eurodollar Base Rate or the CDOR Rate, the
time determined by the Administrative Agent in its reasonable discretion.

 

    41

     

    

 

“Refinancing Commitment”: a Refinancing
Revolving Commitment or a Refinancing Term Loan Commitment.

 

“Refinancing Facility Agreement”:
a Refinancing Facility Agreement, in form and substance reasonably satisfactory to the Administrative Agent, among Holdings, the U.S.
Borrower, the Canadian Borrower (in the case of Refinancing Term Loan Commitments that refinance Canadian Term A Loans), the Administrative
Agent and one or more Refinancing Lenders, establishing Refinancing Commitments and effecting such other amendments hereto and to the
other Loan Documents as are contemplated by Section 2.26.

 

“Refinancing Lenders”: the Refinancing
Revolving Lenders and the Refinancing Term Lenders.

 

“Refinancing Loans”: the Refinancing
Revolving Loans and the Refinancing Term Loans.

 

“Refinancing Revolving Commitments”
as defined in Section 2.26(a).

 

“Refinancing Revolving Lender”:
as defined in Section 2.26(a).

 

“Refinancing Revolving Loans”:
as defined in Section 2.26(a).

 

“Refinancing Term Lender”: as
defined in Section 2.26(a).

 

“Refinancing Term Loan”: as defined
in Section 2.26(a).

 

“Refinancing Term Loan Commitments”:
as defined in Section 2.26(a).

 

“Refunded Swingline Loans”: as
defined in Section 2.7(c).

 

“Register”: as defined in Section 10.6(b).

 

“Regulation U”: Regulation U of
the Board as in effect from time to time.

 

“Reimbursement Obligation”: with
respect to any Borrower, the obligation of such Borrower to reimburse the Issuing Lender pursuant to Section 3.5 for amounts drawn under
Letters of Credit.

 

“Reinvestment Deferred Amount”:
with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by any Group Member in connection therewith that are
not applied to prepay the Term Loans pursuant to Section 2.11(b) as a result of the delivery of a Reinvestment Notice.

 

“Reinvestment Event”: any Asset
Sale or Recovery Event in respect of which the U.S. Borrower has delivered a Reinvestment Notice.

 

“Reinvestment Notice”: a written
notice executed by a Responsible Officer of the U.S. Borrower stating that no Event of Default has occurred and is continuing and that
the U.S. Borrower (directly or indirectly through a Subsidiary) intends and expects to use all or a specified portion of the Net Cash
Proceeds of an Asset Sale or Recovery Event to acquire or repair assets useful in its business.

 

    42

     

    

 

“Reinvestment Prepayment Amount”:
with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant
Reinvestment Prepayment Date to acquire or repair assets useful in the business of the Borrower Parties.

 

“Reinvestment Prepayment Date”:
with respect to any Reinvestment Event, the earlier of (a) the date occurring 12 months after such Reinvestment Event and (b) the date
on which the U.S. Borrower shall have determined not to, or shall have otherwise ceased to, acquire or repair assets useful in the business
of the Borrower Parties with all or any portion of the relevant Reinvestment Deferred Amount.

 

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

 

“Releases”: any actual or threatened
release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping,
leaching or migration of Hazardous Material into or through the environment.

 

“Relevant Governmental Body”:
with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board and/or the NYFRB, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

 

“Relevant Rate”: (i) with respect
to any borrowing denominated in US Dollars, the Eurodollar Rate, and (iii) with respect to any borrowing denominated in Canadian Dollars,
the CDOR Rate.

 

“Reportable Event”: any of the
events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, with respect to a Title IV Plan, other than those events
as to which notice is waived pursuant to regulations promulgated under Section 4043 of ERISA as in effect on the date hereof (no matter
how such notice requirement may be changed in the future).

 

“Repricing Transaction”: (a) any
prepayment of Term A Loans with the proceeds of a substantially concurrent incurrence of long-term bank financing or any other financing
similar to the Loans by any Group Member (other than any such incurrence in connection with a Change of Control or Transformative Acquisition)
in respect of which the all-in yield is, on the date of such prepayment, lower than the all-in yield on such Term A Loans (with the all-in
yield calculated by the Administrative Agent in accordance with standard market practice, taking into account, in each case, any interest
rate floors, the Applicable Margin hereunder and the interest rate spreads under such Indebtedness, and any original issue discount and
upfront fees applicable to or payable in respect of such Term A Loans and such Indebtedness with the original issue discount and upfront
fees being equated to interest rate assuming a four-year life to maturity of such Indebtedness (but excluding arrangement, structuring,
underwriting, commitment, amendment or other similar fees regardless of whether paid in whole or in part to any or all lenders of such
Indebtedness and any other fees that are not paid generally to all lenders of such Indebtedness)) and (b) any amendment, amendment and
restatement or other modification to this Agreement that reduces the all-in yield (calculated as set forth in clause (a) above) of the
Term A Loans (other than any such amendment, amendment and restatement or other modification effected in connection with a Change of Control
or Transformative Acquisition).

 

“Required Lenders”: at any time
after the Restatement Effective Date, the holders of more than 50% of the sum of (a) the aggregate unpaid principal amount of the Term
Loans then outstanding and (b) the Total Revolving Commitments then in effect or, if the Revolving Commitments have been terminated, the
Total Revolving Extensions of Credit then outstanding; provided, however, that determinations of the “Required Lenders”
shall exclude any Commitments or Loans held by any Defaulting Lender.

 

    43

     

    

 

“Required Revolving Lenders”:
the Majority Facility Lenders in respect of the Revolving Facility.

 

“Requirement of Law”: as to any
Person, any law (including common law), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property
is subject.

 

“Reset Date”: as defined in Section
2.28(a).

 

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

 

“Responsible Officer”: with respect
to any Person, the chief executive officer, president or chief financial officer of such Person, but in any event (other than with respect
to Section 6.7), with respect to financial matters, the chief financial officer of such Person.

 

“Restatement Effective Date”:
the date on which the conditions specified in Section 5.3 have been satisfied, which date is September 29, 2021.

 

“Restricted Debt Payments”: as
defined in Section 7.9(a).

 

“Restricted Payments”: as defined
in Section 7.6.

 

“Revolving Commitment”: as to
any Lender, the obligation of such Lender, if any, to make Revolving Loans and participate in Swingline Loans and Letters of Credit in
an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite
such Lender’s name on Schedule 1.1 or in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the
same may be changed from time to time pursuant to the terms hereof. The original amount of the Total Revolving Commitments is $100,000,000.

 

“Revolving Commitment Period”:
the period from and including the Restatement Effective Date to the Revolving Termination Date.

 

“Revolving Extensions of Credit”:
as to any Revolving Lender at any time, an amount equal to the Dollar Equivalent of the sum of (a) the aggregate principal amount of all
Revolving Loans held by such Lender then outstanding, (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding
and (c) such Lender’s Revolving Percentage of the aggregate principal amount of Swingline Loans then outstanding.

 

“Revolving Facility”: as defined
in the definition of “Facility”.

 

“Revolving Lender”: each Lender
that has a Revolving Commitment or that holds Revolving Loans.

 

“Revolving Loans”: as defined
in Section 2.4(a).

 

    44

     

    

 

“Revolving Percentage”: as to
any Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment then constitutes of the Total Revolving
Commitments or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which the aggregate principal
amount of such Lender’s Revolving Loans then outstanding constitutes of the aggregate principal amount of the Revolving Loans then
outstanding, provided, that, in the event that the Revolving Loans are paid in full prior to the reduction to zero of the Total
Revolving Extensions of Credit, the Revolving Percentages shall be determined in a manner designed to ensure that the other outstanding
Revolving Extensions of Credit shall be held by the Revolving Lenders on a comparable basis. Notwithstanding the foregoing, when a Defaulting
Lender shall exist (i) in the case of Section 2.23, Revolving Percentages shall be determined without regard to any Defaulting Lender’s
Revolving Commitment and (ii) in the case of the defined term “Revolving Extensions of Credit” (other than as used in Section
2.23(c)) and Section 2.4(a), Revolving Percentages shall be adjusted to give effect to any reallocation effected pursuant to Section 2.23(c).

 

“Revolving Termination Date”:
September 29, 2026.

 

“Sanctioned Country”: at any time,
a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, the Crimea region
of Ukraine, Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctioned Person”: at any time,
(a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S.
Department of the Treasury or the U.S. Department of State or by the United Nations Security Council, the government of Canada, the European
Union or any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (b)
any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons
described in the foregoing clauses (a) or (b).

 

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

 

“Screen Rate”: the LIBO Screen
Rate or CDOR Screen Rate, as applicable.

 

“SEC”: the Securities and Exchange
Commission, any successor thereto and any analogous Governmental Authority.

 

“Secured Parties”: the collective
reference to the “Secured Parties” as defined in the U.S. Guarantee and Collateral Agreement and the “Secured Parties”
as defined in the Canadian Guarantee and Collateral Agreement.

 

“Security Documents”: the collective
reference to the U.S. Guarantee and Collateral Agreement, the Canadian Collateral Documents and all other security documents previously
delivered in connection therewith or hereafter delivered to the Administrative Agent granting a Lien on any property of any Person to
secure the obligations and liabilities of any Loan Party under any Loan Document.

 

“SOFR”: with respect to any Business
Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR
Administrator’s Website on the immediately succeeding Business Day.

 

    45

     

    

 

“SOFR Administrator”: the
NYFRB (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s Website”:
the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified
as such by the SOFR Administrator from time to time.

 

“Solvent”: when used with respect
to any Person, means that, as of any date of determination, (a) the amount of the “present fair saleable value” of the
assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”,
as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of
the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than
the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such
Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person
will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”,
and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated,
fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy
for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced
to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured.

 

“Specified Acquisition Agreement Representations”:
with respect to any contemplated acquisition, such of the representations made by the proposed target of such acquisition in the documentation
governing the acquisition (the “Subject Acquisition Agreement”) as are material to the interests of the Lenders, but
only to the extent that the accuracy of any such representation is a condition to the obligations of Holdings (or an Affiliate thereof)
to close under the Subject Acquisition Agreement or Holdings (or an Affiliate thereof) has the right to terminate its obligations under
the Subject Acquisition Agreement, or to decline to consummate such acquisition, as a result of a breach of such representations in the
Subject Acquisition Agreement.

 

“Specified Cash Management Agreement”:
any agreement providing for treasury, depositary, purchasing card or cash management services, including in connection with any automated
clearing house transfers of funds or any similar transactions between any Loan Party and any Lender or affiliate thereof.

 

“Specified Event of Default”:
an Event of Default under Section 8(a) (other than a Loan Party’s failure to reimburse the costs and expenses of the Administrative
Agent or any Lender as required by this Agreement that are the subject of a bona fide dispute), Section 8(c) (as a result of a failure
to perform or comply with Section 6.7(a) ,Section 7.1 or Section 7.6), Section 8(d) (as a result of a failure to comply with Section 6.1
or Section 6.2(a)), Section 8(f), Section 8(i) or Section 8(k).

 

“Specified Representations”: the
representations of the Loan Parties set forth in Section 4.3(a), 4.4(a) (solely with respect to the entering into and performance of the
Loan Documents), 4.4(b) (solely with respect to the entering into and performance of the Loan Documents), 4.4(d) (solely with respect
to the entering into and performance of the Loan Documents), 4.4(e) (solely with respect to the entering into and performance of the Loan
Documents), 4.5(a) (solely with respect to organizational documents (immediately after giving effect to the applicable acquisition)),
4.11, 4.14, 4.19, 4.20 (immediately after giving effect to the applicable acquisition and extensions of credit under the Loan Documents)
and 4.23.

 

    46

     

    

 

“Specified Swap Agreement”: any
Swap Agreement in respect of interest rates, currency exchange rates or commodity prices entered into by any Loan Party and any Person
that is a Lender or an affiliate of a Lender at the time such Swap Agreement is entered into.

 

“Specified Time”: (i) with respect
to any Eurodollar Loan, 11:00 a.m., London time and (ii) with respect to any CDOR Loan, 10:15 a.m., Toronto time.

 

“Subject Acquisition Agreement”:
as defined in the definition of “Specified Acquisition Agreement Representations”.

 

“Subordinated Indebtedness”: any
Indebtedness of any Group Member that is expressly subordinate in right of payment to the Obligations (or any portion thereof).

 

“Subsidiary”: as to any Person,
a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary
voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to
elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or
the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless
otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a
Subsidiary or Subsidiaries of Holdings.

 

“Subsidiary Guarantors”: the collective
reference to the U.S. Subsidiary Guarantors and the Canadian Subsidiary Guarantors.

 

“Supported QFC”: as defined in
Section 10.21.

 

“Swap”: any agreement, contract,
or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

“Swap Agreement”: any agreement
with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference
to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or
measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided
that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers,
employees or consultants of a Group Member shall be a “Swap Agreement”.

 

“Swap Obligation”: with respect
to any person, any obligation to pay or perform under any Swap.

 

“Swingline Commitment”: the obligation
of the Swingline Lender to make Swingline Loans pursuant to Section 2.6 in an aggregate principal amount at any one time outstanding not
to exceed $15,000,000.

 

“Swingline Exposure”: at any time,
the Dollar Equivalent of the sum of the aggregate amount of all outstanding Swingline Loans at such time. The Swingline Exposure of any
Revolving Lender at any time shall be the sum of (a) its Revolving Percentage of the total Swingline Exposure at such time related to
Swingline Loans other than any Swingline Loans made by such Lender in its capacity as a Swingline Lender and (b) if such Lender shall
be a Swingline Lender, the principal amount of all Swingline Loans made by such Lender outstanding at such time (to the extent that the
other Revolving Lenders shall not have funded their participations in such Swingline Loans); provided that in the case of Sections
2.4(a), 2.6(a) and 3.1(a) when a Defaulting Lender shall exist, the Swingline Exposure of any Revolving Lender shall be adjusted to give
effect to any reallocation effected pursuant to Section 2.23.

 

    47

     

    

 

 

 

“Swingline Lender”: JPMorgan Chase
Bank, N.A. and any of its affiliates, each in its capacity as a lender of Swingline Loans, or any successor swingline lender hereunder.

 

“Swingline Loans”: as defined
in Section 2.6.

 

“Swingline Participation Amount”:
as defined in Section 2.7(d).

 

“Syndication Agent”: BMO Capital
Markets Corp.

 

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

 

“Term A Commitments”: the Canadian
Term A Commitments and the U.S. Term A Commitments.

 

“Term A Facilities”: as defined
in the definition of “Facility”.

 

“Term A Lender”: each Lender that
has a Term A Commitment or that holds a Term A Loan.

 

“Term A Loans”: the Canadian Term
A Loans and the U.S. Term A Loans.

 

“Term Lenders”: the collective
reference to the Term A Lenders and the Incremental Term Lenders.

 

“Term Loans”: the collective reference
to the Term A Loans and the Incremental Term Loans.

 

“Term Maturity Date”: September
29, 2026

 

“Term SOFR”: for the applicable
Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended
by the Relevant Governmental Body.

 

“Term SOFR Notice”: a notification
by the Administrative Agent to the Lenders and the applicable Borrower of the occurrence of a Term SOFR Transition Event.

 

“Term SOFR Transition Event”:
the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the
administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early
Opt-in Election, as applicable (and, for the avoidance of doubt, not in the case of an Other Benchmark Rate Election), has previously
occurred resulting in a Benchmark Replacement in accordance with Section 2.16 that is not Term SOFR.

 

    48

     

    

 

“Title IV Plan”: a pension plan
subject to Title IV of ERISA, other than a Multiemployer Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or
liability, contingent or otherwise.

 

“Total Revolving Commitments”:
at any time, the aggregate amount of the Revolving Commitments then in effect.

 

“Total Revolving Extensions of Credit”:
at any time, the aggregate amount of the Revolving Extensions of Credit of the Revolving Lenders outstanding at such time.

 

“Transaction Expenses”: all premiums,
fees, costs and expenses incurred or payable by or on behalf of any Group Member in connection with the Transactions, including the funding
of any original issue discount, upfront fees and legal expenses.

 

“Transactions”: collectively,
(a) the negotiation, execution and delivery of the Loan Documents and the extension of credit thereunder on the Restatement Effective
Date, (b) the consummation of any other transactions in connection with the foregoing and (c) the payment of Transaction Expenses.

 

“Transferee”: any Assignee or
Participant.

 

“Transformative Acquisition”:
any acquisition or Investment by a Group Member that is either (a) not permitted by the terms of this Agreement immediately prior to the
consummation of such acquisition or Investment or (b) if permitted by the terms of this Agreement immediately prior to the consummation
of such acquisition or Investment, would not provide the Group Members with adequate flexibility under this Agreement for the continuation
and/or expansion of their combined operations following such consummation (as determined by the U.S. Borrower acting in good faith).

 

“Type”: as to any Loan, its nature
as an ABR Loan, a Canadian Prime Loan, a Eurodollar Loan or a CDOR Loan.

 

“UK Financial Institutions”: any
BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from 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”: the
Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

“Unadjusted Benchmark Replacement”:
the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Unfinanced Capital Expenditures”:
  with respect to any Person and for any period, Capital Expenditures made by such Person during such period and not financed from
the proceeds of Indebtedness (other than Revolving Loans or Swingline Loans), any issuance or sale of Capital Stock, or the Net Cash Proceeds
of Recovery Events or Asset Sales.  

 

“Uniform Commercial Code” or “UCC”
means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State of New
York, or the Uniform Commercial Code or any successor provision thereof (or similar code or statute) of another jurisdiction, to the extent
it may be required to apply to any item or items of Collateral.

 

    49

     

    

 

“United States”: the United States
of America.

 

“U.S. Borrower”: as defined in
the preamble hereto.

 

“U.S. Declined Amount”: as defined
in Section 2.11(b)(i).

 

“U.S. Guarantors”: the collective
reference to Holdings and the U.S. Subsidiary Guarantors.

 

“U.S. Loan Parties”: the collective
reference to Holdings, the U.S. Borrower and the U.S. Subsidiary Guarantors.

 

“U.S. Guarantee and Collateral Agreement”:
the Guarantee and Collateral Agreement dated as of October 31, 2017 executed and delivered by Holdings, the U.S. Borrower and each U.S.
Subsidiary Guarantor in connection with the closing of the Existing Credit Agreement, as reaffirmed by the U.S. Reaffirmation Agreement.

 

“U.S. Person”: a “United
States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S. Reaffirmation Agreement”:
the reaffirmation agreement to be executed and delivered by Holdings, the U.S. Borrower and each U.S. Subsidiary Guarantor on the Restatement
Effective Date, substantially in the form of Exhibit A.

 

“U.S. Subsidiary Guarantor”: each
Wholly Owned Domestic Subsidiary of the U.S. Borrower (other than any Excluded Domestic Subsidiary), whether existing on the Restatement
Effective Date or established, created or acquired after the Restatement Effective Date, in each case unless and until such time as the
applicable Wholly Owned Domestic Subsidiary is released from all of its obligations under the Security Documents to which it is a party
in accordance with the terms and provisions hereof and thereof.

 

“U.S. Tax Compliance Certificate”:
as defined in Section 2.19(f)(ii)(B).

 

“U.S. Term A Commitment”: as to
any Lender, the obligation of such Lender, if any, to make a U.S. Term A Loan to the U.S. Borrower in a principal amount not to exceed
the amount set forth under the heading “U.S. Term A Commitment” opposite such Lender’s name on Schedule 1.1. The original
aggregate amount of the U.S. Term A Commitments is $80,000,000.

 

“U.S. Term A Facility”: as defined
in the definition of “Facility”.

 

“U.S. Term A Lender”: each Lender
that has a U.S. Term A Commitment or that holds a U.S. Term A Loan.

 

“U.S. Term A Loan”: as defined
in Section 2.1(a).

 

“U.S. Term A Percentage”: as to
any U.S. Term A Lender at any time, the percentage which such Lender’s U.S. Term A Commitment then constitutes of the aggregate
U.S. Term A Commitments (or, at any time after the Restatement Effective Date, the percentage which the aggregate principal amount of
such Lender’s U.S. Term A Loans then outstanding constitutes of the aggregate principal amount of the U.S. Term A Loans then outstanding).

 

    50

     

    

 

“U.S. Term Loan” the collective
reference to the U.S. Term A Loans and any Incremental Term Loans incurred by the U.S. Borrower.

 

“Wholly Owned Canadian Subsidiary”:
any Canadian Subsidiary that is a Wholly Owned Subsidiary of the Canadian Borrower.

 

“Wholly Owned Domestic Subsidiary”:
any Domestic Subsidiary that is a Wholly Owned Subsidiary of the U.S. Borrower.

 

“Wholly Owned Subsidiary”: as
to any Person, any other Person all of the Capital Stock of which (other than (a) directors’ qualifying shares and (b) shares issued
to foreign nationals to the extent required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries.

 

“Withdrawal Liability”: any liability
to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are used in sections
4203 and 4205, respectively, of ERISA.

 

“Write-Down and Conversion Powers”:
(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.

 

1.2           
Other Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the
defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto.

 

(b)           
As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto
or thereto, (i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section
1.1, to the extent not defined, shall have the respective meanings given to them under GAAP (provided that all terms of an accounting
or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without
giving effect to (i) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial
Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or
effect) to value any Indebtedness or other liabilities of any Group Member at “fair value”, as defined therein and (ii) any
treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting
Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced
or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof),
(ii) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase
 “without limitation”, (iii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable
in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings),
(iv) 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, Capital Stock, securities, revenues, accounts, leasehold interests
and contract rights, and (v) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to
refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to time.

 

    51

     

    

 

(c)           
The words “hereof”, “herein” and “hereunder” and words of similar import, when used
in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule
and Exhibit references are to this Agreement unless otherwise specified.

 

(d)           
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

(e)           
Notwithstanding anything to the contrary herein, with respect to any amounts incurred or transactions entered into (or consummated)
in reliance on a provision of this Agreement that does not require compliance with a financial ratio or test (including pro forma compliance
with a Consolidated Leverage Ratio test or a Consolidated Secured Leverage Ratio test) (any such amounts, the “Fixed Amounts”)
substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this
Agreement that requires compliance with any such financial ratio or test (any such amounts, the “Incurrence Based Amounts”),
it is understood and agreed that the Fixed Amounts (and any cash proceeds thereof) shall be disregarded in the calculation of the financial
ratio or test applicable to the Incurrence Based Amounts in connection with such substantially concurrent incurrence.

 

1.3           
Limited Condition Acquisitions. For purposes of (i) determining compliance with any provision of this Agreement or any other
Loan Document which requires the calculation of the Consolidated Leverage Ratio, the Consolidated Secured Leverage Ratio or the Consolidated
Fixed Charge Coverage Ratio (other than, in each case, for purposes of Section 7.1), (ii) determining compliance with representations,
warranties, Defaults or Events of Default (other than in connection with the making of any Revolving Loan or Swingline Loan or the issuance
of any Letter of Credit) or (iii) testing availability under baskets set forth in this Agreement or any other Loan Document, in each case,
in connection with a Limited Condition Acquisition, at the option of the Borrower Representative (the Borrower Representative’s
election to exercise such option in connection with any Limited Condition Acquisition, an “LCT Election”), the date
of determination of whether any such action is permitted under this Agreement and the other Loan Documents shall be deemed to be the date
the Limited Condition Acquisition Agreement is entered into (the “LCT Test Date”), and if, after giving effect on a
pro forma basis to the Limited Condition Acquisition and the other transactions to be entered into in connection therewith (including
any incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the four most recently ended
consecutive fiscal quarters of Holdings for which financial statements have been delivered pursuant to Section 6.1, the applicable Group
Member could have taken such action on the relevant LCT Test Date in compliance with such representation, warranty, ratio or basket, such
representation, warranty, ratio or basket shall be deemed to have been complied with. For the avoidance of doubt, if the Borrower Representative
has made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are exceeded
as a result of fluctuations in any such ratio or basket (including due to fluctuations in Consolidated EBITDA) at or prior to the consummation
of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations.
If the Borrower Representative has made an LCT Election for any Limited Condition Acquisition, then in connection with any subsequent
calculation of ratios or baskets (other than for purposes of Section 7.1) on or following the relevant LCT Test Date and prior to the
earlier of (i) the date on which such Limited Condition Acquisition is consummated or (ii) the date that the applicable Limited Condition
Acquisition Agreement is terminated or expires without consummation of such Limited Condition Acquisition, any such ratio or basket shall
be calculated on a pro forma basis assuming such Limited Condition Acquisition and other transactions in connection therewith (including
any incurrence of Indebtedness and the use of proceeds thereof) have been consummated; provided that the Consolidated EBITDA of
the target of such Limited Condition Acquisition shall not be included in any such calculation for any purposes other than (x) the incurrence
test under Section 7.2 under which any Indebtedness in respect of such Limited Condition Acquisition is being incurred and (y) the incurrence
test under Section 7.8 under which such Limited Condition Acquisition is being made, in each case until the date on which such Limited
Condition Acquisition is consummated.

 

    52

     

    

 

1.4           
Currency Fluctuations. For purposes of any determination under Section 7.2, 7.3, 7.6, 7.8 and 7.9, all amounts incurred,
outstanding, paid or proposed to be incurred, outstanding or paid in currencies other than Dollars shall be translated into the Dollar
Equivalent thereof at the Exchange Rate in effect on the date of such determination; provided that no Default shall arise as a
result of any limitation set forth in Dollars in such Sections being exceeded solely as a result of changes in the Exchange Rate from
those rates applicable at the time or times Indebtedness, Liens, Restricted Payments, Investments or Restricted Debt Payments were initially
consummated in reliance on the exceptions under such Sections; provided further that if any Indebtedness that is Permitted Refinancing
Indebtedness is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency,
and such extension, replacement, refunding, refinancing, renewal or defeasance would cause the applicable restriction in Sections 7.2
or (with respect to secured Indebtedness) 7.3 to be exceeded if calculated at the relevant currency exchange rate in effect on the date
of such extension, replacement, refunding, refinancing, renewal or defeasance, such restriction shall be deemed not to have been exceeded
so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended,
replaced, refunded, refinanced, renewed or defeased.

 

1.5           
Québec Matters. For purposes of any assets, liabilities or entities located in the Province of Québec and
for all other purposes pursuant to which the interpretation or construction of this Agreement may be subject to the laws of the Province
of Québec or a court or tribunal exercising jurisdiction in the Province of Québec, (a) “personal property”
shall include “movable property”, (b) “real property” or “real estate” shall include “immovable
property”, (c) “tangible property” shall include “corporeal property”, (d) “intangible property”
shall include “incorporeal property”, (e) “security interest”, “mortgage” and “lien” shall
include a “hypothec”, “right of retention”, “prior claim” , “reservation of ownership”
and a resolutory clause, (f) all references to filing, perfection, priority, remedies, financing statements, registering or recording
under the Uniform Commercial Code or the PPSA shall include publication under the Civil Code of Québec, (g) all references to “perfection”
of or “perfected” liens or security interest shall include a reference to an “opposable” or “set up”
hypothec as against third parties, (h) any “right of offset”, “right of setoff” or similar expression shall include
a “right of compensation”, (i) “goods” shall include “corporeal movable property” other than chattel
paper, documents of title, instruments, money and securities, (j) an “agent” shall include a “mandatary”, (k)
 “construction liens” or “mechanics, materialmen, repairmen, construction contractors or other like Liens” shall
include “legal hypothecs” and “legal hypothecs in favor of persons having taken part in the construction or renovation
of an immovable”, (l) “joint and several” shall include “solidary”, (m) “gross negligence or willful
misconduct” shall be deemed to be “intentional or gross fault”, (n) “beneficial ownership” shall include
 “ownership on behalf of another as mandatary”, (o) “easement” shall include “servitude”, (p) “priority”
shall include “rank” or “prior claim”, as applicable (q) “survey” shall include “certificate
of location and plan”, (r) “state” shall include “province”, (s) “fee simple title” shall include
 “absolute ownership” and “ownership” (including ownership under a right of superficies), (t) “accounts”
shall include “claims”, (u) “legal title” shall be including “holding title on behalf of an owner as mandatory
or prete-nom”, (v) “ground lease” shall include “emphyteusis” or a “lease with a right of superficies”,
as applicable, (w) “leasehold interest” shall include a “valid lease”, (x) “lease” shall include a
 “leasing contract” and (y) “guarantee” and “guarantor” shall include “suretyship” and
 “surety”, respectively. The parties hereto confirm that it is their wish that this Agreement and any other document executed
in connection with the transactions contemplated herein be drawn up in the English language only and that all other documents contemplated
thereunder or relating thereto, including notices, may also be drawn up in the English language only. Les parties aux présentes
confirment que c’est leur volonté que cette convention et les autres documents de crédit soient rédigés
en langue anglaise seulement et que tout les documents, y compris tous avis, envisagés par cette convention et les autres documents
peuvent être rédigés en langue anglaise seulement.

 

    53

     

    

 

1.6           
Interest Rates; LIBOR Notification. The interest rate on a Loan denominated in dollars or an Acceptable Foreign Currency
may be derived from an interest rate benchmark that is, or may in the future become, the subject of regulatory reform. Regulators have
signaled the need to use alternative benchmark reference rates for some of these interest rate benchmarks and, as a result, such interest
rate benchmarks may cease to comply with applicable laws and regulations, may be permanently discontinued, and/or the basis on which they
are calculated may change. The London interbank offered rate (“LIBOR”) is intended to represent the rate at which contributing
banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority
(“FCA”) publicly announced that: (a) immediately after December 31, 2021, publication of all seven euro LIBOR settings, all
seven Swiss Franc LIBOR settings, the spot next, 1-week, 2-month and 12-month Japanese Yen LIBOR settings, the overnight, 1-week, 2-month
and 12-month British Pound Sterling LIBOR settings, and the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; immediately
after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; immediately after December
31, 2021, the 1-month, 3-month and 6-month Japanese Yen LIBOR settings and the 1-month, 3-month and 6-month British Pound Sterling LIBOR
settings will cease to be provided or, subject to consultation by the FCA, be provided on a changed methodology (or “synthetic”)
basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness
will not be restored; and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be
provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of
the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no
assurance that dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action
that could impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published.
Each party to this agreement should consult its own advisors to stay informed of any such developments. Public and private sector industry
initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. Upon the occurrence of
a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, Sections 2.16(b)
and (c) provide the mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Borrowers,
pursuant to Section 2.16(e), of any change to the reference rate upon which the interest rate on Eurodollar Loans or CDOR 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, performance or any other matter related to the LIBOR or other rates in the definition of “Eurodollar
Base 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 2.16(b) or (c), whether upon the occurrence of
a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, and (ii) the
implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.16(d)), 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 Eurodollar Base Rate or have the same volume or liquidity as did the London interbank offered rate
prior to its discontinuance or unavailability.

 

    54

     

    

 

SECTION
2.          AMOUNT
AND TERMS OF COMMITMENTS

 

2.1          
Term A Commitments. (a) Subject to the terms and conditions hereof, each U.S. Term A Lender severally agrees to make a term
loan (a “U.S. Term A Loan”) to the U.S. Borrower on the Restatement Effective Date in Dollars in an amount not to exceed
the amount of the Term A Commitment of such Lender. The U.S. Term A Loans may from time to time be Eurodollar Loans or ABR Loans, as determined
by the U.S. Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.12.

 

(b)          
Subject to the terms and conditions hereof, each Canadian Term A Lender severally agrees to make a term loan (a “Canadian
Term A Loan”) to the Canadian Borrower on the Restatement Effective Date in Canadian Dollars in an amount not to exceed the
amount of the Canadian Term A Commitment of such Lender. The Canadian Term A Loans may from time to time be CDOR Loans or Canadian Prime
Rate Loans, as determined by the Canadian Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.12.

 

2.2          
Procedure for Term Loan Borrowing. (a) The U.S. Borrower shall give the Administrative Agent irrevocable notice (which notice
must be received by the Administrative Agent prior to 12:00 Noon, New York City time), (a) three Business Days prior to the requested
Borrowing Date, in the case of Eurodollar Loans (and accompanied by a funding indemnity letter in form and substance reasonably acceptable
to the Administrative Agent) and (b) the date of the proposed Borrowing Date, in the case of ABR Loans requesting that the U.S. Term A
Lenders make the U.S. Term A Loans on the Restatement Effective Date and specifying the amount to be borrowed. Upon receipt of such notice
the Administrative Agent shall promptly notify each U.S. Term A Lender thereof. Not later than 12:00 Noon, New York City time, on the
Restatement Effective Date each U.S. Term A Lender shall make available to the Administrative Agent at the Funding Office an amount in
immediately available funds equal to the U.S. Term A Loan or U.S. Term A Loans to be made by such Lender. The Administrative Agent shall
credit the account of the U.S. Borrower on the books of such office of the Administrative Agent with the aggregate of the amounts made
available to the Administrative Agent by the U.S. Term A Lenders in immediately available funds.

 

(b)           The
Canadian Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior
to 12:00 Noon, New York City time), (a) three Business Days prior to the requested Borrowing Date, in the case of CDOR Loans and (b) the
date of the proposed Borrowing Date, in the case of Canadian Prime Rate Loans requesting that the Canadian Term A Lenders make the Canadian
Term A Loans on the Restatement Effective Date and specifying the amount to be borrowed. Upon receipt of such notice the Administrative
Agent shall promptly notify each Canadian Term A Lender thereof. Not later than 12:00 Noon, New York City time, on the Restatement Effective
Date each Canadian Term A Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately available
funds equal to the Canadian Term A Loan or Canadian Term A Loans to be made by such Lender. The Administrative Agent shall credit the
account of the Canadian Borrower on the books of such office of the Administrative Agent with the aggregate of the amounts made available
to the Administrative Agent by the Canadian Term A Lenders in immediately available funds.

 

    55

     

    

 

2.3          
Repayment of Term Loans. (a) (i) The U.S. Borrower shall repay the U.S. Term A Loans on the first day of each January, April,
July and October, beginning with January 1, 2022 and ending with the last such day to occur prior to the Term Maturity Date, in an aggregate
principal amount for each such date (as such amount shall be adjusted pursuant to Section 2.17(b)) equal to the percentage of the original
principal amount of all U.S. Term A Loans set forth below opposite such quarterly payment date.

 

U.S. Term A Loans

 

	Installment Dates	 	Principal Amount	 
	January 1, 2022 – October 1, 2022	 	 	1.250	%
	January 1, 2023 – October 1, 2024	 	 	1.875	%
	January 1, 2025 – July 1, 2026	 	 	2.500	%

 

(ii) The Canadian Borrower shall repay the Canadian
Term A Loans on the first day of each January, April, July and October, beginning with January 1, 2022 and ending with the last such day
to occur prior to the Term Maturity Date, in an aggregate principal amount for each such date (as such amount shall be adjusted pursuant
to Section 2.17(b)) equal to the percentage of the original principal amount of all Canadian Term A Loans set forth below opposite such
quarterly payment date:

 

Canadian Term A Loans

 

	Installment Dates	 	Principal Amount	 
	January 1, 2022 – October 1, 2022	 	 	1.250	%
	January 1, 2023 – October 1, 2024	 	 	1.875	%
	January 1, 2025 – July 1, 2026	 	 	2.500	%

 

(b)          
The Incremental Term Loans of each Incremental Term Lender shall mature in consecutive installments (which shall be no more
frequent than quarterly) as specified in the Increased Facility Activation Notice pursuant to which such Incremental Term Loans were made
(as such installments shall be adjusted pursuant to Section 2.17(b)).

 

(c)          
To the extent not previously paid, (i) all Term A Loans shall be due and payable on the Term Maturity Date and (ii) all
Incremental Term Loans shall be due and payable on the Incremental Term Maturity Date in respect thereof.

 

2.4          
Revolving Commitments. (a) Subject to the terms and conditions hereof, each Revolving Lender severally agrees to make revolving
credit loans (“Revolving Loans”) to the U.S. Borrower in Dollars from time to time during the Revolving Commitment
Period in an aggregate principal amount at any one time outstanding which, when the Dollar Equivalent thereof is added (after giving effect
to any application of proceeds of such Revolving Loans pursuant to Section 2.6) to the sum of (i) such Lender’s Revolving Percentage
of the L/C Obligations then outstanding and (ii) such Lender’s Swingline Exposure then outstanding, does not exceed the amount of
such Lender’s Revolving Commitment. During the Revolving Commitment Period the Borrowers may use the Revolving Commitments by borrowing,
prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving
Loans denominated in Dollars may from time to time be Eurodollar Loans or ABR Loans, as determined by the U.S. Borrower and notified to
the Administrative Agent in accordance with Sections 2.5 and 2.12.

 

(b)          
The U.S. Borrower shall repay all of its outstanding Revolving Loans on the Revolving Termination Date.

 

    56

     

    

 

2.5          
Procedure for Revolving Loan Borrowing. (a) The U.S. Borrower may borrow under the Revolving Commitments during the Revolving
Commitment Period on any Business Day, provided that the U.S. Borrower shall give the Administrative Agent irrevocable notice (which
notice must be received by the Administrative Agent prior to 12:00 Noon, New York City time, (a) three Business Days prior to the requested
Borrowing Date, in the case of Eurodollar Loans (and, in the case of any borrowing to be made on the Restatement Effective Date, accompanied
by a funding indemnity letter in form and substance reasonably acceptable to the Administrative Agent), or (b) on the date of the requested
Borrowing Date, in the case of ABR Loans), specifying (i) the amount and Type of Revolving Loans to be borrowed, (ii) the currency of
the Loans to be borrowed, (iii) the requested Borrowing Date and (iv) in the case of Eurodollar Loans, the respective amounts of each
such Type of Loan and the respective lengths of the initial Interest Period therefor. Each borrowing under the Revolving Commitments shall
be in an amount equal to (1) in the case of ABR Loans, $500,000 or a whole multiple of $100,000 in excess thereof (or, if the then aggregate
Available Revolving Commitments are less than $500,000, such lesser amount), and (2) in the case of Eurodollar Loans, $1,000,000 or a
whole multiple of $250,000 in excess thereof; provided, that the Swingline Lender may request, on behalf of the U.S. Borrower,
borrowings under the Revolving Commitments that are ABR Loans in other amounts pursuant to Section 2.7. Upon receipt of any such notice
from the U.S. Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. Each Revolving Lender will make
the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the U.S. Borrower at the Funding
Office prior to 2:00 P.M., New York City time, on the Borrowing Date requested by the U.S. Borrower solely by wire transfer of immediately
available funds. Except in respect of the provisions of this Agreement covering the reimbursement of Letters of Credit, such borrowing
will then be made available to the U.S. Borrower by the Administrative Agent crediting the funds so received in the aforesaid account
of the Administrative Agent to the account of the U.S. Borrower on the books of such office or as otherwise directed in writing by the
U.S. Borrower; provided that ABR Revolving Loans made to finance payments required by Section 3.5 shall be remitted by the Administrative
Agent to the applicable Issuing Lender.

 

(b)           
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 2.16, 2.18, 2.19 and 2.20 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 U.S. Borrower to repay
such Loan in accordance with the terms of this Agreement; provided, further, that no such domestic or foreign branch or Affiliate of such
Lender shall be entitled to any greater indemnification under Section 2.19 in respect of any U.S. federal withholding tax with respect
to any such Loan than that to which the applicable Lender would be entitled on the date on which such Loan was made had such applicable
Lender funded such Loan on such date (except in connection with any indemnification entitlement arising as a result of any change in any
Requirement of Law after the date on which such Loan was made).

 

2.6          
Swingline Commitment. (a) Subject to the terms and conditions hereof, from time to time during the Revolving Commitment
Period, the Swingline Lender may, in its sole discretion, make a portion of the credit otherwise available to the U.S. Borrower under
the Revolving Commitments by making swing line loans (“Swingline Loans”) to the U.S. Borrower, made in Dollars; provided
that (i) the sum of (x) the Swingline Exposure of the Swingline Lender (in its capacity as the Swingline Lender and a Revolving Lender),
(y) the aggregate principal amount of the Dollar Equivalent of the outstanding Revolving Loans made by the Swingline Lender (in its capacity
as a Revolving Lender) and (z) the L/C Exposure of the Swingline Lender (in its capacity as a Revolving Lender) shall not exceed its Revolving
Commitment then in effect, (ii) the sum of the outstanding Swingline Loans shall not exceed the Swingline Commitment and (iii) the U.S.
Borrower shall not request, and the Swingline Lender shall not make, any Swingline Loan if, after giving effect to the making of such
Swingline Loan, the aggregate amount of the Available Revolving Commitments would be less than zero. During the Revolving Commitment Period,
the U.S. Borrower may use the Swingline Commitment by borrowing, repaying and reborrowing, all in accordance with the terms and conditions
hereof. Swingline Loans denominated in Dollars shall be ABR Loans only.

 

    57

     

    

 

(b)          
The U.S. Borrower shall repay to the Swingline Lender the then unpaid principal amount of each Swingline Loan made to it
on the earlier of the Revolving Termination Date and five Business Days after such Swingline Loan is made; provided that on each
date that a Revolving Loan is borrowed, the U.S. Borrower shall repay all Swingline Loans then outstanding and the proceeds of any such
Revolving Loans shall be applied by the Administrative Agent to repay any Swingline Loans outstanding.

 

2.7          
Procedure for Swingline Borrowing; Refunding of Swingline Loans. (a) Whenever the U.S. Borrower desires that the Swingline
Lender make Swingline Loans it shall give the Swingline Lender and the Administrative Agent irrevocable telephonic notice confirmed promptly
in writing (which telephonic notice must be received by the Swingline Lender and the Administrative Agent not later than 1:00 P.M., New
York City time, on the proposed Borrowing Date), specifying (i) the amount to be borrowed, (ii) the currency of the Swingline Loan to
be borrowed and (iii) the requested Borrowing Date (which shall be a Business Day during the Revolving Commitment Period). Each borrowing
under the Swingline Commitment shall be in an amount equal to $100,000 or a whole multiple thereof. Not later than 3:00 P.M., New York
City time, on the Borrowing Date specified in a notice in respect of Swingline Loans, the Swingline Lender shall, in its sole discretion,
make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the Swingline Loan
to be made by the Swingline Lender. The Administrative Agent shall make the proceeds of such Swingline Loans available to the U.S. Borrower
on such Borrowing Date by depositing such proceeds in the account of the U.S. Borrower with the Administrative Agent (or as otherwise
directed in writing by the U.S. Borrower) on such Borrowing Date in immediately available funds.

 

(b)          
[Reserved].

 

(c)          
The Swingline Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of the U.S. Borrower
(and the U.S. Borrower hereby irrevocably directs the Swingline Lender to act on its behalf), on one Business Day’s notice given
by the Swingline Lender no later than 12:00 Noon, New York City time, request each Revolving Lender to make, and each Revolving Lender
hereby agrees to make, a Revolving Loan in Dollars, in an amount equal to such Revolving Lender’s Revolving Percentage of the aggregate
amount of the Swingline Loans denominated in Dollars outstanding on the date of such notice (the Swingline Loans outstanding on the date
of such notice, the “Refunded Swingline Loans”), to repay the Swingline Lender. Each Revolving Lender shall make the
amount of such Revolving Loan available to the Administrative Agent at the Funding Office in immediately available funds, not later than
10:00 A.M., New York City time, one Business Day after the date of such notice. The proceeds of such Revolving Loans shall be immediately
made available by the Administrative Agent to the Swingline Lender for application by the Swingline Lender to the repayment of the Refunded
Swingline Loans.

 

(d)          
If prior to the time a Revolving Loan would have otherwise been made pursuant to Section 2.7(c), one of the events described
in Section 8(f) shall have occurred and be continuing with respect to the U.S. Borrower or if for any other reason, as determined by the
Swingline Lender in its sole discretion, Revolving Loans may not be made as contemplated by Section 2.7(c), each Revolving Lender shall,
on the date such Revolving Loan was to have been made pursuant to the notice referred to in Section 2.7(c), purchase for cash an undivided
participating interest in the then outstanding Swingline Loans by paying to the Swingline Lender an amount (the “Swingline Participation
Amount”), without duplication, in Dollars equal to (x) such Revolving Lender’s Revolving Percentage times (y) the
sum of the aggregate principal amount of Swingline Loans denominated in Dollars of the Swingline Lender then outstanding that were to
have been repaid with such Revolving Loans.

 

    58

     

    

 

(e)           
Whenever, at any time after the Swingline Lender has received from any Revolving Lender such Lender’s Swingline Participation
Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Lender
its ratable portion of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which
such Lender’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect
such Lender’s pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swingline
Loans then due); provided, however, that in the event that such payment received by the Swingline Lender is required to
be returned, such Revolving Lender will return to the Swingline Lender any portion thereof previously distributed to it by the Swingline
Lender.

 

(f)           
Each Revolving Lender’s obligation to make the Loans referred to in Section 2.7(c) and to purchase participating interests
pursuant to Section 2.7(d) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff,
counterclaim, recoupment, defense or other right that such Revolving Lender or the U.S. Borrower may have against the Swingline Lender,
a Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the
failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition (financial or otherwise)
of a Borrower, (iv) any breach of this Agreement or any other Loan Document by a Borrower, any other Loan Party or any other Revolving
Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

 

(g)          
The Swingline Lender may be replaced at any time by written agreement among the Borrower Representative, the Administrative
Agent, the replaced Swingline Lender and the successor Swingline Lender. The Administrative Agent shall notify the Lenders of any such
replacement of the Swingline Lender. At the time any such replacement shall become effective, the U.S. Borrower shall pay all unpaid interest
accrued for the account of the replaced Swingline Lender pursuant to Section 2.14(b). From and after the effective date of any such
replacement, (x) the successor Swingline Lender shall have all the rights and obligations of the replaced Swingline Lender under
this Agreement with respect to Swingline Loans made thereafter and (y) references herein to the term “Swingline Lender”
shall be deemed to refer to such successor or to any previous Swingline Lender, or to such successor and all previous Swingline Lenders,
as the context shall require. After the replacement of the Swingline Lender hereunder, the replaced Swingline Lender shall remain a party
hereto and shall continue to have all the rights and obligations of the Swingline Lender under this Agreement with respect to Swingline
Loans made by it prior to its replacement, but shall not be required to make additional Swingline Loans.

 

(h)          
Subject to the appointment and acceptance of a successor Swingline Lender, the Swingline Lender may resign as the Swingline
Lender at any time upon 30 days’ prior written notice to the Administrative Agent, the Borrower Representative and the Lenders,
in which case, the Swingline Lender shall be replaced in accordance with Section 2.7(g).

 

2.8          
Commitment Fees, etc. (a) The U.S. Borrower agrees to pay to the Administrative Agent for the account of each Revolving
Lender a commitment fee for the period from and including Restatement Effective Date to the last day of the Revolving Commitment Period,
computed at the Commitment Fee Rate on the average daily amount of the Available Revolving Commitment of such Lender during the period
for which payment is made, payable quarterly in arrears on each Fee Payment Date, commencing on the first such date to occur after the
Restatement Effective Date.

 

    59

     

    

 

(b)          
The U.S. Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in any
fee agreements with the Administrative Agent.

 

2.9          
Termination or Reduction of Revolving Commitments. The Borrower Representative shall have the right, upon not less than
three Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce
the amount of the Revolving Commitments; provided that no such termination or reduction of Revolving Commitments shall be permitted
if, after giving effect thereto and to the Dollar Equivalent of any prepayments of the Revolving Loans and Swingline Loans made on the
effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. Any such reduction shall
be in an amount equal to $1,000,000, or a whole multiple of $500,000 in excess thereof, and shall reduce permanently the Revolving Commitments
then in effect. Notwithstanding anything to the contrary contained in this Agreement, a notice to terminate the Revolving Commitments
delivered by the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities or
a Change of Control, in either case, which such notice may be revoked by the Borrower Representative (by notice to the Administrative
Agent on or prior to the specified effective date) if such condition is not satisfied.

 

2.10        
Optional Prepayments. The Borrowers may at any time and from time to time prepay the Loans, in whole or in part, without
premium or penalty, upon irrevocable notice (except as otherwise provided herein) delivered to the Administrative Agent no later than
11:00 A.M., New York City time, three Business Days prior thereto, in the case of Eurodollar Loans or CDOR Loans, and no later than 12:00
Noon, New York City time, on the date of such prepayment, in the case of ABR Loans or Canadian Prime Loans, which notice shall specify
the date and amount of prepayment and whether the prepayment is of Eurodollar Loans, CDOR Loans, ABR Loans or Canadian Prime Loans; provided,
that if a Eurodollar Loan or CDOR Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the applicable
Borrower shall also pay any amounts owing pursuant to Section 2.20; provided, further, that such notice to prepay the Loans delivered
by a Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or a Change of Control, in either
case, which such notice may be revoked by such Borrower (by further notice to the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied. Notwithstanding the foregoing, the revocation of a termination notice shall not affect a Borrower’s
obligation to indemnify any Lender in accordance with Section 2.20 for any loss or expense sustained or incurred as a consequence thereof.
Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given,
the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving
Loans that are ABR Loans or Canadian Prime Loans and Swingline Loans) accrued interest to such date on the amount prepaid. Partial prepayments
of Term Loans and Revolving Loans shall be in an aggregate principal amount of $1,000,000 or C$1,000,000, as applicable, or a whole multiple
of $100,000 or C$100,000, as applicable, in excess thereof. Partial prepayments of Swingline Loans shall be in an aggregate principal
amount of $100,000 or C$100,000, as applicable, or a whole multiple thereof. The application of any prepayment pursuant to this Section
2.10 shall be in accordance with Section 2.17(b).

 

2.11        
Mandatory Prepayments and Commitment Reductions. (a) If any Capital Stock or Indebtedness shall be issued or incurred by
Holdings and its Subsidiaries (other than the Canadian Borrower and its Subsidiaries) (excluding any Indebtedness incurred in accordance
with Section 7.2), an amount equal to 100% of the Net Cash Proceeds thereof shall be applied on the date of such issuance or incurrence
toward the prepayment of the U.S. Term Loans as set forth in Section 2.11(e). If any Capital Stock or Indebtedness shall be issued
or incurred by the Canadian Borrower and its Subsidiaries (excluding any Indebtedness incurred in accordance with Section 7.2), an amount
equal to 100% of the Net Cash Proceeds thereof shall be applied on the date of such issuance or incurrence toward the prepayment of the
Canadian Term Loans as set forth in Section 2.11(e).

 

    60

     

    

 

(b)          
(i) If on any date any Group Member (other than the Canadian Borrower and its Subsidiaries) shall receive Net Cash Proceeds
from any Asset Sale or Recovery Event then, unless a Reinvestment Notice shall be delivered in respect thereof, such Net Cash Proceeds
shall be applied on such date toward the prepayment of the U.S. Term Loans as set forth in Section 2.11(e); provided, that, notwithstanding
the foregoing, (i) no such prepayment shall be required if the aggregate Net Cash Proceeds received in any fiscal year from Asset Sales
and Recovery Events is less than $5,000,000 (and any prepayment shall only be with respect to Net Cash Proceeds in excess of $5,000,000
in such fiscal year), (ii) the U.S. Borrower may use a portion of such Net Cash Proceeds to prepay or repurchase Other U.S. First Lien
Secured Indebtedness to the extent any applicable credit agreement, indenture or other agreement governing such Other U.S. First Lien
Secured Indebtedness so requires, in each case in an amount not to exceed the product of (x) the amount of such Net Cash Proceeds
and (y) a fraction, the numerator of which is the outstanding principal amount of such Other U.S. First Lien Secured Indebtedness
and the denominator of which is the sum of the outstanding principal amount of such Other U.S. First Lien Secured Indebtedness and the
outstanding principal amount of U.S. Term Loans (provided that, in the event that the U.S. Borrower makes an offer to the holders
of such Other U.S. First Lien Secured Indebtedness to prepay or purchase such Other U.S. First Lien Secured Indebtedness in an amount
permitted under this Section 2.11(b), to the extent that such offer is declined by holders of such Other U.S. First Lien Secured Indebtedness
(the declined amount, the “U.S. Declined Amount”), the U.S. Borrower shall be required to prepay U.S. Term Loans in
an amount equal to such U.S. Declined Amount as if the U.S. Declined Amount were Net Cash Proceeds received on the final date by which
such declining holders were required to give notice of their U.S. Declined Amount) and (iii) on each Reinvestment Prepayment Date, an
amount equal to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be applied toward the prepayment
of the U.S. Term Loans as set forth in Section 2.11(e).

 

(ii)         
If on any date the Canadian Borrower and its Subsidiaries shall receive Net Cash Proceeds from any Asset Sale or Recovery
Event then, unless a Reinvestment Notice shall be delivered in respect thereof, such Net Cash Proceeds shall be applied on such date toward
the prepayment of the Canadian Term Loans as set forth in Section 2.11(e); provided, that, notwithstanding the foregoing, (i) no
such prepayment shall be required if the aggregate Net Cash Proceeds received in any fiscal year from Asset Sales and Recovery Events
is less than C$5,000,000 (and any prepayment shall only be with respect to Net Cash Proceeds in excess of C$5,000,000 in such fiscal year),
(ii) the Canadian Borrower may use a portion of such Net Cash Proceeds to prepay or repurchase Other Canadian First Lien Secured Indebtedness
to the extent any applicable credit agreement, indenture or other agreement governing such Other Canadian First Lien Secured Indebtedness
so requires, in each case in an amount not to exceed the product of (x) the amount of such Net Cash Proceeds and (y) a fraction,
the numerator of which is the outstanding principal amount of such Other Canadian First Lien Secured Indebtedness and the denominator
of which is the sum of the outstanding principal amount of such Other Canadian First Lien Secured Indebtedness and the outstanding principal
amount of Canadian Term Loans (provided that, in the event that the U.S. Borrower makes an offer to the holders of such Other Canadian
First Lien Secured Indebtedness to prepay or purchase such Other Canadian First Lien Secured Indebtedness in an amount permitted under
this Section 2.11(b), to the extent that such offer is declined by holders of such Other Canadian First Lien Secured Indebtedness (the
declined amount, the “Canadian Declined Amount”), the Canadian Borrower shall be required to prepay Canadian Term Loans
in an amount equal to such Canadian Declined Amount as if the Canadian Declined Amount were Net Cash Proceeds received on the final date
by which such declining holders were required to give notice of their Canadian Declined Amount) and (iii) on each Reinvestment Prepayment
Date, an amount equal to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be applied toward the
prepayment of the Canadian Term Loans as set forth in Section 2.11(e).

 

    61

     

    

 

(c)          
[reserved]

 

(d)          
In the event that the sum of the Total Revolving Extensions of Credit exceeds the Total Revolving Commitments, the Borrowers
shall prepay Revolving Loans and/or Swingline Loans (or, if no such Loans are outstanding, deposit cash collateral in an account with
the Administrative Agent in accordance with Section 8) in an aggregate amount equal to such excess.

 

(e)          
The application of any prepayment pursuant to Section 2.11 shall be made in accordance with Section 2.17(b). The application
of any prepayment of U.S. Term A Loans pursuant to Section 2.11 shall be made, first, to ABR Loans and, second, to Eurodollar
Loans. The application of any Canadian Term A Loans pursuant to Section 2.11 shall be made, first, to Canadian Prime Loans and, second,
to CDOR Loans. Each prepayment of the Loans under Section 2.11 shall be accompanied by accrued interest to the date of such prepayment
on the amount prepaid.

 

(f)           
Notwithstanding any other provisions of Section 2.11, to the extent any or all of the Net Cash Proceeds of any Asset Sale
by a Foreign Subsidiary (in the case of a prepayment of U.S. Term A Loans) or Non-Canadian Subsidiary (in the case of a prepayment of
Canadian Term A Loans), the Net Cash Proceeds of any Recovery Event received by a Foreign Subsidiary (in the case of a prepayment of U.S.
Term A Loans) or Non-Canadian Subsidiary (in the case of a prepayment of Canadian Term A Loans), are prohibited or delayed by any applicable
local law (including financial assistance, corporate benefit restrictions on upstreaming of cash intra group and the fiduciary and statutory
duties of the directors of such Foreign Subsidiary or Non-Canadian Subsidiary, as applicable) from being repatriated or passed on to or
used for the benefit of the applicable Borrower (the Borrowers hereby agreeing to use commercially reasonable efforts to cause the applicable
Foreign Subsidiary or Non-Canadian Subsidiary to promptly take all actions reasonably required by the applicable local law to permit such
repatriation) or if the applicable Borrower has determined in good faith that repatriation of any such amount to such. Borrower would
have material adverse tax consequences (including a material acceleration of the point in time when such earnings would otherwise be taxed)
with respect to such amount (the Borrowers hereby agreeing to use commercially reasonable efforts to repatriate such cash in a manner
that would not result in material adverse tax consequences), the portion of such Net Cash Proceeds so affected will not be required to
be applied to prepay the Term Loans at the times provided in this Section 2.11 but may be retained by the applicable Foreign Subsidiary
or Non-Canadian Subsidiary so long, but only so long, as the applicable local law will not permit repatriation or the passing on to or
otherwise using for the benefit of the applicable Borrower, or the applicable Borrower believes in good faith that such material adverse
tax consequences would result, and once such repatriation of any of such affected Net Cash Proceeds is permitted under the applicable
local law or the applicable Borrower determines in faith such repatriation would no longer have such material adverse tax consequences,
such repatriation will be promptly effected and such repatriated Net Cash Proceeds will be promptly (and in any event not later than five
Business Days after such repatriation) applied (net of additional taxes payable or reasonably estimated to be payable as a result thereof)
to the prepayment of the Term Loans pursuant to Section 2.11; provided that no such prepayment of the Term Loans pursuant to Section
2.11 shall be required in the case of any such Net Cash Proceeds the repatriation of which the applicable Borrower believes in good faith
would result in material adverse tax consequences, if on or before the date on which such Net Cash Proceeds so retained would otherwise
have been required to be applied to reinvestments or prepayments pursuant to a Reinvestment Notice, the applicable Borrower applies an
amount equal to the amount of such Net Cash Proceeds to such reinvestments or prepayments as if such Net Cash Proceeds had been received
by the applicable Borrower rather than such Foreign Subsidiary or Non-Canadian Subsidiary, less the amount of additional taxes that would
have been payable or reserved against if such Net Cash Proceeds had been repatriated (or, if less, the Net Cash Proceeds that would be
calculated if received by such Foreign Subsidiary or Non-Canadian Subsidiary).

 

    62

     

    

 

(g)           
Notwithstanding anything to the contrary contained in this Section 2.11, if any Term Lender shall notify the Administrative
Agent (i) on the date of such prepayment, with respect to any prepayment under Section 2.11(a) or (b) or (ii) at least one Business Day
prior to the date of any prepayment under Section 2.11(c) that it wishes to decline its share of such prepayment, such share may be retained
by the applicable Borrower.

 

2.12        
Conversion and Continuation Options. (a) Each Borrower may elect from time to time to convert Eurodollar Loans to ABR Loans
or CDOR Loans to Canadian Prime Loans, in each case by giving the Administrative Agent prior irrevocable notice of such election no later
than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion
of Eurodollar Loans or CDOR Loans may only be made on the last day of an Interest Period with respect thereto. Each Borrower may elect
from time to time to convert ABR Loans to Eurodollar Loans or Canadian Prime Loans to CDOR Loans, in each case by giving the Administrative
Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the
proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that (i) no
ABR Loan under a particular Facility may be converted into a Eurodollar Loan and (ii) no Canadian Prime Loan under a particular Facility
may be converted into a CDOR Loan, in each case when any Event of Default has occurred and is continuing and the Administrative Agent
or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions.
Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

 

(b)          
Any Eurodollar Loan or CDOR Loan may be continued as such upon the expiration of the then current Interest Period with respect
thereto by the applicable Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions
of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such
Loans, provided that no Eurodollar Loan or CDOR Loan, in each case under a particular Facility, may be continued as such (i) when
any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such
Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the
Borrower Representative within a reasonable amount of time of any such determination) or (ii) if an Event of Default specified in clause
(i) or (ii) of Section 8(f) with respect to a Borrower is in existence, and provided, further, that if a Borrower shall
fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurodollar Loans
or CDOR Loans, as applicable, having an Interest Period of one month in duration or if such continuation is not permitted pursuant to
the preceding proviso such Loans shall be automatically converted to ABR Loans (in the case of Eurodollar Loans) or Canadian Prime Loans
(in the case of CDOR Loans) on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative
Agent shall promptly notify each relevant Lender thereof.

 

2.13        
Limitations on Eurodollar Tranches and CDOR Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings,
conversions and continuations of Eurodollar Loans and CDOR Loans and all selections of Interest Periods shall be in such amounts and be
made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising
each Eurodollar Tranche shall be equal to $1,000,000 or a whole multiple of $250,000 in excess thereof, (b) no more than ten Eurodollar
Tranches shall be outstanding at any one time, (c) after giving effect thereto, the aggregate principal amount of the CDOR Loans comprising
each CDOR Tranche shall be equal to C$1,000,000 or a whole multiple of C$250,000 in excess thereof and (d) no more than five CDOR Tranches
shall be outstanding at any one time.

 

    63

     

    

 

2.14        
Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear interest for each day during each Interest Period
with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin. Each
CDOR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the CDOR Rate
determined for such day plus the Applicable Margin.

 

(b)          
Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin. Each Canadian
Prime Loan shall bear interest at a rate per annum equal to the Canadian Prime Rate plus the Applicable Margin.

 

(c)           
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether
at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the
case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus
2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and
(ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable
hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest
at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any
such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus
2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as
well after as before judgment).

 

(d)          
Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph
(c) of this Section shall be payable from time to time on demand.

 

2.15        
Computation of Interest and Fees. (a) Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day
year for the actual days elapsed, except that, with respect to ABR Loans the rate of interest on which is calculated on the basis of the
Prime Rate, CDOR Loans and Canadian Prime Rate Loans, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the
case may be) day year for the actual days elapsed. For purposes of the Interest Act (Canada), the yearly rate of interest to which
any rate or fee is specified to be computed on the basis of 360 days (or any other period of time less than a calendar year) is equivalent
to the stated rate multiplied by the actual number of days in the year and divided by 360 or such other period of time, respectively.
The Administrative Agent shall as soon as practicable notify the Borrower Representative and the relevant Lenders of each determination
of a Eurodollar Rate and each determination of a CDOR Rate. Any change in the interest rate on a Loan resulting from a change in the ABR,
the Eurocurrency Reserve Requirements, the Canadian Prime Rate or CDOR Rate shall become effective as of the opening of business on the
day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower Representative and
the relevant Lenders of the effective date and the amount of each such change in interest rate.

 

(b)          
Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be
conclusive and binding on the Borrowers and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request
of the Borrower Representative, deliver to the Borrower Representative a statement showing the quotations used by the Administrative Agent
in determining any interest rate pursuant to Section 2.14(a).

 

    64

     

    

 

2.16        
Inability to Determine Interest Rate; Illegality. (a) Subject to clauses (b), (c), (d), (e), (f) and (g) of this Section
2.16:

 

(i)          
the Administrative Agent determines (which determination shall be conclusive absent manifest error) prior to the commencement
of any Interest Period for a borrowing of Eurodollar Rate Loans, that adequate and reasonable means do not exist for ascertaining the
Eurodollar Base Rate, the Eurodollar Rate or the CDOR Rate (including because the applicable Screen Rate is not available or published
on a current basis), for the applicable Agreed Currency and such Interest Period; or

 

(ii)         
the Administrative Agent is advised by the Required Lenders that prior to the commencement of any Interest Period for a
borrowing of Eurodollar Rate Loans, the Eurodollar Rate, the Eurodollar Base Rate, or the CDOR Rate for the applicable Agreed Currency
and such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans
(or its Loan) included in such borrowing for the applicable Agreed Currency and such Interest Period;

 

the Administrative Agent shall give telecopy or telephonic notice thereof
to the Borrower Representative and the relevant Lenders as soon as practicable thereafter. If such notice is given (x) in respect of the
Eurodollar Base Rate or the Eurodollar Rate, (1) any Eurodollar Loans under the relevant Facility requested to be made on the first day
of such Interest Period shall be made as ABR Loans, (2) any Loans under the relevant Facility that were to have been converted on the
first day of such Interest Period to Eurodollar Loans shall be continued as ABR Loans, (3) any outstanding Eurodollar Loans under the
relevant Facility shall be converted, on the last day of the then-current Interest Period, to ABR Loans and (4) until such notice has
been withdrawn by the Administrative Agent (which action the Administrative Agent will take promptly after the conditions giving rise
to such notice no longer exist), no further Eurodollar Loans under the relevant Facility shall be made or continued as such, nor shall
the Borrowers have the right to convert Loans under the relevant Facility to Eurodollar Loans and (y) in respect of the CDOR Rate, (1)
any CDOR Loans under the relevant Facility requested to be made on the first day of such Interest Period shall be made as Canadian Prime
Loans, (2) any Loans under the relevant Facility that were to have been converted on the first day of such Interest Period to CDOR Loans
shall be continued as Canadian Prime Loans, (3) any outstanding CDOR Loans under the relevant Facility shall be converted, on the last
day of the then-current Interest Period, to Canadian Prime Loans and (4) until such notice has been withdrawn by the Administrative Agent
(which action the Administrative Agent will take promptly after the conditions giving rise to such notice no longer exist), no further
CDOR Loans under the relevant Facility shall be made or continued as such, nor shall the Borrowers have the right to convert Loans under
the relevant Facility to CDOR Loans.

 

(b)          
Notwithstanding anything to the contrary herein or in any other Loan Document (and any Swap Agreement shall be deemed not
to be a “Loan Document” for purposes of this Section 2.16), if a Benchmark Transition Event, an Early Opt-in Election or an
Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in
respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1)
or (2) of the definition of “Benchmark Replacement” with respect to Dollars for such Benchmark Replacement Date, such Benchmark
Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and
subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other
Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement”
with respect to any Agreed Currency for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all
purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth
(5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further
action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received,
by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

 

    65

     

    

 

(c)          
Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph,
with respect to a Loan denominated in Dollars, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred
prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace
the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark
settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided
that, this clause (c) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrowers a Term SOFR
Notice. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after the occurrence
of a Term SOFR Transition Event and may do so in its sole discretion.

 

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

 

(e)          
The Administrative Agent will promptly notify the applicable Borrower and the Lenders of (a) any occurrence of a Benchmark
Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, (b) the implementation of any Benchmark
Replacement, (c) the effectiveness of any Benchmark Replacement Conforming Changes, (d) the removal or reinstatement of any tenor of a
Benchmark pursuant to clause (f) below and (e) the commencement or conclusion of any Benchmark Unavailability Period. Any determination,
decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this
Section 2.16, 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 or any selection, 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 to this Agreement or any other
Loan Document, except, in each case, as expressly required pursuant to this Section 2.16.

 

(f)           
Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with
the implementation of a Benchmark Replacement), (a) if the then-current Benchmark is a term rate (including Term SOFR, or Eurodollar Base
Rate) and either (i) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from
time to time as selected by the Administrative Agent in its reasonable discretion or (ii) the regulatory supervisor for the administrator
of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will
be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark
settings at or after such time to remove such unavailable or non-representative tenor and (b) if a tenor that was removed pursuant to
clause (i) above either (i) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement)
or (ii) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including
a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings
at or after such time to reinstate such previously removed tenor.

 

    66

     

    

 

(g)           Upon
a Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period in respect of the Eurodollar Base Rate,
the applicable Borrower may revoke any request for a borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted
or continued during any Benchmark Unavailability Period and, failing that, the applicable Borrower will be deemed to have converted any
request for a borrowing of Eurodollar Rate Loans denominated in Dollars into a request for a borrowing of or conversion to ABR Loans.
Upon a Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period in respect of CDOR, the applicable
Borrower may revoke any request for a borrowing of CDOR Loans of, conversion to or continuation of CDOR Loans to be made, converted or
continued during any Benchmark Unavailability Period and, failing that, the applicable Borrower will be deemed to have converted any request
for a borrowing of CDOR Loans into a request for a borrowing of or conversion to Canadian Prime Rate Loans. During any Benchmark Unavailability
Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current
Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any Eurodollar
Loan or any CDOR Loan is outstanding on the date of the applicable Borrower’s receipt of notice of the commencement of a Benchmark
Unavailability Period with respect to such Eurodollar Loan or CDOR Loan, then until such time as a Benchmark Replacement for such Agreed
Currency is implemented pursuant to this Section 2.16, (a) if such Loan is denominated in Dollars, then on the last day of the Interest
Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), such Loan shall be converted by
the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars on such day and (b) if such Loan is denominated
in Canadian Dollars, then on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such
day is not a Business Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, a Canadian Prime Loan denominated
in Canadian Dollars on such day.

 

2.17        
Pro Rata Treatment and Payments. (a) Each borrowing by the Borrowers from the Lenders hereunder, each payment by the Borrowers
on account of any commitment fee and any reduction of the Commitments (subject to Section 10.6(e)) of the Lenders shall be made pro rata
according to the respective U.S. Term A Percentages, Canadian Term A Percentages or Revolving Percentages, as the case may be, of the
relevant Lenders.

 

(b)          
With respect to any Facility, each payment (including each prepayment) by a Borrower on account of principal of and interest
on the Term Loans of such Facility shall be made pro rata according to the respective outstanding principal amounts of the Term Loans
of such Facility then held by the Term Lenders (except as otherwise provided in Section 2.11(g)). The amount of each principal prepayment
of the U.S. Term A Loans pursuant to Section 2.11 shall be applied (i) first, to reduce the next eight scheduled installments of such
U.S. Term A Loans and (if the Incremental Term Loans of the U.S. Borrower have amortization payments) Incremental Term Loans of the U.S.
Borrower in direct order (pro rata among the Term Loans of the U.S. Borrower, unless any applicable Incremental Term Lenders have agreed
to less than pro rata prepayments) and (ii) second, pro rata to the remaining installment amounts of such U.S. Term A Loans and Incremental
Term Loans of the U.S. Borrower (pro rata among the Term Loans of the U.S. Borrower, unless any applicable Incremental Term Lenders have
agreed to less than pro rata payments). The amount of each principal prepayment of the Canadian Term A Loans pursuant to Section 2.11
shall be applied (i) first, to reduce the next eight scheduled installments of such Canadian Term A Loans and (if the Incremental Term
Loans of the Canadian Borrower have amortization payments) Incremental Term Loans of the Canadian Borrower in direct order (pro rata among
the Term Loans of the Canadian Borrower, unless any applicable Incremental Term Lenders have agreed to less than pro rata prepayments)
and (ii) second, pro rata to the remaining installment amounts of such Canadian Term A Loans and Incremental Term Loans of the Canadian
Borrower (pro rata among the Term Loans of the Canadian Borrower, unless any applicable Incremental Term Lenders have agreed to less than
pro rata payments). The amount of each principal prepayment of Term Loans pursuant to Section 2.10 shall be applied within each Facility
to the then remaining installments thereof as directed by the applicable Borrower (or if not so directed, to the then remaining installments
thereof in direct order of maturity). Amounts prepaid on account of the Term Loans may not be reborrowed.

 

    67

     

    

 

(c)           
Each payment (including each prepayment) by the U.S. Borrower on account of principal of and interest on the Revolving Loans
shall be made pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by the Revolving
Lenders.

 

(d)          
If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of
principal, unreimbursed Letter of Credit drawings, interest and fees then due hereunder, such funds shall be applied (i) first,
toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest
and fees then due to such parties, and (ii) second, toward payment of principal and unreimbursed Letter of Credit drawings
then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed Letter of
Credit drawings then due to such parties.

 

(e)          
All payments (including prepayments) to be made by the Borrowers hereunder, whether on account of principal, interest, fees
or otherwise, shall be made without setoff or counterclaim and shall be made prior to 2:00 P.M., New York City time, on the due date thereof
to the Administrative Agent, for the account of the Lenders, at the Funding Office, in Dollars (or, with respect to any payments of principal
or interest in respect of Loans denominated in Canadian Dollars or any Reimbursement Obligations or fees in respect of Letters of Credit
denominated in Canadian Dollars, Canadian Dollars) and in immediately available funds. The Administrative Agent shall distribute such
payments to each relevant Lender promptly upon receipt in like funds as received, net of any amounts owing by such Lender pursuant to
Section 9.7. If any payment hereunder (other than payments on the Eurodollar Loans or CDOR Loans) becomes due and payable on a day other
than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan or CDOR Loan
becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day
unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be
made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two
sentences, interest thereon shall be payable at the then applicable rate during such extension.

 

(f)           
Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender
will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent
may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance
upon such assumption, make available to the applicable Borrower a corresponding amount. If such amount is not made available to the Administrative
Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with
interest thereon, at a rate equal to the greater of (i) the NYFRB Rate and (ii) a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation, for the period until such Lender makes such amount immediately available to the
Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph
shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative
Agent by such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall give notice of such fact to
the Borrower Representative and the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate
per annum applicable to ABR Loans under the relevant Facility, on demand, from the applicable Borrower. Nothing herein shall be deemed
to limit the rights of the Administrative Agent or the Borrowers against any Defaulting Lender.

 

    68

     

    

 

 

(g)               
Unless the Administrative Agent shall have been notified in writing by the applicable Borrower prior to the date of any
payment due to be made by such Borrower hereunder that such Borrower will not make such payment to the Administrative Agent, the Administrative
Agent may assume that such Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance
upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment
is not made to the Administrative Agent by the applicable Borrower within three Business Days after such due date, the Administrative
Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding
sentence, such amount with interest thereon at the rate per annum equal to the daily average NYFRB Rate. Nothing herein shall be deemed
to limit the rights of the Administrative Agent or any Lender against the Borrowers.

 

(h)               
If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.7(c), 2.7(d), 2.17(f), 2.17(g),
2.19(e), 3.4(a) or 9.7, then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply
any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent,
the Swingline Lender or the Issuing Lender to satisfy such Lender’s obligations to it under such Sections until all such unsatisfied
obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any
future funding obligations of such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined
by the Administrative Agent in its discretion.

 

2.18          
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application
thereof or compliance by any Lender or other Credit Party with any request or directive (whether or not having the force of law) from
any central bank or other Governmental Authority made subsequent to the date hereof:

 

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

 

(ii)             
shall impose, modify or hold applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit (or participations
therein) by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the determination of the
Eurodollar Rate or CDOR Rate; or

 

(iii)            
shall impose on such Lender any other condition (other than Taxes) affecting this Agreement or Loans, Letters of Credit,
Commitments or other obligations or liabilities of such Lender hereunder;

 

    69 

     

    

 

and the result of any of the foregoing is to increase the cost to such
Lender or such other Credit Party, by an amount that such Lender or other Credit Party reasonably deems to be material, of making, converting
into, continuing or maintaining Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in
respect thereof, then, in any such case, the U.S. Borrower shall promptly pay such Lender or such other Credit Party, in Dollars, within
15 days after the U.S. Borrower’s receipt of a reasonably detailed invoice therefor (showing with reasonable detail the calculations
thereof) any additional amounts necessary to compensate such Lender or such other Credit Party for such increased cost or reduced amount
receivable. If any Lender or such other Credit Party becomes entitled to claim any additional amounts pursuant to this paragraph, it shall
promptly notify the U.S. Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled.

 

(b)               
If any Lender shall have reasonably determined that the adoption of or any change in any Requirement of Law regarding capital
or liquidity requirements or in the interpretation or application thereof or compliance by such Lender or any corporation controlling
such Lender with any request or directive regarding capital or liquidity requirements (whether or not having the force of law) from any
Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s
or such corporation’s capital as a consequence of its obligations hereunder or under or in respect of any Letter of Credit to a
level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration
such Lender’s or such corporation’s policies with respect to capital adequacy or liquidity) by an amount deemed by such Lender
to be material, then from time to time, after submission by such Lender to the U.S. Borrower (with a copy to the Administrative Agent)
of a written request therefor, the U.S. Borrower shall pay to such Lender, in Dollars, such additional amount or amounts as will compensate
such Lender or such corporation for such reduction.

 

(c)               
Notwithstanding anything herein to the contrary, (i) all requests, rules, guidelines, requirements and directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or by United
States or foreign regulatory authorities, in each case pursuant to Basel III, and (ii) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation
thereof, shall in each case be deemed to be a change in law, regardless of the date enacted, adopted, issued or implemented.

 

(d)               
A certificate prepared in good faith as to any additional amounts payable pursuant to this Section submitted by any Lender
to the U.S. Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. Notwithstanding anything
to the contrary in this Section, the U.S. Borrower shall not be required to compensate a Lender pursuant to this Section for any amounts
incurred more than nine months prior to the date that such Lender notifies the U.S. Borrower of such Lender’s intention to claim
compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such nine-month
period shall be extended to include the period of such retroactive effect. The obligations of the U.S. Borrower pursuant to this Section
shall survive the termination of this Agreement and the payment of the Obligations.

 

2.19             
Taxes. (a) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made
without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good
faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding
agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax,
then the sum payable by the applicable Loan Party shall be increased as necessary so that, after such deduction or withholding has been
made (including such deductions and withholdings applicable to additional sums payable under this Section 2.19), the amounts received
with respect to this agreement equal the sum which would have been received had no such deduction or withholding been made.

 

    70 

     

    

 

(b)               
The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option
of the Administrative Agent timely reimburse it for, Other Taxes.

 

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

 

(d)               
The Loan Parties shall jointly and severally indemnify each Credit Party, within 10 days after demand therefor, for the
full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
Section 2.19) payable or paid by such Credit Party or required to be withheld or deducted from a payment to such Credit Party and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the U.S.
Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender,
shall be conclusive absent manifest error.

 

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

 

(f)                
(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under
any Loan Document shall deliver to the Borrower Representative and the Administrative Agent, at the time or times reasonably requested
by the Borrower Representative or the Administrative Agent, such properly completed and executed documentation reasonably requested by
the Borrower Representative or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate
of withholding. In addition, any Lender, if reasonably requested by the Borrower Representative or the Administrative Agent, shall deliver
such other documentation prescribed by applicable law or reasonably requested by the Borrower Representative or the Administrative Agent
as will enable the Borrower Representative or the Administrative Agent to determine whether or not such Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution
and submission of such documentation (other than such documentation set forth in Section 2.19(f)(ii)(A), (ii)(B) and (ii)(D) below) shall
not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any
material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

    71 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    72 

     

    

 

		(C)	any Non-U.S. Lender shall, to the extent it is legally entitled to do so, deliver to the U.S. Borrower and the Administrative Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the U.S. Borrower or the Administrative Agent),
executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the U.S.
Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

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

 

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

 

    73 

     

    

 

(g)               
If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to
which it has been indemnified pursuant to this Section 2.19 (including by the payment of additional amounts pursuant to this Section 2.19),
it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section
with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph
(g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified
party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g),
in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment
of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if
the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph (g) shall not be construed
to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential)
to the indemnifying party or any other Person.

 

(h)               
Each party’s obligations under this Section 2.19 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under the Loan Documents.

 

(i)                
For purposes of this Section 2.19, the term “Lender” includes the Issuing Lender and the Swingline Lender.

 

2.20             
Indemnity. Other than with respect to Taxes, which shall be governed solely by Section 2.19, each Borrower agrees to indemnify
each Lender for, and to hold each Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of
(a) any failure by such Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans or CDOR Loans after such
Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) any failure by such Borrower
in making any prepayment of or conversion from Eurodollar Loans or CDOR Loans after such Borrower has given a notice thereof in accordance
with the provisions of this Agreement or (c) the making of a prepayment of Eurodollar Loans or CDOR Loans by such Borrower on a day that
is not the last day of an Interest Period with respect thereto. In the case of a Eurodollar Loan or CDOR Loan, such indemnification may
include an amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not
so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue
to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have
commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding,
however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that
would have accrued to such Lender on such principal amount by placing such amount on deposit for a comparable period with leading banks
in the interbank eurodollar market or for Canadian Dollar deposits of a comparable amount and period to such CDOR Loan from other banks
in the Canadian bankers’ acceptance market, as applicable. A certificate as to any amounts payable pursuant to this Section submitted
to the Borrower Representative by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination
of this Agreement and the payment of the Obligations.

 

    74 

     

    

 

2.21             
Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section
2.18 or Section 2.19(a) with respect to such Lender, it will, if requested by the Borrower Representative, use reasonable efforts (subject
to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event with the object
of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such
Lender, cause such Lender and its lending offices to suffer no economic, legal or regulatory disadvantage, and provided, further,
that nothing in this Section shall affect or postpone any of the obligations of the Borrowers or the rights of any Lender pursuant to
Section 2.18 or Section 2.19(a).

 

2.22             
Replacement of Lenders. The Borrower Representative shall be permitted to replace any Lender that (a) requests reimbursement
for amounts owing pursuant to Section 2.18 or 2.19(a), (b) becomes a Defaulting Lender, or (c) does not consent to any proposed amendment,
supplement, modification, consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of
each of the Lenders or each of the Lenders affected thereby (so long as the consent of the Required Lenders has been obtained), with a
replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event
of Default shall have occurred and be continuing at the time of such replacement, (iii) prior to any such replacement, such Lender shall
have taken no action under Section 2.21 so as to eliminate the continued need for payment of amounts owing pursuant to Section 2.18 or
2.19(a), (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender
on or prior to the date of replacement, (v) the Borrowers shall be liable to such replaced Lender under Section 2.20 (as though Section
2.20 were applicable) if any Eurodollar Loan or CDOR Loan owing to such replaced Lender shall be purchased other than on the last day
of the Interest Period relating thereto, (vi) the replacement financial institution shall be reasonably satisfactory to the Administrative
Agent, to the extent that an assignment to such replacement financial institution of the rights and obligations being acquired by it would
otherwise require the consent of the Administrative Agent pursuant to Section 10.6(b), (vii) the replaced Lender shall be obligated to
make such replacement in accordance with the provisions of Section 10.6 (provided that the U.S. Borrower shall be obligated to pay the
registration and processing fee referred to therein), (viii) until such time as such replacement shall be consummated, the Borrowers shall
pay all additional amounts (if any) required pursuant to Section 2.18 or 2.19(a), as the case may be, in respect of any period prior to
the date on which such replacement shall be consummated, and (ix) if applicable, the replacement financial institution or financial institutions
shall consent to such amendment or waiver and (x) any such replacement shall not be deemed to be a waiver of any rights that any Borrower,
the Administrative Agent or any other Lender shall have against the replaced Lender. Each party hereto agrees that an assignment required
pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower Representative, the Administrative
Agent and the assignee, and that the Lender required to make such assignment need not be a party thereto in order for such assignment
to be effective.

 

2.23             
Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting
Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a)               
fees shall cease to accrue on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section
2.8(a);

 

(b)               
the Revolving Commitment and Revolving Extensions of Credit of such Defaulting Lender shall not be included in determining
whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification
pursuant to Section 10.1); provided, that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an
amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby;

 

    75 

     

    

 

(c)               
if any Swingline Exposure or L/C Exposure exists at the time such Lender becomes, or while any Lender is, a Defaulting Lender
then:

 

(i)                
all or any part of the Swingline Exposure and L/C Exposure of such Defaulting Lender (other than the portion of such Swingline
Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders in accordance
with their respective Revolving Percentages but only to the extent the sum of all non-Defaulting Lenders’ Revolving Extensions of
Credit plus such Defaulting Lender’s Swingline Exposure and L/C Exposure does not exceed the total of all non-Defaulting
Lenders’ Revolving Commitments;

 

(ii)              
if the reallocation described in clause (i) above cannot, or can only partially, be effected, the U.S. Borrower shall within
three Business Days following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second,
either (1) cash collateralize for the benefit of the Issuing Lender only the U.S. Borrower’s obligations corresponding to such Defaulting
Lender’s L/C Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures
set forth in Section 8 or (2) backstop such Defaulting Lender’s L/C Exposure (after giving effect to any partial reallocation pursuant
to clause (i) above) with a letter of credit reasonably satisfactory to the applicable Issuing Lender, in each case, for so long as such
L/C Exposure is outstanding;

 

(iii)            
if the U.S. Borrower cash collateralizes or backstops any portion of such Defaulting Lender’s L/C Exposure pursuant
to clause (ii) above, the U.S. Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.3(a) with
respect to such Defaulting Lender’s L/C Exposure during the period such Defaulting Lender’s L/C Exposure is cash collateralized
or backstopped;

 

(iv)             
if the L/C Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to
the Lenders pursuant to Section 3.3(a) shall be adjusted in accordance with such non-Defaulting Lenders’ Revolving Percentages;
and

 

(v)              
if all or any portion of such Defaulting Lender’s L/C Exposure is neither reallocated, cash collateralized nor backstopped
pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder,
all fees payable under Section 3.3(a) with respect to such Defaulting Lender’s L/C Exposure shall be payable to the Issuing Lender
until and to the extent that such L/C Exposure is reallocated, cash collateralized and/or backstopped; and

 

(d)               
so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and
the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure
and the Defaulting Lender’s then outstanding L/C Exposure will be 100% covered by the Revolving Commitments of the non-Defaulting
Lenders, backstopped by a letter of credit reasonably satisfactory to such Issuing Lender and/or cash collateral will be provided by the
U.S. Borrower in accordance with Section 2.23(c), and participating interests in any newly made Swingline Loan or any newly issued or
increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.23(c)(i) (and such Defaulting
Lender shall not participate therein).

 

    76 

     

    

 

If (i) a Bankruptcy Event or a Bail-In Action with
respect to a Lender Parent of any Lender shall occur following the date hereof and for so long as such event shall continue or (ii) the
Swingline Lender or the Issuing Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or
more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline
Loan and the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or the
Issuing Lender, as the case may be, shall have entered into arrangements with the U.S. Borrower or such Lender, satisfactory to the Swingline
Lender or the Issuing Lender, as the case may be, to defease any risk to it in respect of such Lender hereunder.

 

In the event that the Administrative Agent, the Borrower
Representative, the Swingline Lender and the Issuing Lender each agrees that a Defaulting Lender has adequately remedied all matters that
caused such Lender to be a Defaulting Lender, then the Swingline Exposure and L/C Exposure of the Lenders shall be readjusted to reflect
the inclusion of such Lender’s Revolving Commitment and on such date such Lender shall purchase at par such of the Loans of the
other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold
such Loans in accordance with its Revolving Percentage.

 

2.24          
Incremental Facilities. (a) The Borrower Representative and any one or more Lenders (including New Lenders) may from time
to time agree that such Lenders shall make, obtain or increase the amount of their Incremental Term Loans or Revolving Commitments (any
such increased revolving commitments, “Incremental Revolving Commitments”), as applicable, by executing and delivering
to the Administrative Agent an Increased Facility Activation Notice specifying (i) the amount of such increase and the Facility or Facilities
involved, (ii) the applicable Increased Facility Closing Date and (iii) in the case of Incremental Term Loans, (x) the applicable Incremental
Term Maturity Date, (y) the amortization schedule for such Incremental Term Loans; provided that the weighted average life to maturity
of such Incremental Term Loans shall not (1) in the case of Incremental Term Loans incurred by the U.S. Borrower be shorter than the remaining
weighted average life to maturity of the U.S. Term A Loans or (2) in the case of Incremental Term Loans incurred by the Canadian Borrower
be shorter than the remaining weighted average life to maturity of the Canadian Term A Loans, or, to the extent such Incremental Term
Loans are intended to be fungible with the U.S. Term A Loans or Canadian Term A Loans, as applicable, such greater amounts as shall permit
such Incremental Term Loans to be fungible with the applicable Term A Loans, and (z) the Applicable Margin for such Incremental Term Loans.
Notwithstanding the foregoing, (i) the aggregate amount of borrowings of Incremental Term Loans and Incremental Revolving Commitments
pursuant to this Section 2.24 shall not exceed $100,000,000, (ii) the Incremental Term Facilities (x) in the case of Incremental Term
Loans incurred by the U.S. Borrower shall rank pari passu in right of payment and security with the U.S. Term A Loans and shall not be
guaranteed other than by U.S. Loan Parties or secured by any assets other than Collateral of the U.S. Loan Parties and (y) in the case
of Incremental Term Loans incurred by the Canadian Borrower shall rank pari passu in right of payment and security with the Canadian Term
A Loans and shall not be guaranteed other than by the Loan Parties or secured by any assets other than Collateral of the Loan Parties,
(iii) without the consent of the Administrative Agent, (x) each increase effected pursuant to this paragraph shall be in a minimum amount
of at least $25,000,000 and (y) no more than five Increased Facility Closing Dates may be selected by the Borrower Representative after
the Restatement Effective Date, (iv) subject to clauses (i) through (iii) of the first sentence of this Section 2.24(a), (x) the terms
of any Incremental Term Loans shall be substantially the same as the terms of the U.S. Term A Loans or the Canadian Term A Loans, as applicable,
unless otherwise reasonably satisfactory to the Administrative Agent (it being understood that no consent of the Administrative Agent
shall be required for terms that are more restrictive to the Group Members than those applicable in respect of the applicable Term A Loans
if the Lenders under all outstanding Facilities receive the benefits of such more restrictive terms) and (y) the terms of any Incremental
Revolving Commitments shall be the same as the terms of the Revolving Commitments and (z) no Incremental Term Loans or Incremental Revolving
Commitments may be effected unless (1) both immediately prior to and immediately after giving effect to the effectiveness thereof, no
Default or Event of Default shall have occurred and be continuing (or, in the case of Incremental Acquisition Debt, no Event of Default
under Section 8(a) or Section 8(f) shall have occurred and be continuing on the date of effectiveness thereof); (2) on the date of
effectiveness thereof, the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct
in all material respects (or in all respects, if qualified by materiality), in each case on and as of such date; provided, that to the
extent such representations and warranties specifically refer to an earlier date, they are true and correct in all material respects (or
in all respects if qualified by materiality) as of such earlier date (or, in the case of Incremental Acquisition Debt, on the date of
effectiveness thereof, (x) the Specified Representations shall be true and correct in all material respects (or in all respects, if qualified
by materiality) on and as of such date; provided, that to the extent such Specified Representations specifically refer to an earlier date,
they are true and correct in all material respects (or in all respects if qualified by materiality) as of such earlier date and (y) the
Specified Acquisition Agreement Representations shall be true and correct, in each case on and as of such date; provided, that to the
extent such Specified Acquisition Agreement Representations specifically refer to an earlier date, they are true and correct as of such
earlier date); and (3) Holdings and the Borrowers shall have delivered to the Administrative Agent such legal opinions, board resolutions,
secretary’s certificates, officer’s certificates and other documents (including reaffirmation agreements, supplements and/or
amendments to the Security Documents) as shall reasonably be requested by the Administrative Agent in connection therewith. No Lender
shall have any obligation to participate in any increase described in this paragraph unless it agrees to do so in its sole discretion.

 

    77 

     

    

 

(b)               
Any additional bank, financial institution or other entity which, with the consent of the Borrower Representative and the
Administrative Agent (which consent shall not be unreasonably withheld or delayed), elects to become a “Lender” under this
Agreement in connection with any transaction described in Section 2.24(a) shall execute a New Lender Supplement (each, a “New
Lender Supplement”), substantially in the form of Exhibit G-3, whereupon such bank, financial institution or other entity (a
 “New Lender”) shall become a Lender for all purposes and to the same extent as if originally a party hereto and shall
be bound by and entitled to the benefits of this Agreement; provided that (i) any New Lender must be an Eligible Assignee and (ii)
if any New Lender is providing increased Revolving Commitments, it shall be subject to the consent of the Issuing Lenders and Swingline
Lender (which consent, in each case, shall not be unreasonably withheld or delayed).

 

(c)               
Unless otherwise agreed by the Administrative Agent, on each Increased Facility Closing Date with respect to the Revolving
Facility, the U.S. Borrower shall borrow Revolving Loans under the relevant Incremental Revolving Commitments from each Lender participating
in the relevant increase in an amount determined by reference to the amount of each Type of Loan (and (x) in the case of Eurodollar Loans,
of each Eurodollar Tranche, and (y) in the case of CDOR Loans, of each CDOR Tranche) which would then have been outstanding from such
Lender if (i) each such Type, Eurodollar Tranche or CDOR Tranche had been borrowed or effected on such Increased Facility Closing Date
and (ii) the aggregate amount of each such Type, Eurodollar Tranche or CDOR Tranche requested to be so borrowed or effected had been proportionately
increased. The Eurodollar Base Rate applicable to any Eurodollar Loan borrowed pursuant to the preceding sentence shall equal the Eurodollar
Base Rate then applicable to the Eurodollar Loans of the other Lenders in the same Eurodollar Tranche (or, until the expiration of the
then-current Interest Period, such other rate as shall be agreed upon between the Borrower Representative and the relevant Lender). The
CDOR Rate applicable to any CDOR Loan borrowed pursuant to the second preceding sentence shall equal the CDOR Rate then applicable to
the CDOR Loans of the other Lenders in the same CDOR Tranche (or, until the expiration of the then-current Interest Period, such other
rate as shall be agreed upon between the Borrower Representative and the relevant Lender).

 

    78 

     

    

 

(d)               
Notwithstanding anything to the contrary in this Agreement, each of the parties hereto hereby agrees that, on each Increased
Facility Activation Date, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence and
terms of the Incremental Term Loans (and any more restrictive terms contemplated by Section 2.24(a)) or Incremental Revolving Commitments
evidenced thereby. Any such deemed amendment may be effected in writing by the Administrative Agent with the Borrower Representative’s
consent (not to be unreasonably withheld or delayed) and furnished to the other parties hereto.

 

2.25             
Extension Offers. (a) The Borrower Representative may on one or more occasions, by written notice to the Administrative
Agent, make one or more offers (each, an “Extension Offer”) to all (and not fewer than all) the Lenders of one or more
Facilities (each Facility subject to such an Extension Offer, an “Affected Facility”) to make one or more Extension
Amendments pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrower Representative.
Such notice shall set forth (i) the terms and conditions of the requested Extension Amendment and (ii) the date on which such Extension
Amendment is requested to become effective (which shall not be less than five Business Days after the date of such notice, unless otherwise
agreed to by the Administrative Agent). Extension Amendments shall become effective only with respect to the Loans and Commitments of
the Lenders of the Affected Facility that accept the applicable Extension Offer (such Lenders, the “Extending Lenders”)
and, in the case of any Extending Lender, only with respect to such Lender’s Loans and Commitments of such Affected Facility as
to which such Lender’s acceptance has been made. Any Extension Offer, unless contemplating a Maturity Date already in effect hereunder
pursuant to a previously consummated Extension Amendment must be in a minimum amount of $25,000,000 (or such lesser amount as agreed by
the Administrative Agent); provided that the Borrower Representative may at its election specify as a condition (a “Minimum
Extension Condition”) to consummating any such Extension Amendment that a minimum amount (to be determined and specified in
the relevant Extension Offer in the Borrower Representative’s sole discretion and which may be waived by the Borrower Representative)
of Commitments or Loans of any or all Affected Facilities be extended.  If the aggregate principal amount of Commitments or Loans
of any Affected Facility in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate
principal amount of Commitments or Loans of such Affected Facility offered to be extended by the Borrower Representative pursuant to such
Extension Offer, then the Commitments and Loans of such Lenders shall be extended ratably up to such maximum amount based on the relative
principal amounts (but not to exceed actual holdings of record) with respect to which such Lenders have accepted such Extension Offer.

 

(b)               
An Extension Amendment shall be effected pursuant to an Extension Agreement executed and delivered by Holdings, the U.S.
Borrower, the Canadian Borrower (in the case of an Extension Amendment in respect of the Canadian Term A Facility), each Extending Lender
and the Administrative Agent; provided that no Extension Amendment shall become effective unless (i) no Default or Event of Default
shall have occurred and be continuing on the date of effectiveness thereof, (ii) on the date of effectiveness thereof, the representations
and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (or in all respects,
if qualified by materiality), in each case on and as of such date; provided, that to the extent that such representations and warranties
specifically refer to an earlier date, they are true and correct in all material respects (or in all respects if qualified by materiality)
as of such earlier date, (iii) Holdings, the U.S. Borrower and (in the case of an Extension Amendment in respect of the Canadian
Term A Facility) the Canadian Borrower shall have delivered to the Administrative Agent such legal opinions, board resolutions, secretary’s
certificates, officer’s certificates and other documents (including reaffirmation agreements, supplements and/or amendments to the
Security Documents) as shall reasonably be requested by the Administrative Agent in connection therewith and (iv) any applicable Minimum
Extension Condition shall be satisfied (unless waived by the Borrower Representative). The Administrative Agent shall promptly notify
each Lender as to the effectiveness of each Extension Agreement; provided further that the effectiveness of an extended Maturity
Date shall be subject to the provisions of Section 2.25(d).

 

    79 

     

    

 

(c)               
Each Extension Agreement may, without the consent of any Lender other than the applicable Extending Lenders, effect such
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent,
to give effect to the provisions of this Section 2.25, including any amendments necessary to treat the applicable Loans and/or Commitments
of the accepting Lenders as a new “Facility” of loans and/or commitments hereunder (and the Lenders hereby irrevocably authorize
the Administrative Agent to enter into any such amendments); provided that (i) all borrowings of Revolving Loans shall continue
to be made on a ratable basis among all Revolving Lenders, based on the relative amounts of their Revolving Commitments (i.e., both extended
and non-extended), until the repayment of the Loans attributable to the non-extended Commitments (and the termination of the non-extended
Commitments) on the relevant Maturity Date, (ii) all prepayments of Loans and all reductions of Commitments shall continue to be made
on a ratable basis among all Lenders, based on the relative amounts of their Commitments (i.e., both extended and non-extended), until
the repayment of the Loans attributable to the non-extended Commitments (and the termination of the non-extended Commitments) on the relevant
Maturity Date (unless the applicable Extension Agreement provides for lesser treatment of the Loans and/or Commitments of the Extending
Lenders), (iii) the allocation of the participation exposure with respect to any then-existing or subsequently issued or made Letter of
Credit or Swingline Loan as between any Revolving Commitments of such new “Facility” and the remaining Revolving Commitments
shall be made on a ratable basis in accordance with the relative amounts thereof until the Maturity Date relating to the non-extended
Revolving Commitments has occurred (it being understood, however, that no reallocation of such exposure to extended Revolving Commitments
shall occur on such termination date if (1) an Event of Default under Section 8(a) or Section 8(f) exists at the time of such reallocation
or (2) such reallocation would cause the Revolving Extensions of Credit of any Lender to exceed its Revolving Commitment), (iv) the Revolving
Commitment Period and the Revolving Termination Date, as such terms are used with reference to Letters of Credit or Swingline Loans, may
not be extended without the prior written consent of each Issuing Lender or the Swingline Lender, as applicable, and (v) at no time shall
there be more than three Facilities of Revolving Commitments hereunder, unless otherwise agreed by the Administrative Agent. Commencing
with the Maturity Date of any Facility of Revolving Commitments, the sublimit for Letters of Credit and Swingline Loans under any Facility
of Revolving Commitments that has not so then matured shall be as agreed between the Borrower Representative, the Revolving Lenders in
respect of such extended Revolving Commitments and the Issuing Lenders or the Swingline Lender, as applicable, in the relevant Extension
Agreement; provided that if, on the Maturity Date of any Facility of Revolving Commitments, and after giving effect to any new
sublimit for Letters of Credit under any Facility of Revolving Commitments that has not so then matured, the outstanding L/C Exposure
exceeds the L/C Commitment, the U.S. Borrower shall deposit cash collateral in an account with the Administrative Agent in accordance
with Section 8 in an aggregate amount equal to such excess.

 

(d)               
If the Total Revolving Extensions of Credit exceed the Total Revolving Commitments as a result of the occurrence of the
Maturity Date with respect to any Facility of Revolving Commitments when an extended Facility of Revolving Commitments remains outstanding,
the U.S. Borrower shall prepay Revolving Loans or Swingline Loans (or if no such Loans are outstanding (after giving effect to any prepayment
thereof), deposit cash collateral in an account with the Administrative Agent in accordance with Section 8) as may be required to eliminate
such excess on such Maturity Date. The failure of the U.S. Borrower to comply with the prepayment and cash collateralization requirements
of this Section 2.25(d) shall result in the extended Facility of Revolving Commitments immediately terminating and the Loans in respect
thereof (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents in respect thereof
(including all amounts of L/C Obligations owing in respect thereof, whether or not the beneficiaries of the then outstanding Letters of
Credit shall have presented the documents required thereunder) becoming immediately become due and payable.

 

    80 

     

    

 

(e)               
The Administrative Agent and the Lenders hereby acknowledge that in respect of payments on non-extended Loans on the scheduled
Maturity Date in respect thereof, the pro rata payment requirements contained elsewhere in this Agreement are not intended to apply to
the transactions effected pursuant to this Section 2.25. This Section 2.25 shall supersede any provisions in Section 2.17 or Section 10.7
to the contrary.

 

2.26             
Refinancing Facilities. (a) The Borrower Representative may, on one or more occasions after the Restatement Effective Date,
by written notice to the Administrative Agent, request the establishment hereunder of (i) a new Facility of revolving commitments (the
 “Refinancing Revolving Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing
Revolving Lender”) will make revolving loans to the Borrowers (“Refinancing Revolving Loans”) and acquire
participations in the Letters of Credit and Swingline Loans and (ii) one or more additional classes of term loan commitments (the “Refinancing
Term Loan Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”)
will make term loans to the applicable Borrower (the “Refinancing Term Loans”); provided that (A) each Refinancing
Revolving Lender and each Refinancing Term Lender shall be an Eligible Assignee and, if not already a Lender, shall otherwise be reasonably
acceptable to the Administrative Agent and the Borrower Representative and (B) each Refinancing Revolving Lender shall be approved
by each Issuing Lender and the Swingline Lender (such approvals not to be unreasonably withheld or delayed).

 

(b)               
The Refinancing Commitments shall be effected pursuant to one or more Refinancing Facility Agreements executed and delivered
by the U.S. Borrower, the Canadian Borrower (in the case of Refinancing Term Loan Commitments in respect of Canadian Term A Loans), each
Refinancing Lender providing such Refinancing Commitments, the Administrative Agent and, in the case of Refinancing Revolving Commitments,
each Issuing Lender and the Swingline Lender; provided that no Refinancing Commitments shall become effective unless (i) no
Event of Default shall have occurred and be continuing on the date of effectiveness thereof, (ii) on the date of effectiveness thereof,
the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects
(or in all respects, if qualified by materiality), in each case on and as of such date; provided, that to the extent that such representations
and warranties specifically refer to an earlier date, they are true and correct in all material respects (or in all respects if qualified
by materiality) as of such earlier date, (iii) Holdings, the U.S. Borrower and (in the case of Refinancing Term Loan Commitments in respect
of Canadian Term A Loans) the Canadian Borrower shall have delivered to the Administrative Agent such legal opinions, board resolutions,
secretary’s certificates, officer’s certificates, reaffirmation agreements and other documents as shall reasonably be requested
by the Administrative Agent in connection with any such transaction, (iv) in the case of any Refinancing Revolving Commitments, substantially
concurrently with the effectiveness thereof, all the Revolving Commitments then in effect shall be terminated, and all the Revolving Loans
and Swingline Loans then outstanding, together with all interest thereon, and all other amounts accrued for the benefit of the Revolving
Lenders, shall be repaid or paid (it being understood, however, that any Letters of Credit may continue to be outstanding hereunder),
and the aggregate amount of such Refinancing Revolving Commitments shall not exceed the aggregate amount of the Revolving Commitments
so terminated, and (v) in the case of any Refinancing Term Loan Commitments, substantially concurrently with the effectiveness thereof,
the applicable Borrower shall obtain Refinancing Term Loans thereunder and shall repay or prepay then outstanding Term Loans of one or
more Facilities in an aggregate principal amount equal to the aggregate amount of such Refinancing Term Loan Commitments (less the aggregate
amount of accrued and unpaid interest with respect to such outstanding Term Loans and any reasonable fees, premium and expenses relating
to such refinancing). The applicable Borrower shall determine the amount of such prepayments allocated to each Facility of outstanding
Term Loans, and any such prepayment of Term Loans of any Facility shall be applied to reduce the subsequent scheduled repayments of Term
Loans of such Facility to be made pursuant to Section 2.3 as directed by the U.S. Borrower and, in the case of a prepayment of Eurodollar
Loans or CDOR Loans, shall be subject to Section 2.20.

 

    81 

     

    

 

(c)               
The Refinancing Facility Agreement shall set forth, with respect to the Refinancing Commitments established thereby and
the Refinancing Loans and other extensions of credit to be made thereunder, to the extent applicable, the following terms thereof: (i) the
designation of such Refinancing Commitments and Refinancing Loans as a new “Facility” for all purposes hereof (provided
that with the consent of the Administrative Agent, any Refinancing Commitments and Refinancing Loans may be treated as a single “Facility”
with any then-outstanding existing Commitments or Loans), (ii) the stated termination and maturity dates applicable to the Refinancing
Commitments or Refinancing Loans of such Facility, provided that (A) such stated termination and maturity dates shall not be earlier
than the Latest Maturity Date applicable to Revolving Commitments (in the case of Refinancing Revolving Commitments and Refinancing Revolving
Loans) or the Maturity Date applicable to the Facility of Term Loans so refinanced (in the case of Refinancing Term Loan Commitments and
Refinancing Term Loans) and (B) any Refinancing Term Loans shall not have a weighted average life to maturity shorter than the remaining
weighted average life to maturity of the Facility of Term Loans so refinanced, (iii) in the case of any Refinancing Term Loans, any amortization
applicable thereto and the effect thereon of any prepayment of such Refinancing Term Loans, (iv) the interest rate or rates applicable
to the Refinancing Loans of such Facility, (v) the fees applicable to the Refinancing Commitments or Refinancing Loans of such Facility,
(vi) in the case of any Refinancing Term Loans, any original issue discount applicable thereto and in the case of any Refinancing Revolving
Commitments, any upfront fees applicable thereto, (vii) the initial Interest Period or Interest Periods applicable to Refinancing Loans
of such Facility, (viii) any voluntary or mandatory commitment reduction or prepayment requirements applicable to Refinancing Commitments
or Refinancing Loans of such Facility (which prepayment requirements, in the case of any Refinancing Term Loans, may provide that such
Refinancing Term Loans may participate in mandatory prepayments on the same or a lesser basis as the Facility of Term Loans so refinanced,
but otherwise may not provide for prepayment requirements that are more favorable to the Lenders holding such Refinancing Term Loans than
to the Lenders holding any other Facility of Term Loans unless agreed by the Majority Facility Lenders in respect of such other Facilities
of Term Loans) and any restrictions on the voluntary or mandatory reductions or prepayments of Refinancing Commitments or Refinancing
Loans of such Facility and (ix) the other terms and conditions of the Refinancing Commitments and Refinancing Loans, which other terms
and conditions shall not be favorable to the lenders providing such Indebtedness than those set forth in the Loan Documents are with respect
to the existing Lenders in respect of the Indebtedness being refinanced (other than covenants or other provisions applicable only to periods
after the Latest Maturity Date in effect at the time of incurrence of such Refinancing Commitments and Refinancing Loans). The Administrative
Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Facility Agreement. Each Refinancing Facility Agreement
may, without the consent of any Lender other than the applicable Refinancing Lenders, effect such amendments to this Agreement and the
other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to give effect to the provisions
of this Section 2.26, including any amendments necessary to treat the applicable Refinancing Commitments and Refinancing Loans as a new
 “Facility” of loans and/or commitments hereunder.

 

2.27             
Prepayments Below Par. (a) Notwithstanding anything to the contrary set forth in this Agreement (including Section 2.17)
or any other Loan Document, the Borrowers shall have the right at any time and from time to time to prepay Term Loans to the Lenders at
a discount to the par value of such Loans and on a non pro rata basis (each, a “Discounted Voluntary Prepayment”) pursuant
to the procedures described in this Section 2.27, provided that (A) the proceeds of Revolving Loans and Swingline Loans shall not
be used to make such Discounted Voluntary Prepayment, (B) any Discounted Voluntary Prepayment shall be offered to all Term Lenders of
a particular Facility on a pro rata basis, (C) the applicable Borrower shall deliver to the Administrative Agent, together with each Discounted
Prepayment Option Notice, a certificate of a Responsible Officer of the applicable Borrower (i) stating that (x) no Default or Event of
Default has occurred and is continuing or would result from the Discounted Voluntary Prepayment and (y) each of the conditions to such
Discounted Voluntary Prepayment contained in this Section 2.27 has been satisfied and (ii) specifying the aggregate principal amount of
Term Loans to be prepaid pursuant to such Discounted Voluntary Prepayment and (D) no more than one Discounted Prepayment Option Notice
may be effective at any one time.

 

    82 

     

    

 

(b)               
To the extent the Borrowers seek to make a Discounted Voluntary Prepayment, the applicable Borrower will provide written
notice to the Administrative Agent substantially in the form of Exhibit H hereto (each, a “Discounted Prepayment Option Notice”)
that the applicable Borrower desires to prepay Term Loans in an aggregate principal amount specified therein by the applicable Borrower
(each, a “Proposed Discounted Prepayment Amount”), in each case at a discount to the par value of such Loans as specified
below. The Proposed Discounted Prepayment Amount of any Loans shall not be less than $25,000,000 (unless otherwise agreed by the Administrative
Agent). The Discounted Prepayment Option Notice shall further specify with respect to the proposed Discounted Voluntary Prepayment (A)
the Proposed Discounted Prepayment Amount for Loans to be prepaid, (B) a discount range (which may be a single percentage) selected by
the applicable Borrower with respect to such proposed Discounted Voluntary Prepayment equal to a discount to par of the Loans to be prepaid
(the “Discount Range”) (for example, specifying a Discount Range of 20% to 30% means the applicable Borrower would
pay a purchase price of 70% to 80% of the par value of the Loans to be prepaid), and (C) the date and time by which Lenders are required
to indicate their election to participate in such proposed Discounted Voluntary Prepayment, which shall be at least five Business Days
following the date of the Discounted Prepayment Option Notice (as such date and time may be extended, the “Acceptance Time”).
The Acceptance Time may be extended for a period not exceeding three Business Days upon notice by the applicable Borrower to the Administrative
Agent received not less than 24 hours before the original Acceptance Time.

 

(c)               
Upon receipt of a Discounted Prepayment Option Notice, the Administrative Agent shall promptly notify each applicable Lender
thereof. On or prior to the Acceptance Time, each such Lender may specify by written notice substantially in the form of Exhibit I hereto
(each, a “Lender Participation Notice”) to the Administrative Agent (A) a maximum discount to par (the “Acceptable
Discount”) within the Discount Range (for example, a Lender specifying a discount to par of 20% would accept a purchase price
of 80% of the par value of the Loans to be prepaid) and (B) a maximum principal amount (subject to rounding requirements specified by
the Administrative Agent) of the Loans to be prepaid held by such Lender with respect to which such Lender is willing to permit a Discounted
Voluntary Prepayment at the Acceptable Discount (“Offered Loans”). Based on the Acceptable Discounts and principal
amounts of the Loans to be prepaid specified by the Lenders in the applicable Lender Participation Notice, the Administrative Agent, in
consultation with the applicable Borrower, shall determine the applicable discount for such Loans to be prepaid (the “Applicable
Discount”), which Applicable Discount shall be (A) the percentage specified by the applicable Borrower if such Borrower has
selected a single percentage pursuant to Section 2.27 for the Discounted Voluntary Prepayment or (B) otherwise, the highest Acceptable
Discount at which the applicable Borrower can pay the Proposed Discounted Prepayment Amount in full (determined by adding the principal
amounts of Offered Loans commencing with the Offered Loans with the highest Acceptable Discount); provided, however, that
in the event that such Proposed Discounted Prepayment Amount cannot be repaid in full at any Acceptable Discount, the Applicable Discount
shall be the lowest Acceptable Discount specified by the Lenders that is within the Discount Range. The Applicable Discount shall be applicable
for all Lenders who have offered to participate in the Discounted Voluntary Prepayment and have Qualifying Loans. Any Lender with outstanding
Loans to be prepaid whose Lender Participation Notice is not received by the Administrative Agent by the Acceptance Time shall be deemed
to have declined to accept a Discounted Voluntary Prepayment of any of its Loans at any discount to their par value within the Applicable
Discount.

 

    83 

     

    

 

(d)               
The applicable Borrower shall make a Discounted Voluntary Prepayment by prepaying those Loans to be prepaid (or the respective
portions thereof) offered by the Lenders (“Qualifying Lenders”) that specify an Acceptable Discount that is equal to
or greater than the Applicable Discount (“Qualifying Loans”) at the Applicable Discount, provided that if the
aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest payable at such time) would exceed the amount of
aggregate proceeds required to prepay the Proposed Discounted Prepayment Amount, such amounts in each case calculated by applying the
Applicable Discount, the applicable Borrower shall prepay such Qualifying Loans ratably among the Qualifying Lenders based on their respective
principal amounts of such Qualifying Loans (subject to rounding requirements specified by the Administrative Agent). If the aggregate
proceeds required to prepay all Qualifying Loans (disregarding any interest payable at such time) would be less than the amount of aggregate
proceeds required to prepay the Proposed Discounted Prepayment Amount, such amounts in each case calculated by applying the Applicable
Discount, the applicable Borrower shall prepay all Qualifying Loans.

 

(e)               
Each Discounted Voluntary Prepayment shall be made within five Business Days of the Acceptance Time (or such later date
as the Administrative Agent shall reasonably agree, given the time required to calculate the Applicable Discount and determine the amount
and holders of Qualifying Loans), without premium or penalty (and not subject to Section 2.20), upon irrevocable notice substantially
in the form of Exhibit J hereto (each a “Discounted Voluntary Prepayment Notice”), delivered to the Administrative
Agent no later than 12:00 Noon, New York City time, three Business Days prior to the date of such Discounted Voluntary Prepayment, which
notice shall specify the date and amount of the Discounted Voluntary Prepayment and the Applicable Discount determined by the Administrative
Agent. Upon receipt of any Discounted Voluntary Prepayment Notice, the Administrative Agent shall promptly notify each relevant Lender
thereof. If any Discounted Voluntary Prepayment Notice is given, the amount specified in such notice shall be due and payable to the applicable
Lenders, subject to the Applicable Discount on the applicable Loans, on the date specified therein together with accrued interest (on
the par principal amount) to but not including such date on the amount prepaid. The par principal amount of each Discounted Voluntary
Prepayment of a Term Loan shall be applied ratably to reduce the remaining installments of such Term Loans.

 

(f)                
To the extent not expressly provided for herein, each Discounted Voluntary Prepayment shall be consummated pursuant to reasonable
procedures (including as to timing, rounding, minimum amounts, Type and Interest Periods and calculation of Applicable Discount in accordance
with Section 2.27(c) above) established by the Administrative Agent and the applicable Borrower.

 

(g)               
(A) Prior to the delivery of a Discounted Voluntary Prepayment Notice, upon written notice to the Administrative Agent,
the applicable Borrower may withdraw or modify its offer to make a Discounted Voluntary Prepayment pursuant to any Discounted Prepayment
Option Notice only if no Lender Participation Notices have been received and (B) no Lender may withdraw or modify its offer to participate
in a Discounted Voluntary Prepayment pursuant to any Lender Participation Notice.

 

(h)               
Nothing in this Section 2.27 shall (i) require the applicable Borrower to undertake any Discounted Voluntary Prepayment
or (ii) limit or restrict the applicable Borrower from making voluntary prepayments of Term Loans in accordance with Section 2.10.

 

    84 

     

    

 

2.28             
Currency Fluctuations. (a) No later than 11:00 A.M. (London time) on each Calculation Date, the Administrative Agent
shall determine the Exchange Rate as of such Calculation Date with respect to Acceptable Foreign Currencies, provided that, upon
receipt of a borrowing request pursuant to Section 2.5(a), the Administrative Agent shall determine the Exchange Rate with respect to
Acceptable Foreign Currencies on the related Calculation Date (it being acknowledged and agreed that the Administrative Agent shall use
such Exchange Rate for the purposes of determining compliance with Section 2.4 with respect to such borrowing notice). The Exchange Rates
so determined shall become effective on the relevant Calculation Date (a “Reset Date”), shall remain effective until
the next succeeding Reset Date and shall for all purposes of this Agreement (other than Section 10.18 and any other provision expressly
requiring the use of a current Exchange Rate) be the Exchange Rates employed in converting any amounts from Acceptable Foreign Currencies
to Dollars.

 

(b)               
No later than 11:00 A.M. (London time) on each Reset Date, the Administrative Agent shall determine the aggregate amount
of the Dollar Equivalents of (i) the principal amounts of the Loans then outstanding denominated in Canadian Dollars (after giving effect
to any Loans to be made or repaid on such date) and (ii) the total L/C Exposure in Acceptable Foreign Currencies at such time.

 

(c)               
The Administrative Agent shall promptly notify the Borrower Representative and the Lenders of each determination of an Exchange
Rate hereunder.

 

SECTION
3.          LETTERS
OF CREDIT

 

3.1              
L/C Commitment. (a) Subject to the terms and conditions hereof, the Issuing Lender, in reliance on the agreements of the
other Revolving Lenders set forth in Section 3.4(a), agrees to issue letters of credit (“Letters of Credit”) (x) upon
the request of the U.S. Borrower, for the account of the U.S. Borrower, any Domestic Subsidiary or any Canadian Subsidiary, in each case
on any Business Day during the Revolving Commitment Period in such form as may be approved from time to time by the Issuing Lender; provided
that the Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations
would exceed the L/C Commitment, (ii) the L/C Obligations in respect of Letters of Credit issued by it would exceed $20,000,000, (iii)
the aggregate amount of the Available Revolving Commitments would be less than zero or (iv) with respect to any Lender, the sum of (x)
the Swingline Exposure of such Lender (in its capacity as the Swingline Lender (if applicable) and a Revolving Lender), (y) the aggregate
principal amount of the Dollar Equivalent of the outstanding Revolving Loans made by such Lender and (z) the L/C Exposure of such Lender
would exceed its Revolving Commitment then in effect. Each Letter of Credit shall (i) (x) be denominated in Dollars or an Acceptable Foreign
Currency and (y) expire no later than the earlier of (1) the first anniversary of its date of issuance and (2) the date that is five Business
Days prior to the Revolving Termination Date, provided that any Letter of Credit with a one-year term may provide for the renewal
thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (2) above); provided
further that any Letter of Credit may (notwithstanding clause (2) or the immediately preceding proviso above) expire after the date
that is five Business Days prior to the Revolving Termination Date so long as the Issuing Lender has approved such expiration date and
such Letter of Credit is cash collateralized or otherwise backstopped in a manner reasonably acceptable to the Issuing Lender at least
eight Business Days prior to the Revolving Termination Date.

 

(b)               
Subject to the terms and conditions hereof, each Existing Letter of Credit shall, effective as of the Restatement Effective
Date, and without further action by any Borrower, be continued as a Letter of Credit hereunder, and from and after the Restatement Effective
Date shall be deemed to be a Letter of Credit for all purposes hereof and shall be subject to and governed by the terms and conditions
hereof.

 

    85 

     

    

 

(c)               
The Issuing Lender shall not at any time be obligated to issue any Letter of Credit if such issuance would conflict with,
or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law.

 

3.2               
Procedure for Issuance of Letter of Credit. The U.S. Borrower may from time to time request that the Issuing Lender issue
a Letter of Credit (or amend, renew or extend an outstanding Letter of Credit) by delivering to the Issuing Lender at its address for
notices specified herein an Application therefor, completed to the reasonable satisfaction of the Issuing Lender, and such other certificates,
documents and other papers and information as the Issuing Lender may reasonably request, which Application shall include (i) the date
of issuance (which shall be a Business Day), (ii) the date on which such Letter of Credit is to expire (which shall comply with Section
3.1(a)), (iii) the currency in which such Letter of Credit is to be denominated (which shall comply with Section 3.1(a)), (iv) the amount
of such Letter of Credit, (v) the name and address of the beneficiary thereof and (vi) such other information as shall be necessary to
prepare and issue such Letter of Credit. Upon receipt of any Application, the Issuing Lender will process such Application and the certificates,
documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall
promptly issue (or amend, renew or extend, as the case may be) the Letter of Credit requested thereby (but in no event shall the Issuing
Lender be required to issue (or amend, renew or extend, as the case may be) any Letter of Credit earlier than three Business Days after
its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto)
by issuing the original of such Letter of Credit (or such amendment, renewal or extension, as the case may be) to the beneficiary thereof
or as otherwise may be agreed to by the Issuing Lender and the Borrower Representative. The Issuing Lender shall furnish a copy of such
Letter of Credit to the Borrower Representative promptly following the issuance (or such amendment, renewal or extension, as the case
may be) thereof. The Issuing Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Revolving
Lenders, notice of the issuance of each Letter of Credit (including the amount thereof).

 

3.3               
Fees and Other Charges. (a) The U.S. Borrower will pay a fee in respect of Letters of Credit denominated in any currency
(other than Canadian Dollars), in Dollars on the Dollar Equivalent of all such outstanding Letters of Credit issued for its account at
a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Facility and (ii)
in respect of Letters of Credit denominated in Canadian Dollars, in Canadian Dollars on the amount of such outstanding Letters of Credit
issued for its account at a per annum rate equal to the Applicable Margin then in effect with respect to CDOR Loans under the Revolving
Facility, in each case shared ratably among the Revolving Lenders and payable quarterly in arrears on each Fee Payment Date after the
issuance date. In addition, the U.S. Borrower shall pay to the Issuing Lender for its own account a fronting fee of 0.125% per annum (i)
in respect of Letters of Credit denominated in any currency (other than Canadian Dollars), in Dollars on the undrawn and unexpired Dollar
Equivalent amount of each such Letter of Credit issued for its account and (ii) in respect of Letters of Credit denominated in any currency,
in Canadian Dollars on the undrawn and unexpired amount of each such Letter of Credit, payable quarterly in arrears on each Fee Payment
Date after the issuance date.

 

(b)               
In addition to the foregoing fees, the U.S. Borrower shall pay or reimburse the Issuing Lender for such normal and customary
costs and expenses as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise
administering any Letter of Credit issued for the U.S. Borrower’s account.

 

    86 

     

    

 

3.4               
L/C Participations. (a) The Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to
induce the Issuing Lender to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts
and purchases from the Issuing Lender, on the terms and conditions set forth below, for such L/C Participant’s own account and risk
an undivided interest equal to such L/C Participant’s Revolving Percentage in the Issuing Lender’s obligations and rights
under and in respect of each Letter of Credit and the amount of each draft paid by the Issuing Lender thereunder. Each L/C Participant
agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the Issuing Lender is not reimbursed in full
by the U.S. Borrower in accordance with the terms of this Agreement (or in the event that any reimbursement received by the Issuing Lender
shall be required to be returned by it at any time), such L/C Participant shall pay, upon demand, to the Administrative Agent, for the
account of the Issuing Lender, an amount equal to (a) in the case of any Letter of Credit denominated in Dollars or an Acceptable Foreign
Currency (other than Canadian Dollars), such L/C Participant’s Revolving Percentage of the Dollar Equivalent of the amount that
is not so reimbursed (or is so returned) and (b) in the case of any Letter of Credit denominated in Canadian Dollars, such L/C Participant’s
Revolving Percentage of the amount that is not so reimbursed (or is so returned). Each L/C Participant’s obligation to pay such
amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment,
defense or other right that such L/C Participant may have against the Issuing Lender, any Borrower or any other Person for any reason
whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions
specified in Section 5, (iii) any adverse change in the condition (financial or otherwise) of a Borrower, (iv) any breach of this Agreement
or any other Loan Document by a Borrower, any other Loan Party or any other L/C Participant or (v) any other circumstance, happening or
event whatsoever, whether or not similar to any of the foregoing.

 

(b)               
If any amount required to be paid by any L/C Participant to the Administrative Agent pursuant to Section 3.4(a) in respect
of any unreimbursed portion of any payment made by the Issuing Lender under any Letter of Credit is paid to the Administrative Agent within
three Business Days after the date such payment is due, such L/C Participant shall pay to the Administrative Agent on demand an amount
equal to the product of (i) such amount, times (ii) (x) in respect of a Letter of Credit denominated in Dollars or an Acceptable Foreign
Currency (other than Canadian Dollars), the daily average NYFRB Rate during the period from and including the date such payment is required
to the date on which such payment is immediately available to the Administrative Agent and (y) in respect of a Letter of Credit denominated
in Canadian Dollars, the daily average Canadian Prime Rate during the period from and including the date such payment is required to the
date on which such payment is immediately available to the Administrative Agent, times (iii) a fraction the numerator of which is the
number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any L/C Participant
pursuant to Section 3.4(a) is not made available to the Administrative Agent by such L/C Participant within three Business Days after
the date such payment is due, the Administrative Agent shall be entitled to recover from such L/C Participant (for the account of the
Issuing Lender), on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to (1) in
respect of Letters of Credit denominated in Dollars or an Acceptable Foreign Currency (other than Canadian Dollars), ABR Loans under the
Revolving Facility and (2) in respect of Letters of Credit denominated in Canadian Dollars, Canadian Prime Loans under the Revolving Facility.
A certificate of the Issuing Lender submitted to any L/C Participant with respect to any amounts owing under this Section shall be conclusive
in the absence of manifest error. Promptly following receipt by the Administrative Agent of any payment from the L/C Participants pursuant
to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender.

 

(c)               
Whenever, at any time after the Issuing Lender has made payment under any Letter of Credit and the Administrative Agent
has received from any L/C Participant its pro rata share of such payment in accordance with Section 3.4(a), the Administrative
Agent or the Issuing Lender receives any payment related to such Letter of Credit (whether directly from the U.S. Borrower or otherwise,
including proceeds of collateral applied thereto by the Administrative Agent or the Issuing Lender), or any payment of interest on account
thereof, the Administrative Agent or Issuing Lender, as applicable, will distribute to such L/C Participant its pro rata share
thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such L/C Participant’s
participating interest was outstanding and funded and, in the case of any payment related to a draft or any interest payment, to reflect
such L/C Participant’s pro rata portion of such payment if such payment is not sufficient to pay all amounts in respect of drafts
and interest on such Letter of Credit then due); provided, however, that in the event that any such payment received by
the Administrative Agent or the Issuing Lender shall be required to be returned by the Administrative Agent or the Issuing Lender, such
L/C Participant shall return to the Administrative Agent the portion thereof previously distributed by the Administrative Agent or the
Issuing Lender, as applicable, to it.

 

    87 

     

    

 

3.5               
Reimbursement Obligation of the Borrowers. If any draft is paid under any Letter of Credit, the U.S. Borrower shall reimburse
the Issuing Lender for (a) the amount of the draft so paid (in Canadian Dollars if such draft was paid in Canadian Dollars, and otherwise
in Dollars based on the Dollar Equivalent of the amount so paid) and (b) the Dollar Equivalent of any taxes, fees, charges or other costs
or expenses incurred by the Issuing Lender in connection with such payment, not later than 12:00 Noon, New York City time, on (i) the
Business Day that the U.S. Borrower receives notice of such draft, if such notice is received on such day prior to 10:00 A.M., New York
City time, or (ii) if clause (i) above does not apply, the Business Day immediately following the day that the U.S. Borrower receives
such notice. Each such payment shall be made to the Administrative Agent, for the account of the Issuing Lender, at the Funding Office
in the applicable currency (which shall be Dollars or Canadian Dollars) and in immediately available funds. Interest shall be payable
on any such amounts from the date on which the relevant draft is paid until payment in full at the rate set forth in (x) until the
Business Day next succeeding the date of the relevant notice, Section 2.14(b) and (y) thereafter, Section 2.14(c). Promptly following
receipt by the Administrative Agent of any payment from the U.S. Borrower pursuant to this paragraph, the Administrative Agent shall distribute
such payment to the Issuing Lender or, to the extent that L/C Participants have made payments pursuant to Section 3.4 to reimburse the
Issuing Lender, then to such L/C Participants and the Issuing Lender as their interests may appear.

 

3.6               
Obligations Absolute. The U.S. Borrower’s obligations under this Section 3 shall be absolute, unconditional and irrevocable
under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the U.S. Borrower may have or
have had against the Issuing Lender, any beneficiary of a Letter of Credit or any other Person. The U.S. Borrower also agrees with the
Issuing Lender that the Issuing Lender shall not be responsible for, and the U.S. Borrower’s Reimbursement Obligations under Section
3.5 shall not be affected by, among other things, (a) any lack of validity or enforceability of any Letter of Credit or this Agreement,
or any term or provision therein, (b) any draft or other document presented under a Letter of Credit proving to be invalid, fraudulent
or forged in any respect or any statement therein being untrue or inaccurate in any respect, (c) any dispute between or among such Borrower
and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever
of the U.S. Borrower against any beneficiary of such Letter of Credit or any such transferee, (d) payment by the Issuing Lender under
a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or
(e) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions
of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the U.S. Borrower’s obligations
hereunder; provided that the foregoing shall not be construed to excuse the Issuing Lender from liability to the U.S. Borrower to the
extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby
waived by the U.S. Borrower to the extent permitted by applicable law) suffered by the U.S. Borrower that are caused by the Issuing Lender’s
failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms
thereof. The Issuing Lender shall not have any liability or responsibility by reason of or in connection with the issuance or transfer
of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to
in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or message
or advice, however transmitted, in connection with any Letter of Credit (including any document required to make a drawing thereunder),
any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Lender; provided
that the foregoing shall not be construed to excuse the Issuing Lender from liability to the U.S. Borrower to the extent of any direct
damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the U.S.
Borrower to the extent permitted by applicable law) suffered by the U.S. Borrower that are caused by the Issuing Lender’s failure
to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.
The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Lender (as
finally determined by a court of competent jurisdiction), the Issuing Lender shall be deemed to have exercised care in each such determination.
In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented
which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Lender may, in its sole discretion,
either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information
to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms
of such Letter of Credit.

 

    88 

     

    

 

3.7               
Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender shall
promptly notify the U.S. Borrower of the date and amount thereof. The responsibility of the Issuing Lender to the U.S. Borrower in connection
with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in
such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection
with such presentment are substantially in conformity with such Letter of Credit.

 

3.8               
Applications. To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the
provisions of this Section 3, the provisions of this Section 3 shall apply.

 

3.9               
Replacement of Issuing Lender. (a) Any Issuing Lender may be replaced at any time by written agreement among the U.S. Borrower,
the Administrative Agent, the replaced Issuing Lender and the successor Issuing Lender. The Administrative Agent shall notify the Revolving
Lenders of any such replacement of an Issuing Lender. At the time any such replacement shall become effective, the U.S. Borrower shall
pay all unpaid fees accrued for the account of the replaced Issuing Lender pursuant to Section 3.3. From and after the effective
date of any such replacement, (i) the successor Issuing Lender shall have all the rights and obligations of the replaced Issuing
Lender under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing
Lender” shall be deemed to refer to such successor or to any previous Issuing Lender, or to such successor and all previous Issuing
Lenders, as the context shall require. After the replacement of an Issuing Lender hereunder, the replaced Issuing Lender shall remain
a party hereto and shall continue to have all the rights and obligations of an Issuing Lender under this Agreement with respect to Letters
of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

 

(b)               
Subject to the appointment and acceptance of a successor Issuing Lender, any Issuing Lender may resign as an Issuing Lender
at any time upon 30 days’ prior written notice to the Administrative Agent, the U.S. Borrower and the Revolving Lenders, in which
case, such Issuing Lender shall be replaced in accordance with Section 3.9(a).

 

    89 

     

    

 

 

3.10         Cash
Collateralization. In the event that the total L/C Exposure exceeds the L/C Commitment, the U.S. Borrower shall deposit cash collateral
within three Business Days in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of
the Revolving Lenders, in an aggregate amount equal to such excess in accordance with the provisions of Section 8. Such amount (to the
extent not applied to the payment of drafts drawn under Letters of Credit) shall be returned to the U.S. Borrower within three Business
Days after the first Calculation Date on which the total L/C Exposure no longer exceeds the L/C Commitment.

 

3.11         Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in
support of any obligations of, or is for the account of, a Subsidiary, the U.S. Borrower shall be obligated to reimburse the Issuing Lender
hereunder for any and all drawings under any Letter of Credit issued in support of any obligations of, or that is for the account of,
a Domestic Subsidiary or Canadian Subsidiary. The U.S. Borrower, hereby acknowledges that the issuance of Letters of Credit for the account
of its Subsidiaries inures to the benefit of the U.S. Borrower, and that the U.S. Borrower’s business derives substantial benefits
from the businesses of such Subsidiaries.

 

SECTION
4.         REPRESENTATIONS
AND WARRANTIES

 

To induce the Administrative Agent and the Lenders
to enter into this Agreement and to make the Loans and issue or participate in the Letters of Credit, Holdings and each Borrower hereby
jointly and severally represent and warrant to the Administrative Agent and each Lender that:

 

4.1           Financial
Condition. (a) [Reserved].

 

(b)           The audited consolidated balance sheets of Holdings as at March 31, 2019, March 31, 2020 and March 31, 2021, and the related
consolidated statements of income or operations and of stockholders’ equity and cash flows for the fiscal years ended on such dates,
reported on by and accompanied by an unqualified report from KPMG LLP, present fairly in all material respects the consolidated financial
condition of Holdings and its consolidated Subsidiaries as at such date, and the consolidated results of its operations and its consolidated
stockholders’ equity and cash flows for the respective fiscal years then ended. The unaudited consolidated balance sheet of Holdings
as at June 30, 2021 and the related unaudited consolidated statements of income or operations, stockholders’ equity and cash flows
for the three-month period ended on such date, present fairly in all material respects the consolidated financial condition of Holdings
and its consolidated Subsidiaries as at such date, and the consolidated results of its operations and its consolidated stockholders’
equity and cash flows for the three-month period then ended (subject to express disclosures made by Holdings to Lenders prior to the Restatement
Effective Date, normal year-end audit adjustments and the lack of footnote disclosures). All such financial statements, including the
related schedules and notes thereto, have been prepared in accordance with GAAP consistently applied throughout the respective periods
covered thereby (except as approved by the aforementioned firm of accountants and disclosed therein).

 

4.2           No
Change. Since June 30, 2021, there has occurred no Material Adverse Effect.

 

4.3           Existence; Compliance with Law. Each Group Member (a) is duly organized, validly existing and to the extent relevant in
such jurisdiction, in good standing under the laws of the jurisdiction of its organization, except, in the case of any Group Member that
is not Holdings or a Borrower, where the failure of such Group Member to be in good standing could not reasonably be expected to have
a Material Adverse Effect, (b) has the power and authority to own and operate its property, to lease the property it operates as lessee
and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation or other organization and
to the extent relevant in such jurisdiction in good standing under the laws of each jurisdiction where its ownership, lease or operation
of property or the conduct of its business requires such qualification and (d) is in compliance with all Requirements of Law and its Organization
Documents, except, in each case referred to in clauses (b), (c) or (d), to the extent that the failure to comply therewith would not reasonably
be expected to have, either individually or in the aggregate, a Material Adverse Effect.

 

    90

     

    

 

4.4           Power;
Authorization; Enforceable Obligations. (a) Each Loan Party has the power and authority to make, deliver and perform the Loan Documents
to which it is a party and, in the case of the Borrowers, to obtain extensions of credit hereunder.

 

(b)           Each Loan Party has taken all necessary organizational action to authorize the execution, delivery and performance of the
Loan Documents to which it is a party and, in the case of the Borrowers, to authorize the extensions of credit on the terms and conditions
of this Agreement.

 

(c)           No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any
other Person is required in connection with the extensions of credit hereunder or with the execution, delivery, performance, validity
or enforceability of this Agreement or any of the Loan Documents, except (i) consents, authorizations, filings and notices described in
Schedule 4.4, which consents, authorizations, filings and notices have been obtained or made and are in full force and effect, (ii) the
filings referred to in Section 4.19 and (iii) those which, if not obtained or made, would not reasonably be expected to have, either individually
or in the aggregate, a Material Adverse Effect.

 

(d)          
Each Loan Document has been duly executed and delivered on behalf of each Loan Party party thereto.

 

(e)           This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation
of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms (provided that, with respect
to the creation and perfection of security interests with respect to the Capital Stock of Foreign Subsidiaries pledged by Loan Parties,
only to the extent enforceability of such obligation with respect to such Capital Stock is governed by the Uniform Commercial Code or
PPSA, as applicable), except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
Requirements of Law affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement
is sought by proceedings in equity or at law) and the implied covenants of good faith and fair dealing.

 

4.5           No
Legal Bar. The execution, delivery and performance of this Agreement and the other Loan Documents, the issuance of Letters of Credit,
the borrowings hereunder and the use of the proceeds thereof (a) will not contravene the terms of any Loan Party’s Organization
Documents and (b) will not violate any material Requirement of Law in any material respect or conflict with or result in any material
breach or contravention of any document evidencing any material Requirement of Law or any material Contractual Obligation to which such
Person is a party.

 

4.6           Litigation.
As of the Restatement Effective Date, except as set forth on Schedule 4.6, no litigation, investigation or proceeding of or before any
arbitrator or Governmental Authority is pending or, to the knowledge of Holdings or any Borrower, threatened in writing by or against
any Group Member or against any of their respective material properties or revenues (a) with respect to any of the Loan Documents or
any of the transactions contemplated hereby or thereby, or (b) that would reasonably be expected to have or result in a Material Adverse
Effect.

 

4.7           No
Default. No Default has occurred and is continuing.

 

    91

     

    

 

4.8           Ownership of Property; Liens. Each Group Member has title in fee simple to, or a valid leasehold interest in, all its real
property, and good title to, or a valid leasehold interest in, all its other property, in each instance, material to the ordinary conduct
of its business, other than where the failure to so own or possess would not reasonably be expected to have, either individually or in
the aggregate, a Material Adverse Effect, and none of such property is subject to any Lien except as permitted by Section 7.3.

 

4.9           Intellectual
Property. Each Group Member owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently
conducted, except where the failure to so own or have a license would not reasonably be expected to have, either individually or in the
aggregate, a Material Adverse Effect. To the knowledge of Holdings and each Borrower, (a) the conduct and operations of the businesses
of each Group Member does not infringe, misappropriate, dilute, violate or otherwise impair any Intellectual Property owned by any other
Person and (b) no other Person has contested any right, title or interest of any Group Member in, or relating to, any Intellectual Property,
other than, in each case with respect to clauses (a) and (b), as cannot reasonably be expected to affect the Loan Documents and the transactions
contemplated therein and would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

4.10         Taxes.
Each Group Member has filed or caused to be filed all material Federal, Canadian, provincial, territorial, state, local and other material
Tax returns that are required to be filed and all such tax returns are true and correct in all material respects. Each Group Member has
paid all Taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other
Taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than any the amount or validity
of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with
GAAP have been provided on the books of the relevant Group Member). As of the Restatement Effective Date, no Tax return is under audit
or examination by any Governmental Authority and no notice of any audit or examination or any assertion of any claim for Taxes has been
given or made by any Governmental Authority.

 

4.11         Federal
Regulations. No Group Member is engaged in the business of purchasing or selling Margin Stock or extending credit for the purpose
of purchasing or carrying Margin Stock. Proceeds of the Loans shall not be used for the purpose of purchasing or carrying Margin Stock.
If requested by any Lender or the Administrative Agent, the Borrowers will furnish to the Administrative Agent and each Lender a statement
to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U.

 

4.12         Labor Matters. There are no strikes, work stoppages, slowdowns or lockouts existing, pending (or, to the knowledge of Holdings
or any Borrower, threatened in writing) against or involving any Group Member, except for those that would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

4.13         ERISA
and Related Canadian Compliance. (a) Each Benefit Plan, and each trust thereunder, intended to qualify for tax exempt status under
Section 401 or 501 of the Code or other Requirements of Law so qualifies except for such failures to so qualify that would not reasonably
be expected to have a Material Adverse Effect. Except for those that would not, in the aggregate, reasonably be expected to have a Material
Adverse Effect, (x) each Benefit Plan is in compliance with applicable provisions of ERISA, the Code and other Requirements of Law, (y)
there are no existing or pending (or to the knowledge of Holdings or any Borrower, threatened) claims (other than routine claims for
benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any Benefit Plan to which
any Loan Party incurs or otherwise has or could reasonably be expected to have an obligation or any Liability and (z) no ERISA Event
is reasonably expected to occur. On the Restatement Effective Date, no ERISA Event has occurred in connection with which obligations
and liabilities (contingent or otherwise) remain outstanding.

 

    92

     

    

 

(b)           The
Canadian Pension Plans are duly registered under the ITA and all other applicable laws which require registration. Each Canadian Loan
Party has complied with and performed all of its obligations in all material respects under and in respect of the Canadian Pension Plans
and Canadian Benefit Plans under the terms thereof, any funding agreements and all applicable laws (including any fiduciary, funding,
investment and administration obligations). All employer and employee payments, contributions or premiums to be remitted, paid to or
in respect of each Canadian Pension Plan or Canadian Benefit Plan have been paid in a timely fashion in accordance with the terms thereof,
any funding agreement and all applicable laws. There have been no improper withdrawals or applications of the assets of the Canadian
Pension Plans or the Canadian Benefit Plans. On the Restatement Effective Date, none of the Canadian Loan Parties sponsors, maintains,
administers or contributes to a defined benefit pension plan. Except as set forth on Schedule 4.13, as of the Restatement Effective Date,
there are no outstanding disputes concerning the assets of the Canadian Pension Plans or the Canadian Benefit Plans. As of the Restatement
Effective Date, except as set forth on Schedule 4.13, each of the Canadian Pension Plans is fully funded on a solvency basis (using actuarial
methods and assumptions which are consistent with the valuations last filed with the applicable Governmental Authorities and which are
consistent with generally accepted actuarial principles).

 

4.14         Investment
Company Act. No Loan Party is an “investment company”, or a company “controlled” by an “investment
company”, within the meaning of the Investment Company Act of 1940, as amended.

 

4.15         Subsidiaries.
As of the Restatement Effective Date, (a) Schedule 4.15 sets forth the name and jurisdiction of incorporation of each Subsidiary of the
U.S. Borrower and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Loan Party and (b) there are
no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to
employees or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of the Borrower Parties, except
as created by the Loan Documents.

 

4.16         Use of Proceeds. The proceeds of the Term A Loans shall be used to refinance Indebtedness outstanding under the Existing
Credit Agreement, to pay fees and expenses related to the foregoing and for working capital and general corporate purposes of the Group
Members. The proceeds of the Revolving Loans and the Swingline Loans, and the Letters of Credit, shall be used for working capital and
other general corporate purposes of the Group Members, including, but not limited to, Permitted Acquisitions and permitted Investments.
The proceeds of any Revolving Loans, Swingline Loans or Letters of Credit borrowed as of the Restatement Effective Date may be used to
refinance Indebtedness outstanding under the Existing Credit Agreement. Letters of Credit may also be used to support obligations of the
Group Members incurred in the ordinary course of business. The proceeds of any Incremental Term Loans shall be used for working capital
and other general corporate purposes of the Group Members.

 

    93

     

    

 

4.17         Environmental
Matters. Except as set forth in Schedule 4.17 and except as would not reasonably be expected to have or result in, either individually
or in the aggregate, a Material Adverse Effect, (a) the operations of the Group Members are and have been in compliance with all applicable
Environmental Laws, including obtaining, maintaining and complying with all Permits required by any applicable Environmental Law, (b)
no Group Member is party to, and no Group Member and no Real Estate currently (or to the knowledge of Holdings or any Borrower previously)
owned, leased, subleased, operated or otherwise occupied by or for any such Group Member is subject to or the subject of, any Contractual
Obligation or any pending (or, to the knowledge of Holdings or any Borrower, threatened in writing) order, action, investigation, suit,
proceeding, audit, claim, demand, dispute or notice of violation or of potential liability or similar notice relating in any manner to
any Environmental Law or Hazardous Materials, (c) no Lien in favor of any Governmental Authority securing, in whole or in part, Environmental
Liabilities has attached to any property of any Group Member and, to the knowledge of Holdings or any Borrower, no facts, circumstances
or conditions exist that could reasonably be expected to result in any such Lien attaching to any such property, (d) no Group Member
has caused or suffered to occur a Release of Hazardous Materials at, to or from any Real Estate or any other location for which any Group
Member may be liable, (e) all Real Estate currently (or to the knowledge of Holdings or any Borrower previously) owned, leased, subleased,
operated or otherwise occupied by or for any such Group Member is free of contamination by any Hazardous Materials and (f) no Group Member
(i) is or has been engaged in, or has permitted any current or former tenant to engage in, operations in violation of any Environmental
Law or (ii) knows of any facts, circumstances or conditions reasonably constituting notice of a violation of, or liability under, any
Environmental Law, including receipt of any information request or notice of potential responsibility under the Comprehensive Environmental
Response, Compensation and Liability Act (42 U.S.C. §§ 9601 et seq.) or similar Environmental Laws.

 

4.18         Accuracy of Information, etc. None of the representations or warranties made by any Group Member in the Loan Documents as
of the date such representations and warranties are made or deemed made, and none of the written statements contained in each exhibit,
report, statement or certificate (other than any statement which constitutes projections, forward looking statements, budgets, estimates
or general market data) required to be furnished by or on behalf of any Group Member in connection with the Loan Documents (including
the Lender Presentation and marketing materials, if any, delivered by or on behalf of any Group Member to the Arrangers or the Lenders
prior to the Restatement Effective Date, and, in such case, as supplemented prior to the Restatement Effective Date, excluding information
of a general or industry specific nature), when taken as a whole as of the date furnished, contains any untrue statement of a material
fact or omits any material fact required to be stated therein or necessary to make the statements made therein taken as a whole, in light
of the circumstances under which they are made, not materially misleading as of the time when made or delivered, it being acknowledged
and agreed by the Administrative Agent and the Lenders that, to the extent included in any of the foregoing, projections, budgets, forward
looking statements or estimates as to future events are inherently uncertain and are not to be viewed as facts and that the actual results
during the period or periods covered by such projections, budgets, forward looking statements or estimates may materially differ from
the projected results.

 

4.19         Security
Documents. (a) The U.S. Guarantee and Collateral Agreement is effective to create in favor of the Administrative Agent, for the benefit
of the Lenders, a legal, valid and enforceable security interest in the Collateral described therein of a type in which a security interest
can be created under Article 9 of the UCC and proceeds thereof except as enforceability may be limited by applicable Debtor Relief Laws
and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) and the implied covenants of good
faith and fair dealings. In the case of (i) the Pledged Stock (as defined and described in the U.S. Guarantee and Collateral Agreement),
when stock certificates representing such Pledged Stock are delivered to the Administrative Agent (together with a properly completed
and signed stock power or endorsement), (ii) all U.S. registered Copyrights (as defined and described in the U.S. Guarantee and Collateral
Agreement), U.S. registered Trademarks (as defined and described in the U.S. Guarantee and Collateral Agreement) and U.S. issued Patents
(as defined and described in the U.S. Guarantee and Collateral Agreement) owned by a U.S. Loan Party for which UCC filings are insufficient,
all appropriate filings have been made with the United States Copyright Office or the United States Patent and Trademark Office, as applicable
and (iii) the other Collateral described in the U.S. Guarantee and Collateral Agreement in which a security interest may be perfected
by filing a financing statement under the UCC, when financing statements and other filings specified on Schedule 4.19(a) in appropriate
form are filed in the offices specified on Schedule 4.19(a), the security interest granted pursuant to the U.S. Guarantee and Collateral
Agreement shall be perfected and prior to any other Lien on such Collateral, superior in right to any other Person (except, (i) in the
case of Collateral other than Pledged Stock, Liens permitted by Section 7.3 and (ii) in the case of Pledged Stock, Liens that are pari
passu with the Liens of the Administrative Agent pursuant to an Intercreditor Agreement and nonconsensual Liens arising by operation
of law).

 

    94

     

    

 

(b)           The Canadian Guarantee and Collateral Agreement is effective to create in favor of the Administrative Agent, for the benefit
of the Lenders, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). In the case of
the Pledged Stock described in the Canadian Guarantee and Collateral Agreement, when stock certificates representing such Pledged Stock
are delivered to the Administrative Agent (together with a properly completed and signed stock power or endorsement), and in the case
of the other Collateral described in the Canadian Guarantee and Collateral Agreement, when financing statements and other filings specified
on Schedule 4.19(b) in appropriate form are filed in the offices specified on Schedule 4.19(b), the Canadian Guarantee and Collateral
Agreement shall constitute a fully perfected Lien on (to the extent that perfection can be achieved under applicable law by making such
filings or recordings or taking such possession or control), and security interest in, all right, title and interest of the Loan Parties
in such Collateral and the proceeds thereof, as security for the Canadian Obligations (as defined in the Canadian Guarantee and Collateral
Agreement) under the laws of Canada, in each case prior and superior in right to any other Person (except, (i) in the case of Collateral
other than Pledged Stock, Liens permitted by Section 7.3 and (ii) in the case of Pledged Stock, Liens that are pari passu with the Liens
of the Administrative Agent pursuant to an Intercreditor Agreement and nonconsensual Liens arising by operation of law).

 

4.20         Solvency.
As of the Restatement Effective Date, the Loan Parties on a consolidated basis are, and immediately after giving effect to the making
of the Loans to be made on the Restatement Effective Date and the use of proceeds thereof will be, Solvent.

 

4.21         Holdings.
Holdings has not engaged in any business activities and does not own any property other than (a) ownership of the Capital Stock and Capital
Stock Equivalents of the U.S. Borrower and activities incidental thereto, (b) activities and contractual rights incidental to maintenance
of its corporate existence (including the incurrence of corporate overhead), (c) the hiring and employment of the management of the U.S.
Borrower and activities reasonably related thereto, (d) performance of its obligations under the Loan Documents to which it is a party,
(e) finding potential targets for acquisitions, negotiating the acquisition thereof and being a party to the applicable acquisition agreement
(and performing its obligations thereunder), (f) receipt of the proceeds of Restricted Payments to the extent of Restricted Payments
permitted to be made to Holdings pursuant to Section 7.6 and (g) activities of Holdings expressly permitted hereunder.

 

4.22         Insurance. Each of the Group Members and their respective material properties are insured with financially sound and reputable
insurance companies or insurance associations which are not Affiliates of Holdings, in such amounts, with such deductibles and covering
such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where such
Person operates.

 

    95

     

    

 

4.23         Anti-Corruption Laws and Sanctions. Each of Holdings and each Borrower has implemented and maintains in effect policies
and procedures designed to ensure compliance by itself and its respective Subsidiaries and its and their respective directors, officers,
employees and agents with Anti-Corruption Laws and applicable Sanctions, and each Group Member and its respective officers and employees,
and to the knowledge of each of Holdings and each Borrower its respective directors and agents, are in compliance with Anti-Corruption
Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably be expected
to result in Holdings or any Borrower being designated as a Sanctioned Person. None of (a) Holdings, the Borrowers, any Subsidiary, or
to the knowledge of Holdings or any Borrower, any of their respective directors, officers or employees, or (b) to the knowledge of Holdings
or any Borrower, any agent of a Group Member that will act in any capacity in connection with or benefit from the credit facility established
hereby, is a Sanctioned Person. No Loan or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will
violate any Anti-Corruption Law or applicable Sanctions.

 

4.24         Affected
Financial Institutions. No Loan Party is an Affected Financial Institution.

 

4.25         Disclosure.
As of the Restatement Effective Date, to the best knowledge of the Borrowers, the information included in the Beneficial Ownership Certification
provided on or prior to the Restatement Effective Date to any Lender in connection with this Agreement is true and correct in all respects.

 

SECTION
5.         CONDITIONS
PRECEDENT

 

5.1           Conditions to Restatement Effective Date. The agreement of each Lender to make any Loan requested to be made by it is subject
to the satisfaction, prior to or concurrently with the making of such extension of credit on the Restatement Effective Date, of the following
conditions precedent (unless otherwise waived by Lenders):

 

(a)           Credit
Agreement; Guarantee and Collateral Agreement. The Administrative Agent shall have received (i) this Agreement, executed and delivered
by the Administrative Agent, Holdings, each Borrower and each Person listed on Schedule 1.1, (ii) the U.S. Reaffirmation Agreement, executed
and delivered by Holdings, the U.S. Borrower and each U.S. Subsidiary Guarantor, and (iii) the Canadian Reaffirmation Agreement, executed
and delivered by the Canadian Borrower and each Canadian Subsidiary Guarantor.

 

(b)           Refinancing. Satisfaction that (i) all Indebtedness outstanding under the Existing Credit Agreement shall be refinanced
on the Restatement Effective Date with the proceeds of the initial extensions of credit being made hereunder on the Restatement Effective
Date, (ii) all revolving commitments outstanding under the Existing Credit Agreement shall have been terminated and (iii) all accrued
and unpaid fees and interest due in respect of Indebtedness and revolving commitments outstanding under the Existing Credit Agreement
shall have been paid.

 

(c)           Financial
Statements. The Lenders shall have received (i) audited consolidated balance sheets and related statements of income or operations,
stockholders’ equity and cash flows of Holdings for the fiscal years ending March 31, 2019, March 31, 2020 and March 31, 2021 and
(ii) unaudited interim consolidated financial statements of Holdings for each fiscal quarter ended after the date of the latest applicable
financial statements delivered pursuant to clause (i) of this paragraph and at least 45 days prior to the Restatement Effective Date
(and comparable periods for the prior fiscal year); provided that the filing of the financial statements required by clauses (i) and
(ii) on Form 10-K and 10-Q, respectively, prior to the Restatement Effective Date by Holdings will satisfy such clauses.

 

    96

     

    

 

(d)           Lien
Searches. The Administrative Agent shall have received the results of a recent Lien search with respect to each Loan Party, and such
search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by Section 7.3 or discharged on or prior
to the Restatement Effective Date pursuant to documentation satisfactory to the Administrative Agent.

 

(e)           Fees. The Lenders and the Administrative Agent shall have received all fees required to be paid, and all reasonable
and documented out-of-pocket expenses required to be reimbursed by the U.S. Borrower on the Restatement Effective Date, in each case for
which invoices have been presented on or before three Business Days prior to the Restatement Effective Date (or such later date as reasonably
agreed by the U.S. Borrower). All such amounts will be paid with proceeds of Loans made on the Restatement Effective Date and will be
reflected in the funding instructions given by the Borrower Representative to the Administrative Agent on or before the Restatement Effective
Date.

 

(f)            Closing
Certificate; Certified Certificate of Incorporation; Good Standing Certificates. The Administrative Agent shall have received (i)
a certificate of each Loan Party, dated the Restatement Effective Date, substantially in the form of Exhibit D, with appropriate insertions
and attachments, including the certificate of incorporation of each Loan Party that is a corporation certified by the relevant authority
of the jurisdiction of organization of such Loan Party, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction
of organization.

 

(g)           Legal Opinions. The Administrative Agent shall have received a customary opinion of each of (i) Winstead PC and (ii)
Greenfields Law. Each such legal opinion shall be reasonably satisfactory to the Administrative Agent and shall cover such matters incident
to the transactions contemplated by this Agreement as the Administrative Agent may reasonably require.

 

(h)           Pledged Stock; Stock Powers; Pledged Notes. The Administrative Agent shall have received (i) the certificates representing
the shares of Capital Stock pledged pursuant to the U.S. Guarantee and Collateral Agreement and the certificates representing the shares
of Capital Stock pledged pursuant to the Canadian Guarantee and Collateral Agreement, in each case together with an undated stock power
for each such certificate executed in blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any)
pledged to the Administrative Agent pursuant to the U.S. Guarantee and Collateral Agreement and each promissory note (if any) pledged
by the Administrative Agent pursuant to the Canadian Guarantee and Collateral Agreement, in each case endorsed (without recourse) in blank
(or accompanied by an executed transfer form in blank) by the pledgor thereof.

 

(i)             Filings, Registrations and Recordings. Each document (including any Uniform Commercial Code financing statement and
PPSA financing statements) required by the Security Documents or under law or reasonably requested by the Administrative Agent to be filed,
registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Lenders, a perfected Lien on the
Collateral described therein, prior and superior in right to any other Person (other than with respect to Liens expressly permitted by
Section 7.3), shall be in proper form for filing, registration or recordation.

 

(j)             Solvency Certificate; Certification of Representations and Warranties. The Administrative Agent shall have received
a certificate from the chief financial officer of Holdings (i) confirming the solvency of Holdings and its Subsidiaries on a consolidated
basis after giving effect to the incurrence of the Loans to be made on the Restatement Effective Date and the use of proceeds thereof,
and (ii) certifying that the representations and warranties made by any Loan Party in or pursuant to the Loan Documents are true and correct
in all material respects (or in all respects if qualified by materiality) on and as of the Restatement Effective Date as if made on and
as of such date; provided, that to the extent that such representations and warranties specifically refer to an earlier date, they are
true and correct in all material respects (or in all respects if qualified by materiality) as of such earlier date.

 

    97

     

    

 

(k)            KYC
Information. (i) The Administrative Agent shall have received, at least five Business Days prior to the Restatement Effective Date
(or such shorter period as the Administrative Agent may agree), all documentation and other information required by Governmental Authorities
under applicable “know-your-customer” and anti-money laundering rules and regulations, including the Patriot Act, in each
case requested at least 10 Business Days prior to the Restatement Effective Date and (ii) to the extent any Borrower qualifies as a “legal
entity customer” under the Beneficial Ownership Regulation, at least three days prior to the Restatement Effective Date (or such
shorter period as the Administrative Agent may agree), any Lender that has requested, in a written notice to the Borrowers at least 10
days prior to the Restatement Effective Date, a Beneficial Ownership Certification in relation to the Borrowers shall have received such
Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement,
the condition set forth in this clause (ii) shall be deemed to be satisfied).

 

(l)             Projections.
The Lenders shall have received projections, in form reasonably satisfactory to the Arrangers, for Holdings and its consolidated subsidiaries
with respect to the five-year period ending on March 31, 2026, prepared after giving effect to the Transactions as if the Transactions
had occurred as of the Restatement Effective Date, which projections shall be based upon assumptions that are believed by Holdings to
be reasonable at the time made.

 

Notwithstanding anything to the contrary in this
Section 5.1, to the extent that Holdings and the Borrowers cannot satisfy the conditions set forth in Section 5.1(h) on the Restatement
Effective Date after the use of commercially reasonable efforts to do so or without undue burden or expense, then the satisfaction of
the conditions set forth in the applicable Section shall not constitute a condition precedent to the availability of the initial extensions
of credit on the Restatement Effective Date but instead shall be required to be satisfied after the Restatement Effective Date in accordance
with Section 6.13.

 

For the purpose of determining compliance with the
conditions specified in this Section 5.1, each Lender that has signed this Agreement shall be deemed to have accepted, and to be satisfied
with, each document or other matter required under this Section 5.1 unless the Administrative Agent shall have received written notice
from such Lender prior to the proposed Restatement Effective Date specifying its objection thereto.

 

5.2           Conditions
to Each Extension of Credit. The agreement of each Lender to make any extension of credit requested to be made by it on any date
(other than any extensions of credit consisting of Incremental Acquisition Debt) is subject to the satisfaction of the following conditions
precedent:

 

(a)            Representations
and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true
and correct in all material respects (or in all respects if qualified by materiality) on and as of such date as if made on and as of
such date; provided, that to the extent such representations and warranties specifically refer to an earlier date, they are true and
correct in all material respects (or in all respects if qualified by materiality) as of such earlier date.

 

    98

     

    

 

(b)          
No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect
to the extensions of credit requested to be made on such date.

 

Each borrowing (other than any extension of credit
consisting of Incremental Acquisition Debt) by and issuance of a Letter of Credit on behalf of a Borrower hereunder shall constitute a
representation and warranty by such Borrower as of the date of such extension of credit that the conditions contained in this Section
5.2 have been satisfied.

 

SECTION
6.          AFFIRMATIVE
COVENANTS

 

Holdings and the Borrowers hereby jointly and severally
agree that, so long as (1) the Commitments remain in effect, (2) any Letter of Credit remains outstanding (unless cash collateralized
or otherwise backstopped on terms reasonably satisfactory to the applicable Issuing Lender) or (3) any Loan or other Obligation hereunder
which is owing shall remain unpaid or unsatisfied (other than (i) contingent or indemnification obligations not then due and (ii) obligations
in respect of Specified Swap Agreements or Specified Cash Management Agreements), each of Holdings and the Borrowers shall and shall cause
each of its Subsidiaries to:

 

6.1           Financial
Statements. Furnish to the Administrative Agent (and the Administrative Agent shall furnish to each Lender):

 

(a)            as soon as available, but in any event within 120 days after the end of each fiscal year of Holdings, a copy of the audited
consolidated balance sheet of Holdings and its consolidated Subsidiaries as at the end of such year and the related audited consolidated
statements of income or operations and consolidated statements of stockholders’ equity and cash flows for such year, setting forth
in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification
or exception (other than with respect to, or resulting from, the regularly scheduled maturity of the Revolving Commitments, the Term Loans
or other Indebtedness or any anticipated inability to satisfy any financial covenant set forth in this Agreement on a future date or future
period), or qualification arising out of the scope of the audit, by KPMG LLP or other independent certified public accountants of nationally
recognized standing (the foregoing, an “Acceptable Accountant’s Report”); and

 

(b)           as
soon as available, but in any event not later than 60 days after the end of each of the first three quarterly periods of each fiscal
year of Holdings, the unaudited consolidated balance sheet of Holdings and its consolidated Subsidiaries as at the end of such quarter
and the related unaudited consolidated statements of income and consolidated statements of stockholders’ equity and cash flows
for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the
figures for the previous year, certified by a Responsible Officer of Holdings as being fairly stated in all material respects (subject
to normal year-end audit adjustments and absence of footnotes).

 

All such financial statements shall be complete and correct in all
material respects and shall be prepared in reasonable detail and in accordance with GAAP consistently applied throughout the respective
periods covered thereby, except as otherwise expressly noted therein, subject to, in the case of the unaudited interim financial statements,
normal year-end adjustments and the lack of footnote disclosures.

 

Notwithstanding the foregoing, the obligations in Section 6.1(a) and
Section 6.1(b) may be satisfied with respect to financial information of Holdings and each of its Subsidiaries by furnishing, in each
case, by the deadline set forth in the applicable Section, Form 10-K or Form 10-Q, as applicable, of Holdings as filed with the SEC, and,
in any event, to the extent such information is in lieu of information required to be provided under Section 6.1(a), such financial statements
shall be accompanied by an Acceptable Accountant’s Report.

 

    99

     

    

 

Each of Holdings and the Borrowers represents and warrants that it
and any of its Subsidiaries either (i) has no registered or publicly traded securities outstanding or (ii) files its financial statements
with the SEC and/or makes its financial statements available to potential holders of its 144A securities, and, accordingly, each of Holdings
and each Borrower hereby (x) authorizes the Administrative Agent to make the financial statements to be provided under Section 6.1(a)
and (b) above, along with the Loan Documents, available to Public-Siders and (y) agrees that at the time such financial statements are
provided hereunder, they shall already have been made available to holders of its securities.  None of Holdings nor any Borrower
will request that any other material be posted to Public-Siders without expressly representing and warranting to the Administrative Agent
in writing that (A) such materials do not constitute material non-public information within the meaning of the federal securities laws
(“MNPI”) or (B) (i) each of Holdings, each Borrower and their respective Subsidiaries has no outstanding publicly traded
securities, including 144A securities, and (ii) if at any time any Group Member issues publicly traded securities, including 144A securities,
then prior to the issuance of such securities, Holdings, the U.S. Borrower or the Canadian Borrower will make such materials that do constitute
MNPI publicly available by press release or public filing with the SEC. Notwithstanding anything herein to the contrary, in no event shall
Holdings or any Borrower request that the Administrative Agent make available to Public-Siders budgets or any certificates, reports or
calculations with respect to the compliance of Holdings or the Borrowers with the covenants contained herein.

 

6.2           Certificates;
Other Information. Furnish to the Administrative Agent, on behalf of each Lender:

 

(a)            concurrently
with the delivery of any financial statements pursuant to Section 6.1, (i) a Compliance Certificate containing all information and calculations
necessary for determining compliance by each Group Member with the provisions of this Agreement referred to therein as of the last day
of the fiscal quarter or fiscal year of Holdings, as the case may be, and (ii) a list of all Intellectual Property acquired, assumed
or generated by any Loan Party in the applicable fiscal quarter for which financial statements are being delivered;

 

(b)           as
soon as available, and in any event no later than 120 days after the end of each fiscal year of Holdings, a detailed consolidated budget
for the following fiscal year (including a projected consolidated balance sheet of the Group Members as of the end of the following fiscal
year, the related consolidated statements of projected cash flow and projected income and a description of the underlying assumptions
applicable thereto), and, as soon as available, significant revisions, if any, of such budget and projections with respect to such fiscal
year (collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate of a
Responsible Officer of Holdings stating that such Projections are based on reasonable estimates, information and assumptions and that
such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in any material respect;

 

(c)            [reserved];

 

(d)           within five Business Days after the same are sent, copies of all financial statements and reports that Holdings or any Borrower
sends to the holders of any class of its debt securities or public equity securities and, within five Business Days after the same are
filed, copies of all financial statements and reports that Holdings or any Borrower may make to, or file with, the SEC;

 

    100

     

    

 

(e)            promptly following receipt thereof, copies of (i) any documents described in Section 101(k) or 101(l) of ERISA that any
Group Member or any ERISA Affiliate may request with respect to any Multiemployer Plan or any documents described in Section 101(f) of
ERISA that any Group Member or any ERISA Affiliate may request with respect to any Pension Plan; provided, that if the relevant
Group Members or ERISA Affiliates have not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer
Plans, then, upon reasonable request of the Administrative Agent, such Group Member or the ERISA Affiliate shall promptly make a request
for such documents or notices from such administrator or sponsor and the Borrower Representative shall provide copies of such documents
and notices to the Administrative Agent promptly after receipt thereof;

 

(f)            promptly after any request by the Administrative Agent, copies of any material detailed audit reports, management letters
or recommendations submitted to the board of directors (or the audit committee of the board of directors) of Holdings or any Borrower
by independent accountants in connection with the accounts or books of any Group Member, or any audit of any of them; and

 

(g)           promptly,
such additional financial and other information as the Administrative Agent may from time to time reasonably request.

 

6.3           Payment
of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all
its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by
appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the relevant Group
Member or except to the extent that failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

6.4           Maintenance of Existence; Compliance. (a) (i) Preserve, renew and keep in full force and effect its organizational existence
(provided that Holdings and any of its Subsidiaries may change its organizational form so long as such change shall not adversely affect
the interests of the Lenders, including the perfection of the Administrative Agent’s security interests under the Security Documents)
under the laws of its jurisdiction of incorporation, organization or formation and (ii) take all reasonable action to maintain all rights,
privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by
Section 7.4 or Section 7.5(j) and except, in the case of clause (ii) above, to the extent that failure to do so would not reasonably be
expected to have, either individually or in the aggregate, a Material Adverse Effect; (b) comply with all Contractual Obligations and
Requirements of Law except to the extent that failure to comply therewith would not reasonably be expected to have, either individually
or in the aggregate, a Material Adverse Effect; and (c) maintain in effect and enforce policies and procedures designed to ensure compliance
by the Group Members and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

 

6.5           Maintenance of Property; Insurance. (a) Keep all property useful and necessary in its business in good working order and
condition, ordinary wear and tear and casualty and condemnation excepted and (b) maintain with financially sound and reputable insurance
companies or insurance associations insurance on all its material property in at least such amounts and against at least such risks (but
including in any event public liability, product liability and business interruption) as are customarily carried in the same general area
by businesses of the size and character of the business of the Group Members as reasonably determined by the Borrowers.

 

    101

     

    

 

6.6           Inspection
of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which full, true and correct entries
in conformity with GAAP (or the applicable foreign equivalent in the case of Foreign Subsidiaries) and all Requirements of Law shall
be made of all financial transactions and matters involving the assets and business of such Person and (b) permit representatives of
the Administrative Agent to visit and inspect any of its properties and examine and make abstracts from any of its books and records
at any reasonable time during normal business hours and as often as may reasonably be desired, upon reasonable advance notice to the
Borrower Representative, and to discuss the business, operations, properties and financial and other condition of the Group Members with
officers and employees of the Group Members and with their independent certified public accountant, in each case at the Loan Parties’
expense; provided that the Loan Parties shall only be obligated to reimburse the Administrative Agent for the expenses of one
such visit per calendar year (unless an Event of Default has occurred and is continuing, in which case the Loan Parties shall be obligated
to reimburse the Administrative Agent for the expenses of each visit conducted while an Event of Default is continuing). Each Loan Party
which keeps records relating to Collateral in the Province of Quebec shall at all times keep a duplicate copy thereof at a location outside
the Province of Quebec, as listed in Schedule 6.6. Any Lender may accompany the Administrative Agent in connection with any visit and
inspection at such Lender’s expense. Notwithstanding anything to the contrary in this Section 6.6, none of the Group Members will
be required to disclose or permit the inspection or discussion of, any document, information or other matter (x) that constitutes non-financial
trade secrets or non-financial proprietary information, (y) in respect of which disclosure to the Administrative Agent or any Lender
(or their respective representatives or contractors) is prohibited by law or any binding agreement or (z) that is subject to attorney-client
or similar privilege or constitutes attorney work product.

 

6.7           Notices. Promptly upon any Responsible Officer of a Group Member obtaining knowledge thereof, give notice to the Administrative
Agent (and the Administrative Agent shall give notice to each Lender) of:

 

(a)            the occurrence of any Default or Event of Default;

 

(b)           any breach or non-performance of, or any default under, any Contractual Obligation of any Group Member, or any violation
of, or non-compliance with, any Requirement of Law, which would reasonably be expected to result, either individually or in the aggregate,
in a Material Adverse Effect, including a description of such breach, non-performance, default, violation or non-compliance and the steps,
if any, such Person has taken, is taking or proposes to take in respect thereof;

 

(c)            any
dispute, litigation, investigation, proceeding or suspension which may exist at any time between any Group Member and any Governmental
Authority which would reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect;

 

(d)           the
commencement of, or any material development in, any litigation or proceeding against or directly involving any Group Member (i) in which
the amount of damages claimed is $10,000,000 (or its equivalent in another currency or currencies) or more, (ii) in which injunctive
or similar relief is sought and which, if adversely determined, would reasonably be expected to have a Material Adverse Effect, (iii)
is asserted or instituted against any Canadian Benefit Plan, Canadian Pension Plan, its fiduciaries or its assets, or (iv) in which the
relief sought is an injunction or other stay of the performance of this Agreement or any other Loan Document;

 

    102

     

    

 

(e)            (i) on or prior to any filing by any ERISA Affiliate of any notice of any Reportable
Event or intent to terminate any Title IV Plan, a copy of such notice, (ii) promptly, and in any event within ten (10) days, after any
officer of any ERISA Affiliate knows or has reason to know that a request for a minimum funding waiver under Section 412 of the Code has
been filed with respect to any Title IV Plan or Multiemployer Plan, a notice (which may be made by telephone if promptly confirmed in
writing) describing such waiver request and any action that any ERISA Affiliate proposes to take with respect thereto, together with a
copy of any notice filed with the PBGC or the IRS pertaining thereto, and (iii) promptly, and in any event within ten (10) days after
any officer of any ERISA Affiliate knows or has reason to know that an ERISA Event will or has occurred, a notice describing such ERISA
Event, and any action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of any notices received from
or filed with the PBGC, IRS, Multiemployer Plan or other Benefit Plan pertaining thereto;

 

(f)            any Material Adverse Effect subsequent to the date of the most recent audited financial statements delivered to the Administrative
Agent pursuant to this Agreement; and

 

(g)           any change in the information provided in the Beneficial Ownership Certification given to any Lender that would result in
a change to the list of beneficial owners identified in such certification.

 

Each notice pursuant to this Section 6.7 shall be accompanied by a
statement of a Responsible Officer of the U.S. Borrower setting forth details of the occurrence referred to therein and stating what action
the relevant Group Member proposes to take with respect thereto.

 

6.8           Environmental Laws. Except where the failure to comply (or ensure compliance) would not reasonably be expected to, individually
or in the aggregate, result in a Material Adverse Effect:

 

(a)            comply
in all respects with, and use commercially reasonable efforts to ensure compliance in all respects by all tenants and subtenants, if
any, with, all applicable Environmental Laws, and obtain and comply in all respects with and maintain, and use commercially reasonable
efforts to ensure that all tenants and subtenants obtain and comply in all respects with and maintain, any and all Permits required by
applicable Environmental Laws; and

 

(b)           conduct
and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental
Laws and promptly comply in all respects with all lawful orders and directives of all Governmental Authorities regarding Environmental
Laws; provided that no Group Member shall be required to undertake any cleanup, removal, remedial or other similar action to the extent
that its obligation to do so is being reasonably contested in good faith and by proper proceedings and appropriate reserves are being
maintained with respect to such circumstances in accordance with GAAP.

 

6.9           Canadian Pension Plans; Canadian Benefit Plans. (a) For each existing, or hereafter adopted, Canadian Pension Plan and Canadian
Benefit Plan, each Loan Party shall in a timely fashion comply with and perform in all material respects all of its obligations under
and in respect of such Canadian Pension Plan or Canadian Benefit Plan, including under any funding agreements and all applicable laws
(including any fiduciary, funding, investment and administration obligations), except where the failure to comply would not reasonably
be expected to have, either individually or in the aggregate, a Material Adverse Effect.

 

    103

     

    

 

(b)           The
Canadian Borrower shall deliver to the Administrative Agent (i) if requested by the Administrative Agent, copies of each annual and other
return, report or valuation with respect to each Canadian Pension Plan as filed with any applicable Governmental Authority; (ii) promptly
after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Loan Party may receive from any applicable
Governmental Authority with respect to any Canadian Pension Plan; (iii) notification within 30 days of any increases having a cost to
one or more of the Loan Parties in excess of C$1,000,000 per annum in the aggregate, in the benefits of any existing Canadian Pension
Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of
contributions to or participation in any such plan to which any Loan Party was not previously contributing or participating; and (iv)
on or prior to any filing by any Loan Party of any notice to terminate or partially terminate any Canadian Pension Plan, a copy of such
notice and promptly, and in any event within 10 days, after any officer of a Loan Party knows or has reason to know that a request for
a funding waiver under any Canadian Pension Plan has been filed, a notice (which may be made by telephone if promptly confirmed in writing)
describing such waiver request and any action that such Loan Party proposes to take with respect thereto, together with a copy of any
notice filed with any Governmental Authority pertaining thereto.

 

6.10         Additional
Collateral, etc. (a) With respect to any property acquired after the Restatement Effective Date by any Loan Party (other than (x)
any Excluded Asset, (y) any property described in paragraph (b), (c) or (d) below and (z) any property subject to a Lien expressly permitted
by Section 7.3(g)) as to which the Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien, within 30 days
(or such later date as may be agreed by the Administrative Agent) (i) give notice of such acquisition to the Administrative Agent and,
if requested by the Administrative Agent, execute and deliver to the Administrative Agent such amendments to the U.S. Guarantee and Collateral
Agreement or Canadian Guarantee and Collateral Agreement, as applicable, or such other documents as the Administrative Agent reasonably
deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a security interest in such property
and (ii) take all actions reasonably necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected
first priority security interest in such property (subject to Liens permitted by Section 7.3), including the filing of Uniform Commercial
Code financing statements or PPSA financing statements in such jurisdictions as may be required by the U.S. Guarantee and Collateral
Agreement or the Canadian Guarantee and Collateral Agreement, as applicable, or by law or as may be reasonably requested by the Administrative
Agent.

 

(b)           With
respect to any new Wholly Owned Domestic Subsidiary (other than an Excluded Domestic Subsidiary) created or acquired after the Restatement
Effective Date by any U.S. Loan Party (which, for the purposes of this paragraph (b), shall include any existing Domestic Subsidiary
that ceases to be an Excluded Domestic Subsidiary), within 30 days (or such later date as may be agreed by the Administrative Agent)
(i) execute and deliver to the Administrative Agent such amendments to the U.S. Guarantee and Collateral Agreement as the Administrative
Agent reasonably deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first
priority security interest in the Capital Stock of such new Subsidiary that is owned by any U.S. Loan Party (subject to Liens permitted
by Section 7.3 consisting of nonconsensual Liens arising by operation of law), (ii) deliver to the Administrative Agent the certificates
representing such Capital Stock (to the extent certificated), together with undated stock powers, in blank, executed and delivered by
a duly authorized officer of the relevant U.S. Loan Party, (iii) cause such new Subsidiary (A) to become a party to the U.S. Guarantee
and Collateral Agreement, (B) to take such actions reasonably necessary or advisable to grant to the Administrative Agent for the benefit
of the Lenders a perfected first priority security interest in the Collateral described in the U.S. Guarantee and Collateral Agreement
with respect to such new Subsidiary (subject to Liens permitted by Section 7.3), including the filing of Uniform Commercial Code financing
statements in such jurisdictions as may be required by the U.S. Guarantee and Collateral Agreement or by law or as may be reasonably
requested by the Administrative Agent, and (C) to deliver to the Administrative Agent a certificate of such Subsidiary, substantially
in the form of Exhibit D, with appropriate insertions and attachments, and (iv) if reasonably requested by the Administrative Agent,
deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance,
and from counsel, reasonably satisfactory to the Administrative Agent.

 

    104

     

    

 

(c)           With respect to any new Wholly Owned Canadian Subsidiary (other than an Excluded Canadian Subsidiary) created or acquired
after the Restatement Effective Date by any Canadian Loan Party (which, for the purposes of this paragraph (c), shall include any existing
Canadian Subsidiary that ceases to be an Excluded Canadian Subsidiary), within 30 days (or such later date as may be agreed by the Administrative
Agent) (i) execute and deliver to the Administrative Agent such amendments to the Canadian Collateral Documents as the Administrative
Agent reasonably deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first
priority security interest in the Capital Stock of such new Subsidiary that is owned by any Canadian Loan Party (subject to Liens permitted
by Section 7.3 consisting of nonconsensual Liens arising by operation of law), (ii) deliver to the Administrative Agent the certificates
representing such Capital Stock (to the extent certificated), together with undated stock powers, in blank, executed and delivered by
a duly authorized officer of the relevant Canadian Loan Party, (iii) cause such new Subsidiary (A) to become a party to the Canadian Collateral
Documents, (B) to take such actions reasonably necessary or advisable to grant to the Administrative Agent for the benefit of the Lenders
a perfected first priority security interest in the Collateral described in the Canadian Guarantee and Collateral Agreement with respect
to such new Subsidiary (subject to Liens permitted by Section 7.3), including the filing of PPSA financing statements in such jurisdictions
as may be required by the Canadian Collateral Documents or by law or as may be reasonably requested by the Administrative Agent and (C)
to deliver to the Administrative Agent a certificate of such Subsidiary, substantially in the form of Exhibit D, with appropriate insertions
and attachments, and (iv) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating
to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative
Agent.

 

(d)           With respect to any new CFC Holdco or Foreign Subsidiary (in each case, other than an Immaterial Subsidiary) created or
acquired after the Restatement Effective Date by any U.S. Loan Party or any Foreign Subsidiary (other than a Canadian Subsidiary or an
Immaterial Subsidiary) created or acquired after the Restatement Effective Date by any Canadian Loan Party, within 30 days (or such later
date as may be agreed by the Administrative Agent) (i) execute and deliver to the Administrative Agent such amendments to the U.S. Guarantee
and Collateral Agreement or Canadian Guarantee and Collateral Agreement, as applicable, as the Administrative Agent reasonably deems necessary
or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the
Capital Stock of such new Subsidiary that is directly owned by any such U.S. Loan Party (subject to Liens permitted by Section 7.3 consisting
of nonconsensual Liens arising by operation of law) (provided that in no event shall more than 65% of the total outstanding voting Capital
Stock of any such new Subsidiary of such U.S. Loan Party be required to be so pledged) or Canadian Loan Party, as applicable, (ii) deliver
to the Administrative Agent the certificates representing such Capital Stock (to the extent certificated), together with undated stock
powers, in blank, executed and delivered by a duly authorized officer of the relevant U.S. Loan Party or Canadian Loan Party, as applicable,
and take such other action as the Administrative Agent reasonably deems necessary or advisable to perfect the Administrative Agent’s
security interest therein, and (iii) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions
relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the
Administrative Agent.

 

(e)           Notwithstanding
anything to the contrary in this Section 6.10, no Group Member shall be required to take any action in order to perfect the security
interest in the Collateral granted to the Administrative Agent for the ratable benefit of the Secured Parties under the laws of any jurisdiction
outside the United States or Canada.

 

    105

     

    

 

6.11         Depository
Banks. With respect to each U.S. Loan Party, maintain JPMorgan Chase Bank, N.A. as its principal U.S. depository bank, including
for the maintenance of operating, administrative, cash management, collection activity and other deposit accounts for the conduct of
its business.

 

6.12         [Reserved].

 

6.13        
Post-Closing Collateral Obligations. As promptly as practicable, and in any event within 30 days of the Restatement Effective
Date (or such longer period as the Administrative Agent may reasonably agree), the Borrowers and each other Loan Party shall deliver all
documents and take all actions set forth on Schedule 6.13.

 

SECTION
7.          NEGATIVE
COVENANTS

 

Holdings and the Borrowers hereby jointly and severally
agree that, so long as (1) the Commitments remain in effect, (2) any Letter of Credit remains outstanding (unless cash collateralized
or otherwise backstopped on terms reasonably satisfactory to the applicable Issuing Lender) or (3) any Loan or other Obligation hereunder
which is owing shall remain unpaid or unsatisfied (other than (i) contingent or indemnification obligations not then due and (ii) obligations
in respect of Specified Swap Agreements or Specified Cash Management Agreements), each of Holdings and the Borrowers shall not, and shall
not permit any of its Subsidiaries to, directly or indirectly:

 

7.1           Financial
Condition Covenants.

 

(a)            Consolidated
Leverage Ratio. Permit the Consolidated Leverage Ratio (with clause (a) of the Consolidated Leverage Ratio being calculated, on and
after the Restatement Effective Date and solely for purposes of this Section 7.1(a) (and for the avoidance of doubt, not for any other
purpose of this Agreement (including the definition of “Applicable Pricing Grid” and the last sentence thereof)), as the
excess of (i) Consolidated Total Debt as of such date of determination less (ii) the Offsetting Cash Amount as of such date of determination)
as at the last day of any period of four consecutive fiscal quarters of Holdings ending with any fiscal quarter set forth below to exceed
the ratio set forth below opposite such fiscal quarter (the “Applicable Covenant Level”); provided, that at the election
of the U.S. Borrower within 30 days following the consummation of a Qualified Acquisition, the Applicable Covenant Level shall be increased
by 0.50:1.00 for each of the succeeding four fiscal quarters (the “Financial Covenant Increase Period”) following
such Qualified Acquisition (including the fiscal quarter in which such Qualified Acquisition was consummated); provided further at least
two full fiscal quarters shall have elapsed after the end of any Financial Covenant Increase Period before the U.S. Borrower is able
to make a subsequent election .

 

	
    Fiscal
    Quarter Ending
	
    Consolidated

    Leverage Ratio

	September 30, 2021 through September 30, 2022	3.75:1.00
	December 31, 2022 and each fiscal quarter thereafter	3.50:1.00
	 	 

(b)           Consolidated
Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio for any period of four consecutive fiscal quarters
of Holdings ending on or after September 30, 2021 to be less than 1.25:1.00.

 

7.2           Indebtedness. Create, issue, incur, assume, become liable in respect of or suffer to exist any Indebtedness, except:

 

    106

     

    

 

(a)           Indebtedness of any Loan Party pursuant to any Loan Document;

 

(b)           Indebtedness
of (i) any U.S. Loan Party (other than Holdings) to any Subsidiary, (ii) any Canadian Loan Party to any Subsidiary (other than a U.S.
Loan Party), (iii) any Subsidiary that is not a Loan Party to any other Subsidiary that is not a Loan Party and (iv) to the extent not
otherwise permitted pursuant to clauses (i) through (iii) above, any Borrower Party to any other Borrower Party; provided that
in the case of this clause (iv), such Indebtedness is (without duplication of amounts included pursuant to Section 7.2(c)) permitted
by Section 7.8(h);

 

(c)           Guarantee
Obligations by (i) any Borrower Party of obligations of any U.S. Loan Party, (ii) any Borrower Party (other than a U.S. Loan Party) of
obligations of any Canadian Loan Party, (iii) any Subsidiary that is not a Loan Party of obligations of any other Subsidiary that is
not a Loan Party and (iv) any Borrower Party of any other Group Member; provided that in the case of this clause (iv), such Guarantee
Obligations are (without duplication of amounts included pursuant to Section 7.2(b)) permitted by Section 7.8(h); provided further
that in the case of any Guarantee Obligations by a Subsidiary that is not a U.S. Loan Party under this Section 7.2(c), the aggregate
outstanding principal amount of Indebtedness so guaranteed, together (without duplication) with Indebtedness of Subsidiaries that are
not U.S. Loan Parties outstanding under Section 7.2(t) and Section 7.2(y), shall not exceed the greater of (1) $15,000,000 and (ii) 20%
of Consolidated EBITDA for the Applicable Reference Period at the time of incurrence thereof; provided further that in the case
of this Section 7.2(c), to the extent the underlying obligations are subordinated to the Obligations, any such related Guarantee Obligations
incurred by a Loan Party shall be subordinated to the guarantee of such Loan Party of the Obligations on terms no less favorable to the
Lenders than the subordination provisions of the obligations to which such Guarantee Obligation relates;

 

(d)           Indebtedness
outstanding on the date hereof and listed on Schedule 7.2(d) and Guarantee Obligations of Holdings in respect thereof outstanding on
the date hereof (provided that (i) Indebtedness among U.S. Loan Parties, (ii) Indebtedness among Canadian Loan Parties and (iii) Indebtedness
with an aggregate outstanding principal amount or committed amount of less than $1,000,000 shall not be required to be set forth on such
Schedule) and any refinancings, refundings, renewals or extensions thereof (without increasing, or shortening the maturity of, the principal
amount thereof);

 

(e)           Indebtedness
(including Capital Lease Obligations) secured by Liens permitted by Section 7.3(g) in an aggregate outstanding principal amount not to
exceed the greater of (i) $10,000,000 and (ii) 20% of Consolidated EBITDA for the Applicable Reference Period at the time of incurrence
thereof;

 

(f)            [Reserved];

 

(g)           [Reserved];

 

(h)           Permitted
Credit Agreement Refinancing Indebtedness and any Permitted Refinancing Indebtedness in respect of the foregoing;

 

(i)            Indebtedness consisting of (a) the financing of insurance premiums or (b) take or pay obligations contained in supply agreements,
in each case in the ordinary course of business;

 

(j)             Indebtedness for bank overdrafts or returned items incurred in the ordinary course of business that are promptly repaid;

 

    107

     

    

 

(k)           Indebtedness
of Holdings incurred pursuant to Holdings Loans;

 

(l)             unsecured
Indebtedness of Holdings evidencing the purchase price of Capital Stock of Holdings or options or warrants thereof purchased by Holdings
from current or former officers, directors and employees, their respective estates, spouses or former spouses, provided such Indebtedness
is subordinated to the Obligations on terms acceptable to the Administrative Agent;

 

(m)          Indebtedness
(other than for borrowed money) that may be deemed to exist pursuant to any guarantees, warranty or contractual service obligations,
performance, surety, statutory, appeal, bid, prepayment guarantee, payment (other than payment of Indebtedness) or completion of performance
guarantees or similar obligations incurred in the ordinary course of business;

 

(n)           Indebtedness in respect of workers’ compensation claims, payment obligations in connection with health, disability
or other types of social security benefits, unemployment or other insurance obligations, reclamation and statutory obligations, in each
case in the ordinary course of business;

 

(o)           contingent
obligations to financial institutions, in each case to the extent in the ordinary course of business and on terms and conditions which
are within the general parameters customary in the banking industry, entered into to obtain cash management services or deposit account
overdraft protection services (including obligations in respect of Specified Cash Management Agreements) or other services in connection
with the management or opening of deposit accounts or incurred as a result of endorsement of negotiable instruments for deposit or collection
purposes;

 

(p)           (i) Permitted Unsecured Indebtedness so long as, at the time of incurrence of such Permitted Unsecured Indebtedness, the
Consolidated Leverage Ratio for the Applicable Reference Period, calculated on a Pro Forma Basis as of the date of incurrence thereof,
is not in excess of 3.25:1.00 (or, if during a Financial Covenant Increase Period, 3.75:1.00) and (ii) any Permitted Refinancing Indebtedness
in respect thereof;

 

(q)           unsecured earnouts in connection with a Permitted Acquisition;

 

(r)            Indebtedness representing deferred compensation to employees or directors of the Group Members incurred in the ordinary
course of business;

 

(s)            Indebtedness arising under any Swap Agreement permitted by Section 7.11;

 

(t)           
(i) Indebtedness of any Person that becomes a Subsidiary (or of any Person not previously a Subsidiary that is merged or
consolidated with or into a Borrower Party in a transaction permitted hereunder) after the Restatement Effective Date, or Indebtedness
of any Person that is assumed by a Borrower Party in connection with an acquisition of assets by a Borrower Party in a Permitted Acquisition;
provided that such Indebtedness exists at the time such Person becomes a Subsidiary (or is so merged or consolidated) or such assets
are acquired and is not created in contemplation of or in connection with such Person becoming a Subsidiary (or such merger, amalgamation
or consolidation) or such assets being acquired and (ii) Permitted Refinancing Indebtedness in respect of such Indebtedness; provided
that after giving effect to the applicable acquisition (or merger, amalgamation or consolidation) or such assumption of Indebtedness,
the Consolidated Leverage Ratio for the Applicable Reference Period, calculated on a Pro Forma Basis as of the date of such acquisition
(or merger, amalgamation or consolidation) or assumption, is not in excess of 3.25:1.00 (or, if during a Financial Covenant Increase Period,
3.75:1.00); provided further that the aggregate principal amount of Indebtedness of Subsidiaries that are not U.S. Loan Parties
outstanding under this Section 7.2(t), together (without duplication) with the aggregate outstanding principal amount of Indebtedness
guaranteed by Subsidiaries that are not U.S. Loan Parties pursuant to Section 7.2(c) and the aggregate principal amount of Indebtedness
outstanding under Section 7.2(y), shall not exceed the greater of (i) $15,000,000 and (ii) 20% of Consolidated EBITDA for the Applicable
Reference Period at the time of incurrence thereof;

 

    108

     

    

 

(u)           Indebtedness consisting of performance and surety bonds in favor of Indian tax and port authorities with respect to the
importation of goods into India in the ordinary course of business by the Borrower Parties, to the extent required by such tax and port
authorities;

 

(v)           Guarantee Obligations of Holdings in respect of Permitted Unsecured Indebtedness and Permitted Credit Agreement Refinancing
Indebtedness (and, in each case, any Permitted Refinancing Indebtedness in respect thereof);

 

(w)          Attributable
Indebtedness in an aggregate principal amount not to exceed $35,000,000 at any time outstanding, which Attributable Indebtedness arises
out of a sale and leaseback transaction permitted under Section 7.7;

 

(x)           
Indebtedness which is fully backed or secured by one or more Letters of Credit and the proceeds thereof (i.e., the outstanding
principal amount of such Indebtedness shall never exceed the aggregate amount remaining available to be drawn under such Letter(s) of
Credit), but not any other collateral except to the extent that a Lien on such other collateral as security for such Indebtedness is otherwise
permitted under Section 7.3 (other than Section 7.3(bb));

 

(y)           Indebtedness
of Subsidiaries that are not U.S. Loan Parties in an aggregate outstanding principal amount not to exceed, together (without duplication)
with the aggregate outstanding principal amount of Indebtedness guaranteed by Subsidiaries that are not U.S. Loan Parties pursuant to
Section 7.2(c) and the aggregate principal amount of Indebtedness of Subsidiaries that are not U.S. Loan Parties outstanding under Section
7.2(t), shall not exceed the greater of (i) $15,000,000 and (ii) 20% of Consolidated EBITDA for the Applicable Reference Period at the
time of incurrence thereof

 

(z)            additional
Indebtedness of (i) the U.S. Loan Parties (other than Holdings) in an aggregate principal amount not to exceed $25,000,000 at any one
time outstanding and (ii) Indebtedness of Subsidiaries that are not U.S. Loan Parties in an aggregate principal amount not to exceed
$5,000,000 at any one time outstanding;

 

(aa)         so long as after giving effect to the issuance and incurrence thereof and the use of proceeds thereof, no Event of Default
shall have occurred and be continuing, Qualified Holding Company Debt; and

 

(bb)         all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent
interest or obligations described in clauses (a) through (aa) above.

 

    109

     

    

 

 

7.3              
Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, whether now owned or hereafter acquired,
except:

 

(a)               
Liens for Taxes not yet due or that are being contested in good faith by appropriate proceedings, provided that adequate
reserves with respect thereto are maintained on the books of Holdings or its Subsidiaries, as the case may be, in conformity with GAAP;

 

(b)               
carriers’, warehousemen’s, suppliers’, mechanics’, materialmen’s, landlords’, repairmen’s
or other like Liens arising in the ordinary course of business that are not overdue for a period of more than 90 days or that are being
contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the
books of Holdings or its Subsidiaries, as the case may be, in conformity with GAAP;

 

(c)               
(i) pledges or deposits made in the ordinary course of business in connection with workers’ compensation, payroll
taxes, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business securing
liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees
for the benefit of) insurance carriers providing property, casualty or liability insurance to Holdings or its Subsidiaries;

 

(d)               
deposits to secure (i) the performance of bids, leases, trade contracts (other than for borrowed money), (ii) statutory,
regulatory, contractual or warranty obligations (other than for borrowed money and other than any such obligation imposed pursuant to
Section 430(k) of the Code or Sections 303(k) or 4068 of ERISA), (iii) surety, stay, customs and appeal bonds, (iv) performance bonds
and (v) other obligations of a like nature incurred in the ordinary course of business;

 

(e)               
easements, rights-of-way, restrictions, reservations, covenants, conditions, title exceptions, zoning and other restrictions,
building codes, land use laws, minor defects or other minor irregularities of title, encroachments, protrusions and other similar encumbrances
incurred in the ordinary course of business that, in the aggregate, are not substantial in amount and that do not in any case materially
detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of any Borrower
Party;

 

(f)                
Liens in existence on the Restatement Effective Date and (to the extent securing Indebtedness in an aggregate principal
or committed amount in excess of $1,000,000 as of the Restatement Effective Date) listed on Schedule 7.3(f), securing Indebtedness permitted
by Section 7.2(d), provided that no such Lien is spread to cover any additional property after the Restatement Effective Date and
that the amount of Indebtedness secured thereby is not increased;

 

(g)               
Liens securing Indebtedness of any Borrower Party incurred pursuant to Section 7.2(e) to finance the acquisition, repair
or construction of fixed or capital assets, provided that (i) such Liens shall be created within 90 days of the acquisition, repair
or construction of such fixed or capital assets, (ii) such Liens do not at any time encumber any property other than the property financed
by such Indebtedness and additions and accessions to such property and the proceeds and the products thereof and customary security deposits
and (iii) the amount of Indebtedness secured thereby is not increased;

 

(h)               
Liens created pursuant to the Security Documents;

 

(i)                
any interest or title of a lessor, sublessor, licensor or sublicensor under any lease or license entered into by any Borrower
Party in the ordinary course of its business and covering only the assets so leased or licensed;

 

    110 

     

    

 

(j)                
Liens in favor of collecting banks arising under Section 4-210 of the Uniform Commercial Code or, with respect to collecting
banks located in the State of New York, under Section 4-208 of the Uniform Commercial Code;

 

(k)               
Liens (i) in favor of a banking or other depositary institution arising as a matter of law encumbering deposits (including
the right of set-off) and which are within the general parameters customary to the banking industry, (ii) in favor of a financial institution
arising as a matter of law encumbering financial assets on deposit in securities accounts (including the right of set-off) and which are
within the general parameters customary to the securities industry and (iii) that are contractual rights of set-off relating to the establishment
of depository and cash management relations with banks not given in connection with the issuance of Indebtedness for borrowed money and
which are within the general parameters customary to the banking industry;

 

(l)                
[reserved];

 

(m)             
Liens on the Collateral securing (i) Permitted First Priority Refinancing Indebtedness permitted under Section 7.2(h) (and
permitted Guarantee Obligations in respect thereof) on a pari passu basis with the Liens on the Collateral securing the Obligations and,
if secured by the Collateral, Permitted Refinancing Indebtedness in respect thereof (and permitted Guarantee Obligations in respect thereof)
and (ii) Permitted Junior Priority Refinancing Indebtedness permitted under Section 7.2(h) (and permitted Guarantee Obligations in respect
thereof) on a junior basis to the Liens on the Collateral securing the Obligations and, if secured by the Collateral, Permitted Refinancing
Indebtedness in respect thereof (and permitted Guarantee Obligations in respect thereof); provided that, in each case, such Liens
are subject to an Intercreditor Agreement which has been entered into by the holders of the applicable Indebtedness or a trustee, collateral
agent, security agent or other Person acting on behalf of the holders of the applicable Indebtedness;

 

(n)               
non-exclusive licenses and sublicenses granted by a Borrower Party and leases and subleases (by a Borrower Party as lessor
or sublessor) to third parties in the ordinary course of business not interfering in any material respect with the business of the Borrower
Parties;

 

(o)               
Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into by a Borrower Party in the ordinary course of business;

 

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

 

(q)               
Liens arising by operation of law or contract on insurance policies and proceeds thereof to secure premiums payable thereunder;

 

(r)                
Liens attaching solely to cash earnest money deposits in connection with Investments permitted under Section 7.8;

 

(s)                
Liens on property, and only such property, which is the subject of an unconsummated asset purchase agreement in connection
with an asset disposition permitted hereunder, which Liens secure the obligation of a Borrower Party under such agreement;

 

    111 

     

    

 

(t)                
Liens consisting of prepayments and security deposits in connection with leases, subleases, licenses, sublicenses, use and
occupancy agreements, utility services and similar transactions entered into by the applicable Borrower Party in the ordinary course of
business and not required as a result of any breach of any agreement or default in payment of any obligation;

 

(u)               
Liens granted by Subsidiaries that are not Loan Parties to secure Indebtedness permitted by Section 7.2(y) or Section 7.2(z)(ii);

 

(v)               
Liens on assets (including Capital Stock) existing at the time of the permitted acquisition of such property by any Borrower
Party (or at the time the Person owning such property is acquired by or merged or consolidated with or into a Borrower Party) to the extent
the Liens on such assets secure Indebtedness permitted by Section 7.2(t) or other obligations permitted by this Agreement; provided
that such Liens attach at all times only to the same assets or category of assets that such Liens (other than after acquired property
that is affixed or incorporated into the property covered by such Lien) attached to, and secure only the same Indebtedness or obligations
(or any Permitted Refinancing Indebtedness in respect thereof permitted by Section 7.2(t)) that such Liens secured, immediately prior
to such permitted acquisition (or such merger, amalgamation or consolidation); provided further that after giving effect to any
such permitted acquisition (or merger, amalgamation or consolidation) and such Indebtedness or other obligations, the Consolidated Secured
Leverage Ratio for the Applicable Reference Period, calculated on a Pro Forma Basis, is not in excess of 3.00:1.00 (or, if during a Financial
Covenant Increase Period, 3.50:1.00);

 

(w)             
Prior Claims that are unregistered and secure amounts that are not yet due and payable;

 

(x)               
with respect to the Canadian Borrower or any Canadian Subsidiary, reservations in any original grants from the Crown of
any land or interest therein, statutory exceptions to title, and reservations of mineral rights (including coal, oil and natural gas)
in any grants from the Crown or from any other predecessor in title;

 

(y)               
Liens on Cafeteria Plan Flex Accounts;

 

(z)               
Liens arising from the rendering of an interim or final judgment or order against any Group Member that does not give rise
to an Event of Default;

 

(aa)            
Liens on property purportedly rented to, or leased by, any Borrower Party pursuant to a sale and leaseback transaction permitted
under Section 7.7; provided that (i) such Liens do not encumber any other property of any Borrower Party and (ii) such Liens secure
only Indebtedness permitted under Section 7.2(w);

 

(bb)           
Liens consisting of pledges or assignments of any Letter of Credit and the proceeds thereof as collateral for Indebtedness
permitted pursuant to Section 7.2(x);

 

(cc)            
Liens arising from precautionary Uniform Commercial Code and PPSA financing statements filed in respect of any operating
lease;

 

(dd)           
Liens on specific items of inventory or other goods and the proceeds thereof securing such Person’s obligations in
respect of documentary letters of credit issued for the account of such Person to facilitate the purchase, shipment or storage of such
inventory or goods; and

 

    112 

     

    

 

(ee)            
Liens not otherwise permitted by this Section so long as the aggregate outstanding principal amount of the obligations secured
thereby does not exceed $25,000,000 at any one time.

 

7.4              
Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or
suffer any liquidation or dissolution), or Dispose of all or substantially all of its property or business, except that:

 

(a)               
(i) any Subsidiary of the U.S. Borrower (other than the Canadian Borrower) may be merged or consolidated with or into the
U.S. Borrower (provided that the U.S. Borrower shall be the continuing or surviving corporation) or with or into any U.S. Subsidiary
Guarantor (provided that the U.S. Subsidiary Guarantor shall be the continuing or surviving corporation) and (ii) any Subsidiary
of the Canadian Borrower may be merged, amalgamated or consolidated with or into the Canadian Borrower (provided that the Canadian
Borrower shall be the continuing or surviving corporation) or with or into any Canadian Subsidiary Guarantor (provided that the
Canadian Subsidiary Guarantor shall be the continuing or surviving corporation);

 

(b)               
(i) any Subsidiary of the U.S. Borrower may Dispose of any or all of its assets (x) to the U.S. Borrower or any U.S. Subsidiary
Guarantor (upon voluntary liquidation or otherwise) or (y) pursuant to a Disposition permitted by Section 7.5, and (ii) any Subsidiary
of the Canadian Borrower may Dispose of any or all of its assets (x) to any Canadian Loan Party (upon voluntary liquidation or otherwise)
or (y) pursuant to a Disposition permitted by Section 7.5;

 

(c)               
any Subsidiary that is not a Loan Party may (i) be merged, consolidated or amalgamated with or into any other Subsidiary
that is not a Loan Party and (ii) liquidate or dissolve if the U.S. Borrower determines in good faith that such liquidation or dissolution
is in the best interests of the Borrower Parties and is not materially disadvantageous to the Administrative Agent or the Lenders;

 

(d)               
any Subsidiary that is a Loan Party (other than the Canadian Borrower) and is an Immaterial Subsidiary may liquidate and
dissolve if (i) the U.S. Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower
Parties and is not materially disadvantageous to the Administrative Agent or the Lenders and (ii) any assets of such Subsidiary are Disposed
of to a U.S. Borrower or a U.S. Subsidiary Guarantor (in the case of a U.S. Loan Party) or the Canadian Borrower or a Canadian Subsidiary
Guarantor (in the case of a Canadian Loan Party); and

 

(e)               
any Investment expressly permitted by Section 7.8 may be structured as a merger, consolidation or amalgamation.

 

7.5              
Disposition of Property. Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any
Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except:

 

(a)               
the Disposition of obsolete, worn out, uneconomical or surplus property in the ordinary course of business;

 

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

 

(c)               
Dispositions permitted by Section 7.4(b)(i)(x) or Section 7.4(b)(ii)(x);

 

    113 

     

    

 

(d)               
the sale or issuance of (i) any Subsidiary of the U.S. Borrower’s Capital Stock to the U.S. Borrower or any U.S. Subsidiary
Guarantor, (ii) any Subsidiary of the Canadian Borrower’s Capital Stock to the Canadian Borrower or any Canadian Subsidiary Guarantor
and (iii) the U.S. Borrower’s Capital Stock to Holdings;

 

(e)               
Dispositions of cash and Cash Equivalents;

 

(f)                
sales or discounting, on a non-recourse basis and in the ordinary course of business, past due Accounts in connection with
the collection or compromise thereof;

 

(g)               
Restricted Payments permitted by Section 7.6 and Investments permitted by Section 7.8 (other than Section 7.8(t));

 

(h)               
Dispositions by (i) any Subsidiary to any U.S. Loan Party (other than Holdings), (ii) any Subsidiary (other than a U.S.
Loan Party) to a Canadian Loan Party, (iii) any Subsidiary that is not a Loan Party to any other Subsidiary that is not a Loan Party and
(iv) any Group Member to any other Group Member; provided that in the case of this clause (iv), such Disposition is permitted by
Section 7.8(h); provided further that in no event shall this Section 7.5(h) permit a Borrower to transfer all or substantially
all of its assets to any other Person;

 

(i)                
Dispositions resulting from any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation
or similar proceeding of, any property or asset of any Loan Party; provided that the requirements of Section 2.11(b), to the extent
applicable, are complied with in connection therewith;

 

(j)                
the abandonment or other disposition of Intellectual Property that is, in the reasonable good faith judgment of a Loan Party,
no longer economically practicable or commercially desirable to maintain or useful in the conduct of the business of such Loan Party;

 

(k)               
Liens permitted under Section 7.3 (to the extent constituting a transfer of property);

 

(l)                
terminations of leases, subleases, licenses, sublicenses or similar use and occupancy agreements by the applicable Borrower
Party in the ordinary course of business that do not interfere in any material respect with the business of the Borrower Parties;

 

(m)             
trade-ins and exchanges of equipment with third parties conducted in the ordinary course of business to the extent substantially
comparable (or better) equipment useful in the operation of the business of any Borrower Party (or if the property traded in or exchanged
is property of a U.S. Loan Party or a Canadian Loan Party, useful in the operation of the business of any U.S. Loan Party or Loan Party,
respectively) is obtained in exchange therefor;

 

(n)               
dispositions of non-core assets (to be determined by the U.S. Borrower in the exercise of its reasonable good faith business
judgment and to consist only of those assets designated as “non-core assets” pursuant to written notification by the U.S.
Borrower delivered to the Administrative Agent prior to the time the Permitted Acquisition pursuant to which such assets are acquired
is consummated) acquired in connection with any Permitted Acquisition; provided that the Consolidated EBITDA generated by such
non-core assets shall not have been included in the calculation of Consolidated EBITDA in respect of the applicable Permitted Acquisition;

 

    114 

     

    

 

(o)               
sales, assignments or other transfers by any Borrower Party of the Capital Stock of Foreign Subsidiaries to any Borrower
Party;

 

(p)               
the unwinding of any Swap pursuant to its terms;

 

(q)               
sale and leaseback transactions permitted by Section 7.7; and

 

(r)                
other Dispositions of assets (including Capital Stock); provided that (i) if the total fair market value of the assets
subject to any such Disposition or series of related Dispositions is in excess of $2,500,000, it shall be for fair market value (determined
as if such Disposition was consummated on an arm’s-length basis) and at least 75% of the total consideration therefor shall be in
the form of cash or Cash Equivalents, (ii) no Default or Event of Default then exists or would result from such Disposition (except if
such Disposition is made pursuant to an agreement entered into at a time when no Default or Event of Default exists) and (iii) the requirements
of Section 2.11(b), to the extent applicable, are complied with in connection therewith; provided, however, that for purposes of
clause (i) above, the following shall be deemed to be cash: (A) any liabilities (as shown on the most recent balance sheet provided hereunder
or in the footnotes thereto) of any Group Member (other than liabilities that are by their terms subordinated to the Obligations) that
are assumed by the transferee with respect to the applicable Disposition and for which a Group Member shall have been validly released
by all applicable creditors in writing, (B) any securities, notes or other obligations received by a Borrower Party from such transferee
that are converted by such Borrower Party into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received in the
conversion) within 180 days following the closing of the applicable Disposition and (C) any Designated Non-Cash Consideration received
by a Borrower Party in such Disposition having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration
received pursuant to this Section 7.5(r) that is at that time outstanding, not to exceed $5,000,000.

 

7.6              
Restricted Payments. Declare or pay any dividend (other than dividends payable solely in common stock of the Person making
such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption,
defeasance, retirement or other acquisition of, any Capital Stock of any Group Member, whether now or hereafter outstanding, or make any
other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any Group Member
(collectively, “Restricted Payments”), except that:

 

(a)               
(i) any Subsidiary of the U.S. Borrower may make Restricted Payments to the U.S. Borrower or any U.S. Subsidiary Guarantor,
(ii) any Subsidiary of the Canadian Borrower may make Restricted Payments to the Canadian Borrower or any Canadian Subsidiary Guarantor
and (iii) any Subsidiary of a Borrower may make Restricted Payments ratably to its equity holders;

 

(b)               
Holdings may declare and make dividend payments or other distributions payable solely in its Capital Stock;

 

(c)               
so long as no Specified Event of Default has occurred and is continuing, the U.S. Borrower may make distributions to Holdings
which are promptly used by Holdings to redeem or repurchase from current or former officers, directors and employees (or their current
or former spouses, their estates, their estate planning vehicles or their family members) Capital Stock, provided that the aggregate Restricted
Payments permitted under this Section 7.6(c) shall not exceed $50,000,000 unless such redemption or repurchase is funded with the Net
Cash Proceeds Not Otherwise Applied received by Holdings from the issuance and sale of its Capital Stock (other than a sale to a Group
Member and other than an issuance or sale of Disqualified Capital Stock);

 

    115 

     

    

 

(d)               
in the event the U.S. Borrower files a consolidated, combined, unitary or similar type income tax return with Holdings,
the U.S. Borrower may make distributions to Holdings to permit Holdings to pay Federal and state income taxes then due and payable, franchise
taxes and other similar licensing expenses incurred in the ordinary course of business; provided, that the amount of such distribution
shall not be greater than the amount of such taxes or expenses that would have been due and payable by the U.S. Borrower and its relevant
Subsidiaries had the U.S. Borrower not filed a consolidated, combined, unitary or similar type return with Holdings;

 

(e)               
the U.S. Borrower may make distributions to Holdings which are promptly used by Holdings to pay overhead expenses, professional
fees and expenses and directors fees and expenses, in any case, incurred in the ordinary course of business;

 

(f)                
Holdings may repurchase shares of Capital Stock issued by Holdings to current or former officers, directors and employees
of any Group Member (or its current or former spouses, their estates, their estate planning vehicles or their family members) by cancellation
of notes permitted pursuant to Section 7.8(m) and/or by issuance of notes permitted pursuant to Section 7.2(l);

 

(g)               
the U.S. Borrower may make distributions to Holdings to allow Holdings to promptly make cash payments of compensation for
actual services rendered (including severance) owing to, and any employee benefit allowance paid or provided to, members of management
employed by Holdings;

 

(h)               
Holdings may repurchase (and the U.S. Borrower may make Restricted Payments to Holdings to allow it to repurchase) fractional
shares of its Capital Stock from officers, directors and employees of any Group Member not to exceed $100,000 in the aggregate;

 

(i)                
[Reserved];

 

(j)                
Restricted Payments may be made by Holdings (and the U.S. Borrower may make Restricted Payments to Holdings in respect thereof);
provided that (i) at the time of the making of such Restricted Payment, no Default or Event of Default shall have occurred and
be continuing and (ii) at the time of the making of such Restricted Payment and immediately after giving effect thereto, the Consolidated
Leverage Ratio for the Applicable Reference Period, calculated on a Pro Forma Basis, is not in excess of 2.50:1.00;

 

(k)               
Restricted Payments may be made by Holdings (and the U.S. Borrower may make Restricted Payments to Holdings in respect thereof)
in an amount not to exceed $15,000,000 in the aggregate; provided that at the time of the making of such Restricted Payment, no
Default or Event of Default shall have occurred and be continuing;

 

(l)                
Holdings may make Restricted Payments made with the Net Cash Proceeds Not Otherwise Applied received by Holdings (and, to
the extent such Net Cash Proceeds were contributed to the common equity of the U.S. Borrower, the U.S. Borrower may make Restricted Payments
to Holdings to enable it to make such Restricted Payments) from (i) cash contributions (other than from a Group Member) to Holdings or
(ii) the issuance and sale of its Capital Stock (other than a sale to a Group Member and other than an issuance or sale of Disqualified
Capital Stock); provided that at the time of the making of such Restricted Payment, no Default or Event of Default shall have occurred
and be continuing;

 

    116 

     

    

 

(m)             
repay, repurchase, redeem, defease, retire or otherwise acquire Junior Indebtedness to the extent permitted by Section 7.9;

 

(n)               
[reserved]; and

 

(o)               
Holdings may make Restricted Payments within 60 days after the date of declaration thereof if at such date of declaration
such dividend would have been permitted under this Section 7.6, so long as no Default or Event of Default shall have occurred and be continuing
or would result therefrom.

 

7.7              
Sales and Leasebacks. Enter into any arrangement with any Person providing for the leasing by any Group Member of real or
personal property that has been or is to be sold or transferred by such Group Member to such Person or to any other Person to whom funds
have been or are to be advanced by such Person on the security of such property or rental obligations of such Group Member, unless the
Net Cash Proceeds received by the applicable Group Member in connection with such transaction are at least equal to the fair market value
(as determined by the board of directors of the U.S. Borrower) of such property; provided that the aggregate amount of consideration
paid to the Group Members (and the aggregate principal amount of any Attributable Indebtedness) in respect of transactions permitted under
this Section 7.7 shall not exceed $35,000,000.

 

7.8              
Investments. Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or
purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or make
any other investment in, any Person (all of the foregoing, “Investments”), except:

 

(a)               
extensions of trade credit in the ordinary course of business;

 

(b)               
investments in Cash Equivalents;

 

(c)               
Guarantee Obligations permitted by Section 7.2 (other than Section 7.2(c)(iv));

 

(d)               
loans and advances to employees of any Group Member in the ordinary course of business (including for travel, entertainment
and relocation expenses) in an aggregate amount for all Group Members not to exceed $1,000,000 at any one time outstanding;

 

(e)               
[Reserved];

 

(f)                 to the extent constituting Investments,
pledges and deposits in the ordinary course of business to the extent permitted by Section 7.3(c), Section 7.3(d) or Section 7.3(t);

 

(g)               
intercompany Investments (including capital contributions) by (i) any Borrower Party in the U.S. Borrower or any Person
that, prior to such investment, is a U.S. Subsidiary Guarantor, (ii) [reserved], (iii) any Subsidiary (other than a U.S. Loan Party) in
the Canadian Borrower or any Person that, prior to such investment, is a Canadian Subsidiary Guarantor and (iv) any Subsidiary that is
not a Loan Party in any other Person that, prior to such investment, is a Subsidiary that is not a Loan Party; and

 

    117 

     

    

 

(h)               
intercompany Investments (including capital contributions) by any Borrower Party in any other Borrower Party in an aggregate
amount, without duplication, not to exceed $40,000,000;

 

(i)                
capital contributions by Holdings to the U.S. Borrower;

 

(j)                
[Reserved];

 

(k)               
Investments received as the non-cash portion of consideration received in connection with transactions permitted pursuant
to Section 7.5;

 

(l)                
Investments acquired in connection with the settlement of delinquent Accounts in the ordinary course of business or in connection
with the bankruptcy or reorganization of suppliers or customers;

 

(m)             
Investments consisting of non-cash loans made by Holdings to officers, directors and employees of a Loan Party which are
used by such Persons to purchase simultaneously Capital Stock of Holdings;

 

(n)               
Investments existing on the Restatement Effective Date, which Investments are set forth on Schedule 7.8(n) if such existing
Investment is not among the U.S. Loan Parties or among the Canadian Loan Parties and the amount of the initial investment was in excess
of $1,000,000;

 

(o)               
to the extent constituting an Investment, the capitalization or forgiveness by any Group Member of Indebtedness owed to
it by another Group Member (provided no Loan Party shall forgive any such Indebtedness while a Specified Event of Default has occurred
and is continuing without the consent of the Administrative Agent);

 

(p)               
the holding of accounts receivable owing to such Person if created in the ordinary course of business and payable or dischargeable
in accordance with customary terms;

 

(q)               
to the extent constituting an Investment, prepayments and deposits to suppliers made in the ordinary course of business;

 

(r)                
Permitted Acquisitions (including, in each case, earnest money deposits in connection therewith);

 

(s)                
Investments acquired as a result of the purchase or other acquisition by any Borrower Party in connection with a Permitted
Acquisition; provided, that such Investments were not made in contemplation of such Permitted Acquisition and were in existence
at the time of such Permitted Acquisition;

 

(t)                
Investments permitted by Section 7.5(o);

 

(u)               
[reserved];

 

(v)               
other Investments by the Borrower Parties, if at the time of such Investment, the Consolidated Leverage Ratio for the Applicable
Reference Period, calculated on a Pro Forma Basis as of the date of such Investment, is not in excess of 3.25:1.00 (or, during a Financial
Covenant Increase Period, 3.75:1.00);

 

    118 

     

    

 

(w)             
other Investments by the Borrower Parties (valued at cost at the time of each Investment) made after the Restatement Effective
Date not to exceed $50,000,000 in the aggregate at any time outstanding (it being agreed that upon a return of all or any portion of such
Investment, such Investment shall no longer be considered outstanding to the extent so returned); and

 

(x)               
other Investments by the Borrower Parties made with the Net Cash Proceeds Not Otherwise Applied received by Holdings from
(i) cash contributions (other than from a Group Member) to Holdings or (ii) the issuance and sale of its Capital Stock (other than a sale
to a Group Member and other than an issuance or sale of Disqualified Capital Stock); provided that at the time of the making of
such Investment, no Default or Event of Default shall have occurred and be continuing.

 

7.9              
Optional Payments and Modifications of Certain Debt Instruments. (a) Make or offer to make any optional or voluntary payment,
prepayment, repurchase or redemption of or otherwise optionally or voluntarily defease or segregate funds (the foregoing, “Restricted
Debt Payments”) with respect to any Subordinated Indebtedness or any Permitted Unsecured Indebtedness (or any Permitted Refinancing
Indebtedness in respect of the foregoing) (all such Indebtedness, “Junior Indebtedness”), other than:

 

(i)                
(x) regularly scheduled, non-accelerated payments of principal and interest on account of Junior Indebtedness subject to
(if applicable) the subordination provisions with respect thereto and (y) any “AHYDO” payment for the purpose of causing such
Indebtedness not to be treated as “applicable high yield discount obligation” within the meaning of Code Section 163(i) shall
be permitted;

 

(ii)              
refinancings of Junior Indebtedness with the proceeds of Permitted Refinancing Indebtedness permitted in respect thereof
under Section 7.2;

 

(iii)            
Restricted Debt Payments of intercompany Junior Indebtedness permitted hereunder owed by any Group Member to any other Group
Member; provided that no prepayments of any Junior Indebtedness owed by any U.S. Loan Party to any Group Member that is not a U.S. Loan
Party, and no prepayment of any Junior Indebtedness owed by any Canadian Loan Party to any Group Member that is not a Loan Party shall
be permitted so long as no Event of Default under Section 8(a) or Section 8(f) shall have occurred and be continuing;

 

(iv)             
[reserved]

 

(v)               
Restricted Debt Payments of Junior Indebtedness; provided that (i) at the time of the making of such Restricted Debt
Payment, no Default or Event of Default shall have occurred and be continuing and (ii) at the time of the making of such Restricted Debt
Payment and immediately after giving effect thereto, the Consolidated Leverage Ratio for the Applicable Reference Period, calculated on
a Pro Forma Basis, is not in excess of 2.50:1.00;

 

(vi)             
Restricted Debt Payments in an amount not to exceed $15,000,000 in the aggregate; provided that at the time of the
making of such Restricted Debt Payment, no Default or Event of Default shall have occurred and be continuing; and

 

    119 

     

    

 

(vii)           
Restricted Debt Payments made with the Net Cash Proceeds Not Otherwise Applied received by Holdings from (i) cash contributions
(other than from a Group Member) to Holdings or (ii) the issuance and sale of its Capital Stock (other than a sale to a Group Member and
other than an issuance or sale of Disqualified Capital Stock); provided that at the time of the making of such Restricted Debt
Payment, no Default or Event of Default shall have occurred and be continuing;

 

(b)               
amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other change to,
any of the terms of any Junior Indebtedness such that such Indebtedness would no longer meet the requirements of Subordinated Indebtedness
and/or Permitted Unsecured Indebtedness, as applicable.

 

7.10          
Transactions with Affiliates. Enter into any transaction, including any purchase, sale, lease or exchange of property, the
rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than (i) transactions among
U.S. Loan Parties, (ii) transactions among Canadian Loan Parties, (iii) transactions among Subsidiaries that are not Loan Parties, (iv)
transactions among U.S. Loan Parties and any other Affiliate so long as such transaction is on terms no less favorable to any such U.S.
Loan Party than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate of a Group Member, (v)
transactions among Canadian Loan Parties and any other Affiliate (other than a U.S. Loan Party) so long as such transaction is on terms
no less favorable to any such Canadian Loan Party than would be obtained in a comparable arm’s length transaction with a Person
not an Affiliate of a Group Member and (vi) transactions among Group Members consistent with past practices and made in the ordinary course
of business), unless such transaction is (a) permitted by this Agreement or the other Loan Documents and (b) upon fair and reasonable
terms materially no less favorable to such Group Member than would be obtained in a comparable arm’s length transaction with a Person
not an Affiliate of a Group Member; provided that the foregoing restriction in clause (b) shall not apply to: (i) transactions set forth
on Schedule 7.10, (ii) issuances by Holdings of awards or grants of equity securities, employment and severance agreements, stock options
and stock ownership plans approved by the board of directors, board of managers or similar governing body, as applicable, of any Group
Member, (iii) the payment of directors’ fees and reimbursement of actual out-of-pocket expenses and indemnities incurred by Persons
in their capacities as directors and in connection with attending board of director meetings not to exceed in the aggregate, with respect
to all such items, $250,000 in any fiscal year of Holdings, (iv) Restricted Payments permitted by Section 7.6, (v) Investments permitted
by Section 7.8(d), (vi) the payment of Transaction Expenses, (vii) [reserved] and (viii) the issuance by the U.S. Borrower of Capital
Stock to Holdings.

 

7.11          
Swap Agreements. Enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which
any Borrower Party has actual or anticipated exposure (other than those in respect of Capital Stock) and (b) Swap Agreements entered into
in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating
rate or otherwise) with respect to any interest-bearing liability or investment of any Borrower Party.

 

7.12          
Changes in Fiscal Periods. Permit the fiscal year of Holdings to end on a day other than March 31 or change Holdings’
method of determining fiscal quarters.

 

    120 

     

    

 

7.13          
Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits or limits the ability
of any Loan Party to create, incur, assume or suffer to exist any Lien upon any of its property or revenues, whether now owned or hereafter
acquired, to secure its obligations under the Loan Documents to which it is a party other than (a) this Agreement and the other Loan Documents,
(b) restrictions and conditions existing on the Closing Date or any extension, renewal, amendment, modification or replacement thereof,
except to the extent any such amendment, modification or replacement expands the scope of any such restriction or condition, (c) any agreements
governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation
shall only be effective against the assets financed thereby), (d) restrictions and conditions contained in any agreement governing or
evidencing Permitted Refinancing Indebtedness in respect of Indebtedness governed by this Agreement and the other Loan Documents (including
Permitted Credit Agreement Refinancing Indebtedness) or Permitted Refinancing Indebtedness in respect thereof; provided that the
restrictions and conditions contained in any such agreement or document referred to in this clause (d) are not less favorable in any material
respect to the Lenders than the restrictions and conditions imposed by this Agreement and the other Loan Documents, (e) restrictions and
conditions contained in any agreement governing Liens permitted under Section 7.3(u) (in which case, any prohibition or limitation shall
be effective only against the asset or assets subject to such permitted Liens), (f) with respect to operating leases and other third-party
contracts, customary limitations on the ability of a party thereto to assign its interests in the underlying contract without the consent
of the other party thereto (provided nothing therein limits the ability of a party thereto to assign its interests in and to all proceeds
derived from or in connection with such contract), (g) customary restrictions and conditions contained in any agreement relating to the
sale of a Subsidiary or any property permitted under Section 7.5 pending the consummation of such sale, (h) any agreement in effect at
the time a Subsidiary becomes a Subsidiary, so long as such prohibition or limitation applies only to such Subsidiary (and, if applicable,
its Subsidiaries) and such agreement was not entered into in contemplation of such Person becoming a Subsidiary, as such agreement may
be amended, restated, supplemented, modified, extended, renewed or replaced, so long as such amendment, restatement, supplement, modification,
extension, renewal or replacement does not expand in any material respect the scope of any restriction contemplated by this Section 7.13
contained therein and (i) non-consensual encumbrances or restrictions arising or existing by reason of applicable law or any applicable
rule, regulation or order, or required by any regulatory authority.

 

7.14          
Clauses Restricting Subsidiary Distributions. Enter into or suffer to exist or become effective any consensual encumbrance
or restriction on the ability of any Subsidiary of the U.S. Borrower to (a) make Restricted Payments in respect of any Capital Stock of
such Subsidiary held by, or pay any Indebtedness owed to, any Borrower Party, (b) make loans or advances to, or other Investments in,
any Borrower Party or (c) transfer any of its assets to any Borrower Party, except for such encumbrances or restrictions existing under
or by reason of (i) any restrictions existing under the Loan Documents, (ii) any restrictions with respect to a Subsidiary imposed pursuant
to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets
of such Subsidiary, (iii) restrictions contained in any agreement governing or evidencing Permitted Refinancing Indebtedness in respect
of Indebtedness governed by this Agreement and the other Loan Documents (including Permitted Credit Agreement Refinancing Indebtedness)
or Permitted Refinancing Indebtedness in respect thereof; provided that the restrictions contained in any such agreement or document
referred to in this clause (iii) are not less favorable in any material respect to the Lenders than the restrictions and conditions imposed
by this Agreement and the other Loan Documents, (iv) any agreement in effect at the time a Subsidiary becomes a Subsidiary, so long as
such prohibition or limitation applies only to such Subsidiary (and, if applicable, its Subsidiaries) and such agreement was not entered
into in contemplation of such Person becoming a Subsidiary, as such agreement may be amended, restated, supplemented, modified, extended,
renewed or replaced, so long as such amendment, restatement, supplement, modification, extension, renewal or replacement does not expand
in any material respect the scope of any restriction contemplated by this Section 7.14 contained therein, (v) customary provisions restricting
assignments, subletting, sublicensing, pledging or other transfers contained in leases, subleases, licenses or sublicenses, so long as
such restrictions are limited to the property or assets subject to such leases, subleases, licenses or sublicenses, as the case may be,
(vi) customary restrictions on cash or deposits or net worth required by customers under contracts entered into in the ordinary course
of business and (vii) any agreement with respect to Indebtedness of a Foreign Subsidiary that is not a Loan Party permitted pursuant to
this Agreement so long as such prohibitions or limitations are only with respect to such Foreign Subsidiary and its assets or any Subsidiary
of such Foreign Subsidiary and its assets.

 

    121 

     

    

 

7.15          
Lines of Business. (a) Enter into any business, either directly or through any Subsidiary, except for those businesses in
which the Borrower Parties are engaged on the Restatement Effective Date or that are reasonably related, ancillary or complementary thereto.

 

(b)               
Holdings shall not engage in any business or activities or own any property other than (i) ownership of the Capital Stock
of the U.S. Borrower and activities ancillary thereto, (ii) activities and contractual rights incidental to maintenance of its corporate
existence (including the incurrence of any corporate overhead), (iii) the hiring and employment of members of the management of the U.S.
Borrower and activities reasonably related thereto, (iv) performance of its obligations under the Loan Documents to which it is a party,
(v) finding potential targets for acquisitions, negotiating the acquisition thereof and being a party to the applicable acquisition agreement
(and performing its obligations thereunder), (vi) receipt of the proceeds of Restricted Payments to the extent of Restricted Payments
permitted to be made to Holdings pursuant to Section 7.6 and (vii) activities of Holdings expressly permitted hereunder.

 

7.16          
Use of Proceeds. Request any Loan or Letter of Credit, and no Borrower shall use, and each Borrower shall ensure that its
Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of
Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of
value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities,
business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction
would be prohibited by Sanctions if conducted by a corporation incorporated in the United States, Canada or in a European Union member
state or (c) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

SECTION
8.          EVENTS
OF DEFAULT

 

If any of the following events shall occur and be
continuing:

 

(a)               
a Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the terms
hereof; or a Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or
under any other Loan Document (including any required cash collateral amount), within five days after any such interest or other amount
becomes due in accordance with the terms hereof; or

 

(b)               
any representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained
in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or
any such other Loan Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed made; or

 

(c)               
Holdings or any Borrower shall default in the observance or performance of any agreement contained in Section 6.4(a)(i),
or any Loan Party shall default in the observance or performance of any agreement contained in Section 6.7(a) or Section 7 of this Agreement;;
or

 

    122 

     

    

 

(d)               
any Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or any
other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied
for a period of 30 days after receipt by the Borrower Representative of written notice to the Borrower Representative from the Administrative
Agent or the Required Lenders; or

 

(e)               
any Group Member shall (i) default in making any payment of any principal of any Indebtedness with a principal outstanding
amount in excess of $10,000,000 (such Indebtedness, “Material Indebtedness”) (including any Guarantee Obligation of
Material Indebtedness, but excluding the Loans) on the scheduled or original due date with respect thereto; or (ii) default in making
any payment of any interest on any Material Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under
which such Material Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating
to any Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event
shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary
of such Material Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required,
such Material Indebtedness to become due prior to its stated maturity or (in the case of any such Material Indebtedness constituting a
Guarantee Obligation) to become payable; or

 

(f)                
(i) any Material Group Member shall commence any case, proceeding or other action (A) under any existing or future law of
any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order
for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver,
interim receiver, receiver-manager, trustee, custodian, conservator or other similar official for it or for all or any substantial part
of its assets; or (ii) there shall be commenced against any Material Group Member any case, proceeding or other action of a nature referred
to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed
or undischarged for a period of 60 days; or (iii) there shall be commenced against any Material Group Member any case, proceeding or other
action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its
assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending
appeal within 60 days from the entry thereof; or (iv) any Material Group Member shall take any action in furtherance of, or indicating
its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any Material Group
Member shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or (vi)
or any Material Group Member shall make a general assignment for the benefit of its creditors; or

 

(g)               
(i) an ERISA Event and/or a Foreign Plan Event and/or Canadian Pension Event shall have occurred; (ii) a trustee shall be
appointed by a United States district court to administer any Pension Plan; (iii) the PBGC shall institute proceedings to terminate any
Title IV Plan; (iv) any Loan Party or any of their respective ERISA Affiliates shall have been notified by the sponsor of a Multiemployer
Plan that it has incurred or will be assessed Withdrawal Liability to such Multiemployer Plan and such entity does not have reasonable
grounds for contesting such Withdrawal Liability or is not contesting such Withdrawal Liability in a timely and appropriate manner; or
(v) any other event or condition shall occur or exist with respect to a Benefit Plan, a Foreign Benefit Arrangement, a Foreign Plan, a
Canadian Pension Plan or a Canadian Benefit Plan; and in each case in clauses (i) through (v) above, such event or condition would reasonably
be expected to result in a Material Adverse Effect; or

 

    123 

     

    

 

(h)               
one or more judgments or decrees shall be entered against any Material Group Member involving in the aggregate a liability
of $10,000,000 or more (excluding amounts covered by insurance to the extent the relevant insurer has not denied coverage therefor), and
all such judgments or decrees shall not have been paid, vacated, discharged, stayed or bonded pending appeal within 45 days from the entry
thereof; or

 

(i)                
this Agreement or any of the Security Documents shall cease, for any reason, to be in full force and effect, or any Loan
Party or any Affiliate of any Loan Party shall so assert (other than in each case in accordance with the terms thereof), or any Lien created
by any of the Security Documents on a material portion of the Collateral purported to be covered thereby shall cease to be enforceable
and of the same effect and priority purported to be created thereby (other than (1) as a result of the failure of the Administrative Agent’s
failure (x) to maintain possession of any stock certificate, promissory note or other instrument delivered to it under the U.S. Guarantee
and Collateral Agreement or the Canadian Guarantee and Collateral Agreement or (y) to file Uniform Commercial Code continuation statements
or (2) in accordance with the terms of the applicable Security Document); or

 

(j)                
the guarantee contained in Section 2 of the U.S. Guarantee and Collateral Agreement or the guarantee contained in Section
2 of the Canadian Guarantee and Collateral Agreement shall cease, for any reason, to be in full force and effect or any Loan Party or
any Affiliate of any Loan Party shall so assert (other than in each case in accordance with the terms thereof); or

 

(k)               
(i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), shall become, or obtain rights (whether by means or warrants,
options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act),
directly or indirectly, of more than 35% of the outstanding stock (or the combined voting power) of Holdings entitled to vote generally
in the election of directors of Holdings; (ii) Holdings shall cease to own and control, of record and beneficially, directly, 100% of
each class of outstanding Capital Stock of the U.S. Borrower free and clear of all Liens (except Liens created by the U.S. Guarantee and
Collateral Agreement and other Liens permitted by Section 7.3); and (iii) the U.S. Borrower shall cease to own and control, of record
and beneficially, directly, 100% of each class of outstanding Capital Stock of the Canadian Borrower free and clear of all Liens (except
Liens created by the U.S. Guarantee and Collateral Agreement or the Canadian Guarantee and Collateral Agreement and other Liens permitted
by Section 7.3) (the occurrence of any of clauses (i) through (iii), a “Change of Control”);

 

    124 

     

    

 

then, and in any such event, (A) if such event is an Event of Default
specified in clause (i) or (ii) of paragraph (f) above with respect to a Borrower, automatically the Commitments shall immediately terminate
and the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including
all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents
required thereunder) shall immediately become due and payable, and (B) if such event is any other Event of Default, any or all of the
following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the
Required Lenders, the Administrative Agent shall, by notice to the Borrower Representative declare the Revolving Commitments to be terminated
forthwith, whereupon the Revolving Commitments shall immediately terminate; and (ii) with respect to any Event of Default with the consent
of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by
notice to the Borrower Representative, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement
and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters
of Credit shall have presented the documents required thereunder) to be due and payable forthwith, whereupon the same shall immediately
become due and payable. With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the
time of an acceleration pursuant to this paragraph, the U.S. Borrower shall at such time deposit (in the currency of the applicable Letter
of Credit) in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired
face amount of such Letters of Credit issued for the account of such Borrower. Amounts held in such cash collateral account shall be applied
by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such
Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of U.S. Borrower hereunder
and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations
shall have been satisfied and all other obligations of the U.S. Borrower hereunder and under the other Loan Documents shall have been
paid in full, the balance, if any, in such cash collateral account shall be returned to the U.S. Borrower (or such other Person as may
be lawfully entitled thereto). Except as expressly provided above in this Section, presentment, demand, protest and all other notices
of any kind are hereby expressly waived by the Borrowers.

 

In addition to any other rights and remedies granted
to the Administrative Agent and the Lenders in the Loan Documents, the Administrative Agent on behalf of the Lenders, after the occurrence
and during the continuance of an Event of Default, may exercise all rights and remedies of a secured party under the New York Uniform
Commercial Code or any other applicable law. Without limiting the generality of the foregoing, after the occurrence and during the continuance
of an Event of Default, the Administrative Agent, without demand of performance or other demand, presentment, protest, advertisement or
notice of any kind (except any notice required by law referred to below) to or upon any Loan Party or any other Person (all and each of
which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate
and realize upon the Collateral, or any part thereof, or consent to the use by any Loan Party of any cash collateral arising in respect
of the Collateral on such terms as the Administrative Agent deems reasonable, and/or may forthwith sell, lease, assign give an option
or options to purchase or otherwise dispose of and deliver, or acquire by credit bid on behalf of the Lenders, the Collateral or any part
thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s
board or office of the Administrative Agent or any Lender or elsewhere, upon such terms and conditions as it may deem advisable and at
such prices as it may deem best, for cash or on credit or for future delivery, all without assumption of any credit risk. The Administrative
Agent or any Lender shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private
sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Loan Party,
which right or equity is hereby waived and released. Each of Holdings and each Borrower agrees on behalf of itself and each other Loan
Party, at the Administrative Agent’s request after the occurrence and during the continuance of an Event of Default, to assemble
the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether
at any Loan Party’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of any action taken by it pursuant
to this Section 8, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the
care or safekeeping of any of the Collateral or in any other way relating to the Collateral or the rights of the Administrative Agent
and the Lenders hereunder, including reasonable attorneys’ fees and disbursements to the extent reimbursable or indemnified pursuant
to Section 10.5, to the payment in whole or in part of the obligations of the Loan Parties under the Loan Documents (it being understood
that the net proceeds of the Collateral of the Canadian Loan Parties shall not be applied to obligations of the U.S. Loan Parties), in
such order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent of
any other amount required by any provision of law, including Section 9-615(a)(3) of the New York UCC, need the Administrative Agent account
for the surplus, if any, to any Loan Party. To the extent permitted by applicable law, each of Holdings and each Borrower agrees on behalf
of each itself and each other Loan Party that each Loan Party waives all claims, damages and demands it may acquire against the Administrative
Agent, any Syndication Agent, any Co-Documentation Agent or any Lender, and any Related Party of any of the foregoing Persons (each such
Person being called a “Lender-Related Person”) arising out of the exercise by them of any rights hereunder. If any
notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper
if given at least 10 days before such sale or other disposition.

 

    125 

     

    

 

SECTION
9.          THE
ADMINISTRATIVE AGENT

 

9.1              
Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender
under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity,
to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and
perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents,
together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this
Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read
into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent.

 

9.2              
Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents
by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.
The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with
reasonable care.

 

9.3              
Exculpatory Provisions. None of the Administrative Agent nor any of its officers, directors, employees, agents, advisors,
attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or
in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful
misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by
any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement
or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement
or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or
any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Administrative
Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements
contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan
Party.

 

    126 

     

    

 

9.4              
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying,
upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy or email message, statement, order
or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person
or Persons and upon advice and statements of legal counsel (including counsel to Holdings or the Borrowers), independent accountants and
other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the payee of any Note as the owner thereof
for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative
Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan
Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all
Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and
expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases
be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request
of the Required Lenders (or, if so specified by this Agreement, all Lenders), and such request and any action taken or failure to act
pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans.

 

9.5              
Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default
or Event of Default unless the Administrative Agent has received notice from a Lender, Holdings or a Borrower referring to this Agreement,
describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative
Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such
action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by
this Agreement, all Lenders); provided that unless and until the Administrative Agent shall have received such directions, the
Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default
or Event of Default as it shall deem advisable in the best interests of the Lenders.

 

9.6              
Acknowledgements of Lenders. (a) Each Lender expressly acknowledges that none of the Administrative Agent nor any of its
officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates have made any representations or warranties to it and
that no act by the Administrative Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan
Party, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents
to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent, any Arranger, any Syndication
Agent, any Co-Documentation Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made
its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of
the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender
also represents that it will, independently and without reliance upon the Administrative Agent, any Arranger, any Syndication Agent, any
Co-Documentation Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents,
and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition
and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly required to be
furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to
provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise),
prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative
Agent or any of its officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates.

 

    127 

     

    

 

(b)               
(i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent
has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates
(whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”)
were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion
thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount
of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect
of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid
to the Administrative Agent (A) in respect of amounts in a currency other than Canadian Dollars, at the greater of the NYFRB Rate and
a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in
effect or (B) in respect of amounts in Canadian Dollars, at a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not
assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect
to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation
any defense based on “discharge for value” or any similar doctrine. A notice of the Administrative Agent to any Lender under
this Section 9.06(b) shall be conclusive, absent manifest error.

 

(ii)              
Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates
(x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative
Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or
accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. 
Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error,
such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall
promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or
portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and
including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative
Agent (A) in respect of amounts in a currency other than Canadian Dollars, at the greater of the NYFRB Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect or (B) in respect
of amounts in Canadian Dollars, at a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation from time to time in effect.

 

(iii)            
The Borrowers and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are
not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated
to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise
satisfy any Obligations owed by a Borrower or any other Loan Party, except, in each case, to the extent such erroneous Payment is, and
solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the
Borrowers or any other Loan Party for the purpose of making such erroneous Payment.

 

    128 

     

    

 

(iv)             
Each party’s obligations under this Section 9.06(b) shall survive the resignation or replacement of the Administrative
Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment,
satisfaction or discharge of all Obligations under any Loan Document.

 

9.7              
Indemnification. The Lenders agree to indemnify the Administrative Agent and its officers, directors, employees, affiliates,
agents, advisors and controlling persons (each, an “Agent Indemnitee”) (to the extent not reimbursed by Holdings or
the Borrowers and without limiting the obligation of Holdings or the Borrowers to do so), ratably according to their respective Aggregate
Exposure Percentages in effect on the date on which indemnification is sought under this Section (or, if indemnification is sought after
the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such
Aggregate Exposure Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or
after the payment of the Loans) be imposed on, incurred by or asserted against such Agent Indemnitee in any way relating to or arising
out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein
or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent Indemnitee under or in connection with
any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision
of a court of competent jurisdiction to have resulted from such Agent Indemnitee’s gross negligence or willful misconduct (it being
understood that pending the outcome of any such decision, the Lenders remain obligated to pay amounts on a current basis). The agreements
in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

 

9.8              
Administrative Agent in Its Individual Capacity. The Administrative Agent and its affiliates may make loans to, accept deposits
from and generally engage in any kind of business with any Loan Party as though the Administrative Agent were not the Administrative Agent.
With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or participated in by it, the Administrative
Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same
as though it were not the Administrative Agent, and the terms “Lender” and “Lenders” shall include the Administrative
Agent in its individual capacity.

 

9.9              
Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 10 days’ notice to
the Lenders and the Borrower Representative. If the Administrative Agent shall resign as Administrative Agent under this Agreement and
the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor
agent shall (unless an Event of Default under Section 8(a) or Section 8(f) with respect to a Borrower shall have occurred and be continuing)
be subject to approval by the Borrower Representative (which approval shall not be unreasonably withheld or delayed), whereupon such successor
agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall
mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and
duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative
Agent or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative
Agent by the date that is 10 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative
Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of
the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After
any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9 and of Section 10.5 shall
continue to inure to its benefit.

 

    129 

     

    

 

 

9.10          
Arranger and Syndication Agents. The Arrangers shall not have any duties or responsibilities hereunder in its capacity as
such. The Syndication Agent and Co-Documentation Agents shall not have any duties or responsibilities hereunder in its capacity as such.

 

9.11          
Secured Parties. By accepting the benefits of the Collateral, each Secured Party, whether or not a party hereto, shall be
deemed to have appointed the Administrative Agent to serve as administrative agent and collateral agent under the Loan Documents and agreed
to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in this paragraph. No Specified
Cash Management Agreement or Specified Swap Agreement will create (or be deemed to create) in favor of any Secured Party that is a party
thereto any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under any Loan
Document.

 

9.12          
Credit Bidding. The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required
Lenders, to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of
some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or
through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions
of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions
to which a Loan Party is subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with
the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable
law. In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall
be, credit bid by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect
to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the
liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent
interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles
that are issued in connection with such purchase). In connection with any such bid (i) the Administrative Agent shall be authorized to
form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the
Secured Parties’ ratable interests in the Obligations which were credit bid shall be deemed without any further action under this
Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative Agent shall be authorized
to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative
Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall
be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or
their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles,
as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required
Lenders contained in Section 10.1), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized
to issue to each of the Secured Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether as equity,
partnership, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by
such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the
extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason, such Obligations
shall automatically be reassigned to the Secured Parties pro rata and the equity interests and/or debt instruments issued by any acquisition
vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle
to take any further action. Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to the
acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information
regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such
acquisition vehicle) as the Administrative Agent may reasonably request in connection with the formation of any acquisition vehicle, the
formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

 

    130 

     

    

 

9.13          
Certain ERISA Matters (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto,
to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of the Administrative Agent, and not for the avoidance of doubt for the benefit of the Borrowers or any of the Loan Parties,
that at least one of the following is and will be true:

 

 

(i)              
such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plan Investors with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the
Letters of Credit, the Commitments or this Agreement,

 

(ii)              
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38
(a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions
determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement;

 

(iii)            
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part
VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of subsections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a)
of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Commitments and this Agreement; or

 

(iv)            
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

(b)               
In addition, unless either (1) subclause (i) in the immediately preceding clause (a) is true with respect to a Lender
or (2) a Lender has provided another representation, warranty and covenant in accordance with subclause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto,
to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
that the Administrative Agent is not 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 Letters of Credit, 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 hereto or thereto).

 

    131 

     

    

 

SECTION
10.      MISCELLANEOUS

 

10.1          
Amendments and Waivers. Subject to Section 2.16(b), neither this Agreement, any other Loan Document, nor any terms hereof
or thereof may be amended, supplemented or modified except in accordance with the provisions of this
Section 10.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or, with the written consent of the Required
Lenders, the Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written
amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement
or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b)
waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument,
any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided,
however, that no such waiver and no such amendment, supplement or modification shall (i) forgive the principal amount or extend
the final scheduled date of maturity of any Loan, extend the scheduled date of any amortization payment in respect of any Term Loan, reduce
the stated rate of any interest or fee payable hereunder (except (x) in connection with the waiver of applicability of any post-default
increase in interest rates (which waiver shall be effective with the consent of the Majority Facility Lenders of each adversely affected
Facility), (y) that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not constitute
a reduction in the rate of interest or fees for purposes of this clause (i) and (z) that any amendment or waiver to any prepayment requirement
hereunder shall not constitute an extension of the scheduled maturity date of a Loan or an extension of the scheduled date of an amortization
payment) or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Lender’s
Revolving Commitment, in each case without the written consent of each Lender directly affected thereby; (ii) eliminate or reduce the
voting rights of any Lender under this Section 10.1 without the written consent of such Lender; (iii) reduce any percentage specified
in the definition of Required Lenders, consent to the assignment or transfer by a Borrower of any of its rights and obligations under
this Agreement and the other Loan Documents, release all or substantially all of the Collateral or release all or substantially all of
the U.S. Guarantors from their obligations under the U.S. Guarantee and Collateral Agreement, in each case without the written consent
of all Lenders; provided that, with the consent of the Required Lenders or pursuant to a Refinancing Facility Agreement or an amendment
contemplated by Section 2.24(d), the provisions of this Section 10.1 and the definition of the term Required Lenders may be amended to
include references to any new class of loans created under this Agreement (or to lenders extending such loans) on substantially the same
basis as the corresponding references relating to the existing Facilities of Loans or Lenders in respect thereof; (iv) release all or
substantially all of the Collateral of the Canadian Loan Parties or release all or substantially all of the Canadian Subsidiary Guarantors
from their obligations under the Canadian Guarantee and Collateral Agreement, in each case without the written consent of all Canadian
Term A Lenders; (v) amend, modify or waive any provision of this Agreement to permit the incurrence or issuance of Indebtedness (including
any refinancing of existing Indebtedness resulting in a new class of loans created under this Agreement) that would subordinate the payment
priority of the Obligations or subordinate the Liens granted to the Administrative Agent in the Collateral, in each case without the written
consent of each Lender affected thereby; (vi) amend, modify or waive any provision of Section 2.17 or Section 10.7(a) without the written
consent of each Lender affected thereby; (vii) amend, modify or waive any provision of Section 6.5 of the U.S. Guarantee and Collateral
Agreement or Section 6.5 of the Canadian Guarantee and Collateral Agreement, in each case without the written consent of each Lender affected
thereby; (viii) reduce the percentage specified in the definition of Majority Facility Lenders with respect to any Facility without the
written consent of all Lenders under such Facility; (ix) amend, modify or waive any provision of Section 9 or any other provision of any
Loan Document that affects the Administrative Agent without the written consent of the Administrative Agent; (x) amend, modify or waive
any provision of Section 2.6 or 2.7 without the written consent of the Swingline Lender; or (xi) amend, modify or waive any provision
of Section 3 without the written consent of the Issuing Lender. Any such waiver and any such amendment, supplement or modification shall
apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future
holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to their
former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to
be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right
consequent thereon.

 

    132 

     

    

 

Notwithstanding the foregoing, this Agreement may
be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower Representative
(a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding
thereunder and the accrued interest and fees in respect thereof to share in the benefits of this Agreement and the other Loan Documents
with the Term Loans and Revolving Extensions of Credit and the accrued interest and fees in respect thereof and (b) to include appropriately
the Lenders holding such credit facilities in any determination of the Required Lenders and Majority Facility Lenders.

 

Furthermore, notwithstanding the foregoing, the Administrative
Agent, with the consent of the Borrower Representative, may amend, modify or supplement any Loan Document without the consent of any Lender
or the Required Lenders in order to correct, amend or cure any ambiguity, omission, inconsistency or defect or correct any typographical
error or any manifest error in any Loan Document.

 

Furthermore, notwithstanding the foregoing, (a) the
Borrower Representative and the Administrative Agent may, without the input or consent of any Lender or the Required Lenders, effect amendments
to this Agreement and the other Loan Documents as may be necessary or appropriate in the opinion of the Administrative Agent to effect
the provisions of Section 2.24, Section 2.25 or Section 2.26, (b) [reserved], (c) the Administrative Agent is hereby authorized by the
Lenders to approve the forms of Security Documents as contemplated herein, and to enter into any Loan Documents in such forms as approved
by it on or prior to the Restatement Effective Date (and thereafter as contemplated by the provisions of this Agreement) and (d) any guarantees,
collateral security documents, Intercreditor Agreements and related documents executed by any Loan Party in connection with this Agreement
may be in a form reasonably satisfactory to the Administrative Agent and may be amended, modified or supplemented with the consent of
the Administrative Agent at the request of the Borrower Representative without the need to obtain the consent of any Lender or the Required
Lenders if such amendment, modification or supplement is delivered in order (i) to comply with local law or advice of local counsel or
(ii) to cause such guarantee, collateral security document or other document to be consistent with this Agreement or the U.S. Guarantee
and Collateral Agreement or, in the case of a Canadian Loan Party, the Canadian Collateral Documents. Furthermore, notwithstanding anything
to the contrary herein, with the consent of the Administrative Agent at the request of the Borrower Representative (without the need to
obtain any consent of any Lender or the Required Lenders), any Loan Document may be amended to increase interest rate margins or floors,
prepayment premiums or call protection, increase amortization, extend MFN protection, and/or extend or “reboot” any “soft
call” provision, in each case to achieve fungibility in connection with the incurrence of any Incremental Term Facility or Incremental
Revolving Commitments.

 

    133 

     

    

 

10.2          
Notices. (a) All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing
(including by telecopy or electronic transmission), and, unless otherwise expressly provided herein, shall be deemed to have been duly
given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice
or electronic transmission, when received, addressed as follows in the case of Holdings, the Borrowers and the Administrative Agent, and
as set forth in an administrative questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such other address
as may be hereafter notified by the respective parties hereto:

 

	Holdings:	
    Thermon Group Holdings, Inc.

    7171 Southwest Parkway

    Bld. 300, Suite 200

    Austin, Texas 78735

	 	Attention: Kevin Fox
	 	Telecopy: (512) 729-0374
	 	Telephone: (512) 690-0639
	 	 
	U.S. Borrower:	
    Thermon Holding Corp.

    7171 Southwest Parkway

    Bld. 300, Suite 200

    Austin, Texas 78735

	 	Attention: Kevin Fox
	 	Telecopy: (512) 729-0374
	 	Telephone: (512) 690-0639
	 	 
	Canadian Borrower:	
    Thermon Canada Inc.

    7171 Southwest Parkway

    Bld. 300, Suite 200

    Austin, Texas 78735

    Attention: Kevin Fox

	 	Telecopy: (512) 729-0374
	 	
    Telephone: (512) 690-0639

     

	Administrative Agent:	
    JPMorgan Chase Bank, N.A.

    Loan and Agency Servicing

    10 South Dearborn, Floor L2

    Chicago, Illinois 60603-2300

	 	Attention: Robyn Varnado
	 	Telecopy: (844) 235-1788
	 	Email: cls.cad.chicago@jpmorgan.com

 

provided that any notice, request or demand to or upon the
Administrative Agent or the Lenders shall not be effective until received.

 

Notices and other communications to the Lenders hereunder
may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided
that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable
Lender. Each of the Administrative Agent, Holdings, the U.S. Borrower and the Canadian 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.

 

    134 

     

    

 

(b)               
Electronic Systems.

 

(i)                
Each of Holdings and each Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications
(as defined below) available to the Issuing Lender, the Swingline Lender and the other Lenders by posting the Communications on Debt Domain,
Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System.

 

(ii)              
Any Electronic System used by the Administrative Agent is provided “as is” and “as available.” The
Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or
omissions in the Communications. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness
for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party
in connection with the Communications or any Electronic System. In no event shall the Administrative Agent or any of its Related Parties
(collectively, the “Agent Parties”) have any liability to any Loan Parties, any Lender, the Issuing Lender, the Swingline
Lender or any other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages,
losses or expenses (whether in tort, contract or otherwise) arising out of any Loan Party’s or the Administrative Agent’s
transmission of communications through an Electronic System, except to the extent that such losses, claims, damages, liabilities or expenses
are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such Agent Party. “Communications” means, collectively, any notice, demand, communication, information,
document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein
which is distributed by the Administrative Agent, any Lender, the Issuing Lender or the Swingline Lender by means of electronic communications
pursuant to this Section, including through an Electronic System.

 

10.3          
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent
or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative
and not exclusive of any rights, remedies, powers and privileges provided by law.

 

10.4          
Survival of Representations and Warranties. All representations and warranties made hereunder, in the other Loan Documents
and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery
of this Agreement and the making of the Loans and other extensions of credit hereunder.

 

    135 

     

    

 

10.5          
Payment of Expenses and Taxes. The U.S. Borrower agrees (a) to pay or reimburse the Administrative Agent for all its reasonable
and documented out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment,
supplement or modification to, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or
therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable and documented
fees and disbursements of counsel to the Administrative Agent (which counsel shall be limited to one firm of counsel to the Administrative
Agent and one additional firm of local counsel to the Administrative Agent in each applicable jurisdiction) and filing and recording fees
and expenses, with statements with respect to the foregoing to be submitted to the U.S. Borrower prior to the Restatement Effective Date
(in the case of amounts to be paid on the Restatement Effective Date) and from time to time thereafter on a quarterly basis or such other
periodic basis as the Administrative Agent shall deem appropriate, (b) to pay or reimburse each Lender, the Issuing Lender, the Swingline
Lender and the Administrative Agent for all its documented costs and expenses incurred in connection with the enforcement or preservation
of any rights under this Agreement, the other Loan Documents and any such other documents, including the reasonable and documented fees
and disbursements of counsel to each Lender and of counsel to the Administrative Agent (which counsel shall be limited to one firm of
counsel to the Administrative Agent and the Lenders (taken together as a single group or client), one additional firm of local counsel
to the Administrative Agent and the Lenders (taken together as a single group or client) in each applicable jurisdiction (which may include
a single firm of local counsel acting in multiple jurisdictions), additional counsel retained with the consent of the U.S. Borrower (such
consent not to be unreasonably withheld, conditioned or delayed) and, in the case of an actual or perceived conflict of interest where
the applicable Person affected by such conflict informs the U.S. Borrower of such conflict and thereafter retains its own counsel, of
another firm of counsel for such Person and, if necessary, one firm of local counsel in each appropriate jurisdiction (which may include
a single firm of local counsel acting in multiple jurisdictions) for such Person), (c) to pay, indemnify, and hold each Lender, the Issuing
Lender, the Swingline Lender and the Administrative Agent harmless from, any and all recording and filing fees and any and all liabilities
with respect to, or resulting from any delay in paying, stamp, excise and other Taxes, if any, that may be payable or determined to be
payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by,
or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents
and any such other documents, and (d) to pay, indemnify, and hold each Lender, the Issuing Lender, the Swingline Lender, the Arrangers,
any Syndication Agent, any Co-Documentation Agent and the Administrative Agent, their respective affiliates, and their respective officers,
directors, employees, agents, advisors and controlling persons (each, an “Indemnitee”) harmless from and against any
and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, reasonable and documented costs, expenses
or disbursements of any kind or nature whatsoever with respect to the syndication of the Facilities and the execution, delivery, enforcement,
performance and administration of this Agreement, the other Loan Documents and any such other documents, including any claim, litigation,
investigation or proceeding regardless of whether any Indemnitee is a party thereto and whether or not the same are brought by a Borrower,
its equity holders, affiliates or creditors or any other Person, including any of the foregoing relating to the use of proceeds of the
Loans or Letters of Credit (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the
documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit) or any actual or alleged
presence or Release of Hazardous Materials on or from any Real Estate or any Environmental Liability related in any way to the Group Member
or any of the properties and the reasonable and documented fees and expenses of legal counsel (it being agreed that legal counsel shall
be limited to one firm of counsel for all Indemnitees, taken as a whole, and if necessary, one firm of local counsel in each appropriate
jurisdiction (which may include a single firm of local counsel acting in multiple jurisdictions) for all Indemnitees, taken as a whole
(and, in the case of an actual or perceived conflict of interest where the applicable Indemnitee informs the U.S. Borrower of such conflict
and thereafter retains its own counsel, of another firm of counsel for such Indemnitee and, if necessary, one firm of local counsel in
each appropriate jurisdiction (which may include a single firm of local counsel acting in multiple jurisdictions) for such Indemnitee)),
including in connection with claims, actions or proceedings by any Indemnitee against any Loan Party under any Loan Document (all the
foregoing in this clause (d), collectively, the “Indemnified Liabilities”), provided, that the U.S. Borrower
shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent (i) such Indemnified Liabilities
are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence, bad faith
or willful misconduct of such Indemnitee or any of its Control Affiliates or a material breach in bad faith by such Indemnitee or any
of its Control Affiliates of its or their respective obligations under the Loan Documents (it being understood that, in each case, pending
the outcome of any such decision, the U.S. Borrower remains obligated to pay the Indemnified Liabilities on a current basis) or (ii) such
Indemnified Liabilities arise out of or in connection with any claim, litigation, investigation or proceeding that does not involve an
act or omission of a Borrower or any of its Affiliates and that is brought by an Indemnitee against any other Indemnitee (other than any
such claim, litigation, investigation or proceeding brought against any Indemnitee in its capacity as or in fulfillment of its role as
the Administrative Agent, the Arranger or any similar role in respect of a Facility), and provided, further, that this Section
10.5 shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. Without
limiting the foregoing, and to the extent permitted by applicable law, each of Holdings, the U.S. Borrower and the Canadian Borrower agrees
not to assert, and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries to waive, all rights
for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages,
costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise
against any Indemnitee. No Indemnitee shall be liable for any damages arising from the use by others of information or other materials
obtained through electronic, telecommunications or other information transmission systems, except to the extent any such damages are found
by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct
of such Indemnitee. To the extent permitted by applicable law, no party hereto and no Group Member shall assert, and each such party hereby
waives, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document,
or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby, any Loan or Letter of
Credit or the use of the proceeds thereof; provided that, nothing in this sentence shall relieve the U.S. Borrower of any obligation
it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by
a third party. All amounts due under this Section 10.5 shall be payable not later than 10 days after written demand therefor. Statements
payable by the U.S. Borrower pursuant to this Section 10.5 shall be submitted to Jay Peterson (Telephone No. (512) 396-5801) (Telecopy
No. (512) 754-2416), at the address of the U.S. Borrower set forth in Section 10.2, or to such other Person or address as may be hereafter
designated by the U.S. Borrower in a written notice to the Administrative Agent. The agreements in this Section 10.5 shall survive the
termination of this Agreement and the repayment of the Loans and all other amounts payable hereunder.

 

    136 

     

    

 

10.6          
Successors and Assigns; Participations and Assignments. (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 (including any affiliate of the Issuing
Lender that issues any Letter of Credit), except that (i) the U.S. Borrower may not 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 the U.S. Borrower
without such consent shall be null and void), (ii) the Canadian Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Revolving Lender (and any attempted assignment or transfer by the Canadian Borrower
without such consent shall be null and void), and (iii) no Lender may assign or otherwise transfer its rights or obligations hereunder
except in accordance with this Section.

 

(b)               
Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees
(an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of
its Commitments and the Loans at the time owing to it) with the prior written consent (not to be unreasonably withheld or delayed) of:

 

		(A)	the Borrower Representative, provided that no consent of the Borrower Representative shall be required for an assignment to
a Lender (other than a Defaulting Lender), an affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default under
Section 8(a) or (f) has occurred and is continuing, any other Person; and provided, further, that the Borrower Representative
shall be deemed to have consented to any such assignment unless the Borrower Representative shall object thereto by written notice to
the Administrative Agent within 10 Business Days after having received written notice thereof;

 

		(B)	the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of all or
any portion of a Term Loan to a Lender, an affiliate of a Lender or an Approved Fund;

 

		(C)	the Swingline Lender; provided that no consent of the Swingline Lender shall be required for an assignment of all or any portion
of a Term Loan; and

 

		(D)	the Issuing Lender; provided that no consent of the Issuing Lender shall be required for an assignment of all or any portion
of a Term Loan.

 

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

 

		(A)	except in the case of an assignment to a Lender, an affiliate of a Lender or an Approved Fund or an assignment of the entire remaining
amount of the assigning Lender’s Commitments or Loans under any Facility, the amount of the Commitments or 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 (i) in the case of the Revolving Facility, $5,000,000, in the case of the US Term
A Facility or an Incremental Term Facility incurred by the U.S. Borrower, $1,000,000 and (ii) in the case of the Canadian Term A Facility
or an Incremental Term Facility incurred by the Canadian Borrower, C$1,000,000, unless each of the Borrower Representative and the Administrative
Agent otherwise consent, provided that (1) no such consent of the Borrower Representative shall be required if an Event of Default
under Section 8(a) or (f) has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its affiliates
or Approved Funds, if any;

 

		(B)	(1) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with
a processing and recordation fee of $3,500 and (2) the assigning Lender shall have paid in full any amounts owing by it to the Administrative
Agent; and

 

    137 

     

    

 

		(C)	other than in the case of assignment pursuant to Section 10.6(f) below, the Assignee, if it shall not be a Lender, shall deliver to
the Administrative Agent an administrative questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information about the Borrowers and their respective Affiliates and their related parties
or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance
procedures and applicable laws, including Federal and state securities laws.

 

(iii)            
Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, 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 hereto but shall continue to be entitled to the benefits of Sections 2.18, 2.19, 2.20 and 10.5).
Any assignment or transfer by a Lender of rights or obligations under this Agreement (other than to a Disqualified Institution) that does
not comply with this Section 10.6 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 (c) of this Section. Any assignment or transfer by a Lender of rights or obligations
under this Agreement to a Disqualified Institution shall not be void, but the provisions of Section 10.6(e) shall apply.

 

(iv)             
The Administrative Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices a copy
of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amount (and stated interest) of the Loans and L/C Obligations 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, the Issuing Lender and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the
terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available
for inspection by the Borrower, any Issuing Lender, the Swingline Lender and any other Lender (but only as to its holdings), at any reasonable
time and from time to time upon reasonable prior notice.

 

(v)               
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 recorded in the Register as provided in this paragraph.

 

(vi)             
Each assignee, by its execution and delivery of an Assignment and Assumption, shall be deemed to have represented to the
assigning Lender and the Administrative Agent that such assignee is an Eligible Assignee. In no event shall the Administrative Agent be
obligated to ascertain, monitor or inquire as to whether any prospective assignee is an Eligible Assignee or have any liability with respect
to any assignment made to a Disqualified Institution or any other Person that is not an Eligible Assignee.

 

    138 

     

    

 

(c)               
Any Lender may, without the consent of the Borrower Representative 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 Commitments 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, the Issuing Lender 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 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
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (i)
requires the consent of each Lender directly affected thereby pursuant to the proviso to the second sentence of Section 10.1 and (ii)
directly affects such Participant. Each Lender that sells a participation agrees, at the Borrower Representative’s request and expense,
to use reasonable efforts to cooperate with the Borrower Representative to effectuate the provisions of Section 2.22 with respect to any
Participant. Each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.18, 2.19 and 2.20 (subject to
the requirements and limitations therein, including the requirements under Section 2.19(f) (it being understood that the documentation
required under Section 2.19(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (i) agrees to be subject to
the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section and (ii) shall not be entitled
to receive any greater payment under Sections 2.18 or 2.19, with respect to any participation, than its participating Lender would have
been entitled to receive, except to the extent such entitlement to receive a greater payment results from an adoption of or any change
in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether
or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof that occurs after
the Participant acquired the applicable participation. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 10.7(b) as though it were a Lender, provided such Participant shall be subject to Section 10.7(a) as though
it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an 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 the Loan Documents (the “Participant Register”); provided that
no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of
any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other
obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter
of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in
the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in
the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining
a Participant Register.

 

    139 

     

    

 

(d)               
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, 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. Each Borrower, upon receipt of written notice from the relevant Lender to the Borrower Representative, agrees to issue Notes
to any Lender requiring Notes to facilitate transactions of the type described in this paragraph (d).

 

(e)               
(i)If any assignment or participation is made to any Disqualified Institution in violation of this Section 10.6, the
U.S. Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative Agent,
(A) purchase or prepay the Loans or participation of such Disqualified Institution by paying the lowest of (x) the principal amount thereof
and (y) the amount that such Disqualified Institution paid to acquire such Loans or participation, in each case plus accrued interest,
accrued fees and all other amounts (other than principal amounts) payable to it hereunder in respect thereof, and cancel the Commitments
of such Disqualified Institution (or any Commitments in respect of any participation of such Disqualified Institution) and/or (B) require
such Disqualified Institution to assign, without recourse (in accordance with and subject to the restrictions contained in this Section
10.6), all of its interest, rights and obligations under (or in respect of) this Agreement to one or more Eligible Assignees at the lowest
of (x) the principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such interests, rights and obligations,
in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder in respect
thereof.

 

(ii)              
Notwithstanding anything to the contrary contained in this Agreement, (A) Disqualified Institutions will not (x) have the
right to receive information, reports or other materials provided to Lenders by the Borrower Representative or any of its Affiliates,
the Administrative Agent or any other Lender, (y) attend or participate in meetings attended by the Lenders and the Administrative Agent,
or (z) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of
the Administrative Agent or the Lenders and (B) (x) for purposes of any consent to any amendment, waiver or modification of, or any action
under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking
any action) under this Agreement or any other Loan Document, each Disqualified Institution will be deemed to have consented in the same
proportion as the Lenders that are not Disqualified Institutions consented to such matter, and (y) for purposes of voting on any Bankruptcy
Plan, each Disqualified Institution party hereto hereby agrees (1) not to vote on such Bankruptcy Plan, (2) if such Disqualified Institution
does vote on such Bankruptcy Plan notwithstanding the restriction in the foregoing clause (1), such vote will be deemed not to be in good
faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other
Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such Bankruptcy
Plan in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (3) not
to contest any request by any party for a determination by the Bankruptcy Court (or other applicable court of competent jurisdiction)
effectuating the foregoing clause (2).

 

    140 

     

    

 

(f)                
Any Lender may, so long as no Default or Event of Default has occurred and is continuing and no proceeds of Revolving Loans
or Swingline Loans are applied to fund the consideration for any such assignment, at any time, assign all or a portion of its rights and
obligations with respect to Term Loans to Holdings, the U.S. Borrower or the Canadian Borrower through Dutch auctions open to all Lenders
on a pro rata basis in accordance with the procedures of the type described in Section 2.27; provided that,

 

(i)       if
Holdings is the assignee, upon such assignment, transfer or contribution, Holdings shall automatically be deemed to have contributed the
principal amount of such Term Loans, plus all accrued and unpaid interest thereon, to the U.S. Borrower or Canadian Borrower, as applicable;
and

 

(ii)       if
the assignee is the U.S. Borrower or Canadian Borrower (including through contribution or transfer set forth in clause (i) above), (A)
the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so contributed, assigned or transferred to
the U.S. Borrower or Canadian Borrower, as applicable shall be deemed automatically cancelled and extinguished on the date of such contribution,
assignment or transfer, (B) the aggregate outstanding principal amount of Term Loans of the remaining Lenders shall reflect such cancellation
and extinguishment of the Term Loans then held by the U.S. Borrower or Canadian Borrower, applicable and (C) the U.S. Borrower or Canadian
Borrower, as applicable shall promptly provide notice to the Administrative Agent of such contribution, assignment or transfer of such
Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in
the Register.

 

10.7          
Adjustments; Set-off. (a) Except to the extent that this Agreement or a court order expressly provides for payments to be
allocated to a particular Lender or to the Lenders under a particular Facility, if any Lender (a “Benefitted Lender”)
shall receive any payment of all or part of the Obligations owing to it (other than in connection with an assignment made pursuant to
Section 10.6), or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings
of the nature referred to in Section 8(f), or otherwise), in a greater proportion than any such payment to or collateral received by any
other Lender, if any, in respect of the Obligations owing to such other Lender, such Benefitted Lender shall purchase for cash from the
other Lenders a participating interest in such portion of the Obligations owing to each such other Lender, or shall provide such other
Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or
benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess
payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and
benefits returned, to the extent of such recovery, but without interest; provided further, that to the extent prohibited by applicable
law as described in the definition of “Excluded Swap Obligation,” no amounts received from, or set off with respect to, any
Loan Party shall be applied to any Excluded Swap Obligations of such Loan Party.

 

(b)               
In addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without notice
to any Borrower, any such notice being expressly waived by each Borrower to the extent permitted by applicable law, upon any Obligations
becoming due and payable by a Borrower (whether at the stated maturity, by acceleration or otherwise), to apply to the payment of such
Obligations, by setoff or otherwise, any and all deposits (general or special, time or demand, provisional or final), in any currency,
and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured
or unmatured, at any time held or owing by such Lender, any affiliate thereof or any of their respective branches or agencies to or for
the credit or the account of such Borrower; provided that if any Defaulting Lender shall exercise any such right of setoff, (i)
all amounts so set-off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of this Agreement and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust
for the benefit of the Administrative Agent, the Issuing Lender, the Swingline Lender and the Lenders and (ii) the Defaulting Lender shall
provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender
as to which it exercised such right of set-off. Each Lender agrees promptly to notify the Borrower Representative and the Administrative
Agent after any such application made by such Lender, provided that the failure to give such notice shall not affect the validity
of such application.

 

    141 

     

    

 

10.8          
Counterparts. (a) This Agreement may be executed by one or more of the parties to this Agreement on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed
signature page of this Agreement by email or facsimile transmission shall be effective as delivery of a manually executed counterpart
hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower Representative and the Administrative
Agent.

 

(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
10.2), 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, (a) 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 or any other Loan Party without further verification thereof and without
any obligation to review the appearance or form of any such Electronic signature and (b) 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 and each Loan Party hereby (i) agrees that, for all purposes, including without limitation, in connection
with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders,
the Borrowers and the Loan Parties, 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) 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) waives 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) waives any claim against any Lender-Related Person 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 and/or any Loan Party to use any available security measures in connection with the execution,
delivery or transmission of any Electronic Signature.

 

    142 

     

    

 

10.9          
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

10.10       
Integration. This Agreement and the other Loan Documents represent the entire agreement of Holdings, the Borrowers, the
Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations
or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein
or in the other Loan Documents.

 

10.11       
GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

10.12       
Submission To Jurisdiction; Waivers. Each of the Administrative Agent, the Lenders, Holdings and each Borrower hereby irrevocably
and unconditionally:

 

(a)               
submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents
to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the courts
of the United States for the Southern District of New York sitting in the Borough of Manhattan (or, if such courts lack subject matter
jurisdiction, the courts of the State of New York sitting in the Borough of Manhattan), and appellate courts thereof; provided,
that nothing contained herein or in any other Loan Document will prevent any Lender or the Administrative Agent from bringing any action
to enforce any award or judgment or exercise any right under the Security Documents or against any Collateral or any other property of
any Loan Party in any other forum in which jurisdiction can be established;

 

(b)               
consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter
have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient
court and agrees not to plead or claim the same;

 

(c)               
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to it at its address set forth in Section 10.2 or at such
other address of which the Administrative Agent shall have been notified pursuant thereto;

 

    143 

     

    

 

(d)               
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law; and

 

(e)               
waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section any indirect, special, exemplary, punitive or consequential damages.

 

10.13       
Acknowledgements. Each of Holdings and each Borrower hereby acknowledges and agrees that (a) no fiduciary, advisory or agency
relationship between the Loan Parties and the Credit Parties is intended to be or has been created in respect of any of the transactions
contemplated by this Agreement or the other Loan Documents, irrespective of whether the Credit Parties have advised or are advising the
Loan Parties on other matters, and the relationship between the Credit Parties, on the one hand, and the Loan Parties, on the other hand,
in connection herewith and therewith is solely that of creditor and debtor, (b) the Credit Parties, on the one hand, and the Loan Parties,
on the other hand, have an arm’s length business relationship that does not directly or indirectly give rise to, nor do the Loan
Parties rely on, any fiduciary duty to the Loan Parties or their affiliates on the part of the Credit Parties, (c) the Loan Parties are
capable of evaluating and understanding, and the Loan Parties understand and accept, the terms, risks and conditions of the transactions
contemplated by this Agreement and the other Loan Documents, (d) the Loan Parties have been advised that the Credit Parties are engaged
in a broad range of transactions that may involve interests that differ from the Loan Parties’ interests and that the Credit Parties
have no obligation to disclose such interests and transactions to the Loan Parties, (e) the Loan Parties have consulted their own legal,
accounting, regulatory and tax advisors to the extent the Loan Parties have deemed appropriate in the negotiation, execution and delivery
of this Agreement and the other Loan Documents, (f) each Credit Party has been, is, and will be acting solely as a principal and, except
as otherwise expressly agreed in writing by it and the relevant parties, has not been, is not, and will not be acting as an advisor, agent
or fiduciary for the Loan Parties, any of their affiliates or any other Person, (g) none of the Credit Parties has any obligation to the
Loan Parties or their affiliates with respect to the transactions contemplated by this Agreement or the other Loan Documents except those
obligations expressly set forth herein or therein or in any other express writing executed and delivered by such Credit Party and the
Loan Parties or any such affiliate and (h) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue
of the transactions contemplated hereby among the Credit Parties or among the Loan Parties and the Credit Parties.

 

10.14       
Releases of Guarantees and Liens. (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document,
the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except
as expressly required by Section 10.1) to take any action requested by the Borrower Representative having the effect of releasing any
Collateral or guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document
or that has been consented to in accordance with Section 10.1 or (ii) under the circumstances described in paragraph (b) below.

 

(b)           At
such time as the Loans, the Reimbursement Obligations and the other obligations under the Loan Documents (other than any unasserted contingent
indemnification obligations and obligations under or in respect of Specified Swap Agreements or Specified Cash Management Agreements)
shall have been paid in full, the Commitments have been terminated and no Letters of Credit shall be outstanding (other than Letters
of Credit cash collateralized or backstopped in a manner satisfactory to the Issuing Lender), the Collateral shall be released from the
Liens created by the Security Documents, and the Security Documents and all obligations (other than those expressly stated to survive
such termination) of the Administrative Agent and each Loan Party under the Security Documents shall terminate, all without delivery
of any instrument or performance of any act by any Person.

 

    144 

     

    

 

(c)               
It is understood an agreed that (i) as of the Restatement Effective Date, Industrial Process Insulators, Inc. is an Immaterial
Subsidiary and (ii) on the Restatement Effective Date, Industrial Process Insulators, Inc. shall be released from its obligations under
the Security Documents to which it is a party, any guarantee by Industrial Process Insulators, Inc. of the Obligations shall be released
and the Collateral of Industrial Process Insulators, Inc. shall be released from the Liens created by such Security Documents.

 

10.15       
Confidentiality. Each of the Administrative Agent, each Issuing Lender and each Lender agrees to keep confidential all Information
(as defined below); provided that nothing herein shall prevent the Administrative Agent, any Issuing Lender or any Lender from
disclosing any such Information (a) to the Administrative Agent, any other Issuing Lender, any other Lender or any affiliate thereof (it
being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (b) subject to an agreement to comply with the provisions of this Section, to any actual
or prospective Transferee or any direct or indirect counterparty to any Swap Agreement (or any professional advisor to such counterparty)
(and it being understood that the list of Disqualified Institutions may be disclosed to a prospective Transferee on a confidential basis),
(c) to its employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its affiliates, (d)
upon the request or demand of any Governmental Authority having or purporting to have jurisdiction over it, (e) in response to any order
of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law; provided that,
in connection with any such order or Requirement of Law, the Administrative Agent, the Issuing Lender or such Lender, as applicable, shall,
to the extent permitted by law, rule or regulation, as soon as practicable notify the Borrowers thereof, (f) if requested or required
to do so in connection with any litigation or similar proceeding; provided that, in connection with any such request or requirement,
the Administrative Agent, the Issuing Lender or such Lender, as applicable, shall, to the extent permitted by law, rule or regulation,
as soon as practicable notify the Borrowers thereof, (g) that has been publicly disclosed (other than by such Person in violation of this
Section or any other confidentiality obligations owed to any Group Member known to the Administrative Agent, such Issuing Lender or such
Lender, as applicable), (h) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized
rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect
to such Lender, (i) to the extent reasonably required or necessary, in connection with the exercise of any remedy hereunder or under any
other Loan Document, or (j) if agreed by the Borrower Representative in its sole discretion, to any other Person. “Information”
means all information received from Holdings or a Borrower relating to the Group Members or their business, other than any such information
that is available to the Administrative Agent, any Issuing Lender or any Lender on a non-confidential basis (other than in violation of
this Section or any confidentiality obligations owed to a Group Member known to the Administrative Agent, such Issuing Lender or such
Lender, as applicable) prior to disclosure by Holdings or the applicable Borrower, as the case may be, and other than information pertaining
to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending
industry; provided that in the case of information received from Holdings or a Borrower after the date hereof, such information
is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided
in this Section 10.15 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.

 

    145 

     

    

 

Each Lender acknowledges that information furnished
to it pursuant to this Agreement or the other Loan Documents may include material non-public information concerning the Borrowers and
their respective Affiliates and their related parties or their respective securities, and confirms that it has developed compliance procedures
regarding the use of material non-public information and that it will handle such material non-public information in accordance with those
procedures and applicable law, including Federal and state securities laws.

 

All information, including requests for waivers and
amendments, furnished by Holdings, a Borrower or the Administrative Agent pursuant to, or in the course of administering, this Agreement
or the other Loan Documents will be syndicate-level information, which may contain material non-public information about Holdings, the
Borrowers and their respective Affiliates and their related parties or their respective securities. Accordingly, each Lender represents
to each of Holdings, each 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.

 

10.16       
WAIVERS OF JURY TRIAL. EACH OF THE PARTIES HERETO, INCLUDING HOLDINGS, THE BORROWERS, THE ADMINISTRATIVE AGENT AND THE
LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

10.17       
USA Patriot Act. Each Lender hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and
record information that identifies each Borrower, which information includes the name and address of each Borrower and other information
that will allow such Lender to identify each Borrower in accordance with the Patriot Act. The Loan Parties acknowledge that, pursuant
to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and other applicable Canadian anti-money laundering,
anti-terrorist financing, government sanction and “know your client” laws (collectively, including any guidelines or orders
thereunder, “CAML Legislation”), the Lenders and the Administrative Agent may be required to obtain, verify and record
information regarding the Loan Parties, their directors, authorized signing officers, direct or indirect shareholders or other Persons
in control of the Loan Parties, and the transactions contemplated hereby. The Borrowers shall promptly provide all such information, including
supporting documentation and other evidence, as may be reasonably requested by any Lender or the Administrative Agent, or any prospective
assignee or participant of a Lender or the Administrative Agent, in order to comply with any applicable CAML Legislation, whether now
or hereafter in existence. Each of the Lenders agrees that the Administrative Agent has no obligation to ascertain the identity of the
Loan Parties or any authorized signatories of the Loan Parties on behalf of any Lender, or to confirm the completeness or accuracy of
any information it obtains from the Loan Parties or any such authorized signatory in doing so.

 

10.18       
Judgment Currency. (a) The obligations of the Borrowers hereunder and under the other Loan Documents to make payments in
Dollars or Canadian Dollars, as applicable, shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed
in or converted into any currency other than Dollars or Canadian Dollars, as applicable, except to the extent that such tender or recovery
results in the effective receipt by the Administrative Agent or a Lender of the full amount of Dollars or Canadian Dollars, as applicable,
expressed to be payable to the Administrative Agent or Lender under this Agreement or the other Loan Documents. 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. 

 

    146 

     

    

 

(b)               
The obligations of the Borrowers 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, the U.S. 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 10.18 shall survive the
termination of this Agreement and the payment of all other amounts owing hereunder. 

 

10.19       
Borrower Representative. The Canadian Borrower hereby appoints the U.S. Borrower as its agent, attorney-in-fact and representative
for the purpose of (i) making any borrowing notices or other requests required under this Agreement, (ii) the giving and receipt of notices
by and to the U.S. under this Agreement, (iii) the delivery of all documents, reports, financial statements and other written materials
required to be delivered by the Borrowers under this Agreement, (iv) the making of determinations on behalf of the Borrowers as described
herein and (v) all other purposes incidental to any of the foregoing. The Canadian Borrower agrees that any action taken by the U.S. Borrower
as the agent, attorney-in-fact and representative of the Canadian Borrower shall be binding upon the Canadian Borrower to the same extent
as if directly taken by the Canadian Borrower. 

 

10.20       
Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any
Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any
liability of any Affected Financial Institution arising under any Loan Document 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:

 

(a)               
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

 

(b)               
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)       a
reduction in full or in part or cancellation of any such liability;

 

(ii)       a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such 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 respect to any such liability under this Agreement or any other Loan Document;
or

 

(iii)       the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.

 

    147 

     

    

 

10.21       
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and
each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the
Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of
such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported
QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United
States):

 

In the event a Covered Entity that is party to a
Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the
transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported
QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered
Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported
QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States
or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any
QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default
Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws
of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and
remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a
Supported QFC or any QFC Credit Support.

 

 

10.22       
Amendment and Restatement; No Novation. This Agreement constitutes an amendment and restatement of the Existing Credit Agreement,
effective from and after the Restatement Effective Date. The execution and delivery of this Agreement shall not constitute a novation
of any Indebtedness or other obligations owing to the lenders or the Administrative Agent under the Existing Credit Agreement based on
facts or events occurring or existing prior to the execution and delivery of this Agreement. On the Restatement Effective Date, the credit
facilities described in the Existing Credit Agreement shall be amended, supplemented, modified and restated in their entirety by the facilities
described herein.

 

    148 

     

    

 

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

 

	 	THERMON GROUP HOLDINGS, INC.
	 	 
	 	 
	 	By:	 /s/ Kevin Fox
	 	 	Name: Kevin Fox
	 	 	Title: Senior Vice President and Chief Financial Officer
	 	 
	 	 
	 	THERMON HOLDING CORP.
	 	 
	 	 
	 	By:	/s/ Kevin Fox
	 	 	Name: Kevin Fox
	 	 	Title: Vice President
	 	 
	 	 
	 	THERMON CANADA INC.
	 	 
	 	 
	 	By:	/ s/ Kevin Fox
	 	 	Name: Kevin Fox
	 	 	Title: Vice President
	 	 
	 	 
	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender
	 	 
	 	 
	 	By:	/s/ Joseph T. Nash
	 	 	Name: Joseph T. Nash
	 	 	Title: Authorized Officer

 

[Signature Page to Amended and
Restated Credit Agreement]Document

			
	

Third Amended and Restated Credit Agreement
Dated as of September 30, 2021
among
Centerspace, LP, 
as Borrower
the Guarantors from time to time party hereto,
the Lenders from time to time party hereto,
Bank of America, N.A. and PNC Bank, National Association,
as Syndication Agents 
and
Bank of Montreal,
as Administrative Agent
			
	

BMO Capital Markets Corp., BofA Securities, Inc., and
PNC Capital Markets LLC,
as Joint Lead Arrangers and Joint Book Runners

Third A&R Credit Agreement (Centerspace) 4831-4214-8601 v12.docx
4222634

Table of Contents
Section    Heading    Page
						
	Section 1.    The Credit Facilities	1

	Section 1.1.    Commitments	1

	Section 1.2.    Prior Term Loans	2

	Section 1.3.    Letters of Credit	2

	Section 1.4.    Applicable Interest Rates; Investment Grade Credit Rating Interest Rate Election	6

	Section 1.5.    Minimum Borrowing Amounts; Maximum Eurodollar Loans	8

	Section 1.6.    Manner of Borrowing Loans and Designating Applicable Interest Rates	8

	Section 1.7.    Maturity of Loans	10

	Section 1.8.    Prepayments and Prepayment Premium	10

	Section 1.9.    Default Rate	11

	Section 1.10.    Evidence of Indebtedness	11

	Section 1.11.    Funding Indemnity	12

	Section 1.12.    Commitment Terminations	13

	Section 1.13.    Substitution of Lenders	13

	Section 1.14.    Defaulting Lenders	13

	Section 1.15.    Increase in Commitments	16

	Section 1.16.    Extension of Termination Date	17

	Section 2.    Fees	17

	Section 3.    Place and Application of Payments	19

	Section 3.1.    Place and Application of Payments	19

	Section 4.    Guaranties	20

	Section 4.1.    Guaranties	20

	Section 4.2.    Further Assurances	21

	Section 5.    Definitions; Interpretation	21

	Section 5.1.    Definitions	21

	Section 5.2.    Interpretation	55

	Section 5.3.    Change in Accounting Principles	56

	Section 5.4.    Non-Wholly Owned Properties	56

	Section 5.5.    Divisions	56

	Section 6.    Representations and Warranties	57

	Section 6.1.    Organization and Qualification	57

	Section 6.2.    Subsidiaries	57

	Section 6.3.    Authority and Validity of Obligations	57

	Section 6.4.    Use of Proceeds; Margin Stock	58

	Section 6.5.    Financial Reports	58

	Section 6.6.    No Material Adverse Change	58

	Section 6.7.    Full Disclosure	59

						
	Section 6.8.    Trademarks, Franchises, and Licenses	59

	Section 6.9.    Governmental Authority and Licensing	59

	Section 6.10.    Good Title	59

	Section 6.11.    Litigation and Other Controversies	59

	Section 6.12.    Taxes	60

	Section 6.13.    Approvals	60

	Section 6.14.    Affiliate Transactions	60

	Section 6.15.    Investment Company	60

	Section 6.16.    ERISA	60

	Section 6.17.    Compliance with Laws	60

	Section 6.18.    OFAC	61

	Section 6.19.    Other Agreements	62

	Section 6.20.    Solvency	62

	Section 6.21.    No Default	62

	Section 6.22.    No Broker Fees.	62

	Section 6.23.    Condition of Property; Casualties; Condemnation	62

	Section 6.24.    Legal Requirements, and Zoning	62

	Section 6.25.    REIT Status	63

	Section 7.    Conditions Precedent	63

	Section 7.1.    All Credit Events	63

	Section 7.2.    Initial Credit Event	63

	Section 7.3.    Eligible Property Additions and Removals to the Unencumbered Asset Pool Properties	65

	Section 8.    Covenants	67

	Section 8.1.    Maintenance of Existence	67

	Section 8.2.    Maintenance of Properties	68

	Section 8.3.    Taxes and Assessments	68

	Section 8.4.    Insurance	68

	Section 8.5.    Financial Reports	69

	Section 8.6.    Inspection	72

	Section 8.7.    Liens	73

	Section 8.8.    Investments, Acquisitions, Loans and Advances	73

	Section 8.9.    Mergers, Consolidations, Divisions and Sales	74

	Section 8.10.    Maintenance of Subsidiaries	76

	Section 8.11.    ERISA	76

	Section 8.12.    Compliance with Laws	76

	Section 8.13.    Compliance with OFAC Sanctions Programs	77

	Section 8.14.    Burdensome Contracts With Affiliates	78

	Section 8.15.    No Changes in Fiscal Year	78

	Section 8.16.    Formation of Subsidiaries	78

	Section 8.17.    Change in the Nature of Business	79

ii

						
	Section 8.18.    Use of Proceeds	79

	Section 8.19.    No Restrictions	79

	Section 8.20.    Financial Covenants	79

	Section 8.21.    Unencumbered Asset Pool Requirements	80

	Section 8.22.    Electronic Delivery of Certain Information	80

	Section 8.23.    REIT Status	81

	Section 8.24.    Restricted Payments	81

	Section 8.25.    Most Favored Nation	83

	Section 9.    Events of Default and Remedies	83

	Section 9.1.    Events of Default	83

	Section 9.2.    NonBankruptcy Defaults	85

	Section 9.3.    Bankruptcy Defaults	86

	Section 9.4.    Collateral for Undrawn Letters of Credit	86

	Section 10.    Change in Circumstances	88

	Section 10.1.    Change of Law	88

	Section 10.2.    Unavailability of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR	88

	Section 10.3.    Increased Cost and Reduced Return	89

	Section 10.4.    Effect of a Benchmark Transition Event	90

	Section 10.5.    Discretion of Lender as to Manner of Funding	92

	Section 10.6.    Lending Offices; Mitigation Obligations	92

	Section 11.    The Administrative Agent	92

	Section 11.1.    Appointment and Authorization of Administrative Agent	92

	Section 11.2.    Administrative Agent and its Affiliates	93

	Section 11.3.    Action by Administrative Agent	93

	Section 11.4.    Consultation with Experts	93

	Section 11.5.    Liability of Administrative Agent; Credit Decision	93

	Section 11.6.    Indemnity	94

	Section 11.7.    Resignation and Removal of Administrative Agent and Successor Administrative Agent	95

	Section 11.8.    L/C Issuer and Line Lender.	95

	Section 11.9.    Hedging Liability, Funds Transfer and Deposit Account Liability, and Bank Product Obligations	96

	Section 11.10.    Designation of Additional Agents	96

	Section 11.11.    Authorization to Release Guaranties	96

	Section 11.12.    Authorization of Administrative Agent to File Proofs of Claim	96

	Section 11.13.    Certain ERISA Matters	97

	Section 11.14.    Recovery of Erroneous Payments	98

	Section 12.    Miscellaneous	99

	Section 12.1.    Taxes	99

	Section 12.2.    Reserved	102

iii

						
	Section 12.3.    No Waiver, Cumulative Remedies	103

	Section 12.4.    NonBusiness Days	103

	Section 12.5.    Survival of Representations	103

	Section 12.6.    Survival of Indemnities	103

	Section 12.7.    Sharing of SetOff	103

	Section 12.8.    Notices	104

	Section 12.9.    Counterparts; Integration; Effectiveness.
	105

	Section 12.10.    Successors and Assigns	106

	Section 12.11.    Participants	106

	Section 12.12.    Assignments	107

	Section 12.13.    Amendments	109

	Section 12.14.    Headings	110

	Section 12.15.    Costs and Expenses; Indemnification	110

	Section 12.16.    Setoff	113

	Section 12.17.    Entire Agreement	113

	Section 12.18.    Waiver of Jury Trial	114

	Section 12.19.    Severability of Provisions	114

	Section 12.20.    Excess Interest	114

	Section 12.21.    Construction	115

	Section 12.22.    Lender’s and L/C Issuer’s Obligations Several	115

	Section 12.23.    Governing Law; Jurisdiction; Consent to Service of Process	115

	Section 12.24.    USA Patriot Act	116

	Section 12.25.    Confidentiality	116

	Section 12.26.    No Advisory or Fiduciary Responsibility	117

	Section 12.27.    Acknowledgement and Consent to Bail-In of EEA Financial Institutions	117

	Section 12.28.    Amendment and Restatement; No Novation	118

	Section 12.29.    Equalization of Loans and Commitments	118

	Section 12.30.    Acknowledgement Regarding Any Supported QFCs	118

	Section 13.    The Guarantees	120

	Section 13.1.    The Guarantees	120

	Section 13.2.    Guarantee Unconditional	120

	Section 13.3.    Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances	121

	Section 13.4.    Subrogation	121

	Section 13.5.    Waivers	122

	Section 13.6.    Limit on Recovery	122

	Section 13.7.    Stay of Acceleration	122

	Section 13.8.    Benefit to Guarantors	122

	Section 13.9.    Guarantor Covenants	122

	Section 13.10.    Subordination	122

iv

						
	Section 13.11.    Keepwell	123

	Signature Page	1

Exhibit A    —    Notice of Payment Request
Exhibit B    —    Notice of Borrowing
Exhibit C    —    Notice of Continuation/Conversion
Exhibit D    —    Note
Exhibit E    —    Compliance Certificate
Exhibit F    —    Assignment and Acceptance
Exhibit G    —    Additional Guarantor Supplement
Exhibit H    —    Increase Request
Exhibit I1    —    Form of U.S. Tax Compliance Certificate
Exhibit I2    —    Form of U.S. Tax Compliance Certificate
Exhibit I3    —    Form of U.S. Tax Compliance Certificate
Exhibit I4    —    Form of U.S. Tax Compliance Certificate

Schedule 1    —    Commitments
Schedule 1.1    —    Initial Unencumbered Asset Pool Properties
Schedule 1.2    —    Existing Liens
Schedule 6.2    —    Subsidiaries
Schedule 8.8    —    Investments

v

Third Amended and Restated Credit Agreement
This Third Amended and Restated Credit Agreement (this “Agreement”) is entered into as of September 30, 2021, by and among Centerspace, LP (f/k/a IRET PROPERTIES), a North Dakota limited partnership (the “Borrower”), the Guarantors from time to time party to this Agreement, the several financial institutions from time to time party to this Agreement, as Lenders, Bank of America, N.A. and PNC Bank, National Association, as Syndication Agents, and Bank of Montreal, as Administrative Agent as provided herein.  All capitalized terms used herein without definition shall have the same meanings herein as such terms are defined in Section 5.1 hereof.
Preliminary Statement
Whereas, the Borrower, the Guarantors from time to time party thereto, the financial institutions party thereto as “Lenders,” KeyBank, National Association and PNC Bank, National Association, as Syndication Agents, and the Administrative Agent previously entered into a Second Amended and Restated Credit Agreement dated as of August 31, 2018 (as heretofore extended, renewed, amended, modified, amended and restated or supplemented, the “Prior Credit Agreement”).
Whereas, (i) the Borrower has requested, and the Lenders have agreed to extend, certain credit facilities on the terms and subject to the conditions set forth in this Agreement, and (ii) the Borrower has requested that certain other amendments be made to the Prior Credit Agreement, and the Administrative Agent and the Lenders have agreed to such requests on the terms and subject to the conditions set forth in this Agreement, which, for the sake of clarity and convenience, amends and restates the Prior Credit Agreement in its entirety.
Now, Therefore, in consideration of their mutual agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby amend and restate the Prior Credit Agreement in its entirety as follows:
Section 1.    The Credit Facilities.
    Section 1.1.    Commitments.  Subject to the terms and conditions hereof, each Lender, by its acceptance hereof, severally agrees to make a loan or loans (individually a “Loan” and collectively for all the Lenders the “Loans”) in U.S. Dollars to the Borrower from time to time on a revolving basis up to the amount of such Lender’s Commitment, subject to any reductions thereof or increases thereto, in each case, pursuant to the terms hereof, at any time before the Termination Date.  The sum of the aggregate principal amount of Loans and L/C Obligations at any time outstanding shall not exceed the Commitments in effect at such time .  Each Borrowing of Loans shall be made ratably by the Lenders in proportion to their respective Percentages.  As of the Closing Date (without giving effect to any Borrowing of Loans under this Agreement on the Closing Date), the aggregate outstanding principal amount of Loans advanced under the Prior Credit Agreement is $57,000,000, which outstanding Loans advanced under the Prior Credit Agreement shall continue as outstanding Loans under this Agreement.  As provided in 

Section 1.6(a) hereof, the Borrower may elect that each Borrowing of Loans be either Base Rate Loans or Eurodollar Loans.  Loans may be repaid and the principal amount thereof reborrowed before the Termination Date, subject to the terms and conditions hereof.
        Section 1.2.    Prior Term Loans.   The Loan Parties, Administrative Agent and Lenders hereby acknowledge and agree that the Lenders with “Term Loan Commitments” (as defined in the Prior Credit Agreement) severally and not jointly advanced loans (the “Prior Term Loans”) under the Prior Credit Agreement in an aggregate amount of $145,000,000.  Effective as of the Closing Date, the “Term Loan Commitments” under the Prior Credit Agreement are terminated and no Lender under this Agreement has any obligation to advance a term loan to the Borrower.  No amount repaid or prepaid on any Prior Term  Loan may be borrowed again.
    Section 1.3.    Letters of Credit.  (a) General Terms.  Subject to the terms and conditions hereof, as part of the Credit, the L/C Issuer agrees to issue standby and commercial letters of credit (each a “Letter of Credit”) for the account of the Borrower or any one or more of its Subsidiaries in an aggregate undrawn face amount up to the L/C Sublimit.  Each Letter of Credit shall be issued by the L/C Issuer, but each Lender shall be obligated to reimburse the L/C Issuer for such Lender’s Percentage of the amount of each drawing thereunder and, accordingly, each Letter of Credit shall constitute usage of the Commitment of each Lender pro rata in an amount equal to its Percentage of the L/C Obligations then outstanding.  
    (b)    Applications.  At any time before the Termination Date, the L/C Issuer shall, at the request of the Borrower, issue one or more Letters of Credit denominated in U.S. Dollars, in a form reasonably satisfactory to the Borrower and the L/C Issuer, with expiration dates no later than the earlier of 12 months from the date of issuance (or which are cancelable not later than 12 months from the date of issuance) or thirty (30) days prior to the Termination Date (subject to the sentence below in respect of Letters of Credit with expiration dates that are automatically extended), in an aggregate face amount up to the L/C Sublimit, upon the receipt of an application duly executed by the Borrower for the relevant Letter of Credit in the form then customarily prescribed by the L/C Issuer for the Letter of Credit requested (each an “Application”); provided, however, that the L/C Issuer may issue Letters of Credit with expiration dates later than the date that is thirty (30) days prior to the Termination Date (but in no event later than the date that is one year after the Termination Date) if the Borrower and the L/C Issuer enter into arrangements for the Cash Collateralization or backstop of such Letters of Credit sixty (60) days prior to the Termination Date in a manner reasonably satisfactory to the L/C Issuer. Notwithstanding anything contained in any Application to the contrary: (i) the Borrower shall pay fees in connection with each Letter of Credit as set forth in Section 2 hereof, (ii) except as otherwise provided in Section 1.8 or Section 1.14 hereof, unless an Event of Default is then continuing, the L/C Issuer will not call for the funding by the Borrower of any amount under a Letter of Credit before being presented with a drawing thereunder, and (iii) if the L/C Issuer is not timely reimbursed for the amount of any drawing under a Letter of Credit in accordance with Section 1.3(c) hereof, unless a Loan shall be made on such date in the amount of the Reimbursement Obligations and the proceeds thereof applied to pay such Reimbursement Obligations as contemplated by the last sentence of Section 1.3(c) hereof, the Borrower’s obligation to reimburse the L/C Issuer for the amount of such drawing shall bear interest (which the Borrower hereby promises to pay) from and after the date such drawing is paid at a rate per 
2

annum equal to the sum of the Applicable Margin plus the Base Rate from time to time in effect (computed on the basis of a year of 365 or 366 days, as the case may be, and the actual number of days elapsed).  If the L/C Issuer issues any Letter of Credit with an expiration date that is automatically extended unless the L/C Issuer gives notice that the expiration date will not so extend beyond its then scheduled expiration date, then the L/C Issuer will give such notice of nonrenewal before the time necessary to prevent such automatic extension if before such required notice date:  (i) the expiration date of such Letter of Credit if so extended would be after the date that is thirty (30) days prior to the Termination Date, (ii) the Commitments have been terminated, or (iii) a Default or an Event of Default is then continuing and either the Administrative Agent or the Required Lenders (with notice to the Administrative Agent) have given the L/C Issuer instructions not to so permit the extension of the expiration date of such Letter of Credit.  The L/C Issuer agrees to issue amendments to the Letter(s) of Credit increasing the amount, or extending the expiration date, thereof at the request of the Borrower subject to the conditions of Section 7 hereof and the other terms of this Section 1.3.  Notwithstanding anything contained herein to the contrary, the L/C Issuer shall be under no obligation to issue, extend or amend any Letter of Credit if a default of any Lender’s obligations to fund under Section 1.3(c) exists or any Lender is at such time a Defaulting Lender hereunder, unless the L/C Issuer has entered into arrangements with Borrower or such Lender satisfactory to the L/C Issuer to eliminate the L/C Issuer’s risk with respect to such Lender.
    (c)    The Reimbursement Obligations. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall promptly notify the Borrower and the Administrative Agent thereof.  Subject to Section 1.3(b) hereof, the obligation of the Borrower to reimburse the L/C Issuer for all drawings under a Letter of Credit (a “Reimbursement Obligation”) shall be governed by the Application related to such Letter of Credit, except that reimbursement shall be made by no later than 2:00 p.m. (Chicago time) on the date when each drawing is to be paid if the Borrower has been informed of such drawing by the L/C Issuer on or before 10:00 a.m. (Chicago time) on the date when such drawing is to be paid or, if notice of such drawing is given to the Borrower after 10:00 a.m. (Chicago time) on the date when such drawing is to be paid, by no later than 2:00 p.m. (Chicago time), on the following Business Day, in immediately available funds at the Administrative Agent’s principal office in Chicago, Illinois or such other office as the Administrative Agent may designate in writing to the Borrower (who shall thereafter cause to be distributed to the L/C Issuer such amount(s) in like funds).  If the Borrower does not make any such reimbursement payment on the date due and the Participating Lenders fund their participations therein in the manner set forth in Section 1.3(e) hereof, then all payments thereafter received by the Administrative Agent in discharge of any of the relevant Reimbursement Obligations shall be distributed in accordance with Section 1.3(e) hereof.
    (d)    Obligations Absolute.  The Borrower’s obligation to reimburse L/C Obligations as provided in Section 1.3(c) hereof shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement and the relevant Application under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein or 
3

herein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the L/C Issuer under a Letter of Credit against presentation of a draft or other document that does not strictly comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 1.3, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder, except, in each case, to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable Legal Requirements) suffered by the Borrower that are caused by the L/C Issuer’s gross negligence or willful misconduct on the part of the L/C Issuer (as determined by a court of competent jurisdiction by final and nonappealable judgment).  None of the Administrative Agent, the Lenders, or the L/C Issuer shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the L/C Issuer; provided that the foregoing shall not be construed to excuse the L/C Issuer from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable Legal Requirements) suffered by the Borrower that are caused by the L/C Issuer’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.  The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the L/C Issuer (as determined by a court of competent jurisdiction by final and nonappealable judgment), the L/C Issuer shall be deemed to have exercised care in each such determination.  In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the L/C Issuer may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.  
    (e)    The Participating Interests.  Each Lender (other than the Lender acting as L/C Issuer in issuing the relevant Letter of Credit), by its acceptance hereof, severally agrees to purchase from the L/C Issuer, and the L/C Issuer hereby agrees to sell to each such Lender (a “Participating Lender”), an undivided percentage participating interest (a “Participating Interest”), to the extent of its Percentage, in each Letter of Credit issued by, and each Reimbursement Obligation owed to, the L/C Issuer.  Upon any failure by the Borrower to pay any Reimbursement Obligation at the time required as set forth in Section 1.3(c) hereof, or if the L/C Issuer is required at any time to return to the Borrower or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Participating Lender shall, not later than the Business Day it receives a certificate in the form of Exhibit A hereto from the L/C Issuer (with a copy to the Administrative Agent) to such effect, if 
4

such certificate is received before 1:00 p.m. (Chicago time), or not later than 1:00 p.m. (Chicago time) the following Business Day, if such certificate is received after such time, pay to the Administrative Agent for the account of the L/C Issuer an amount equal to such Participating Lender’s Percentage of such unpaid or recaptured Reimbursement Obligation together with interest on such amount accrued from the date the related payment was made by the L/C Issuer to the date of such payment by such Participating Lender at a rate per annum equal to:  (i) from the date the related payment was made by the L/C Issuer to the date two (2) Business Days after payment by such Participating Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business Days after the date such payment is due from such Participating Lender to the date such payment is made by such Participating Lender, the Base Rate in effect for each such day.  Each such Participating Lender shall thereafter be entitled to receive its Percentage of each payment received in respect of the relevant Reimbursement Obligation and of interest paid thereon, with the L/C Issuer retaining its Percentage thereof as a Lender hereunder.  The several obligations of the Participating Lenders to the L/C Issuer under this Section 1.3 shall be absolute, irrevocable, and unconditional under any and all circumstances whatsoever and shall not be subject to any setoff, counterclaim or defense to payment which any Participating Lender may have or have had against the Borrower, the L/C Issuer, the Administrative Agent, any Lender or any other Person whatsoever.  Without limiting the generality of the foregoing, such obligations shall not be affected by any Default or Event of Default or by any reduction or termination of any Commitment of any Lender, and each payment by a Participating Lender under this Section 1.3 shall be made without any offset, abatement, withholding or reduction whatsoever.  
    (f)    Indemnification.  The Participating Lenders shall, to the extent of their respective Percentages, indemnify the L/C Issuer (to the extent not reimbursed by the Borrower) against any cost, expense (including reasonable counsel fees and disbursements), claim, demand, action, loss or liability (except such as result from such L/C Issuer’s gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment) that the L/C Issuer may suffer or incur in connection with any Letter of Credit issued by it.  The obligations of the Participating Lenders under this Section 1.3(f) and all other parts of this Section 1.3 shall survive termination of this Agreement and of all Applications, Letters of Credit, and all drafts and other documents presented in connection with drawings thereunder.
    (g)    Manner of Requesting a Letter of Credit.  The Borrower shall provide at least five (5) Business Days’ advance written notice to the Administrative Agent of each request for the issuance of a Letter of Credit, such notice in each case to be accompanied by an Application for such Letter of Credit properly completed and executed by the Borrower and, in the case of an extension or amendment or an increase in the amount of a Letter of Credit, a written request therefor, in a form reasonably acceptable to the Administrative Agent and the L/C Issuer, in each case, together with the fees called for by this Agreement.  The Administrative Agent shall promptly notify the L/C Issuer of the Administrative Agent’s receipt of each such notice (and the L/C Issuer shall be entitled to assume that the conditions precedent to any such issuance, extension, amendment or increase have been satisfied unless notified to the contrary by the Administrative Agent or the Required Lenders) and the L/C Issuer shall promptly notify the Administrative Agent and the Lenders of the issuance of the Letter of Credit so requested.
5

    (h)    Replacement of the L/C Issuer.  The L/C Issuer may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced L/C Issuer and the successor L/C Issuer.  The Administrative Agent shall notify the Lenders of any such replacement of the L/C Issuer.  At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced L/C Issuer.  From and after the effective date of any such replacement (i) the successor L/C Issuer shall have all the rights and obligations of the L/C Issuer under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “L/C Issuer” shall be deemed to refer to such successor or to any previous L/C Issuer, or to such successor and all previous L/C Issuers, as the context shall require.  After the replacement of a L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations of a L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.
    Section 1.4.    Applicable Interest Rates; Investment Grade Credit Rating Interest Rate Election .  (a) Base Rate Loans.  Each Base Rate Loan made or maintained by a Lender shall bear interest (computed on the basis of a year of 365 or 366 days, as the case may be, and the actual days elapsed) on the unpaid principal amount thereof from the date such Loan is advanced, or created by conversion from a Eurodollar Loan, until maturity (whether by acceleration or otherwise) at a rate per annum equal to the sum of the Applicable Margin plus the Base Rate from time to time in effect, payable by the Borrower on each Interest Payment Date and at maturity (whether by acceleration or otherwise).
“Base Rate” means, for any day, the rate per annum equal to the greatest of: (a) the rate of interest announced or otherwise established by the Administrative Agent from time to time as its prime commercial rate, or its equivalent, for U.S. Dollar loans to borrowers located in the United States as in effect on such day, with any change in the Base Rate resulting from a change in said prime commercial rate to be effective as of the date of the relevant change in said prime commercial rate (it being acknowledged and agreed that such rate may not be the Administrative Agent’s best or lowest rate), (b) the sum of (i) the Federal Funds Rate for such day, plus (ii) 1/2 of 1%, and (c) the LIBOR Quoted Rate for such day plus 1.00%.  As used herein, the term “LIBOR Quoted Rate” means, for any day, the rate per annum equal to the quotient of (i) the rate per annum (rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage point) for deposits in U.S. Dollars for a onemonth interest period as reported on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) as of 11:00 a.m. (London, England time) on such day (or, if such day is not a Business Day, on the immediately preceding Business Day) divided by (ii) one (1) minus the Eurodollar Reserve Percentage, provided that in no event shall the “LIBOR Quoted Rate” be less than 0.00%.
“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such 
6

next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the Administrative Agent on such day on such transactions as determined by the Administrative Agent; provided that in no event shall the Federal Funds Rate be less than 0.00%.
    (b)    Eurodollar Loans.  Each Eurodollar Loan made or maintained by a Lender shall bear interest during each Interest Period it is outstanding (computed on the basis of a year of 360 days and actual days elapsed) on the unpaid principal amount thereof from the date such Loan is advanced or continued, or created by conversion from a Base Rate Loan, until maturity (whether by acceleration or otherwise) at a rate per annum equal to the sum of the Applicable Margin plus the Adjusted LIBOR applicable for such Interest Period, payable by the Borrower on each Interest Payment Date and at maturity (whether by acceleration or otherwise).
“Adjusted LIBOR” means, for any Borrowing of Eurodollar Loans, a rate per annum determined in accordance with the following formula:
Adjusted LIBOR    =                          LIBOR                     
    1  Eurodollar Reserve Percentage
“Eurodollar Reserve Percentage” means the maximum reserve percentage, expressed as a decimal, at which reserves (including, without limitation, any emergency, marginal, special, and supplemental reserves) are imposed by the Board of Governors of the Federal Reserve System (or any successor) on “eurocurrency liabilities”, as defined in such Board’s Regulation D (or any successor thereto), subject to any amendments of such reserve requirement by such Board or its successor, taking into account any transitional adjustments thereto.  For purposes of this definition, the relevant Loans shall be deemed to be “eurocurrency liabilities” as defined in Regulation D without benefit or credit for any prorations, exemptions or offsets under Regulation D. The Eurodollar Reserve Percentage shall be adjusted automatically on and as of the effective date of any change in any such reserve percentage.
“LIBOR” means, for an Interest Period for a Borrowing of Eurodollar Loans, (a) the LIBOR Index Rate for such Interest Period, if such rate is available, and (b) if the LIBOR Index Rate cannot be determined, the arithmetic average of the rates of interest per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) at which deposits in U.S. Dollars in immediately available funds are offered to the Administrative Agent at 11:00 a.m. (London, England time) two (2) Business Days before the beginning of such Interest Period by three (3) or more major banks in the interbank eurodollar market selected by the Administrative Agent for delivery on the first day of and for a period equal to such Interest Period and in an amount equal or comparable to the principal amount of the Eurodollar Loan scheduled to be made as part of such Borrowing, subject to Section 10.2 in the event that the Administrative Agent shall conclude that it shall not be possible to determine such interpolated rate (which conclusion shall be conclusive and binding absent manifest error); provided that in no event shall “LIBOR” be less than 0.00%.
7

“LIBOR Index Rate” means, for any Interest Period, the rate per annum (rounded upwards, if necessary, to the next higher one hundredthousandth of a percentage point) for deposits in U.S. Dollars for a period equal to such Interest Period, as reported on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) as of 11:00 a.m. (London, England time) on the day two (2) Business Days before the commencement of such Interest Period.
    (c)    Rate Determinations.  The Administrative Agent shall determine each interest rate applicable to the Loans and the Reimbursement Obligations hereunder, and its good faith determination thereof shall be conclusive and binding except in the case of manifest error.  
    Section 1.5.    Minimum Borrowing Amounts; Maximum Eurodollar Loans. Each Borrowing of Base Rate Loans shall be in an amount not less than $100,000.  Each Borrowing of Eurodollar Loans advanced, continued or converted to a Eurodollar Loan shall be in an amount equal to $500,000 or such greater amount which is an integral multiple of $100,000.  Without the Administrative Agent’s consent, there shall not be more than six (6) Borrowings of Eurodollar Loans outstanding hereunder.  
    Section 1.6.    Manner of Borrowing Loans and Designating Applicable Interest Rates.  (a) Notice to the Administrative Agent.  The Borrower shall give notice to the Administrative Agent by no later than 2:00 p.m. (Chicago time):  (i) at least three (3) Business Days before the date on which the Borrower requests the Lenders to advance a Borrowing of Eurodollar Loans and (ii) at least one (1) Business Day before the date on which the Borrower requests the Lenders to advance a Borrowing of Base Rate Loans.  The Loans included in each Borrowing shall bear interest initially at the type of rate specified in such notice of a new Borrowing.  Thereafter, subject to the terms and conditions hereof, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Borrowing or, subject to the minimum amount requirement for each outstanding Borrowing set forth in Section 1.5 hereof, a portion thereof, as follows:  (i) if such Borrowing is of Eurodollar Loans, on the last day of the Interest Period applicable thereto, the Borrower may continue part or all of such Borrowing as Eurodollar Loans or convert part or all of such Borrowing into Base Rate Loans or (ii) if such Borrowing is of Base Rate Loans, on any Business Day, the Borrower may convert all or part of such Borrowing into Eurodollar Loans for an Interest Period or Interest Periods specified by the Borrower.  The Borrower shall give all such notices requesting the advance, continuation or conversion of a Borrowing to the Administrative Agent by telephone, telecopy, or other telecommunication device acceptable to the Administrative Agent (which notice shall be irrevocable once given and, if by telephone, shall be promptly confirmed in writing), substantially in the form attached hereto as Exhibit B (Notice of Borrowing) or Exhibit C (Notice of Continuation/Conversion), as applicable, or in such other form acceptable to the Administrative Agent.  Notice of the continuation of a Borrowing of Eurodollar Loans for an additional Interest Period or of the conversion of part or all of a Borrowing of Base Rate Loans into Eurodollar Loans must be given by no later than 2:00 p.m. (Chicago time) at least three (3) Business Days before the date of the requested continuation or conversion.  All such notices concerning the advance, continuation or conversion of a Borrowing shall specify the date of the requested advance, continuation or 
8

conversion of a Borrowing (which shall be a Business Day), the amount of the requested Borrowing to be advanced, continued or converted, the type of Loans to comprise such new, continued or converted Borrowing and, if such Borrowing is to be comprised of Eurodollar Loans, the Interest Period applicable thereto.  No Borrowing of Eurodollar Loans shall be advanced, continued, or created by conversion if any Default or Event of Default is then continuing.  The Borrower agrees that the Administrative Agent may rely on any such telephonic, telecopy or other telecommunication notice given by any person the Administrative Agent in good faith believes is an Authorized Representative without the necessity of independent investigation, and in the event any such notice by telephone conflicts with any written confirmation such telephonic notice shall govern if the Administrative Agent has acted in reliance thereon.
    (b)    Notice to the Lenders.  The Administrative Agent shall give prompt telephonic, telecopy or other telecommunication notice to each Lender of any notice from the Borrower received pursuant to Section 1.6(a) above and, if such notice requests the Lenders to make Eurodollar Loans, the Administrative Agent shall give notice to the Borrower and each Lender by like means of the interest rate applicable thereto promptly after the Administrative Agent has made such determination.
    (c)    Borrower’s Failure to Notify.  If the Borrower fails to give notice pursuant to Section 1.6(a) hereof of the continuation or conversion of any outstanding principal amount of a Borrowing of Eurodollar Loans before the last day of its then current Interest Period within the period required by Section 1.6(a) hereof and such Borrowing is not prepaid in accordance with Section 1.8(a) hereof, such Borrowing shall automatically be continued as a Borrowing of Eurodollar Loans with an Interest Period of one (1) month.  In the event the Borrower fails to give notice pursuant to Section 1.6(a) hereof of a Borrowing equal to the amount of a Reimbursement Obligation and has not notified the Administrative Agent by 2:00 p.m. (Chicago time) on the day such Reimbursement Obligation becomes due that it intends to repay such Reimbursement Obligation through funds not borrowed under this Agreement, the Borrower shall be deemed to have requested a Borrowing of Base Rate Loans under the Credit on such day in the amount of the Reimbursement Obligation then due, which Borrowing shall be applied to pay the Reimbursement Obligation then due.
    (d)    Disbursement of Loans.  Not later than 1:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing, subject to Section 7 hereof, each Lender shall make available its Loan comprising part of such Borrowing in funds immediately available at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the Administrative Agent shall designate).  The Administrative Agent shall make the proceeds of each new Borrowing available to the Borrower on the date of such Borrowing as instructed by the Borrower.
    (e)    Administrative Agent Reliance on Lender Funding.  Unless the Administrative Agent shall have been notified by a Lender prior to (or, in the case of a Borrowing of Base Rate Loans, by 1:00 p.m. (Chicago time) on) the date on which such Lender is scheduled to make payment to the Administrative Agent of the proceeds of a Loan (which notice shall be effective upon receipt) that such Lender does not intend to make such payment, the Administrative Agent 
9

may assume that such Lender has made such payment when due and the Administrative Agent may in reliance upon such assumption (but shall not be required to) make available to the Borrower the proceeds of the Loan to be made by such Lender and, if any Lender has not in fact made such payment to the Administrative Agent, such Lender shall, on demand, pay to the Administrative Agent the amount made available to the Borrower attributable to such Lender together with interest thereon in respect of each day during the period commencing on the date such amount was made available to the Borrower and ending on (but excluding) the date such Lender pays such amount to the Administrative Agent at a rate per annum equal to:  (i) from the date the related advance was made by the Administrative Agent to the date two (2) Business Days after payment by such Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business Days after the date such payment is due from such Lender to the date such payment is made by such Lender, the Base Rate in effect for each such day.  If such amount is not received from such Lender by the Administrative Agent immediately upon demand, the Borrower will, on demand, repay to the Administrative Agent the proceeds of the Loan attributable to such Lender with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Loan, but without such payment being considered a payment or prepayment of a Loan under Section 1.11 hereof so that the Borrower will have no liability under such Section with respect to such payment.
    Section 1.7.    Maturity of Loans.  Each Loan, including both the outstanding principal balance thereof and any accrued but unpaid interest thereon, shall mature and be due and payable by the Borrower on the Termination Date.
    Section 1.8.    Prepayments and Prepayment Premium.  (a) Optional.  The Borrower may prepay in whole or in part (but, if in part, in an amount not less than $100,000 or, if less, the entire remaining amount of any such Borrowing) any Borrowing (i) in the case of a Borrowing of Eurodollar Loans, at any time upon three (3) Business Days prior written notice by the Borrower to the Administrative Agent or (ii) in the case of a Borrowing of Base Rate Loans, upon written notice delivered by the Borrower to the Administrative Agent no later than 12:00 p.m. Noon (Chicago time) on the date of prepayment (or, in any case, such shorter period of time then agreed to by the Administrative Agent), such prepayment to be made by the payment of the principal amount to be prepaid, without premium or penalty, and, in the case of any Eurodollar Loans, accrued interest thereon to the date fixed for prepayment plus any amounts due the Lenders under Section 1.11 hereof; provided, such prepayment may be conditioned on the occurrence of any subsequent event (including a Change of Control or refinancing transaction), in which case such notice may be revoked by the Borrower (by written notice to the Administrative Agent on or prior to the specified effective date) if such event does not occur.  
    (b)    Mandatory. 
     (i)    If at any time outstanding principal amount of Loans exceeds the Commitments, the Borrower shall, within three (3) Business Days and without notice or demand, pay the amount of such excess to the Administrative Agent for the account of the Lenders as a mandatory prepayment of the Obligations then outstanding, with each such prepayment to be applied to the outstanding principal amount of the Loans and then any remaining balance to be 
10

held by the Administrative Agent in the Collateral Account as security for the Obligations owing with respect to the Letters of Credit.
        (ii)    [Reserved];
    (iii)    Unless the Borrower otherwise directs, prepayments of Loans under this Section 1.8(b) shall be applied first to Borrowings of Base Rate Loans until payment in full thereof with any balance applied to Borrowings of Eurodollar Loans in the order in which their Interest Periods expire.  Each prepayment of Loans under this Section 1.8(b) shall be made by the payment of the principal amount to be prepaid and, in the case of any Eurodollar Loans, accrued interest thereon to the date of prepayment together with any amounts due the Lenders under Section 1.11 hereof.  Each prefunding of L/C Obligations shall be made in accordance with Section 9.4 hereof.
    (c)    Borrowings.  Any amount of Loans paid or prepaid before the Termination Date may, subject to the terms and conditions of this Agreement, be borrowed, repaid and borrowed again.  
    Section 1.9.    Default Rate.  Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or after acceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations, letter of credit fees and other amounts of outstanding Obligations at a rate per annum equal to:
    (a)    for any Base Rate Loan, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; 
    (b)    for any Eurodollar Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
    (c)    for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3 hereof with respect to interest on such Reimbursement Obligation; 
    (d)    for any Letter of Credit, the sum of 2.0% plus the L/C Participation Fee due under Section 2(b) hereof with respect to such Letter of Credit; and
    (e)    for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with 
11

written notice to the Borrower.  Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders. 
    Section 1.10.    Evidence of Indebtedness.  (a)  Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder and under the other Loan Documents.
    (b)    The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Loan made hereunder, the type thereof and, if applicable, the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof.
    (c)    The entries maintained in the accounts maintained pursuant to Section 1.10(a) and 1.10(b) above shall be prima facie evidence of the existence and amounts of the Obligations therein recorded, absent manifest error; provided, however, that the failure of the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms.
    (d)    Any Lender may request that its Loans be evidenced by a promissory note or notes substantially in the form (which form may be altered to include amendment and restatement language to evidence the amendment and restatement of a Note issued to a Lender under the Prior Credit Agreement, if applicable) of Exhibit D (being hereinafter referred to collectively as the “Notes” and individually as a “Note”).  In such event, the Borrower shall prepare, execute and deliver to such Lender a Note payable to such Lender or its registered assigns in the amount of the relevant Commitment.  Thereafter, the Loans evidenced by such Note or Notes and interest thereon shall at all times (including after any assignment pursuant to Section 12.12 hereof) be represented by one or more Notes payable to the order of the payee named therein or any assignee pursuant to Section 12.12 hereof, except to the extent that any such Lender or assignee subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in Section 1.10(a) and 1.10(b) above.
    Section 1.11.    Funding Indemnity.  If any Lender shall incur any loss, cost or expense (including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain any Eurodollar Loan or the relending or reinvesting of such deposits or amounts paid or prepaid to such Lender) as a result of:
    (a)    any payment, prepayment or conversion of a Eurodollar Loan on a date other than the last day of its Interest Period, 
    (b)    any failure (other than the failure of the Lenders to make a Loan, but including because of a failure to satisfy the conditions set forth in Section 7) by the 
12

Borrower to borrow or continue a Eurodollar Loan, or to convert a Base Rate Loan into a Eurodollar Loan, on the date specified in a notice given pursuant to Section 1.2 or 1.6(a) hereof,
    (c)    any failure by the Borrower to make any payment of principal on any Eurodollar Loan when due (whether by acceleration or otherwise), or
    (d)    any acceleration of the maturity of a Eurodollar Loan as a result of the occurrence of any Event of Default hereunder,
then, upon the demand of such Lender, the Borrower shall pay to such Lender such amount as will reimburse such Lender for such loss, cost or expense.  If any Lender makes such a claim for compensation, it shall provide to the Borrower, with a copy to the Administrative Agent, a certificate setting forth the amount of such loss, cost or expense in reasonable detail (including an explanation of the basis for and the computation of such loss, cost or expense) and the amounts shown on such certificate shall be deemed prima facie correct absent manifest error.
    Section 1.12.    Commitment Terminations.  (a) Optional Commitment Terminations.  The Borrower shall have the right at any time and from time to time, upon five (5) Business Days prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent), to terminate the Commitments without premium or penalty and in whole or in part, any partial termination to be (i) in an amount not less than $5,000,000 and (ii) allocated ratably among the Lenders in proportion to their respective Percentages, provided that the Commitments may not be reduced to an amount less than the sum of the aggregate principal amount of Loans and L/C Obligations then outstanding; provided further, that such requested termination may be conditioned on the occurrence of any subsequent event (including a Change of Control or refinancing transaction), in which case such notice may be revoked by the Borrower (by written notice to the Administrative Agent on or prior to the specified effective date) if such event does not occur.  Any termination of the Commitments below the L/C Sublimit then in effect shall reduce the L/C Sublimit by a like amount.  The Administrative Agent shall give prompt notice to each Lender of any such termination of the Commitments.
    (b)    Reinstatement.  Any termination of the Commitments pursuant to this Section 1.12 may not be reinstated.
    Section 1.13.    Substitution of Lenders.  In the event (a) the Borrower receives a claim from any Lender for compensation under Section 10.3 or 12.1 hereof, (b) the Borrower receives notice from any Lender of any illegality pursuant to Section 10.1 hereof, (c) any Lender is then a Defaulting Lender, or (d) a Lender fails to consent to an amendment or waiver requested under Section 12.13 hereof requiring the consent of all Lenders or all affected Lenders at a time when the Required Lenders have approved such amendment or waiver (any such Lender referred to in clause (a), (b), (c), or (d) above being hereinafter referred to as an “Affected Lender”), the Borrower may, in addition to any other rights the Borrower may have hereunder or under applicable Legal Requirements, require, at its expense, any such Affected Lender to assign, at par, without recourse, all of its interest, rights, and obligations hereunder (including all of its Commitments and the Loans and participation interests in Letters of Credit and other amounts at 
13

any time owing to it hereunder and the other Loan Documents) to an Eligible Assignee specified by the Borrower, provided that (i) such assignment shall not conflict with or violate any law, rule or regulation or order of any court or other Governmental Authority, (ii) the Borrower shall have paid to the Affected Lender all monies (together with amounts due such Affected Lender under Section 1.11 hereof as if the Loans owing to it were prepaid rather than assigned) other than such principal owing to it hereunder, and (iii) the assignment is entered into in accordance with, and subject to the consents required by, Section 12.12 hereof (provided any assignment fees and reimbursable expenses due thereunder shall be paid by the Borrower).
    Section 1.14.    Defaulting Lenders . (a) Defaulting Lender Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable Legal Requirements:
    (i)    Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 12.13 hereof.
    (ii)    Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 9 hereof or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 12.7 hereof shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any L/C Issuer hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 9.4 hereof; fourth, as the Borrower may request (so long as no Event of Default is then continuing), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 9.4 hereof; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Event of Default is then continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Obligations in respect of which 
14

such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 7.1 hereof were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all NonDefaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with their Percentages of the relevant Commitments without giving effect to Section 1.14(a)(iv) below.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 1.14(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
    (iii)    Certain Fees. 
    (A)    No Defaulting Lender shall be entitled to receive any unused line fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).
    (B)    Each Defaulting Lender shall be entitled to receive L/C Participation Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 9.4 hereof.
    (C)    With respect to any L/C Participation Fee not required to be paid to any Defaulting Lender pursuant to clause (B) above, the Borrower shall pay to each NonDefaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such NonDefaulting Lender pursuant to clause (iv) below. 
    (iv)    Reallocation of Participations to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in L/C Obligations shall be reallocated among the NonDefaulting Lenders in accordance with their respective Percentages of the relevant  Commitments (calculated without regard to such Defaulting Lender’s Commitments) but only to the extent that (x) the conditions set forth in Section 7.1 hereof are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Loans and interests in L/C Obligations of any NonDefaulting Lender to exceed such NonDefaulting Lender’s Commitment.  No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a 
15

Defaulting Lender, including any claim of a NonDefaulting Lender as a result of such NonDefaulting Lender’s increased exposure following such reallocation.
    (v)    Cash Collateral. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to them hereunder or under law, Cash Collateralize the L/C Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 9.4 hereof.
    (b)    Defaulting Lender Cure.  If the Borrower, the Administrative Agent and each L/C Issuer agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit to be held pro rata by the Lenders in accordance with their respective Percentages of the relevant Commitments (without giving effect to Section 1.14(a)(iv) hereof), whereupon such Lender will cease to be a Defaulting Lender; provided, that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
    (c)    New Letters of Credit.  So long as any Lender is a Defaulting Lender, no L/C Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.
    (d)    Purchase of Defaulting Lender’s Commitment.  During any period that a Lender is a Defaulting Lender, the Borrower may, by giving written notice thereof to the Administrative Agent and such Defaulting Lender, demand that such Defaulting Lender assign its Commitment and Loans to an Eligible Assignee subject and in accordance with the provisions of Section 12.12 hereof.  No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee.  In addition, any Lender who is not a Defaulting Lender may, but shall not be obligated to, in its sole discretion, acquire the face amount of all or a portion of such Defaulting Lender’s Commitment and Loans via an assignment subject to and in accordance with the provisions of Section 12.12 hereof.  In connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably requested to effect such assignment, including an appropriate Assignment and Acceptance and shall pay to the Administrative Agent an assignment fee in the amount of $3,500.  The exercise by the Borrower of its rights under this Section 1.14 shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent or any of the Lenders.
    Section 1.15.    Section 1.15.    Increase in Commitments.  The Borrower may, from time to time, on any Business Day prior to the date that is six (6) months prior to the Termination Date, with the written consent of the Administrative Agent (such consent not to be unreasonably 
16

withheld, conditioned or delayed), increase the aggregate amount of the Commitments by delivering a commitment amount increase request, substantially in the form attached hereto as Exhibit H or in such other form acceptable to the Administrative Agent at least five (5) Business Days (or such shorter period of time as the Administrative Agent may reasonably consent) prior to the desired effective date of such increase (the “Commitment Amount Increase”), identifying one or more additional Lenders (or additional Commitments for existing Lender(s) or by a combination of existing Lenders and additional Lenders) and the amount of its Commitment (or additional amount of its Commitment(s)); provided, however, that (i) the aggregate amount of the Commitments shall not exceed $650,000,000 from and after the Closing Date, (ii) any Commitment Amount Increase shall be in an amount not less than $10,000,000, (iii) no Default or Event of Default shall have occurred and be continuing at the time of the effective date of the Commitment Amount Increase and (iv) all representations and warranties contained in Section 6 hereof shall be true and correct in all material respects (where not already qualified by materiality or Material Adverse Effect, otherwise in all respects) on the effective date of such Commitment Amount Increase (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct in all material respects (where not already qualified by materiality or Material Adverse Effect, otherwise in all respects) as of such earlier date).  The effective date of the Commitment Amount Increase shall be as set forth in the related commitment amount increase request.  Upon the effectiveness of a Commitment Amount Increase, the new Lender(s) (or, if applicable, existing Lender(s)) shall advance Loans in an amount sufficient such that after giving effect to its advance each Lender shall have outstanding its Percentage of Loans.  In connection with any Commitment Amount Increase, to the extent any Loans are repaid to an existing Lender in connection with the rebalancing of the outstanding Loans, Borrower shall pay any amounts owing to such Lenders pursuant to Section 1.11 hereof (unless any Lender owed any such amount waives such amount due by notice to the Administrative Agent).  The Commitments may not be increased if the Borrower has previously terminated any portion of the Commitments pursuant to Section 1.12 hereof.  The Borrower agrees to pay any reasonable and documented out-of-pocket expenses of the Administrative Agent relating to any Commitment Amount Increase and arrangement fees related thereto as agreed upon in writing between Administrative Agent and the Borrower.  Notwithstanding anything herein to the contrary, (x) no Lender shall have any obligation to increase its Commitment and, without its consent, no Lender’s Commitment shall be increased and each Lender may at its option, unconditionally and without cause, decline to increase its Commitment, (y) such declining Lender shall have no consent right with respect to such Commitment Amount Increase, and (z) any new Lender shall be acceptable to the Administrative Agent (to the extent the consent of the Administrative Agent would be required in connection with an assignment to such new Lender under Section 12.12(a)(iii) hereof) with such consent not to be unreasonably withheld or delayed.  Upon the effectiveness thereof, Schedule 1 shall be deemed amended to reflect any Commitment Amount Increase.  Any new or increasing Lender shall advance Loans in an amount sufficient such that after giving effect to its Loans each Lender shall have outstanding its Percentage of all Loans outstanding under the Commitments.  
    Section 1.16.    Extension of Termination Date.  The Borrower may, by written notice to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders) given at least thirty (30) days and not more than ninety (90) days prior to the then-existing Stated Termination Date, request that Lenders extend the date on which the Commitment is scheduled 
17

to expire for two (2) additional six (6)-month periods (each such extended date, the “Extended Termination Date”).  On the applicable Extended Termination Date, such extension will become effective subject to the Borrower’s timely delivery of such notice to the Administrative Agent and payment of the Extension Fee, and provided that on the date of the extension no Default or Event of Default has occurred and is continuing, the Termination Date shall be extended to the applicable Extended Termination Date.  Should the Termination Date be extended, the terms and conditions of this Agreement will apply during the extension period.
Section 2.    Fees.  
    (a)    Unused Line Fee and Facility Fee.  
        (i) Unused Line Fee Prior to Investment Grade Pricing Effective Date.  Prior to the Investment Grade Pricing Effective Date, the Borrower shall pay to the Administrative Agent for the ratable account of the Lenders in accordance with their Percentages an unused line fee at a rate per annum equal to (x) 0.15% if the actual daily Unused Commitments are less than or equal to 50% of the Commitments then in effect and (y) 0.25% if the actual daily Unused Commitments are greater than 50% of the Commitments then in effect (in each case, computed on the basis of a year of 360 days and the actual number of days elapsed) and determined based on the actual daily Unused Commitments during such previous quarter.  Such unused line fee shall be payable quarterly in arrears on the last day of each Fiscal Quarter in each Fiscal Year and on the Termination Date, unless the Commitments are terminated in whole on an earlier date, in which event the unused line fee for the period to the date of such termination in whole shall be calculated and paid on the date of such termination; provided that, for the first June 30th ending after the Fiscal Year Change Date, such unused line fee shall be in arrears for the two months then ended.
        (ii) Facility Fee After Investment Grade Pricing Effective Date.  On and after the Investment Grade Pricing Effective Date, the Borrower agrees to pay to the Administrative Agent for the account of the Lenders (other than a Defaulting Lender for such period of time as such Lender is a Defaulting Lender) in accordance with their respective Percentages a facility fee equal to an aggregate amount computed on a daily basis by multiplying the Facility Fee Percentage applicable to such day, calculated as a per diem rate, times the aggregate Commitment (excluding Commitments of Defaulting Lenders).  The facility fee shall be payable quarterly in arrears on the first day of each calendar quarter for the immediately preceding calendar quarter or portion thereof, and on any earlier date on which the Commitments shall be reduced or shall terminate as provided in Section 1.12, with a final payment on the Termination Date.
    (b)    Letter of Credit Fees.  On the date of issuance or extension, or increase in the amount, of any Letter of Credit pursuant to Section 1.3 hereof, the Borrower shall pay to the L/C Issuer for its own account a fronting fee equal to 0.25% of the face amount of (or of the increase in the face amount of) such Letter of Credit.  Quarterly in arrears, on the last day of each Fiscal Quarter in each Fiscal Year, the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders in accordance with their Percentages, a letter of credit fee (the “L/C Participation Fee”) at a rate per annum equal to the Applicable Margin for Eurodollar Loans 
18

(computed on the basis of a year of 360 days and the actual number of days elapsed) in effect during each day of such quarter applied to the daily average face amount of Letters of Credit outstanding during such quarter; provided that, for the first June 30th ending after the Fiscal Year Change Date, such letter of credit fee shall be in arrears for the two months then ended with respect to the daily average face amount of Letters of Credit outstanding during such two months then ended.  In addition, the Borrower shall pay to the L/C Issuer for its own account the L/C Issuer’s customary issuance, drawing, negotiation, amendment, cancellation, assignment, and other administrative fees for each Letter of Credit as established by the L/C Issuer from time to time. 
    (c)    Administrative Agent and Other Fees.  The Borrower shall pay to the Administrative Agent, for its own account and for the account of the Lenders, as applicable, the fees agreed to between the Administrative Agent and the Borrower in a third amended and restated fee letter dated September 7, 2021, or as otherwise agreed to in writing between the Borrower and the Administrative Agent.  The Borrower shall pay (i) to Bank of America, N.A., for its own account, the fees agreed to between Bank of America, N.A. and the Borrower in that certain fee letter1 dated September 3, 2021, or as otherwise agreed to in writing between the Borrower and Bank of America, N.A., and (ii) to PNC Bank, National Association and PNC Capital Markets LLC for their own account, the fees agreed to between PNC Bank, National Association, PNC Capital Markets LLC, and the Borrower in that certain fee letter dated August 30, 2021, or as otherwise agreed to in writing among PNC Bank, National Association, PNC Capital Markets LLC, and the Borrower.  
Section 3.    Place and Application of Payments.
    Section 3.1.    Place and Application of Payments.  All payments of principal of and interest on the Loans and the Reimbursement Obligations, and of all other Obligations payable by the Borrower under this Agreement and the other Loan Documents, shall be made by the Borrower to the Administrative Agent by no later than 1:00 p.m. (Chicago time) on the due date thereof at the office of the Administrative Agent in Chicago, Illinois (or such other location as the Administrative Agent may designate to the Borrower), for the benefit of the Lender(s) or L/C Issuer entitled thereto.  Any payments received after such time shall be deemed to have been received by the Administrative Agent on the next Business Day.  All such payments shall be made in U.S. Dollars, in immediately available funds at the place of payment, in each case without setoff or counterclaim.  The Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal or interest on Loans and on Reimbursement Obligations in which the Lenders have purchased Participating Interests ratably to the Lenders and like funds relating to the payment of any other amount payable to any Lender to such Lender, in each case to be applied in accordance with the terms of this Agreement; provided, that if the Administrative Agent does not distribute such funds to the Lenders on the date the Administrative Agent receives (or is deemed to receive) payment from the Borrower, the Administrative Agent shall promptly thereafter distribute such funds together with interest thereon in respect of each day during the period commencing on the date such payment from the Borrower was received by the Administrative Agent (or the date the Administrative Agent was 

1 To be confirmed
19

deemed to receive such payment) and ending on (but excluding) the date the Administrative Agent distributes such funds to the Lenders, at a rate per annum equal to the Federal Funds Rate for each such day; provided, further, that the Borrower’s payment obligations shall be satisfied upon and to the extent of the payment being made in the first and third sentences of this Section 3.1, without regard to any action or inaction by the Administrative Agent with respect to the proceeds of any such payment.  If the Administrative Agent causes amounts to be distributed to the Lenders in reliance upon the assumption that the Borrower will make a scheduled payment and such scheduled payment is not so made, each Lender shall, on demand, repay to the Administrative Agent the amount distributed to such Lender together with interest thereon in respect of each day during the period commencing on the date such amount was distributed to such Lender and ending on (but excluding) the date such Lender repays such amount to the Administrative Agent, at a rate per annum equal to:  (i) from the date the distribution was made to the date two (2) Business Days after payment by such Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business Days after the date such payment is due from such Lender to the date such payment is made by such Lender, the Base Rate in effect for each such day.
Anything contained herein to the contrary notwithstanding (including, without limitation, Section 1.8(b) hereof), all payments and collections received in respect of the Obligations and all payments under or in respect of the Guaranties received, in each instance, by the Administrative Agent or any of the Lenders after acceleration or the final maturity of the Obligations or termination of the Commitments as a result of an Event of Default shall be remitted to the Administrative Agent and distributed as follows:
    (a)    first, to the payment of any outstanding costs and expenses incurred by the Administrative Agent in protecting, preserving or enforcing rights under the Loan Documents, and in any event including all costs and expenses of a character which the Borrower has agreed to pay the Administrative Agent under Section 12.15 hereof (such funds to be retained by the Administrative Agent for its own account unless it has previously been reimbursed for such costs and expenses by the Lenders, in which event such amounts shall be remitted to the Lenders to reimburse them for payments theretofore made to the Administrative Agent);
    (b)    second, to the payment of any outstanding interest and fees due under the Loan Documents to be allocated pro rata in accordance with the aggregate unpaid amounts owing to each holder thereof;
    (c)    third, to the payment of principal on the Loans, unpaid Reimbursement Obligations, together with amounts to be held by the Administrative Agent as collateral security for any outstanding L/C Obligations pursuant to Section 9.4 hereof (until the Administrative Agent is holding an amount of cash equal to the then outstanding amount of all such L/C Obligations), and Hedging Liability, the aggregate amount paid to, or held as collateral security for, the Lenders and L/C Issuer and, in the case of Hedging Liability, their Affiliates to be allocated pro rata in accordance with the aggregate unpaid amounts owing to each holder thereof; 
20

    (d)    fourth, to the payment of all other unpaid Obligations and all other indebtedness, obligations, and liabilities of the Borrower and the Guarantors evidenced by the Loan Documents and Bank Product Obligations to be allocated pro rata in accordance with the aggregate unpaid amounts owing to each holder thereof; and
    (e)    finally, to the Borrower or whoever else may be lawfully entitled thereto.
Section 4.    Guaranties.
    Section 4.1.    Guaranties.  The payment and performance of the Obligations, Hedging Liability, and Bank Product Obligations shall at all times be guaranteed by (i) the Parent, the General Partner and each wholly-owned Subsidiary (that is a U.S. Person) of the Borrower that owns an Unencumbered Asset Pool Property and (ii) any other Person that is or becomes a guarantor under any Unsecured Ratable Debt, in each case pursuant to Section 13 hereof or pursuant to one or more guaranty agreements in form and substance reasonably acceptable to the Administrative Agent, as the same may be amended, modified or supplemented from time to time (individually a “Guaranty” and collectively the “Guaranties”; and the Parent, the General Partner, each such wholly-owned Subsidiary, and each such Person executing and delivering this Agreement as a Guarantor or any such separate Guaranty (including any Other Guarantor) being referred to herein as a “Guarantor” and collectively the “Guarantors”) and such that, after giving effect to clause (ii) above, the Obligations shall rank at least pari passu in payment priority with such Unsecured Ratable Debt. 
    Section 4.2.    Further Assurances.   In the event the Borrower desires to include any additional Eligible Property in the Unencumbered Asset Pool Value after the Closing Date, to the extent that such Eligible Property is not owned by the Borrower or by an existing Guarantor, as a condition to the inclusion of such Eligible Property in the Unencumbered Asset Pool Value, the Borrower shall cause the Subsidiary which owns such Eligible Property to execute a Guaranty or an Additional Guarantor Supplement in substantially the form of Exhibit G attached hereto (the “Additional Guarantor Supplement”) as the Administrative Agent may then require, and the Borrower shall also deliver to the Administrative Agent, or cause such Subsidiary to deliver to the Administrative Agent, at the Borrower’s cost and expense, such other instruments, documents, certificates, and opinions reasonably required by the Administrative Agent in connection therewith (including, for the sake of clarity, those items set forth in Section 7.3 hereof).  In addition, in the event the Borrower incurs any Unsecured Ratable Debt with respect to which a guarantor (an “Other Guarantor”) of such Unsecured Ratable Debt is not already a Guarantor hereunder, then the Borrower shall concurrently with the incurrence of such Unsecured Ratable Debt cause such Other Guarantor to execute an Additional Guarantor Supplement, and the Borrower shall also deliver to the Administrative Agent, or cause such Other Guarantor to deliver to the Administrative Agent, at the Borrower’s cost and expense, such other instruments, documents, certificates, and opinions required by the Administrative Agent in connection therewith (including, for the sake of clarity, those items set forth in Section 7.3 hereof).
21

Section 5.    Definitions; Interpretation
    Section 5.1.    Definitions.  The following terms when used herein shall have the following meanings:
“1031 Cash Proceeds” means cash proceeds from the sale of Property in a transaction under Section 1031 of the Code held by a qualifying intermediary; provided, that, such proceeds shall cease to be 1031 Cash Proceeds as of the date thirty (30) days prior to the last day on which Borrower or the applicable Subsidiary can consummate a tax-deferred transaction under Section 1031 of the Code.
“Act” is defined in Section 12.24 hereof.
“Additional Guarantor Supplement” is defined in Section 4.2 hereof.
“Adjusted EBITDA” means, at any date of its determination, an amount equal to (i) EBITDA for the most recently ended Rolling Period, minus (ii) the aggregate Annual Capital Expenditure Reserves.
“Adjusted LIBOR” is defined in Section 1.4(b) hereof.
“Administrative Agent” means Bank of Montreal, in its capacity as Administrative Agent hereunder, and any successor in such capacity pursuant to Section 11.7 hereof.
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
“Affected Lender” is defined in Section 1.13 hereof.
“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; provided that, in any event for purposes of this definition, any Person that owns, directly or indirectly, 10% or more of the securities having the ordinary voting power for the election of directors or governing body of a corporation or 10% or more of the partnership or other ownership interest of any other Person (other than as a limited partner of such other Person) will be deemed to control such corporation or other Person. 
“Agreement” means this Third Amended and Restated Credit Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time pursuant to the terms hereof.
“Annual Capital Expenditure Reserve” means, as at any date of determination with respect to any Real Property on which the lease of such Real Property does not require the 
22

Tenant to pay for all capital expenditures, an amount equal to the sum of (i) for any Real Property that is not a multifamily residential property and is not leased on a triple net basis, an amount equal to the product of (x) $0.25 multiplied by (y) the aggregate net rentable area, determined on a square footage basis of such Real Property, plus (ii) for any Real Property that is a multifamily residential property, an amount equal to the product of (x) $250 multiplied by (y) the number of units in such Real Property.
“Anti-Corruption Law” means the FCPA and any law, rule or regulation of any jurisdiction concerning or relating to bribery or corruption that are applicable to any Loan Party or any Subsidiary or Affiliate.
“Applicable Margin” means, on any date, with respect to Loans, Reimbursement Obligations, and letter of credit fees payable under Section 2 hereof: (i) prior to the Investment Grade Pricing Effective Date, the Leverage-Based Applicable Margin applicable thereto in effect at such time and (ii) at any time on and after the Investment Grade Pricing Effective Date, the Ratings-Based Applicable Margin applicable thereto in effect at such time.
For purposes hereof, the term “Pricing Date” means, for any Fiscal Quarter of the Borrower ending on or after September 30, 2021, the date on which the Administrative Agent is in receipt of the Borrower’s most recent Compliance Certificate and financial statements (and, in the case of the yearend financial statements, audit report) (the “Borrower Information”) for the Fiscal Quarter then ended, pursuant to Section 8.5 hereof.  The Applicable Margin shall be established based on the Consolidated Leverage Ratio for the most recently completed Fiscal Quarter and the Applicable Margin established on a Pricing Date shall remain in effect until the next Pricing Date.  If (a) an Event of Default exists or (b) the Borrower has not delivered the Borrower Information by the date the same is required to be delivered under Section 8.5 hereof, then, at the request of the Required Lenders, until such Event of Default no longer exists or such Borrower Information is delivered, the Applicable Margin shall be the highest Applicable Margin (i.e., Level IV shall apply); provided, the Administrative Agent will provide notice to Borrower when such highest Applicable Margin goes into effect.  If the Borrower subsequently delivers such Borrower Information before the next Pricing Date, the Applicable Margin established by such late delivered Borrower Information shall take effect from the date of delivery until the next Pricing Date.  In all other circumstances, the Applicable Margin established by such Borrower Information shall be in effect from the Pricing Date that occurs immediately after the end of the Fiscal Quarter covered by such Borrower Information until the next Pricing Date.  Each determination of the Applicable Margin made by the Administrative Agent in accordance with the foregoing shall be conclusive and binding on the Borrower and the Lenders if reasonably determined.  The parties understand that the Applicable Margin set forth herein shall be determined and may be adjusted from time to time based upon the Borrower Information.  If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including, without limitation, because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent and the Lenders, and if the applicable interest rate or fees calculated for any period were lower than they should have been had the correct information been timely provided, then such Applicable Margin for such period shall be automatically recalculated using the correct Borrower Information.  The Administrative Agent shall promptly notify the Borrower in writing of any additional interest and fees due because of 
23

such recalculation, and the Borrower shall pay within five (5) Business Days of receipt of such written notice such additional interest or fees due to the Administrative Agent, for the account of each Lender holding Commitments and Loans at the time the additional interest and fee payment is received.  Any recalculation of the Applicable Margin required by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative Agent’s or any Lender’s other rights under this Agreement.  If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including, without limitation, because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent and the Lenders, and if the applicable interest rate or fees calculated for any period were higher than they should have been had the correct information been timely provided, then neither the Administrative Agent nor any Lender shall be required to refund or return any portion of such interest or fee.
“Application” is defined in Section 1.3(b) hereof.
“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Arrangers” means BMO Capital Markets Corp., BofA Securities, Inc., and PNC Capital Markets LLC, as Joint Lead Arrangers and Joint Book Runners.
“Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 12.12 hereof), and accepted by the Administrative Agent, in substantially the form of Exhibit F or any other form approved by the Administrative Agent.
“Authorized Representative” means those persons shown on the list of officers provided by the Borrower pursuant to Section 7.2 hereof or on any update of any such list provided by the Borrower to the Administrative Agent, or any further or different officers of the Borrower so named by any Authorized Representative of the Borrower in a written notice to the Administrative Agent.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means (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 
24

(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).
“Bank Products” means each and any of the following bank products and services provided to any Loan Party by any Lender or any of its Affiliates:  (a) credit or charge cards for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards), (b) stored value cards, and (c) depository, cash management, and treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services).
“Bank Product Obligations” of the Borrower and the Guarantors means any and all of their obligations, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Bank Products.
“Bankruptcy Event” means, with respect to any Person, any event of the type described in clause (j) or (k) of Section 9.1 hereof with respect to such Person.
“Base Rate” is defined in Section 1.4(a) hereof.
“Base Rate Loan” means a Loan bearing interest at a rate specified in Section 1.4(a) hereof.
“Benchmark” means, initially, the LIBOR; provided that if replacement of the Benchmark has occurred pursuant to Section 10.4, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation thereof.
“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth below that can be determined by the Administrative Agent: 
(1)    For the purposes of Section 10.4(a):
(a)    the sum of: (a) Term SOFR and (b) 0.11448% (11.448 basis points) for an Available Tenor of one‐month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three‐months’ duration, and 0.42826% (42.826 basis points) for an Available Tenor of six‐months’ duration;  
(b)     the sum of: (a) Daily Simple SOFR and (b) 0.11448% (11.448 basis points); 
(2) For the purposes of Section 10.4(b), the sum of: (a) the alternate benchmark rate and (b) and adjustment that may be positive, negative or zero in each case that has been selected by 
25

the Administrative Agent and the Borrower as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention including any applicable recommendation made by the Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities at such time; 
If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” the timing and frequency of determining rates and making payments of interest, the timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).
“Benchmark Transition Event” means, with respect to any then-current Benchmark other than the LIBOR, the occurrence of a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation, in form and substance satisfactory to Administrative Agent.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 
26

“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”. 
“Borrower” is defined in the introductory paragraph of this Agreement.
“Borrower Materials” is defined in Section 8.5 hereof.
“Borrowing” means the total of Loans of a single type advanced, continued for an additional Interest Period, or converted from a different type into such type by the Lenders on a single date and, in the case of Eurodollar Loans, for a single Interest Period.  Borrowings of Loans are made and maintained ratably from each of the Lenders under a Credit according to their Percentages of such Credit.  A Borrowing is “advanced” on the day the Lenders (or the Administrative Agent, on behalf of the Lenders) advance funds comprising such Borrowing to the Borrower, is “continued” on the date a new Interest Period for the same type of Loans commences for such Borrowing, and is “converted” when such Borrowing is changed from one type of Loans to the other, all as determined pursuant to Section 1.6 hereof.  
“Business Day” means any day (other than a Saturday or Sunday) on which banks are not authorized or required to close in Chicago, Illinois and, if the applicable Business Day relates to the advance or continuation of, or conversion into, or payment of a Eurodollar Loan, on which banks are dealing in U.S. Dollar deposits in the interbank eurodollar market in London, England.
“Capital Lease” means any lease of Property which in accordance with GAAP is required to be capitalized on the balance sheet of the lessee.
“Capitalization Rate” means (a) 6.00% for apartment properties, and (b) 7.50% for all other Real Properties.
“Capitalized Lease Obligation” means, for any Person, the amount of the liability shown on the balance sheet of such Person in respect of a Capital Lease determined in accordance with GAAP.
“Cash Collateralize” means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the L/C Issuer or Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances subject to a first priority perfected security interest in favor of the Administrative Agent or, if the Administrative Agent and each applicable L/C Issuer shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and each applicable L/C Issuer.  “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.
27

“Cash Equivalents” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one (1) year from the date of acquisition thereof, (b) marketable direct obligations issued or fully guaranteed by any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing within one (1) year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s, (c) commercial paper maturing within one (1) year from the date of creation thereof and, at the time of acquisition, having a rating of at least A1 from S&P or at least P1 from Moody’s, (d) certificates of deposit, time deposits, overnight bank deposits or bankers’ acceptances maturing within one (1) year from the date of acquisition thereof issued by any bank organized under the laws of the United States or any state thereof or the District of Columbia having at the date of acquisition thereof combined capital and surplus of not less than $250,000,000, (e) deposit accounts maintained with (i) any bank that satisfies the criteria described in clause (d) above, or (ii) any other bank organized under the laws of the United States or any state thereof so long as the full amount maintained with any such other bank is fully insured by the Federal Deposit Insurance Corporation, (f) repurchase obligations of any commercial bank satisfying the requirements of clause (d) of this definition or recognized securities dealer having combined capital and surplus of not less than $250,000,000, having a term of not more than seven (7) days, with respect to securities satisfying the criteria in clauses (a) or (d) above, provided all such agreements require physical delivery of the securities securing such repurchase agreement, except those delivered through the Federal Reserve Book Entry System, and (g) investments in money market funds substantially all of whose assets are invested in the types of assets described in clauses (a) through (f) above.
“Change in Law” means the occurrence, after the Closing Date, of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority, or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the DoddFrank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.
“Change of Control” means any of (a) the acquisition by any “person” or “group” (as such terms are used in sections 13(d) and 14(d) of the Exchange Act), at any time of beneficial ownership of 35% or more of the outstanding Stock of the Parent on a fullydiluted basis, (b) the failure of individuals who are members of the board of directors (or similar governing body) of the Parent on the Closing Date (together with any new or replacement directors whose election or nomination for election was approved by a majority of the directors who were either directors on the Closing Date or whose election or nomination for election was previously so approved) to constitute a majority of the board of directors (or similar governing body) of the Parent, (c) a 
28

complete liquidation or dissolution of the Parent, (d) the failure of the Parent to own 100% of the Stock of the General Partner, (e) the failure of the General Partner to own at least 60% of the Stock of the Borrower, or (f) the failure of the General Partner to be the sole general partner of the Borrower.
“Closing Date” means the date of this Agreement or such later Business Day upon which each condition described in Section 7.2 hereof shall be satisfied or waived in a manner acceptable to the Administrative Agent in its discretion.
“Code” means the Internal Revenue Code of 1986, as amended, and any successor statute thereto.
“Collateral Account” is defined in Section 9.4(b) hereof.
“Commitment” means, as to any Lender, the obligation of such Lender to make Loans and to participate in Letters of Credit issued for the account of the Borrower hereunder in an aggregate principal or face amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1 attached hereto and made a part hereof, as the same may be reduced or modified at any time or from time to time pursuant to the terms hereof.  The Borrower, the Administrative Agent and the Lenders acknowledge and agree that the Commitments of the Lenders, in the aggregate, are equal to $250,000,000 on the Closing Date.
“Commitment Amount Increase” is defined in Section 1.15 hereof.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 
“Compliance Certificate” is defined in Section 8.5 hereof.
“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profit Taxes.
“Consolidated Leverage Ratio” means, as at any date of determination, the ratio of (i) Total Indebtedness as of such date to (ii) Total Asset Value as of such date.
“Consolidated Secured Leverage Ratio” means, as at any date of determination, the ratio of (i) Total Secured Indebtedness as of such date to (ii) Total Asset Value as of such date.
“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. 
29

“Controlled Group” means all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower, are treated as a single employer under Section 414 of the Code.
“Credit” means the credit facility for making Loans and issuing Letters of Credit described in Sections 1.1 and 1.3 hereof. 
“Credit Event” means the advancing of any Loan, or the issuance of, or extension of the expiration date or increase in the amount of, any Letter of Credit.
“Credit Rating” means, with respect to any Person, the rating assigned by a rating agency to the senior, unsecured, non-credit enhanced long term Indebtedness of such Person.
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.
“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect.
“Debt Service” means, with reference to any period, the sum of (a) Interest Expense for such period and (b)  scheduled principal amortization paid on Total Indebtedness for such period (exclusive of (x) any balloon payments or prepayments of principal paid on such Total Indebtedness, (y) principal amortization paid on any Indebtedness paid in full with proceeds of the initial Loans on or about the Closing Date and (z) principal amortization paid on any Indebtedness paid in full on or about the date on which the Borrower complies with Section 8.25 hereof).
“Default” means any event or condition the occurrence of which would, with the passage of time or the giving of notice, or both, constitute an Event of Default.
“Defaulting Lender” means, subject to Section 1.14(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two (2) Business Days of the date when due, (b) has notified the Borrower, the 
30

Administrative Agent or any L/C Issuer in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, at any time after the Closing Date (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 1.14(b) hereof) upon delivery of written notice of such determination to the Borrower, the L/C Issuer and each Lender.
“Development Assets” means (a) any Real Property as to which construction of the associated or contemplated improvement has commenced (either new construction or substantial renovation) but has not yet been completed such that a certificate of occupancy (or the local equivalent) for a substantial portion of the intended improvements has not yet been issued, or (b) any Real Property as to which a project has been completed, until the earlier to occur of (i) such Real Property achieving an Occupancy Rate of at least 80% and (ii) one (1) year after completion of such project. 
“Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent  has not received, by 5:00 p.m. (New York City time) on  the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.
“Early Opt-in Election” means the occurrence of: 
(1)    a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five currently 
31

outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 
(2)    the joint election by the Administrative Agent and the Borrower to trigger a fallback from LIBOR and the provision by the Administrative Agent of written notice of such election to the Lenders.
“EBITDA” means, for any period, determined on a consolidated basis of the Parent and its Subsidiaries in accordance with GAAP (subject to the proviso below), net income (or loss) for such period plus, without duplication and to the extent included as an expense in the calculation of net income (or loss) for such period, the sum of (i) depreciation and amortization expense; (ii) Interest Expense; (iii) income tax expense (including any interest or penalties related to the foregoing); and (iv) extraordinary, unrealized, or nonrecurring losses, including impairment charges and reserves; minus, without duplication and to the extent included in the calculation of net income (or loss) for such period, (a) funds received by the Borrower or a Subsidiary as rent but which are reserved for capital expenses; (b) extraordinary or unrealized gains on the sale of assets; (c) income tax benefits; and (d) interest income; provided, however, that, with respect to any Joint Venture, EBITDA shall be calculated based on that portion of foregoing income, add-backs and deductions allocated to such Person based on such Person’s percentage ownership interest held in such Joint Venture.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other Person (other than a natural person or holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural person) approved by (i) the Administrative Agent, (ii) in the case of any assignment of a Commitment, the L/C Issuer as provided for in Section 12.12 hereof, and (iii) unless an Event of Default has occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld, conditioned or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Parent, the General Partner, the Borrower, any Subsidiary or any other Affiliate of a Loan Party, any Subsidiary or any Defaulting Lender.
32

“Eligible Property” means, as of any Unencumbered Asset Pool Determination Date, any Real Property which satisfies the following conditions:
    (a)    at least eighty percent (80%) of such Real Property is owned in fee simple, individually or collectively, by the Borrower or a wholly-owned Subsidiary of the Borrower that is a Guarantor; 
    (b)    [reserved];
    (c)    (i) neither the Parent’s nor the Borrower’s, as applicable, beneficial ownership interest in the Borrower or such Guarantor, as applicable, nor the Real Property is subject to any Lien (other than Permitted UAP Liens or Liens in favor of the Administrative Agent and any Noteholders (any Liens granted to any Noteholders must be simultaneously granted to the Administrative Agent (on behalf of the Lenders) as security for the Obligations and rank pari passu in priority with such Noteholders’ Liens (and, if required by the Required Lenders, be subject to an acceptable intercreditor agreement,))) or to any negative pledge (other than the negative pledge set forth herein, in the Treasury Management Line, or in agreements evidencing Unsecured Ratable Debt or a Material Credit Facility as provided for herein), (ii) the Borrower or the applicable Guarantor has the unilateral right to sell, transfer or otherwise dispose of such Real Property and to create a Lien on such Real Property as security for Indebtedness (other than restrictions imposed by the negative pledge set forth herein, in the Treasury Management Line, or in agreements evidencing Unsecured Ratable Debt or a Material Credit Facility as provided for herein), and (iii) if the Real Property is owned by a Subsidiary, such Subsidiary shall have either executed this Agreement as a Guarantor or shall have delivered to the Administrative Agent (A) an Additional Guarantor Supplement or a separate Guaranty pursuant to Section 4.2 hereof, and (B) each of the documents required by Section 7.3 hereof;
    (d)    such Real Property has an Occupancy Rate of at least 70%;
    (e)    such Real Property, to the applicable Loan Party’s actual knowledge, is free of all material structural defects or major architectural deficiencies, material title defects, material environmental conditions or other adverse matters which, individually or collectively, materially impair the value of such Real Property; 
    (f)    Tenants of such Real Property under Significant Leases, if any, are no more than 60 days in arrears on base rental or other similar payments due under their applicable Significant Leases; 
    (g)    such Real Property is an operating multifamily residential property located in the contiguous United States; and
    (h)    if such Real Property is owned in a tenancy-in-common structure, such Real Property (i) is subject to a TIC Agreement and Management Agreement, each in form and substance acceptable to the Administrative Agent, including, without limitation, 
33

that management of such Real Property shall be controlled solely by the Borrower or any other Loan Party, and with respect to which there do not exist any defaults, events of default or events which, with the passage of time or the giving of notice, would constitute a default or event of default and (ii) is not the subject of any proceeding at law or in equity to have such Real Property partitioned, including without limitation, the filing of a complaint in connection therewith.
“Environmental Claim” means any investigation, notice, violation, demand, allegation, action, suit, injunction, judgment, order, consent decree, penalty, fine, lien, proceeding or claim (whether administrative, judicial or private in nature) arising (a) pursuant to, or in connection with an actual or alleged violation of, any Environmental Law, (b) in connection with any Hazardous Material, (c) from any abatement, removal, remedial, investigative, corrective or response action in connection with a Hazardous Material, Environmental Law or order of a Governmental Authority or (d) from any actual or alleged damage, injury, threat or harm to health, safety, natural resources or the environment.
“Environmental Law” means any current or future Legal Requirement pertaining to (a) the protection of health, safety and the indoor or outdoor environment, (b) the conservation, management, protection or use of natural resources and wildlife, (c) the protection or use of surface water or groundwater, (d) the management, manufacture, possession, presence, use, generation, transportation, treatment, storage, disposal, Release, threatened Release, abatement, removal, investigation, remediation or handling of, or exposure to, any Hazardous Material or (e) pollution (including any Release to air, land, surface water or groundwater), and any amendment, rule, regulation, order or directive issued thereunder.
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, costs of compliance, penalties or indemnities), of any Loan Party or any Subsidiary of a Loan Party directly or indirectly resulting from or based upon (a) any actual or alleged 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 legally enforceable 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, as amended, or any successor statute thereto.
“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.
“Eurodollar Loan” means a Loan bearing interest at the rate specified in Section 1.4(b) hereof.
“Eurodollar Reserve Percentage” is defined in Section 1.4(b) hereof.
34

“Event of Default” means any event or condition identified as such in Section 9.1 hereof.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason not to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation.  If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 1.13 hereof) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 12.1 amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 12.1(g), and (d) any U.S. federal withholding Taxes imposed under FATCA.
“Extension Fee” means an extension fee payable by the Borrower to the Administrative Agent for the ratable benefit of the Lenders as a condition to the extension of the Termination Date pursuant to Section 1.16 hereof in an amount equal to 0.075% of the Commitments then in effect.
“Extended Termination Date” is defined in Section 1.16 hereof. 
“Facility Fee Percentage” means the percentage set forth in the table in the definition of the term “Ratings-Based Applicable Margin” corresponding to the level at which the Ratings-Based Applicable Margin is determined in accordance with the definition thereof.  Any change in the applicable level at which the Leverage-Based Applicable Margin is determined shall result in a corresponding and simultaneous change in the Facility Fee Percentage.
35

“FATCA” means Sections 1471 through 1474 of the Code, as of the Closing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and any agreements entered into pursuant to Section 1471(b) of the Code.
“FCPA” means the Foreign Corrupt Practices Act, 15 U.S.C. §§78dd1, et seq.
“Federal Funds Rate” is defined in Section 1.4(a) hereof.
“Fiscal Quarter” means (each of the three-month periods ending on March 31, June 30, September 30 and December 31. 
“Fiscal Year” means each twelve-month period ending on December 31st. 
“Fiscal Year Change Date” means May 1st in any calendar year in which the Borrower elects pursuant to Section 8.15 to adjust its Fiscal Year from a twelve-month period ending on April 30th to a twelve-month period ending on December 31st.  
“Fixed Charge Coverage Ratio” means, as at any date of determination, the ratio of (i) Adjusted EBITDA for the Rolling Period then ended to (ii) Fixed Charges for such Rolling Period.
“Fixed Charges” means, with reference to any Rolling Period, (a) Debt Service for such period, plus (b) cash income taxes paid during such period, plus (c) dividends on preferred equity made during such period (exclusive of dividends paid on preferred equity that is redeemed on or about the Closing Date), plus (d) payments of base rent under Ground Leases made during such period, unless such payments are deducted from Property NOI and EBITDA; provided, that, Fixed Charges shall not include non-cash charges from the amortization of upfront fees paid in connection with the closing of the Prior Credit Agreement and this Agreement.  
“Foreign Lender” means a Lender that is not a U.S. Person. 
“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to any L/C Issuer, such Defaulting Lender’s Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such L/C Issuer other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.
“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.
“GAAP” means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within 
36

the U.S. accounting profession), which are applicable to the circumstances as of the date of determination.
“GAAP Change” is defined in Section 5.3 hereof.
“General Partner” means Centerspace, Inc., a North Dakota corporation.
“Governmental Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supranational bodies such as the European Union or the European Central Bank).
“Ground Lease” means a ground lease of real Property.
“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.
“Guarantor” and “Guarantors” are defined in Section 4.1 hereof.
“Guaranty” and “Guaranties” are defined in Section 4.1 hereof.
“Hazardous Material” means any substance, chemical, compound, product, solid, gas, liquid, waste, byproduct, pollutant, contaminant or material which is hazardous, toxic, or a pollutant and includes, without limitation, (a) asbestos, polychlorinated biphenyls and petroleum (including crude oil or any fraction thereof) and (b) any material classified or regulated as “hazardous,” “toxic,” or a “pollutant” or words of like import pursuant to an Environmental Law. 
“Hazardous Material Activity” means any activity, event or occurrence involving a Hazardous Material, including, without limitation, the manufacture, possession, presence, use, generation, transportation, treatment, storage, disposal, Release, threatened Release, abatement, removal, remediation, handling of or corrective or response action to any Hazardous Material.
37

“Hedging Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions.

    “Hedging Liability” means the amounts, obligations and liabilities of the Borrower or any Guarantor under any Hedging Agreement to any Person that is a Lender under this Agreement, or any Affiliate of such Lender, at the time the Borrower or such Guarantor, as the case may be, enters into such Hedging Agreement with such Lender or its Affiliates (whether or not such Lender remains a Lender hereunder), whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all amendments, restatements, supplements, renewals, extensions and modifications thereof and substitutions therefor).
“Included Development Asset” means a Development Asset as to which all currently intended phases of the project have been completed and which first reaches 70% occupancy during the one (1) year period after completion of all such phases of such project.  For the avoidance of doubt, no Development Asset purchased by any Loan Party at or around or substantially contemporaneously with the issuance of a certificate of occupancy (or the local equivalent) for such project shall be an Included Development Asset.
“Indebtedness” means for any Person (without duplication) (a) all indebtedness created, assumed or incurred in any manner by such Person representing money borrowed (including as evidenced by bonds, debentures, notes, loan agreements and other similar instruments), (b) all indebtedness for the deferred purchase price of property or services (other than trade accounts payable arising in the ordinary course of business), (c) all Capitalized Lease Obligations of such Person, (d) all direct or contingent obligations of such Person on or with respect to letters of credit, bankers’ acceptances, bank guarantees, surety bonds and other similar extensions of credit whether or not representing obligations for borrowed money, (e) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of disqualified stock, (f) guarantees of such Person in respect of obligations of the kind referred to in clauses (a) through (e) above, (g) the negative mark-to-market value of interest rate swaps, and (h) all obligations of the kind referred to in clauses (a) through (g) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien upon Property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such indebtedness, but limited to the lesser of (1) the fair market value of the Property subject to such Lien and (2) the aggregate amount of the obligations so secured.
“Indemnified Taxes” means (a) all Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.
“Initial Unencumbered Asset Pool Properties” means, collectively, the Real Property listed on Schedule 1.1 and “Initial Unencumbered Asset Pool Property” means any of such Real Property.
38

“Interest Expense” means, with respect to a Person for any period of time, the interest expense whether paid, accrued or capitalized (without deduction of consolidated interest income) of such Person for such period.  Interest Expense shall exclude any amortization of (i) deferred financing fees, including the write-off of such fees relating to the early retirement of the related Indebtedness, and (ii) debt discounts (but only to the extent such discounts do not exceed 3.0% of the initial face principal amount of such Indebtedness).
“Interest Payment Date” means (a) with respect to any Eurodollar Loan, the last day of each Interest Period with respect to such Eurodollar Loan and, if the applicable Interest Period is longer than (3) three months, each day occurring every three (3) months after the commencement of such Interest Period, (b) with respect to any Base Rate Loan, the last day of every Fiscal Quarter and (c) with respect to any Eurodollar Loan and/or any Base Rate Loan, the Termination Date.
“Interest Period” means the period commencing on the date a Borrowing of Eurodollar Loans is advanced, continued, or created by conversion and ending 1, 3, or 6 months thereafter, provided, however, that:
    (i)    no Interest Period shall extend beyond the Termination Date;
    (ii)    whenever the last day of any Interest Period would otherwise be a day that is not a Business Day, the last day of such Interest Period shall be extended to the next succeeding Business Day, provided that, if such extension would cause the last day of an Interest Period for a Borrowing of Eurodollar Loans to occur in the following calendar month, the last day of such Interest Period shall be the immediately preceding Business Day; and
    (iii)    for purposes of determining an Interest Period for a Borrowing of Eurodollar Loans, a month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month; provided, however, that if there is no numerically corresponding day in the month in which such an Interest Period is to end or if such an Interest Period begins on the last Business Day of a calendar month, then such Interest Period shall end on the last Business Day of the calendar month in which such Interest Period is to end.
“Investment Grade Credit Rating” means, with respect to the Parent or the Borrower, a Credit Rating of at least BBB- by S&P or Baa3 by Moody’s, and such rating shall not be accompanied by (a) in the case of S&P, a negative outlook, creditwatch negative or the equivalent thereof, or (b) in the case of Moody’s, a negative outlook, a review for possible downgrade or the equivalent thereof. 
“Investment Grade Pricing Effective Date” means the first Business Day following the later of the date on which (a) the Investment Grade Credit Rating has been satisfied and (b) the Borrower has delivered to the Administrative Agent (and the Administrative Agent shall promptly provide a copy of such notice to the Lenders) a certificate signed by an Authorized Representative of the Borrower (i) certifying that the Investment Grade Credit Rating has been 
39

satisfied (which certification shall also set forth the Credit Rating(s) as in effect, if any, from each of S&P and Moody’s as of such date) and (ii) notifying the Administrative Agent that the Borrower has irrevocably elected to have the Ratings-Based Applicable Margin apply to the pricing of the Loans.
“Investments” is defined in Section 8.8 hereof.
“Joint Venture” means any Person that is not a Subsidiary and in which any Loan Party or a Subsidiary of a Loan Party owns, directly or indirectly, any Stock.
“Land Assets” means any Real Property that is raw or undeveloped land (other than improvements that are not material and are temporary in nature) and which is not a Development Asset and which does not generate rental revenues under a Ground Lease.
“L/C Issuer” means BMO Harris Bank N.A., in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 1.3(h) hereof and any other Lender designated by the Borrower and approved in writing by the Administrative Agent in its sole discretion.
“L/C Obligations” means the aggregate undrawn face amounts of all outstanding Letters of Credit and all unpaid Reimbursement Obligations.
“L/C Participation Fee” is defined in Section 2(b) hereof.
“L/C Sublimit” means $10,000,000, as such amount may be reduced pursuant to the terms hereof.
“Lease” means each existing or future lease, sublease (to the extent of any property owner’s rights thereunder), license, or other similar agreement under the terms of which any Person has or acquires any right to occupy or use any Real Property or any part thereof, or interest therein, as the same may be amended, supplemented or modified.
“Legal Requirement” means any treaty, convention, statute, law, common law, rule, regulation, ordinance, license, permit, governmental approval, injunction, judgment, order, consent decree or other requirement of any Governmental Authority, whether federal, state, or local.
“Lender” means a lender hereunder with a Commitment including each assignee Lender pursuant to Section 12.12 hereof.
“Lending Office” is defined in Section 10.6 hereof.
“Letter of Credit” is defined in Section 1.3(a) hereof.
“Leverage Ratio Increase Period” is defined in Section 8.20(a).
40

“Leverage-Based Applicable Margin” means the applicable percentage rate as set forth below based on the ratio of the Total Indebtedness to the Total Asset Value:

												
	Pricing Level	Total Leverage Ratio	Leverage-Based Applicable Margin for LIBOR Rate
Loans and L/C Participation Fee	Leverage-Based Applicable Margin for Base Rate
Loans
	I	Less than or equal to 40%
	1.25%	0.25%
	II	Greater than 40% but less than or equal to 45%
	1.35%	0.35%
	III	Greater than 45% but less than or equal to 50%
	1.45%	0.45%
	IV	Greater than 50% but less than or equal to 55%
	1.55%	0.55%
	V	Greater than 55%
	1.80%	0.80%

The initial Leverage-Based Applicable Margin shall be at Pricing Level II  The Leverage-Based Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first day of the first month following the delivery by the Borrower to the Administrative Agent of the Compliance Certificate after the end of a calendar quarter.  In the event that the Borrower shall fail to deliver to the Administrative Agent a quarterly Compliance Certificate on or before the date required by Section 8.5(c), then, without limiting any other rights of the Administrative Agent and the Lenders under this Agreement, the Leverage-Based Applicable Margin shall be at Pricing Level V until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders, in which event the Leverage-Based Applicable Margin shall adjust, if necessary, on the first day of the first month following receipt of such Compliance Certificate.
In the event that the Administrative Agent or the Borrower determines that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Leverage-Based Applicable Margin for any period (an “Applicable Period”) than the Leverage-Based Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Administrative Agent the corrected financial statements for such Applicable Period, (b) the Leverage-Based Applicable Margin shall be determined as if the Pricing Level for such higher Leverage-Based Applicable Margin were applicable for such Applicable Period, and 
41

(c) the Borrower shall within three (3) Business Days of demand thereof by the Administrative Agent pay to the Administrative Agent the accrued additional amount owing as a result of such increased Leverage-Based Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with this Agreement.
“LIBOR” is defined in Section 1.4(b) hereof.
“LIBOR Index Rate” is defined in Section 1.4(b) hereof.
“LIBOR Quoted Rate” is defined in Section 1.4(a) hereof.
“Lien” means any mortgage, lien, security interest, pledge, charge or encumbrance of any kind in respect of any Property, including the interests of a vendor or lessor under any conditional sale, Capital Lease or other title retention arrangement.
“Loan” means any Loan (as defined in Section 1.1 hereof), whether outstanding as a Base Rate Loan or Eurodollar Loan or otherwise, each of which is a “type” of Loan hereunder.
“Loan Party” means each of the Borrower and each Guarantor.  
“Loan Documents” means this Agreement, the Notes (if any), the Applications, the Guaranties, if any, and each other instrument or document to be delivered hereunder or thereunder or otherwise in connection therewith, excluding Hedging Agreements.
“Management Agreement” means an agreement with respect to the management of a Property that is owned in a tenancy-in-common structure.
“Material Acquisition” means any acquisition or series of acquisitions by the Parent or its Subsidiaries in which the aggregate purchase price of all assets (including any equity interests) acquired pursuant thereto exceeds ten percent (10%) of Total Asset Value as of the last day of the then most recently ended Fiscal Quarter for which financial statements have been delivered pursuant to Section 8.5 hereof. 
“Material Adverse Effect” means (a) a material adverse change in, or material adverse effect upon, the business condition (financial or otherwise) or Property of the Parent and its Subsidiaries taken as a whole, (b) a material impairment of the ability of the Borrower or any Guarantor to perform its obligations under any Loan Document or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the Borrower or any Guarantor of any Loan Document or the rights and remedies of the Administrative Agent and the Lenders thereunder.
“Material Credit Facility” means, as to the Loan Parties and their Subsidiaries, any agreement(s) creating or evidencing: 
(a)     Unsecured Ratable Debt existing as of the Closing Date, 
42

(b)     Other Recourse Debt in a principal amount outstanding or available for borrowing equal to or greater than $50,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency) which is entered into on or after the Closing Date by the Borrower or any Guarantor or in respect of which the Borrower or any Guarantor is an obligor or otherwise provides a guarantee or other credit support or 
(c)     Unsecured Ratable Debt in a principal amount outstanding or available for borrowing equal to or greater than $50,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency) which is entered into on or after the Closing Date by any Loan Party or any Subsidiary, or in respect of which any Loan Party or any Subsidiary is an obligor or otherwise provides a guarantee or other credit support;
provided that, at no time shall the Treasury Management Line be a “Material Credit Facility”. 
“MFFO” means the Parent’s “Modified Funds From Operations” as such term is defined in and determined in accordance with the Investment Program Association’s Practice Guideline 2013-01, dated as of April 29, 2013, as modified from time to time.
“Minimum Collateral Amount” means, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances, an amount equal to 105% of the Fronting Exposure of the L/C Issuers with respect to Letters of Credit issued and outstanding at such time and (ii) otherwise, an amount determined by the Administrative Agent and the L/C Issuer in their sole discretion except as otherwise provided for herein.
“Moody’s” means Moody’s Investors Service, Inc., or any successor thereof.
“Mortgage Receivable” means the principal amount of an obligation owing to the Borrower or any Subsidiary of the Borrower that is secured by a mortgage, deed of trust, deed to secure debt or other similar security interest made by a Person owning an interest in real estate granting a Lien on such interest in real estate as security for the payment of Indebtedness of which (x) Borrower or other Subsidiary is the holder and retains the rights of collection of all payments thereunder, and (y) the mortgagor or grantor with respect to such Mortgage Receivable is not delinquent sixty (60) days or more in interest or principal payments due thereunder.
“NonDefaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.
“Non-Wholly Owned Unencumbered Asset Pool Property” means an Unencumbered Asset Pool Property that is not one hundred percent (100%) owned in fee simple, individually or collectively, by the Borrower or a Guarantor.
“Note” and “Notes” are defined in Section 1.10 hereof.
43

“Noteholders” means the holders of any series of notes or other Indebtedness issued under or in connection with Unsecured Ratable Debt.
“Obligations” means all obligations of the Borrower to pay principal and interest on the Loans, all Reimbursement Obligations owing under the Applications, all fees and charges payable hereunder, and all other payment obligations of the Borrower or any Guarantor arising under or in relation to any Loan Document, in each case whether now existing or hereafter arising, due or to become due, direct or indirect, absolute or contingent, and howsoever evidenced, held or acquired.
“Occupancy Rate” means (a) for any Real Property that is not a multifamily residential property and is not leased on a triple net basis, the percentage of the aggregate net rentable area, determined on a square footage basis, of such Real Property leased by Tenants pursuant to bona fide Leases and (b) for any Real Property that is a multifamily residential property, the percentage of units leased by Tenants pursuant to bona fide Leases, in each case of clause (a) and (b) above, which Tenants are not subject to a then continuing Bankruptcy Event, or if subject to a then continuing Bankruptcy Event (i) the trustee in bankruptcy of such Tenant shall have accepted and assumed such Lease or the Tenant shall be not more than 30 days in arrears on base rental or other similar payments due under the Leases; (ii) to the extent that the Tenant shall have filed, and the bankruptcy court shall have approved, the Tenant’s plan for reorganization, the Tenant shall be performing its obligations pursuant to the approved plan of reorganization; or (iii) the status of such Tenant’s Lease shall be otherwise reasonably acceptable to the Administrative Agent.
“OFAC” means the United States Department of Treasury Office of Foreign Assets Control.
“OFAC Event” means the event specified in Section 8.13(c) hereof.
“OFAC Sanctions Programs” means all laws, regulations, and Executive Orders administered by OFAC, including without limitation, the Bank Secrecy Act, antimoney laundering laws (including, without limitation, the Patriot Act), and all economic and trade sanction programs administered by OFAC, any and all similar United States federal laws, regulations or Executive Orders (whether administered by OFAC or otherwise), and any similar laws, regulations or orders adopted by any State within the United States. 
“Ordinary Dividend” is defined in Section 8.24(a) hereof.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Guarantor” is defined in Section 4.2 hereof.
44

“Other Recourse Debt” means, as at any date of determination, all Indebtedness (including the face amount of all outstanding letters of credit) which is recourse to, or has a deficiency guaranty provided by the Parent, the General Partner, the Borrower or any Subsidiary (directly or by a guaranty thereof, but without duplication), other than with respect to (i) the Loans and other Obligations, (ii) Unsecured Ratable Debt existing as of the Closing Date, and (iii) the Treasury Management Line.  For the avoidance of doubt, (x) if any Indebtedness is partially guaranteed by the Parent, the General Partner, the Borrower or any Subsidiary, then solely the portion of such Indebtedness that is so guaranteed shall constitute Other Recourse Debt and (y) no Subsidiary that owns an Eligible Property included in the Unencumbered Asset Pool Value shall be a guarantor under Other Recourse Debt.
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 1.13 hereof).
“Ownership Share” means with respect to any Property, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Property or (b) such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Property determined in accordance with the applicable provisions of the tenancy-in-common agreement, joint venture agreement or other applicable governing or management document of such Property.
“Parent” means CENTERSPACE (formerly known as Investors Real Estate Trust), a real estate investment trust, organized under the laws of North Dakota.
“Participating Interest” is defined in Section 1.3(e) hereof.
“Participating Lender” is defined in Section 1.3(e) hereof.
“Patriot Act” is defined in Section 12.24 hereof.
“PBGC” means the Pension Benefit Guaranty Corporation or any Person succeeding to any or all of its functions under ERISA.
“Percentage” means, for any Lender, the percentage of the Commitments represented by such Lender’s Commitment or, if the Commitments have been terminated or have expired, the percentage held by such Lender of the aggregate principal amount of all Loans and L/C Obligations then outstanding.
“Permitted UAP Liens” means Liens set forth in clauses (a), (b), (d), (e), (g), (h), (i), (s) and (t) of the definition of Permitted Liens.
“Permitted Investments” means (a) investments in direct obligations of the United States of America or of any agency or instrumentality thereof whose obligations constitute full faith and credit obligations of the United States of America, provided that any such obligations shall mature within one (1) year of the date of issuance thereof, (b) investments in commercial paper 
45

with a Rating of at least P1 by Moody’s and at least A2 by S&P maturing within one (1) year of the date of issuance thereof; (c) investments in demand or time deposits, certificates of deposit or bankers acceptances of any Lender or by any United States commercial bank having capital and surplus of not less than $100,000,000 which have a maturity of one (1) year or less; (d) investments in repurchase obligations with a term of not more than seven (7) days for underlying securities of the types described in subsection (a) above entered into with any bank meeting the qualifications specified in subsection (c) above, provided all such agreements require physical delivery of the securities securing such repurchase agreement, except those delivered through the Federal Reserve Book Entry System; (e) investments in money market funds that invest solely, and which are restricted by their respective charters to invest solely, in investments of the type described in the immediately preceding subsections (a), (b), (c), and (d) above.
“Permitted Liens” means each of the following: (a) Liens (i) for taxes, assessments and governmental charges or levies to the extent not required to be paid under Section 8.3 or (ii) arising under ERISA or the Code with respect to any Plan not constituting an Event of Default under Section 9.1(h); (b) Liens imposed by law, such as materialmen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens arising in the ordinary course of business securing obligations that are not overdue for a period of more than forty-five (45) days or that are being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained; (c) pledges or deposits to secure obligations under workers’ compensation laws or similar legislation or to secure public or statutory obligations; (d) easements, zoning restrictions, rights of way and other encumbrances on title to real property that do not materially and adversely affect the value of such real property or the use of such real property for its present purposes; (e) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of like nature incurred in the ordinary course of business; (f) Liens in favor of the United States of America for amounts paid to the Borrower or any Guarantor as progress payments under government contracts entered into by it; (g) Liens securing judgments for the payment of money not constituting an Event of Default under Section 9.1(g); (h) the rights of tenants or lessees under leases or subleases not interfering with the ordinary conduct of business of such Person; (i) Liens in favor of the Administrative Agent for its benefit and/or the benefit of the Lenders and the L/C Issuer; (j) Liens on Real Properties that are not Unencumbered Asset Pool Properties; (k) Liens existing on the date hereof and listed on Schedule 1.2 attached hereto; (l) Liens securing obligations in the nature of personal property financing leases for furniture, furnishings or similar assets, Capital Lease Obligations and other purchase money obligations for fixed or capital assets; provided that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness, (ii) the obligations secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition, and (iii) with respect to Capital Leases, such Liens do not at any time extend to or cover any assets other than the assets subject to such Capital Leases; (m) Liens on insurance policies and the proceeds thereof securing the financing of the insurance premiums with respect thereto; (n) Liens that are contractual rights of setoff relating to the establishment of depositary relations with banks not given in connection with the issuance or incurrence of Indebtedness; (o) Liens in favor of collecting banks arising under Section 4-210 of the UCC or, with respect to collecting banks located in the State of New York, under Section 4-208 of the UCC; (p) Liens on assets of any Subsidiary of the Parent that is not a 
46

Loan Party securing Indebtedness or other obligations of such Subsidiary permitted to exist; (q) Liens consisting of an agreement to dispose of any property in a disposition permitted hereunder, in each case, solely to the extent such Lien relates solely to the property to be disposed and such disposition would have been permitted on the date of the creation of such Lien; (r) other Liens securing Indebtedness and other obligations not to exceed $5,000,000 in the aggregate at any time outstanding; (s) Liens on Unencumbered Asset Pool Properties in existence on the Closing Date solely to the extent that the obligations secured by such Liens are discharged pursuant to and as described in the Closing Date Payoff Letters; and (t) such other title and survey exceptions as the Administrative Agent has approved in writing in the Administrative Agent’s reasonable discretion. 
“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 covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code that either (a) is maintained by a member of the Controlled Group for employees of a member of the Controlled Group or (b) is maintained pursuant to a collective bargaining agreement or otherwise under which a member of the Controlled Group and at least one other employer that is not a member of the Controlled Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions.
“Platform” is defined in Section 12.8(b) hereof. 
“Prepayment Premium” is defined in Section 1.8 hereof. 
“Prior Credit Agreement” is defined in the Recitals hereof.
“Prior Term Loan” is defined in Section 1.10 hereof. 
“Projections” is defined in Section 6.7 hereof.
“Property” or “Properties” means, as to any Person, all types of real (including the Real Property), personal, tangible, intangible or mixed property, including leasehold estates created by Ground Leases, owned by such Person whether or not included in the most recent balance sheet of such Person and its subsidiaries under GAAP, including, as to any Subsidiary, any Real Property owned by it.
“Property Expenses” means, as at any date of determination, as to any Real Property, all expenses paid or accrued related to the ownership, operation or maintenance of such property, including but not limited to taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, Ground Lease payments, property management fees (as defined below) and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such Real Property, but specifically excluding general overhead expenses of the Parent, the General Partner, Borrower or any Subsidiary, debt service 
47

charges, income taxes, depreciation, amortization, other non-cash expenses, and any extraordinary, non-recurring expense associated with any financing, merger, acquisition, divestiture or other capital transaction) for such period.  As used herein, “property management fees” shall mean the greater of (x) actual property management fees with respect to such Real Property paid to a third party for such period, and (y) an amount equal to three percent (3%) of the gross rental revenues from such Real Property for such period.
“Property Income” means, as to any Real Property, cash rents (excluding noncash straightline rent) and other cash revenues received by the Borrower or any Subsidiary in the ordinary course for such Real Property, but excluding security deposits and prepaid rent except to the extent applied in satisfaction of applicable Tenants’ obligations for rent.
“Property NOI” means, with respect to any Real Property for any Rolling Period (without duplication) the aggregate amount of (i) Property Income for such period, minus (ii) Property Expenses for such period, minus (iii) the Annual Capital Expenditure Reserve for such Real Property on such date; provided however that if such Property is an Included Development Asset, for the Rolling Period commencing with the first full fiscal quarter in which occupancy of such Property reached 70%, Property NOI shall be computed on an annualized basis. 
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
“Public Lender” is defined in Section 8.5 hereof. 
“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
“Rating” means the debt rating provided by S&P or Moody’s with respect to the unsecured senior long-term non-credit enhanced debt of a Person.
48

“Ratings-Based Applicable Margin” means the applicable percentage rate as set forth below based on the Credit Rating of the Borrower or Parent:

															
	Pricing Level	Credit Rating	LIBOR Rate
Loans and L/C Participation Fee	Base Rate
Loans	Facility Fee Percentage
	I	At least A- or A3	0.725%	0.00%	0.125%
	II	At least BBB+ or Baa1	0.775%	0.00%	0.15%
	III	At least BBB or Baa2	0.85%	0.00%	0.20%
	IV	At least BBB- or Baa3	1.05%	0.05%	0.25%
	V	Below BBB-, Baa3 or unrated	1.40%	0.40%	0.30%

Any change in the Credit Rating which would cause the Ratings-Based Applicable Margin and the Facility Fee Percentage to be determined with respect to a different level shall be effective as of the first day of the first calendar month immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with Section 8.5(c) that the Credit Rating has changed; provided, however, if the Borrower has not delivered the notice required by such Section but the Administrative Agent becomes aware that the Borrower’s Credit Rating has changed, then the Administrative Agent may, in its sole discretion, adjust the level effective as of the first day of the first calendar month following the date the Administrative Agent becomes aware that the Credit Rating has changed.  In the event of a split Credit Rating (i.e., the credit rating by one of the foregoing rating agencies is at a different level than the rating of any other rating agency), then the highest Credit Rating shall be the rating utilized; provided, that if there is more than one level difference between any ratings then the level that is one level above the lowest Credit Rating shall be the rating utilized.  After the Investment Grade Pricing Effective Date, if the rating agencies do not rate the Borrower or assign Credit Ratings below BBB-/Baa3, the Applicable Margin and Facility Fee Percentage will be determined based on Pricing Level V.
“Real Property” or “Real Properties” means the real property owned by the Borrower or any of its Subsidiaries.
“Rescindable Amount” means any payment that Administrative Agent makes to any Lender, L/C Issuer or other Secured Party as to which Administrative Agent determines (in its sole and absolute discretion) that any of the following applies: (1) Borrower has not in fact made the corresponding payment to Administrative Agent; (2) Administrative Agent has made a payment in excess of the amount(s) received by it from Borrower either individually or in the aggregate (whether or not then owed); or (3) Administrative Agent has for any reason otherwise erroneously made such payment.
49

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Recipient” means (a) the Administrative Agent, (b) any Lender, and (c) any L/C Issuer, as applicable.
“Reimbursement Obligation” is defined in Section 1.3(c) hereof.
“REIT” means a “real estate investment trust” in accordance with Section 856 of the Code.
“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 
“Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, migrating, dumping, or disposing into the indoor or outdoor environment, including, without limitation, the abandonment or discarding of barrels, drums, containers, tanks or other receptacles containing or previously containing any Hazardous Material.
“Relevant Governmental Body” means the Federal Reserve Bank and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Bank and/or the Federal Reserve Bank of New York, or any successor thereto.
“Required Lenders” means, as at any date of determination, Lenders whose outstanding Loans, interests in Letters of Credit and Unused Commitments constitute more than 50% of the sum of the total outstanding Loans, interests in Letters of Credit, and Unused Commitments of the Lenders.  For purposes of this definition, a Lender, together with its Approved Funds and Affiliates, shall constitute one and the same Lender; provided, in no event shall the Required Lenders include fewer than two (2) unaffiliated Lenders at any time when there are two (2) or more unaffiliated Lenders.
“Responsible Officer” means, with respect to any Loan Party, the chief executive officer, president, chief financial officer, principal/chief accounting officer, chief legal officer/general counsel or the chief operating officer of such Person and any other officer of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent.
“Restricted Payments” means with respect to any Person, the payment by such Person of a dividend or a return on any equity capital to its stockholders, members or partners or the making of any other distribution, payment or delivery of Property (other than common stock or partnership or membership interests of such Person) or cash to its stockholders, members or partners as such, or the redemption, retirement, purchase or other acquisition, directly or indirectly, for a consideration any shares of any class of its Stock (or any options or warrants issued by such Person with respect to its Stock). Without limiting the foregoing, “Restricted Payments” with respect to any Person shall also include all payments made by such Person with 
50

respect to any stock appreciation rights, plans, equity incentive or achievement plans or any similar plans.
“Rolling Period” means, as at any date, the four Fiscal Quarters ending on or immediately preceding such date.
“S&P” means Standard & Poor’s Ratings Services Group, a division of The McGraw-Hill Companies, Inc.
“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.
“Second Amendment Closing Date” means September 13, 2019.
“Significant Lease” means, as to any particular Real Property, each Lease which constitutes 30% or more of all base rent revenue of such Real Property.
“SOFR” means a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as such by the administrator of the secured overnight financing rate from time to time).
“Special Dividend” is defined in Section 8.24(c) hereof. 
“Stated Termination Date” means September 30, 2025.
“Stock” means shares of capital stock, beneficial or partnership interests, participations or other equivalents (regardless of how designated) of or in a corporation or equivalent entity, whether voting or non-voting, and includes, without limitation, common stock, but excluding any preferred stock or other preferred equity securities.
“Stock Equivalents” means all securities (other than Stock) convertible into or exchangeable for Stock at the option of the holder, and all warrants, options or other rights to purchase or subscribe for any stock, whether or not presently convertible, exchangeable or exercisable.
“Subsidiary” means, as to any particular parent corporation or organization, any other corporation or organization of which more than 50% of the outstanding Voting Stock is at the time directly or indirectly owned by such parent corporation or organization or by any one or more other entities which are themselves subsidiaries of such parent corporation or organization.  Unless otherwise expressly noted herein, the term “Subsidiary” means a Subsidiary of the Parent or the Borrower or of any of their direct or indirect Subsidiaries.
51

“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 
“Tangible Net Worth” means, as at any date of determination, (a) total stockholders’ equity reflected on the Parent’s consolidated balance sheet for such period, plus (b) accumulated depreciation and amortization expense for such period, minus (c) all amounts appearing on the assets side of its consolidated balance sheet for assets representing an intangible asset under GAAP.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including back up withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Tenant” means any Person leasing, subleasing or otherwise occupying any portion of a Real Property under a Lease.
“Term SOFR” means, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Term SOFR Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) LIBOR has already been replaced with a Benchmark Replacement in accordance with Section 10.4 that is not Term SOFR.
“Term SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Event.
“Termination Date” means the earliest of (i) the Stated Termination Date, as such date may be extended pursuant to Section 1.16 hereof, and (ii) the date on which the Commitments are terminated in whole pursuant to Section 1.12, 9.2 or 9.3 hereof.
“TIC Agreement” means any tenancy-in-common agreement or agreement similar thereto.
“Total Asset Value” means, as at any date of determination, an amount equal to the sum of (a) with respect to all Real Properties that are owned for less than four (4) full Fiscal Quarters (not including any Included Development Asset) (other than those described in clauses (c) and (d) below), the aggregate purchase price of such Real Properties, plus (b) with respect to all other Real Properties that are owned for four (4) or more full Fiscal Quarters and all Included Development Assets (other than those described in clauses (c) and (d) below), the quotient of (x) the consolidated Property NOI from such Real Properties for the most recent Rolling Period divided by (y) the applicable Capitalization Rate, plus (c) with respect to Real Properties that are 
52

Development Assets (other than Included Development Assets), the undepreciated book value of such Development Assets, plus (d) with respect to Real Properties that are Land Assets, the undepreciated book value of such Land Assets, plus (e) the aggregate amount of all 1031 Cash Proceeds as of such date and all unrestricted cash and Cash Equivalents owned by the Borrower and its Subsidiaries as of such date, as determined in accordance with GAAP; provided, that in no event shall the amount added to Total Asset Value under this clause (e) exceed 10% of Total Asset Value to the extent such amounts over 5% are attributable to 1031 Cash Proceeds, plus (f) the book value of Mortgage Receivables, as determined in accordance with GAAP, plus (g) the aggregate amount of all notes receivable (other than Mortgage Receivables), valued at the lower of cost or book value (as determined in accordance with GAAP), which the issuer or borrower with respect to such notes receivable is not delinquent thirty (30) days or more in interest or principal payments due thereunder or otherwise in default thereunder, provided, further, that with respect to any Real Property sold or otherwise transferred during the applicable Rolling Period, the applicable amount referenced in clauses (a) through (d) above for such Real Property shall be excluded from Total Asset Value.
For purposes of this definition: (U) to the extent the amount of Total Asset Value attributable to Joint Ventures exceeds 10% of Total Asset Value, such excess shall be excluded; (V) to the extent the amount of Total Asset Value attributable to Development Assets exceeds 10% of Total Asset Value, such excess shall be excluded; (W) to the extent the amount of Total Asset Value attributable to Land Assets exceeds 5% of Total Asset Value, such excess shall be excluded; (X) to the extent the amount of Total Asset Value attributable to Mortgage Receivables exceeds 10% of Total Asset Value, such excess shall be excluded; (Y) to the extent the amount of Total Asset Value attributable to notes receivable pursuant to clause (g) above exceeds 5% of Total Asset Value, such excess shall be excluded, and (Z) to the extent the amount of Total Asset Value attributable to Joint Ventures, Development Assets, Land Assets, Mortgage Receivables and other notes receivable in the aggregate exceed 25% of Total Asset Value, such excess shall be excluded.  
“Total Indebtedness” means, as at any date of determination, the consolidated Indebtedness (other than the negative mark-to-market value of interest rate swaps) of the Parent and its Subsidiaries which would, in conformity with GAAP, be properly classified as a liability on a consolidated balance sheet of the Parent and its Subsidiaries as of such date, excluding any amounts categorized as accrued expenses, accrued dividends, deposits held, deferred revenues, minority interests and other liabilities not directly associated with the borrowing of money.
“Total Secured Indebtedness” means, as at any date of determination, Total Indebtedness that is secured by a Lien on the assets of such Person.
“Total Unsecured Indebtedness” means, as at any date of determination, Total Indebtedness minus Total Secured Indebtedness.
“Treasury Management Line” means (i) that certain Loan Agreement between the Borrower and Wells Fargo Bank, National Association dated March 15, 2018, as amended through the Second Amendment Closing Date, or as further amended (including amendments to the maturity thereof) subject to the reasonable consent of the Administrative Agent or (ii) any 
53

financing documentation which replaces in whole or in part the then-existing Treasury Management Line and pursuant to which the indebtedness under the then-existing Treasury Management Line is refinanced, as such financing documentation may be amended, supplemented or otherwise modified or restated from time to time subject to the reasonable consent of the Administrative Agent; provided that such Treasury Management Line shall be in an aggregate amount not to exceed $10,000,000.
“UCC” means the Uniform Commercial Code as in effect in the State of New York.
“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 
“Unencumbered Asset Pool Determination Date” means each date on which the Unencumbered Asset Pool Value is certified in writing to the Administrative Agent, which shall occur as follows:
    (a)    Quarterly.  For quarterly certifications, as of the last day of such Fiscal Quarter. 
    (b)    Property Adjustments.  Following each addition or removal of an Eligible Property, promptly following such addition or removal.
    (c)    Borrower Election.  From time to time, at the election of the Borrower in its sole discretion.
“Unencumbered Asset Pool Property” means, as at any date of determination, any Eligible Property which is taken into account in calculating the Unencumbered Asset Pool Value as of such date. 
“Unencumbered Asset Pool Requirements” means with respect to the calculation of the Unencumbered Asset Pool Value, collectively, that:
    (a)    the Unencumbered Asset Pool Properties shall at all times include no less than twenty-five (25) Eligible Properties; 
    (b)    the weighted average (based on Unencumbered Asset Pool Value) aggregate Occupancy Rate of all Unencumbered Asset Pool Properties shall be greater than or equal to 90%; 
54

    (c)    no individual Unencumbered Asset Pool Property may represent more than 20% of the Unencumbered Asset Pool Value; 
    (d)    [reserved]; and 
    (e)    Non-Wholly Owned Unencumbered Asset Pool Properties may not represent more than 20% of the Unencumbered Asset Pool Value.
“Unencumbered Asset Pool Value” means, as at any date of determination, with respect to each Unencumbered Asset Pool Property, an amount equal to:
    (a)    with respect to any Unencumbered Asset Pool Property owned by any Loan Party for less than or equal to twelve (12) months (other than an Unencumbered Asset Pool Property that is an Included Development Asset owned for 12-months or less), the purchase price of such Unencumbered Asset Pool Property; or 
    (b)    with respect to each other Unencumbered Asset Pool Property (including any Unencumbered Asset Pool Property that is an Included Development Asset), the quotient of (x) the consolidated Property NOI of such Unencumbered Asset Pool Property for the most recent Rolling Period divided by (y) the Capitalization Rate applicable for such Unencumbered Asset Pool Property.
Unencumbered Asset Pool Value attributable to any Non-Wholly Owned Unencumbered Asset Pool Property shall be calculated to be equal to the product of (i) the amount attributable to such Unencumbered Asset Pool Property as determined in accordance with clause (a) or (b) above, as applicable, multiplied by (ii) the applicable Loan Party’s Ownership Share of such Non-Wholly Owned Unencumbered Asset Pool Property as of such date.
“Unfunded Vested Liabilities” means, for any Plan at any time, the amount (if any) by which the present value of all vested nonforfeitable accrued benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the Controlled Group to the PBGC or the Plan under Title IV of ERISA.
“Unsecured Leverage Ratio Increase Period” is defined in Section 8.20(c).
“Unsecured Interest Expense” means, with respect to a Person for any period of time, the interest expense whether paid, accrued or capitalized (without deduction of consolidated interest income) of such Person for such period with respect to Total Unsecured Indebtedness.  Unsecured Interest Expense shall exclude any amortization of (i) deferred financing fees, including the write-off of such fees relating to the early retirement of the related Indebtedness, and (ii) debt discounts (but only to the extent such discounts do not exceed 3.0% of the initial face principal amount of such Total Unsecured Indebtedness).
“Unsecured Ratable Debt” means any unsecured bank credit facility (other than the Treasury Management Line) or privately placed notes of the Borrower that are guaranteed by any 
55

Guarantor or Other Guarantor and/or include an unencumbered asset test as a financial covenant, and which test includes any Eligible Property.
“Unused Commitments” means, at any time, the difference between the Commitments then in effect and the aggregate outstanding principal amount of Loans and L/C Obligations.
“U.S. Dollars” and “$” each means the lawful currency of the United States of America.
“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 12.1(g) hereof.
“Voting Stock” of any Person means Stock of any class or classes (however designated) having ordinary power for the election of directors or other similar governing body of such Person, other than Stock having such power only by reason of the happening of a contingency.
“Welfare Plan” means a “welfare plan” as defined in Section 3(1) of ERISA that provides post-retirement benefits other than continuation coverage described in article 6 of Title I of ERISA.
“Withholding Agent” means any Loan Party and the Administrative Agent.
“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.
    Section 5.2.    Interpretation.  The foregoing definitions are equally applicable to both 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 reference herein to any Person shall be construed to 
56

include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.  All references to time of day herein are references to Chicago, Illinois time unless otherwise specifically provided.  Where the character or amount of any asset or liability or item of income or expense is required to be determined or any consolidation or other accounting computation is required to be made for the purposes of this Agreement, it shall be done in accordance with GAAP except where such principles are inconsistent with the specific provisions of this Agreement.
    Section 5.3.    Change in Accounting Principles.  If, after the Closing Date, there shall occur any change in GAAP (including for this purpose the rules promulgated with respect thereto and any change in application of GAAP concurred by the Parent’s independent public accountants and disclosed in writing to the Administrative Agent (collectively, a “GAAP Change”), from those used in the preparation of the financial statements referred to in Section 6.5 hereof and such GAAP Change shall result in a change in the method of calculation of any financial covenant, standard or term found in this Agreement, either the Borrower or the Required Lenders may, by written notice to the Administrative Agent and the Borrower, respectively, require that the Lenders and the Borrower negotiate in good faith to amend such covenants, standards, and terms so as equitably to reflect such GAAP Change, with the desired result being that the criteria for evaluating the financial condition of the Parent and its Subsidiaries shall be the same as if such GAAP Change had not been made.  No delay by the Borrower or the Required Lenders in requiring such negotiation shall limit their right to so require such a negotiation at any time after such a change in accounting principles.  Until any such covenant, standard, or term is amended in accordance with this Section 5.3, financial covenants shall be computed and determined in accordance with GAAP in effect prior to such change in accounting principles.  Without limiting the generality of the foregoing, (i) the Borrower shall neither be deemed to be in compliance with any financial covenant hereunder nor out of compliance with any financial covenant hereunder if such state of compliance or noncompliance, as the case may be, would not exist but for the occurrence of a GAAP Change, (ii) the Borrower covenants and agrees with the Lenders that whether or not the Borrower may at any time adopt Accounting Standards Codification 825 or account for assets and liabilities acquired in an acquisition on a fair value basis pursuant to Accounting Standards Codification 805, all determinations of compliance with the terms and conditions of this Agreement shall be made on the basis that the Borrower has not adopted Accounting Standards Codification 825 or Accounting Standards Codification 805 and (iii) leases shall continue to be classified and accounted for on a basis consistent with that reflected in the financial statements referred to in Section 6.5 hereof for all purposes of this Agreement and the other Loan Documents, notwithstanding any GAAP Change relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for in this Section 5.3.
57

    Section 5.4.    Non-Wholly Owned Properties.  When determining the Applicable Margin or compliance with Section 8.20 or with any financial covenant contained in any of the Loan Documents (and in the calculation of any component definition thereof, including, for the sake of clarity, Total Asset Value) only the Borrower’s Ownership Share of a Property shall be included. 
    Section 5.5.    Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division (whether under Delaware law or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.
Section 6.    Representations and Warranties.
The Borrower and each Guarantor represents and warrants to the Administrative Agent, the Lenders, and the L/C Issuer as follows:
    Section 6.1.    Organization and Qualification.  Each Loan Party is duly organized, validly existing, and in good standing as a corporation, limited liability company, or partnership, as applicable, under the laws of the jurisdiction in which it is organized, has full and adequate power to own its Property and conduct its business as now conducted, and is duly licensed or qualified and in good standing in each jurisdiction in which the nature of the business conducted by it or the nature of the Property owned or leased by it requires such licensing or qualifying, except where the failure to do so would not have a Material Adverse Effect.
    Section 6.2.    Subsidiaries.  Each Subsidiary that is not a Loan Party is duly organized, validly existing, and in good standing under the laws of the jurisdiction in which it is organized, has full and adequate power to own its Property and conduct its business as now conducted, and is duly licensed or qualified and in good standing in each jurisdiction in which the nature of the business conducted by it or the nature of the Property owned or leased by it requires such licensing or qualifying, except where the failure to do so would not have a Material Adverse Effect.  As of the Closing Date and as of the most recent date an updated Schedule 6.2 has been delivered pursuant to Section 8.5(e), Schedule 6.2 hereto identifies each Subsidiary of the Parent (including Subsidiaries that are Loan Parties), the jurisdiction of its organization, the percentage of issued and outstanding shares of each class of its Stock owned by any Loan Party and its Subsidiaries and, if such percentage is not 100% (excluding directors’ qualifying shares as required by law), a description of each class of its authorized Stock and the number of shares of each class issued and outstanding.  All of the outstanding shares of Stock of each Subsidiary of the Parent are validly issued and outstanding and fully paid and nonassessable and all such Stock indicated on Schedule 6.2 as being owned by the relevant Loan Party or another Subsidiary are owned, beneficially and of record, by such Loan Party or such Subsidiary free and clear of all Liens other than Permitted Liens; provided that the Stock issued by any Loan Party is free and clear of all Liens other than Permitted UAP Liens.  
58

    Section 6.3.    Authority and Validity of Obligations.  Each Loan Party has full right and authority to enter into this Agreement and the other Loan Documents executed by it, to make the borrowings herein provided for (in the case of the Borrower), to guarantee the Obligations (in the case of each Guarantor), and to perform all of its obligations hereunder and under the other Loan Documents executed by it.  The Loan Documents delivered by the Loan Parties have been duly authorized, executed, and delivered by such Persons and constitute valid and binding obligations of such Loan Parties enforceable against each of them in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance or similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law); and this Agreement and the other Loan Documents do not, nor does the performance or observance by any Loan Party or any Subsidiary of any of the matters and things herein or therein provided for, (a) violate any provision of law or any judgment, injunction, order or decree binding upon any Loan Party or any Subsidiary or any provision of the organizational documents (e.g., charter, certificate or articles of incorporation and bylaws, certificate or articles of association and operating agreement, partnership agreement, or other similar organizational documents) of any Loan Party or any Subsidiary, (b) contravene or constitute a default under any covenant, indenture or agreement of or affecting any Loan Party or any Subsidiary or any of their respective Property, in each case where such contravention or default, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, or (c) result in the creation or imposition of any Lien on any Property of any Loan Party or any Subsidiary.
    Section 6.4.    Use of Proceeds; Margin Stock.  The Borrower shall use the proceeds of the Credit to refinance existing indebtedness, to finance property acquisitions, to finance capital expenditures, for general corporate purposes and to fund certain fees and expenses associated with the closing of this Agreement.  No Loan Party is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Loan or any other extension of credit made hereunder will be used to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock.  Margin stock (as hereinabove defined) constitutes less than 25% of the assets (either of the Borrower only or of the Loan Parties and their Subsidiaries on a consolidated basis) subject to the provisions of Section 8.7 hereof and Section 8.9 hereof or subject to the restrictions contained in any agreement or instrument between the Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness within the scope of Section 9.1(f).  For the purposes of this section, “assets” of the Loan Parties or any of their Subsidiaries includes, without limitation, treasury stock of Parent that has not been retired.
    Section 6.5.    Financial Reports.  (i) The consolidated balance sheet of the Parent and its Subsidiaries as of December 31, 2020 and the related consolidated statements of income, retained earnings and cash flows of the Parent and its Subsidiaries for the Fiscal Year then ended, and accompanying notes thereto, which financial statements are accompanied by the unqualified audit report of independent public accountants, and (ii) the unaudited interim consolidated balance sheet of the Parent and its Subsidiaries as at June 30, 2021 and the related consolidated statements of income, retained earnings and cash flows of the Parent and its Subsidiaries for the three months then ended, heretofore furnished to the Administrative Agent, fairly present, in all 
59

material respects, the consolidated financial condition of the Parent and its Subsidiaries as at such date and the consolidated results of their operations and cash flows for the period then ended in conformity with GAAP applied on a consistent basis (subject, for the financial statements in clause (ii) above, to the absence of footnote disclosures and year-end audit adjustments), except as otherwise expressly noted therein.  No Loan Party has contingent liabilities which are material to it and are required to be set forth in its financial statements or notes thereto in accordance with GAAP other than as indicated on such financial statements and notes thereto (including with respect to future periods as to which this representation is required to be remade, on the financial statements furnished pursuant to Section 8.5 hereof).
    Section 6.6.    No Material Adverse Change.  Since December 31, 2020, there has been no change in the business, financial condition, operations, performance or properties of the Parent and its Subsidiaries, taken as a whole, which would reasonably be expected to have a Material Adverse Effect.  
    Section 6.7.    Full Disclosure.  The written statements and information (other than (i) financial estimates and other forward-looking and/or projected information (collectively, “Projections”) and (ii) information of a general economic or industry-specific nature) that have been furnished to the Administrative Agent and the Lenders by the Loan Parties in connection with the negotiation of this Agreement and the other Loan Documents, when taken as a whole, do not contain any untrue statements of a material fact or omit a material fact necessary to make the material statements contained herein or therein not misleading in any material respect in light of the circumstances under which such statements were made.  The Projections that have been furnished to the Administrative Agent and the Lenders by the Loan Parties in connection with the negotiation of this Agreement and the other Loan Documents have been prepared in good faith based upon assumptions believed by the Loan Parties to be reasonable at the time furnished (it being recognized by the Administrative Agent and the Lenders that such Projections are not to be viewed as facts and are subject to significant uncertainties and contingencies many of which are beyond your control, that no assurance can be given that any particular financial projections will be realized, that actual results may differ from projected results and that such differences may be material).  As of the Closing Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.
    Section 6.8.    Trademarks, Franchises, and Licenses.  The Loan Parties and their Subsidiaries own, possess, or have the right to use all necessary patents, licenses, franchises, trademarks, trade names, trade styles, copyrights, trade secrets, know how, and confidential commercial and proprietary information to conduct their businesses as now conducted, without known conflict with any patent, license, franchise, trademark, trade name, trade style, copyright or other proprietary right of any other Person except, in each case, where the failure to do so would not have a Material Adverse Effect.
    Section 6.9.    Governmental Authority and Licensing.  The Loan Parties and their Subsidiaries have received all licenses, permits, and approvals of all federal, state, and local Governmental Authorities, if any, necessary to conduct their businesses, in each case where the failure to obtain or maintain the same could reasonably be expected to have a Material Adverse 
60

Effect.  No investigation or proceeding which could reasonably be expected to result in revocation or denial of any license, permit or approval is pending or, to the knowledge of the any Loan Party, threatened, in each case, except as would not reasonably be expected to have a Material Adverse Effect.
    Section 6.10.    Good Title.  The Loan Parties have good and defensible title (or valid leasehold interests) to their assets.  The assets owned by the Loan Parties are subject to no Liens, other than Permitted Liens; provided that Unencumbered Asset Pool Properties and the Stock issued by any Loan Party are subject to no Liens other than Permitted UAP Liens.
    Section 6.11.    Litigation and Other Controversies.  There is no litigation or governmental or arbitration proceeding or labor controversy pending, nor to the knowledge of any Loan Party threatened in writing, against any Loan Party or any Subsidiary or any of their respective Property which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
    Section 6.12.    Taxes.  All federal and material state, local and foreign tax returns required to be filed by any Loan Party or any Subsidiary in any jurisdiction have, in fact, been filed, and all Taxes upon any Loan Party or any Subsidiary or upon any of their respective Property, income or franchises, which are shown to be due and payable in such returns, have been paid, except such Taxes, if any, (a) as are being contested in good faith and by appropriate proceedings which prevent enforcement of the matter under contest and as to which adequate reserves established in accordance with GAAP have been provided or (b) where the failure to file or pay could not reasonably be expected to result in liability in excess of $10,000,000 in the aggregate.  No Loan Party knows of any proposed additional Tax assessment against it or its Subsidiaries for which adequate provisions in accordance with GAAP have not been made on their accounts.  Adequate provisions in accordance with GAAP for Taxes on the books of each Loan Party and each of its Subsidiaries have been made for all open years, and for its current fiscal period.
    Section 6.13.    Approvals. No authorization, consent, license or exemption from, or filing or registration with, any court or Governmental Authority (other than any filings or reports required under the federal securities laws or except as would not have an adverse effect on any Lender in any material respect), nor any approval or consent of any other Person, is or will be necessary to the valid execution and delivery by the Borrower or any Guarantor of any Loan Document, except for such approvals which have been obtained prior to the date of this Agreement and remain in full force and effect.
    Section 6.14.    Affiliate Transactions.  Other than property management contracts and other agreements entered into among the Loan Parties and their Subsidiaries from time to time that would not otherwise cause a Default hereunder, no Loan Party nor any of its Subsidiaries is a party to any contracts or agreements with any of its Affiliates on terms and conditions which are less favorable to such Loan Party or such Subsidiary than would be usual and customary in similar contracts or agreements between Persons not affiliated with each other.
61

    Section 6.15.    Investment Company.  No Loan Party nor any of its Subsidiaries is an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
    Section 6.16.    ERISA.  With respect to each Plan, each Loan Party and each other member of its Controlled Group has fulfilled its obligations under the minimum funding standards of ERISA and the Code (to the extent applicable to it) and is in compliance in all material respects with ERISA and the Code to the extent applicable to it and has not incurred any liability to the PBGC or a Plan under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA.  No Loan Party nor any of its Subsidiaries has any contingent liabilities with respect to any Welfare Plan.
    Section 6.17.    Compliance with Laws.  (a) The Loan Parties and their Subsidiaries are in compliance with all Legal Requirements applicable to or pertaining to their Property or business operations (including, without limitation, the Occupational Safety and Health Act of 1970, the Americans with Disabilities Act of 1990, zoning regulations and laws and regulations establishing quality criteria and standards for air, water, land and toxic or hazardous wastes and substances), where any such noncompliance, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
    (b)    Except for such matters, individually or in the aggregate, which could not reasonably be expected to result in a Material Adverse Effect, (i) the Loan Parties and their Subsidiaries, and each Real Property, comply in all material respects with all applicable Environmental Laws; (ii) the Loan Parties and their Subsidiaries have obtained, maintain and are in compliance with all approvals, permits, or authorizations of Governmental Authorities required for their operations and each Real Property; (iii) the Loan Parties and their Subsidiaries have not, and no Loan Party has knowledge of any other Person who has, caused any Release, threatened Release or disposal of any Hazardous Material at, on, or from any Real Property in any material quantity and, to the knowledge of each Loan Party, no Real Property is adversely affected by any such Release, threatened Release or disposal of a Hazardous Material; (iv) the Loan Parties and their Subsidiaries are not subject to and have no notice or knowledge of any Environmental Claim involving any Loan Party or any Subsidiary of a Loan Party or any Real Property, and there are no conditions or occurrences at any Real Property which could reasonably be anticipated to form the basis for such an Environmental Claim; (v) no Real Property contains and has contained any:  (1) underground storage tanks, (2) material amounts of asbestos containing building material, (3) landfills or dumps, (4) hazardous waste management facilities as defined pursuant to any Environmental Law, or (5) sites on or nominated for the National Priority List or similar state list; (vi) the Loan Parties and their Subsidiaries have not used a material quantity of any Hazardous Material and have conducted no Hazardous Material Activity at any Real Property; (vii) no Real Property is subject to any, and no Loan Party has knowledge of any imminent restriction on the ownership, occupancy, use or transferability of the Real Property in connection with any (1) Environmental Law or (2) Release, threatened Release or disposal of a Hazardous Material; and (viii) there are no conditions or circumstances at any Real Property which poses an unreasonable risk to the environment or the health or safety of Persons.
62

    (c)    Each Loan Party and each of its Subsidiaries is in material compliance with all Anti-Corruption Laws.  Each Loan Party and each of its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by each Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws.  No Loan Party nor any Subsidiary has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (a) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political party, party official or candidate for foreign political office, (b) to a foreign official, foreign political party or party official or any candidate for foreign political office, and (c) with the intent to induce the recipient to misuse his or her official position to direct business wrongfully to such Loan Party or such Subsidiary or to any other Person, in violation of any Anti-Corruption Laws.
     Section 6.18.    OFAC.  (a) Each Loan Party is in compliance in all material respects with the requirements of all OFAC Sanctions Programs applicable to it, (b) each Subsidiary of the Parent is in compliance in all material respects with the requirements of all OFAC Sanctions Programs applicable to such Subsidiary, (c) each Loan Party has provided to the Administrative Agent, the L/C Issuer, and the Lenders all information requested by them regarding such Loan Party and its Affiliates and Subsidiaries necessary for the Administrative Agent, the L/C Issuer, and the Lenders to comply with all applicable OFAC Sanctions Programs, and (d) no Loan Party nor any of its Subsidiaries nor, to the knowledge of any Loan Party, any officer, director or Affiliate of any Loan Party or any of its Subsidiaries, is a Person, that is, or is owned or controlled by Persons that are, (i) the target of any OFAC Sanctions Programs or (ii) located, organized or resident in a country, region or territory that is, or whose government is, the subject of any OFAC Sanctions Programs; provided, that in this clause (d) no representation is made with respect to Persons owning Stock of the Parent.
     Section 6.19.    Other Agreements.  No Loan Party nor any of its Subsidiaries is in default under the terms of any covenant, indenture or agreement of or affecting such Person or any of its Property, which default, if uncured would reasonably be expected to have a Material Adverse Effect.  
    Section 6.20.    Solvency.  The Loan Parties and their Subsidiaries, taken as a whole, are solvent, able to pay their debts as they become due, and have sufficient capital to carry on their business and all businesses in which they are about to engage.  
    Section 6.21.    No Default.  No Default or Event of Default has occurred and is continuing.
    Section 6.22.    No Broker Fees. No broker’s or finder’s fee or commission will be payable with respect hereto or any of the transactions contemplated hereby.
    Section 6.23.    Condition of Property; Casualties; Condemnation.  Except to the extent that the same could not reasonably be expected to result in a Material Adverse Effect, each Real Property (a) is in good repair, working order and condition, normal wear and tear and casualty excepted, (b) is free of structural defects, (c) is not subject to material deferred maintenance, (d) 
63

has and will have all building systems contained therein in good repair, working order and condition, normal wear and tear and casualty excepted and (e) is not located in a flood plain or flood hazard area, or if located in a flood plain or flood hazard area is covered by full replacement cost flood insurance.  For the avoidance of doubt, in no event shall the representations contained in the foregoing clause (a) through (d) be deemed to be applicable to any Property owned by a Tenant.  No condemnation or other like proceedings that has had, or would reasonably be expected to result in, a Material Adverse Effect, is pending, served or, to the knowledge of the Borrower, threatened against any Real Property.  Promptly after the request of the Administrative Agent, the Borrower shall deliver a current property condition report, in form and substance reasonably acceptable to Administrative Agent from an independent engineering or architectural firm reasonably acceptable to Administrative Agent, with respect to any Unencumbered Asset Pool Property specified by Administrative Agent that, in the reasonable determination of the Administrative Agent, has a maintenance or structural issue that could materially and adversely affect the value or use of such Eligible Property.
    Section 6.24.    Legal Requirements and Zoning.  Except as disclosed in the zoning reports furnished to Administrative Agent, the use and operation of each Real Property constitutes a legal use (including legally nonconforming use) under applicable zoning regulations (as the same may be modified by special use permits or the granting of variances) and complies in all material respects with all Legal Requirements, and does not violate in any material respect any approvals, restrictions of record or any agreement affecting any such Real Property (or any portion thereof), which violation would reasonably be expected to have a Material Adverse Effect.  
    Section 6.25.    REIT Status. The Parent (a) is a REIT, (b) has not revoked its election to be a REIT, and (c) for its current “tax year” as defined in the Code is and for all prior tax years subsequent to its election to be a REIT has been entitled to a dividends paid deduction which meets the requirements of Section 857 of the Code. 
Section 7.    Conditions Precedent.
    Section 7.1.    All Credit Events.  At the time of each Credit Event:
    (a)    each of the representations and warranties set forth herein and in the other Loan Documents shall be true and correct in all material respects (where not already qualified by materiality or Material Adverse Effect, otherwise in all respects) as of said time, except to the extent the same expressly relate to an earlier date, in which case the same shall be true and correct in all material respects (where not already qualified by materiality or Material Adverse Effect, otherwise in all respects) as of such earlier date;
    (b)    no Default or Event of Default shall have occurred and be continuing immediately before such Credit Event or would immediately occur as a result of such Credit Event; and
    (c)    in the case of a Borrowing, the Administrative Agent shall have received the notice required by Section 1.6 hereof, and the L/C Issuer shall have received (i) in the case of the issuance of any Letter of Credit, a duly completed Application for such Letter 
64

of Credit together with any fees called for by Section 2 hereof, and (ii) in the case of an extension or increase in the amount of a Letter of Credit, a written request therefor, in a form reasonably acceptable to the L/C Issuer, together with any fees called for by Section 2 hereof.
Each request for a Borrowing hereunder and each request for the issuance of, increase in the amount of, or extension of the expiration date of, a Letter of Credit shall be deemed to be a representation and warranty by the Borrower on the date on such Credit Event as to the facts specified in subsections (a) through (c), inclusive, of this Section 7.1; provided, however, that the Lenders may continue to make advances under the Credit, in the sole discretion of the Lenders, notwithstanding the failure of the Borrower to satisfy one or more of the conditions set forth above and any such advances so made shall not be deemed a waiver of any Default or Event of Default or other condition set forth above that may then exist.
    Section 7.2.    Initial Credit Event  Before or concurrently with the initial Credit Event:
    (a)    the Administrative Agent shall have received this Agreement duly executed by the Borrower, each Guarantor, and the Lenders;
    (b)    if requested by any Lender, the Administrative Agent shall have received, a Note (or an amended and restated note, if applicable) payable to such Lender and duly executed by the Borrower dated the Closing Date and otherwise in compliance with the provisions of Section 1.10 hereof;
    (c)    Borrower shall have made payment in full of the Prior Term Loans, including both the outstanding principal balance thereof and any accrued but unpaid interest thereon;
    (d)    the Administrative Agent shall have received copies of each Loan Party’s articles of incorporation and bylaws (or comparable organizational documents) and any amendments thereto, certified in each instance by its Secretary or Assistant Secretary (or comparable Responsible Officer);
    (e)    the Administrative Agent shall have received copies of resolutions of each Loan Party’s Board of Directors (or similar governing body) authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, together with specimen signatures of the persons authorized to execute such documents on each Loan Party’s behalf, all certified in each instance by its Secretary or Assistant Secretary (or comparable Responsible Officer);
    (f)    the Administrative Agent shall have received copies of the certificates of good standing for the Borrower and each Guarantor (dated no earlier than thirty (30) days prior to the Closing Date) from the office of the secretary of the state (or similar office) of its incorporation or organization and of each state in which an Initial Unencumbered 
65

Asset Pool Property is located where its ownership, lease or operation of properties or the conduct of its business requires such qualification;
    (g)    the Administrative Agent shall have received a list of the Borrower’s Authorized Representatives;
    (h)    the Administrative Agent shall have received the initial fees called for by Section 2 hereof;
    (i)    the Administrative Agent shall have received a Compliance Certificate showing pro forma compliance with the financial covenants contained in Section 8.20 after giving effect to the initial Loans with the inclusion of the Initial Unencumbered Asset Pool Properties, in form and substance reasonably acceptable to the Administrative Agent;
    (j)    since December 31, 2020, no material adverse change in the business, financial condition, operations, performance or properties of the Borrower or the Guarantors, taken as a whole, shall have occurred;
    (k)    the Administrative Agent shall have received financing statement, tax, and judgment lien search results against the Borrower and each Guarantor evidencing the absence of Liens on its Property except for Permitted Liens or Permitted UAP Liens, as applicable, under this Agreement;
    (l)    the Administrative Agent shall have received written opinions of counsel to the Borrower and each Guarantor, in form and substance reasonably acceptable to the Administrative Agent; 
    (m)    the Administrative Agent shall have received a fully executed Internal Revenue Service Form W-9 for the Borrower and each Guarantor; and the Administrative Agent and the Borrower shall have received the Internal Revenue Service Forms and any applicable attachments required by Section 12.1(b);
    (n)    the Administrative Agent shall have received such other agreements, instruments, documents and certificates as the Administrative Agent may reasonably request; 
    (o)    each of the Lenders shall have received, sufficiently in advance of the Closing Date, all documentation and other information requested by any such Lender required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act including, without limitation, the information described in Section 13.24; and
    (p)    if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, it shall deliver a Beneficial Ownership Certification in relation to it.
66

    Section 7.3.    Eligible Property Additions and Removals to the Unencumbered Asset Pool Properties.  (a) As of the Closing Date, the Borrower represents and warrants to the Lenders and the Administrative Agent that the Initial Unencumbered Asset Pool Properties qualify as Eligible Properties and that the information provided on Schedule 1.1 is true and correct in all material respects.
    (b)    Upon not less than ten (10) Business Days prior written notice from the Borrower to the Administrative Agent, the Borrower may, from time to time, request that a Real Property be added (subject to the other requirements for a Real Property qualifying as an Eligible Property) as an Unencumbered Asset Pool Property, and such Real Property shall be added as an Unencumbered Asset Pool Property upon satisfaction of the following conditions:
    (1)    the Administrative Agent shall have received a current rent roll and operating statement with respect to such Real Property;
    (2)    the Administrative Agent shall have received a certificate evidencing compliance with the Unencumbered Asset Pool Requirements on a pro forma basis;
    (3)    if requested by the Administrative Agent, the Administrative Agent shall have received a certificate from the Borrower reasonably acceptable to the Administrative Agent that such Real Property is free of all material structural defects or major architectural deficiencies, material title defects, material environmental conditions or other adverse matters which, individually or collectively, materially impair the value of such Real Property;
    (4)    if the Subsidiary owning such Real Property is not a Guarantor (each, a “New Guarantor”) the Administrative Agent shall have received a duly executed Additional Guarantor Supplement from such New Guarantor, together with any other agreements reasonably required by the Administrative Agent including the following:
    (A)    copies of such New Guarantor’s articles of incorporation and bylaws (or comparable organizational documents) and any amendments thereto, certified in each instance by its Secretary or Assistant Secretary;
    (B)    copies of resolutions of such New Guarantor’s Board of Directors (or similar governing body) authorizing the execution, delivery and performance of the Loan Documents to which it is a party and the consummation of the transactions contemplated thereby, together with specimen signatures of the persons authorized to execute such documents on such New Guarantor’s behalf, all certified in each instance by its Secretary or Assistant Secretary or other Authorized Representative;
    (C)    copies of the certificates of good standing for such New Guarantor from the office of the secretary of the state (or similar office) of its incorporation or organization and of each state in which an Unencumbered Asset Pool Property is located; and
67

    (D)    a fully executed Internal Revenue Service Form W-9 for such New Guarantor; 
    (5)    if such Real Property is owned in a tenancy-in-common structure, the Borrower, Guarantor or New Guarantor, as applicable, shall deliver a TIC Agreement and Management Agreement, in each case, in form and substance acceptable to the Administrative Agent; 
    (6)    the Administrative Agent shall have received financing statement, tax, and judgment lien search results against any such New Guarantor and such Real Property evidencing the absence of Liens, except for Permitted Liens or Permitted UAP Liens, as applicable, under this Agreement; and
    (7)    the Administrative Agent shall have received such other agreements, instruments, documents, certificates, and opinions as the Administrative Agent may reasonably request (including, but not limited to, copies of ARGUS runs (or similar reports), leases, title, UCC or tax lien searches, surveys and environmental assessments).
Upon satisfaction of the foregoing conditions Schedule 1.1 shall be deemed updated with such Real Property.
    (c)    In the event that any Unencumbered Asset Pool Property shall at any time cease to constitute an Eligible Property, (i) the Borrower shall, as soon as reasonably possible after obtaining knowledge thereof, notify the Administrative Agent in writing of the same and (ii) such Real Property shall automatically cease to constitute an Unencumbered Asset Pool Property from the date that the same ceased to constitute an Eligible Property until such time as the same again qualifies as an Eligible Property and is added by the Borrower as an Unencumbered Asset Pool Property in accordance with the preceding paragraph.  Similarly, in the event that, at any time, the Unencumbered Asset Pool Requirements shall be violated, (A) the Borrower shall, as soon as reasonably possible after obtaining knowledge thereof, notify the Administrative Agent in writing of the same, which written notice shall include a designation by the Borrower of any Real Property or Real Properties to be removed as Unencumbered Asset Pool Properties in order to restore compliance with the Unencumbered Asset Pool Requirements, and (B) each such Real Property shall automatically cease to constitute an Unencumbered Asset Pool Property from the date of such written notice until such time as the same is added by the Borrower as an Unencumbered Asset Pool Property in accordance with the preceding paragraph (provided that the addition of the same at such time does not result in a violation of the Unencumbered Asset Pool Requirements).  
    (d)    Upon not less than ten (10) Business Days prior written notice from the Borrower to the Administrative Agent, the Borrower may, from time to time, designate that a Real Property be removed as an Unencumbered Asset Pool Property; provided, however, that the Borrower shall not be permitted to designate that a Real Property be removed as an Unencumbered Asset Pool Property without the consent of the Required Lenders in their sole discretion if such removal would result in fewer than twenty-five (25) Unencumbered Asset Pool Properties.  Such notice shall be accompanied by an Compliance Certificate setting forth the components of the 
68

Unencumbered Asset Pool Value as of the removal of the designated Real Property as an Unencumbered Asset Pool Property, and Borrower’s certification in such detail as reasonably required by the Administrative Agent that no Default or Event of Default is then continuing (including after taking into account the removal of such Unencumbered Asset Pool Property) and that such removal shall not cause the other Unencumbered Asset Pool Properties to violate the Unencumbered Asset Pool Requirements.  Upon the removal of a Real Property as an Unencumbered Asset Pool Property (whether automatically or as a result of an election by the Borrower, as described above), the Guarantor which owned such Real Property, but that does not otherwise own any other Unencumbered Asset Pool Property, shall, upon the Borrower’s written request, be released from its obligations under this Agreement or, if applicable, its separate Guaranty and any other Loan Documents pursuant to lien releases and other documentation reasonably acceptable to the Borrower and the Administrative Agent.
Section 8.    Covenants.
The Borrower and each Guarantor agrees that, so long as any credit is available to or in use by the Borrower hereunder, except to the extent compliance in any case or cases is cured or waived in writing pursuant to the terms of Section 12.13 hereof:
    Section 8.1.    Maintenance of Existence. The Borrower shall, and shall cause each Guarantor to, preserve and maintain its existence, except as otherwise provided in Section 8.10 hereof.  Each Loan Party shall, and shall cause each of its Subsidiaries to, preserve and keep in force and effect all licenses, permits, franchises, approvals, patents, trademarks, trade names, trade styles, copyrights, and other proprietary rights necessary to the proper conduct of its business where the failure to do so would reasonably be expected to have a Material Adverse Effect.
    Section 8.2.    Maintenance of Properties.  Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain, preserve, and keep its Property in good working order and condition (ordinary wear and tear and casualty excepted), and shall from time to time make all necessary and proper repairs, renewals, replacements, additions, and betterments thereto so that such Property shall at all times be fully preserved and maintained, except to the extent that, in the reasonable business judgment of such Person, any such Property is no longer necessary for the proper conduct of the business of such Person or except where the failure would not reasonably be expected to have a Material Adverse Effect.  The Borrower shall not, and shall not permit any Guarantor to, amend, modify or terminate any material contract or agreement to which it is a party if such amendment, modification or termination or waiver would reasonably be expected to cause a Material Adverse Effect.
    Section 8.3.    Taxes and Assessments.  Each Loan Party shall duly pay and discharge, and shall cause each of its Subsidiaries to duly pay and discharge, all federal and material state, local, and foreign Taxes, rates, assessments, fees, and governmental charges upon or against it or its Property, in each case before the same become delinquent and before penalties accrue thereon, unless and to the extent (a) that the same are being contested in good faith and by appropriate proceedings which prevent enforcement of the matter under contest and adequate reserves established in accordance with GAAP are provided therefor or (b) where the failure to 
69

file or pay could not reasonably be expected to result in liability in excess of $10,000,000 in the aggregate.
    Section 8.4.    Insurance.  Each Loan Party shall insure and keep insured, and shall cause each of its Subsidiaries to insure and keep insured, with good and responsible insurance companies, all insurable Property owned by it which is of a character usually insured by Persons similarly situated and operating like Properties against loss or damage from such hazards and risks (including flood insurance with respect to any improvements on real Property consisting of building or parking facilities in an area designated by a Governmental Authority as having special flood hazards), and in such amounts, as are insured by Persons similarly situated and operating like Properties.  Each Loan Party shall also maintain, and shall cause each of its Subsidiaries to maintain, insurance with respect to the business of such Loan Party and its Subsidiaries, covering commercial general liability, statutory worker’s compensation and occupational disease, statutory structural work act liability, and business interruption and such other risks with good and responsible insurance companies, in such amounts and on such terms as the Administrative Agent or the Required Lenders shall reasonably request, but in any event as and to the extent usually insured by Persons similarly situated and conducting similar businesses.  The Borrower shall deliver to the Administrative Agent (a) on the Closing Date and at such other times as the Administrative Agent shall reasonably request, certificates evidencing the maintenance of insurance required hereunder, (b) prior to the termination of any such policies, certificates evidencing the renewal thereof and (c) promptly following the request by the Administrative Agent during the existence of an Event of Default, copies of any other insurance policy of any Loan Party or its Subsidiaries.  
    Section 8.5.    Financial Reports.  The Borrower shall, and shall cause the Parent and each Subsidiary to, maintain a standard system of accounting in accordance with GAAP and, subject to Section 8.22 hereof, shall furnish to the Administrative Agent such information respecting the business and financial condition of the Parent, the Borrower and each Subsidiary as the Administrative Agent (on its behalf or on behalf of any Lender) may reasonably request; and without any request, shall furnish to the Administrative Agent, for distribution to the Lenders and L/C Issuer:
    (a)    as soon as available, and in any event no later than ninety (90) days after the last day of each Fiscal Year of the Borrower, a copy of the audited consolidated balance sheet and statement of income of the Parent and its Subsidiaries as of the last day of the Fiscal Year then ended tying to the audited consolidated financial statements included in the Parent’s form 10K as filed with the SEC for the corresponding period and the consolidated statements of retained earnings and cash flows of the Parent and its Subsidiaries for the Fiscal Year then ended, and accompanying notes thereto, each in reasonable detail showing in comparative form the figures for the previous Fiscal Year, accompanied by an opinion of Grant Thornton or another independent public accountants of recognized national standing, selected by the Borrower and reasonably acceptable to the Administrative Agent, to the effect that the consolidated financial statements have been prepared in accordance with GAAP and present fairly in all material respects in accordance with GAAP the consolidated financial condition of the Parent and its Subsidiaries as of the close of such Fiscal Year and the results of their operations and 
70

cash flows for the Fiscal Year then ended and that an examination of such accounts in connection with such financial statements has been made in accordance with generally accepted auditing standards, which opinion shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; provided that, notwithstanding anything herein to the contrary, for the calendar year in which a Fiscal Year Change Date occurs, the Borrower shall furnish to the Administrative Agent (i) as soon as available, and in any event no later than ninety (90) days after April 30th of such calendar year, an audited consolidated balance sheet and consolidated statements of income, retained earnings, and cash flows of the Parent and its Subsidiaries for the twelve-month period then ended, together with such required notes and opinions as set forth above, (ii) as soon as available, and in any event no later than ninety (90) days after the last day of such calendar year, an audited consolidated balance sheet and consolidated statements of income, retained earnings, and cash flows of the Parent and its Subsidiaries for the eight-month period from the Fiscal Year Change Date to the last day of such calendar year then ended, together with such required notes and opinions as set forth above, and (iii) as soon as available, and in any event no later than ninety (90) days after the last day of such calendar year, a copy of the consolidated balance sheet of the Parent and its Subsidiaries as of the last day of such calendar year and the consolidated statements of income, retained earnings, and cash flows of the Parent and its Subsidiaries for the twelve-month period then ended, each in reasonable detail showing, in comparative form, the figures for the corresponding date and period in the previous calendar year, prepared by the Borrower in accordance with GAAP (subject to the absence of footnote disclosures and yearend audit adjustments) and certified to by its chief financial officer or another officer of the Borrower reasonably acceptable to the Administrative Agent;
    (b)    [reserved];
    (c)    as soon as available, and in any event no later than forty-five (45) days after the last day of each of the first three Fiscal Quarters of each Fiscal Year of the Borrower (commencing with the Fiscal Quarter ended September 30, 2021), a copy of the consolidated balance sheet of the Parent and its Subsidiaries as of the last day of such Fiscal Quarter and the consolidated statements of income, retained earnings, and cash flows of the Parent and its Subsidiaries for the Fiscal Quarter and for the Fiscal Yeartodate period then ended, each in reasonable detail showing, in comparative form, the figures for the corresponding date and period in the previous Fiscal Year, prepared by the Parent in accordance with GAAP (subject to the absence of footnote disclosures and yearend audit adjustments) and certified to by its chief financial officer or another officer of the Borrower reasonably acceptable to the Administrative Agent; 
    (d)    as soon as available, and in any event within (i) forty-five (45) days after the last day of each of the first three Fiscal Quarters of each Fiscal Year (commencing with the Fiscal Quarter ended September 30, 2021) and (ii) ninety (90) days after the last day of the last Fiscal Quarter of each Fiscal Year, an updated rent roll and operating statement for each Unencumbered Asset Pool Property, in form and substance reasonably acceptable to the Administrative Agent; provided that, notwithstanding anything herein to 
71

the contrary, for the calendar year in which a Fiscal Year Change Date occurs, the Borrower shall furnish to the Administrative Agent such rent roll and operating statements (i) as soon as available, and in any event no later than ninety (90) days after April 30th of such calendar year for the three-month period then ended and (ii) as soon as available, and in any event no later than ninety (90) days after December 31st of such calendar year for the three-month period then ended;
    (e)    with each of the financial statements delivered pursuant to subsections (a) and (c) above, a compliance certificate (“Compliance Certificate”) in the form attached hereto as Exhibit E signed by the chief executive officer, chief financial officer, treasurer or controller of the Borrower or another officer of the Borrower reasonably acceptable to the Administrative Agent to the effect that to such officer’s knowledge and belief no Default or Event of Default has occurred and is continuing during the period covered by such statements or, if any such Default or Event of Default has occurred during such period, setting forth a description of such Default or Event of Default and specifying the action, if any, taken or being taken by the Parent or any Subsidiary to remedy the same.  Such Compliance Certificate shall also set forth the calculations supporting such statements in respect of Section 8.20 hereof and include an update to Schedule 6.2;
    (f)    promptly after request by the Administrative Agent, any additional written reports, management letters or other detailed information contained in writing concerning significant aspects of the Parent’s or any Subsidiary’s operations and financial affairs given to it by its independent public accountants and submitted to the board of directors (or similar governing body) of the Borrower;
    (g)    promptly after the sending or filing thereof, copies of each financial statement, report, or proxy statement sent by the Parent or any Subsidiary to its stockholders or other equity holders and copies of all annual, regular, periodic and special reports and registration statements which any Loan Party may file or be required to file with the SEC under Section 13 or 15(d) of the Exchange Act, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto;
    (h)    promptly after receipt thereof, if any, a copy of each audit made by any regulatory agency of the books and records of the Parent or any Subsidiary or of notice of any material noncompliance with any applicable Legal Requirements relating to the Parent or any Subsidiary, or its business, which, in each case, could reasonably be expected to result in a material liability to the Parent or any Subsidiary;  
    (i)    as soon as available, and in any event within sixty (60) days after the end of each Fiscal Year of the Borrower, a copy of the Borrower’s projections for the following year including consolidated projections of revenues, expenses and balance sheet on a quarterbyquarter basis, with such projections in reasonable detail prepared by the Borrower and in form satisfactory to the Administrative Agent (which shall include a summary of all significant assumptions made in preparing such projections);
72

    (j)    notice of any Change of Control;
    (k)    promptly after any Responsible Officer of the Borrower obtaining knowledge thereof, written notice of (i) any threatened (in writing) or pending litigation or governmental or arbitration proceeding or labor controversy against the Parent or any Subsidiary or any of their Property which would reasonably be expected to have a Material Adverse Effect, (ii) the occurrence of any other matter which would reasonably be expected to have a Material Adverse Effect or (iii) the occurrence of any Default or Event of Default; 
    (l)    promptly after any Responsible Officer of the Borrower obtaining knowledge thereof, written notice of any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification; 
    (m)    (i) promptly and in any event within five (5) Business Days after receipt or execution thereof by any Loan Party, (x) a copy of any agreements evidencing any Material Credit Facility or any Treasury Management Line, in each case certified as being a true, correct, and complete copy thereof by the Borrower’s Secretary or Assistant Secretary (or other Responsible Officer) and (y) copies of all default notices, amendments, waivers and other modifications so received under, pursuant to, or in connection with any Material Credit Facility or Treasury Management Line and (ii) concurrently with any Person becoming a guarantor, obligor or co-obligor of any Indebtedness under any Material Credit Facility, a written notice to the Administrative Agent thereof; 
    (n)    promptly and in any event within five (5) Business Days after receipt thereof by any Loan Party, copies of all default notices, amendments, waivers and other modifications so received under, pursuant to, or in connection with any TIC Agreements or Management Agreements; and
    (o)    promptly after the request by the Administrative Agent or the Required Lenders, any other information or report reasonably requested by such Person(s).
    The Parent and the Borrower hereby acknowledge that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Parent or the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on the Platform and (b) certain of the Lenders may be “public‐side” Lenders (i.e., Lenders that do not wish to receive material non‐public information with respect to the Borrower or its securities) (each, a “Public Lender”).  Each of the Parent and the Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower and the Parent shall be deemed to have authorized the Administrative Agent, the Arrangers, the L/C 
73

Issuer and the Lenders to treat such Borrower Materials as not containing any material non‐public information (although it may be sensitive and proprietary) with respect to the Borrower, the Parent or their respective securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 12.25 hereof); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent, the Lenders, the L/C Issuer and the Arrangers shall treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.”
    Section 8.6.    Inspection.  Each Loan Party shall, and shall cause each of its Subsidiaries to, permit the Administrative Agent and each Lender, and each of their duly authorized representatives and agents to visit and inspect any of its Property, corporate books, and financial records, to examine and make copies of its books of accounts and other financial records, at such reasonable times and intervals as the Administrative Agent or any such Lender may designate and with reasonable prior notice to the Borrower, and to discuss its affairs, finances, and accounts with, and to be advised as to the same by, its officers, employees and independent public accountants (and by this provision the Loan Parties hereby authorize such accountants to discuss with the Administrative Agent and such Lenders the finances and affairs of the Loan Parties and their Subsidiaries); provided that the Loan Parties shall be permitted to have their respective representatives present during any such discussions with its independent public accountants.  So long as no Event of Default exists, the Borrower shall pay to the Administrative Agent reasonable and documented charges for one inspection and/or visit to any Property by the Administrative Agent in each year, including inspections of corporate books and financial records, examinations and copies of books of accounts and financial record and other activities permitted in this Section 8.6 performed by the Administrative Agent.
    Section 8.7.    Liens.  No Loan Party shall, nor shall it permit any Subsidiary to, create, incur or permit to exist any Lien of any kind on (i) any Property owned by any such Person, other than Permitted Liens and (ii) any Unencumbered Asset Pool Property or any Stock issued by any Loan Party, other than Permitted UAP Liens.  Notwithstanding the foregoing, no Loan Party shall nor shall any Loan Party permit any of its Subsidiaries to, secure pursuant to this Section 8.7 any Indebtedness outstanding under or pursuant to any Material Credit Facility or the Treasury Management Line unless and until the Obligations (and any guaranty delivered in connection therewith) shall, if so elected by the Administrative Agent and the Required Lenders, in their sole discretion, concurrently be secured equally and ratably with such Indebtedness pursuant to documentation reasonably acceptable to the Administrative Agent and the Required Lenders in substance and in form, including an intercreditor agreement and opinions of counsel to the Borrower and/or any such Subsidiary, as the case may be, from counsel that is reasonably acceptable to the Administrative Agent in its sole discretion.
    Section 8.8.    Investments, Acquisitions, Loans and Advances.  No Loan Party shall, nor shall it permit any Subsidiary to (i) directly or indirectly, make, retain or have outstanding any investments (whether through the purchase of Stock or obligations or otherwise) in any Person, real property or improvements on real property, or any loans, advances, lines of credit, mortgage loans, other financings (including pursuant to sale/leaseback transactions) to any other Person, or 
74

Guarantee or assumption of any such loans, advances, lines of credit, mortgage loans or other financings (including pursuant to sale/leaseback transactions) to any other Person, or (ii) acquire any real property, improvements on real property or all or any substantial part of the assets or business of any other Person or division thereof (collectively, “Investments”); provided, however, that the foregoing shall not apply to nor operate to prevent, with respect to any Loan Party or any Subsidiary, any of the following:
    (a)    Permitted Investments and Investments in cash and Cash Equivalents and 1031 Cash Proceeds;
    (b)    Parent’s Investments from time to time in the Borrower, the Borrower’s Investments from time to time in its Subsidiaries, and Investments made from time to time by a Subsidiary in one or more of its Subsidiaries (including, without limitation, any Investment in the form of the purchase or other acquisition of the ownership interests of any non-wholly owned Subsidiary resulting in such Subsidiary becoming a wholly-owned Subsidiary);
    (c)    intercompany loans and advances made from time to time among the Borrower and its Subsidiaries;
    (d)    Investments from time to time in individual Real Properties (including Eligible Properties), portfolios of Real Properties (including Eligible Properties) or in entities which own such individual Real Properties (including Eligible Properties), provided that such Investment does not cause a violation of the financial covenants set forth in Section 8.20 hereof or clauses (e), (f) or (g) below;
    (e)    Investments in Joint Ventures (including, without limitation, Investments consisting of loans, advances or other extensions of credit in the ordinary course of business to third party developers with respect to such Joint Venture);
    (f)    Investments in Development Assets;
    (g)    Investments in Land Assets;
    (h)    Investments in deposit account and securities accounts opened in the ordinary course of business and in compliance with the terms of this Agreement; 
     (i)    Investments pursuant to Hedging Agreements that are not otherwise prohibited by the terms of this Agreement;
    (j)    Investments existing on the date hereof and set forth on Schedule 8.8;
    (k)    advances to officers, directors and employees of the Parent, the Borrower and Subsidiaries for travel, entertainment, relocation and analogous ordinary business purposes;
75

    (l)    Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business;
    (m)    Investments in mortgages and note receivables;
    (n)    Investments by the Parent for the redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any equity interests of the Parent or the Borrower now or hereafter outstanding to the extent permitted in Section 8.24; 
    (o)    Investments not otherwise permitted under this Section 8.8, provided that such Investment does not cause a violation of the financial covenants set forth in Section 8.20;
    (p)    Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; and
    (q)    Investments in captive insurance entities and any and all Investments permitted by applicable law to be made by such captive insurance entities.
    Section 8.9.    Mergers, Consolidations, Divisions and Sales.  Except with respect to an acquisition of an Eligible Property or otherwise with the prior written consent of the Required Lenders, no Loan Party shall, nor shall it permit any Subsidiary to, consummate any merger or consolidation, amalgamation or division, or sell, transfer, lease or otherwise dispose of all or any part of its Property, including any disposition of Property as part of a sale and leaseback transaction, or in any event sell or discount (with or without recourse) any of its notes or accounts receivable; provided, however, this Section 8.9 shall not apply to nor operate to prevent:
    (a)    the sale, transfer, lease or other disposition of Property of the Borrower or any of its Subsidiaries to one another; 
    (b)    the merger or consolidation of any Subsidiary with and into the Borrower or any other Subsidiary, provided that, in the case of any merger involving the Borrower, the Borrower is the entity surviving the merger;
    (c)    the sale, transfer or other disposition of any tangible personal property in the ordinary course of business and the sale, transfer or other disposition of personal property no longer used or useful in the business or obsolete; 
    (d)    Leases of portions of any Real Property to Tenants;
    (e)    so long as no Event of Default is then continuing or would result therefrom, any sale, transfer, lease or other disposition of Property of the Borrower or any 
76

Subsidiary consisting of any commercial properties (other than, for the avoidance of doubt, any multi-family properties);
    (f)    so long as no Default or Event of Default is then continuing or would result therefrom, any sale, transfer, lease or other disposition of Property of the Borrower or any Subsidiary (including any disposition of Property as part of a sale and leaseback transaction) that is not otherwise expressly permitted under this Section 8.9 and for net consideration that is not more than 20% of the Total Asset Value as of the Closing Date in the aggregate for all such transactions during the term of this Agreement;
    (g)    so long as no Default or Event of Default is then continuing or would result therefrom, any merger or other combination if it results in the simultaneous payoff in immediately available funds of the Obligations; 
    (h)    any merger or consolidation or other combination with any other Person subject to (i) subject to Section 8.9(b) above, if such merger or consolidation or other combination involves any Loan Party, such Loan Party shall be the survivor thereof; (ii) (x) if a Loan Party is the survivor thereof, the Borrower shall have given the Administrative Agent and the Lenders at least 30 days’ prior written notice of such consolidation or merger and (y) if a Loan Party is not the survivor thereof, the Borrower shall have given the Administrative Agent and the Lenders at least five (5) Business Days’ prior written notice of such consolidation or merger; (iii) immediately prior thereto, and immediately thereafter and after giving effect thereto, no Default or Event of Default has occurred or would result therefrom; and (iv) the Borrower shall have delivered to the Administrative Agent for distribution to each of the Lenders a Compliance Certificate, calculated on a pro forma basis based on information then available to the Borrower, evidencing the continued compliance by the Parent and the Subsidiaries with the terms and conditions of the financial covenants contained in Section 8.20, after giving effect to such consolidation or merger; 
    (i)    the issuance and sale of equity interests as long as a Change of Control does not result therefrom; 
    (j)    to the extent constituting an Investment, transactions expressly permitted under Section 8.8; and
    (k)    other sales, transfers, leases or other dispositions of property or assets other than Real Property in an aggregate amount not to exceed $5,000,000 in any Fiscal Year.
    Section 8.10.    Maintenance of Subsidiaries.  No Loan Party shall assign, sell or transfer, nor shall it permit any of its Subsidiaries to issue, assign, sell or transfer, any shares of Stock of any of the Borrower’s Subsidiaries that are Guarantors to any Person that is not a wholly-owned direct or indirect subsidiary of the Borrower; provided, however, that the foregoing shall not operate to prevent (a) the issuance, sale and transfer to any Person of any shares of Stock of a 
77

Guarantor solely for the purpose of qualifying, and to the extent legally necessary to qualify, such person as a director of such Guarantor, and (b) any transaction permitted by Section 8.9.
    Section 8.11.    ERISA.  With respect to each Plan, each Loan Party shall, and shall cause each of its Subsidiaries to, promptly pay and discharge all obligations and liabilities arising under ERISA of a character which if unpaid or unperformed could reasonably be expected to result in the imposition of a Lien against any of its Property.  Each Loan Party shall, and shall cause each of its Subsidiaries to, promptly notify the Administrative Agent and each Lender of:  (a) the occurrence of any reportable event (as defined in Section 4043 of ERISA but excluding any “reportable event” for which the requirement to give notice to the PBGC has been waived) with respect to a Plan, (b) receipt of any notice from the PBGC of its intention to seek termination of any Plan or appointment of a trustee therefor, (c) its intention to terminate or withdraw from any Plan, (d) the occurrence of any event with respect to any Plan which would result in the incurrence by any Loan Party or any Subsidiary of a Loan Party of any material liability, fine or penalty, and (e) any material increase in the contingent liability of any Loan Party or any Subsidiary of a Loan Party with respect to any postretirement Welfare Plan benefit.  The Borrower shall not, and shall not permit any Subsidiary to, permit any of its respective assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Code or any of the respective regulations promulgated thereunder.
    Section 8.12.    Compliance with Laws.  (a) Each Loan Party shall, and shall cause each Subsidiary to, comply in all respects with all Legal Requirements applicable to or pertaining to its Property or business operations, where any such noncompliance, individually or in the aggregate, would reasonably be expected to (i) have a Material Adverse Effect or (ii) result in a Lien upon any of its Property.
    (b)    Without limiting the generality of Section 8.12(a) hereof, each Loan Party shall, and shall cause each of its Subsidiaries to, at all times, do the following to the extent the failure to do so, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect:  (i) comply in all material respects with, and maintain each of the Real Properties in compliance in all material respects with, all applicable Environmental Laws; (ii) request that each Tenant and subtenant, if any, of any of the Real Properties or any part thereof comply in all material respects with all applicable Environmental Laws; (iii) obtain and maintain in full force and effect all material governmental approvals required by any applicable Environmental Law for the operation of their business and each of the Real Properties; (iv) cure any material violation of applicable Environmental Laws by it or at any of the Real Properties; (v) not allow the presence or operation at any of the Real Properties of any (1) landfill or dump or (2) hazardous waste management facility or solid waste disposal facility as defined pursuant to applicable Environmental Law; (vi) not manufacture, use, generate, transport, treat, store, Release, dispose or handle any Hazardous Material (or allow any Tenant or subtenant to do any of the foregoing) at any of the Real Properties except in the ordinary course of its business, in de minimis amounts, and in compliance with all applicable Environmental Laws; (vii) within ten (10) Business Days notify the Administrative Agent in writing of and provide any reasonably requested documents upon learning of any of the following in connection with any Loan Party or any Subsidiary of a Loan Party or any of the Real Properties:  (1) any material Environmental Liability; (2) any material Environmental Claim; (3) any material violation of an Environmental 
78

Law or material Release, threatened Release or disposal of a Hazardous Material; (4) any restriction on the ownership, occupancy, use or transferability Real Property arising from or in connection with any (x) Release, threatened Release or disposal of a Hazardous Material or (y) Environmental Law; or (5) any environmental, natural resource, health or safety condition, which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect; (viii) conduct at its expense any investigation, study, sampling, testing, abatement, cleanup, removal, remediation or other corrective or response action necessary to remove, remediate, clean up, correct or abate any material Release, threatened Release or violation of any applicable Environmental Law, (ix) abide by and observe any restrictions on the use of the Real Properties imposed by any Governmental Authority as set forth in a deed or other instrument affecting any Loan Party’s or any of its Subsidiary’s interest therein; (x) promptly provide or otherwise make available to the Administrative Agent any reasonably requested environmental record concerning the Real Properties which any Loan Party or any Subsidiary of a Loan Party possesses or can reasonably obtain; and (xi) perform, satisfy, and implement any operation, maintenance or corrective actions or other requirements of any Governmental Authority or Environmental Law, or included in any no further action letter or covenant not to sue issued by any Governmental Authority under any Environmental Law.
    Section 8.13.    Compliance with OFAC Sanctions Programs.  (a) Each Loan Party shall at all times comply in all material respects with the requirements of all OFAC Sanctions Programs applicable to such Loan Party and shall cause each of its Subsidiaries to comply in all material respects with the requirements of all OFAC Sanctions Programs applicable to such Subsidiary.
    (b)    Each Loan Party shall provide the Administrative Agent and the Lenders any information regarding the Loan Parties, their Affiliates, and their Subsidiaries necessary for the Administrative Agent and the Lenders to comply with all applicable OFAC Sanctions Programs; subject however, in the case of Affiliates, to such Loan Party’s ability to provide information applicable to them.  
    (c)    If any Loan Party obtains actual knowledge or receives any written notice that any Loan Party, any Subsidiary of any Loan Party, or any officer, director or Affiliate of any Loan Party or that any Person that owns or controls any such Person is the target of any OFAC Sanctions Programs or is located, organized or resident in a country, region or territory that is, or whose government is, the subject of any OFAC Sanctions Programs (such occurrence, an “OFAC Event”), such Loan Party shall promptly (i) give written notice to the Administrative Agent of such OFAC Event, and (ii) comply in all material respects with all applicable laws with respect to such OFAC Event (regardless of whether the target Person is located within the jurisdiction of the United States of America), including the OFAC Sanctions Programs, and each Loan Party hereby authorizes and consents to the Administrative Agent taking any and all steps the Administrative Agent deem necessary, in its sole but reasonable discretion, to avoid violation of all applicable laws with respect to any such OFAC Event, including the requirements of the OFAC Sanctions Programs (including the freezing and/or blocking of assets and reporting such action to OFAC).
    (d)    No Loan Party will, directly or, to any Loan Party’s knowledge, indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any 
79

other Person, (i) to fund any activities or business of or with any Person or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of any OFAC Sanctions Programs, or (ii) in any other manner that would result in a violation of OFAC Sanctions Programs or AntiCorruption Laws by any Person (including any Person participating in the Loans, whether as underwriter, lender, advisor, investor, or otherwise).
    (e)    No Loan Party will, nor will it permit any Subsidiary to, violate any AntiCorruption Law in any material respect.
    (f)    Each Loan Party will maintain in effect policies and procedures designed to ensure compliance by the Loan Parties, their Subsidiaries, and their respective directors, officers, employees, and agents with applicable OFAC Sanctions Programs and Anti-Corruption Laws.
    Section 8.14.    Burdensome Contracts With Affiliates.  Other than property management contracts and other contracts entered into among the Loan Parties and their Subsidiaries from time to time that would not otherwise cause a Default or Event of Default hereunder, no Loan Party shall, nor shall it permit any of its Subsidiaries to, enter into any contract, agreement or business arrangement with any of its Affiliates on terms and conditions which are less favorable to such Loan Party or such Subsidiary than would be usual and customary in similar contracts, agreements or business arrangements between Persons not affiliated with each other.
    Section 8.15.    No Changes in Fiscal Year No Loan Party shall, nor shall it permit any Subsidiary to, change its Fiscal Year from its present basis; provided that, upon prior written notice to the Administrative Agent of a proposed Fiscal Year Change Date, each Loan Party shall be permitted to change its Fiscal Year as set forth in the definition thereof.
    Section 8.16.    Formation of Subsidiaries.  Promptly upon the formation or acquisition of any Guarantor, the Borrower shall provide the Administrative Agent notice thereof and timely comply with the requirements of Section 4.2 hereof.
    Section 8.17.    Change in the Nature of Business.  No Loan Party shall, nor shall it permit any of its Subsidiaries to, engage in any business or activity if as a result the general nature of the business of such Loan Party or any of its Subsidiaries would be changed in any material respect from the general nature of the business engaged in by it as of the Closing Date, except for such other businesses reasonably related or complementary thereto or in furtherance thereof.
    Section 8.18.    Use of Proceeds.  The Borrower shall use the credit extended under this Agreement solely for the purposes set forth in, or otherwise permitted by, Section 6.4 hereof.
    Section 8.19.    No Restrictions.  Except as provided herein, in the other Loan Documents, in documents relating to Indebtedness secured by liens of the type described in clause (l), clause (j) or clause (p) of the definition of “Permitted Liens” or as may be agreed under any Unsecured Ratable Debt or Material Credit Facility, no Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind (other than any restriction set forth in the Treasury Management Line) on the ability of any Loan Party or any Subsidiary of a 
80

Loan Party to:  (a) pay dividends or make any other distribution on any Subsidiary’s Stock owned by such Loan Party or any other Subsidiary, (b) pay any indebtedness owed to any Loan Party or any other Subsidiary, (c) make loans or advances to any Loan Party or any Subsidiary, (d) transfer any of its Property to any Loan Party or any other Subsidiary, or (e) guarantee the Obligations and/or grant Liens on its assets to the Administrative Agent.
    Section 8.20.    Financial Covenants.  
    (a)    Maximum Consolidated Leverage Ratio.  As of the last day of each Fiscal Quarter of the Parent , the Loan Parties shall not permit the Consolidated Leverage Ratio to be greater than 0.60 to 1.00 for each Fiscal Quarter.  Notwithstanding the foregoing, the Borrower may elect upon delivering written notice to the Administrative Agent, concurrently with or prior to the delivery of a Compliance Certificate pursuant to Section 8.5 for any Fiscal Quarter during which the Borrower shall have completed a Material Acquisition and provided that no Default or Event of Default has occurred and is continuing, that the Consolidated Leverage Ratio for the period of such Fiscal Quarter and the immediately succeeding Fiscal Quarter (the “Leverage Ratio Increase Period”) may exceed 0.60 to 1.00 but shall not exceed 0.65 to 1.00; provided that (i) the Borrower may not elect more than two Leverage Ratio Increase Periods during the term of this Agreement, and (ii) any such Leverage Ratio Increase Periods shall be non-consecutive.
    (b)    Maximum Consolidated Secured Leverage Ratio.  As of the last day of each Fiscal Quarter of the Parent, the Loan Parties shall not permit the Consolidated Secured Leverage Ratio to be greater than 0.40 to 1.00 for each Fiscal Quarter .
    (c)    Maximum Total Unsecured Indebtedness to Aggregate Unencumbered Asset Pool Value Ratio.  As of the last day of each Fiscal Quarter of the Parent, the Loan Parties shall not permit the ratio of (i) Total Unsecured Indebtedness as of the last day of such Fiscal Quarter to (ii) the sum of the Unencumbered Asset Pool Value of all Unencumbered Asset Pool Properties as of the last day of such Fiscal Quarter to be greater than 0.60 to 1.00.  Notwithstanding the foregoing, the Borrower may elect upon delivering written notice to the Administrative Agent, concurrently with or prior to the delivery of a Compliance Certificate pursuant to Section 8.5 for any Fiscal Quarter during which the Borrower shall have completed a Material Acquisition and provided that no Default or Event of Default has occurred and is continuing, that the ratio of (i) Total Unsecured Indebtedness to (ii) the sum of the Unencumbered Asset Pool Value of all Unencumbered Asset Pool Properties, in each case, as of the last day of such Fiscal Quarter, for the period of such Fiscal Quarter and the immediately succeeding Fiscal Quarter (the “Unsecured Leverage Ratio Increase Period”) may exceed 0.60 to 1.00 but shall not exceed 0.65 to 1.00; provided that (i) the Borrower may not elect more than two Unsecured Leverage Ratio Increase Periods during the term of this Agreement, and (ii) any such Unsecured Leverage Ratio Increase Periods shall be non-consecutive.
    (d)    Maximum Other Recourse Debt to Total Asset Value Ratio.  As of the last day of each Fiscal Quarter of the Parent, the Loan Parties shall not permit the ratio of (i) Other Recourse Debt as of the last day of such Fiscal Quarter to (ii) Total Asset Value as of the last day of such Fiscal Quarter to be greater than 0.15 to 1.00.
81

    (e)    Minimum Fixed Charge Coverage Ratio.  As of the last day of each Fiscal Quarter of the Parent, the Loan Parties shall not permit the Fixed Charge Coverage Ratio to be less than 1.50 to 1.00 for each Fiscal Quarter.
    (f)    Minimum Tangible Net Worth.  As of the last day of each Fiscal Quarter, the Parent shall maintain a Tangible Net Worth of not less than the sum of (a) $952,621,000 plus (b) 75% of the aggregate net proceeds received by the Parent or any of its Subsidiaries after the Closing Date in connection with any offering of Stock or Stock Equivalents.
    (g)    Minimum Unencumbered Property NOI to Unsecured Interest Expense.  As of the last day of each Fiscal Quarter of the Parent, the Loan Parties shall not permit the ratio of Property NOI of Unencumbered Asset Pool Properties for such Fiscal Quarter to Unsecured Interest Expense for such Fiscal Quarter to be less than 1.75 to 1.00. 
    Section 8.21.    Unencumbered Asset Pool Requirements.  The Borrower shall cause the Unencumbered Asset Pool Properties to at all times comply with the Unencumbered Asset Pool Requirements; provided that if the requirements of the definition of Unencumbered Asset Pool Requirements are not met at any time, then within five (5) Business Days of such failure either (i) the Borrower shall have cured such failure or (ii) the Borrower shall have delivered an updated Compliance Certificate in form and substance reasonably acceptable to the Administrative Agent evidencing the reduction or removal of any applicable Eligible Property’s Unencumbered Asset Pool Value from the Unencumbered Asset Pool Value to the extent necessary to cause such failure to no longer exist.
    Section 8.22.    Electronic Delivery of Certain Information.  (a) Documents, including financial reports and other materials to be delivered pursuant to Section 8.5 hereof, required to be delivered pursuant to this Agreement may be delivered by electronic communication and delivery, including, the Internet, including the website maintained by the SEC, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent) provided that the foregoing shall not apply to notices to any Lender (or the L/C Issuer) pursuant to Section 1. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered on the date and time on which the Administrative Agent or the Borrower posts such documents or the documents become available on a commercial website and the Borrower notifies the Administrative Agent of said posting by causing an e-mail notification to be sent to an e-mail address specified from time to time by the Administrative Agent and provides a link thereto; provided if such notice or other communication is not sent or posted during the normal business hours of the recipient on a Business Day, said posting date and time shall be deemed to have commenced as of 8:00 a.m. Chicago time on the opening of business on the next Business Day for the recipient. Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper copies of the certificates required by Sections 8.5(d) and 8.5(e) hereof to the Administrative Agent. Except for the certificates required by Sections 8.5(d) and 8.5(e) hereof, the Administrative Agent shall have no obligation to request the delivery of or to maintain paper 
82

copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. 
    (b)    Documents required to be delivered pursuant to Section 1 may be delivered electronically to a website provided for such purpose by the Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent.
    Section 8.23.    REIT Status.  The Parent shall maintain its status as a REIT and all of the representations and warranties set forth in Section 6.25 hereof shall remain true and correct at all times.
    Section 8.24.    Restricted Payments.  No Loan Party shall, nor shall it permit any of its Subsidiaries to, declare or make any Restricted Payment; provided that:
    (a)    the Borrower may make Restricted Payments to the Parent (which shall distribute such amounts to its equity holders) (such Restricted Payments, which for the sake of clarity shall exclude those Restricted Payments otherwise permitted under Section 8.24(c) below, “Ordinary Dividends”), up to an amount not to exceed the greater of (i) 95% of MFFO for the most recently ended period of four Fiscal Quarters; and (ii) the amount required for the Parent to maintain its status as a REIT (i.e., to satisfy the distribution requirements set forth in Section 857(a) of the Code); provided, that during the continuance of an Event of Default (other than an Event of Default pursuant to Section 9.1(b) hereof resulting from a violation of Section 8.5 hereof that continues for more than ten (10) Business Days after written notice of such violation is delivered to the Borrower by the Administrative Agent), Ordinary Dividends shall not exceed the amounts described in clause (a)(ii) above; provided, further, that following any Bankruptcy Event with respect to the Parent or the Borrower or the acceleration of the Obligations, neither the Borrower nor the Parent shall be permitted to make any Ordinary Dividends; 
    (b)    (i) any wholly-owned Subsidiary may make Restricted Payments, directly or indirectly, to the Borrower or any other wholly-owned Subsidiary of the Borrower and (ii) any non-wholly-owned Subsidiary may make Restricted Payments directly to its equity owners based on such equity owners’ pro rata ownership of such Subsidiary; 
    (c)    the Borrower may declare and make Restricted Payments to the Parent (which shall distribute such amounts to its equity holders) from capital gains from the sale, transfer, lease or other disposition of its Property (such Restricted Payments, “Special Dividends”), which Special Dividends may be in excess of the thresholds set forth for Ordinary Dividends in clause (a) above, so long as at the time of declaration, no Default or Event of Default exists;
    (d)    any of Parent, the Borrower or any Subsidiary may declare and make dividend payments or other distributions payable solely in the common Stock of such entity including (i) “cashless exercises” of options granted under any share option plan adopted by the Borrower, (ii) distributions of rights or equity securities under any rights 
83

plan adopted by the Borrower and (iii) distributions (or effect stock splits or reverse stock splits) with respect to its Stock payable solely in additional shares of its Stock;
    (e)    so long as no Change of Control results therefrom, the Parent, the Borrower and each Subsidiary may make Restricted Payments in connection with the implementation of or pursuant to any retirement, health, stock option and other benefit plans, bonus plans, performance based incentive plans, and other similar forms of compensation for the benefit of the directors, officers and employees of the Parent, the Borrower and the Subsidiaries; and
    (f)    the Parent may directly or indirectly purchase, redeem or otherwise acquire or retire any of its Stock so long as (i) the aggregate amount of such payments made from and after the Closing Date shall not exceed $50,000,000, (ii) immediately prior thereto, and immediately thereafter and after giving effect thereto, no Default or Event of Default has occurred or would result therefrom; and (iii) for payments aggregating in excess of $20,000,000 in any Fiscal Quarter, within 15 days after reaching such threshold, the Borrower shall deliver to the Administrative Agent for distribution to each of the Lenders a Compliance Certificate, calculated on a pro forma basis based on information then available to the Borrower at the end of the most recently ended Fiscal Quarter, evidencing the continued compliance by the Parent and the Subsidiaries with the terms and conditions of the financial covenants contained in Section 8.20, after giving effect to such payments during such Fiscal Quarter (each, a “Pro Forma Compliance Certificate”); provided, that, if based on the calculations in the Pro Forma Compliance Certificate, the Borrower is not in compliance with the covenants contained in Section 8.20, then the Borrower shall suspend all orders for automatic trades with respect the Parent’s Stock until such time as the Borrower provides a quarterly Compliance Certificate under Section 8.5(e) hereof evidencing Borrower’s compliance with the financial covenants contained in Section 8.20 (the period during which trades are suspended is the “Suspension Period”); provided, further, that during the Suspension Period, the Borrower shall deliver a pro forma Compliance Certificate showing pro forma compliance with the covenants contained in Section 8.20 prior to any direct or indirect purchase, redemption or other acquisition or retirement of any of the Parent’s Stock.
    Section 8.25.    Most Favored Nation.  If any Loan Party or any of its Subsidiaries has entered into or shall enter into or amend an agreement or other instrument in connection with any Unsecured Ratable Debt or Material Credit Facility which by its terms provides more favorable terms to the holders of such Unsecured Ratable Debt or Material Credit Facility with respect to any of the covenants and defaults herein (“More Favorable Agreement”), the terms hereof shall be deemed automatically amended to include such more favorable terms contained in such More Favorable Agreement.  The Borrower shall give the Administrative Agent (i) in the case of an existing More Favorable Agreement, prompt notice of such more favorable terms, or (ii) in the case of a More Favorable Agreement that has not yet been executed, not less than five (5) Business Days’ prior to the execution thereof, notice of such more favorable terms.  No later than (i) in the case of an existing More Favorable Agreement, five (5) Business Days after notice is given of the more favorable terms or (ii) in the case of a More Favorable Agreement that has not yet been executed, the date on which such more favorable terms become effective, the Loan 
84

Parties shall enter into such amendments to this Agreement and the other Loan Documents as may be required by the Administrative Agent, and reasonably approved by the Borrower, giving effect to such more favorable terms; provided, that the execution of such amendment shall not be a precondition to the effectiveness of such amendment, but shall merely be for the convenience of the Loan Parties.
Section 9.    Events of Default and Remedies.
    Section 9.1.    Events of Default.  Any one or more of the following shall constitute an “Event of Default” hereunder:
    (a)    default in the payment (i) when due of all or any part of the principal of any Loan (whether at the stated maturity thereof or at any other time provided for in this Agreement) or any Reimbursement Obligation, (ii) within three (3) Business Days after such payment is due of any part of the interest on any Loan, and (iii) within three (3) Business Days after such payment is due of any fee or other Obligation payable hereunder or under any other Loan Document;
    (b)    default in the observance or performance of any covenant set forth in Sections 8.1, 8.5, 8.7, 8.8, 8.9, 8.12, 8.13, 8.20, 8.21, 8.23, 8.24 or 8.25 hereof;
    (c)    default in the observance or performance of any other provision hereof or of any other Loan Document which is not remedied within thirty (30) days after the earlier of (i) the date on which such failure shall first become known to any Responsible Officer of any Loan Party or (ii) written notice thereof is given to the Borrower by the Administrative Agent; 
    (d)    any representation or warranty made herein or in any other Loan Document or in any certificate furnished to the Administrative Agent or the Lenders pursuant hereto or thereto or in connection with any transaction contemplated hereby or thereby proves untrue in any material respect (where not already qualified by materiality or Material Adverse Effect) as of the date of the issuance or making or deemed making thereof; 
    (e)    (i) any event occurs or condition exists (other than those described in subsections (a) through (d) above) which is specified as an event of default under any of the other Loan Documents, or (ii) any of the Loan Documents shall for any reason not be or shall cease to be in full force and effect or is declared to be null and void;
    (f)    (i) a default shall occur with respect to any recourse Indebtedness issued, assumed or guaranteed by the Borrower or any Guarantor in excess of $25,000,000 in the aggregate, or (ii) a default shall occur with respect to any other  Indebtedness limited in recourse to the financed asset (other than standard non-recourse or “bad boy” guaranties) issued or assumed by the Borrower or any Guarantor in excess of $50,000,000 in the aggregate, or (iii) a default shall occur with respect to any Indebtedness issued, assumed or guaranteed by the Borrower or any Guarantor in excess of $25,000,000 in the 
85

aggregate and with respect to any Indebtedness under this clause (iii), after notice has been given to the Borrower and such default shall continue for a period of time after the expiration of any applicable grace period after payment is due, which is sufficient to permit the acceleration of the maturity of any such Indebtedness (and such maturity is in fact accelerated);  
    (g)    (i) any judgment or judgments, writ or writs or warrant or warrants of attachment, or any similar process or processes, shall be entered or filed against any Loan Party or any Subsidiary, or against any of its respective Property, in an aggregate amount in excess of $10,000,000 (except to the extent fully covered by insurance pursuant to which the insurer has accepted liability therefor in writing), and which remains undischarged, unvacated, unbonded or unstayed for a period of 30 days, or any action shall be legally taken by a judgment creditor to attach or levy upon any Property of any Loan Party or any Subsidiary of a Loan Party to enforce any such judgment, or (ii) any Loan Party or any Subsidiary of a Loan Party shall fail within thirty (30) days to discharge one or more nonmonetary judgments or orders which, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, which judgments or orders, in any such case, are not stayed on appeal or otherwise being appropriately contested in good faith by proper proceedings diligently pursued; 
    (h)    any Loan Party or any Subsidiary of a Loan Party, or any member of its Controlled Group, shall fail to pay when due an amount or amounts aggregating for all such Persons in excess of $10,000,000 which it shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or notice of intent to terminate a Plan or Plans having aggregate Unfunded Vested Liabilities in excess of $10,000,000 (collectively, a “Material Plan”) shall be filed under Title IV of ERISA by any Loan Party or any Subsidiary of a Loan Party, or any other member of its Controlled Group, any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate or to cause a trustee to be appointed to administer any Material Plan or a proceeding shall be instituted by a fiduciary of any Material Plan against any Loan Party or any Subsidiary of a Loan Party, or any member of its Controlled Group, to enforce Section 515 or 4219(c)(5) of ERISA and such proceeding shall not have been dismissed within thirty (30) days thereafter; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; 
    (i)    any Change of Control shall occur;
    (j)    any Loan Party or any Subsidiary of a Loan Party shall (i) have entered involuntarily against it an order for relief under the United States Bankruptcy Code, as amended, (ii) not pay, or admit in writing its inability to pay, its debts generally as they become due, (iii) make an assignment for the benefit of creditors, (iv) apply for, seek, consent to or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any substantial part of its Property, (v) institute any proceeding seeking to have entered against it an order for relief under the United States Bankruptcy Code, as amended, to adjudicate it insolvent, or seeking dissolution, winding 
86

up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (vi) take any corporate or similar action in furtherance of any matter described in parts (i) through (v) above, or (vii) fail to contest in good faith any appointment or proceeding described in Section 9.1(k); and
    (k)    a custodian, receiver, trustee, examiner, liquidator or similar official shall be appointed for any Loan Party or any Subsidiary of a Loan Party, or any substantial part of any of its Property, or a proceeding described in Section 9.1(j)(v) shall be instituted against any Loan Party or any Subsidiary of a Loan Party, and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of 60 days.
    Section 9.2.    NonBankruptcy Defaults  When any Event of Default (other than a Bankruptcy Event with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower, if so directed by the Required Lenders: (a) terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) demand that, with respect to each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellation, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit.  The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) hereof or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
    Section 9.3.    Bankruptcy Defaults.  When any Bankruptcy Event with respect to the Borrower has occurred and is continuing, all outstanding Loans shall immediately become due and payable together with all other amounts payable under the Loan Documents without presentment, demand, protest or notice of any kind, the obligation of the Lenders to extend further credit pursuant to any of the terms hereof shall immediately terminate and, with respect to each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellation, the Borrower acknowledging and agreeing that the Lenders would not have an adequate remedy 
87

at law for failure by the Borrower to honor any such demand and that the Lenders, and the Administrative Agent on their behalf, shall have the right to require the Borrower to specifically perform such undertaking whether or not any draws or other demands for payment have been made under any of the Letters of Credit.
    Section 9.4.    Collateral for Undrawn Letters of Credit.  (a) If the prepayment of the amount available for drawing under any or all outstanding Letters of Credit is required under Section 1.8(b) hereof, Section 1.14 hereof, Section 9.2 hereof or Section 9.3 hereof, the Borrower shall forthwith pay the amount required to be so prepaid, to be held by the Administrative Agent as provided in Section 9.4(b) hereof.
    (b)    All amounts prepaid pursuant to Section 9.4(a) hereof shall be held by the Administrative Agent in one or more separate collateral accounts (each such account, and the credit balances, properties, and any investments from time to time held therein, and any substitutions for such account, any certificate of deposit or other instrument evidencing any of the foregoing and all proceeds of and earnings on any of the foregoing being collectively called the “Collateral Account”) as security for, and for application by the Administrative Agent (to the extent available) to, the reimbursement of any payment under any Letter of Credit then or thereafter made by the L/C Issuer, and to the payment of the unpaid balance of all other Obligations, Hedging Liability and Bank Product Obligations.  The Collateral Account shall be held in the name of and subject to the exclusive dominion and control of the Administrative Agent for the benefit of the Administrative Agent, the Lenders, and the L/C Issuer.  If and when requested by the Borrower, the Administrative Agent shall invest funds held in the Collateral Account from time to time in direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America with a remaining maturity of one year or less, provided that the Administrative Agent is irrevocably authorized to sell investments held in the Collateral Account when and as required to make payments out of the Collateral Account for application to amounts then due and owing from the Borrower to the L/C Issuer, the Administrative Agent or the Lenders.  If the Borrower shall have made payment of all obligations referred to in Section 9.4(a) hereof required under Section 1.8(b) hereof, if any, at the request of the Borrower the Administrative Agent shall release to the Borrower amounts held in the Collateral Account so long as at the time of the release and after giving effect thereto no Default or Event of Default is then continuing.  If the Borrower shall have made payment of all obligations referred to in Section 9.4(a) hereof required under Section 9.2 hereof or Section 9.3 hereof, so long as no Letters of Credit, Commitments, Loans or other Obligations, Hedging Liability, or Bank Product Obligations remain outstanding, at the request of the Borrower the Administrative Agent shall release to the Borrower any remaining amounts held in the Collateral Account.
    (c)    At any time that there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent or any L/C Issuer (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the L/C Issuers’ Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 1.14(a)(iv) hereof and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.
88

    (i)    Grant of Security Interest.  The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, each hereby grant to the Administrative Agent, for the benefit of the L/C Issuers, and each agree to maintain, a first priority security interest in all such Cash Collateral as security for such Defaulting Lender’s obligation to fund participations in respect of L/C Obligations, to be applied pursuant to Section 9.4(c)(ii) hereof.  If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower shall, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).
    (ii)    Application.  Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 9.4 or Section 1.14 hereof in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of L/C Obligations (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.
    (iii)    Termination of Requirement.  Cash Collateral (or the appropriate portion thereof) provided to reduce any L/C Issuer’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 9.4(c) following (A) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (B) the determination by the Administrative Agent and the L/C Issuer that there exists excess Cash Collateral; provided that, subject to Section 1.14 hereof the Person providing Cash Collateral and the L/C Issuer may agree (but shall not be obligated to) that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations and provided further that to the extent that such Cash Collateral was provided by the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents.
Section 10.    Change in Circumstances.
    Section 10.1.    Change of Law.  Notwithstanding any other provisions of this Agreement or any other Loan Document, if at any time any Change in Law makes it unlawful for any Lender to make or continue to maintain any Eurodollar Loans or to perform its obligations as contemplated hereby, such Lender shall promptly give notice thereof to the Borrower and such Lender’s obligations to make or maintain Eurodollar Loans under this Agreement shall be suspended until it is no longer unlawful for such Lender to make or maintain Eurodollar Loans.  The Borrower shall prepay on demand the outstanding principal amount of any such affected Eurodollar Loans, together with all interest accrued thereon and all other amounts then due and payable to such Lender under this Agreement; provided, however, subject to all of the terms and conditions of this Agreement, the Borrower may then elect to borrow the principal amount of the 
89

affected Eurodollar Loans from such Lender by means of Base Rate Loans from such Lender, which Base Rate Loans shall not be made ratably by the Lenders but only from such affected Lender.
    Section 10.2.    Unavailability of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR.  If on or prior to the first day of any Interest Period for any Borrowing of Eurodollar Loans:
    (a)    the Administrative Agent determines that deposits in U.S. Dollars (in the applicable amounts) are not being offered to it in the interbank eurodollar market for such Interest Period, or that by reason of circumstances affecting the interbank eurodollar market adequate and reasonable means do not exist for ascertaining the applicable LIBOR, or
    (b)    the Required Lenders advise the Administrative Agent that (i) LIBOR as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Lenders of funding their Eurodollar Loans for such Interest Period or (ii) the making or funding of Eurodollar Loans become impracticable,
then the Administrative Agent shall forthwith give notice thereof to the Borrower and the Lenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders to make Eurodollar Loans shall be suspended.
If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause (a) above have arisen and such circumstances are unlikely to be temporary, (ii) LIBOR is no longer a widely recognized benchmark rate for newly originated loans in Dollars in the U.S. market or (iii) the circumstances set forth in clause (a) have not arisen but the supervisor for the administrator of the LIBOR Index Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBOR Index Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to LIBOR that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable.  Notwithstanding anything to the contrary in Section 12.13, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date a copy of such amendment is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment.  Until an alternate rate of interest shall be determined in accordance with this section, (x) any borrowing request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, Eurodollar Loans shall be ineffective, and (y) any borrowing request that requests a Borrowing of Eurodollar Loans, shall be made as a Borrowing of Base Rate Loans; provided that, if such 
90

alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
    Section 10.3.    Increased Cost and Reduced Return.  (a) If any Change in Law 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 or participated in by, any Lender (except any reserve requirement reflected in Adjusted LIBOR) or any L/C Issuer;
    (ii)    subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or
    (iii)    impose on any Lender or any L/C Issuer or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein;
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, such L/C Issuer or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, L/C Issuer or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, L/C Issuer or other Recipient, the Borrower will pay to such Lender, L/C Issuer or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, L/C Issuer or other Recipient, as the case may be, for such additional costs incurred or reduction suffered.
    (b)    Capital Requirements.  If any Lender or L/C Issuer determines that any Change in Law affecting such Lender or L/C Issuer or any Lending Office of such Lender or such Lender’s or L/C Issuer’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s or L/C Issuer’s capital or on the capital of such Lender’s or L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by any L/C Issuer, to a level below that which such Lender or L/C Issuer or such Lender’s or L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or L/C Issuer’s policies and the policies of such Lender’s or L/C Issuer’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or L/C Issuer or such Lender’s or L/C Issuer’s holding company for any such reduction suffered.
91

    (c)    Certificates for Reimbursement.  A certificate of a Lender or L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or L/C Issuer or its holding company, as the case may be, as specified in Section 10.3(a) hereof or Section 10.3(b) hereof and delivered to the Borrower, shall be conclusive absent manifest error.  The Borrower shall pay such Lender or L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.
    (d)    Delay in Requests.  Failure or delay on the part of any Lender or L/C Issuer to demand compensation pursuant to this Section 10.3 shall not constitute a waiver of such Lender’s or L/C Issuer’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or L/C Issuer pursuant to this Section 10.3 for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender or L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s or L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the ninemonth period referred to above shall be extended to include the period of retroactive effect thereof).
    Section 10.4.    Effect of a Benchmark Transition Event.  
    (a)    Replacing LIBOR.    
(i)        On March 5, 2021, the Financial Conduct Authority (“FCA”), the regulatory supervisor of USD LIBOR’s administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-month, 3-month, 6-month and 12-month LIBOR Index Rate tenor settings. On the earlier of (i) the date that all Available Tenors of the LIBOR Rate have either permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative and (ii) the Early Opt-in Effective Date, if the then-current Benchmark is the LIBOR Rate, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other Loan Document.  If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.  
(ii)    Subject to the proviso below in this paragraph, if a Term SOFR Event has occurred in respect to the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided that, this clause (a)(ii) shall not be effective until 30 days after the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice (or such later date as the Administrative Agent may select for effectiveness in the Term SOFR Notice). For the avoidance of doubt, the 
92

Administrative Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Event and may elect or not elect to do so in its sole discretion.
    (b)    Replacing Future Benchmarks. Upon the occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date written notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the Borrower may revoke any request for a borrowing of, conversion to or continuation of Loans to  be made, converted or continued that would bear interest by reference to such Benchmark until the Borrower’s receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans.  During the period referenced in the foregoing sentence, the component of the Base Rate based upon the Benchmark will not be used in any determination of the Base Rate.
    (c)    Benchmark Replacement Conforming Changes. In connection with the implementation and administration of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
    (d)    Notice Standards for Decisions and Determination. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement, and (ii) the effectiveness of any Benchmark Replacement Conforming Changes.  Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 10.4, 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 or any selection, 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 to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 10.4.
    (e)    Unavailability of Tenor of Benchmark. At any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR), then the Administrative Agent may remove any tenor of 
93

such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark Replacement) settings and (ii) the Administrative Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings.
    Section 10.5.    Discretion of Lender as to Manner of Funding.  Notwithstanding any other provision of this Agreement, each Lender shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder with respect to Eurodollar Loans shall be made as if each Lender had actually funded and maintained each Eurodollar Loan through the purchase of deposits in the interbank eurodollar market having a maturity corresponding to such Loan’s Interest Period, and bearing an interest rate equal to LIBOR for such Interest Period.
    Section 10.6.    Lending Offices; Mitigation Obligations.  Each Lender may, at its option, elect to make its Loans hereunder at the branch, office or affiliate specified in its Administrative Questionnaire (each a “Lending Office”) for each type of Loan available hereunder or at such other of its branches, offices or affiliates as it may from time to time elect and designate in a written notice to the Borrower and the Administrative Agent.  If any Lender requests compensation under Section 10.3 hereof, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 12.1 hereof, or if any Lender gives a notice pursuant to Section 10.1 hereof, then such Lender shall (at the request of the Borrower) 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 10.3 hereof or Section 12.1 hereof or eliminate the need for the notice pursuant to Section 10.1 hereof, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable and documented costs and expenses incurred by any Lender in connection with any such designation or assignment.
Section 11.    The Administrative Agent.
    Section 11.1.    Appointment and Authorization of Administrative Agent.  Each Lender and the L/C Issuer hereby appoints Bank of Montreal as the Administrative Agent under the Loan Documents and hereby authorizes the Administrative Agent to take such action as Administrative Agent on its behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto.  The Lenders and L/C Issuer expressly agree that the Administrative Agent is not acting as a fiduciary of the Lenders or the L/C Issuer in respect of the Loan Documents, the Borrower or otherwise, and nothing herein or in any of the other Loan Documents shall result in any duties or obligations on the Administrative Agent or any of the Lenders or L/C Issuer except as expressly set forth herein.  
    Section 11.2.    Administrative Agent and its Affiliates.  The Administrative Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any other Lender and may exercise or refrain from exercising such rights and power as though it 
94

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 the Borrower or any Affiliate of the Borrower as if it were not the Administrative Agent under the Loan Documents.  The term “Lender” as used herein and in all other Loan Documents, unless the context otherwise clearly requires, includes the Administrative Agent in its capacity as a Lender (if applicable).  
    Section 11.3.    Action by Administrative Agent.  If the Administrative Agent receives from the Borrower a written notice of an Event of Default pursuant to Section 8.5(k) hereof, the Administrative Agent shall promptly give each of the Lenders and L/C Issuer written notice thereof.  The obligations of the Administrative Agent under the Loan Documents are only those expressly set forth therein.  Without limiting the generality of the foregoing, the Administrative Agent shall not be required to take any action hereunder with respect to any Default or Event of Default, except as expressly provided in Sections 9.2 hereof and Section 9.5 hereof. Unless and until the Required Lenders give such direction, the Administrative Agent may (but shall not be obligated to) take or refrain from taking such actions as it deems appropriate and in the best interest of all the Lenders and L/C Issuer.  In no event, however, shall the Administrative Agent be required to take any action in violation of applicable Legal Requirements or of any provision of any Loan Document, and the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder or under any other Loan Document unless it first receives any further assurances of its indemnification from the Lenders that it may require, including prepayment of any related expenses and any other protection it requires against any and all costs, expenses, and liabilities which may be incurred by it by reason of taking or continuing to take any such action.  The Administrative Agent shall be entitled to assume that no Default or Event of Default exists unless notified in writing to the contrary by a Lender, the L/C Issuer, or the Borrower.  In all cases in which the Loan Documents do not require the Administrative Agent to take specific action, the Administrative Agent shall be fully justified in using its discretion in failing to take or in taking any action thereunder.  Any instructions of the Required Lenders, or of any other group of Lenders called for under the specific provisions of the Loan Documents, shall be binding upon all the Lenders and the holders of the Obligations.  
    Section 11.4.    Consultation with Experts.  The Administrative Agent may consult with legal counsel, independent public accountants, and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts.
    Section 11.5.    Liability of Administrative Agent; Credit Decision.  Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or not taken by it in connection with the Loan Documents:  (i) with the consent or at the request of the Required Lenders (or of any other group of Lenders called for under the specific provisions of the Loan Documents) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final non-appealable judgment.  Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into or verify:  (i) any statement, warranty or representation made in connection with this Agreement, any other Loan Document or any Credit Event; (ii) the performance or observance of any of the covenants or 
95

agreements of the Parent or any Subsidiary contained herein or in any other Loan Document; (iii) the satisfaction of any condition specified in Section 7 hereof, except receipt of items required to be delivered to the Administrative Agent; or (iv) the validity, effectiveness, genuineness, enforceability, perfection, value, worth or collectability hereof or of any other Loan Document or of any other documents or writing furnished in connection with any Loan Document; and the Administrative Agent makes no representation of any kind or character with respect to any such matter mentioned in this sentence.  The Administrative Agent may execute any of its duties under any of the Loan Documents by or through employees, agents, and attorneysinfact and shall not be answerable to the Lenders, the L/C Issuer, the Borrower, or any other Person for the default or misconduct of any such agents or attorneysinfact selected with reasonable care.  The Administrative Agent shall not incur any liability by acting in reliance upon any notice, consent, certificate, other document or statement (whether written or oral) believed by it to be genuine or to be sent by the proper party or parties.  In particular and without limiting any of the foregoing, the Administrative Agent shall have no responsibility for confirming the accuracy of any Compliance Certificate or other document or instrument received by it under the Loan Documents.  The Administrative Agent may treat the payee of any Obligation as the holder thereof until written notice of transfer shall have been filed with the Administrative Agent signed by such payee in form satisfactory to the Administrative Agent.  Each Lender and L/C Issuer acknowledges that it has independently and without reliance on the Administrative Agent or any other Lender or L/C Issuer, and based upon such information, investigations and inquiries as it deems appropriate, made its own credit analysis and decision to extend credit to the Borrower in the manner set forth in the Loan Documents.  It shall be the responsibility of each Lender and L/C Issuer to keep itself informed as to the creditworthiness of the Borrower and its Subsidiaries, and the Administrative Agent shall have no liability to any Lender or L/C Issuer with respect thereto.
    Section 11.6.    Indemnity.  The Lenders shall ratably, in accordance with their respective Percentages, indemnify and hold the Administrative Agent, and its directors, officers, employees, agents, and representatives harmless from and against any liabilities, losses, costs or expenses suffered or incurred by it under any Loan Document or in connection with the transactions contemplated thereby, regardless of when asserted or arising, except to the extent they are promptly reimbursed for the same by the Borrower and except to the extent that any event giving rise to a claim was caused by the gross negligence or willful misconduct of the party seeking to be indemnified as determined by a court of competent jurisdiction by final non-appealable judgment.  The obligations of the Lenders under this Section 11.6 shall survive termination of this Agreement.  The Administrative Agent shall be entitled to offset amounts received for the account of a Lender under this Agreement against unpaid amounts due from such Lender to the Administrative Agent or any L/C Issuer hereunder (whether as fundings of participations, indemnities or otherwise, and with any amounts offset for the benefit of the Administrative Agent to be held by it for its own account and with any amounts offset for the benefit of a L/C Issuer to be remitted by the Administrative Agent to or for the account of such L/C), but shall not be entitled to offset against amounts owed to the Administrative Agent or any L/C Issuer by any Lender arising outside of this Agreement and the other Loan Documents.
    Section 11.7.    Resignation and Removal of Administrative Agent and Successor Administrative Agent.  (a) The Administrative Agent may resign at any time by giving written 
96

notice thereof to the Lenders, the L/C Issuer, and the Borrower.  Upon any such resignation of the Administrative Agent, the Required Lenders shall have the right to appoint a successor Administrative Agent, which shall so long as no Event of Default has occurred and is continuing, be reasonably acceptable to the Borrower.  If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within thirty (30) days after the retiring Administrative Agent’s giving of notice of resignation then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall so long as no Event of Default has occurred and is continuing, be reasonably acceptable to the Borrower, and which may be any Lender hereunder or any commercial bank, or an Affiliate of a commercial bank, having an office in the United States of America and having a combined capital and surplus of at least $200,000,000.  
    (b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders shall have the right to appoint a successor Administrative Agent, which shall so long as no Event of Default has occurred and is continuing, be reasonably acceptable to the Borrower.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
(c)     Upon the acceptance of its appointment as the Administrative Agent hereunder, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights and duties of the prior Administrative Agent under the Loan Documents, and the prior Administrative Agent shall be discharged from its duties and obligations thereunder.  After any Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Section 11 and all protective provisions of the other Loan Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent, but no successor Administrative Agent shall in any event be liable or responsible for any actions of its predecessor.  If the Administrative Agent resigns or is removed and no successor is appointed, the rights and obligations of such Administrative Agent shall be automatically assumed by the Required Lenders and the Borrower shall be directed to make all payments due each Lender and L/C Issuer hereunder directly to such Lender or L/C Issuer.      
    Section 11.8.    L/C Issuer  The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith.  The L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in this Section 11 with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and the Applications pertaining to such Letters of Credit as fully as if the term “Administrative Agent”, as used in this Section 11, included the L/C Issuer with respect to such acts or omissions and (ii) as additionally provided in this Agreement with respect to such L/C Issuer.
    Section 11.9.    Hedging Liability, Funds Transfer and Deposit Account Liability, and Bank Product Obligations.  By virtue of a Lender’s execution of this Agreement or an assignment agreement pursuant to Section 12.12 hereof, as the case may be, any Affiliate of such 
97

Lender with whom the Parent or any Subsidiary has entered into an agreement creating Hedging Liability, Funds Transfer and Deposit Account Liability, or Bank Product Obligations shall be deemed a Lender party hereto for purposes of any reference in a Loan Document to the parties for whom the Administrative Agent is acting, it being understood and agreed that the rights and benefits of such Affiliate under the Loan Documents consist exclusively of such Affiliate’s right to share in payments and collections out of the Collateral and the Guaranties as more fully set forth in Section 3.1 hereof.  In connection with any such distribution of payments and collections, or any request for the release of the Guaranties and the Administrative Agent’s Liens in connection with the termination of the Commitments and the payment in full of the Obligations, the Administrative Agent shall be entitled to assume no amounts are due to any Lender or its Affiliate with respect to Hedging Liability or Bank Product Obligations unless such Lender has notified the Administrative Agent in writing of the amount of any such liability owed to it or its Affiliate prior to such distribution or payment or release of Guaranties. Without limiting the generality of the foregoing, (i) each such Lender Affiliate shall, for the avoidance of doubt, be deemed to have agreed to the provisions of Section 11.14 and (ii) no such Lender Affiliate shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral).  Notwithstanding any other provision of this Section 11 to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to Hedging Liability, Bank Product Obligations or Funds Transfer and Deposit Account Liability unless the Administrative Agent has received written notice of such Hedging Liability, Bank Product Obligations or Funds Transfer and Deposit Account Liability, together with such supporting documentation as the Administrative Agent may request, from the applicable Lender or Lender Affiliate.
    Section 11.10.    Designation of Additional Agents.  The Administrative Agent shall have the continuing right, for purposes hereof, at any time and from time to time to designate one or more of the Lenders (and/or its or their Affiliates) as “syndication agents,” “documentation agents,” “book runners,” “lead arrangers,” “arrangers” or other designations for purposes hereto, but such designation shall have no substantive effect, and such Lenders and their Affiliates shall have no additional powers, duties or responsibilities as a result thereof.
    Section 11.11.    Authorization to Release Guaranties.  Pursuant to Section 7.3, the Administrative Agent is hereby irrevocably authorized by each of the Lenders, the L/C Issuer, and their Affiliates to release any Subsidiary from its obligations as a Guarantor, at any time or from time to time, if such Person ceases to own an Unencumbered Asset Pool Property as a result of a transaction permitted under the Loan Documents.  Upon the Administrative Agent’s request, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Person from its obligations as a Guarantor under the Loan Documents.
    Section 11.12.    Authorization of Administrative Agent to File Proofs of Claim  In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or 
98

otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:
    (a)    to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under the Loan Documents including, but not limited to, Sections 1.11, 2.1, 10.3 and 12.15) allowed in such judicial proceeding; and
    (b)    to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.1 and 12.15.  Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the L/C Issuer or to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer in any such proceeding.
    Section 11.13.    Certain ERISA Matters.  (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:
    (i)    such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement,
    (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 
99

96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
    (iii)    (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or
    (iv)    such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
    (b)    In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, 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, and not, for the avoidance of doubt, to or for the benefit of, the Borrower or any other Loan Party, that the Administrative Agent is not 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 Letters of Credit, 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 hereto or thereto).
    Section 11.14.    Recovery of Erroneous Payments.  Notwithstanding anything to the contrary in this Agreement, if at any time the Administrative Agent determines (in its sole and absolute discretion) that it has made a payment hereunder in error to any Lender, L/C Issuer or other Secured Party, whether or not in respect of an Obligation due and owing by the Borrower at such time, where such payment is a Rescindable Amount, then in any such event, each such Person receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Person in immediately available funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.  Each Lender, each L/C Issuer and each other Secured Party irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another), “good 
100

consideration”, “change of position” or similar defenses (whether at law or in equity) to its obligation to return any Rescindable Amount.  Administrative Agent shall inform each Lender, L/C Issuer or other Secured Party that received a Rescindable Amount promptly upon determining that any payment made to such Person comprised, in whole or in part, a Rescindable Amount.  Each Person’s obligations, agreements and waivers under this Section 11.14 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or L/C Issuer, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document:

Section 12.        Miscellaneous.
    Section 12.1.    Taxes.
    (a)    Certain Defined Terms.  For purposes of this Section, the term “Lender” includes any L/C Issuer and the term “applicable law” includes FATCA.
    (b)    Payments Free of Taxes.  Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
    (c)    Payment of Other Taxes by the Loan Parties.  The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.
    (d)    Indemnification by the Loan Parties.  The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
101

    (e)    Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes or Other Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes or Other Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.11 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this subsection (e).
    (f)    Evidence of Payments.  As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
    (g)    Status of Lenders.  (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 12.1(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
    (ii)    Without limiting the generality of the foregoing, 
    (A)    any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the 
102

Borrower or the Administrative Agent), executed copies of IRS Form W9 certifying that such Lender is exempt from U.S. federal backup withholding tax;
    (B)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:
    (i)    in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
    (ii)    executed copies of IRS Form W8ECI;
    (iii)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit I1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W8BEN-E; or
    (iv)    to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W8IMY, accompanied by IRS Form W8ECI, IRS Form W8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit I2 or Exhibit I3, IRS Form W9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit I4 on behalf of each such direct and indirect partner;
    (C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a 
103

reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and
    (D)    if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.
    (h)    Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all outofpocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this subsection (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this subsection (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this subsection (h) the payment of which would place the indemnified party in a less favorable net afterTax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This subsection shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
104

    (i)    Survival.  Each party’s obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.
    Section 12.2.    Reserved  
    Section 12.3.    No Waiver, Cumulative Remedies.  No delay or failure on the part of the Administrative Agent, the L/C Issuer, or any Lender, or on the part of the holder or holders of any of the Obligations, in the exercise of any power or right under any Loan Document shall operate as a waiver thereof or as an acquiescence in any default, nor shall any single or partial exercise of any power or right preclude any other or further exercise thereof or the exercise of any other power or right.  The rights and remedies hereunder of the Administrative Agent, the L/C Issuer, the Lenders, and of the holder or holders of any of the Obligations are cumulative to, and not exclusive of, any rights or remedies which any of them would otherwise have.
    Section 12.4.    NonBusiness Days.  If any payment hereunder becomes due and payable on a day which is not a Business Day, the due date of such payment shall be extended to the next succeeding Business Day on which date such payment shall be due and payable.  In the case of any payment of principal falling due on a day which is not a Business Day, interest on such principal amount shall continue to accrue during such extension at the rate per annum then in effect, which accrued amount shall be due and payable on the next scheduled date for the payment of interest.
    Section 12.5.    Survival of Representations.  All representations and warranties made herein or in any other Loan Document or in certificates given pursuant hereto or thereto shall survive the execution and delivery of this Agreement and the other Loan Documents, and shall continue in full force and effect with respect to the date as of which they were made as long as any credit is in use or available hereunder.
    Section 12.6.    Survival of Indemnities.  All indemnities and other provisions relative to reimbursement to the Lenders and L/C Issuer of amounts sufficient to protect the yield of the Lenders and L/C Issuer with respect to the Loans and Letters of Credit, including, but not limited to, Sections 1.11, 10.3, and 12.15 hereof, shall survive the termination of this Agreement and the other Loan Documents and the payment of the Obligations.
    Section 12.7.    Sharing of SetOff.  Each Lender agrees with each other Lender a party hereto that if such Lender shall receive and retain any payment, whether by setoff or application of deposit balances or otherwise, on any of the Loans or Reimbursement Obligations in excess of its ratable share of payments on all such Obligations then outstanding to the Lenders, then such Lender shall purchase for cash at face value, but without recourse, ratably from each of the other Lenders such amount of the Loans or Reimbursement Obligations, or participations therein, held by each such other Lenders (or interest therein) as shall be necessary to cause such Lender to share such excess payment ratably with all the other Lenders; provided, however, that if any such purchase is made by any Lender, and if such excess payment or part thereof is thereafter recovered from such purchasing Lender, the related purchases from the other Lenders 
105

shall be rescinded ratably and the purchase price restored as to the portion of such excess payment so recovered, but without interest.  For purposes of this Section 12.7, amounts owed to or recovered by the L/C Issuer in connection with Reimbursement Obligations in which Lenders have been required to fund their participation shall be treated as amounts owed to or recovered by the L/C Issuer as a Lender hereunder.
    Section 12.8.    Notices.  (a)  Except as otherwise specified herein, all notices hereunder and under the other Loan Documents shall be in writing (including, without limitation, notice by telecopy) and shall be given to the relevant party at its address or facsimile number set forth below, or such other address or facsimile number as such party may hereafter specify by notice to the Administrative Agent and the Borrower given by courier, by United States certified or registered mail, by telecopy or by other telecommunication device capable of creating a written record of such notice and its receipt.  Notices under the Loan Documents to any Lender shall be addressed to its address or facsimile number set forth on its Administrative Questionnaire; and notices under the Loan Documents to the Borrower, any Guarantor, the Administrative Agent, or L/C Issuer shall be addressed to its respective address or facsimile number set forth below:
						
	to the Borrower or any Guarantor:
Centerspace, LP
800 LaSalle Avenue, Suite 1600
Minneapolis, Minnesota 55402
Attention:     General Counsel
Telephone:    (952) 401-4811
Email:     aolson@iret.com
Fax:     (952) 401-7058
with a copy to:

Taft Stettinius & Hollister LLP
2200 IDS Center  
80 South 8th Street 
Minneapolis, Minnesota 55402
Attention: Steven J. Ryan
Telephone:     (612) 977-8481
Email:     sryan@taftlaw.com
Fax:     (612) 977-8650
	to the Administrative Agent or L/C Issuer:
Bank of Montreal
100 High Street, 26th Floor
Boston, Massachusetts 02110
Attention:    Lloyd Baron
Telephone:    (617) 960-2372
Email:    lloyd.baron@bmo.com

Each such notice, request or other communication shall be effective (i) if given by facsimile, when such facsimile is delivered to the facsimile number specified in this Section 12.8 or in the relevant Administrative Questionnaire and a confirmation of such facsimile has been received by the sender, (ii) if given by mail, upon receipt or first refusal of delivery or (iii) if given by any other means, when delivered at the addresses specified in this Section 12.8 or in the relevant 
106

Administrative Questionnaire; provided that any notice given pursuant to Section 1 hereof shall be effective only upon receipt.
    (b)    Platform.  (i) Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined below) available to the L/C Issuers and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system (the “Platform”).
    (ii)    The Platform is provided “as is” and “as available.”  The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications.  No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, noninfringement of thirdparty rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower or the other Loan Parties, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of communications through the Platform.  “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed to the Administrative Agent, any Lender or any L/C Issuer by means of electronic communications pursuant to this Section, including through the Platform.
    (c)    Private Side Designation.  Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and Applicable Law, including United States Federal and state securities Applicable Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower, the Parent or their respective securities for purposes of United States Federal or state securities Applicable Laws.
    Section 12.9.    Counterparts; Integration; Effectiveness.  (a) Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 7.2, 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 that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this 
107

Agreement by facsimile or in electronic (e.g., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.  For purposes of determining compliance with the conditions specified in Section 7.2 hereof, each Lender and L/C Issuer that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender or L/C Issuer unless the Administrative Agent shall have received notice from such Lender or L/C Issuer prior to the Closing Date specifying its objection thereto.
    (b)    Electronic Execution of Assignments.  The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Acceptance shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paperbased recordkeeping system, as the case may be, to the extent and as provided for in any applicable Legal Requirements, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
    Section 12.10.    Successors and Assigns.  This Agreement shall be binding upon the Borrower and the Guarantors and their successors and assigns, and shall inure to the benefit of the Administrative Agent, the L/C Issuer, and each of the Lenders, and the benefit of their respective successors and permitted assigns, including any subsequent holder of any of the Obligations.  The Borrower and the Guarantors may not assign any of their rights or obligations under any Loan Document without the written consent of all of the Lenders and, with respect to any Letter of Credit or the Application therefor, the L/C Issuer.
    Section 12.11.    Participants.  Each Lender shall have the right at its own cost to grant participations (to be evidenced by one or more agreements or certificates of participation) in the Loans made and Reimbursement Obligations and/or Commitments held by such Lender at any time and from time to time to one or more other Persons (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person, or the Borrower or any of the Borrower’s Affiliates or Subsidiaries); provided that no such participation shall relieve any Lender of any of its obligations under this Agreement, and, provided, further that no such participant shall have any rights under this Agreement except as provided in this Section 12.11, and the Administrative Agent shall have no obligation or responsibility to such participant.  Any agreement pursuant to which such participation  is granted shall provide that the granting Lender shall retain the sole right and responsibility to enforce the obligations of the Borrower under this Agreement and the other Loan Documents including, without limitation, the right to approve any amendment, modification or waiver of any provision of the Loan Documents, except that such agreement may provide that such Lender will not agree to any modification, amendment or waiver of the Loan Documents that would reduce the amount of or postpone any fixed date for payment of any Obligation in which such participant has an interest.  Any party to which such a participation has been granted shall have the benefits of Section 1.11, Section 10.3, and Section 12.1 hereof (subject to the requirements and limitations therein, including the requirements under Section 12.1(g) (it being understood that the documentation required under Section 12.1(g) shall be 
108

delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such participant (A) agrees to be subject to the provisions of Section 12.1(g) as if it were an assignee under Section 12.12(a); and (B) shall not be entitled to receive any greater payment under Sections 10.3 or 12.1, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the participant acquired the applicable participation.  The Borrower and each Guarantor authorizes each Lender to disclose to any participant or prospective participant under this Section 12.11 any financial or other information pertaining to each Guarantor, the Borrower or any Subsidiary, provided that such participant or prospective participant shall be subject to the provisions of Section 12.25.
    Section 12.12.    Assignments.  (a) Any Lender may at any time assign to one or more Eligible Assignees 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 at the time owing to it); provided that any such assignment shall be subject to the following conditions: 
    (i)    Minimum Amounts.  (A) In the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans and participation interest in L/C Obligations at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and (B) in any case not described in subsection (a)(i)(A) of this Section 12.12, the aggregate amount of the Commitment (which for this purpose includes Loans and participation interest in L/C Obligations outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans and participation interest in L/C Obligations of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent or, if “Effective Date” is specified in the Assignment and Acceptance, as of the Effective Date specified in such Assignment and Acceptance) shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed);
    (ii)    Proportionate Amounts.      Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitments assigned.
    (iii)    Required Consents.  No consent shall be required for any assignment except to the extent required by Section 12.12(a)(i)(B) and, in addition:
    (a)    the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice 
109

to the Administrative Agent within ten (10) Business Days after having received notice thereof;
    (b) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment of a Credit is to a Person that is not a Lender with a Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and
    (c)    the consent of the L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding).
    (iv)    Assignment and Acceptance.    The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500, and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.
    (v)    No Assignment to Borrower, Guarantors, Affiliates or Defaulting Lenders.  No such assignment shall be made to (A) the Borrower, any Subsidiary or any other Affiliate of the Borrower or (B) to a Defaulting Lender or any of its Subsidiaries or any Person, who, upon becoming a Lender hereunder would constitute any of the foregoing Persons described in this clause (B).
    (vi)    No Assignment to Natural Persons.    No such assignment shall be made to a natural person (or holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural person).
    (vii)    Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent) to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the L/C Issuer and each other Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance with its Percentage.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.
110

Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 12.12(b) hereof, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Acceptance, 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 Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 12.6 and 12.15 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 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 Section 12.11 hereof.
    (b)    Register.  The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in Chicago, Illinois, a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) 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 absent manifest error, and the Borrower, the Administrative Agent, and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.  Each Lender or L/C Issuer that grants a participation as described in Section 12.11 shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans made and Reimbursement Obligations and/or Commitments or other obligations under this Agreement (the “Participant Register”); provided that no Lender or L/C Issuer shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant’s interest in any Loans made and Reimbursement Obligations and/or Commitments or other obligations under this Agreement) except to the extent that such disclosure is necessary to establish that such Obligation or Commitment is in registered form under Section 5f.103-1(c) of the Treasury Regulations or is otherwise required by this Agreement. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender or L/C Issuer 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.
    (c)    Any Lender may at any time pledge or grant a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any such pledge or grant to a Federal Reserve Bank, and this Section 12.12 shall not apply to any 
111

such pledge or grant of a security interest; provided that no such pledge or grant of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or secured party for such Lender as a party hereto; provided further, however, the right of any such pledgee or grantee (other than any Federal Reserve Bank) to further transfer all or any portion of the rights pledged or granted to it, whether by means of foreclosure or otherwise, shall be at all times subject to the terms of this Agreement.   
    Section 12.13.    Amendments  Any provision of this Agreement or the other Loan Documents may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by (a) the Borrower, (b) the Required Lenders, and (c) if the rights or duties of the Administrative Agent or the L/C Issuer are affected thereby, the Administrative Agent or the L/C Issuer, as applicable; provided that:
    (i)    no amendment or waiver pursuant to this Section 12.13 shall (A) increase any Commitment of any Lender without the consent of such Lender or (B) reduce the amount of or postpone the date for any scheduled payment of any principal of or interest on any Loan or of any Reimbursement Obligation or of any fee payable hereunder without the consent of the Lender to which such payment is owing or which has committed to make such Loan or Letter of Credit (or participate therein) hereunder;
    (ii)    no amendment or waiver pursuant to this Section 12.13 shall, unless signed by each Lender, extend the Termination Date, release the Borrower or any Guarantor (expect as provided for in this Agreement), change the definition of Required Lenders, change the provisions of this Section 12.13, or affect the number of Lenders required to take any action hereunder or under any other Loan Document; 
    (iii)    no amendment to Section 13 hereof shall be made without the consent of the Guarantors affected thereby; and
    (iv)    change Section 3.1 or Section 12.7 in a manner that would alter the pro rata sharing of payments or application of payments required thereby without the written consent of each Lender directly and adversely affected thereby.
Notwithstanding anything to the contrary herein, (1) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender, (2) if the Administrative Agent and the Borrower have jointly identified an obvious error or any error or omission of a technical nature, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend such provision without the consent of any Lender, and (3) guarantees and related documents executed by the Borrower or any other Loan Party in connection with this Agreement may be in a form 
112

reasonably determined by the Administrative Agent and may be amended, supplemented or waived without the consent of any Lender if such amendment, supplement or waiver is delivered in order to (x) comply with local law or advice of local counsel, (y) cure ambiguities, omissions, mistakes or defects or (z) cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents.
    Section 12.14.    Headings Section headings used in this Agreement are for reference only and shall not affect the construction of this Agreement.
    Section 12.15.    Costs and Expenses; Indemnification.  
    (a)    Costs and Expenses.  The Borrower shall pay (i) all reasonable and documented outofpocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the Loans, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents, or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented outofpocket expenses incurred by any L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, and (iii) all outofpocket expenses incurred by the Administrative Agent, any Lender or any L/C Issuer (including the fees, charges and disbursements of a single counsel for the Administrative Agent, any Lender or any L/C Issuer, taken as a whole, (unless there is an actual or perceived conflict of interest, in which case such affected Person, taken as a whole, may be reimbursed for one additional counsel)), and, during the continuance of an Event of Default, shall pay all fees and time charges for attorneys who may be employees of the Administrative Agent, any Lender or any L/C Issuer, in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such outofpocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit (including all such costs and expenses incurred in connection with any proceeding under the United States Bankruptcy Code involving the Borrower or any other Loan Party as a debtor thereunder).
    (b)    Indemnification by the Loan Parties.  Each Loan Party shall indemnify the Administrative Agent (and any subagent thereof), each Lender and each L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including any third party or the Borrower or any other Loan Party) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the 
113

transactions contemplated hereby or thereby, or, in the case of Administrative Agent (and any subagent thereof), and L/C Issuer, and their Related Parties, the administration and enforcement of this Agreement and the other Loan Documents (including all such costs and expenses incurred in connection with any proceeding under the United States Bankruptcy Code involving the Borrower or any other Loan Party as a debtor thereunder), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any Environmental Claim or Environmental Liability, including with respect to the actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by any Loan Party or any of its Subsidiaries, related in any way to any Loan Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto (including, without limitation, any settlement arrangement arising from or relating to the foregoing); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.  This subsection (b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any nonTax claim.
    (c)    Reimbursement by Lenders.  To the extent that (i) the Loan Parties for any reason fail to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by any of them to the Administrative Agent (or any subagent thereof), any L/C Issuer or any Related Party or (ii) any liabilities, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever are imposed on, incurred by, or asserted against, Administrative Agent, the L/C Issuer, or a Related Party in any way relating to or arising out of this Agreement or any other Loan Document or any action taken or omitted to be taken by Administrative Agent, the L/C Issuer or a Related Party in connection therewith, then, in each case, each Lender severally agrees to pay to the Administrative Agent (or any such subagent), such L/C Issuer or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the outstanding Loans, interests in Letters of Credit and Unused Commitments at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender); provided that with respect to such unpaid amounts owed to any L/C Issuer solely in its capacity as such, only the Lenders party to the Credit shall be required to pay such unpaid amounts, such payment to be made severally among them based on such Lenders’ pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each such Lender’s share of the outstanding Loans, interests in Letters of Credit and Unused Commitments at such time); and provided, further, that the unreimbursed expense or indemnified loss, claim, damage, liability or 
114

related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such subagent), such L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such subagent), such L/C Issuer in connection with such capacity.  The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 12.3.
    (d)    Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable law, the Loan Parties shall not assert, and 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, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit, or the use of the proceeds thereof.  No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed 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 direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a court of competent jurisdiction by final and nonappealable judgment.
    (e)    Payments.  All amounts due under this Section shall be payable not later than 10 days after demand therefor.
    (f)    Survival.  Each party’s obligations under this Section shall survive the termination of the Loan Documents and payment of the obligations hereunder.
    Section 12.16.    Setoff.  In addition to any rights now or hereafter granted under the Loan Documents or applicable Legal Requirements and not by way of limitation of any such rights, upon the occurrence of any Event of Default, with the prior written consent of the Administrative Agent, each Lender, the L/C Issuer, each subsequent holder of any Obligation, and each of their respective affiliates, is hereby authorized by the Borrower and each Guarantor at any time or from time to time, without notice to the Borrower or such Guarantor or to any other Person, any such notice being hereby expressly waived, to setoff and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured, and in whatever currency denominated, but not including trust accounts) and any other indebtedness at any time held or owing by that Lender, L/C Issuer, subsequent holder, or affiliate, to or for the credit or the account of the Borrower or such Guarantor, whether or not matured, against and on account of the Obligations then due to that Lender, L/C Issuer, or subsequent holder under the Loan Documents, including, but not limited to, all claims of any nature or description arising out of or connected with the Loan Documents, irrespective of whether or not (a) that Lender, L/C Issuer, or subsequent holder shall have made any demand hereunder or (b) the principal of or the interest on the Loans and other amounts due hereunder shall have become due and payable pursuant to Section 9 and although said obligations and liabilities, or any of them, may be contingent or unmatured; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for 
115

further application in accordance with the provisions of Section 1.14 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuer and the Lenders and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.
    Section 12.17.    Entire Agreement.  The Loan Documents constitute the entire understanding of the parties thereto with respect to the subject matter thereof and any prior agreements, whether written or oral, with respect thereto are superseded hereby.
    Section 12.18.    Waiver of Jury Trial.  Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable Legal Requirements, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to any Loan Document or the transactions contemplated 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.
    Section 12.19.    Severability of Provisions.  Any provision of any Loan Document which is unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.  All rights, remedies and powers provided in this Agreement and the other Loan Documents may be exercised only to the extent that the exercise thereof does not violate any applicable mandatory provisions of law, and all the provisions of this Agreement and other Loan Documents are intended to be subject to all applicable mandatory provisions of law which may be controlling and to be limited to the extent necessary so that they will not render this Agreement or any of the other Loan Documents invalid or unenforceable.
    Section 12.20.    Excess Interest.  Notwithstanding any provision to the contrary contained herein or in any other Loan Document, no such provision shall require the payment or permit the collection of any amount of interest in excess of the maximum amount of interest permitted by applicable law to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the Loans or other obligations outstanding under this Agreement or any other Loan Document (“Excess Interest”).  If any Excess Interest is provided for, or is adjudicated to be provided for, herein or in any other Loan Document, then in such event (a) the provisions of this Section 12.20 shall govern and control, (b) neither the Borrower nor any Guarantor or endorser shall be obligated to pay any Excess Interest, (c) any Excess Interest that the Administrative Agent or any Lender may have received hereunder shall, at the option of the Administrative Agent, be (i) applied as a credit against the then outstanding principal amount of Obligations hereunder and accrued and unpaid interest thereon (not to exceed the maximum amount permitted by applicable law), (ii) refunded to the Borrower, or (iii) any combination of the foregoing, (d) the interest rate payable hereunder or under any other Loan Document shall be 
116

automatically subject to reduction to the maximum lawful contract rate allowed under applicable usury laws (the “Maximum Rate”), and this Agreement and the other Loan Documents shall be deemed to have been, and shall be, reformed and modified to reflect such reduction in the relevant interest rate, and (e) neither the Borrower nor any guarantor or endorser shall have any action against the Administrative Agent or any Lender for any damages whatsoever arising out of the payment or collection of any Excess Interest.  Notwithstanding the foregoing, if for any period of time interest on any of Borrower’s Obligations is calculated at the Maximum Rate rather than the applicable rate under this Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on the Borrower’s Obligations shall remain at the Maximum Rate until the Lenders have received the amount of interest which such Lenders would have received during such period on the Borrower’s Obligations had the rate of interest not been limited to the Maximum Rate during such period.
    Section 12.21.    Construction.  The parties acknowledge and agree that the Loan Documents shall not be construed more favorably in favor of any party hereto based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation of the Loan Documents.  The provisions of this Agreement relating to Subsidiaries shall only apply during such times as the Borrower has one or more Subsidiaries.
    Section 12.22.    Lender’s and L/C Issuer’s Obligations Several.  The obligations of the Lenders and L/C Issuer hereunder are several and not joint.  Nothing contained in this Agreement and no action taken by the Lenders or L/C Issuer pursuant hereto shall be deemed to constitute the Lenders and L/C Issuer a partnership, association, joint venture or other entity.
    Section 12.23.    Governing Law; Jurisdiction; Consent to Service of Process.  (a) This Agreement, the Notes and the other Loan Documents (except as otherwise specified therein), and the rights and duties of the parties hereto, shall be construed and determined in accordance with the laws of the State of New York (including Section 51401 and Section 51402 of the General Obligations law of the State of New York) without regard to conflicts of law principles that would require application of the laws of another jurisdiction.
    (b)    Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive 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 party 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 court or, to the extent permitted by applicable Legal Requirements, in such federal court.  Each party hereto hereby 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 applicable Legal Requirements.  Nothing in this Agreement or any other Loan Document or otherwise shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or any Guarantor or its respective properties in the courts of any jurisdiction.
117

    (c)    Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable Legal Requirements, 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 Section 12.23(b).  Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable Legal Requirements, 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 any action or proceeding arising out of or relating to any Loan Document, in the manner provided for notices (other than telecopy or email) in Section 12.8.  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 applicable Legal Requirements.
    Section 12.24.    USA Patriot Act.  Each Lender and L/C Issuer that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 10756 (signed into law October 26, 2001)) (the “Patriot Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify, and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or L/C Issuer to identify the Borrower in accordance with the Act.
    Section 12.25.     Confidentiality.  Each of the Administrative Agent, the Lenders, and the L/C Issuer severally agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors to the extent any such Person has a need to know such Information (it being understood that the Persons to whom such disclosure is made will first be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority (including any selfregulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Legal Requirements or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 12.25, 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 relating to the Parent or any Subsidiary and its obligations, (g) with the prior written consent of the Borrower, (h) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section 12.25 or (B) becomes available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis from a source other than the Parent or any Subsidiary or any of their directors, officers, employees or agents, including accountants, legal counsel and other advisors, (i) on a confidential basis to rating agencies if requested or required by such agencies in connection with a rating relating to the Loans or the Commitments hereunder, (j) so long as the Parent’s report on Form 8-K (or its equivalent) has been filed with the SEC, Gold Sheets and other similar bank trade publications (such information to consist 
118

solely of deal terms and other information regarding the credit facilities evidenced by this Agreement customarily found in such publications), or (k) so long as the Parent’s report on Form 8-K (or its equivalent) has been filed with the SEC, to entities which compile and publish information about the syndicated loan market, provided that only basic information about the pricing and structure of the transaction evidenced hereby may be disclosed pursuant to this subsection (k).  For purposes of this Section 12.25, “Information” means all information received from the Parent or any of the Subsidiaries or from any other Person on behalf of the Parent or any Subsidiary relating to the Parent or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the L/C Issuer on a non-confidential basis prior to disclosure by the Parent or any of its Subsidiaries or from any other Person on behalf of the Parent or any of the Subsidiaries.
    Section 12.26.    No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) no fiduciary, advisory or agency relationship between any Loan Party and its Subsidiaries and the Administrative Agent, the L/C Issuer, or any Lender is intended to be or has been created in respect of the transactions contemplated hereby or by the other Loan Documents, irrespective of whether the Administrative Agent, the L/C Issuer, or any Lender has advised or is advising any Loan Party or any of its Subsidiaries on other matters, (ii) the arranging and other services regarding this Agreement provided by the Administrative Agent, the L/C Issuer, and the Lenders are arm’slength commercial transactions between such Loan Parties and their Affiliates, on the one hand, and the Administrative Agent, the L/C Issuer, and the Lenders, on the other hand, (iii) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent that it has deemed appropriate and (iv) each Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; and (b) (i) the Administrative Agent, the L/C Issuer, and the Lenders each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for any Loan Party or any of its Affiliates, or any other Person; (ii) none of the Administrative Agent, the L/C Issuer, and the Lenders has any obligation to any Loan Party or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the L/C Issuer, and the Lenders and their respective Affiliates may be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from those of any Loan Party and its Affiliates, and none of the Administrative Agent, the L/C Issuer, and the Lenders has any obligation to disclose any of such interests to any Loan Party or its Affiliates.  To the fullest extent permitted by law, each Loan Party hereby waives and releases any claims that it may have against the Administrative Agent, the L/C Issuer, and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
    Section 12.27.    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.      Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto (including any party 
119

becoming a party hereto by virtue of an Assignment and Acceptance) 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:
    (a)    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
    (b)    the effects of any Bail-In Action on any such liability, including, if applicable:
    (i)    a reduction in full or in part or cancellation of any such liability;
    (ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
    (iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority
    Section 12.28.    Amendment and Restatement; No Novation.  From and after the date of this Agreement, all references to the Prior Credit Agreement in any Loan Document or in any other instrument or document shall, unless otherwise explicitly stated therein, be deemed to refer to this Agreement.  This Agreement shall become effective as of the date hereof, and supersede all provisions of the Prior Credit Agreement as of such date, upon the execution of this Agreement by each of the parties hereto and fulfillment or waiver, as applicable,  of the conditions precedent contained in Section 7.2 hereof.  This Agreement shall constitute for all purposes an amendment and restatement of the Prior Credit Agreement and not a new agreement and all obligations outstanding under the Prior Credit Agreement shall continue to be outstanding hereunder and shall not constitute a novation of the indebtedness or other obligations outstanding under the Prior Credit Agreement.
    Section 12.29.    Equalization of Loans and Commitments.  Upon the satisfaction of the conditions precedent set forth in Section 7.2 hereof, all Revolving Loans (as defined in the Prior Credit Agreement) outstanding under the Prior Credit Agreement shall remain outstanding as the initial Borrowing of Loans under this Agreement and, in connection therewith, the Borrower shall be deemed to have prepaid all outstanding Eurodollar Loans on the Closing Date.  On the Closing Date, the Lenders each agree to make such purchases and sales of interests in the outstanding Revolving Loans (as defined in the Prior Credit Agreement) between themselves so that each Lender is then holding its relevant Percentage of outstanding Loans.  Such purchases 
120

and sales shall be arranged through the Administrative Agent and each Lender hereby agrees to execute such further instruments and documents, if any, as the Administrative Agent may reasonably request in connection therewith.  The parties hereto acknowledge and agree that the minimum borrowing, pro rata borrowing, pro rata payment and funding indemnity requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to this Section and that any prepayment or breakage fees in connection with such transactions are hereby waived.
    Section 12.30.    Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
    (a)    In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.A. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States of a state of the United States.  Without limitation of the forgoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered party with respect to a Supported QFC or any QFC Credit Support.
    (b)    As used in this Section, the following terms have the following meanings:
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Covered Entity” means any of the following:
121

    (i)    a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b);
    (ii)    a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b); or
    (iii)    a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §382.2(b).
“Default Rights” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§252.81, 47.2 or 382.1, as applicable.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
Section 13.    The Guarantees.
    Section 13.1.    The Guarantees.  To induce the Lenders and the L/C Issuer to provide the credits described herein and in consideration of benefits expected to accrue to the Borrower by reason of the Commitments and for other good and valuable consideration, receipt of which is hereby acknowledged, each Guarantor party hereto (including any Guarantor formed or acquired after the Closing Date executing a separate Guaranty or an Additional Guarantor Supplement in the form attached hereto as Exhibit G or such other form acceptable to the Administrative Agent) hereby unconditionally and irrevocably guarantees, jointly and severally, to the Administrative Agent, the Lenders, the L/C Issuer, and their Affiliates, the due and punctual payment of all present and future Obligations, Hedging Liability and Bank Product Obligations, including, but not limited to, the due and punctual payment of principal of and interest on the Loans, the Reimbursement Obligations, Hedging Liability, and Bank Product Obligations, and the due and punctual payment of all other obligations now or hereafter owed by the Borrower under the Loan Documents as and when the same shall become due and payable, whether at stated maturity, by acceleration, or otherwise, according to the terms hereof and thereof (including all interest, costs, fees, and charges after the entry of an order for relief against the Borrower or such other obligor in a case under the United States Bankruptcy Code or any similar proceeding, whether or not such interest, costs, fees and charges would be an allowed claim against the Borrower or any such obligor in any such proceeding); provided, however, that with respect to any Guarantor, its Guarantee of Hedging Liability of the Borrower or any Guarantor shall exclude all Excluded Swap Obligations.  In case of failure by the Borrower or other obligor punctually to pay any obligations guaranteed hereby, each Guarantor hereby unconditionally agrees to make such payment or to cause such payment to be made punctually as and when the same shall become due and payable, whether at stated maturity, by acceleration, or otherwise, and as if such payment were made by the Borrower or such obligor.
122

    Section 13.2.    Guarantee Unconditional.  The obligations of each Guarantor under this Section 13 shall be unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged, or otherwise affected by:
    (a)    any extension, renewal, settlement, compromise, waiver, or release in respect of any obligation of the Borrower or other obligor or of any other guarantor under this Agreement or any other Loan Document or by operation of law or otherwise;
    (b)    any modification or amendment of or supplement to this Agreement or any other Loan Document or any agreement relating to Hedging Liability or Bank Product Obligations;
    (c)    any change in the corporate existence, structure, or ownership of, or any insolvency, bankruptcy, reorganization, or other similar proceeding affecting, the Borrower or other obligor, any other guarantor, or any of their respective assets, or any resulting release or discharge of any obligation of the Borrower or other obligor or of any other guarantor contained in any Loan Document;
    (d)    the existence of any claim, setoff, or other rights which the Borrower or other obligor or any other guarantor may have at any time against the Administrative Agent, any Lender, or any other Person, whether or not arising in connection herewith;
    (e)    any failure to assert, or any assertion of, any claim or demand or any exercise of, or failure to exercise, any rights or remedies against the Borrower or other obligor, any other guarantor, or any other Person or Property;
    (f)    any application of any sums by whomsoever paid or howsoever realized to any obligation of the Borrower or other obligor, regardless of what obligations of the Borrower or other obligor remain unpaid;
    (g)    any invalidity or unenforceability relating to or against the Borrower or other obligor or any other guarantor for any reason of this Agreement or of any other Loan Document or any agreement relating to Hedging Liability or Bank Product Obligations, or any provision of applicable Legal Requirements purporting to prohibit the payment by the Borrower or other obligor or any other guarantor of the principal of or interest on any Loan or any Reimbursement Obligation or any other amount payable under the Loan Documents or any agreement relating to Hedging Liability or Bank Product Obligations; or
    (h)    any other act or omission to act or delay of any kind by the Administrative Agent, any Lender, or any other Person or any other circumstance whatsoever that might, but for the provisions of this paragraph, constitute a legal or equitable discharge of the obligations of any Guarantor under this Section 13.
    Section 13.3.    Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances.  Each Guarantor’s obligations under this Section 13 shall remain in full force and 
123

effect until the Commitments are terminated, all Letters of Credit have expired, and the principal of and interest on the Loans and all other amounts payable by the Borrower and the Guarantors under this Agreement and all other Loan Documents and, if then outstanding and unpaid, all Hedging Liability and Bank Product Obligations have been paid in full.  If at any time any payment of the principal of or interest on any Loan or any Reimbursement Obligation or any other amount payable by the Borrower or other obligor or any Guarantor under the Loan Documents or any agreement relating to Hedging Liability or Bank Product Obligations is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or other obligor or of any guarantor, or otherwise, each Guarantor’s obligations under this Section 13 with respect to such payment shall be reinstated at such time as though such payment had become due but had not been made at such time.
    Section 13.4.    Subrogation.  Each Guarantor agrees it will not exercise any rights which it may acquire by way of subrogation by any payment made hereunder, or otherwise, until all the obligations guaranteed hereby shall have been paid in full subsequent to the termination of all the Commitments and expiration of all Letters of Credit.  If any amount shall be paid to a Guarantor on account of such subrogation rights at any time prior to the later of (x) the payment in full of the Obligations, Bank Product Obligations and Hedging Liability and all other amounts payable by the Borrower hereunder and under the other Loan Documents and (y) the termination of the Commitments and expiration of all Letters of Credit, such amount shall be held in trust for the benefit of the Administrative Agent and the Lenders (and their Affiliates) and shall forthwith be paid to the Administrative Agent for the benefit of the Lenders (and their Affiliates) or be credited and applied upon the Obligations, Bank Product Obligations and Hedging Liability, whether matured or unmatured, in accordance with the terms of this Agreement.
    Section 13.5.    Waivers.  Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest, and any notice except as specifically provided for herein, as well as any requirement that at any time any action be taken by the Administrative Agent, any Lender, or any other Person against the Borrower or other obligor, another guarantor, or any other Person.
    Section 13.6.    Limit on Recovery.  Notwithstanding any other provision hereof, the right of recovery against each Guarantor under this Section 13 shall not exceed $1.00 less than the lowest amount which would render such Guarantor’s obligations under this Section 13 void or voidable under applicable Legal Requirements, including, without limitation, fraudulent conveyance law.
    Section 13.7.    Stay of Acceleration.  If acceleration of the time for payment of any amount payable by the Borrower or other obligor under this Agreement or any other Loan Document or any agreement relating to Hedging Liability or Bank Product Obligations, is stayed upon the insolvency, bankruptcy or reorganization of the Borrower or such obligor, all such amounts otherwise subject to acceleration under the terms of this Agreement or the other Loan Documents or any agreement relating to Hedging Liability or Bank Product Obligations, shall nonetheless be payable by the Guarantors hereunder forthwith on demand by the Administrative Agent made at the request of the Required Lenders.
124

    Section 13.8.    Benefit to Guarantors.  The Borrower and the Guarantors are engaged in related businesses and integrated to such an extent that the financial strength and flexibility of the Borrower has a direct impact on the success of each Guarantor.  Each Guarantor will derive substantial direct and indirect benefit from the extensions of credit hereunder.
    Section 13.9.    Guarantor Covenants.  Each Guarantor shall take such action as the Borrower is required by this Agreement to cause such Guarantor to take, and shall refrain from taking such action as the Borrower is required by this Agreement to prohibit such Guarantor from taking.
    Section 13.10.    Subordination.   Each Guarantor (each referred to herein as a “Subordinated Creditor”) hereby subordinates the payment of all indebtedness, obligations, and liabilities of the Borrower or any other Guarantor owing to such Subordinated Creditor, whether now existing or hereafter arising, to the indefeasible payment in full in cash of all Obligations, Hedging Liability, and Bank Product Obligations.  During the continuance of any Event of Default or Default under Sections 9.1(a), (j) or (k), subject to Section 13.4, any such indebtedness, obligation, or liability of the Borrower or any other Guarantor owing to such Subordinated Creditor shall be enforced and performance received by such Subordinated Creditor as trustee for the benefit of the holders of the Obligations, Hedging Liability, and Bank Product Obligations and, upon the acceleration of the Indebtedness under Section 9.2 or 9.3 hereof, the proceeds thereof shall be paid over to the Administrative Agent for application to the Obligations, Hedging Liability, and Bank Product Obligations (whether or not then due), but without reducing or affecting in any manner the liability of such Guarantor under this Section 13.
    Section 13.11.    Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by the Borrower and each other Guarantor to honor all of its obligations in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section as it relates to such Borrower or other Guarantor, voidable under applicable Legal Requirements relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until discharged in accordance with Section 13.3.  Each Qualified ECP Guarantor intends that this Section constitute, and this Section shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of the Borrower and each other Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
[Signature Pages to Follow]

125

This Third Amended and Restated Credit Agreement is entered into between us for the uses and purposes hereinabove set forth as of the date first above written.    
“Borrower”
Centerspace, LP
By:    Centerspace, Inc.
Its:    General Partner
By /s/ John A. Kirchmann                                
    Name: John A. Kirchmann
    Title: Executive Vice President and Chief
              Financial Officer

[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

“Guarantors” 
Centerspace, Inc.
By /s/ John A. Kirchmann                                 
    Name: John A. Kirchmann
    Title: Executive Vice President and Chief
                Financial Officer
[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

CENTERSPACE
By /s/ Mark O. Decker, Jr.                                 
    Name: Mark O. Decker, Jr.
    Title: President and Chief Executive Officer

[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

“Administrative Agent”
Bank of Montreal, as Administrative Agent
By /s/ Lloyd Baron                                             
    Name: Lloyd Baron
    Title: Managing Director

[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

“L/C Issuer”
BMO Harris Bank N.A., as L/C Issuer
By /s/ Lloyd Baron                                             
    Name: Lloyd Baron
    Title: Managing Director

[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

“Lenders”
BMO Harris Bank N.A., as a Lender
By /s/ Lloyd Baron                                              
    Name: Lloyd Baron
    Title: Managing Director

[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

Bank of America, N.A., as a Lender
By /s/ Helen Chan                                               
    Name: Helen Chan
    Title: Vice President

[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

PNC Bank, National Association, as a Lender
By /s/ James A. Harmann                                   
    Name: James A. Harmann
    Title: Senior Vice President

[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

Royal Bank of Canada, as a Lender
By /s/ Jake Sigmund                                           
    Name: Jake Sigmund
    Title: Authorized Signatory

[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

U. S. Bank National Association, as a Lender
By /s/ Michael A. Raarup                                   
    Name: Michael A. Raarup
    Title: Senior Vice President

[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

Associated Bank, National Association, as a Lender
By /s/ Mitchell Vega                                          
    Name: Mitchell Vega
    Title: Senior Vice President

[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

Bank of North Dakota, as a Lender
By /s/ Jacqueline Duke                                       
    Name: Jacqueline Duke
    Title: Business Banker

[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

Raymond James Bank, as a Lender
By /s/ Ted Long                                                  
    Name: Ted Long
    Title: Senior Vice President
[Signature Page to Third Amended and Restated Credit Agreement – 
Centerspace, LP, a North Dakota limited partnership]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}]]