Document:

Exhibit 10.1

 

Execution Version

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

AMENDMENT
NO. 1 to CREDIT AGREEMENT, dated as of December 15, 2021 (this “Amendment”), by and among COWEN INC., a Delaware
corporation (the “Borrower”), the Loan Guarantors party hereto, MORGAN STANLEY SENIOR FUNDING, INC., as administrative
agent for the Secured Parties (in such capacity, the “Administrative Agent”), and each 2021 Incremental Term
Loan Lender (as defined below);

 

WHEREAS,
reference is hereby made to the Credit Agreement, dated as of March 24, 2021 (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time in accordance with the terms thereof prior to the date hereof, the “Credit Agreement”;
the Credit Agreement as amended by this Amendment, the “Amended Credit Agreement”), among, inter alia, the Borrower,
the Lenders party thereto from time to time and the Administrative Agent;

 

WHEREAS,
the Borrower has notified the Administrative Agent of its intent to establish $150,000,000 of Incremental Term Loans pursuant to Section 2.22
of the Credit Agreement, which upon funding shall be in the form of an increase to the Initial Term Loans outstanding under the Credit
Agreement immediately prior to the effectiveness of this Amendment being fungible with and having the same terms as the Initial Term Loans
and subject to the conditions set forth herein and in the Credit Agreement, the proceeds of which will be used for general corporate purposes
of the Borrower and its Subsidiaries, the cash portion of the consideration of any acquisition or other Investment permitted under the
Amended Credit Agreement and any other purpose not prohibited by the terms of the Loan Documents (including for the payment of fees, commissions,
premiums, expenses and other transaction costs (including original issue discount or upfront fees) payable in connection with the foregoing
and the transactions contemplated by this Amendment);

 

WHEREAS,
the Borrower has requested that each Person identified on Schedule 1 hereto (in such capacity, the “2021 Incremental Term
Loan Lender”) provide Incremental Term Loans in Dollars on the Amendment No. 1 Effective Date (as defined below) in the
amount set forth under the heading “Incremental Term Loans” on Schedule 1 hereto pursuant to Section 2.22 of the
Credit Agreement;

 

WHEREAS,
each 2021 Incremental Term Loan Lender has agreed, subject to the terms and conditions set forth herein and in the Credit Agreement, to
make the Incremental Term Loans in the amount set forth opposite such 2021 Incremental Term Loan Lender’s name on Schedule 1
hereto to the Borrower on the Amendment No. 1 Effective Date (as defined below);

 

WHEREAS,
the Borrower, the Administrative Agent and the 2021 Incremental Term Loan Lenders have indicated their willingness to and shall amend,
pursuant to Section 2.22(c), Section 2.22(g) and Section 9.02(d) of the Credit Agreement, certain other terms
of the Credit Agreement in connection with the incurrence of the Incremental Term Loans as set forth in Section 2 of this Amendment;
and

 

WHEREAS,
each of Morgan Stanley Senior Funding, Inc., Cowen and Company, LLC, Piper Sandler, Keefe, Bruyette & Woods, JMP Securities
LLC, CIBC World Markets Corp., Wolfe Capital Markets and Advisory and Compass Point Research & Trading, LLC are acting as joint
lead arrangers, joint co-managers and/or bookrunner for this Amendment (in such capacities, the “Amendment No. 1 Lead Arrangers”).

 

     

     

    

 

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

 

Section 1.         Defined
Terms; References. Unless otherwise specifically defined herein, each term used herein which is defined in the Credit Agreement has
the meaning assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein”
and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference
contained in the Credit Agreement shall, after this Amendment becomes effective, refer to the Credit Agreement as amended hereby. This
Amendment is a “Loan Document” as defined under the Credit Agreement.

 

Section 2.         Amendments
to the Existing Credit Agreement. Effective as of the Amendment No. 1 Effective Date and substantially concurrently with the
incurrence of the Incremental Term Loans hereunder, the Borrower, the Loan Parties, the Administrative Agent and the 2021 Incremental
Term Loan Lenders hereby agree that the Credit Agreement is amended to delete the stricken text (indicated textually in the same manner
as the following example: stricken text) and to add the double-underlined text (indicated
textually in the same manner as the following example: underlined text) as set forth in the pages of
the Credit Agreement attached as Exhibit A hereto.

 

Section 3.         Incremental
Term Loans. Effective as of the Amendment No. 1 Effective Date:

 

(a)            The
Borrower and the 2021 Incremental Term Loan Lenders hereby agree that, subject to the satisfaction (or waiver by the 2021 Incremental
Term Loan Lenders; provided that the satisfaction of Section 5(d) may not be waived with respect to an Event of Default
under Sections 7.01(a), 7.01(f) or 7.01(g) of the Credit Agreement) of the conditions in Section 5 hereof, on the Amendment
No. 1 Effective Date, the 2021 Incremental Term Loan Lenders agree to be bound by the terms of the Loan Documents and to make Incremental
Term Loans to the Borrower in the amounts set forth on Schedule 1 hereto on the Amendment No. 1 Effective Date. Pursuant to
Section 2.22 of the Credit Agreement, the Incremental Term Loans, for all purposes under the Credit Agreement and each of the other
Loan Documents, shall have terms identical to the Initial Term Loans (including as to maturity) outstanding under the Credit Agreement
immediately prior to the Amendment No. 1 Effective Date (but giving effect to any amendment hereunder) and shall constitute Initial
Term Loans, and the Initial Term Loans and the Incremental Term Loans shall collectively comprise a single tranche of Term Loans.

 

(b)            The
2021 Incremental Term Loan Lenders acknowledge and agree that upon the Amendment No. 1 Effective Date, each Incremental Term Loan
Lender shall be a “Lender” under, and for all purposes of, the Credit Agreement and the other Loan Documents, and shall be
subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender.

 

Section 4.         Representations
Correct. By its execution of this Amendment, the Borrower hereby represents and warrants, as of the date hereof, that the Borrower
has the corporate power and authority, to execute, deliver and perform the terms and provisions of this Amendment (and the Amended Credit
Agreement) and has taken all necessary corporate action to authorize the execution, delivery and performance by it of this Amendment.
The Borrower has duly executed and delivered this Amendment, and this Amendment (and by extension the Amended Credit Agreement) constitutes
a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, except to the extent that the enforceability
thereof may be limited by applicable Debtor Relief Laws and by equitable principles (regardless of whether enforcement is sought in equity
or at law).

 

Section 5.         Effectiveness.
This Amendment shall become effective as of the date hereof (the “Amendment No. 1 Effective Date”), subject to
the satisfaction (or waiver by each 2021 Incremental Term Loan Lender) of the following conditions:

 

(a)            The
Administrative Agent (or its counsel) shall have received from each Loan Party party thereto a counterpart signed by such Loan Party (or
written evidence satisfactory to the Administrative Agent (which may include a copy transmitted by facsimile or other electronic method)
that such party has signed a counterpart) of (i) this Agreement and (ii) a Borrowing Request as required by Section 2.03
of the Credit Agreement.

 

    	 	-2-	 

     

    

 

(b)            The
Administrative Agent shall have received (i) a certificate of each Loan Party, dated as of the Amendment No. 1 Effective Date
and executed by a secretary, assistant secretary or other Responsible Officer thereof, which shall (A) certify that (x) (I) attached
thereto is a true and complete copy of the certificate or articles of incorporation, formation or organization or other comparable organizational
document, as applicable, of such Loan Party certified by the relevant authority of its jurisdiction of organization, and the certificate
or articles of incorporation, formation or organization or other comparable organizational document, as applicable, of such Loan Party
attached thereto have not been amended (except as attached thereto) since the date reflected thereon or (II) the certificate or articles
of incorporation, formation or organization or other comparable organizational document, as applicable, of such Loan Party (together with
all amendments thereto as of the Closing Date) delivered to the Administrative Agent on the Closing Date have not been amended or otherwise
modified since such date, and (y) (I) attached thereto is a true and correct copy of the by-laws or operating, management, partnership
or similar agreement of such Loan Party, together with all amendments thereto as of the Amendment No.1 Effective Date or (II) the
by-laws or operating, management, partnership or similar agreement of such Loan Party (together with all amendments thereto as of the
Closing Date) delivered to Administrative Agent on the Closing Date have not been amended or otherwise modified since such date, (B) certify
that attached thereto is a true and complete copy of resolutions or written consents of its shareholders or board of directors (or similar
governing body, as applicable), as the case may be, authorizing the execution, delivery and performance, as applicable, of this Amendment
and the other Loan Documents to which it is a party, and that such resolutions or written consents have not been modified, rescinded or
amended and are in full force and effect without amendment, modification or rescission, and (C) (I) identify by name and title
and bear the signatures of the officers, managers, directors or authorized signatories of such Loan Party who have executed the Loan Documents
to which such Loan Party is a party as of the Amendment No. 1 Effective Date or (II) the incumbency certificates delivered to
the Administrative Agent on the Closing Date have not changed since such date, and (ii) a good standing (or equivalent) certificate
as of a recent date for such Loan Party from the relevant authority of its jurisdiction of organization (to the extent such concepts are
applicable).

 

(c)            The
Administrative Agent shall have received, on behalf of itself and the 2021 Incremental Term Loan Lenders, a customary written opinion
of Willkie Farr & Gallagher LLP, in its capacity as special New York counsel for the Loan Parties, dated as of the Amendment
No. 1 Effective Date.

 

(d)           At
the time of and immediately after giving effect to the making of the Incremental Term Loans, no Default or Event of Default has occurred
and is continuing.

 

(e)            The
representations and warranties of the Loan Parties set forth in the Credit Agreement and the other Loan Documents shall be true and correct
in all material respects on and as of the date of the Amendment No. 1 Effective Date with the same effect as though such representations
and warranties had been made on and as of the Amendment No. 1 Effective Date; provided that to the extent that any representation
and warranty specifically refers to an earlier date, it shall be true and correct in all material respects as of such earlier date; provided,
further, that representations and warranties that are qualified by “material”, “material adverse effect”
or a similar term shall be true and correct in all respects.

 

(f)             The
Administrative Agent shall have received a customary closing certificate, dated as of the Amendment No. 1 Effective Date and
signed by a Responsible Officer of the Borrower on behalf of each Loan Party, confirming compliance with the conditions precedent set
forth in Sections 5(d) and (e) as of the Amendment No. 1 Effective Date.

 

    	 	-3-	 

     

    

 

(g)            All
fees required to be paid by the Borrower on the Amendment No. 1 Effective Date as separately agreed with the Amendment No. 1
Lead Arrangers and the 2021 Incremental Term Loan Lenders and, to the extent invoiced in reasonable detail at least three Business Days
prior to the Amendment No. 1 Effective Date (or such shorter period as may be agreed by the Borrower in its sole discretion), all
reasonable and documented out-of-pocket expenses required to be reimbursed by the Borrower to the Amendment No. 1 Lead Arrangers
and the 2021 Incremental Term Loan Lenders in connection with the Amendment shall have been paid, or substantially simultaneously with
the funding of the Incremental Term Loans shall be paid, in each case to the extent due (which amount may be offset against the proceeds
from the Incremental Term Loans made hereunder).

 

(h)            The
Administrative Agent shall have received a certificate in substantially the form of Exhibit M to the Credit Agreement from the chief
financial officer (or other officer with reasonably equivalent responsibilities) of the Borrower dated as of the Amendment No. 1
Effective Date and certifying as to the matters set forth therein.

 

(i)             The
Administrative Agent shall have received at least three (3) Business Days prior to the Amendment No. 1 Effective Date all documentation
and other information about the Loan Parties required by bank regulatory authorities under applicable “know-your-customer”
and anti-money laundering rules and regulations, including the USA PATRIOT Act, to the extent requested from the Borrower at least
ten (10) Business Days prior to the Amendment No. 1 Effective Date.

 

(j)             To
the extent the Borrower, or any of its respective Subsidiaries qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, at least three (3) Business Days prior to the Amendment No. 1 Effective Date, the Administrative Agent
shall have received a Beneficial Ownership Certification in the relation to such Person to the extent requested from the Borrower at least
ten (10) Business Days prior to the Amendment No. 1 Effective Date.

 

Section 6.         Fees
Generally. All fees payable hereunder shall be in all respects fully earned, due and payable on the Amendment No. 1 Effective
Date and non-refundable and non-creditable thereafter.

 

Section 7.         Acknowledgments
and Confirmations.

 

(a)            Each
Loan Party hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, (i) the covenants and
agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect
immediately after giving effect to this Amendment and the transactions contemplated hereby, (ii) subject to any limitations
set forth in the Guaranty Agreement, its guarantee of the Obligations (including, without limitation and to the extent applicable to such
Loan Party, the Obligations that may arise pursuant to the Incremental Term Loan), and (iii) its prior grant of Liens on the Collateral
to secure the Obligations (including, without limitation and to the extent applicable to such Loan Party, the Obligations that may arise
pursuant to the Incremental Term Loan) owed or otherwise guaranteed by it pursuant to the Security Agreement with all such Liens continuing
in full force and effect after giving effect to this Amendment.

 

(b)            Notwithstanding
the above, each of the Loan Parties consents to the amendments of and increases to the Credit Agreement effected by this Amendment and
confirms that (i) its obligations as a Guarantor under the Guaranty Agreement are not discharged or otherwise affected by those amendments
and/or increases or the other provisions of this Amendment and shall accordingly, subject to any limitations set forth in the Guaranty
Agreement, continue in full force and effect, (ii) its obligations under, and the Liens granted by it in and pursuant to,
the Security Agreement to which it is a party are not discharged or otherwise affected by those amendments and/or increases or the other
provisions of this Amendment and shall accordingly remain in full force and effect, (iii) the Obligations so guaranteed and secured
shall, after the Amendment No. 1 Effective Date and subject to any limitations set forth in the Guaranty Agreement, extend to the
Obligations under the Loan Documents (including under the Credit Agreement as amended pursuant to this Amendment).

 

    	 	-4-	 

     

    

 

Section 8.         Amendment,
Modification and Waiver. After the effectiveness hereof, this Amendment may not be amended, modified or waived except in accordance
with Section 9.02 of the Amended Credit Agreement.

 

Section 9.     Liens
Unimpaired. After giving effect to this Amendment, neither the modification of the Credit Agreement effected pursuant to this Amendment
nor the execution, delivery, performance or effectiveness of this Amendment:

 

(a)            impairs
the validity, effectiveness or priority of the Liens granted pursuant to any Loan Document prior to the Amendment No. 1 Effective
Date, and such Liens continue unimpaired with the same priority applicable to such Liens immediately prior to giving effect to this Amendment
to secure repayment of all Obligations, whether heretofore or hereafter incurred; or

 

(b)            requires
that any new filings be made under any Loan Document or that any other action be taken under any Loan Document to perfect or to maintain
the perfection of such Liens.

 

Section 10.       Entire
Agreement. This Amendment, the Credit Agreement and the other Loan Documents constitute the entire agreement among the parties hereto
with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal,
among the parties hereto with respect to the subject matter hereof. Except as expressly set forth herein, this Amendment shall not by
implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any party under, the Credit
Agreement, nor alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained
in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full
force and effect. It is understood and agreed that each reference in each Loan Document to the Credit Agreement, whether direct or indirect,
shall hereafter be deemed to be a reference to the Credit Agreement as amended hereby and that this Amendment is a Loan Document. This
Amendment and the Amended Credit Agreement shall not constitute a novation of the Credit Agreement or any other Loan Document.

 

Section 11.       GOVERNING
LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. SECTION 9.10 OF THE CREDIT AGREEMENT IS HEREBY INCORPORATED MUTATIS MUTANDIS AND
SHALL APPLY HERETO.

 

Section 1.01.   Severability.
To the extent permitted by applicable Requirements of Law, any provision of this Amendment held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

Section 12.      Counterparts;
Electronic Execution. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. Section 9.07 of the Credit Agreement shall apply to
this Amendment, mutatis mutandis.

 

    	 	-5-	 

     

    

 

Section 13.       Headings.
The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	-6-	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	COWEN INC.,
 as Borrower

 

	 	By:	 /s/ Stephen A. Lasota

	 	Name: Stephen A. Lasota 
	 	Title: Chief Financial Officer

 

	 	COWEN FINANCIAL PRODUCTS LLC,

    COWEN SPECIAL INVESTEMENTS LLC,
 COWEN HOLDINGS, INC.,
	 	COWEN PB HOLDINGS LLC,
	 	COWEN SERVICES COMPANY, LLC,
	 	RCG LV PEARL, LLC,
 COWEN FINANCIAL TECHNOLOGY
    LLC,
 COWEN STRUCTURED HOLDINGS INC.,
	 	COWEN STRUCTURED HOLDINGS, LLC,
 COWEN INVESTMENTS
    LLC,
	 	COWEN INVESTMENTS II LLC,
	 	COWEN OJ INVESTMENT LLC,
	 	COWEN ALTERNATE INVESTMENTS, LLC and
	 	COWEN EXECUTION HOLDCO LLC
 OCTOBER, LLC,

    each as a Loan Guarantor

 

	 	By:	 /s/ Stephen A. Lasota

	 	Name: Stephen A. Lasota 
	 	Title: Chief Financial Officer

 

	 	COWEN FINANCE COMPANY LLC and
	 	COWEN FINANCE HOLDINGS LLC,
 each
    as a Loan Guarantor

 

	 	By:	 /s/ Stephen A. Lasota

	 	Name: Stephen A. Lasota 
	 	Title: Vice President

 

[Signature Page to Amendment No. 1 to
Credit Agreement]

 

     

     

    

 

	 	COWEN INVESTMENT ADVISORS LLC,
	 	COWEN INVESTMENT MANAGEMENT LLC,

    RCG RE MANAGER, LLC,
	 	RAMIUS V&O HOLDINGS LLC,
	 	COWEN SUSTAINABLE ADVISORS LLC,
	 	TRIARTISAN CAPITAL ADVISORS LLC,
	 	COWEN TRADING STRATEGIES LLC and
	 	RAMIUS OPTIMUM INVESTMENTS LLC,
	 	each as a Loan Guarantor

 

	 	By:	 /s/ Stephen A. Lasota

	 	Name: Stephen A. Lasota 
	 	Title: Treasurer

 

	 	RAMIUS GIBRALTAR SOLUTION LLC,

    as a Loan Guarantor

 

	 	By:	 /s/ Owen Littman

	 	Name: Owen Littman
	 	Title:  President

 

[Signature Page to Amendment No. 1 to
Credit Agreement]

 

     

     

    

 

	 	MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent

 

	 	By:	/s/ Ethan Plater       

	 	Name: Ethan Plater
	 	Title:  Authorized Signatory

 

	 	MORGAN STANLEY SENIOR FUNDING, INC., as a 2021 Incremental Term Lender

 

	 	By: 	/s/ Ethan Plater   

	 	Name: Ethan Plater
	 	Title:  Authorized Signatory

 

[Signature Page to Amendment No. 1 to
Credit Agreement]

 

     

     

    

 

SCHEDULE 1

TO AMENDMENT

 

	2021 Incremental Term Loan Lender	 	Incremental Term Loans	 
	Morgan Stanley Bank, N.A.	 	$	150,000,000	 
	Total	 	$	150,000,000	 

 

[Signature Page to Amendment No. 1 to
Credit Agreement]

 

     

     

    

 

EXHIBIT A

TO AMENDMENT

 

AMENDED CREDIT AGREEMENT

 

[Attached]

 

    	 	Exhibit A-1	 

     

    

 

EXECUTION VERSION     EXHIBIT A

 

CREDIT AGREEMENT

Dated as of March 24, 2021,

as
amended by Amendment No. 1, dated as of December 15, 2021,

 

among

 

COWEN INC.,

as Borrower,

 

THE FINANCIAL INSTITUTIONS PARTY HERETO,

as Lenders,

 

MORGAN STANLEY SENIOR FUNDING, INC.,

as Administrative Agent, Swingline Lender and an Issuing Bank,

 

MORGAN STANLEY SENIOR FUNDING, INC.,

as Lead Arranger and Bookrunner,

and

 

MORGAN STANLEY SENIOR FUNDING, INC.,

as Syndication Agent

 

    

    

    

 

	Table of Contents
	 	 
	 	Page
	 	 
	ARTICLE 1      DEFINITIONS	1
	 	 
	Section 1.01.	Defined Terms	1
	Section 1.02.	Classification of Loans and Borrowings	6364
	Section 1.03.	Terms Generally	64
	Section 1.04.	Accounting Terms; GAAP	6465
	Section 1.05.	Effectuation of Transactions	66
	Section 1.06.	Timing of Payment or Performance	66
	Section 1.07.	Times of Day	66
	Section 1.08.	Cashless Rollovers	66
	Section 1.09.	Certain Calculations and Tests	66
	Section 1.10.	Divisions	68
	Section 1.11.	Successor LIBO Rate Index	68
	 	 	 
	ARTICLE 2      THE CREDITS	6869
	 	 
	Section 2.01.	Commitments	6869
	Section 2.02.	Loans and Borrowings	69
	Section 2.03.	Requests for Borrowings	70
	Section 2.04.	Swingline Loans	71
	Section 2.05.	Letters of Credit	7273
	Section 2.06.	[Reserved]	78
	Section 2.07.	Funding of Borrowings	78
	Section 2.08.	Type; Interest Elections	7879
	Section 2.09.	Termination and Reduction of Commitments	7980
	Section 2.10.	Repayment of Loans; Evidence of Debt	80
	Section 2.11.	Prepayment of Loans	82
	Section 2.12.	Fees	8788
	Section 2.13.	Interest	89
	Section 2.14.	Benchmark Replacement Settings	90
	Section 2.15.	Increased Costs	96
	Section 2.16.	Break Funding Payments	97
	Section 2.17.	Taxes	98
	Section 2.18.	Payments Generally; Allocation of Proceeds; Sharing of Payments	101
	Section 2.19.	Mitigation Obligations; Replacement of Lenders	103
	Section 2.20.	Illegality	104
	Section 2.21.	Defaulting Lenders	105
	Section 2.22.	Incremental Credit Extensions	108
	

    i

    

    

	Table of Contents

(Cont.)
	 
	 	 	Page
	 	 	 
	Section 2.23.	Extensions of Loans and Revolving Credit Commitments	113
	Section 2.24.	Inability to Determine Rates	115
	 	 	 
	ARTICLE 3      REPRESENTATIONS AND WARRANTIES	115
	 	 
	Section 3.01.	Organization; Powers	115
	Section 3.02.	Authorization; Enforceability	115
	Section 3.03.	Governmental Approvals; No Conflicts	115116
	Section 3.04.	Financial Condition; No Material Adverse Effect	116
	Section 3.05.	Properties	116
	Section 3.06.	Litigation and Environmental Matters	117
	Section 3.07.	Compliance with Laws	117
	Section 3.08.	Investment Company Status	117
	Section 3.09.	Taxes	118
	Section 3.10.	ERISA	117118
	Section 3.11.	Disclosure	118
	Section 3.12.	Solvency	118
	Section 3.13.	Capitalization and Subsidiaries	119
	Section 3.14.	Security Interest in Collateral	118119
	Section 3.15.	Labor Disputes	119
	Section 3.16.	Federal Reserve Regulations	119
	Section 3.17.	Senior Indebtedness	119
	Section 3.18.	Use of Proceeds	119
	Section 3.19.	U.S. Sanctions; PATRIOT ACT and FCPA	119
	Section 3.20.	Certain Regulatory Matters	120
	 	 	 
	ARTICLE 4      CONDITIONS	121
	 	 
	Section 4.01.	Closing Date	120121
	Section 4.02.	Each Credit Extension	123
	 	 	 
	ARTICLE 5      AFFIRMATIVE COVENANTS	124
	 	 
	Section 5.01.	Financial Statements and Other Reports	124
	Section 5.02.	Existence	127
	Section 5.03.	Payment of Taxes	128
	Section 5.04.	Maintenance of Properties	128
	Section 5.05.	Insurance	128
	Section 5.06.	Inspections	128
	

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	Table of Contents

(Cont.)
	 
	 	 	Page
	 	 	 
	Section 5.07.	Maintenance of Book and Records	129129
	Section 5.08.	Compliance with Laws	129
	Section 5.09.	Designation of Subsidiaries	129
	Section 5.10.	Use of Proceeds	130
	Section 5.11.	Covenant to Guarantee Obligations and Give Security	130
	Section 5.12.	Maintenance of Ratings	132
	Section 5.13.	Further Assurances	133
	Section 5.14.	Post-Closing Obligations	133
	 	 	 
	ARTICLE 6      NEGATIVE COVENANTS	133
	 	 
	Section 6.01.	Indebtedness	133
	Section 6.02.	Liens	139
	Section 6.03.	[Reserved]	143
	Section 6.04.	Restricted Payments; Restricted Debt Payments	143
	Section 6.05.	Burdensome Agreements	147
	Section 6.06.	[Reserved]	149
	Section 6.07.	Fundamental Changes; Disposition of Assets	149
	Section 6.08.	Sale and Lease-Back Transactions	152
	Section 6.09.	Transactions with Affiliates	153
	Section 6.10.	Lines of Business	154
	Section 6.11.	Amendments or Waivers of Organizational Documents	154
	Section 6.12.	Amendments of or Waivers with Respect to Restricted Debt	154
	Section 6.13.	Fiscal Year	155
	Section 6.14.	Financial Covenant	155155
	 	 	 
	ARTICLE 7      EVENTS OF DEFAULT	156156
	 	 
	Section 7.01.	Events of Default	156156
	 	 	 
	ARTICLE 8      THE ADMINISTRATIVE AGENT	159
	 	 
	Section 8.01.	General Agency Provisions	159
	Section 8.02.	Certain ERISA Matters	168
	 	 	 
	ARTICLE 9      MISCELLANEOUS	169
	 	 
	Section 9.01.	Notices	169
	Section 9.02.	Waivers; Amendments	172
	Section 9.03.	Expenses; Indemnity	178
	Section 9.04.	Waiver of Claim	179
	Section 9.05.	Successors and Assigns	179
	

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	Table of Contents

(Cont.)
	 
	 	 	Page
	 	 	 
	Section 9.06.	Survival	186186
	Section 9.07.	Counterparts; Integration; Effectiveness	186
	Section 9.08.	Severability	186
	Section 9.09.	Right of Setoff	187187
	Section 9.10.	Governing Law; Jurisdiction; Consent to Service of Process	187
	Section 9.11.	Waiver of Jury Trial	188
	Section 9.12.	Headings	188
	Section 9.13.	Confidentiality	189
	Section 9.14.	No Fiduciary Duty	190190
	Section 9.15.	Several Obligations	190
	Section 9.16.	USA PATRIOT Act	190
	Section 9.17.	Disclosure of Agent Conflicts	190
	Section 9.18.	Appointment for Perfection	190
	Section 9.19.	Interest Rate Limitation	190
	Section 9.20.	Conflicts	191191
	Section 9.21.	Release of Loan Guarantors	191191
	Section 9.22.	Judgment Currency	191
	Section 9.23.	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	192191
	Section 9.24.	Acknowledgement Regarding Any Supported QFC	192

 

    iv

    

    

 

	SCHEDULES:	 	 
	Schedule A	–	Non-Pledged Subsidiaries
	Schedule 1.01(a)	–	Commitment Schedule
	Schedule 1.01(b)	–	Dutch Auction
	Schedule 1.01(c)	–	Mortgages
	Schedule 1.01(d)	–	Existing Investments
	Schedule 1.01(f)	–	Broker-Dealer Subsidiaries
	Schedule 1.01(g)	–	Introducing Broker Subsidiaries
	Schedule 3.05(a)	–	Fee Owned Real Estate Assets
	Schedule 3.13	–	Subsidiaries
	Schedule 3.20	–	Certain Regulatory Matters
	Schedule 5.09	–	Unrestricted Subsidiaries
	Schedule 5.14	–	Post-Closing Obligations
	Schedule 6.01(i)	–	Existing Indebtedness
	Schedule 6.02(l)	–	Existing Liens
	Schedule 6.07(bb)	–	Certain Dispositions
	Schedule 6.09(e)	–	Existing Transactions with Affiliates
	Schedule 9.01	–	Borrower’s Website Address for Electronic Delivery
	 	 	 
	EXHIBITS:	 	 
	Exhibit A-1	–	Form of Assignment and Assumption
	Exhibit A-2	–	Form of Affiliated Lender Assignment and Assumption
	Exhibit B	–	Form of Borrowing Request
	Exhibit C	–	Form of Compliance Certificate
	Exhibit D	–	Form of Interest Election Request
	Exhibit E	–	Form of Perfection Certificate
	Exhibit F	–	Form of Perfection Certificate Supplement
	Exhibit G	–	Form of Promissory Note
	Exhibit H	–	Form of Pledge and Security Agreement
	Exhibit I	–	Form of Guaranty Agreement
	Exhibit J-1	–	Form of Patent Security Agreement
	Exhibit J-2	–	Form of Trademark Security Agreement
	Exhibit J-3	–	Form of Copyright Security Agreement
	Exhibit K	–	Form of Letter of Credit Request
	Exhibit L-1	–	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit L-2	–	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit L-3	–	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit L-4	–	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit M	–	Form of Solvency Certificate
	Exhibit N	–	Form of Prepayment Notice

 

    

    

    

 

CREDIT AGREEMENT

 

CREDIT AGREEMENT, dated as
of March 24, 2021 (as amended as of [●], 2021,
this “Agreement”), by and among Cowen Inc., a Delaware corporation (the “Borrower”), the Lenders
from time to time party hereto and Morgan Stanley Senior Funding, Inc. (“MSSF”), as administrative agent and collateral
agent for the Secured Parties (in such capacities, together with its successors and assigns in such capacities, the “Administrative
Agent”), a Swingline Lender and an Issuing Bank.

 

RECITALS

 

WHEREAS, on
the Closing Date the Borrower has requested that the Lenders extend credit to the Borrower in the form of (a) Initial
Term Loans made on the Closing Date in an aggregate principal amount of up to $300,000,000, and (b) Revolving Credit Commitments
in an aggregate principal amount of $25,000,000, which proceeds of the Initial Term Loans and borrowings of the Revolving Credit Commitments
shall be used to refinance certain existing indebtedness of the Borrower, including the 7.35% Notes and 3.00% Convertible Notes (each
as defined herein and together, the “Refinancing”), to pay fees and expenses relating to the foregoing and the entry
into the Loan Document and for working capital and general corporate purposes of the Borrower and its Restricted Subsidiaries; and

 

WHEREAS, the Lenders are willing
to extend credit to the Borrower as so requested, subject to the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, the parties
hereto agree as follows:

 

ARTICLE 1     DEFINITIONS

 

Section 1.01.        Defined
Terms. As used in this Agreement (including the preamble and the recitals above), the following terms have the meanings specified below:

 

“2021
Incremental Term Loan Lender” has the meaning assigned to such term in Amendment No. 1.

 

“3.00% Convertible
Notes” has the meaning assigned to such term in Section 4.01(j).

 

“7.35% Notes”
has the meaning assigned to such term in Section 4.01(j).

 

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

 

“ABR Borrowing”
means any Borrowing at the Alternate Base Rate.

 

“ABR Loan”
means a Loan that bears interest with reference to the Alternate Base Rate.

 

“ABR Revolving Borrowing”
means any Borrowing of Revolving Loans at the Alternate Base Rate.

 

“ABR Revolving Loan”
means a Revolving Loan that bears interest with reference to the Alternate Base Rate.

 

“Acceptable Intercreditor
Agreement” means an intercreditor agreement the terms of which are reasonably satisfactory to the Administrative Agent and the
Borrower.

 

    

    

    

 

“Accordion Date”
has the meaning assigned to such term in Section 2.04(d).

 

“ACH” means
automated clearing house transfers.

 

“Additional Agreement”
has the meaning assigned to such term in Article 8.

 

“Additional Commitment”
means any commitment hereunder added pursuant to Sections 2.22, 2.23 or 9.02(c).

 

“Additional Lender”
has the meaning assigned to such term in Section 2.22(b).

 

“Additional Loans”
means any Additional Revolving Loans and any Additional Term Loans.

 

“Additional Revolving
Credit Commitments” means any revolving credit commitment added pursuant to Sections 2.22, 2.23 or 9.02(c)(ii).

 

“Additional Revolving
Credit Exposure” means, with respect to any Lender at any time, the aggregate Outstanding Amount at such time of all Additional
Revolving Loans of such Lender, plus the aggregate Outstanding Amount at such time of such Lender’s LC Exposure and Swingline
Exposure attributable to its Additional Revolving Credit Commitment.

 

“Additional Revolving
Lender” means any Lender with an Additional Revolving Credit Commitment or any Additional Revolving Credit Exposure.

 

“Additional Revolving
Loans” means any revolving loan added hereunder pursuant to Section 2.22, 2.23 or 9.02(c)(ii).

 

“Additional Term
Lender” means any Lender with an Additional Term Loan Commitment or an outstanding Additional Term Loan.

 

“Additional Term
Loan Commitment” means any term commitment added pursuant to Sections 2.22, 2.23 or 9.02(c)(i).

 

“Additional Term
Loans” means any term loan added pursuant to Section 2.22, 2.23 or 9.02(c)(i).

 

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

 

“Administrative Questionnaire”
has the meaning assigned to such term in Section 2.22(d).

 

“Advisers Act”
means the Investment Advisers Act of 1940.

 

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

 

“Affiliate”
means, as applied to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with, that
Person. None of the Agents, any Lender (other than any Affiliated Lender) or any of their respective Affiliates shall be considered an
Affiliate of the Borrower or any Subsidiary thereof.

 

“Affiliated Lender”
means the Borrower or any Subsidiary.

 

    2

    

    

 

“Affiliated Lender
Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Affiliated Lender (with the consent
of any party whose consent is required by Section 9.05) and accepted by the Administrative Agent in the form of Exhibit A-2
or any other form (including electronic documentation generated by use of an electronic platform) approved by the Administrative Agent
and the Borrower.

 

“Agents”
means, collectively, the Administrative Agent, the Lead Arrangers and the Syndication Agent.

 

“Agreement”
has the meaning assigned to such term in the preamble to this Credit Agreement.

 

“Agreement Currency”
has the meaning assigned to such term in Section 9.22.

 

“Alternate Base Rate”
means, for any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate, plus 1⁄2
of 1.00%, (b) the Prime Rate in effect on such day and (c) LIBO Rate for a one month Interest Period as determined on such day,
plus 1.00%; provided that if the Prime Rate, Federal Funds Effective Rate or 1-month LIBO Rate is less than 0.75%,
then such rate shall deemed to be 0.75%.

 

“Amendment
No. 1” means that certain Amendment No. 1 to Credit Agreement, dated as of the Amendment No. 1 Effective Date, by
and among the Borrower, the other Loan Parties party thereto, the Administrative Agent and each 2021 Incremental Term Loan Lender.

 

“Amendment
No. 1 Effective Date” means [●], 2021.

 

“Amendment
No. 1 Fee Letter” means that certain Fee Letter, dated as of November 28, 2021, by and among the Borrower and the Amendment
No. 1 Lead Arrangers.

 

“Amendment
No. 1 Lead Arrangers” means, collectively, Morgan Stanley Senior Funding, Inc., Cowen and Company, LLC, Piper Sandler,
Keefe, Bruyette & Woods, JMP Securities LLC, CIBC World Markets Corp., Wolfe Capital Markets and Advisory and Compass Point Research &
Trading, LLC, in their respective capacities as joint lead arrangers, joint co-managers and/or bookrunner.

 

“Anti-Corruption
Laws” has the meaning assigned to such term in Section 3.19(c).

 

“Anti-Money Laundering
Laws” has the meaning assigned to such term in Section 3.19(b).

 

“Applicable Percentage”
means, (a) with respect to any Term Lender of any Class, a percentage equal to a fraction the numerator of which is the aggregate
outstanding principal amount of the Term Loans and unused Additional Term Loan Commitments of such Term Lender under the applicable Class and
the denominator of which is the aggregate outstanding principal amount of the Term Loans and unused Term Commitments of all Term Lenders
under the applicable Class and (b) with respect to any Revolving Lender of any Class, the percentage of the aggregate amount
of the Revolving Credit Commitments of such Class represented by such Lender’s Revolving Credit Commitment of such Class; provided
that for purposes of Section 2.21 and otherwise herein, when there is a Defaulting Lender, such Defaulting Lender’s
Revolving Credit Commitment shall be disregarded for any relevant calculation. In the case of clause (b), in the event that the
Revolving Credit Commitments of any Class have expired or been terminated, the Applicable Percentage of any Revolving Lender of such
Class shall be determined on the basis of the Revolving Credit Exposure of such Revolving Lender attributable to its Revolving Credit
Commitment of such Class, giving effect to any assignment thereof.

 

    3

    

    

 

“Applicable Rate”
means, for any day: (a) with respect to any Initial Term Loan (i) that is an ABR Loan, 2.25% per annum or (ii) that is
a LIBO Rate Loan, 3.25% per annum; (b) with respect to any Initial Revolving Loan, (i) that is an ABR Loan, 2.25% per annum
or (ii) that is a LIBO Rate Loan, 3.25% per annum; and (c) with respect to any Extended Term Loan or other Additional Term Loan
of any Class or any Extended Revolving Loan or other Additional Revolving Loan of any Class, the rate or rates per annum specified
in the applicable Refinancing Amendment, Incremental Facility Amendment or Extension Amendment.

 

“Applicable Revolving
Credit Percentage” means, with respect to any Revolving Lender at any time, the percentage of the Total Revolving Credit Commitment
at such time represented by such Revolving Lender’s Revolving Credit Commitments at such time; provided that for purposes
of Section 2.21 and otherwise herein, when there is a Defaulting Lender, any such Defaulting Lender’s Revolving Credit
Commitment shall be disregarded in the relevant calculations. In the event that (x) the Revolving Credit Commitments of any Class have
expired or been terminated in accordance with the terms hereof (other than pursuant to Article 7), the Applicable Revolving
Credit Percentage shall be recalculated without giving effect to the Revolving Credit Commitments of such Class or (y) the Revolving
Credit Commitments of all Classes have terminated (or the Revolving Credit Commitments of any Class have terminated pursuant to Article 7),
the Applicable Revolving Credit Percentage shall be determined based upon the Revolving Credit Commitments (or the Revolving Credit Commitments
of such Class) most recently in effect, giving effect to any assignments thereof.

 

“Approved Fund”
means, with respect to any Lender, any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise
investing in commercial loans and similar extensions of credit in the ordinary course of its activities and is administered, advised or
managed by (a) such Lender, (b) any Affiliate of such Lender or (c) any entity or any Affiliate of any entity that administers,
advises or manages such Lender.

 

“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by
Section 9.05), and accepted by the Administrative Agent in substantially the form of Exhibit A-1 or any other
form (including electronic documentation generated by use of an electronic platform) approved by the Administrative Agent and the Borrower.

 

“Available Amount”
means, at any time, an amount equal to, without duplication:

 

(a)           the
sum of:

 

(i)            the
greater of $125,000,000 and 35% of Consolidated Adjusted EBITDA for the most recently ended Test Period; plus

 

(ii)           50.0%
of Consolidated Net Income, which amount shall not be less than zero, for the period from the first day of the Fiscal Quarter during which
the Closing Date occurred to and including the last day of the most recently ended Fiscal Quarter prior to such date for which consolidated
financial statements of the Borrower are internally available (this clause (ii), the “Builder Basket”); plus

 

    4

    

    

 

(iii)          the
amount of any capital contributions or other proceeds of any issuance of Qualified Capital Stock of the Borrower (other than any amount
(x) constituting a Cure Amount, capital contributions used to incur Indebtedness pursuant to Section 6.01(r) or
proceeds of an issuance of Disqualified Capital Stock, (y) received from the Borrower or any Restricted Subsidiary or (z) consisting
of the proceeds of any loan or advance made pursuant to clause (h)(ii) of the definition of Permitted Investment) received
as Cash equity by the Borrower or any Restricted Subsidiary, plus the fair market value, as determined by the Borrower in good
faith, of Cash Equivalents, marketable securities or other property received by the Borrower or any Restricted Subsidiary as a capital
contribution or in return for any issuance of Capital Stock of the Borrower (other than any amount (x) constituting a Cure Amount,
capital contributions used to incur Indebtedness pursuant to Section 6.01(r)  or proceeds of any issuance of Disqualified
Capital Stock or (y) received from the Borrower or any Restricted Subsidiary), in each case, during the period from and including
the day immediately following the Closing Date through and including such time; plus

 

(iv)          the
aggregate principal amount of any Indebtedness or Disqualified Capital Stock, in each case, of the Borrower or any Restricted Subsidiary
issued after the Closing Date (other than Indebtedness or such Disqualified Capital Stock issued to the Borrower or any Restricted Subsidiary),
which has been converted into or exchanged for Capital Stock of the Borrower, any Restricted Subsidiary or any Parent Company that does
not constitute Disqualified Capital Stock, together with the fair market value of any Cash Equivalents and the fair market value (as determined
by the Borrower in good faith) of any property or assets received by the Borrower or such Restricted Subsidiary upon such exchange or
conversion, in each case, during the period from and including the day immediately following the Closing Date through and including such
time; plus

 

(v)           the
net proceeds received by the Borrower or any Restricted Subsidiary during the period from and including the day immediately following
the Closing Date through and including such time in connection with the Disposition to any Person (other than the Borrower or any Restricted
Subsidiary) of any Investment made pursuant to clause (r) of the definition of Permitted Investment (in an amount not to exceed
the original amount of such Investment made in reliance on the Available Amount); plus

 

(vi)          to
the extent not already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such
Investment, the proceeds received by the Borrower or any Restricted Subsidiary during the period from and including the day immediately
following the Closing Date through and including such time in connection with cash returns, cash profits, cash distributions and similar
cash amounts, including cash principal repayments of loans, in each case received in respect of any Investment made after the Closing
Date pursuant to clause (r) of the definition of Permitted Investment (in an amount not to exceed the original amount of such
Investment made in reliance on the Available Amount); plus

 

(vii)         to
the extent that such Investment was made pursuant to clause (r) of the definition of Permitted Investment and to the extent
not already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such Investment,
an amount equal to the sum of (A) the amount of any Investment by the Borrower or any Restricted Subsidiary in any third party or
any Unrestricted Subsidiary (in an amount not to exceed the original amount of such Investment made pursuant to clause (r) of
the definition of Permitted Investment) that has been re-designated as a Restricted Subsidiary or has been merged, consolidated or amalgamated
with or into, or is liquidated, wound up or dissolved into, the Borrower or any Restricted Subsidiary and (B) the fair market value
(as determined by the Borrower in good faith) of the assets of any Unrestricted Subsidiary that have been transferred, conveyed or otherwise
distributed (in an amount not to exceed the original amount of the Investment in such Unrestricted Subsidiary made pursuant to clause
(r) of the definition of Permitted Investment) to the Borrower or any Restricted Subsidiary, in each case, during the period
from and including the day immediately following the Closing Date through and including such time; plus

 

    5

    

    

 

(viii)        to
the extent not otherwise applied to prepay Term Loans of Lenders that have not declined their Applicable Percentage of the applicable
prepayment, the amount of any Declined Proceeds; plus

 

(ix)           to
the extent not otherwise included in clause (a)(ii) above, the aggregate amount of any cash dividend or other cash distribution
received by the Borrower or any Restricted Subsidiary from any Unrestricted Subsidiary after the Closing Date (in an amount not to exceed
the amount of the initial Investment in such Unrestricted Subsidiary made in reliance on the Available Amount); minus

 

(b)           an
amount equal to the sum of (i) Restricted Payments made pursuant to Section 6.04(a)(iii), plus (ii) Restricted
Debt Payments made pursuant to Section 6.04(b)(vi), plus (iii) Investments made pursuant to clause (r) of
the definition of Permitted Investment, in each case, after the Closing Date and prior to such time or contemporaneously therewith.

 

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

 

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

 

“Banking Services”
means each and any of the following bank services: commercial credit cards, stored value cards, purchasing cards, treasury management
services, netting services, overdraft protections, check drawing services, automated payment services (including depository, overdraft,
controlled disbursement, ACH transactions, return items and interstate depository network services), employee credit card programs, cash
pooling services, operational foreign exchange management, current account facilities and any arrangements or services similar to any
of the foregoing or otherwise in connection with Cash management and Deposit Accounts.

 

“Banking Services
Obligations” means any and all obligations of any Loan Party, whether absolute or contingent and however and whenever created,
arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) (a) under
any arrangement that is in effect on the Closing Date between any Loan Party and a counterparty that is (or is an Affiliate of) any Lender
or Agent as of the Closing Date or (b) under any arrangement that is entered into after the Closing Date by any Loan Party with any
counterparty that is (or is an Affiliate of) any Lender or Agent at the time such arrangement is entered into, in each case in connection
with Banking Services that have been designated to the Administrative Agent in writing by the Borrower as being Banking Services Obligations
for the purposes of the Loan Documents, it being understood that each counterparty thereto shall be deemed (A) to appoint the Administrative
Agent as its agent under the applicable Loan Documents and (B) to agree to be bound by the provisions of Article 8, Section 9.03
and Section 9.10 and any Acceptable Intercreditor Agreement as if it were a Lender.

 

    6

    

    

 

“Bankruptcy Code”
means Title 11 of the United States Code (11 U.S.C. § 101 et seq.).

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation, which
certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity
Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial
Markets Association.

 

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

 

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

 

“Board”
means the Board of Governors of the Federal Reserve System of the U.S.

 

“Borrower”
has the meaning assigned to such term in the preamble to this Agreement.

 

“Borrowing”
means any Loans of the same Type and Class made, converted or continued on the same date and, in the case of LIBO Rate Loans, as
to which a single Interest Period is in effect.

 

“Borrowing Request”
means a request by the Borrower for a Borrowing in accordance with Section 2.03 and substantially in the form attached hereto
as Exhibit B or such other form that is reasonably acceptable to the Administrative Agent and the Borrower (including any
form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent).

 

“Broker-Dealer Licenses
and Memberships” means (a) the memberships of each Broker-Dealer Subsidiary with FINRA and (b) the licenses with Governmental
Authorities (other than FINRA) of each Broker-Dealer Subsidiary, in each case, to the extent necessary and material to the normal conduct
of the business of the applicable Broker-Dealer Subsidiary as a Registered Broker-Dealer, futures commission merchant or Introducing Broker,
as applicable.

 

“Broker-Dealer Registrations”
means the registrations of each Broker-Dealer Subsidiary with the SEC and all other Governmental Authorities which require registration
and have jurisdiction over such Broker-Dealer Subsidiary, in each case, to the extent necessary and material to the normal conduct of
the business of the applicable Broker-Dealer Subsidiary as a Registered Broker-Dealer or Introducing Broker, as applicable.

 

“Broker-Dealer Subsidiary”
means (a) the Restricted Subsidiaries of the Borrower listed on Schedule 1.01(f) and any other Restricted Subsidiary
of the Borrower that becomes a broker-dealer registered under the Exchange Act or associated persons thereof, as defined therein (a “Registered
Broker-Dealer”), after the Closing Date and (b) the Restricted Subsidiaries listed on Schedule 1.01(g) and
any other Restricted Subsidiary that is an introducing broker (“Introducing Broker”) or a futures commission merchant
that is required to register under the Commodity Exchange Act after the Closing Date.

 

“Builder Basket”
has the meaning assigned to such term in clause (a)(ii) of the definition of “Available Amount.”

 

“Business Day”
means any 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 and, if the applicable Business Day relates to notices, determinations, fundings or payments in connection with the LIBO Rate
or any LIBO Rate Loans, a day on which dealings in Dollar deposits are also carried on in the London interbank market.

 

    7

    

    

 

“Capital Expenditures”
means, with respect to the Borrower and the Restricted Subsidiaries for any period, the aggregate amount, without duplication, of (a) all
expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capital
Leases) that would, in accordance with GAAP, be included as additions to property, plant and equipment, (b) other capital expenditures
of such Person for such period (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized
under Capital Leases) that are reported in the Borrower’s consolidated statement of cash flows for such period and (c) other
capital expenditures of such Person for such period (whether paid in cash or accrued as liabilities and including in all events all amounts
expended or capitalized under Capital Leases).

 

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

 

“Capital Stock”
means any and all shares, interests, participations, preferred equity certificates, convertible preferred equity certificates or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than
a corporation), including partnership interests and membership interests (whether general or limited), and any and all warrants, rights
or options to purchase or other arrangements or rights to acquire any of the foregoing, but excluding for the avoidance of doubt any Indebtedness
convertible into or exchangeable for any of the foregoing.

 

“Captive Insurance
Subsidiary” means any Restricted Subsidiary that is subject to regulation as an insurance company (or any Restricted Subsidiary
thereof), including a Restricted Subsidiary regulated as an insurance company or regulated by Luxembourg’s Commissariat aux Assurances.

 

“Cash”
means money, currency or a credit balance in any Deposit Account, in each case determined in accordance with GAAP.

 

“Cash Equivalents”
means, as at any date of determination, (a) readily marketable securities (i) issued or directly and unconditionally guaranteed
or insured as to interest and principal by the U.S. government or (ii) issued by any agency or instrumentality of the U.S. the obligations
of which are backed by the full faith and credit of the U.S., in each case maturing within one year after such date and, in each case,
repurchase agreements and reverse repurchase agreements relating thereto; (b) readily marketable direct obligations issued by any
state of the U.S. or any political subdivision of any such state or any public instrumentality thereof or by any foreign government, in
each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least A-2 from S&P
or at least P-2 from Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent
rating from another nationally recognized statistical rating agency) and, in each case, repurchase agreements and reverse repurchase agreements
relating thereto; (c) commercial paper maturing no more than one year from the date of creation thereof and having, at the time of
the acquisition thereof, a rating of at least A-2 from S&P or at least P-2 from Moody’s (or, if at any time neither S&P
nor Moody’s shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency);
(d) deposits, money market deposits, time deposit accounts, certificates of deposit or bankers’ acceptances (or similar instruments)
maturing within one year after such date and issued or accepted by any Lender or by any bank organized under, or authorized to operate
as a bank under, the laws of the U.S., any state thereof or the District of Columbia or any political subdivision thereof or any foreign
bank or its branches or agencies and that has capital and surplus of not less than $100,000,000 and, in each case, repurchase agreements
and reverse repurchase agreements relating thereto; (e) securities with maturities of six months or less from the date of acquisition
backed by standby letters of credit issued by any commercial bank having capital and surplus of not less than $100,000,000; (f) shares
of any investment fund that has (i) substantially all of its assets invested in the types of investments referred to in clauses
(a) through (e) above, (ii) net assets of not less than $250,000,000 and (iii) a rating of at least A-2
from S&P or at least P-2 from Moody’s (or, if at any time either S&P or Moody’s are not rating such fund, an equivalent
rating from another nationally recognized statistical rating agency); and (g) solely with respect to any Captive Insurance Subsidiary,
any investment that such Captive Insurance Subsidiary is not prohibited to make in accordance with applicable law. The term “Cash
Equivalents” shall also include (x) Investments of the type and maturity described in clauses (a) through (g) above
in foreign obligors, which Investments or obligors (or the parent companies thereof) have the ratings described in such clauses or equivalent
ratings from comparable foreign rating agencies and (y) other short-term Investments utilized by Foreign Subsidiaries in accordance
with normal investment practices for cash management in Investments analogous to the Investments described in clauses (a) through
(g) above or in the foregoing clause (x).

 

    8

    

    

 

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

 

“CFTC”
means the Commodity Futures Trading Commission.

 

“Change in Law”
means (a) the adoption or taking effect of any law, rule, regulation or treaty after the Closing Date, (b) any change in any
law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority after the
Closing Date or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law)
of any Governmental Authority made or issued after the Closing Date; provided that, notwithstanding anything herein to the contrary,
(x) 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 and (y) all requests, rules, guidelines, requirements or
directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or U.S. or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case described in clauses (a),
(b) and (c) above, be deemed to be a Change in Law, regardless of the date enacted, adopted, issued or implemented.

 

“Change of Control”
means any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act), including
any group acting for the purpose of acquiring, holding or disposing of Securities (within the meaning of Rule 13d-5(b)(1) under
the Exchange Act, but excluding any employee benefit plan or Person acting as the trustee, agent or other fiduciary or administrator therefor),
becoming the ultimate beneficial owner (within the meaning of Rule 13d-3 and Rule 13d-5 of the Exchange Act) of Capital Stock
representing more than 50% of the total voting power of all of the outstanding voting Capital Stock of the Borrower. Notwithstanding the
foregoing, (a) the right to acquire voting Capital Stock (so long as such Person or group does not have the right to direct the voting
of the Capital Stock subject to such right) or any veto power in connection with the acquisition or disposition of voting Capital Stock
will not cause a party to be a beneficial owner and (b) for the avoidance of doubt, any share exchange, consolidation or merger of
the Company that is otherwise permitted by the terms of this Agreement and pursuant to which the holders of voting Capital Stock immediately
prior to such transaction own, directly or indirectly, more than 50% of the voting Capital Stock of the continuing or surviving corporation
or transferee or the parent thereof immediately after such transaction in substantially the same proportions as such ownership immediately
prior to such transaction shall not be a Change of Control.

 

“Charge”
means any charge, loss, expense, cost, accrual or reserve of any kind.

 

“Charged Amounts”
has the meaning assigned to such term in Section 9.19.

 

    9

    

    

 

“Class”,
when used with respect to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Initial
Term Loans, Additional Term Loans of any series established as a separate “Class” pursuant to Section 2.22, 2.23
or 9.02(c)(i), Initial Revolving Loans or Additional Revolving Loans of any series established as a separate “Class”
pursuant to Section 2.22, 2.23 or 9.02(c)(ii), (b) any Commitment, refers to whether such Commitment is
an Initial Term Loan Commitment, an Additional Term Loan Commitment of any series established as a separate “Class” pursuant
to Section 2.21 or 9.02(c), an Initial Revolving Credit Commitment or an Additional Revolving Credit Commitment of
any series established as a separate “Class” pursuant to Section 2.21 or 9.02(c)(ii), (c) any Lender,
refers to whether such Lender has a Loan or Commitment of a particular Class and (d) any Revolving Credit Exposure, refers to
whether such Revolving Credit Exposure is attributable to a Revolving Credit Commitment of a particular Class.

 

“Closing Date”
means March 24, 2021.

 

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

 

“Collateral”
means any and all property of any Loan Party subject to a Lien under any Collateral Document and any and all other property of any Loan
Party, now existing or hereafter acquired, that is or becomes subject to a Lien pursuant to any Collateral Document to secure the Secured
Obligations. For the avoidance of doubt, in no event shall “Collateral” include any Excluded Asset.

 

“Collateral and Guarantee
Requirement” means, at any time, subject to (x) the applicable limitations set forth in this Agreement or any other Loan
Document, (y) the time periods (and extensions thereof) set forth in Section 5.11 and (z) the terms of any Acceptable
Intercreditor Agreement, the requirement that:

 

(a)           the
Administrative Agent shall have received (A) a joinder to the Loan Guaranty in substantially the form attached as an exhibit thereto,
(B) a supplement to the Security Agreement in substantially the form attached as an exhibit thereto, (C) if the respective Restricted
Subsidiary required to comply with the requirements set forth in this definition pursuant to Section 5.11 owns U.S. registrations
of or U.S. applications to register Patents, Trademarks (excluding any intent-to-use applications for the registration of any Trademarks)
or Copyrights (including exclusive licenses with respect thereto) that constitute Collateral, an Intellectual Property Security Agreement
in substantially the form attached as Exhibit J-1, Exhibit J-2 or Exhibit J-3, as applicable, (D) a
completed Perfection Certificate (or, with respect to information provided after the Closing Date, a completed Perfection Certificate
Supplement) and (E) Uniform Commercial Code financing statements in appropriate form for filing in such jurisdictions as the Administrative
Agent may reasonably request;

 

(b)           the
Administrative Agent shall have received with respect to any Material Real Estate Assets, a Mortgage and any necessary UCC fixture filing
in respect thereof, in each case together with, to the extent customary and appropriate (as reasonably determined by the Administrative
Agent and the Borrower):

 

(i)            evidence
that (A) counterparts of such Mortgage have been duly executed, acknowledged and delivered and such Mortgage and any corresponding
UCC or equivalent fixture filing are in form suitable for filing or recording in all filing or recording offices that the Administrative
Agent may deem reasonably necessary in order to create a valid and subsisting Lien on such Material Real Estate Asset in favor of the
Administrative Agent for the benefit of the Secured Parties, (B) such Mortgage and any corresponding UCC or equivalent fixture filings
have been duly recorded or filed, as applicable, and (C) all filing and recording taxes and fees have been paid or otherwise provided
for in a manner reasonably satisfactory to the Administrative Agent;

 

    10

    

    

 

(ii)           one
or more fully paid policies of title insurance (the “Mortgage Policies”) in an amount reasonably acceptable to the
Administrative Agent (not to exceed the fair market value of the Material Real Estate Asset covered thereby (as determined by the Borrower
in good faith)) issued by a nationally recognized title insurance company in the applicable jurisdiction that is reasonably acceptable
to the Administrative Agent, insuring the relevant Mortgage as having created a valid subsisting Lien on the real property described therein
with the ranking or the priority which it is expressed to have in such Mortgage, subject only to Permitted Liens, together with such endorsements,
coinsurance and reinsurance as the Administrative Agent may reasonably request to the extent the same are available in the applicable
jurisdiction;

 

(iii)          customary
legal opinions of local counsel for the relevant Loan Party in the jurisdiction in which such Material Real Estate Asset is located, and
if applicable, in the jurisdiction of formation of the relevant Loan Party, in each case as the Administrative Agent may reasonably request,
with respect to the enforceability of the relevant Mortgage; and

 

(iv)          surveys
and appraisals (if required under the Financial Institutions Reform Recovery and Enforcement Act of 1989, as amended) and “Life-of-Loan”
flood certifications under Regulation H (to the extent applicable, together with evidence of federal flood insurance for any such Flood
Hazard Property located in a flood hazard area); provided that the Administrative Agent may in its reasonable discretion accept
any such existing certificate, appraisal or survey so long as such existing certificate or appraisal satisfies any applicable local law
requirements.

 

“Collateral Documents”
means, collectively, (a) the Security Agreement, (b) each Mortgage, (c) each Intellectual Property Security Agreement,
(d) any supplement to any of the foregoing delivered to the Administrative Agent pursuant to the definition of “Collateral
and Guarantee Requirement” and (e) each of the other instruments and documents pursuant to which any Loan Party grants a Lien
on any Collateral as security for payment of the Secured Obligations.

 

“Commercial Tort
Claim” has the meaning set forth in Article 9 of the UCC, except that it shall be limited to Commercial Tort Claims that
have been asserted by a Loan Party in a judicial or administrative proceeding.

 

“Commitment”
means, with respect to each Lender, such Lender’s Initial Term Loan Commitment, Initial Revolving Credit Commitment and Additional
Commitment, as applicable, in effect as of such time.

 

“Commitment Fee Rate”
means, for any day: (a) with respect to the Initial Revolving Credit Commitments, 0.375% per annum; and (b) with respect to
Additional Revolving Credit Commitments of any Class, the rate or rates per annum specified in the applicable Refinancing Amendment, Incremental
Facility Amendment or Extension Amendment.

 

“Commitment Schedule”
means the Schedule attached hereto as Schedule 1.01(a) reflecting the Commitments in effect on the Closing Date.

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

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

 

    11

    

    

 

“Company Competitor”
means any Person that is a direct competitor of the Borrower or any of its Subsidiaries.

 

“Competitor Debt
Fund Affiliate” means, with respect to any Company Competitor or any Affiliate thereof, any debt fund, investment vehicle, regulated
bank entity or unregulated lending entity that is (a) engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of business and (b) managed, sponsored or advised by any person that
is Controlling, Controlled by or under common Control with the relevant Company Competitor or Affiliate thereof, but only to the extent
that no personnel involved with the investment in the relevant Company Competitor makes (or has the right to make or participate with
others in making) investment decisions on behalf of, or otherwise cause the direction of the investment policies of, such debt fund, investment
vehicle, regulated bank entity or unregulated entity with respect to decisions involving any investment in debt of the Borrower or any
of its Subsidiaries.

 

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

 

“Compliance Date”
means the last day of any applicable Fiscal Quarter (commencing with the first full Fiscal Quarter ending after the Closing Date) if as
of such date the aggregate Outstanding Amount of the Revolving Credit Exposure (excluding (a) any Letters of Credit under the Initial
Revolving Facility, any Incremental Revolving Facility and any Replacement Revolving Facility that have been cash collateralized or otherwise
backstopped in an amount equal to at least 103.0% of the Stated Amount thereof (minus any amount then on deposit in any cash collateral
account established for the benefit of the relevant Issuing Bank) or otherwise cash collateralized in a manner reasonably satisfactory
to the relevant Issuing Bank and (b) non-cash collateralized or backstopped Letters of Credit in an aggregate outstanding amount
not exceeding $2,500,000) exceeds an amount equal to 35.0% of the Total Revolving Credit Commitment.

 

“Confidential Information”
has the meaning assigned to such term in Section 9.13.

 

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

 

“Consolidated Adjusted
EBITDA” means, with respect to any Person on a consolidated basis for any period, the sum of:

 

(a)           Consolidated
Net Income for such period; plus

 

(b)           to
the extent not otherwise included in the determination of Consolidated Net Income for such period, the amount of any proceeds of any business
interruption insurance policy in an amount representing the earnings for such period that such proceeds are intended to replace (whether
or not then received so long as such Person in good faith expects to receive such proceeds within the next four Fiscal Quarters (it being
understood that to the extent such proceeds are not actually received within such period, to the extent previously added back to Consolidated
Net Income in determining Consolidated Adjusted EBITDA for a prior Fiscal Quarter such reimbursement amounts so added back but not so
received shall be deducted in calculating Consolidated Adjusted EBITDA for the Fiscal Quarter immediately following such four Fiscal Quarter
period)); plus

 

    12

    

    

 

(c)           without
duplication, those amounts which, in the determination of Consolidated Net Income for such period, have been deducted for:

 

(i)             Consolidated
Interest Expense;

 

(ii)           Taxes
paid and any provision for Taxes, including income, capital, U.S. federal, state, local, foreign, franchise and similar Taxes, property
Taxes, foreign withholding Taxes and foreign unreimbursed value added Taxes (including penalties and interest related to any such Tax
or arising from any Tax examination, and including pursuant to any Tax sharing arrangement) for such period and, without duplication,
the amount of any Restricted Payments made by such Person to any direct or indirect parent entity that is a consolidated tax filer with
such Person and the Restricted Subsidiaries made for the purpose of funding the payment of any such Taxes of such parent entity to the
extent attributable to such Person and the Restricted Subsidiaries paid or declared in respect of such period;

 

(iii)          any
earn-out obligation expense incurred in connection with any Permitted Investment, any Restricted Payment made in compliance with Section 6.04(a) or
any Investment consummated prior to the Closing Date, which is paid or accrued during such period;

 

(iv)          (A) depreciation,
(B) amortization (including amortization of goodwill, software and other intangible assets), (C) impairment Charges (including
any bad debt expense) relating to goodwill and other assets and (D) any asset write-off or write-down;

 

(v)           any
non-cash Charge, including any Charge from Investments recorded using the equity method and, if applicable, the excess of rent expense
over actual cash rent paid during such period due to the use of straight line rent for GAAP purposes (provided that to the extent
that any such non-cash Charge represents an accrual of or reserve for any potential cash item in any future period, (A) such Person
may elect not to add back such non-cash Charge in the current period and (B) to the extent such Person elects to add back such non-cash
Charge, the cash payment in respect thereof in such future period shall be subtracted from Consolidated Adjusted EBITDA to such extent);

 

(vi)          any
non-cash compensation Charge and/or any other non-cash Charge arising from the granting of any stock option or similar arrangement (including
any profits interest), the granting of any stock appreciation right and/or similar arrangement (including any repricing, amendment, modification,
substitution or change of any such stock option, stock appreciation right, profits interest or similar arrangement);

 

(vii)         (A) Transaction
Costs, (B) Charges incurred in connection with the consummation of any issuance or offering of Capital Stock, any Investment, any
Disposition, any recapitalization, any merger, consolidation or amalgamation, any option buyout or any incurrence, repayment, refinancing,
amendment or modification of Indebtedness (including any amortization or write-off of debt issuance or deferred financing costs, premiums
and prepayment penalties), any non-compete agreement or any transaction similar to any of the foregoing (in each case, including any transaction
proposed and not consummated), whether or not permitted under this Agreement, (C) the amount of any Charge that is reimbursed or
reimbursable by third party pursuant to indemnification or expense reimbursement provisions or similar agreements or insurance; provided
that in respect of any Charge that is added back in reliance on clause (C) above, the relevant Person in good faith expects
to receive reimbursement for such Charge within the next four Fiscal Quarters (it being understood that to the extent any reimbursement
amount is not actually received within such Fiscal Quarters, to the extent previously added back to Consolidated Net Income in determining
Consolidated Adjusted EBITDA for a prior Fiscal Quarter, such reimbursement amount so added back but not so received shall be deducted
in calculating Consolidated Adjusted EBITDA for the Fiscal Quarter immediately following such four Fiscal Quarter period pursuant to clause
(i)(i) below) and (D) Public Company Costs;

 

    13

    

    

 

(viii)        without
duplication of any amount referred to in clause (b) above, the amount of (A) any Charge to the extent that a corresponding
amount is received in cash by such Person from a Person other than such Person or any Restricted Subsidiary of such Person under any agreement
providing for reimbursement of such Charge or (B) any Charge with respect to any liability or casualty event, business interruption
or any product recall, (i) so long as such Person has submitted in good faith, and reasonably expects to receive payment in connection
with, a claim for reimbursement of such amounts under its relevant insurance policy (with a deduction pursuant to clause (i)(ii) below
in the applicable future period for any amount so added back to the extent not so reimbursed within the next four Fiscal Quarters) or
(ii) without duplication of amounts included in a prior period under clause (B)(i) above, to the extent such Charge
is covered by insurance proceeds received in cash during such period (it being understood that if the amount received in cash under any
such agreement in any period exceeds the amount of Charge paid during such period such excess amounts received may be carried forward
and applied against any Charge in any future period);

 

(ix)           the
amount of any management, monitoring, consulting, transaction and advisory fees and expenses and indemnification payments under any management,
monitoring, consulting, transaction, advisory or similar agreement, in each case, to the extent permitted under this Agreement;

 

(x)           any
Charge attributable to the undertaking or implementation of restructurings (including any Tax restructurings), new initiatives, business
optimization activities, cost savings initiatives, cost rationalization programs, operating expense reductions or synergies or similar
initiatives or programs (including in connection with any integration or transition, any curtailment, any reconstruction, decommissioning,
recommissioning or reconfiguration of fixed assets for alternative uses, any facility opening or pre-opening, any facility realignment,
any inventory optimization program or any curtailment), any business optimization Charge (including lean and 5S implementation), any Charge
relating to the closure or consolidation of any facility (including but not limited to severance, rent termination costs, moving costs
and legal costs), any systems implementation Charge, any severance Charge, any Charge relating to entry into a new market, any Charge
relating to any strategic initiative, any consulting Charge, any signing Charge, any retention or completion bonus, any expansion or relocation
Charge, any Charge associated with any modification to any pension and post-retirement employee benefit plan, any software development
Charge, any Charge associated with new systems design, any implementation Charge, any project startup Charge, any Charge in connection
with new operations, any Charge relating to a new contract, any consulting Charge or any corporate development Charge; and

 

(xi)           the
amount of any Charge incurred or accrued in connection with any single or one-time event, including (A) in connection with the Transactions
or any acquisition consummated after the Closing Date (including legal, accounting and other professional fees and expenses incurred in
connection with acquisitions and other similar Investments made prior to the Closing Date), (B) in connection with the closing, consolidation
or reconfiguration of any facility during such period and (C) one-time consulting costs; plus

 

    14

    

    

 

(d)           the
amount of any Charge or deduction associated with the Borrower or any Restricted Subsidiary that is attributable to any non-controlling
interest or minority interest of any third party; plus

 

(e)           to
the extent not included in Consolidated Net Income for such period, cash actually received (or any netting arrangement resulting in reduced
cash expenditures) during such period in respect of a previous non-cash gain so long as the non-cash gain relating to the relevant cash
receipt or netting arrangement was deducted in the calculation of Consolidated Adjusted EBITDA pursuant to clause (f) below
for any previous period and not added back or was realized in a period prior to the Closing Date; plus

 

(f)            without
duplication of any Charges added back pursuant to clause (c) of this definition, the amount of (i) pro forma “run
rate” cost savings, operating expense reductions, operational improvements and synergies (net of actual amounts realized) related
to the Transactions that are reasonably identifiable, factually supportable and projected by such Person in good faith to result from
actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith
determination of such Person) and realized within 24 months after the Closing Date and (ii) pro forma “run rate” cost
savings, operating expense reductions, operational improvements and synergies (net of actual amounts realized) related to acquisitions
and other Investments, Dispositions and other specified transactions (including, for the avoidance of doubt, acquisitions occurring prior
to the Closing Date), restructurings, cost savings initiatives and other similar initiatives that are reasonably identifiable, factually
supportable and projected by such Person in good faith to result from actions that have been taken or with respect to which substantial
steps have been taken or are expected to be taken (in the good faith determination of such Person) and realized within 24 months after
such acquisition or other Investment, Disposition or other specified transaction, restructuring, cost savings initiative or other initiative;
minus

 

(g)           any
amount of any non-cash income or non-cash gain that has been included in the determination of Consolidated Net Income for such period,
all as determined in accordance with GAAP (provided that if any such non-cash income or non-cash gain represents an accrual or
deferred income in respect of potential cash items in any future period, such Person may determine not to deduct the relevant non-cash
gain or income in the then-current period); minus

 

(h)           the
amount of any cash payment made during such period in respect of any non-cash accrual, reserve or other non-cash Charge that is accounted
for in a prior period which was added to Consolidated Net Income to determine Consolidated Adjusted EBITDA for such prior period and which
does not otherwise reduce Consolidated Net Income for the current period; minus

 

(i)            to
the extent such amounts increase Consolidated Net Income:

 

(i)            the
amount added back to Consolidated Adjusted EBITDA pursuant to clause (c)(vii)(C) above (as described in such clause) to the
extent such reimbursement amounts were not received within the time period required by such clause; and

 

(ii)           the
amount added back to Consolidated Adjusted EBITDA pursuant to clause (c)(viii)(B) above (as described in such clause) to the
extent such business interruption insurance proceeds were not received within the time period required by such clause.

 

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“Consolidated First
Lien Debt” means, as to any Person at any date of determination, the aggregate principal amount of Consolidated Total Debt outstanding
on such date that is secured by a first priority Lien on the Collateral.

 

“Consolidated Interest
Expense” means, with respect to any Person for any period, the sum of (a) consolidated total interest expense of such Person
and the Restricted Subsidiaries for such period, whether paid or accrued and whether or not capitalized (including (and without duplication),
amortization of any debt issuance cost or original issue discount, any premium paid to obtain payment, financial assurance or similar
bonds, any interest capitalized during construction, any non-cash interest payment, the interest component of any deferred payment obligation,
the interest component of any payment under any Capital Lease (regardless of whether accounted for as interest expense under GAAP), any
commission, discount or other fee or charge owed with respect to any letter of credit or bankers’ acceptance, any fee or expense
paid to the Administrative Agent in connection with its services hereunder, any other bank, administrative agency (or trustee) or financing
fee and any cost associated with any surety bond in connection with financing activities (whether amortized or immediately expensed))
plus (b) any cash dividend paid or payable in respect of Disqualified Capital Stock during such period other than to such
Person or any Loan Party, plus (or, in the case of gains, minus) (c) any gains, losses or obligations arising from
any Hedge Agreement or other derivative financial instrument issued by such Person for the benefit of such Person or its Subsidiaries,
in each case determined on a consolidated basis for such period. For purposes of this definition, interest in respect of any Capital Lease
shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capital
Lease in accordance with GAAP.

 

“Consolidated Net
Income” means, in respect of any period and as determined for any Person (the “Subject Person”) on a consolidated
basis, an amount equal to the net income (loss) of such Subject Person and its Subsidiaries, determined in accordance with GAAP, but excluding,
without duplication:

 

(a)            (i) the
income of any Person (other than a Restricted Subsidiary of the Subject Person) in which any other Person (other than the Subject Person
or any of the Restricted Subsidiaries) has a joint interest, except to the extent of the amount of dividends or distributions or other
payments (including any ordinary course dividend, distribution or other payment) paid in cash (or to the extent converted into cash) to
the Subject Person or any of the Restricted Subsidiaries by such Person during such period, (ii) the loss of any Person (other than
a Restricted Subsidiary of the Subject Person) in which any other Person (other than the Subject Person or any of the Restricted Subsidiaries)
has a joint interest, other than to the extent that the Subject Person or any of the Restricted Subsidiaries has contributed cash or Cash
Equivalents to such Person in respect of such loss during such period or (iii) the income or loss of any Unrestricted Subsidiary,
except to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent converted into cash)
to the Subject Person or any of the Restricted Subsidiaries by such Unrestricted Subsidiary during such period,

 

(b)           any
gain or Charge as a result of, or in connection with, any asset Disposition or abandonment outside the ordinary course of business (including
asset retirement costs),

 

(c)           (i) any
gain or Charge from (A) any extraordinary item or (B) any non-recurring or unusual items or (ii) any Charge associated
with or payment of any actual or prospective legal settlement, fine, judgment or order,

 

    16

    

    

 

 

(d)           any
net gain or Charge with respect to (i) any disposed, abandoned, divested and/or discontinued asset, property or operation (other
than, at the option of such Subject Person, any asset, property or operation pending the disposal, abandonment, divestiture and/or termination
thereof), (ii) any disposal, abandonment, divestiture and/or discontinuation of any asset, property or operation (other than, at
the option of such Subject Person, relating to assets or properties held for sale or pending the divestiture or termination thereof) or
(iii) any facility that has been closed during such period,

 

(e)           any
net loss (less all fees and expenses or charges related thereto) attributable to the early extinguishment of Indebtedness (and the termination
of any associated Hedge Agreement or other derivative instruments),

 

(f)            (i) any
Charge incurred as a result of, in connection with or pursuant to any management equity plan, profits interest or stock option plan or
any other management or employee benefit plan or agreement, pension plan, any stock subscription or shareholder agreement or any distributor
equity plan or agreement (including any Charge resulting from a deferred compensation arrangement or contingent transaction payment),
(ii) any Charge for such period relating to payments made to option holders of any direct or indirect parent entity in connection
with, or as a result of, any distributions being made to its equityholders or its direct or indirect parent entities, which payments are
being made to compensate such option holders as though they were equityholders as of the date of, and entitled to share in, such distribution
and (iii) any Charge incurred in connection with the rollover, acceleration or payout of Capital Stock held by management of any
direct or indirect parent entity of the Subject Person, the Subject Person or any Restricted Subsidiary of the Subject Person, in the
case of clause (ii) or this clause (iii), to the extent that any such cash Charge is funded with net cash proceeds
contributed to the Subject Person as a capital contribution or as a result of the sale or issuance of Qualified Capital Stock of the Subject
Person that are Not Otherwise Applied,

 

(g)           any
Charge that is established, adjusted or incurred, as applicable, (i) within 12 months after the Closing Date that is required to
be established, adjusted or incurred, as applicable, as a result of the Transactions in accordance with GAAP or (ii) as a result
of the adoption or modification of accounting principles or policies in accordance with GAAP, on a cumulative basis,

 

(h)           (A) the
effects of adjustments (including the effects of such adjustments pushed down to the Borrower or a Restricted Subsidiary) in the consolidated
financial statements of the Borrower pursuant to GAAP (including in the inventory, property and equipment, leases, rights, fee arrangements,
software, goodwill, intangible assets, in-process research and development, deferred revenue, advanced billings and debt line items thereof),
resulting from the application of recapitalization accounting or the acquisition method of accounting, as the case may be, in relation
to the Transactions or any consummated acquisition or other Investment or the amortization or write-off of any amounts thereof, net of
Taxes, and (B) the cumulative effect of changes in accounting principles or policies made in such period in accordance with GAAP
which affect Consolidated Net Income,

 

(i)            any
write-off or amortization made in such period of any deferred financing cost or premium paid or other Charge incurred directly in connection
with any early extinguishment of Indebtedness,

 

    17 

     

    

 

(j)            solely
for purposes of calculating Excess Cash Flow, the income or loss of (i) any Person accrued prior to the date on which such Person
becomes a Restricted Subsidiary or is merged into or consolidated with the Borrower or any Restricted Subsidiary or the date that such
other Person’s assets are acquired by the Borrower or any Restricted Subsidiary and (ii) any of such Person’s Restricted
Subsidiaries (other than Loan Parties) to the extent that the declaration or payment of dividends or similar distributions by such Restricted
Subsidiaries of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule or governmental regulation applicable to such Subsidiary,

 

(k)           (i) any
realized or unrealized net gain or loss in respect of (x) any obligation under any Hedge Agreement as determined in accordance with
GAAP or (y) any other derivative instrument pursuant to, in the case of this clause (y), Financial Accounting Standards Board’s
Accounting Standards Codification No. 815-Derivatives and Hedging and (ii) any realized or unrealized net foreign currency translation
or transaction gain or loss impacting net income (including any currency re-measurement of Indebtedness and any net gain or loss resulting
from Hedge Agreements for currency exchange risk associated with the above or any other currency related risk), and

 

(l)            any
income or Charge from Investments recorded using the equity method, except to the extent of any dividends or distributions or other payments
(including any ordinary course dividend, distribution or other payment) actually received by the Borrower or any Restricted Subsidiary
from such Investment.

 

There shall be included
in Consolidated Net Income, without duplication, the amount of any cash tax benefits related to the tax amortization of intangible assets
in the applicable period.

 

“Consolidated Secured
Debt” means, as to any Person at any date of determination, the aggregate principal amount of Consolidated Total Debt outstanding
on such date that is secured by a Lien on the Collateral.

 

“Consolidated Total
Assets” means, at any date, all amounts that would, in conformity with GAAP, be set forth opposite the caption “total
assets” (or any like caption) on a consolidated balance sheet of the applicable Person at such date.

 

“Consolidated Total
Debt” means, as to any Person at any date of determination, the aggregate principal amount of all third party debt for borrowed
money and the outstanding principal balance of all Indebtedness of such Person represented by notes, bonds, debentures and similar instruments,
Capital Leases and purchase money Indebtedness (excluding, for the avoidance of doubt, undrawn letters of credit); provided that
 “Consolidated Total Debt” shall be calculated (a) net of the Unrestricted Cash Amount (to the extent the Unrestricted
Cash Amount is greater than zero) and (b) excluding any obligation, liability or indebtedness of such Person if, upon or prior to
the maturity thereof, such Person has irrevocably deposited with the proper Person in trust or escrow the necessary funds (or evidences
of indebtedness) for the payment, redemption or satisfaction of such obligation, liability or indebtedness, and thereafter such funds
and evidences of such obligation, liability or indebtedness or other security so deposited are not included in the calculation of the
Unrestricted Cash Amount.

 

“Consolidated Working
Capital” means, as at any date of determination, the excess of Current Assets over Current Liabilities.

 

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

 

    18 

     

    

 

“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.

 

“Copyright”
means the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright, whether published or
unpublished, copyright registrations and copyright applications; (b) all renewals, extensions, supplements, reversions, reissues
and continuations of any of the foregoing; and (c) all rights corresponding to any of the foregoing throughout the world.

 

“Credit Extension”
means each of (a) the making of a Revolving Loan or (b) the issuance, amendment, modification, renewal or extension of any Letter
of Credit (other than any such amendment, modification, renewal or extension that does not increase the Stated Amount of the relevant
Letter of Credit).

 

“Credit Facilities”
means the Revolving Facility and the Term Facility.

 

“Cure Amount”
has the meaning assigned to such term in Section 6.14(b).

 

“Cure Period”
has the meaning assigned to such term in Section 6.14(b).

 

“Cure Right”
has the meaning assigned to such term in Section 6.14(b).

 

“Current Assets”
means, at any date, all assets of the Borrower and the Restricted Subsidiaries which under GAAP would be classified as current assets
(excluding any (a) Cash or Cash Equivalents (including Cash and Cash Equivalents held on deposit for third parties by the Borrower
or any Restricted Subsidiary), (b) permitted loans to third parties, (c) deferred bank fees and derivative financial instruments
related to Indebtedness, (d) the current portion of current and deferred Taxes and (e) management fees receivables).

 

“Current Liabilities”
means, at any date, all liabilities of the Borrower and the Restricted Subsidiaries which under GAAP would be classified as current liabilities,
other than (a) current maturities of long term debt, (b) outstanding revolving loans and letter of credit exposure, (c) accruals
of Consolidated Interest Expense (excluding Consolidated Interest Expense that is due and unpaid), (d) obligations in respect of
derivative financial instruments related to Indebtedness, (e) the current portion of current and deferred Taxes, (f) liabilities
in respect of unpaid earnouts, (g) accruals relating to restructuring reserves, (h) liabilities in respect of funds of third
parties on deposit with the Borrower or any Restricted Subsidiary, (i) management fees payables, (j) the current portion of
any Capital Lease obligation, (k) the current portion of any other long term liability for borrowed money, (l) any liabilities
that are not Indebtedness and will not be settled in cash or Cash Equivalents during the next succeeding 12-month period after such date,
(xiii) the effects from applying purchase accounting, (m) any accrued professional liability risks, (n) restricted marketable
securities and (o) the current portion of deferred revenue.

 

“Debtor Relief Laws”
means the Bankruptcy Code of the U.S., and all other liquidation, conservatorship, bankruptcy, general assignment for the benefit of creditors,
moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the U.S. or other applicable jurisdictions
from time to time in effect and affecting the rights of creditors generally.

 

“Declined Proceeds”
has the meaning assigned to such term in Section 2.11(b)(vi).

 

“Default”
means any event or condition which, upon notice, lapse of time or both, would become an Event of Default.

 

    19 

     

    

 

“Defaulting Lender”
means, subject to Section 2.21(f), any Lender that has (a) defaulted in its payment obligations under this Agreement,
including to make a Loan within two Business Days of the date required to be made by it hereunder or to fund its participation in a Letter
of Credit or Swingline Loan required to be funded by it hereunder within two Business Days of the date such obligation arose or such Loan,
Letter of Credit was required to be made or funded unless such Lender, acting in good faith, 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, (b) notified the Administrative Agent, the Swingline Lender or any Issuing Bank or the Borrower in writing that it does
not intend to satisfy any such obligation or has made a public statement to that effect (unless such writing or public statement (x) is
made by such Lender acting in good faith, (y) relates to such Lender’s obligation to fund a Loan hereunder and (z) 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) has not been satisfied), (c) made
a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under agreements
in which it commits to extend credit generally, (d) failed, within two Business Days after the request of the Administrative Agent
or the Borrower, to confirm in writing that it will comply with the terms of this Agreement relating to its obligations to fund prospective
Loans and participations in then outstanding Letters of Credit and Swingline Loans; provided that such Lender shall cease to be
a Defaulting Lender pursuant to this clause (d) upon receipt of such written confirmation by the Administrative Agent,
(e) become (or any parent company thereof has become) insolvent or been determined by any Governmental Authority having regulatory
authority over such Person or its assets, to be insolvent, or the assets or management of which has been taken over by any Governmental
Authority or (f) (i) become (or any parent company thereof has become) the subject of (A) a bankruptcy or insolvency proceeding
or (B) a Bail-In Action, (ii) has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors
or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it, or (iii) has taken any
action in furtherance of, or indicating its consent to, approval of or acquiescence in, any such proceeding or appointment, unless in
the case of any Lender subject to this clause (f), the Borrower and the Administrative Agent have each determined that such Lender
intends, and has all approvals required to enable it (in form and substance satisfactory to each of the Borrower and the Administrative
Agent), to continue to perform its obligations as a Lender hereunder; provided that no Lender shall be deemed to be a Defaulting
Lender solely by virtue of (I) the ownership or acquisition of any Capital Stock in such Lender or its parent by any Governmental
Authority or (II) in the case of any Lender or parent company which is a solvent Person, the precautionary appointment of an administrator,
guardian, custodian or other similar official by a Governmental Authority under or based on the law of the country where such Person is
subject to home jurisdiction supervision if applicable Requirements of Law require that such appointment not be made public; provided
that such ownership interest or action does not result in or provide such Lender with immunity from the jurisdiction of courts within
the U.S. 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 contract or agreement to which such Lender is a party. Any determination by the Administrative
Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (f) above shall be conclusive
and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.21(f))
upon delivery of written notice of such determination to the Borrower, the Swingline Lender, each Issuing Bank and each Lender.

 

“Deposit Account”
means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization,
excluding, for the avoidance of doubt, any investment property (within the meaning of the UCC) or any account evidenced by an instrument
(within the meaning of the UCC).

 

    20 

     

    

 

“Derivative Transaction”
means (a) any interest-rate transaction, including any interest-rate swap, basis swap, forward rate agreement, interest rate option
(including a cap, collar or floor), and any other instrument linked to interest rates that gives rise to similar credit risks (including
when-issued securities and forward deposits accepted), (b) any exchange-rate transaction, including any cross-currency interest-rate
swap, any forward foreign-exchange contract, any currency option, and any other instrument linked to exchange rates that gives rise to
similar credit risks, (c) any equity derivative transaction, including any equity-linked swap, any equity-linked option, any forward
equity-linked contract, and any other instrument linked to equities that gives rise to similar credit risk and (d) any commodity
(including precious metal) derivative transaction, including any commodity-linked swap, any commodity-linked option, any forward commodity-linked
contract, and any other instrument linked to commodities that gives rise to similar credit risks; provided that no phantom stock
or similar plan providing for payments only on account of services provided by current or former directors, officers, employees, members
of management, managers or consultants of the Borrower or its Subsidiaries shall constitute a Derivative Transaction.

 

“Designated Non-Cash
Consideration” means the fair market value (as determined by the Borrower in good faith) of non-Cash consideration received
by the Borrower or any Restricted Subsidiary in connection with any Disposition pursuant to Section 6.07(h) that is designated
as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer of the Borrower, setting forth the basis of such
valuation (which amount will be reduced by the amount of Cash or Cash Equivalents received in connection with a subsequent sale or conversion
of such Designated Non-Cash Consideration to Cash or Cash Equivalents). A particular item of Designated Non-Cash Consideration will no
longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise Disposed
of in compliance with Section 6.07.

 

“Disposition”
or “Dispose” means the sale, lease, sublease, exclusive license, exclusive sublicense, or other disposition of any
property of any Person.

 

“Disqualified Capital
Stock” means any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which
it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional redemption
by the issuer thereof) or is mandatorily redeemable (other than for Qualified Capital Stock), pursuant to a sinking fund obligation or
otherwise, or is redeemable at the option of the holder thereof (other than for Qualified Capital Stock), in whole or in part, on or prior
to 91 days following the Latest Maturity Date at the time such Capital Stock is issued (it being understood that if any such redemption
is in part, only such part coming into effect prior to 91 days following the Latest Maturity Date shall constitute Disqualified Capital
Stock), (b) is or becomes convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities
or (ii) any Capital Stock that would constitute Disqualified Capital Stock, in each case at any time on or prior to 91 days following
the Latest Maturity Date at the time such Capital Stock is issued, (c) contains any mandatory repurchase obligation, in whole or
in part, which may come into effect prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued (it being
understood that if any such repurchase obligation is in part, only such part coming into effect prior to 91 days following the Latest
Maturity Date shall constitute Disqualified Capital Stock) or (d) provides for the scheduled payments of dividends in Cash on or
prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued; provided that any Capital Stock that
would not constitute Disqualified Capital Stock but for provisions thereof giving holders thereof (or the holders of any security into
or for which such Capital Stock is convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem such Capital
Stock upon the occurrence of any change of control, offering of Capital Stock or any Disposition occurring prior to 91 days following
the Latest Maturity Date at the time such Capital Stock is issued shall not constitute Disqualified Capital Stock if such Capital Stock
provides that the issuer thereof will not redeem any such Capital Stock pursuant to such provisions prior to the Termination Date.

 

    21 

     

    

 

Notwithstanding the preceding
sentence, (A) if such Capital Stock is issued pursuant to any plan for the benefit of directors, officers, employees, members of
management, managers or consultants or by any such plan to such directors, officers, employees, members of management, managers or consultants,
in each case in the ordinary course of business of the Borrower or any Restricted Subsidiary, such Capital Stock shall not constitute
Disqualified Capital Stock solely because it may be required to be repurchased by the issuer thereof in order to satisfy applicable statutory
or regulatory obligations, and (B) no Capital Stock held by any future, present or former employee, director, officer, manager, member
of management or consultant (or their respective Affiliates or Immediate Family Members) of the Borrower (or any Parent Company or any
Subsidiary) shall be considered Disqualified Capital Stock because such stock is redeemable or subject to repurchase pursuant to any management
equity subscription agreement, stock option, stock appreciation right or other stock award agreement, stock ownership plan, put agreement,
stockholder agreement or similar agreement that may be in effect from time to time.

 

“Disqualified Institution”
means (a) any bank, financial institution or other institutional lender that is identified by name on or prior to March 2, 2021
in a written notice to the Lead Arrangers and (b) any Company Competitor or any Affiliate thereof that is identified by name from
time to time in a written notice to the Administrative Agent and (c) any Affiliate of any Person described in clauses (a) or
(b) that is clearly identifiable as an Affiliate solely on the basis of its name (it being understood and agreed that no Competitor
Debt Fund Affiliate may be designated as a Disqualified Institution); provided that no written notice delivered pursuant to clauses
(b) or (c) shall apply retroactively to disqualify any Person that has previously acquired an assignment or participation
or allocation in any Credit Facility, subject to the provisions of Section 9.05(f). Notwithstanding the foregoing, each Loan
Party and the Lenders acknowledge and agree that the Administrative Agent shall not have any responsibility or obligation to determine,
inquire into or monitor whether any Lender, Participant or potential Lender or Participant is a Disqualified Institution or to inquire
into, monitor or enforce the compliance with the provisions hereof related to Disqualified Institutions, and the Administrative Agent
shall have no liability with respect to any assignment or participation made to a Disqualified Institution (provided that any such
assignment or participation shall be subject to the terms of Section 9.05(c) or (f), as applicable) or disclosure
of Confidential Information to any Disqualified Institution.

 

“Disqualified Person”
has the meaning assigned to such term in Section 9.05(f)(ii).

 

“Disregarded Domestic
Person” means any Domestic Subsidiary (i) substantially all the assets of which consist of the equity or debt of one or
more Foreign Subsidiaries that is a CFC or (ii) that is treated as a disregarded entity or partnership for U.S. federal income tax
purposes and that holds no material assets other than equity of one or more CFCs.

 

“Dollars”
or “$” refers to lawful money of the U.S.

 

“Domestic Subsidiary”
means any Restricted Subsidiary that is incorporated or organized under the laws of the U.S., any state thereof or the District of Columbia.

 

“Dutch Auction”
has the meaning assigned to such term on Schedule 1.01(b).

 

“ECF Prepayment Amount”
has the meaning assigned to such term in Section 2.11(b)(i).

 

“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.

 

    22 

     

    

 

“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.

 

“Effective Yield”
means, as to any Indebtedness, the effective yield applicable thereto calculated by the Administrative Agent in consultation with the
Borrower in a manner consistent with generally accepted financial practices, taking into account (a) interest rate margins, (b) interest
rate floors (subject to the proviso set forth below), (c) any amendment to the relevant interest rate margins and interest rate floors
prior to the applicable date of determination and (d) original issue discount and upfront or similar fees (based on an assumed four-year
average life to maturity or lesser remaining average life to maturity) (and,
in the case of Incremental Term Loans added to (and forming part of) of the Term Loans of an applicable tranche, weighted average original
issue discount based on the relative sizes of the Term Loans immediately prior to the addition of such Incremental Term Loans, on the
one hand, and such Incremental Term Loans, on the other)), but excluding (i) any arrangement, commitment, structuring,
underwriting, ticking, unused line fees or amendment fees (regardless of whether any such fees are paid to or shared in whole or in part
with any lender) and (ii) any other fee that is not payable to all relevant lenders ratably; provided, however, that
(A) to the extent that the LIBO Rate (with an Interest Period of three months) or Alternate Base Rate (without giving effect to any
floor specified in the definition thereof) is less than any floor applicable to loans in respect to which the Effective Yield is being
calculated on the date on which the Effective Yield is determined, the amount of the resulting difference will be deemed added to the
interest rate margin applicable to the relevant Indebtedness for purposes of calculating the Effective Yield and (B) to the extent
that the LIBO Rate (for a period of three months) or Alternate Base Rate (without giving effect to any floor specified in the definition
thereof) is greater than any applicable floor on the date on which the Effective Yield is determined, the floor will be disregarded in
calculating the Effective Yield.

 

“Eligible Assignee”
means (a) any Lender, (b) any commercial bank, insurance company, finance company, financial institution, any fund that invests
in loans or any other “accredited investor” (as defined in Regulation D of the Securities Act), (c) any Affiliate of
any Lender, (d) any Approved Fund of any Lender and (e) to the extent permitted under Section 9.05(g), any Affiliated
Lender; provided that in any event, “Eligible Assignee” shall not include (i) any natural person or any entity
owned and operated for the primary benefit of a natural person, (ii) any Disqualified Institution or (iii) except as permitted
under Section 9.05(g), the Borrower or any of its Affiliates.

 

“Environmental Claim”
means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive
(conditional or otherwise), by any Governmental Authority or any other Person, arising (a) pursuant to or in connection with any
actual or alleged violation of any Environmental Law or actual or alleged Environmental Liability; (b) in connection with any Hazardous
Material or any actual or alleged Hazardous Materials Activity; or (c) in connection with any actual or alleged damage, injury, threat
or harm to natural resources, the environment or human health and safety as a result of exposure to Hazardous Materials.

 

“Environmental Laws”
means any and all applicable Requirements of Law and Governmental Authorizations relating to (a) environmental matters, including
those relating to any Hazardous Materials Activity or (b) the generation, use, storage, transportation or disposal of or exposure
to Hazardous Materials.

 

    23 

     

    

 

“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) any Hazardous
Material Activities, (c) exposure to any Hazardous Materials, or (d) any contract 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.

 

“ERISA Affiliate”
means, as applied to any Person, (a) any corporation which is a member of a controlled group of corporations within the meaning of
Section 414(b) of which that Person is a member, (b) any trade or business (whether or not incorporated) which is a member
of a group of trades or businesses under common control within the meaning of Section 414(c) of the Code of which that Person
is a member, and (c) solely for purpose of ERISA Section 302 and Code Section 412, any affiliated service group within
the meaning of Code Section 414(m), of which that Person is a member.

 

“ERISA Event”
means (a) a “reportable event” (as defined in Section 4043 of ERISA) with respect to a Pension Plan (unless notice
has been waived under applicable regulations); (b) a withdrawal by any Loan Party or any ERISA Affiliate of a Loan Party from a Pension
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) or a cessation of operations at any facility of any Loan Party or any ERISA Affiliate of a Loan Party as described in Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by any Loan Party or any ERISA Affiliate of a Loan Party from a Multiemployer Plan resulting
in the imposition of Withdrawal Liability on any Loan Party or any ERISA Affiliate of a Loan Party or notification that a Multiemployer
Plan is “insolvent” within the meaning of Section 4245 of ERISA or in “endangered” or “critical”
status within the meaning of Section 432 of the Code or Section 305 of ERISA; (d) the filing of a notice of intent to terminate
a Pension Plan under Section 4041(c) of ERISA, the treatment of a Pension Plan amendment as a termination under Section 4041(c) of
ERISA, the commencement of proceedings by the PBGC to terminate a Pension Plan or the receipt by any Loan Party or any ERISA Affiliate
of a Loan Party of notice of the treatment of a Multiemployer Plan amendment as a termination under Section 4041A of ERISA or of
notice of the commencement of proceedings by the PBGC to terminate a Multiemployer Plan; (e) the termination of, or the appointment
of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the imposition of any liability under Title IV of ERISA,
other than PBGC premiums payable but not delinquent under ERISA Section 4007, upon any Loan Party or ERISA Affiliate of any Loan
Party, in connection with the termination of any Pension Plan; (g) with respect to a Pension Plan, the failure to satisfy the minimum
funding standard of Section 412 or 430 of the Code or Section 302 or 303 of ERISA, whether or not waived; (h) a failure
by Loan Party or any ERISA Affiliate of a Loan Party to make a required contribution to a Multiemployer Plan; or (i) the imposition
of a Lien with respect to a Pension Plan pursuant to Section 303(k) of ERISA.

 

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

 

“Event of Default”
has the meaning assigned to such term in Article 7.

 

“Excess Cash Flow”
means, for any Excess Cash Flow Period, any amount (if positive) equal to:

 

(a)           Consolidated
Net Income for such Excess Cash Flow Period; plus

 

    24 

     

    

 

(b)           (i) an
amount equal to the amount of all non-cash Charges to the extent deducted in calculating Consolidated Net Income for such period, including
any Charge from Investments recorded using the equity method but excluding any such non-cash Charges representing an accrual or reserve
for potential cash items in any future period and excluding amortization of a prepaid cash item that was paid in a prior period and (ii) an
amount equal to the amount of all cash gains for such period to the extent excluded from Consolidated Net Income pursuant to clauses
(b), (c) or (k) of the definition thereof; plus

 

(c)           cash
receipts in respect of Hedge Agreements to the extent not included in such Consolidated Net Income; plus

 

(d)           the
decrease, if any, in Consolidated Working Capital from the first day to the last day of such Excess Cash Flow Period, but excluding any
such decrease in Consolidated Working Capital arising from (i) the acquisition or Disposition of any Person by the Borrower or any
Restricted Subsidiary, (ii) the reclassification during such period of current assets to long term assets and current liabilities
to long term liabilities, (iii) the application of purchase or recapitalization accounting, (iv) the effect of any fluctuation
in the amount of accrued and contingent obligations under any Hedge Agreement or (v) changes to Consolidated Working Capital resulting
from non-cash charges and credits to Current Assets and Current Liabilities (including derivatives and deferred income tax); minus

 

(e)           (i) an
amount equal to the amount of all non-cash credits to the extent included in calculating Consolidated Net Income for such period (but
excluding any non-cash credits to the extent representing the reversal of an accrual or reserve described in clause (b)(i) above)
and (ii) an amount equal to the amount of all cash Charges for such period to the extent excluded from Consolidated Net Income pursuant
to the definition thereof; minus

 

(f)            the
amount, if any, which, in the determination of Consolidated Net Income for such Excess Cash Flow Period, has been included in respect
of gains from any Disposition of the Borrower or any Restricted Subsidiary and any casualty or condemnation, taking or similar event to
the extent the same is utilized to prepay Loans pursuant to Section 2.11(b)(ii); minus

 

(g)           cash
payments actually made in respect of the following (without duplication):

 

(i)            any
Permitted Investment (other than Permitted Investments in (A) Cash and Cash Equivalents or (B) the Borrower or any Restricted
Subsidiary) or any Restricted Payment permitted by Section 6.04 (solely to the extent not paid to the Borrower or a Restricted
Subsidiary) and in each case actually made in cash during such Excess Cash Flow Period or, at the option of the Borrower, in the case
of any Excess Cash Flow Period, committed to be made prior to the date the Borrower is required to make a payment of Excess Cash Flow
in respect of such Excess Cash Flow Period, (A) except to the extent the relevant Permitted Investment or Restricted Payment is financed
with long term Indebtedness (other than revolving Indebtedness) and (B) without duplication of any amounts deducted from Excess Cash
Flow for a prior Excess Cash Flow Period;

 

(ii)           Capital
Expenditures and acquisitions of IP Rights made in cash during such Excess Cash Flow Period or, at the option of the Borrower, in the
case of any Excess Cash Flow Period, made prior to the date the Borrower is required to make a payment of Excess Cash Flow in respect
of such Excess Cash Flow Period, (A) except to the extent financed with long term Indebtedness (other than revolving Indebtedness)
and (B) without duplication of any amounts deducted from Excess Cash Flow for a prior Excess Cash Flow Period;

 

    25 

     

    

 

(iii)          any
long-term liability (other than Indebtedness), excluding the current portion of any such liability of the Borrower or any Restricted Subsidiary;

 

(iv)          the
aggregate amount of expenditures actually made by the Borrower and the Restricted Subsidiaries during such Fiscal Year (including any
expenditure for the payment of financing fees) to the extent that such expenditures are not expensed; minus

 

(h)           (i) the
aggregate principal amount of all optional prepayments of Indebtedness (other than any optional prepayment of (A) Indebtedness that
is deducted from the amount of any Excess Cash Flow payment in accordance with Section 2.11(b)(i) or (B) revolving
Indebtedness except to the extent any related commitment is permanently reduced in connection with such repayment), (ii) the aggregate
principal amount of all mandatory prepayments or scheduled repayments of Indebtedness during such Excess Cash Flow Period and (iii) the
amount of any premium, make-whole or penalty payment actually paid in cash by the Borrower or any Restricted Subsidiary that is required
to be made in connection with any prepayment of Indebtedness, in each case, except to the extent the relevant payment is financed with
long term Indebtedness (other than revolving Indebtedness); minus

 

(i)            the
amount of cash Taxes paid or Tax reserves set aside or payable (without duplication) in such period, to the extent they exceed the amount
of tax expense deducted in determining Consolidated Net Income for such period (other than any such cash Taxes paid or reserves set aside
with respect to estimated Tax obligations deducted pursuant to clause (k) in any prior period); minus

 

(j)            the
increase, if any, in Consolidated Working Capital from the first day to the last day of such Excess Cash Flow Period, but excluding any
such increase in Consolidated Working Capital arising from (i) the acquisition or Disposition of any Person by the Borrower or any
Restricted Subsidiary, (ii) the reclassification during such period of current assets to long term assets and current liabilities
to long term liabilities, (iii) the application of purchase or recapitalization accounting, (iv) the effect of any fluctuation
in the amount of accrued and contingent obligations under any Hedge Agreement and (v) changes to Consolidated Working Capital resulting
from non-cash charges and credits to Current Assets and Current Liabilities (including derivatives and deferred income tax); minus

 

(k)           the
amount of any Tax obligation of the Borrower or any Restricted Subsidiary that is estimated in good faith by the Borrower as due and payable
(but is not currently due and payable) by the Borrower or any Restricted Subsidiary as a result of the repatriation of any dividend or
similar distribution of net income of any Foreign Subsidiary to the Borrower or any Restricted Subsidiary that the Borrower in good faith
expects to repatriate within 12 months of the end of such period; minus

 

(l)            without
duplication of amounts deducted from Excess Cash Flow in respect of a prior period, at the option of the Borrower, the aggregate amount
(i) required to be paid in Cash by the Borrower or the Restricted Subsidiaries pursuant to binding contracts entered into prior to
or during such period relating to Capital Expenditures and acquisitions of IP Rights, Permitted Investments or Restricted Payments described
in clause (g) above or (ii) otherwise committed to be made in connection with Capital Expenditures or acquisitions of
IP Rights or Permitted Investments or Restricted Payments described in clause (g) above (clauses (l)(i) and
(l)(ii), the “Scheduled Consideration”) (other than Permitted Investments in (A) Cash and Cash Equivalents
or (B) the Borrower or any Restricted Subsidiary) to be consummated or made during the period of four consecutive Fiscal Quarters
of the Borrower following the end of such period (except, in each case, to the extent financed with long-term Indebtedness (other than
revolving Indebtedness)); provided that to the extent the aggregate amount actually utilized to finance such Capital Expenditures
or acquisitions of IP Rights, Permitted Investments or Restricted Payments during such subsequent period of four consecutive Fiscal Quarters
is less than the Scheduled Consideration, the amount of the resulting shortfall shall be added to the calculation of Excess Cash Flow
at the end of such subsequent period of four consecutive Fiscal Quarters; minus

 

    26 

     

    

 

(m)          cash
payments made during such Excess Cash Flow Period for any liability the accrual of which in a prior Excess Cash Flow Period did not reduce
Consolidated Net Income (and so increased Excess Cash Flow in such prior period) (provided that there was no other deduction to
Consolidated Net Income or Excess Cash Flow related to such payment), except to the extent financed with long-term Indebtedness (other
than revolving Indebtedness); minus

 

(n)           cash
expenditures made in respect of any Hedge Agreement during such period to the extent (i) not otherwise deducted in the calculation
of Consolidated Net Income and (ii) not financed with long-term Indebtedness (other than revolving Indebtedness); minus

 

(o)           amounts
paid in Cash (except to the extent financed with long-term Indebtedness (other than revolving Indebtedness)) during such period on account
of (i) items that were accounted for as non-Cash reductions of Consolidated Net Income in a prior period and (ii) reserves or
amounts established in purchase accounting to the extent such reserves or amounts are added back to, or not deducted from, Consolidated
Net Income.

 

“Excess Cash Flow
Period” means each Fiscal Year, commencing with the Fiscal Year ending on December 31, 2022.

 

“Exchange Act”
means the Securities Exchange Act of 1934 and the rules and regulations of the SEC promulgated thereunder.

 

“Excluded Assets”
means each of the following:

 

(a)           (i) any
asset to the extent that the Administrative Agent may not validly possess a security interest therein under applicable Requirements of
Law (including rules and regulations of any Governmental Authority), (ii) any asset the grant or perfection of a security interest
in which is prohibited or restricted under applicable Requirements of Law (including any requirement to obtain the consent, approval,
license or authorization of any Governmental Authority) (unless such consent, approval, license or authorization has been obtained), in
each case except to the extent such prohibition or restriction is ineffective under the applicable UCC or other applicable Requirements
of Law, (iii) leases, contracts, agreements, licenses, franchises and permits to the extent the grant of a security interest therein
is prohibited or restricted by applicable Requirements of Law or by the terms thereof (including any requirement to obtain the consent,
approval, license or authorization of any third party (unless such consent, approval, license or authorization has been obtained)), in
each case except to the extent such prohibition or restriction is ineffective under the applicable UCC or other applicable Requirements
of Law, and (iv) equipment and assets that are subject to a Lien securing a purchase money or Capital Lease obligation permitted
under this Agreement (not including assets subject to Liens securing Indebtedness permitted by Section 6.01(q)(iii)), if the
underlying contract or other agreement prohibits or restricts the creation of any other Lien on such equipment (including any requirement
to obtain the consent of a third party) (unless such consent has been obtained) or the granting of a Lien on such assets would trigger
the termination (or a right of termination) of any such purchase money or Capital Lease pursuant to any “change of control”
or similar provision in favor of any third party or the ability for any third party to amend any rights, benefits or obligations of the
Loan Parties in respect of those assets, except to the extent such prohibition or restriction is ineffective under the applicable UCC
or other applicable Requirements of Law; it being understood that any proceeds or receivables arising out of any asset described in this
clause (a) shall not constitute Excluded Assets pursuant to this clause (a) to the extent the assignment of such
proceeds or receivables is expressly deemed effective under the UCC or other applicable Requirements of Law notwithstanding the relevant
prohibition, violation or termination right,

 

    27 

     

    

 

(b)           the
Capital Stock of any (i) Captive Insurance Subsidiary, (ii) Unrestricted Subsidiary, (iii) not-for-profit Subsidiary, (iv) an
Immaterial Subsidiary, (v) special purpose entity used for any securitization facility or (vi) of any Subsidiary of the Borrower
listed on Schedule A,

 

(c)           any
intent-to-use application for the registration of any Trademark filed in the USPTO, provided that upon the filing and acceptance by the
USPTO of a “Statement of Use”, “Amendment to Allege Use” or similar filing with respect thereto, or if circumstances
otherwise change so that the interests of a Loan Party in such Trademark application(s) is no longer on an “intent-to-use”
basis, such Trademark application(s) shall automatically and without further action by the parties be considered Collateral and subject
to the security interest granted by such Loan Party hereunder,

 

(d)           (i) any
leasehold Real Estate Asset and (ii) any owned Real Estate Asset that is not a Material Real Estate Asset,

 

(e)           any
interest in any partnership, joint venture or non-Wholly-Owned Subsidiary (i) which cannot be pledged without the consent of one
or more third parties other than the Borrower or any of its Wholly-Owned Restricted Subsidiaries (after giving effect to Sections 9-406,
9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable Requirement
of Law) (except to the extent such consent right has been obtained) or (ii) the pledge of which could give rise to a “right
of first refusal”, a “right of first offer” or similar right that may be exercised by any third party other than the
Borrower or any of its Wholly-Owned Restricted Subsidiaries,

 

(f)            any
Margin Stock,

 

(g)           the
Capital Stock of (i) any Foreign Subsidiary and (ii) any Disregarded Domestic Person, however, clauses (i) and (ii) do
not include 65.0% of the issued and outstanding voting Capital Stock and 100.0% of the issued and outstanding non-voting Capital Stock
of any such Person that is a Foreign Subsidiary or Disregarded Domestic Person,

 

(h)           Commercial
Tort Claims with a value (as estimated in good faith by the Borrower) of less than $5,000,000,

 

(i)            Instruments
(i) under which the only relevant obligors are Loan Parties and (ii) with an outstanding balance of less than $7,500,000,

 

(j)            any
Cash or Cash Equivalents comprised of (i) funds used or to be used for payroll and payroll Taxes and other employee benefit payments
to or for the benefit of the employees of the Borrower or any Restricted Subsidiary, (ii) funds used or to be used to pay any Taxes
required to be collected, remitted or withheld (including U.S. federal and state withholding Taxes (including the employer’s share
thereof)) and (iii) any other funds which any Loan Party holds as an escrow or fiduciary for the benefit of any third Person,

 

    28 

     

    

 

(k)           any
asset or Collateral to the extent the cost, burden, difficulty or consequence of obtaining or perfecting a security interest therein outweighs
the benefit of the security afforded thereby as reasonably determined by the Borrower and the Administrative Agent, and

 

(l)            any
asset the grant or perfection of a security interest in which would result in a material and adverse tax consequence as reasonably determined
by the Borrower and notified in writing to the Administrative Agent.

 

“Excluded Subsidiary”
means:

 

(a)           any
Unrestricted Subsidiary,

 

(b)           any
Subsidiary that is not a Wholly-Owned Subsidiary,

 

(c)           any
Immaterial Subsidiary,

 

(d)           any
Subsidiary (i) that is prohibited or restricted by Requirement of Law or any Contractual Obligation (limited, in the case of a Contractual
Obligation, to such Contractual Obligations in place on the Closing Date or on the date such Person becomes a Restricted Subsidiary and
that was not incurred in contemplation thereof) from providing a Loan Guaranty, (ii) that would require a governmental consent, approval,
license or authorization (including any regulatory consent, approval, license or authorization) in order to provide a Loan Guaranty (other
than any such consent, approval, license or authorization that has been obtained) or (iii) if the provision of a Loan Guaranty by
such Subsidiary would result in material adverse tax consequences as reasonably determined by the Borrower,

 

(e)           any
not-for-profit Subsidiary,

 

(f)            any
Captive Insurance Subsidiary,

 

(g)           any
special purpose entity used for any permitted securitization or receivables facility or financing,

 

(h)           any
Foreign Subsidiary,

 

(i)            any
Disregarded Domestic Person,

 

(j)            any
Domestic Subsidiary that is a direct or indirect Subsidiary of a CFC or a Disregarded Domestic Person,

 

(k)           without
limiting clause (d) of this definition, any Subsidiary acquired by the Borrower or any Restricted Subsidiary that, at the
time of the relevant acquisition, is an obligor in respect of assumed Indebtedness that is permitted pursuant to Section 6.01(q) to
the extent (as for so long as) the documentation governing such Indebtedness prohibits such Subsidiary from providing a Loan Guaranty;
provided that such prohibition was not incurred or amended in contemplation of such acquisition,

 

(l)            any
(i) Broker-Dealer Subsidiary and (ii) any Subsidiary that is subject to regulation by any Governmental Authority and for which
the incurrence of Indebtedness or the granting of Liens with respect to its assets would be prohibited or restricted or would result in
a negative impact on any minimum capital or similar requirement applicable to it, in any case, as set forth in any rule or regulation
of such Governmental Authority (the entities referred to in clauses (i) and (ii), a “Regulated Subsidiary”),

 

    29 

     

    

 

(m)          any
Subsidiary that is a trust company organized pursuant to the laws of the United States, any state or any other jurisdiction therein,

 

(n)           any
Subsidiary that is an investment company under the Investment Company Act of 1940,

 

(o)           any
Investment Vehicle, and

 

(p)           any
other Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent and the Borrower, the burden or cost of
providing a Loan Guaranty outweighs the benefits afforded thereby.

 

“Excluded Swap Obligation”
means, with respect to any Loan Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Loan Guaranty of such
Loan Guarantor of, or the grant by such Loan Guarantor of a security interest to secure, such Swap Obligation (or any Loan Guaranty 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 Loan Guarantor’s failure for any reason to constitute
an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the
Loan Guaranty of such Loan 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 Loan Guaranty or security interest is or becomes illegal.

 

“Excluded Taxes”
means, with respect to the Administrative Agent, any Lender or Issuing Bank, or any other recipient of any payment to be made by or on
account of any obligation of any Loan Party hereunder, (a) Taxes (i) imposed on (or measured by) net income (however denominated)
or franchise Taxes, in each case, imposed by the jurisdiction under the Requirements of Law under which such recipient is organized or
in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located or (ii) that
are Other Connection Taxes, (b) any branch profits Taxes imposed by the U.S. or any similar tax imposed by any other jurisdiction
described in clause a(i) or a(ii), (c) any U.S. federal withholding Tax that is imposed on amounts payable to
the relevant recipient pursuant to a law in effect at the time the relevant recipient becomes a party to this Agreement or acquires an
interest in any Commitment (or designates a new lending office), except (i) pursuant to an assignment or designation of a new lending
office under Section 2.19(b) and (ii) to the extent that the relevant recipient was entitled, immediately before
designation of a new lending office (or, in the case of an assignment, to the extent the assignor was entitled immediately before assignment),
to receive additional amounts from any Loan Party with respect to such withholding Tax pursuant to Section 2.17, (d) any
Tax imposed as a result of a failure by the relevant recipient to comply with Section 2.17(f) and (e) any U.S. federal
withholding Tax imposed pursuant to FATCA.

 

“Existing Preferred
Equity” means the 5.625% Series A Cumulative Perpetual Convertible Stock of the Borrower.

 

“Extended Revolving
Credit Commitment” has the meaning assigned to such term in Section 2.23(a)(i).

 

“Extended Revolving
Loans” has the meaning assigned to such term in Section 2.23(a)(i).

 

    30 

     

    

 

“Extended Term Loans”
has the meaning assigned to such term in Section 2.23(a)(ii).

 

“Extension”
has the meaning assigned to such term in Section 2.23(a).

 

“Extension Amendment”
means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent (for purposes of giving effect to Section 2.23)
and the Borrower executed by each of (a) the Loan Parties, (b) the Administrative Agent and (c) each Lender that has accepted
the applicable Extension Offer pursuant hereto and in accordance with Section 2.23.

 

“Extension Offer”
has the meaning assigned to such term in Section 2.23(a).

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations, official guidance or interpretations thereof,
any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements (or related legislation
or official administrative rules) implementing any of the foregoing.

 

“FCPA”
has the meaning assigned to such term in Section 3.19(c).

 

“Federal Funds Effective
Rate” means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day’s federal funds
transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public
website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds
effective rate; provided, that if the Federal Funds Effective Rate for any day is less than zero, the Federal Funds Effective Rate for
such day will be deemed to be zero.

 

“Fee LetterLetters”
means, collectively, (a) that certain fee letter dated
as of February 26, 2021 between the Borrower and the Lead Arrangers and
(b) the Amendment No. 1 Fee Letter.

 

“FINRA”
means the Financial Industry Regulatory Authority or any other self-regulatory body which succeeds to the functions of the Financial Industry
Regulatory Authority.

 

“First Lien Leverage
Ratio” means the ratio, as of any date of determination, of (a) Consolidated First Lien Debt as of the last day of the
Test Period then most recently ended to (b) Consolidated Adjusted EBITDA for the Test Period then most recently ended, in each case,
of the Borrower and the Restricted Subsidiaries on a consolidated basis.

 

“First Priority”
means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that, subject to any Acceptable
Intercreditor Agreement, such Lien is senior in priority to any other Lien to which such Collateral is subject, other than any Permitted
Lien.

 

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

 

“Fiscal Year”
means the fiscal year of the Borrower ending December 31 of each calendar year.

 

“Fixed Amounts”
has the meaning assigned to such term in Section 1.09(d).

 

“Fixed Incremental
Amount” means (a) $25,000,000 plus (b) the greater of $180,000,000 and 50% of Consolidated Adjusted EBITDA
for the most recently ended Test Period minus (c) the aggregate outstanding principal amount of all Incremental Facilities
and Incremental Equivalent Debt incurred or issued in reliance on the Fixed Incremental Amount; provided, that the amount in clause
(a) may only be used (i) for an Incremental Revolving Facility that is an increase to the aggregate amount of the Revolving
Credit Commitments of any existing Class and (ii) on or prior to the date that is 24 months after the Closing Date.

 

    31 

     

    

 

“Flood Hazard Property”
means any parcel of any Material Real Estate Asset subject to a Mortgage located in the U.S. in an area designated by the Federal Emergency
Management Agency as having special flood or mud slide hazards.

 

“Foreign Benefit
Event” means with respect to any Foreign Pension Plan, (a) the failure of any such Foreign Pension Plan or any trust thereunder
intended to qualify for tax exempt status under any Requirements of Law, (b) the existence of unfunded liabilities in excess of the
amount permitted under any Requirements of Law, (c) the failure to make the required contributions or payments under any Requirements
of Law on or before the due date for such contributions or payments, (d) the receipt of a notice by a Governmental Authority relating
to its intention to terminate any such Foreign Pension Plan or to appoint a trustee or similar official to administer any such Foreign
Pension Plan, or alleging the insolvency of any such Foreign Pension Plan, (e) the incurrence of any liability on account of the
complete or partial termination of such Foreign Pension Plan or the complete or partial withdrawal of any participating employer therein,
or (f) the occurrence of any transaction that is prohibited under any Requirements of Law and that could reasonably be expected to
result in the incurrence of any liability by any Loan Party, or the imposition on any Loan Party of any fine, excise tax or penalty resulting
from any noncompliance with any Requirement of Law, in the case of the acts, omissions, and occurrences described in clauses (a) through
(f) above, only to the extent that such acts, omissions or occurrences could reasonably be expected to result in a Material Adverse
Effect.

 

“Foreign Lender”
means any Lender or Issuing Bank that is not a “United States person” within the meaning of Section 7701(a)(30) of the
Code.

 

“Foreign Pension
Plan” means any defined benefit pension plan or other similar program established or maintained outside the United States by
any Loan Party for employees of any Loan Party residing outside the United States, which fund or other similar program provides, or results
in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and
which plan is not subject to ERISA or the Code.

 

“Foreign Subsidiary”
means any Restricted Subsidiary that is not a Domestic Subsidiary.

 

“GAAP”
means generally accepted accounting principles in the U.S. in effect and applicable to the accounting period in respect of which reference
to GAAP is made.

 

“Governmental Authority”
means any federal, state, municipal, national or other government, governmental department, commission, board, bureau, court, agency or
instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, taxing, regulatory
or administrative power or functions of or pertaining to any government or any court, in each case whether associated with a state or
locality of the U.S., the U.S., or a foreign government (including any supranational bodies such as the European Union or the European
Central Bank) and any self-regulatory authority, including, without limitation, FINRA.

 

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

 

“Granting Lender”
has the meaning assigned to such term in Section 9.05(e).

 

    32 

     

    

 

“Growth Available
Incremental Amount” has the meaning assigned to such term in the definition of “Incremental Cap.”

 

“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 monetary obligation of any other Person (the “Primary
Obligor”) in any manner and including any obligation of the Guarantor (a) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness or other monetary 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 monetary 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 monetary obligation, (d) as an account party in respect of any letter of credit or letter of guaranty issued to support
such Indebtedness or monetary obligation, (e) entered into for the purpose of assuring in any other manner the obligee in respect
of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect
thereof (in whole or in part) or (f) secured by any Lien on any assets of such Guarantor securing any Indebtedness or other monetary
obligation of any other Person, whether or not such Indebtedness or monetary other obligation is assumed by such Guarantor (or any right,
contingent or otherwise, of any holder of such Indebtedness or other monetary obligation to obtain any such Lien); provided that
the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business, or customary
and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition, Disposition or
other transaction permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee
shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect
of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith.

 

“Hazardous Materials”
means any chemical, material, substance or waste, or any constituent thereof that is defined, listed or regulated as hazardous, toxic,
a pollutant or a contaminant under applicable Environmental Law.

 

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

 

“Hedge Agreement”
means any agreement with respect to any Derivative Transaction between any Loan Party or any Restricted Subsidiary and any other Person.

 

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

 

    33 

     

    

 

“Immaterial Subsidiary”
means, as of any date, any Restricted Subsidiary designated by the Borrower pursuant to written notice provided to the Administrative
Agent as an “Immaterial Subsidiary”; provided, that (a) the gross assets of any Immaterial Subsidiary (after eliminating
any intercompany obligations) shall not exceed 5.0% of Consolidated Total Assets of the Borrower and the Restricted Subsidiaries, and
(b) the contribution to Consolidated Adjusted EBITDA of any Immaterial Subsidiary shall not exceed 5.0% of the Consolidated Adjusted
EBITDA of the Borrower and the Restricted Subsidiaries, in each case, as of the last day of the most recently ended Test Period; and provided,
further, that, if (i) the combined gross assets (after eliminating any intercompany obligations) of all Immaterial Subsidiaries
exceeds 5.0% of Consolidated Total Assets of the Borrower and the Restricted Subsidiaries or (ii) the contribution to Consolidated
Adjusted EBITDA of all Immaterial Subsidiaries exceeds 5.0% of Consolidated Adjusted EBITDA of the Borrower and the Restricted Subsidiaries,
in each case, as of the last day of the most recently ended Test Period, the Borrower shall designate one or more of such Subsidiaries
as non-Immaterial Subsidiaries pursuant to written notice provided to the Administrative Agent, such, after giving effect thereto, (x) the
combined gross assets (after eliminating any intercompany obligations) of all Immaterial Subsidiaries does not exceed 5.0% of Consolidated
Total Assets of the Borrower and the Restricted Subsidiaries and (y) the contribution to Consolidated Adjusted EBITDA of all Immaterial
Subsidiaries does not exceed 5.0% of Consolidated Adjusted EBITDA of the Borrower and the Restricted Subsidiaries, in each case, as of
the last day of the most recently ended Test Period.

 

“Immediate Family
Member” means, with respect to any individual, such individual’s child, stepchild, grandchild or more remote descendant,
parent, stepparent, grandparent, spouse, former spouse, domestic partner, former domestic partner, sibling, mother-in-law, father-in-law,
son-in-law and daughter-in-law (including adoptive relationships), any trust, partnership or other bona fide estate-planning vehicle the
only beneficiaries of which are any of the foregoing individuals, such individual’s estate (or an executor or administrator acting
on its behalf), heirs or legatees or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised
fund of which any such individual is the donor.

 

“Incremental Cap”
means:

 

(a)           the
Fixed Incremental Amount; plus

 

(b)           (1) the
amount of (A) any optional prepayment of any (x) Term Loan in accordance with Section 2.11(a), (y) Incremental
Equivalent Debt (to the extent originally incurred using the Fixed Incremental Amount) or (z) Refinancing Indebtedness or (B) any
permanent reduction of any Revolving Credit Commitment and (2) the cash amount paid in respect of any reduction in any Term Loan
(other than any Incremental Term Facility incurred pursuant to clause (c) below) resulting from assignments to (and purchases
by) the Borrower or any Restricted Subsidiary, in each case so long as such optional prepayment or assignment and purchase, as the case
may be, was not funded with the proceeds of any Refinancing Indebtedness or other long-term Indebtedness (other than revolving Indebtedness)
or with proceeds constituting a Cure Amount (such amount, the “Growth Available Incremental Amount”); plus

 

(c)           an
unlimited amount so long as, in the case of this clause (c), after giving effect to the relevant Incremental Facility, (i) if
the relevant Incremental Facility is unsecured or secured solely by assets that do not constitute Collateral, the Total Leverage Ratio,
calculated on a Pro Forma Basis for the most recently ended Test Period (including the application of the proceeds thereof (without “netting”
the cash proceeds of the applicable Incremental Facility) and, in the case of any Incremental Commitment, assuming a full drawing of such
Incremental Commitment) does not exceed, at the election of the Borrower, (A) 3.00:1.00 or (B) if the relevant Incremental Facility
is incurred in connection with any Permitted Acquisition or other permitted Investment, the Total Leverage Ratio immediately prior to
such Permitted Acquisition or other permitted Investment, (ii) if the relevant Incremental Facility is secured by Liens on the Collateral
that are junior to the Liens on the Collateral securing the Term Facility, the Secured Leverage Ratio, calculated on a Pro Forma Basis
for the most recently ended Test Period (including the application of the proceeds thereof (without “netting” the cash proceeds
of the applicable Incremental Facility) and, in the case of any Incremental Commitment, assuming a full drawing of such Incremental Commitment)
does not exceed, at the election of the Borrower, (A) 2.50:1.00 or (B) if the relevant Incremental Facility is incurred in connection
with any Permitted Acquisition or other permitted Investment, the Secured Leverage Ratio immediately prior to such Permitted Acquisition
or other permitted Investment, and (iii) if the relevant Incremental Facility is secured by Liens on the Collateral that are pari
passu with the Liens on the Collateral securing the Term Facility, the First Lien Leverage Ratio, calculated on a Pro Forma Basis for
the most recently ended Test Period (including the application of the proceeds thereof (without “netting” the cash proceeds
of the applicable Incremental Facility) and, in the case of any Incremental Commitment, assuming a full drawing of such Incremental Commitment)
does not exceed, at the election of the Borrower, (A) 2.00:1.00 or (B) if the relevant Incremental Facility is incurred in connection
with any Permitted Acquisition or other permitted Investment, the First Lien Leverage Ratio immediately prior to such Permitted Acquisition
or other permitted Investment;

 

    34 

     

    

 

provided that (x) (I) the
Borrower may elect to use amounts under clause (c) above (to the extent compliant therewith) prior to utilization of amounts under
clauses (a) or (b) above; provided that, if the Borrower does not make such election, the Borrower will be deemed to
have elected to use clause (c) above first and (II) Incremental Facilities and/or Incremental Equivalent Debt may be incurred
simultaneously under clauses (a) through (c) above, and proceeds from any such incurrence may be utilized in a single transaction
by first calculating the incurrence under clause (c) above and then calculating the incurrence under clauses (a) and/or (b) above
specifying the amount so requested under each such clause and (y) the Borrower may re-designate any Incremental Facility or Incremental
Equivalent Debt originally designated as incurred under clauses (a) and/or (b) above as having been incurred under clause (c) above
so long as, at the time of such re-designation, the Borrower would be permitted to incur under clause (c) above the aggregate principal
amount of such Incremental Facility or Incremental Equivalent Debt being so re-designated (for purposes of clarity, with any such re-designation
having the effect of increasing the Borrower’s ability to incur indebtedness under clauses (a) and/or (b) above as of
the date of such re-designation by the amount of the Incremental Facility or Incremental Equivalent Debt so re-designated); provided,
further, that, unless the Borrower elects otherwise, any Incremental Facility or Incremental Equivalent Debt originally designated
as incurred under clauses (a) and/or (b) above shall be automatically reclassified as having been incurred under clause (c) above
if the Total Leverage Ratio, Secured Leverage Ratio or First Lien Leverage Ratio, as applicable, test under clause (c) above is satisfied
at any time after the incurrence of such Incremental Facility or Incremental Equivalent Debt.

 

“Incremental Commitment”
means any commitment made by a lender to provide all or any portion of any Incremental Facility or Incremental Loan.

 

“Incremental Equivalent
Debt” means Indebtedness in the form of secured or unsecured notes or loans or junior secured or unsecured notes or loans or
commitments in respect of any of the foregoing issued, incurred or implemented in lieu of loans which would otherwise be permitted to
be incurred under an Incremental Facility; provided that:

 

(a)           the
aggregate outstanding principal amount thereof shall not exceed the Incremental Cap;

 

(b)           on
the date that such notes or loans or commitments are issued, incurred or implemented, the representations and warranties of the Loan Parties
set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of such date with
the same effect as though such representations and warranties had been made on and as of such date; provided that to the extent
that any representation and warranty specifically refers to an earlier date, it shall be true and correct in all material respects as
of such earlier date; provided, further, that representations and warranties that are qualified by “material”,
 “material adverse effect” or a similar term shall be true and correct in all respects;

 

    35 

     

    

 

(c)           no
Event of Default under Sections 7.01(a), 7.01(f) or 7.01(g) exists or would exist immediately after giving
effect to such notes or loans and, except as otherwise agreed by the lenders or holders providing such notes or loans in connection with
an acquisition or other Investment permitted under this Agreement, no other Event of Default exists or would exist immediately after giving
effect to such notes or loans;

 

(d)           the
Weighted Average Life to Maturity applicable to any such Indebtedness in the form of notes or term loans is no shorter than the Weighted
Average Life to Maturity of the then-existing Term Loans; provided that this requirement shall not apply to Incremental Equivalent
Debt in the form of one-year bridge loans that are convertible or exchangeable into other instruments meeting the requirements set forth
in this definition (but for the avoidance of doubt, excluding any loans, securities or other debt which are exchanged for or otherwise
replace such bridge loans);

 

(e)           the
final maturity date with respect to such notes or loans is no earlier than the Latest Term Loan Maturity Date on the date of the issuance
or incurrence, as applicable, thereof; provided that this requirement shall not apply to Incremental Equivalent Debt in the form
of one-year bridge loans that are convertible or exchangeable into other instruments meeting the requirements set forth in this definition
(but for the avoidance of doubt, excluding any loans, securities or other debt which are exchanged for or otherwise replace such bridge
loans);

 

(f)            in
the case of any such Indebtedness incurred prior to the date that is 12 months after the Closing Date in the form of term loans that are
pari passu with the Initial Term Loans with respect to security (other than any such Indebtedness that constitutes MFN Adjustment Excluded
Indebtedness), the Effective Yield applicable thereto (as determined on the date of initial incurrence thereof) will not be more than
0.50% per annum higher than the Effective Yield in respect of the Initial Term Loans (as determined on such date) unless the Effective
Yield with respect to the Initial Term Loans is adjusted to be equal to such Effective Yield applicable to such Indebtedness, minus,
0.50% per annum;

 

(g)           (i) any
such notes or loans must rank pari passu with or junior to the Term Facility in right of payment and may rank pari passu with or junior
to the Term Facility with respect to security or may be unsecured and (ii) to the extent such notes or loans are ranked pari passu
with the Term Facility with respect to security or are subordinated to the Term Facility in right of payment or security, they shall be
subject to an Acceptable Intercreditor Agreement;

 

(h)           no
such Indebtedness may be (x) guaranteed by any Person which is not a Loan Party or (y) secured by any assets other than the
Collateral; and

 

(i)            notwithstanding
anything to the contrary in this definition or in any other provision of any Loan Document, if the proceeds of any Incremental Equivalent
Debt are intended to be applied to finance an acquisition or other Investment that is permitted under this Agreement, the conditions to
entering into and availability of such Incremental Equivalent Debt (including applicability of customary “SunGard” or other
 “certain funds” conditionality but without in any way limiting the other applicable conditions to Incremental Equivalent Debt
specified in this Agreement), and the timing of satisfaction or waiver of any such conditions (as between being satisfied or waived upon
execution of an amendment evidencing such Incremental Equivalent Debt or upon the making of any notes or loans thereunder), shall be as
agreed to among the Borrower and the lenders in respect of such Incremental Equivalent Debt; provided that no Event of Default
under Sections 7.01(a), 7.01(f) or 7.01(g) exists or would exist immediately after giving effect to such
Incremental Equivalent Debt.

 

    36 

     

    

 

“Incremental Facilities”
has the meaning assigned to such term in Section 2.22(a).

 

“Incremental Facility
Amendment” means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent (solely for purposes
of giving effect to Section 2.22) and the Borrower executed by each of (a) the Loan Parties, (b) the Administrative
Agent and (c) each Lender that agrees to provide all or any portion of the Incremental Facility being incurred pursuant thereto and
in accordance with Section 2.22.

 

“Incremental Loans”
has the meaning assigned to such term in Section 2.22(a).

 

“Incremental Revolving
Commitment” means any commitment made by a lender to provide all or any portion of any Incremental Revolving Facility.

 

“Incremental Revolving
Facility” has the meaning assigned to such term in Section 2.22(a).

 

“Incremental Revolving
Facility Lender” means, with respect to any Incremental Revolving Facility, each Revolving Lender providing any portion of such
Incremental Revolving Facility.

 

“Incremental Revolving
Loans” has the meaning assigned to such term in Section 2.22(a).

 

“Incremental Term
Facility” has the meaning assigned to such term in Section 2.22(a).

 

“Incremental Term
Loans” has the meaning assigned to such term in Section 2.22(a).

 

“Incurrence-Based
Amounts” has the meaning assigned to such term in Section 1.09(d).

 

“Indebtedness”
as applied to any Person means, without duplication:

 

(a)            all
indebtedness for borrowed money;

 

(b)            that
portion of obligations with respect to Capital Leases to the extent recorded (or required to be recorded) as a liability on a balance
sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP;

 

(c)            all
obligations of such Person evidenced by bonds, debentures, notes or similar instruments to the extent the same would appear as a liability
on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP;

 

(d)            any
obligation of such Person owed for all or any part of the deferred purchase price of property or services (excluding (i) any earn-out
obligation, deferred purchase price (in connection with a Permitted Acquisition) or purchase price adjustment until such obligation (A) becomes
a liability on the statement of financial position or balance sheet (excluding the footnotes thereto) of such Person in accordance with
GAAP and (B) has not been paid within sixty (60) days after becoming due and payable, (ii) any such obligations incurred under
ERISA, (iii) accrued expenses and trade accounts payable in the ordinary course of business (including on an inter-company basis)
and (iv) liabilities associated with customer prepayments and deposits), which purchase price is (A) due more than six months
from the date of incurrence of the obligation in respect thereof or (B) evidenced by a note or similar written instrument;

 

    37 

     

    

 

(e)            all
Indebtedness of others secured by any Lien on any asset owned or held by such Person regardless of whether the Indebtedness secured thereby
has been assumed by such Person or is non-recourse to the credit of such Person;

 

(f)            the
face amount of any letter of credit issued for the account of such Person or as to which such Person is otherwise liable for reimbursement
of drawings;

 

(g)            the
Guarantee by such Person of the Indebtedness of another;

 

(h)            all
obligations of such Person in respect of any Disqualified Capital Stock; and

 

(i)            all
net obligations of such Person under any Hedge Agreement, whether or not entered into for hedging or speculative purposes;

 

provided that (i) in no event shall
obligations under any Derivative Transaction, Permitted Funding Debt or the Luxco Secured Loan be deemed “Indebtedness” for
any calculation of the Total Leverage Ratio, the Secured Leverage Ratio, the First Lien Leverage Ratio or any other financial ratio under
this Agreement; provided, that the Luxco Secured Loan shall only be excluded to the extent that at least 100% of the principal
amount thereof is cash collateralized, (ii) the amount of Indebtedness of any Person for purposes of clause (e) shall
be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Indebtedness and (B) the fair market value of
the property encumbered thereby as determined by such Person in good faith and (iii) the Existing Preferred Equity and the 3.00%
Convertible Senior Notes shall not constitute Indebtedness.

 

For all purposes hereof, the
Indebtedness of any Person shall include the Indebtedness of any third person (including any partnership in which such Person is a general
partner and any unincorporated joint venture in which such Person is a joint venturer) to the extent such Person would be liable therefor
under applicable Requirements of Law or any agreement or instrument by virtue of such Person’s ownership interest in such Person,
(A) except to the extent the terms of such Indebtedness provide that such Person is not liable therefor and (B) only to the
extent the relevant Indebtedness is of the type that would be included in the calculation of Consolidated Total Debt; provided
that notwithstanding anything herein to the contrary, the term “Indebtedness” shall not include, and shall be calculated without
giving effect to, (x) the effects of Accounting Standards Codification Topic 815 and related interpretations to the extent such effects
would otherwise increase or decrease an amount of Indebtedness for any purpose hereunder as a result of accounting for any embedded derivatives
created by the terms of such Indebtedness (it being understood that any such amounts that would have constituted Indebtedness hereunder
but for the application of this proviso shall not be deemed an incurrence of Indebtedness hereunder) and (y) the effects of Statement
of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease
an amount of Indebtedness for any purpose under this Agreement as a result of accounting for any embedded derivative created by the terms
of such Indebtedness (it being understood that any such amounts that would have constituted Indebtedness under this Agreement but for
the application of this sentence shall not be deemed to be an incurrence of Indebtedness under this Agreement). For the avoidance of doubt, Indebtedness
shall exclude ordinary course intercompany payables among the Borrower and the Restricted Subsidiaries.

 

The amount of any Indebtedness
outstanding as of any date will be the outstanding balance at such date of all unconditional obligations as described above (without giving
effect to any call premiums in respect thereof) and, with respect to contingent obligations, the maximum liability upon the occurrence
of the contingency giving rise to the obligation.

 

    38 

     

    

 

The amount of any Indebtedness
described in clause (i) above will be equal to, after taking into account the effect of any legally enforceable netting agreement
relating to such obligation, (i) for any date on or after the date such obligations have been closed out and termination value(s),
determined in accordance therewith, such termination value(s) and (ii) for any date prior to the date referenced in clause (i),
the amount(s) determined as the mark-to-market value(s) of such obligations, as determined based upon one or more mid-market
or other readily available quotations provided by any recognized dealer in such obligation.

 

“Indemnified Taxes”
means Taxes, other than Excluded Taxes or Other 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.

 

“Indemnitee”
has the meaning assigned to such term in Section 9.03(b).

 

“Information”
has the meaning set forth in Section 3.11(a).

 

“Information Materials”
means the Lender Presentation dated March 2, 2021 relating to the Borrower and its Subsidiaries and the Transactions.

 

“Initial Revolving
Credit Commitment” means, with respect to each Lender, the commitment of such Lender to make Initial Revolving Loans (and acquire
participations in Letters of Credit and Swingline Loans) hereunder as set forth on the Commitment Schedule, or in the Assignment and Assumption
pursuant to which such Lender assumed its Initial Revolving Credit Commitment, as applicable, as the same may be (a) reduced from
time to time pursuant to Section 2.09 or 2.19, (b) reduced or increased from time to time pursuant to assignments
by or to such Lender pursuant to Section 9.05 or (c) increased pursuant to Section 2.23. The aggregate amount
of the Initial Revolving Credit Commitments as of the Closing Date is $25,000,000.

 

“Initial Revolving
Credit Exposure” means, with respect to any Lender at any time, the aggregate Outstanding Amount at such time of all Initial
Revolving Loans of such Lender, plus the aggregate amount at such time of such Lender’s LC Exposure and Swingline Exposure,
in each case, attributable to its Initial Revolving Credit Commitment.

 

“Initial Revolving
Credit Maturity Date” means the date that is five years after the Closing Date.

 

“Initial Revolving
Facility” means the Initial Revolving Credit Commitments and the Initial Revolving Loans and other extensions of credit thereunder.

 

“Initial Revolving
Lender” means any Lender with an Initial Revolving Credit Commitment or any Initial Revolving Credit Exposure.

 

“Initial Revolving
Loan” means any revolving loan made by the Initial Revolving Lenders to the Borrower pursuant to Section 2.01(a)(ii).

 

“Initial Term Lender”
means any Lender with an Initial Term Loan Commitment or an outstanding Initial Term Loan.

 

“Initial Term Loan
Commitment” means, with respect to each Term Lender, the commitment of such Term Lender to make Initial Term Loans under this
Agreement in an aggregate amount not to exceed the amount set forth opposite such Term Lender’s name on the Commitment Schedule
(or the Assignment and Assumption pursuant to which such Term Lender became a Lender), as the same may be (a) reduced from time to
time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to (i) assignments by or to
such Term Lender pursuant to Section 9.05 or (ii) increased from time to time pursuant to Section 2.22 or
Section 2.23. The aggregate amount of the Initial Term Loan Commitments as of the Closing Date is $300,000,000.

 

    39 

     

    

 

“Initial Term Loans”
means the term loans made by the Initial Term Lenders to the Borrower pursuant to Section 2.01(a)(i) on the Closing Date
and, after the Amendment No. 1 Effective Date, shall include the Incremental
Term Loans made on the Amendment No. 1 Effective Date pursuant to Amendment No. 1.

 

“Intellectual Property
Security Agreement” means any agreement executed on or after the Closing Date confirming or effecting the grant of any Lien
on IP Rights owned by any Loan Party to the Administrative Agent, for the benefit of the Secured Parties, in accordance with this Agreement,
including a Patent Security Agreement substantially in the form of Exhibit J-1, a Trademark Security Agreement substantially
in the form of Exhibit J-2 and a Copyright Security Agreement substantially in the form of Exhibit J-3.

 

“Interest Election
Request” means a request by the Borrower in the form of Exhibit D or another form reasonably acceptable to the Administrative
Agent to convert or continue a Borrowing in accordance with Section 2.08.

 

“Interest Payment
Date” means, (a) with respect to any ABR Loan, the last Business Day of each March, June, September and December (commencing
with the last Business Day of June, 2021) and the Initial Revolving Credit Maturity Date or the maturity date applicable to such Loan
and (b) with respect to any LIBO Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is
a part and, in the case of a LIBO Rate Borrowing with an Interest Period of more than three months’ duration, each day that would
have been an Interest Payment Date had successive Interest Periods of three months’ duration been applicable to such Borrowing.

 

“Interest Period”
means with respect to any LIBO Rate Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding
day in the calendar month that is one, two (only for so long as the two month LIBO Rate continues to be published), three or six months
(or, to the extent consented to by all affected Lenders, twelve months or a shorter period) thereafter, as the Borrower may elect; provided
that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period
shall end on the next preceding Business Day and (ii) any Interest Period that commences on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the
last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be
the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such
Borrowing.

 

“Interpolated Rate”
means, in relation to the LIBO Rate, the rate which results from interpolating on a linear basis between:

 

(a)            the
applicable LIBO Rate for the longest period (for which that LIBO Rate is available) which is less than the Interest Period of that Loan;
and

 

(b)            the
applicable LIBO Rate for the shortest period (for which that LIBO Rate is available) which exceeds the Interest Period of that Loan, each
as of approximately 11:00 a.m. (London, England time) two (2) Business Days prior to the commencement of such Interest Period
of that Loan.

 

    40 

     

    

 

“Introducing Broker”
has the meaning assigned to such term in the definition of the term “Broker-Dealer Subsidiary.”

 

“Investment”
means (a) any purchase or other acquisition by the Borrower or any Restricted Subsidiary of any of the Securities of any other Person
(other than any Loan Party), (b) the acquisition by purchase or otherwise (other than any purchase or other acquisition of inventory,
materials, supplies or equipment in the ordinary course of business) of all or a substantial portion of the business, property or fixed
assets of any other Person or any division or line of business or other business unit of any other Person and (c) any loan, advance
or capital contribution by the Borrower or any Restricted Subsidiary to any other Person. Subject to Section 5.09, the amount
of any Investment shall be the original cost of such Investment, plus the cost of any addition thereto that otherwise constitutes
an Investment, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect thereto,
less any cash repayments thereof and returns thereon (whether as a principal payment, distribution, dividend, redemption or sale
but not in excess of the amount of the relevant initial Investment) and other than any such amount that increases the Available Amount.

 

“Investment Company
Act” means the Investment Company Act of 1940, as amended from time to time, and the rules and regulations thereunder

 

“Investment Manager
Subsidiary” means each Subsidiary that is duly registered, licensed or qualified as an investment adviser under the Advisers
Act.

 

“Investment Vehicle”
means (a) a separate account, investment strategy, fund or vehicle for collective investing (in whatever form of organization, including
a corporation, limited liability company, partnership, association, trust or other entity, including each separate portfolio or series
of any of the foregoing, and including any entity investing in collateralized loan obligations or collateralized debt obligations) that
is managed directly or indirectly by the Borrower or any Restricted Subsidiary, (b) any separate account, investment strategy, fund
or vehicle for collective investing that, upon the making of an Investment therein or upon the acquisition of the related management rights
with respect thereto, would be an Investment Vehicle pursuant to clause (a) above, and (c) any entity created for the sole purpose
of receiving funds to be invested in a separate account, investment strategy, fund or vehicle for collective investing that constitutes
an Investment Vehicle pursuant to clauses (a) or (b) above; provided that, for the avoidance of doubt, Investment
Vehicle shall include any entity that is formed for any purpose covered in clauses (a) through (c) above, even if at the time
of creation or formation thereof the only investor initially is the Borrower or any Restricted Subsidiary.

 

“IP Rights”
has the meaning assigned to such term in Section 3.05(c).

 

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

 

“ISP” means,
with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International
Banking Law & Practice, Inc. (or such later version thereof as may be acceptable to the applicable Issuing Bank and in effect
at the time of issuance of such Letter of Credit).

 

“Issuing Bank”
means, as the context may require, (a) MSSF and (b) any other Revolving Lender that is appointed as an Issuing Bank in accordance
with Section 2.05(i) hereof. Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be
issued by any Affiliate of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with
respect to Letters of Credit issued by such Affiliate.

 

    41 

     

    

 

“Judgment Currency”
has the meaning assigned to such term in Section 9.22.

 

“Junior Indebtedness”
means any Indebtedness (other than Indebtedness among the Borrower and/or its Subsidiaries) of the Borrower or any Restricted Subsidiary
that is expressly subordinated in right of payment to the Obligations with an individual outstanding principal amount in excess of the
Threshold Amount.

 

“Junior Lien Indebtedness”
means any Indebtedness that is secured by a security interest on the Collateral (other than Indebtedness among the Borrower and/or its
Subsidiaries) that is expressly junior or subordinated to the Lien securing the Obligations with an individual outstanding principal amount
in excess of the Threshold Amount.

 

“Latest Maturity
Date” means, as of any date of determination, the latest maturity or expiration date applicable to any Loan or commitment hereunder
at such time, including the latest maturity or expiration date of any Term Loan, Term Commitment, Revolving Loan or Revolving Credit Commitment.

 

“Latest Revolving
Credit Maturity Date” means, as of any date of determination, the latest maturity or expiration date applicable to any Revolving
Loan or Revolving Credit Commitment hereunder at such time.

 

“Latest Term Loan
Maturity Date” means, as of any date of determination, the latest maturity or expiration date applicable to any Term Loan or
Term Commitment hereunder at such time.

 

“LC Collateral Account”
has the meaning assigned to such term in Section 2.05(j).

 

“LC Commitment”
means (a) with respect to MSSF, $5,000,000 and (b) with respect to any other Issuing Bank, an amount, not greater than the Letter
of Credit Sublimit, agreed to by such Issuing Bank.

 

“LC Disbursement”
means a payment or disbursement made by an Issuing Bank pursuant to a Letter of Credit.

 

“LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time and (b) the
aggregate principal amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The
LC Exposure of any Revolving Lender at any time shall equal its Applicable Percentage of the aggregate LC Exposure at such time. For all
purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn
thereunder by reason of the operation of Rule 3.14 of the International Standby Practices (ISP98), such Letter of Credit shall be
deemed to be “outstanding” in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount
of a Letter of Credit at any time shall be deemed to be the Stated Amount of such Letter of Credit in effect at such time; provided that
with respect to any Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic
increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter
of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

 

“Lead Arrangers”
means, collectively, the TermMorgan
Stanley Senior Funding, Inc., Cowen and Company, LLC, JMP Securities LLC, Piper Sandler, Keefe, Bruyette & Woods, Wolfe
Capital Markets and Advisory and Compass Point Research & Trading, LLC in their respective capacities as joint lead arrangers,
joint co-managers and/or bookrunner for this Agreement, together with the Amendment No. 1 Lead Arrangers and
Revolving Lead Arrangers..1

 

    42 

     

    

 

“Legal Reservations”
means the application of relevant Debtor Relief Laws, general principles of equity or principles of good faith and fair dealing.

 

“Lenders”
means the Term Lenders, the Revolving Lenders, any Additional Lender, any lender with an Additional Commitment or an outstanding Additional
Loan and any other Person that becomes a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases
to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” shall
include the Swingline Lender and the Issuing Banks.

 

“Letter of Credit”
means any letter of credit issued pursuant to this Agreement.

 

“Letter of Credit
Reimbursement Loan” has the meaning assigned to such term in Section 2.05(e).

 

“Letter-of-Credit
Right” has the meaning set forth in Article 9 of the UCC.

 

“Letter of Credit
Sublimit” means $5,000,000, subject to increase in accordance with Section 2.22 hereof.

 

“LIBO Rate”
means for any Interest Period as to any LIBO Rate Loan, (i) the rate per annum determined by the Administrative Agent to be the offered
rate which appears on the page of the Reuters Screen which displays the London interbank offered rate administered by ICE Benchmark
Administration Limited (such page currently being the LIBOR01 page) for deposits (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 a.m. (London, England
time), two Business Days prior to the commencement of such Interest Period, or (ii) in the event the rate referenced in the preceding
clause (i) does not appear on such page or service or if such page or service shall cease to be available,
the rate determined by the Administrative Agent to be the offered rate on such other page or other service which displays the LIBO
Rate for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined
as of approximately 11:00 a.m. (London, England time) two Business Days prior to the commencement of such Interest Period; provided
that if LIBO Rates are quoted under either of the preceding clauses (i) or (ii), but there is no such quotation for
the Interest Period elected, the LIBO Rate shall be equal to the Interpolated Rate; and provided, further, that if any such
rate determined pursuant to the preceding clauses (i) or (ii) is less than 0.75%, the LIBO Rate will be deemed
to be 0.75%.

 

“LIBO Rate Borrowing”
means any Borrowing at the LIBO Rate.

 

“LIBO Rate Loan”
means a Loan that bears interest with reference to the LIBO Rate.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference,
priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other
title retention agreement, any easement, right of way or other encumbrance on title to real property, and any Capital Lease having substantially
the same economic effect as any of the foregoing), in each case, in the nature of security; provided that in no event shall an
operating lease in and of itself be deemed to constitute a Lien.

 

 

 

1 NTD:
the terms “Term Lead Arrangers” and “Revolving Lead Arrangers” were previously not defined.

 

    43 

     

    

 

“Loan Documents”
means this Agreement, Amendment No. 1, any Promissory
Note, each Loan Guaranty, the Collateral Documents, each Refinancing Amendment, each Incremental Facility Amendment, each Extension Amendment
and any other document or instrument designated by the Borrower and the Administrative Agent as a “Loan Document.” Any reference
in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto.

 

“Loan Guarantor”
means (x) on the Closing Date, each Subsidiary of the Borrower that is not an Excluded Subsidiary on the Closing Date and (y) thereafter,
each Subsidiary of the Borrower that is not an Excluded Subsidiary and that becomes a guarantor of the Secured Obligations pursuant to
the terms of this Agreement, in each case, until such time as the relevant Subsidiary is released from its obligations under the Loan
Guaranty in accordance with the terms and provisions hereof.

 

“Loan Guaranty”
means (a) the Guaranty Agreement, substantially in the form of Exhibit I, executed by each Loan Party thereto and the
Administrative Agent for the benefit of the Secured Parties and (b) each other guaranty agreement executed by any Person pursuant
to Section 5.11 in substantially the form attached as Exhibit I or another form that is otherwise reasonably satisfactory
to the Administrative Agent and the Borrower.

 

“Loan Parties”
means the Borrower and each Loan Guarantor.

 

“Loans”
means any Initial Term Loan, any Additional Term Loan, any Revolving Loan, any Additional Revolving Loan or any Swingline Loan.

 

“Luxco Secured Loan”
means the Loan Agreement, dated September 30, 2020, between RCG LV Pearl LLC, as borrower, and Purple Protected Asset S-91, as lender,
in the aggregate principal amount of $72 million, which is fully collateralized by cash collateral pledged by Hollenfels Re S.A.

 

“Margin Stock”
has the meaning assigned to such term in Regulation U.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, assets, financial condition or results of operations, in each
case, of the Borrower and the Restricted Subsidiaries, taken as a whole, (b) the rights and remedies (taken as a whole) of the Administrative
Agent or the Lenders under the applicable Loan Documents or (c) the ability of the Loan Parties (taken as a whole) to perform their
payment obligations under the Loan Documents.

 

“Material Debt Instrument”
means any physical instrument evidencing any Indebtedness for borrowed money which is required to be pledged and delivered to the Administrative
Agent (or its bailee) pursuant to the Security Agreement.

 

“Material Real Estate
Asset” means (a) on the Closing Date, the Loan Parties’ fee-owned Real Estate Assets located in the United States
and listed on Schedule 1.01(c) and (b) any fee-owned Real Estate Asset located in the United States and acquired by the
Loan Parties after the Closing Date, in the case of clauses (a) and (b), having a fair market value (as determined by the Borrower
in good faith after taking into account any liabilities with respect thereto that impact such fair market value) in excess of $5,000,000
as of the Closing Date or the date of acquisition thereof, as applicable.

 

“Maturity Date”
means (a) with respect to the Initial Revolving Facility, the Initial Revolving Credit Maturity Date, (b) with respect to the
Initial Term Loans, the Term Loan Maturity Date, (c) with respect to any Replacement Term Loans or Replacement Revolving Facility,
the final maturity date for such Replacement Term Loans or Replacement Revolving Facility, as the case may be, as set forth in the applicable
Refinancing Amendment, (d) with respect to any Incremental Facility, the final maturity date set forth in the applicable Incremental
Facility Amendment, and (e) with respect to any Extended Revolving Credit Commitment or Extended Term Loans, the final maturity date
set forth in the applicable Extension Amendment.

 

    44 

     

    

 

“Maximum Rate”
has the meaning assigned to such term in Section 9.19.

 

“MFN Adjustment Excluded
Indebtedness” means Incremental Term Loans or Incremental Equivalent Debt that (a) are customary bridge loans, (b) term
A loans or (c) has a maturity date at least two years after the Latest Term Loan Maturity Date.

 

“Minimum Extension
Condition” has the meaning assigned to such term in Section 2.23(b).

 

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

 

“Mortgage”
means any mortgage, deed of trust, deed to secure debt, trust deed or other agreement which conveys or evidences a Lien in favor of the
Administrative Agent, for the benefit of the Administrative Agent and the relevant Secured Parties, on any Material Real Estate Asset
constituting Collateral.

 

“Mortgage Policies”
has the meaning assigned to such term in the definition of “Collateral and Guarantee Requirement”.

 

“MSSF”
has the meaning assigned to such term in the preamble to this Agreement.

 

“Multiemployer Plan”
means any Benefit Plan which is a “multiemployer plan” as defined in Section 3(37) of ERISA, that is subject to the provisions
of Title IV of ERISA, and in respect of which any Loan Party or any ERISA Affiliate of a Loan Party, makes or is obligated to make contributions,
or with respect to which any Loan Party or any ERISA Affiliate of a Loan Party has any obligation or liability.

 

“Net Insurance/Condemnation
Proceeds” means an amount equal to: (a) any Cash payments or proceeds (including Cash Equivalents) received by the Borrower
or any Restricted Subsidiary (i) under any casualty insurance policy in respect of a covered loss thereunder of any assets of the
Borrower or any Restricted Subsidiary or (ii) as a result of the taking of any assets of the Borrower or any of the Restricted Subsidiaries
by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser
with such power under threat of such a taking, minus (b) (i) any actual out-of-pocket costs and expenses incurred by
the Borrower or any Restricted Subsidiary in connection with the adjustment, settlement or collection of any claims of the Borrower or
the relevant Restricted Subsidiary in respect thereof, (ii) payment of the outstanding principal amount of, premium or penalty, if
any, and interest and other amounts on any Indebtedness (other than the Secured Obligations, Indebtedness under any Credit Facility
and any Indebtedness secured by a Lien on the Collateral that is pari passu with or expressly subordinated to the Lien on the Collateral
securing the Secured Obligations) that is secured by a Lien on the assets in question and that is required to be repaid or otherwise comes
due or would be in default under the terms thereof as a result of such loss, taking or sale, (iii) in the case of a taking, the reasonable
out-of-pocket costs of putting any affected property in a safe and secure position, (iv) any selling costs and out-of-pocket expenses
(including reasonable broker’s fees or commissions, legal fees, accountants’ fees, investment banking fees, survey costs,
title insurance premiums, and related search and recording charges, deed or mortgage recording taxes, other customary expenses and brokerage,
consultant and other customary fees actually incurred in connection therewith and transfer and similar Taxes and the Borrower’s
good faith estimate of income Taxes paid or payable (including, without duplication, pursuant to Tax sharing arrangements or any Tax distribution))
in connection with any sale or taking of such assets as described in clause (a) of this definition, (v) any amounts provided
as a reserve in accordance with GAAP against any liabilities under any indemnification obligation or purchase price adjustments associated
with any sale or taking of such assets as referred to in clause (a) of this definition (provided that to the extent
and at the time any such amounts are released from such reserve, such amounts shall constitute Net Insurance/Condemnation Proceeds) and
(vi) in the case of any covered loss or taking from any non-Wholly-Owned Subsidiary, the pro rata portion thereof (calculated without
regard to this clause (vi)) attributable to any minority interest and not available for distribution to or for the account of the
Borrower or a Wholly-Owned Subsidiary as a result thereof.

 

    45 

     

    

 

“Net Proceeds”
means (a) with respect to any Disposition (including any Prepayment Asset Sale), the Cash proceeds (including Cash Equivalents and
Cash proceeds subsequently received (as and when received) in respect of non-cash consideration initially received), net of (i) selling
costs and out-of-pocket expenses (including reasonable broker’s fees or commissions, legal fees, accountants’ fees, investment
banking fees, survey costs, title insurance premiums, and related search and recording charges, deed or mortgage recording taxes, other
customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith and transfer and similar
Taxes and the Borrower’s good faith estimate of income Taxes paid or payable (including, without duplication, pursuant to Tax sharing
arrangements or any Tax distributions) in connection with such Disposition), (ii) amounts provided as a reserve in accordance with
GAAP against any liabilities under any indemnification obligation or purchase price adjustment associated with such Disposition (provided
that to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Proceeds), (iii) the
principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness (other than the Secured Obligations and any
other Indebtedness secured by a Lien that is pari passu with or expressly junior or subordinated to the Lien on the Collateral securing
the Secured Obligations) which is secured by the asset sold in such Disposition and which is required to be repaid or otherwise comes
due or would be in default and is repaid (other than any such Indebtedness that is assumed by the purchaser of such asset), (iv) Cash
escrows (until released from escrow to the Borrower or any Restricted Subsidiary) from the sale price for such Disposition and (v) in
the case of any Disposition by any non-Wholly-Owned Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without regard
to this clause (v)) attributable to any minority interest and not available for distribution to or for the account of the Borrower
or a Wholly-Owned Subsidiary as a result thereof; and (b) with respect to any issuance or incurrence of Indebtedness or Capital Stock,
the Cash proceeds thereof, net of all Taxes and fees, commissions, costs, underwriting discounts and other fees and expenses incurred
in connection therewith.

 

“Non-Consenting Lender”
has the meaning assigned to such term in Section 2.19(b).

 

“Non-Public Information”
means material non-public information (within the meaning of United States federal securities laws) with respect to the Borrower or the
Restricted Subsidiaries or any of their respective Securities.

 

“Not Otherwise Applied”
means, with respect to the any proceeds of any transaction or event, that such proceeds were not (a) required to be applied to repay
the Loans pursuant to Section 2.11(b), or (b) previously (or concurrently) applied in determining the permissibility
of a transaction under the Loan Documents where such permissibility was (or may have been) contingent on the receipt or availability of
such proceeds (including with respect to the making of any Investments, Restricted Payments or Restricted Debt Payments).

 

“Notice of Intent
to Cure” has the meaning assigned to such term in Section 6.14(b).

 

    46 

     

    

 

“Obligations”
means all unpaid principal of and accrued and unpaid interest (including interest accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, all LC Exposure,
all accrued and unpaid fees and all expenses, reimbursements, indemnities and all other advances to, debts, liabilities and obligations
of any Loan Party to the Lenders or to any Lender, the Administrative Agent, any Issuing Bank or any indemnified party arising under the
Loan Documents in respect of any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute,
contingent, due or to become due, now existing or hereafter arising.

 

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

 

“Organizational Documents”
means (a) with respect to any corporation, its certificate or articles of incorporation or organization and its by-laws, (b) with
respect to any limited partnership, its certificate of limited partnership and its partnership agreement, (c) with respect to any
general partnership, its partnership agreement, (d) with respect to any limited liability company, its articles of organization or
certificate of formation, and its operating agreement, and (e) with respect to any other form of entity, such other organizational
documents required by local Requirements of Law or customary under such jurisdiction to document the formation and governance principles
of such type of entity. In the event that any term or condition of this Agreement or any other Loan Document requires any Organizational
Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational Document”
shall only be to a document of a type customarily certified by such governmental official.

 

“Other Applicable
Indebtedness” has the meaning assigned to such term in Section 2.11(b)(i).

 

“Other Connection
Taxes” means, with respect to any Lender, any Issuing Bank or the Administrative Agent, 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 Taxes”
means any and all present or future stamp, court or documentary Taxes or any intangible, recording, filing or similar Taxes from any payment
made hereunder or from the execution, delivery, performance, registration or enforcement of, from the receipt or perfection of a security
interest under or otherwise with respect to, any Loan Document, but not including Other Connection Taxes imposed with respect to an assignment
(other than an assignment made pursuant to Section 2.19(b)), or for the avoidance of doubt, any Excluded Taxes.

 

“Outstanding Amount”
means (a) with respect to any Term Loan or Revolving Loan on any date, the aggregate outstanding principal amount thereof after giving
effect to any borrowings and prepayments or repayments of such Term Loan or Revolving Loan, as the case may be, occurring on such date,
(b) with respect to any Letter of Credit, the aggregate amount available to be drawn under such Letter of Credit and (c) with
respect to any LC Disbursement on any date, the amount of the aggregate outstanding amount of such LC Disbursement on such date after
giving effect to any disbursements with respect to any Letter of Credit occurring on such date and any other changes in the aggregate
amount of such LC Disbursement as of such date, including as a result of any reimbursements by the Borrower of such unreimbursed LC Disbursement.

 

“Parent Company”
means any Person of which the Borrower is a direct or indirect Wholly-Owned Subsidiary.

 

“Participant”
has the meaning assigned to such term in Section 9.05(c).

 

    47 

     

    

 

“Participant Register”
has the meaning assigned to such term in Section 9.05(c).

 

“Patent”
means the following: (a) any and all patents and patent applications; (b) all inventions, discoveries, designs and improvements
described and claimed therein; (c) all reissues, divisionals, continuations, provisionals, renewals, extensions, substitutions, reexaminations,
and continuations in part thereof; and (d) all rights corresponding to any of the foregoing throughout the world.

 

“Payment”
has the meaning assigned to it in Section 8.01.

 

“Payment Notice”
has the meaning assigned to it in Section 8.01.

 

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

 

“Pension Plan”
means any Benefit Plan (other than a Multiemployer Plan) subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of
the Code, in which any Loan Party or any ERISA Affiliate of a Loan Party maintains or contributes to or has an obligation to contribute
to or otherwise has any liability or obligation.

 

“Perfection Certificate”
means a certificate substantially in the form of Exhibit E.

 

“Perfection Certificate
Supplement” means a supplement to the Perfection Certificate substantially in the form of Exhibit F.

 

“Perfection Requirements”
means, with respect to Collateral, the filing of appropriate financing statements with the office of the Secretary of State of the state
of organization of each Loan Party, the filing of appropriate assignments, Intellectual Property Security Agreements or notices with
the USPTO or the U.S. Copyright Office, as applicable, the proper recording or filing, as applicable, of Mortgages and fixture filings
with respect to any Material Real Estate Asset constituting Collateral, in each case in favor of the Administrative Agent for the benefit
of the Secured Parties and the delivery to the Administrative Agent of any stock certificate or promissory note, together with instruments
of transfer executed in blank, in each case, to the extent required by the applicable Loan Documents.

 

“Permitted Acquisition”
means any acquisition made by the Borrower or any Restricted Subsidiary, whether by purchase, merger, amalgamation or otherwise, of all
or substantially all of the assets of, or any business line, unit or division or product line (including research and development and
related assets in respect of any product) of, any Person or of a majority of the outstanding Capital Stock of any Person who is engaged
in a Similar Business (and, in any event, including any Investment in (x) any Restricted Subsidiary the effect of which is to increase
the Borrower’s or any Restricted Subsidiary’s equity ownership in such Restricted Subsidiary or (y) any joint venture
constituting a Subsidiary for the purpose of increasing the Borrower’s or such Restricted Subsidiary’s ownership interest
in such joint venture); provided that immediately after giving effect thereto, no Event of Default has occurred and is continuing.

 

“Permitted Funding
Debt” means, with respect to any Person, Securities Lending Debt, Trading Debt, the aggregate principal amount outstanding of
obligations of such Person to repurchase securities pursuant to Repurchase Agreements, the aggregate amount of the Repurchase Liability,
and, in each case, all Guarantees issued by such Person in respect of such obligations.

 

“Permitted Investment”
means the following:

 

(a)            Investments
in Cash and Investments that were Cash Equivalents at the time made;

 

    48 

     

    

 

(b)            (i) Investments
existing on the Closing Date in the Borrower or in any Subsidiary, (ii) Investments made after the Closing Date among the Borrower
or one or more Restricted Subsidiaries, (iii) Investments made by any Restricted Subsidiary that is not a Loan Party in any Loan
Party or any other Restricted Subsidiary that is not a Loan Party and (iv) Investments made by any Loan Party or any Restricted Subsidiary
that is not a Loan Party in the form of any contribution or Disposition of the Capital Stock of any Person that is not a Loan Party, in
each case, to the extent not prohibited by Section 6.07;

 

(c)            Investments
(i) constituting deposits, prepayments or other credits to suppliers, (ii) made in connection with obtaining, maintaining or
renewing client and customer contracts or (iii) in the form of advances made to distributors, suppliers, licensors and licensees,
in each case, in the ordinary course of business or, in the case of this clause (iii), to the extent necessary to maintain the
ordinary course of supplies to the Borrower or any Restricted Subsidiary;

 

(d)            Investments
in Similar Businesses in an aggregate outstanding amount not to exceed the greater of $50,000,000 and 15.0% of Consolidated Adjusted EBITDA
for the most recently ended Test Period;

 

(e)            (i) Permitted
Acquisitions and (ii) Investments in Restricted Subsidiaries that are not Loan Parties in amounts required to permit such Restricted
Subsidiaries to consummate Permitted Acquisitions;

 

(f)            Investments
(i) existing on, or contractually committed to or contemplated as of, the Closing Date and, in the case of any such Investment with
an outstanding amount in excess of $2,500,000, described on Schedule 1.01(d) and (ii) any modification, replacement,
renewal or extension of any Investment described in clause (i) above so long as no such modification, renewal or extension
increases the amount of such Investment except by the terms thereof or as otherwise permitted by this definition;

 

(g)            Investments
received in lieu of Cash in connection with any Disposition permitted by Section 6.07;

 

(h)            loans
or advances to present or former employees, directors, members of management, officers, managers or consultants or independent contractors
(or their respective Immediate Family Members) of the Borrower, any Restricted Subsidiary or any Parent Company or any joint venture to
the extent permitted by Requirements of Law, in connection with such Person’s purchase of Capital Stock of the Borrower, any Restricted
Subsidiary or any Parent Company, either (i) in an aggregate principal amount at any one time outstanding not to exceed greater of
$33,000,000 and 9.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period or (ii) so long as the proceeds of such
loan or advance are substantially contemporaneously contributed to the Borrower for the purchase of such Capital Stock;

 

(i)            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;

 

(j)            Investments
consisting of (or resulting from) Indebtedness permitted under Section 6.01 (other than Indebtedness permitted under Sections 6.01(b) and
(h)), Permitted Liens, Restricted Payments permitted under Section 6.04 (other than Sections 6.04(a)(i)(F) and
6.04(a)(ix)), Restricted Debt Payments permitted by Section 6.04(b) and mergers, consolidations, amalgamations,
liquidations, windings up, dissolutions or Dispositions permitted by Section 6.07 (other than Section 6.07(a) (if
made in reliance on subclause (ii)(y) of the proviso thereto), Section 6.07(b) (if made in reliance on clause (ii) therein),
Section 6.07(c)(ii) (if made in reliance on clause (B) therein) and Section 6.07(g));

 

    49 

     

    

 

(k)            Investments
in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers;

 

(l)            Investments
(including debt obligations and Capital Stock) received (i) in connection with the bankruptcy or reorganization of any Person, (ii) in
settlement of delinquent obligations of, or other disputes with, customers, suppliers and other account debtors arising in the ordinary
course of business, (iii) upon foreclosure with respect to any secured Investment or other transfer of title with respect to any
secured Investment or (iv) as a result of the settlement, compromise, resolution of litigation, arbitration or other disputes;

 

(m)            (i) loans
and advances of payroll payments or other compensation to present or former employees, directors, members of management, officers, managers
or consultants of any Parent Company (to the extent such payments or other compensation relate to services provided to such Parent Company
or its Subsidiaries (but excluding, for the avoidance of doubt, the portion of any such amount, if any, attributable to the ownership
or operations of any Subsidiary of any Parent Company other than the Borrower and its Subsidiaries)) in the ordinary course of business
and (ii) any advance to any current or former employee, officer, director, member of management, manager, consultant or independent
contractor of the Borrower, any Restricted Subsidiary, or any Parent Company for moving, entertainment and travel expenses, drawing accounts
and similar expenditures in the ordinary course of business;

 

(n)            Investments
to the extent that payment therefor is made solely with Capital Stock of any Parent Company or Qualified Capital Stock of the Borrower
or any Restricted Subsidiary, in each case, to the extent not resulting in a Change of Control;

 

(o)            (i) Investments
of any Restricted Subsidiary acquired after the Closing Date, or of any Person acquired by, or merged into or consolidated or amalgamated
with, the Borrower or any Restricted Subsidiary after the Closing Date, in each case as part of an Investment otherwise permitted by this
definition or otherwise under Section 6.04(a) to the extent that such Investments were not made in contemplation of or
in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of the relevant acquisition,
merger, amalgamation or consolidation and (ii) any modification, replacement, renewal or extension of any Investment permitted under
the foregoing clause (o)(i) so long as no such modification, replacement, renewal or extension thereof increases the amount
of such Investment except as otherwise permitted by this definition;

 

(p)            Investments
made in connection with the Transactions;

 

(q)            Investments
made after the Closing Date by the Borrower or any Restricted Subsidiary in an aggregate amount at any time outstanding not to exceed:

 

(i)             the
greater of $50,000,000 and 15.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period, plus

 

(ii)            in
the event that (A) the Borrower or any Restricted Subsidiary makes any Investment after the Closing Date in any Person that is not
a Restricted Subsidiary and (B) such Person subsequently becomes a Restricted Subsidiary, an amount equal to 100.0% of the fair market
value of such Investment as of the date on which such Person becomes a Restricted Subsidiary;

 

(r)            so
long as, immediately prior to and immediately after giving effect thereto, no Event of Default has occurred and is continuing, Investments
made after the Closing Date by the Borrower or any Restricted Subsidiary in an aggregate outstanding amount not to exceed the portion,
if any, of the Available Amount on such date that the Borrower elects to apply to this clause (r);

 

    50 

     

    

 

(s)            to
the extent not constituting Indebtedness, (i) Guarantees of leases or of other obligations not constituting Indebtedness and (ii) Guarantees
of the lease obligations of suppliers, customers, franchisees and licensees of the Borrower or the Restricted Subsidiaries, in each case,
in the ordinary course of business;

 

(t)            Investments
in any Person in amounts and for purposes for which Restricted Payments to such Person are permitted under Section 6.04(a);
provided that any Investment made as provided above in lieu of any such Restricted Payment shall constitute utilization (to the
extent of the amount of such Investment) of the applicable Restricted Payment basket under Section 6.04(a);

 

(u)            [reserved];

 

(v)            Investments
in Subsidiaries in connection with internal reorganizations or restructurings and activities related to tax planning; provided
that, after giving effect to any such reorganization, restructuring or activity, neither the Loan Guaranty, taken as a whole, nor the
value of the Collateral, taken as a whole, is materially impaired and the Collateral and Guarantee Requirement remains satisfied;

 

(w)            Investments
under any Derivative Transaction of the type permitted under Section 6.01(s);

 

(x)            Investments
in joint ventures in an aggregate outstanding amount not to exceed the greater of $50,000,000 and 15.0% of Consolidated Adjusted EBITDA
for the most recently ended Test Period;

 

(y)            Investments
made in joint ventures as required by, or made pursuant to, buy/sell arrangements between the joint venture parties set forth in joint
venture agreements and similar binding arrangements;

 

(z)            unfunded
pension fund and other employee benefit plan obligations and liabilities to the extent that the same are permitted to remain unfunded
under applicable Requirements of Law;

 

(aa)          Investments
in the Borrower, any Subsidiary or any joint venture in connection with intercompany cash management arrangements and related activities
in the ordinary course of business;

 

(bb)         Investments
consisting of the licensing or contribution of IP Rights pursuant to joint marketing arrangements with other Persons or in the ordinary
course of business;

 

(cc)          Seed/GP
Capital Investments in an aggregate amount not to exceed the greater of $125,000,000 and 35.0% of Consolidated Adjusted EBITDA for the
most recently ended Test Period;

 

(dd)         Investments
in any Restricted Subsidiary that is a Broker-Dealer Subsidiary to the extent necessary for such Restricted Subsidiary to be in compliance
with its net capital requirements under any Requirements of Law, including, without limitation, any required cushion;

 

(ee)          Investments
for (i) utilities, security deposits, leases and similar prepaid expenses incurred in the ordinary course of business and (ii) trade
accounts created, or prepaid expenses accrued, in the ordinary course of business; and

 

    51 

     

    

 

(ff)           so
long as immediately prior to and immediately after giving effect thereto, no Event of Default has occurred and is continuing, other Investments
so long as, immediately after giving effect thereto, the Total Leverage Ratio is no greater than 2.00:1.00, determined on a Pro Forma
Basis for the most recently ended Test Period.

 

“Permitted Liens”
means Liens permitted pursuant to Section 6.02.

 

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

 

“Platform”
has the meaning assigned to such term in Section 5.01.

 

“Prepayment Asset
Sale” means any Disposition outside of the ordinary course of business by the Borrower or any Restricted Subsidiary made pursuant
to Sections 6.07(h), 6.07(q) (but solely to the extent the related acquisition was financed with Term Loans, it being
expressly understood and agreed that the Net Proceeds of any such Disposition shall be deemed to be Net Proceeds of a Prepayment Asset
Sale in the same proportion as the related acquisition was financed by such Term Loans (i.e., if 30.0% of the purchase price for such
acquisition was financed with Term Loans, 30.0% of the Net Proceeds of such Disposition shall be deemed to be the proceeds of a Prepayment
Asset Sale)), 6.07(aa), or 6.08.

 

“Prepayment Notice”
means a notice by the Borrower of a prepayment in accordance with Section 2.11 and in substantially the form attached hereto
as Exhibit N or such other form that is reasonably acceptable to the Administrative Agent and the Borrower.

 

“Primary Obligor”
has the meaning assigned to such term in the definition of “Guarantee”.

 

“Prime Rate”
means 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).

 

“Pro Forma Basis”
or “pro forma effect” means, with respect to any determination of the Total Leverage Ratio, the Secured Leverage Ratio,
the First Lien Leverage Ratio, Consolidated Adjusted EBITDA or Consolidated Total Assets (including component definitions thereof) that
each Subject Transaction shall be deemed to have occurred as of the first day of the applicable Test Period (or, in the case of Consolidated
Total Assets, as of the last day of such Test Period) with respect to any test or covenant for which such calculation is being made and
that:

 

(a)            (i) in
the case of (A) any Disposition of all or substantially all of the Capital Stock of any Restricted Subsidiary or any division or
product line of the Borrower or any Restricted Subsidiary or (B) any designation of a Restricted Subsidiary as an Unrestricted Subsidiary,
income statement items (whether positive or negative) attributable to the property or Person subject to such Subject Transaction, shall
be excluded as of the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination
is being made and (ii) in the case of any Permitted Acquisition, Investment or designation of an Unrestricted Subsidiary as
a Restricted Subsidiary described in the definition of the term “Subject Transaction”, income statement items (whether positive
or negative) attributable to the property or Person subject to such Subject Transaction shall be included as of the first day of the applicable
Test Period with respect to any test or covenant for which the relevant determination is being made; provided that any pro forma
adjustment described in this clause (a) may be applied to any such test or covenant solely to the extent that such adjustment
is consistent with the definition of “Consolidated Adjusted EBITDA”,

 

    52 

     

    

 

(b)            any
retirement or repayment of Indebtedness in connection therewith shall be deemed to have occurred as of the first day of the applicable
Test Period with respect to any test or covenant for which the relevant determination is being made,

 

(c)            any
Indebtedness incurred by the Borrower or any Restricted Subsidiary in connection therewith shall be deemed to have occurred as of the
first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made; provided
that, (x) if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable
Test Period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness
at the relevant date of determination (taking into account any interest hedging arrangements applicable to such Indebtedness), (y) interest
on any obligation with respect to any Capital Lease shall be deemed to accrue at an interest rate determined in good faith by a Responsible
Officer of the Borrower to be the rate of interest implicit in such obligation in accordance with GAAP and (z) interest on any Indebtedness
that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a Eurocurrency interbank offered
rate or other rate shall be determined to have been based upon the rate actually chosen by the Borrower or, if no such rate is chosen,
the rate that would otherwise apply, and

 

(d)            the
acquisition of any assets included in calculating Consolidated Total Assets, whether pursuant to any Subject Transaction or any Person
becoming a Subsidiary or merging, amalgamating or consolidating with or into the Borrower or any of its Subsidiaries, or the Disposition
of any assets included in calculating Consolidated Total Assets described in the definition of “Subject Transaction” shall
be deemed to have occurred as of the last day of the applicable Test Period with respect to any test or covenant for which such calculation
is being made.

 

Notwithstanding anything to
the contrary set forth in the immediately preceding paragraph, for the avoidance of doubt, when calculating the First Lien Leverage Ratio
for purposes of Section 6.14(a) (other than for the purpose of determining pro forma compliance with Section 6.14(a) as
a condition to taking any action under this Agreement), the events described in the immediately preceding paragraph that occurred subsequent
to the end of the applicable Test Period shall not be given pro forma effect.

 

“Projections”
means any financial projections of the Borrower and its Subsidiaries included in the Information Materials (or a supplement thereto).

 

“Promissory Note”
means a promissory note of the Borrower payable to any Lender or its registered assigns, in substantially the form of Exhibit G,
evidencing the aggregate outstanding principal amount of Loans of the Borrower to such Lender resulting from the Loans made by such Lender.

 

“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.

 

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“Public Company Costs”
means Charges associated with, or in anticipation of, or preparation for, compliance with the requirements of the Sarbanes-Oxley Act of
2002 and the rules and regulations promulgated in connection therewith and Charges relating to compliance with the provisions of
the Securities Act and the Exchange Act (and, in each case, similar Requirements of Law under other jurisdictions), or the rules of
national securities exchange companies with listed equity or debt securities, in each case as applicable to companies with equity or debt
securities held by the public, including such Requirements of Law and rules relating to directors’, managers’ or employees’
compensation, fees and expense reimbursement, and including Charges relating to investor relations, shareholder meetings and reports to
shareholders or debtholders, directors’ and officers’ insurance and other executive costs, related legal and other professional
fees (including auditors’ and accountants’ fees), listing fees, filing fees and other costs and/or expenses associated with
being a public company.

 

“Public Lenders”
means Lenders that do not wish to receive Non-Public Information with respect to the Borrower and each of its Affiliates, Subsidiaries
or Securities.

 

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

 

“Real Estate Asset”
means, at any time of determination, all right, title and interest (fee, leasehold or otherwise) of any Loan Party in and to real property
(including, but not limited to, land, improvements and fixtures thereon).

 

“Refinancing”
has the meaning assigned to such term in Section 4.01(j).

 

“Refinancing Amendment”
means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent and the Borrower executed by (a) each
of the Loan Parties, (b) the Administrative Agent and (c) each Lender that agrees to provide all or any portion of the Replacement
Term Loans or the Replacement Revolving Facility, as applicable, being incurred pursuant thereto and in accordance with Section 9.02(c).

 

“Refinancing Credit
Facilities Indebtedness” means Refinancing Indebtedness incurred in respect of Indebtedness permitted under Section 6.01(a).

 

“Refinancing Indebtedness”
has the meaning assigned to such term in Section 6.01(p).

 

“Refunding Capital
Stock” has the meaning assigned to such term in Section 6.04(a)(viii).

 

“Register”
has the meaning assigned to such term in Section 9.05(b)(iv).

 

“Registered Broker-Dealer”
has the meaning assigned to such term in the definition of the term “Broker-Dealer Subsidiaries.”

 

“Regulated Subsidiary”
has the meaning assigned to such term in the definition of “Excluded Subsidiary”.

 

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

 

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

 

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

 

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

 

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“Rejection Notice”
has the meaning assigned to such term in Section 2.11(b)(vi).

 

“Related Funds”
means with respect to any Lender that is an Approved Fund, any other Approved Fund that is managed by the same investment advisor as such
Lender or by an Affiliate of such investment advisor.

 

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

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping,
leaching or migration of any Hazardous Material into the indoor or outdoor environment.

 

“Replaced Revolving
Facility” has the meaning assigned to such term in Section 9.02(c)(ii).

 

“Replaced Term Loans”
has the meaning assigned to such term in Section 9.02(c)(i).

 

“Replacement Revolving
Facility” has the meaning assigned to such term in Section 9.02(c)(ii).

 

“Replacement Term
Loans” has the meaning assigned to such term in Section 9.02(c)(i).

 

“Representative”
has the meaning assigned to such term in Section 9.13.

 

“Repricing Transaction”
means each of (a) the refinancing of all or a portion of the Initial Term Loans with the proceeds of any term loans (including any
Replacement Term Loans), secured by any or all of the Collateral on a pari passu basis, incurred by any Loan Party or any of their respective
Subsidiaries having an Effective Yield (as determined on the date of initial incurrence thereof) that is less than the Effective Yield
(as determined on such date) applicable to the Initial Term Loans so refinanced and (b) any amendment, waiver or other modification
of or to this Agreement that has the effect of reducing the Effective Yield applicable to the Initial Term Loans; provided that
the primary purpose of such refinancing or amendment, waiver or other modification was to reduce the Effective Yield applicable to the
Initial Term Loans; and provided, further, that in no event shall any such refinancing or amendment, waiver or other modification
in connection with a Change of Control or Transformative Acquisition constitute a Repricing Transaction. Any determination by the Administrative
Agent of the Effective Yield for purposes of the definition shall be conclusive and binding on all Lenders, and the Administrative Agent
shall have no liability to any Person with respect to such determination absent bad faith, gross negligence or willful misconduct of the
Administrative Agent.

 

“Repurchase Agreement”
means, as any of any date of determination with respect to a Person, a repurchase agreement entered into by any such Person from time
to time pursuant to which such Person shall have sold securities to a third party and has agreed to repurchase such securities at a stated
date of maturity that is no more than 90 days from the date of determination, disregarding any rollover, renewal or extension (whether
automatic or otherwise) or similar provision stated therein; provided, that such repurchase agreement shall have been entered into
by such Person in the ordinary course of its business.

 

“Repurchase Liability”
means, as of any date of determination with respect to a Person, the liability of such Person to purchase securities in the market that
are identical to those securities it borrowed and sold pursuant to Repurchase transactions (it being understood that such liability shall
be measured based on the then market value of such security).

 

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“Repurchase Transaction”
means, with respect to a Person, a repurchase transaction in which such Person borrows a security and delivers it to a purchaser and,
at a later date, such Person purchases the identical security in the market to replace the borrowed security; provided, that such
transaction shall have been entered into by such Person in the ordinary course of its business.

 

“Required Excess
Cash Flow Percentage” means, as of any date of determination, (a) if the First Lien Leverage Ratio is greater than 1.50:1.00,
50.0%, (b) if the First Lien Leverage Ratio is less than or equal to 1.50:1.00 and greater than 1.00:1.00, 25.0%, and (c) if
the First Lien Leverage Ratio is less than or equal to 1.00:1.00, 0%; it being understood and agreed that, for purposes of this definition
as it applies to the determination of the amount of Excess Cash Flow that is required to be applied to prepay the Term Loans under Section 2.11(b)(i) for
any Excess Cash Flow Period, the First Lien Leverage Ratio shall be calculated as of the scheduled date of, and giving pro forma effect
to, such prepayment.

 

“Required Lenders”
means, at any time, Lenders having Loans and unused Commitments representing more than 50.0% of the sum of the total Loans and such unused
Commitments at such time. The Loans and unused Commitments of any Defaulting Lender shall be disregarding in determining Required Lenders
at any time.

 

“Required Prepayment
Percentage” means, as of any date of determination, (a) if the First Lien Leverage Ratio is greater than 1.50:1.00, 100.0%,
(b) if the First Lien Leverage Ratio is less than or equal to 1.50:1.00 and greater than 1.00:1.00, 50.0%, and (c) if the First
Lien Leverage Ratio is less than or equal to 1.00:1.00, 0%; it being understood and agreed that, for purposes of this definition as it
applies to the determination of the amount of Net Proceeds in respect of any Prepayment Asset Sale or Net Insurance/Condemnation Proceeds
that is required to be applied to prepay the Term Loans under Section 2.11(b)(ii) at any time, the First Lien Leverage
Ratio shall be calculated as of the scheduled date of, and giving pro forma effect to, such prepayment.

 

“Required Revolving
Lenders” means, at any time, Lenders having Revolving Credit Exposure representing more than 50.0% of the sum of the total Revolving
Credit Exposure at such time. The Revolving Credit Exposure of any Defaulting Lender shall be disregarding in determining Required Revolving
Lenders at any time.

 

“Requirements of
Law” means, with respect to any Person, collectively, the common law and all federal, state, local, foreign, national, multinational
or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs,
injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation or administration thereof
by, and other determinations, directives, requirements or requests of any Governmental Authority, in each case whether or not having the
force of law and that are applicable to or binding upon such Person or any of its property or to which such Person or any of its property
is subject.

 

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

 

“Responsible Officer”
of any Person means the chief executive officer, the president, the chief financial officer, the treasurer, any assistant treasurer, any
executive vice president, any senior vice president, any vice president, the chief operating officer, general partner or managing member
of such Person and any other individual or similar official thereof responsible for the administration of the obligations of such Person
in respect of this Agreement, and, as to any document delivered on the Closing Date, shall include any secretary or assistant secretary
or any other individual or similar official thereof with substantially equivalent responsibilities of a Loan Party and, solely for purposes
of notices given pursuant to Article 2, any other officer of the applicable Loan Party so designated by any of the foregoing
officers in a notice to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of any Loan
Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership or other action on the part of such
Loan Party, and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

 

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“Responsible Officer
Certification” means, with respect to the financial statements for which such certification is required, the certification of
a Responsible Officer of the Borrower that such financial statements fairly present, in all material respects, in accordance with GAAP,
the consolidated financial condition of the Borrower and its Subsidiaries as at the dates indicated and its consolidated income and cash
flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments and the absence of footnotes.

 

“Restricted Debt”
means (a) any unsecured Indebtedness, (b) any Junior Lien Indebtedness or (c) any Junior Indebtedness.

 

“Restricted Debt
Payment” has the meaning set forth in Section 6.04(b).

 

“Restricted Foreign
Subsidiary Amount” has the meaning set forth in Section 2.11(b)(v)(A).

 

“Restricted Investment”
means any Investment other than a Permitted Investment.

 

“Restricted Joint
Venture Amount” has the meaning set forth in Section 2.11(b)(v)(B).

 

“Restricted Payment”
means (a) any dividend or other distribution on account of any shares of any class of the Capital Stock of the Borrower or any Restricted
Subsidiary, except a dividend payable solely in shares of Qualified Capital Stock to the holders of such class, (b) any redemption,
retirement, sinking fund or similar payment, purchase or other acquisition for value of any shares of any class of the Capital Stock of
the Borrower or any Restricted Subsidiary, (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants,
options or other rights to acquire shares of any class of the Capital Stock of the Borrower or any Restricted Subsidiary now or hereafter
outstanding and (d) any Restricted Investment.

 

“Restricted Subsidiary”
means, as to any Person, any direct or indirect Subsidiary of such Person other than any Unrestricted Subsidiary. Unless otherwise specified,
 “Restricted Subsidiary” shall mean any Restricted Subsidiary of the Borrower.

 

“Restricted Tax Amount”
has the meaning set forth in Section 2.11(b)(v)(C).

 

“Revolving Borrowing”
means any Borrowing of Revolving Loans.

 

“Revolving Credit
Commitment” means any Initial Revolving Credit Commitment and any Additional Revolving Credit Commitment.

 

“Revolving Credit
Exposure” means, with respect to any Lender at any time, the aggregate Outstanding Amount at such time of such Lender’s
Initial Revolving Credit Exposure and Additional Revolving Credit Exposure.

 

“Revolving Facility”
means the Initial Revolving Facility, any Incremental Revolving Facility, any facility governing Extended Revolving Credit Commitments
or Extended Revolving Loans and any Replacement Revolving Facility hereunder.

 

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“Revolving Lender”
means any Initial Revolving Lender and any Additional Revolving Lender.

 

“Revolving Loans”
means any Initial Revolving Loans and any Additional Revolving Loans.

 

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., and any successor owner of such division.

 

“Sale and Lease-Back
Transaction” has the meaning assigned to such term in Section 6.08.

 

“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S.
government, including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the
European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom.

 

“Sanctioned Country”
means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (on the Closing Date, Crimea,
Cuba, Iran, North Korea, and Syria).

 

“Scheduled Consideration”
has the meaning assigned to such term in the definition of “Excess Cash Flow”.

 

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

 

“Secured Hedging
Obligations” means all Hedging Obligations (other than any Excluded Swap Obligations) under each Hedge Agreement that (a) is
in effect on the Closing Date between any Loan Party and a counterparty that is a Lender or an Agent or any Affiliate of a Lender or an
Agent as of the Closing Date or (b) is entered into after the Closing Date between any Loan Party and any counterparty that is (or
is an Affiliate of) any Lender or any Agent at the time such Hedge Agreement is entered into, for which such Loan Party agrees to provide
security and in each case that has been designated to the Administrative Agent in writing by the Borrower as being a Secured Hedging Obligation
for purposes of the Loan Documents, it being understood that each counterparty thereto shall be deemed (i) to appoint the Administrative
Agent as its agent under the applicable Loan Documents and (ii) to agree to be bound by the provisions of Article 8,
Sections 9.03 and Section 9.10 as if it were a Lender.

 

“Secured Leverage
Ratio” means the ratio, as of any date of determination, of (a) Consolidated Secured Debt as of the last day of the Test
Period then most recently ended to (b) Consolidated Adjusted EBITDA for the Test Period then most recently ended, in each case, of
the Borrower and the Restricted Subsidiaries on a consolidated basis.

 

“Secured Obligations”
means all Obligations, together with (a) all Banking Services Obligations and (b) all Secured Hedging Obligations.

 

“Secured Parties”
means (a) the Lenders and the Issuing Banks, (b) the Administrative Agent, (c) each counterparty to a Hedge Agreement with
a Loan Party the obligations under which constitute Secured Hedging Obligations, (d) each provider of Banking Services to any Loan
Party the obligations under which constitute Banking Services Obligations, (e) the Lead Arrangers and (f) the beneficiaries
of each indemnification obligation undertaken by any Loan Party under any Loan Document.

 

“Securities”
means any stock, shares, units, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing
agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible,
subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares
or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire,
any of the foregoing; provided that “Securities” shall not include any earn-out agreement or obligation or any employee
bonus or other incentive compensation plan or agreement.

 

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“Securities Act”
means the Securities Act of 1933 and the rules and regulations of the SEC promulgated thereunder.

 

“Securities Lending
Debt” means any Indebtedness incurred by any Person consisting of the liability for any borrowed securities to the lender thereof
in connection with any Securities Lending Transaction.

 

“Securities Lending
Transaction” means, with respect to any Person, certain offsetting securities lending transactions whereby such Person borrows
securities from one entity and then lends such securities to another entity (and such Person always maintaining a matched book between
securities borrowed and securities loaned).

 

“Security Agreement”
means the Pledge and Security Agreement, substantially in the form of Exhibit H, among the Loan Parties and the Administrative
Agent for the benefit of the Secured Parties.

 

“Seed/GP Capital
Investment” means any “seed” or “early stage” investment in, segregating of funds in, or other investments
by a sponsor in, an Investment Vehicle in which the Borrower or one or more of the Restricted Subsidiaries has invested, is investing
or is segregating capital for the purpose of establishing or maintaining an investment record in order to offer, or as a sponsor in connection
with launch of, one or more products, investment strategies or investment vehicles to third-party investors.

 

“Similar Business”
means any Person the majority of the revenues of which are derived from a business that would be permitted by Section 6.10
if the references to “Restricted Subsidiaries” in Section 6.10 were read to refer to such Person.

 

“Solvent”
means that (a) the fair value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, exceeds their debts and
liabilities, subordinated, contingent or otherwise, on a consolidated basis, (b) the present fair saleable value of the property
of the Borrower and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability,
on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, on a consolidated basis, as such
debts and other liabilities become absolute and matured in the ordinary course, (c) the Borrower and its Subsidiaries, on a consolidated
basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, on a consolidated basis, as such liabilities
become absolute and matured in the ordinary course and (d) the Borrower and its Subsidiaries, on a consolidated basis, are not engaged
in, and are not about to engage in, business for which they have unreasonably small capital. For purposes hereof, (i) the amount
of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether
such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standards No. 5) and (ii) it
is assumed that the indebtedness and other obligations incurred on the Closing Date will come due on their respective maturities.

 

“SPC” has
the meaning assigned to such term in Section 9.05(e).

 

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“Stated Amount”
means, with respect to any Letter of Credit, at any time, the maximum amount available to be drawn thereunder, in each case determined
(a) as if any future automatic increases in the maximum available amount provided for in any such Letter of Credit had in fact occurred
at such time and (b) without regard to whether any conditions to drawing could then be met but after giving effect to all previous
drawings made thereunder.

 

“Subject Loans”
has the meaning assigned to such term in Section 2.11(b)(ii).

 

“Subject Proceeds”
has the meaning assigned to such term in Section 2.11(b)(ii).

 

“Subject Transaction”
means, with respect to any Test Period, (a) the Transactions, (b) any Permitted Acquisition or any other acquisition or similar
Investment, whether by purchase, merger, amalgamation or otherwise, of all or substantially all of the assets of, or any business line,
unit or division of, any Person or of a majority of the outstanding Capital Stock of any Person (and, in any event, including any Investment
in (i) any Restricted Subsidiary the effect of which is to increase the Borrower’s or any Restricted Subsidiary’s respective
equity ownership in such Restricted Subsidiary or (ii) any joint venture for the purpose of increasing the Borrower’s or any
Restricted Subsidiary’s respective ownership interest in such joint venture), in each case that is permitted by this Agreement,
(c) any Disposition of all or substantially all of the assets or Capital Stock of any Subsidiary (or any business unit, line of business
or division of the Borrower or a Restricted Subsidiary) not prohibited by this Agreement, (d) the designation of a Restricted Subsidiary
as an Unrestricted Subsidiary or an Unrestricted Subsidiary as a Restricted Subsidiary in accordance with Section 5.09 hereof
or (e) any incurrence or repayment of Indebtedness or other event, that by the terms of the Loan Documents requires pro forma compliance
with a test or covenant hereunder or requires such test or covenant to be calculated on a Pro Forma Basis.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business
entity (whether or not existing as at the date hereof) of which more than 50% of the total voting power of stock or other ownership interests
entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, trustees
or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof
is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or
a combination thereof; provided that in determining the percentage of ownership interests of any Person controlled by another Person,
no ownership interests in the nature of a “qualifying share” of the former Person shall be deemed to be outstanding; provided,
further, that no Investment Vehicle shall be deemed hereunder to be a Subsidiary of the Borrower or any Subsidiary thereof. Unless
otherwise specified, “Subsidiary” shall mean any Subsidiary of the Borrower.

 

“Successor Borrower”
has the meaning assigned to such term in Section 6.07(a).

 

“Swap Obligations”
means, with respect to any Loan Party, 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.

 

“Swingline Borrowing”
means any Borrowing of Swingline Loans.

 

“Swingline Exposure”
means, with respect to any Swingline Lender at any time, the aggregate Outstanding Amount at such time of all Swingline Loans of such
Lender. The Swingline Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the aggregate Swingline Exposure
at such time.

 

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“Swingline Lender”
means, following the Accordion Date, MSSF, in its capacity as lender of Swingline Loans hereunder, and any other Revolving Lender approved
by the Borrower and the Administrative Agent that agrees to act as the “Swingline Lender” hereunder; provided that
Swingline Loans made by no more than one Swingline Lender may be outstanding at any time.

 

“Swingline Loan”
means a Loan made pursuant to Section 2.04.

 

“Swingline Loan Commitment”
means the obligation, following the occurrence of the Accordion Date, of a Swingline Lender to make Swingline Loans and of each Lender
having a Revolving Credit Commitment to participate in Swingline Loans pursuant to Section 2.04(c); provided, for the
avoidance of doubt, that prior to the Accordion Date, the Swingline Loan Commitment shall be $0; provided, further, that upon the
occurrence of the Accordion Date, and thereafter, the Swingline Loan Commitment shall automatically be equal to the Swingline Sublimit.

 

“Swingline Sublimit”
means $10,000,000.

 

“Syndication Agent”
means MSSF, in its capacity as syndication agent.

 

“Tax Group”
has the meaning assigned to such term in Section 6.04(a)(i)(B).

 

“Taxes”
means any and all present and 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 Borrowing”
means any Borrowing of Term Loans.

 

“Term Commitment”
means any Initial Term Loan Commitment and any Additional Term Loan Commitment.

 

“Term Facility”
means the Term Loans provided to or for the benefit of the Borrower pursuant to the terms of this Agreement.

 

“Term Lender”
means any Initial Term Lender and any Additional Term Lender.

 

“Term Loan”
means the Initial Term Loans and, if applicable, any Additional Term Loans.

 

“Term Loan Installment
Date” has the meaning assigned to such term in Section 2.10(a).

 

“Term Loan Maturity
Date” means the date that is seven years after the Closing Date.

 

“Termination Date”
has the meaning assigned to such term in the lead-in to Article 5.

 

“Test Period”
means, as of any date, (a) for purposes of determining actual compliance with Section 6.14(a), the period of four consecutive
Fiscal Quarters then most recently ended for which financial statements under Section 5.01(a) or Section 5.01(b),
as applicable, have been delivered (or are required to have been delivered) and (b) for any other purpose, the period of four consecutive
Fiscal Quarters then most recently ended for which financial statements of the type described in Section 5.01(a)  or
Section 5.01(b), as applicable, have been delivered (or are required to have been delivered) or, if earlier, are internally
available; it being understood and agreed that prior to the first delivery of financial statements of Section 5.01(a), “Test
Period” means the most recent period of four consecutive Fiscal Quarters in respect of which financial statements for the Borrower
are available.

 

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“Threshold Amount”
means, as of any date of termination, an amount equal to $50,000,000.

 

“Total Leverage Ratio”
means the ratio, as of any date of determination, of (a) Consolidated Total Debt outstanding as of the last day of the Test Period
then most recently ended to (b) Consolidated Adjusted EBITDA for the Test Period then most recently ended, in each case of the Borrower
and the Restricted Subsidiaries on a consolidated basis.

 

“Total Revolving
Credit Commitment” means, at any time, the aggregate amount of the Revolving Credit Commitments, as in effect at such time.

 

“Trademark”
means the following: (a) all trademarks, service marks, certification marks, common law marks, trade names, trade dress, logos, slogans,
domain names, and other indicia of origin under the Requirements of Law of any jurisdiction in the world, and the registrations and applications
for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all renewals of the foregoing; and (c) all
rights corresponding to any of the foregoing throughout the world.

 

“Trading Debt”
means Indebtedness of any Person that engages primarily in the business of proprietary trading owed to prime brokers that are regulated
by FINRA (or equivalent regulatory body in a foreign jurisdiction) (a) the proceeds of which Indebtedness are used solely by such
Person to purchase securities or other financial instruments in the ordinary course of its business and (b) which Indebtedness is
secured only by cash and/or such securities and financial instruments.

 

“Transaction Costs”
means fees, commissions, premiums, expenses and other transaction costs (including original issue discount or upfront fees) payable or
otherwise borne by any Parent Company, the Borrower or its Subsidiaries in connection with the Transactions and the transactions contemplated
thereby.

 

“Transactions”
means, collectively, (a) the execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a party
and the Borrowing of Loans hereunder on the Closing Date, (b) the Refinancing, and (c) the payment of the Transaction Costs.

 

“Transformative Acquisition”
means any acquisition by the Borrower or any Restricted Subsidiary whether by purchase, merger or otherwise, of all or substantially all
of the assets of, or any business line, unit or division of, any Person or of a majority of the outstanding Capital Stock of any Person
that (a) is not permitted by the terms of the Loan Documents immediately prior to the consummation of such acquisition or (b) if
permitted by the terms of the Loan Documents immediately prior to the consummation of such acquisition, the terms of the Loan Documents
would not provide the Borrower and the Restricted Subsidiaries with adequate flexibility for the continuation or expansion of their combined
operations following such consummation, as determined by the Borrower acting in good faith.

 

“Treasury Capital
Stock” has the meaning assigned to such term in Section 6.04(a)(viii).

 

“Treasury Regulations”
means the U.S. federal income tax regulations promulgated under the Code.

 

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

 

“UCC” means
the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws of which are required
to be applied in connection with the creation or perfection of security interests.

 

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“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.

 

“Unfunded Pension
Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the
current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant
to Section 412 of the Code for the applicable plan year.

 

“Unrestricted Cash
Amount” means, as to any Person on any date of determination, the amount of (a) unrestricted Cash and Cash Equivalents
of such Person whether or not held in a Deposit Account pledged to secure the Secured Obligations (but excluding Cash and Cash Equivalents
of any Subsidiary the income of which is excluded under clause (a)(i) of the definition of “Consolidated Net Income”)
and (b) Cash and Cash Equivalents of such Person that are restricted as a result of the Credit Facilities and any other Indebtedness
permitted hereunder to be secured by a Lien on the Collateral along with the Credit Facilities.

 

“Unrestricted Subsidiary”
means any Subsidiary that is listed on Schedule 5.09 or designated by the Borrower as an Unrestricted Subsidiary after the
Closing Date pursuant to Section 5.09 and any Subsidiary of any Unrestricted Subsidiary.

 

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

 

“USA PATRIOT Act”
means The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title
III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

 

“USPTO”
means the United States Patent and Trademark Office.

 

“U.S. Tax Compliance
Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

 

“Weighted Average
Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the
sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other
required scheduled payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated
to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal
amount of such Indebtedness; provided that the effect of any prepayment made in respect of such Indebtedness shall be disregarded
in making such calculation.

 

“Wholly-Owned Restricted
Subsidiary” of any Person means a Restricted Subsidiary of such Person that is a Wholly-Owned Subsidiary of such Person.

 

“Wholly-Owned Subsidiary”
of any Person means a Subsidiary of such Person, 100.0% of the outstanding Capital Stock of which (other than directors’ qualifying
shares or shares required by Requirements of Law to be owned by a resident of the relevant jurisdiction) shall be owned by such Person
or by one or more Wholly-Owned Subsidiaries of such Person.

 

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

 

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

 

Section 1.03.         Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein or in any Loan Document shall be construed as referring
to such agreement, instrument or other document as from time to time amended, restated, amended and restated, supplemented or otherwise
modified or extended, replaced or refinanced (subject to any restrictions or qualifications on such amendments, restatements, amendment
and restatements, supplements or modifications or extensions, replacements or refinancings set forth herein), (b) any reference to
any Requirement of Law in any Loan Document shall include all statutory and regulatory provisions consolidating, amending, replacing,
supplementing or interpreting such Requirement of Law, (c) any reference herein or in any Loan Document to any Person shall be construed
to include such Person’s successors and permitted assigns, (d) the words “herein,” “hereof” and “hereunder,”
and words of similar import, when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not
to any particular provision hereof, (e) all references herein or in any Loan Document to Articles, Sections, clauses, paragraphs,
Exhibits and Schedules shall be construed to refer to Articles, Sections, clauses and paragraphs of, and Exhibits and Schedules to, such
Loan Document, (f) in the computation of periods of time in any Loan Document from a specified date to a later specified date, the
word “from” means “from and including”, the words “to” and “until” mean “to but
excluding” and the word “through” means “to and including”, (g) the words “asset” and “property”,
when used in any Loan Document, shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including Cash, securities, accounts and contract rights and (h) the word “or” is not exclusive.
For purposes of determining compliance at any time with Sections 6.01, 6.02, 6.04, 6.05, 6.07 and 6.09
or whether an Investment is a Permitted Investment, in the event that any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment,
Disposition or Affiliate transaction, as applicable, meets the criteria of more than one of the categories of transactions or items permitted
pursuant to any clause of such Sections 6.01 (other than Sections 6.01(a), (x) and (z)), 6.02
(other than Sections 6.02(a) and (t)), 6.04, 6.05, 6.07 and 6.09 or the definition of Permitted
Investment, the Borrower, in its sole discretion, may, from time to time, classify or reclassify such transaction or item (or portion
thereof) and will only be required to include the amount and type of such transaction (or portion thereof) in any one category. It is
understood and agreed that any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment, Disposition or Affiliate
transaction need not be permitted solely by reference to one category of permitted Indebtedness, Lien, Restricted Payment, Restricted
Debt Payment, Investment, Disposition or Affiliate transaction under Sections 6.01, 6.02, 6.04, 6.05,
6.07 or 6.09 or the definition of Permitted Investment, respectively, but may instead be permitted in part under any combination
thereof (it being understood that compliance with each such section is separately required). For purposes of any amount herein expressed
as “the greater of” a specified fixed amount and a percentage of Consolidated Adjusted EBITDA, “Consolidated Adjusted
EBITDA” shall be deemed to refer to Consolidated Adjusted EBITDA of the Borrower and the Restricted Subsidiaries.

 

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Section 1.04.         Accounting
Terms; GAAP.

 

(a)            All
financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with GAAP as in effect from time to time
and, except as otherwise expressly provided herein, all terms of an accounting or financial nature that are used in calculating the Total
Leverage Ratio, the Secured Leverage Ratio, the First Lien Leverage Ratio, Consolidated Adjusted EBITDA or Consolidated Total Assets shall
be construed and interpreted in accordance with GAAP, as in effect from time to time; provided that if the Borrower notifies the
Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after
the date of delivery of the financial statements described in Section 3.04(a) in GAAP or in the application thereof on
the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to
any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application
thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change becomes
effective until such notice have been withdrawn or such provision amended in accordance herewith; provided, further, that
if such an amendment is requested by the Borrower or the Required Lenders, then the Borrower and the Administrative Agent shall negotiate
in good faith to enter into an amendment of the relevant affected provisions (without the payment of any amendment or similar fee to any
of the Agents or the Lenders) to preserve the original intent thereof in light of such change in GAAP or the application thereof; provided,
further, 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 the Borrower or any Subsidiary
at “fair value,” as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments
under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having
a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness
shall at all times be valued at the full stated principal amount thereof.

 

(b)            Notwithstanding
anything to the contrary herein, but subject to Section 1.09 hereof, all financial ratios and tests (including the financial
covenant in Section 6.14(a), the Total Leverage Ratio, the Secured Leverage Ratio, the First Lien Leverage Ratio and the amount
of Consolidated Total Assets and Consolidated Adjusted EBITDA) contained in this Agreement that are calculated with respect to any Test
Period during which any Subject Transaction occurs shall be calculated with respect to such Test Period and such Subject Transaction on
a Pro Forma Basis. Further, if since the beginning of any such Test Period and on or prior to the date of any required calculation of
any financial ratio or test (i) any Subject Transaction has occurred or (ii) any Person that subsequently became a Restricted
Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or any Restricted Subsidiary since the beginning of such
Test Period has consummated any Subject Transaction, then, in each case, any applicable financial ratio or test shall be calculated on
a Pro Forma Basis for such Test Period as if such Subject Transaction had occurred at the beginning of the applicable Test Period (or,
in the case of Consolidated Total Assets, as of the last day of such Test Period) (it being understood, for the avoidance of doubt, that
solely for purposes of calculating quarterly compliance with Section 6.14(a), the date of the required calculation shall be
the last day of the Test Period, and no Subject Transaction occurring thereafter shall be taken into account).

 

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(c)            Notwithstanding
anything to the contrary contained in paragraph (a) above or in the definition of “Capital Lease,” all obligations
of any Person that are or would have been treated as operating leases for purposes of GAAP prior to the issuance by the FASB on February 25,
2016 of an Accounting Standards Update (the “ASU”) shall continue to be accounted for as operating leases for purposes
of all financial definitions and calculations for purpose of this Agreement (whether or not such operating lease obligations were in effect
on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive
basis or otherwise) to be treated as Capital Leases in the financial statements.

 

Section 1.05.         Effectuation
of Transactions. Each of the representations and warranties contained in this Agreement (and all corresponding definitions) is made after
giving effect to the Transactions, unless the context otherwise requires.

 

Section 1.06.         Timing
of Payment or Performance. When payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or
required on a day which is not a Business Day, the date of such payment (other than as described in the definition of “Interest
Period” or as otherwise expressly provided herein) or performance shall extend to the immediately succeeding Business Day, and,
in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.

 

Section 1.07.         Times
of Day. Unless otherwise specified herein, all references herein to times of day shall be references to New York City time (daylight or
standard, as applicable).

 

Section 1.08.         Cashless
Rollovers. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, to the extent that any
Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans with Incremental Loans, Replacement
Term Loans, Loans in connection with any Replacement Revolving Facility, Extended Term Loans, Extended Revolving Loans or loans incurred
under a new credit facility, in each case, to the extent such extension, replacement, renewal or refinancing is effected by means of a
 “cashless roll” by such Lender, such extension, replacement, renewal or refinancing shall be deemed to comply with any requirement
hereunder or any other Loan Document that such payment be made “in immediately available funds”, “in Cash” or
any other similar requirement.

 

Section 1.09.         Certain
Calculations and Tests.

 

(a)            Notwithstanding
anything to the contrary herein, to the extent that the terms of this Agreement require (i) compliance with any financial ratio or
test (including Section 6.14(a) hereof, any First Lien Leverage Ratio test, any Secured Leverage Ratio test, any Total
Leverage Ratio test, the amount of Consolidated Total Assets or the amount of Consolidated Adjusted EBITDA or any cap expressed as a percentage
of Consolidated Adjusted EBITDA) or (ii) the absence of a Default or Event of Default (or any type of Default or Event of Default
but excluding any Event of Default under Sections 7.01(a), 7.01(f) (with respect to the Borrower) or 7.01(g) (with
respect to the Borrower)) as a condition to:

 

(i)            (A) the
making of any Investment or (B) the consummation of any transaction in connection with any Investment (including the assumption or
incurrence of Indebtedness or Liens in connection therewith), the determination of whether the relevant condition is satisfied may be
made, at the election of the Borrower, at the time of (or on the basis of the financial statements for the most recently ended Test Period
at the time of) either (I) the execution of the definitive agreement with respect to such Investment or (II) the consummation
of such Investment, in each case, after giving effect to the relevant Investment or other transaction and any related Indebtedness or
Liens on a Pro Forma Basis,

 

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(ii)           the
making of any Restricted Payment, the determination of whether the relevant condition is satisfied may be made, at the election of the
Borrower, at the time of (or on the basis of the financial statements for the most recently ended Test Period at the time of) either (I) the
declaration of such Restricted Payment; provided that such Restricted Payment shall be made within 60 days of such declaration
or (II) the making of such Restricted Payment, in each case, after giving effect to the relevant Restricted Payment on a Pro Forma
Basis, and

 

(iii)          the
making of any Restricted Debt Payment, the determination of whether the relevant condition is satisfied may be made, at the election of
the Borrower, at the time of (or on the basis of the financial statements for the most recently ended Test Period at the time of) either
(I) the delivery of an irrevocable notice of redemption or repayment (which may be conditional) or (II) the making of such Restricted
Debt Payment, in each case, after giving effect to the relevant Restricted Debt Payment on a Pro Forma Basis.

 

(b)            Notwithstanding
the foregoing, if the Borrower has made an election to test at the time of:

 

(i)            the
execution of the definitive agreement with respect to an Investment or the consummation of any transaction in connection with any Investment,
then, in connection with any subsequent calculation of any ratio or test on or following the relevant determination date, and prior to
the earlier of (x) the date on which such Investment is consummated or (y) the date that the definitive agreement for such Investment
is terminated or expires without consummation of such Investment, any such ratio or test shall be calculated on (A) a Pro Forma Basis
assuming such Investment or any transactions in connection therewith (including any incurrence of Indebtedness, Liens and the use of proceeds
thereof) has been consummated, and also on (B) a standalone basis without giving effect to such Investment and any such transactions
in connection therewith;

 

(ii)           the
declaration of a Restricted Payment, then, in connection with any subsequent calculation of any ratio or test on or following the relevant
determination date, and prior to the earlier of (x) the making of such Restricted Payment and (y) the date that is 60 days after
the declaration of such Restricted Payment, any such ratio or test shall be calculated on a Pro Forma Basis assuming such Restricted Payment
has been consummated, and/or

 

(iii)          the
delivery of an irrevocable notice of redemption or repayment (which may be conditional) in respect of a Restricted Debt Payment, then,
in connection with any subsequent calculation of any ratio or test on or following the relevant determination date and prior to the date
on which such Restricted Debt Payment is made, any such ratio or test shall be calculated on (A) a Pro Forma Basis assuming such
Restricted Debt Payment has been consummated and also on (B) standalone basis without giving effect to such Restricted Debt Payment.

 

(c)            For
purposes of determining the permissibility of any action, change, transaction or event that requires a calculation of any financial ratio
or test (including Section 6.14(a), any First Lien Leverage Ratio test, any Secured Leverage Ratio test, any Total Leverage
Ratio test, the amount of Consolidated Total Assets or the amount of Consolidated Adjusted EBITDA), such financial ratio or test shall
be calculated as set forth in clause (a) above (if applicable), or at the time such action is taken, such change is made,
such transaction is consummated or such event occurs, as the case may be, and no Default or Event of Default shall be deemed to have occurred
solely as a result of a change in such financial ratio or test occurring after the relevant time set forth in clause (a) above
(if applicable) or the time such action is taken, such change is made, such transaction is consummated or such event occurs, as the case
may be.

 

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(d)            Notwithstanding
anything to the contrary herein, with respect to any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment,
Disposition or Affiliate transaction incurred, entered into or consummated, as applicable, in reliance on a provision of this Agreement
under a limitation or restrictive covenant that does not require compliance with a financial ratio or test (any such amounts, the “Fixed
Amounts”) substantially concurrently with any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment,
Disposition or Affiliate transaction incurred, entered into or consummated in reliance on a provision of this Agreement in the same limitation
or restrictive covenant that requires compliance with any such financial ratio or test (including the financial covenant in Section 6.14(a),
the Total Leverage Ratio, the Secured Leverage Ratio, the First Lien Leverage Ratio and the amount of Consolidated Total Assets and Consolidated
Adjusted EBITDA) (any such amounts, the “Incurrence-Based Amounts”), it is understood and agreed that (i) the
Incurrence-Based Amounts shall first be calculated without giving effect to any Fixed Amounts being relied upon for any portion of such
incurrence or transactions and (ii) thereafter, the incurrence of the portion of such amounts or other applicable transaction to
be entered into in reliance on any Fixed Amounts shall be calculated.

 

Section 1.10.         Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event
under a different jurisdiction’s laws), (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 Capital Stock at such time.

 

Section 1.11.         Successor
LIBO Rate Index. If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that
(a) the circumstances set forth in Section 2.24 have arisen and such circumstances are unlikely to be temporary or (b) the
circumstances set forth in Section 2.24 have not arisen but the supervisor for the administrator of the LIBO Rate or a Governmental
Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO
Rate shall no longer be used for determining interest rates for loans (or, after which, the LIBO Rate is no longer required to be published),
then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate 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 9.02, 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 notice of such alternate rate of interest is provided to the Lenders, a written
notice from the Required Lenders stating that such Required Lenders object to such amendment; provided that, if such alternate rate of
interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. The Administrative Agent does
not warrant nor accept any responsibility nor shall the Administrative Agent have any liability with respect to (i) any Benchmark
Replacement Conforming Changes, (ii) the administration, submission or any matter relating to the rates in the definition of Benchmark
or with respect to any rate that is an alternative, comparable or successor rate thereto or (iii) the effect of any of the foregoing.

 

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ARTICLE 2     THE
CREDITS

 

Section 2.01.         Commitments.

 

(a)            Subject
to the terms and conditions set forth herein, (i) each Initial Term Lender severally, and not jointly, agrees to make Initial Term
Loans to the Borrower on the Closing Date, in Dollars, in a principal amount not to exceed its Initial Term Loan Commitment, and (ii) each
Revolving Lender severally, and not jointly, agrees to make Revolving Loans to the Borrower, in Dollars, at any time and from time to
time on and after the Closing Date, and until the earlier of the Initial Revolving Credit Maturity Date and the termination of the Initial
Revolving Credit Commitment of such Initial Revolving Lender in accordance with the terms hereof; provided that, after giving effect
to any Borrowing of Initial Revolving Loans, the Outstanding Amount of such Lender’s Initial Revolving Credit Exposure shall not
exceed such Lender’s Initial Revolving Credit Commitment. Within the foregoing limits and subject to the terms, conditions and limitations
set forth herein, Initial Revolving Loans may be borrowed, paid, repaid and reborrowed. Amounts paid or prepaid in respect of the
Initial Term Loans may not be reborrowed.

 

(b)            Subject
to the terms and conditions of this Agreement and any applicable Refinancing Amendment, Extension Amendment or Incremental Facility Amendment,
each Additional Lender with an Additional Commitment of a given Class, severally and not jointly, agrees to make Additional Loans of such
Class to the Borrower, which Loans shall not exceed for any such Additional Lender at the time of any incurrence thereof the Additional
Commitment of such Class of such Additional Lender as set forth in the applicable Refinancing Amendment, Extension Amendment or Incremental
Facility Amendment.

 

Section 2.02.         Loans
and Borrowings.

 

(a)            Each
Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance
with their respective Commitments of the applicable Class.

 

(b)            Subject
to Section 2.01 and Section 2.14, each Borrowing shall be comprised entirely of ABR Loans or LIBO Rate Loans as
the Borrower may request in accordance herewith; provided that each Swingline Loan shall be an ABR Loan. Each Lender at its option
may make any LIBO Rate Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that
(i) any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of
this Agreement, (ii) such LIBO Rate Loan shall be deemed to have been made and held by such Lender, and the obligation of the Borrower
to repay such LIBO Rate Loan shall nevertheless be to such Lender for the account of such domestic or foreign branch or Affiliate of such
Lender and (iii) in exercising such option, such Lender shall use reasonable efforts to minimize increased costs to the Borrower
resulting therefrom (which obligation of such Lender shall not require it to take, or refrain from taking, actions that it determines
would result in increased costs for which it will not be compensated hereunder or that it otherwise determines would be disadvantageous
to it and in the event of such request for costs for which compensation is provided under this Agreement, the provisions of Section 2.15
shall apply); provided, further, that no such domestic or foreign branch or Affiliate of such Lender shall be entitled to
any greater indemnification under Section 2.17 with respect to such LIBO Rate Loan than that to which the applicable Lender
was entitled on the date on which such Loan was made (except in connection with any indemnification entitlement arising as a result of
a Change in Law after the date on which such Loan was made).

 

(c)            At
the commencement of each Interest Period for any LIBO Rate Borrowing, such LIBO Rate Borrowing shall comprise an aggregate principal amount
that is an integral multiple of $500,000 and not less than $1,000,000. Except in the case of any Swingline Loan, each ABR Borrowing when
made shall be in a minimum principal amount of $500,000; provided that an ABR Revolving Borrowing may be made in a lesser aggregate
amount that is (x) equal to the entire aggregate unused Revolving Credit Commitments or (y) required to finance the reimbursement
of an LC Disbursement as contemplated by Section 2.05(e). Borrowings of more than one Type and Class may be outstanding
at the same time; provided that there shall not at any time be more than a total of 7 different Interest Periods in effect for
LIBO Rate Borrowings at any time outstanding (or such greater number of different Interest Periods as the Administrative Agent may agree
from time to time).

 

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(d)            Notwithstanding
any other provision of this Agreement, the Borrower shall not, nor shall it be entitled to, request, or elect to convert or continue,
any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date applicable to the relevant Loans.

 

Section 2.03.         Requests
for Borrowings. Each Term Borrowing, each Revolving Borrowing, each conversion of Term Loans or Revolving Loans from one Type to the other,
and each continuation of LIBO Rate Loans shall be made upon irrevocable notice by the Borrower to the Administrative Agent. Each such
notice must be in the form of a written Borrowing Request, appropriately completed and signed by a Responsible Officer of the Borrower
and must be received by the Administrative Agent (by hand delivery, fax or other electronic transmission (including “.pdf”
or “.tif”)) not later than (i) 12:00 p.m. three Business Days prior to the requested day of any Borrowing, conversion
or continuation of LIBO Rate Loans (or one Business Day in the case of any Borrowing of LIBO Rate Loans to be made on the Closing Date
or the Amendment No. 1 Effective Date) (or, in each
case, such later time as is acceptable to the Administrative Agent in its sole discretion) and (ii) except in the case of any Swingline
Loan, 10:00 a.m. on the Business Day of the requested date of any Borrowing of ABR Loans (or, in each case, such later time as is
acceptable to the Administrative Agent in its sole discretion); provided that, that if the Borrower wishes to request LIBO Rate
Loans having an Interest Period of other than one, two (only for so long as the two month LIBO Rate continues to be published), three
or six months in duration as provided in the definition of “Interest Period,” (A) the applicable notice from the Borrower
must be received by the Administrative Agent not later than 12:00 p.m. four Business Days prior to the requested date of the relevant
Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the appropriate Lenders of such
request and determine whether the requested Interest Period is available to them and (B) not later than 12:00 p.m. three Business
Days before the requested date of the relevant Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower
whether or not the requested Interest Period is available to the appropriate Lenders. Each written notice with respect to a Borrowing
by the Borrower pursuant to this Section 2.03 shall be delivered to the Administrative Agent in the form of a written Borrowing
Request, appropriately completed and signed by a Responsible Officer of the Borrower. Each such written Borrowing Request shall specify
the following information in compliance with Section 2.02:

 

(i)            the
Class of such Borrowing;

 

(ii)           the
aggregate amount of the requested Borrowing;

 

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

 

(iv)          whether
such Borrowing is to be an ABR Borrowing or a LIBO Rate Borrowing;

 

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

 

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(vi)          the
location and number of the Borrower’s account or any other designated account(s) to which funds are to be disbursed.

 

If no election as to the Type of Borrowing is
specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested LIBO
Rate Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. The Administrative
Agent shall advise each Lender of the details and amount of any Loan to be made as part of the relevant requested Borrowing (x) in
the case of any ABR Borrowing, on the same Business Day of receipt of a Borrowing Request in accordance with this Section 2.03
or (y) in the case of any LIBO Rate Borrowing, no later than one Business Day following receipt of a Borrowing Request in accordance
with this Section 2.03.

 

Section 2.04.         Swingline
Loans.

 

(a)            Subject
to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the Borrower, in Dollars, at any
time and from time to time on and after (and subject to the occurrence of) the Accordion Date, and until the earlier of the Initial Revolving
Credit Maturity Date and the termination of the Swingline Loan Commitment in accordance with the terms hereof; provided that no
Swingline Loan may be advanced unless, after giving effect to any Borrowing of Swingline Loans, (i) the Swingline Exposure shall
not exceed the Swingline Sublimit, (ii) the aggregate Revolving Credit Exposure shall not exceed the aggregate Revolving Credit Commitments
and (iii) the aggregate amount of the Additional Revolving Credit Exposure attributable to any Class of Additional Revolving
Credit Commitments does not exceed the aggregate amount of the Additional Revolving Credit Commitments of such Class. For the avoidance
of doubt, except for the purpose of calculating the Commitment Fee Rate, any advance of Swingline Loans shall reduce the availability
under the Revolving Credit Commitment on a dollar-for-dollar basis. Each Swingline Loan shall be in a minimum principal amount of not
less than $100,000 or such lesser amount as may be agreed by the Swingline Lender; provided that a Swingline Loan may be made in
a lesser aggregate amount that is (x) equal to the entire aggregate unused Revolving Credit Commitments or (y) required to finance
the reimbursement of an LC Disbursement as contemplated by Section 2.05(e). Within the foregoing limits and subject to the
terms, conditions and limitations set forth herein, Swingline Loans may be borrowed, paid, repaid and reborrowed. Each Swingline Loan
shall be subject to all the terms and conditions applicable to other Revolving Loans except that all payments thereon (including interest)
shall be payable to the Swingline Lender solely for its own account.

 

(b)            To
request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request in writing not later than 2:00 p.m. on
the day of the proposed Swingline Loan. Each such notice shall be irrevocable and shall be in a form of written Borrowing Request, appropriately
completed and signed by a Responsible Officer of the Borrower and must be received by the Administrative Agent (by hand delivery, fax
or other electronic transmission (including “.pdf” or “.tif”)) not later than 2:00 p.m. on the day of the
proposed Swingline Borrowing. Each such written Borrowing Request shall specify the following information in compliance with Section 2.02:
(i) the Class of such Borrowing, (ii) the aggregate amount of the requested Borrowing; (iii) the date of such Borrowing,
which shall be a Business Day; (iv) that such Borrowing is to be an ABR Borrowing; and (v) the location and number of the Borrower’s
account or any other designated account(s) to which funds are to be disbursed. The Administrative Agent will promptly advise the
Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower
pursuant to instructions previously agreed upon between the Swingline Lender and the Borrower by 4:00 p.m. on the requested
date of such Swingline Loan. Each Revolving Lender acknowledges and agrees that in making any Swingline Loan, the Swingline Lender shall
be entitled to rely, and shall not incur any liability for relying, upon the representations and warranties of the Borrower deemed made
pursuant to Section 4.02.

 

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(c)            The
Swingline Lender may, by written notice given to the Administrative Agent not later than 1:00 p.m. on any Business Day, require
the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding, and the Revolving
Lenders shall be obligated to purchase participations in any Swingline Loan on a pro rata basis based on their Applicable Percentage of
Initial Revolving Credit Commitments. Such notice shall specify the aggregate amount of Swingline Loans in which Revolving Lenders will
participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying
in such notice such Lender’s Applicable Revolving Credit Percentage of such Swingline Loan or Loans. Each Revolving Lender hereby
absolutely and unconditionally agrees to pay, upon receipt of notice as provided above, to the Administrative Agent, for the account of
the Swingline Lender, such Lender’s Applicable Revolving Credit Percentage of such Swingline Loan or Loans. Each Revolving Lender
acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination
of the Revolving Credit Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction
whatsoever. Each Revolving Lender shall comply with its obligations under this paragraph by wire transfer of immediately available funds,
in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall
apply, mutatis mutandis, to the payment obligations of the Revolving Lenders pursuant to this paragraph), and the Administrative
Agent shall promptly remit to the Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent
shall promptly notify the Borrower of any participations in any Swingline Loans acquired pursuant to this paragraph, and thereafter payments
in respect of such Swingline Loans shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by
the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the
Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such
amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall
have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear. The purchase of participations
in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. Notwithstanding anything
herein to the contrary, (1) such obligations of such Swingline Lender to make Swingline Loans hereunder (but not to purchase and
fund risk participations in Swingline Loans pursuant to Section 2.04(c)) are subject to the condition that such Swingline
Lender had not received prior notice from the Borrower or the Required Lenders that any of the conditions under Section 4.02
to the making of the applicable Swingline Loans were not satisfied and (2) the Swingline Lender shall not be obligated to make any
Swingline Loans (i) if it has elected not to do so after the occurrence and during the continuation of a Default or Event of Default,
(ii) it does not in good faith believe that all conditions under Section 4.02 to the making of such Swingline Loan have
been satisfied or waived by the Required Lenders or (iii) if any of the Revolving Lenders is a Defaulting Lender but, in the case
of this clause (iii) only to the extent that (A) the Defaulting Lender’s participation in such Swingline Loan may
not be reallocated pursuant to Section 2.21(d)(i) or (B) other arrangements reasonably satisfactory to it and Borrower
(including pursuant to Section 2.21(d)(ii)) to eliminate the Swingline Lender’s risk with respect to the Defaulting
Lender’s participation in such Swingline Loan (including cash collateralization by the Borrower of such Defaulting Lender’s
pro rata share of the outstanding Swingline Loans) have not been entered into.

 

(d)            Notwithstanding
anything herein to the contrary, the provisions of this Section 2.04 shall not apply, and no Swingline Loans shall be made
available, unless and until the Revolving Credit Commitments shall equal or exceed $50,000,000 (the “Accordion Date”).
On and after (and subject to the occurrence of) the Accordion Date, this Section 2.04 shall automatically apply, and Swingline
Loans shall be made available on and subject to the terms of this Section 2.04 at all times thereafter.

 

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Section 2.05.        Letters
of Credit.

 

(a)           General.
Subject to the terms and conditions set forth herein, (i) each Issuing Bank agrees, in each case in reliance upon the agreements
of the other Revolving Lenders set forth in this Section 2.05, (A) from time to time on any Business Day during the period
from the Closing Date to the thirtieth day prior to the Latest Revolving Credit Maturity Date, upon the request of the Borrower, to issue
Letters of Credit (provided that each Issuing Bank shall only be required to issue standby Letters of Credit and not, for the avoidance
of doubt, Commercial Letters of Credit without its consent) issued for the account of the Borrower or any Restricted Subsidiary (provided
that the Borrower will be the applicant or a co-applicant and that each Letter of Credit shall be issued by a single Issuing Bank determined
by the Borrower to the extent possible such that the Stated Amount of all Letters of Credit issued by an Issuing Bank does not exceed
such Issuing Bank’s LC Commitment) and to amend or renew Letters of Credit previously issued by it, in accordance with Section 2.05(b),
and (B) to honor drafts under the Letters of Credit, and (ii) the Revolving Lenders severally agree to participate in the Letters
of Credit issued pursuant to Section 2.05(d).

 

(b)           Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of any Letter of Credit, the Borrower shall
deliver to the applicable Issuing Bank and the Administrative Agent, at least three Business Days in advance of the requested date of
issuance (or such shorter period as is acceptable to the applicable Issuing Bank), a request to issue a Letter of Credit, which shall
specify that it is being issued under this Agreement, in the form of Exhibit K. To request an amendment, extension or renewal
of an outstanding Letter of Credit, (other than any automatic extension of a Letter of Credit permitted under Section 2.05(c))
the Borrower shall submit such a request to the applicable Issuing Bank (with a copy to the Administrative Agent) at least three Business
Days in advance of the requested date of amendment, extension or renewal (or such shorter period as is acceptable to the applicable Issuing
Bank), identifying the Letter of Credit to be amended, extended or renewed, and specifying the proposed date (which shall be a Business
Day) and other details of the amendment, extension or renewal; provided, that, any request for extension or renewal shall not exceed
twelve (12) months and in no event shall extend beyond the dates set forth in Section 2.05(c). If requested by the applicable
Issuing Bank in connection with any request for any Letter of Credit, the Borrower also shall submit a letter of credit application on
such Issuing Bank’s standard form. In the event of any inconsistency between the terms and conditions of this Agreement and the
terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the
Borrower with, the applicable Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.
No Letter of Credit, letter of credit application or other document entered into by the Borrower with any Issuing Bank relating to any
Letter of Credit shall contain any representations or warranties, covenants or events of default not set forth in this Agreement (and
to the extent inconsistent herewith shall be rendered null and void (or reformed automatically without further action by any Person to
conform to the terms of this Agreement)), and all representations and warranties, covenants and events of default set forth therein shall
contain standards, qualifications, thresholds and exceptions for materiality or otherwise consistent with those set forth in this Agreement
(and, to the extent inconsistent herewith, shall be deemed to automatically incorporate the applicable standards, qualifications, thresholds
and exceptions set forth herein without action by any Person). No Letter of Credit may be issued, amended, extended or renewed unless
(and on the issuance, amendment, extension or renewal of each Letter of Credit the Borrower shall be deemed to represent and warrant that),
after giving effect to such issuance, amendment, extension, or renewal (i) the LC Exposure does not exceed the Letter of Credit Sublimit,
(ii) the aggregate Stated Amount of all Letters of Credit issued by an Issuing Bank does not exceed such Issuing Bank’s LC
Commitment and (iii) (A) the aggregate amount of the Initial Revolving Credit Exposure shall not exceed the aggregate amount
of the Initial Revolving Credit Commitments then in effect, (B) the aggregate amount of the Additional Revolving Credit Exposure
attributable to any Class of Additional Revolving Credit Commitments does not exceed the aggregate amount of the Additional Revolving
Credit Commitments of such Class then in effect and (C) if such Letter of Credit has a term extending beyond any Maturity Date
applicable to the Revolving Credit Commitments of any Class, the aggregate amount of the LC Exposure attributable to Letters of Credit
expiring after such Maturity Date does not exceed the aggregate amount of the Revolving Credit Commitments then in effect that are scheduled
to remain in effect after such Maturity Date. Promptly after the delivery of any Letter of Credit or any amendment to a Letter of Credit
to the beneficiary thereof, the applicable Issuing Bank will also deliver to the Borrower and the Administrative Agent (if so requested
by the Administrative Agent) a true and complete copy of such Letter of Credit or amendment. Upon receipt of such Letter of Credit or
amendment, the Administrative Agent shall notify the Revolving Lenders, in writing, of such Letter of Credit or amendment, and if so requested
by a Revolving Lender, the Administrative Agent will provide such Revolving Lender with copies of such Letter of Credit or amendment.
Not later than the third Business Day following the last day of each month (or at such other intervals as the Administrative Agent and
the applicable Issuing Bank shall agree), each Issuing Bank shall provide to the Administrative Agent a schedule of all outstanding Letters
of Credit issued by such Issuing Bank, in form and substance reasonably satisfactory to the Administrative Agent, showing the date of
issuance, the account party, the original face amount (if any), the expiration date and the reference number, in each case, of each such
Letter of Credit, and showing the aggregate amount (if any) payable by the Borrower to such Issuing Bank during such month.

 

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(c)           Expiration
Date. No Letter of Credit shall expire later than the earlier of (A) the date that is one year (or, in the case of documentary
letters of credit, 180 days) after the date of the issuance of such Letter of Credit and (B) the date that is five Business Days
prior to the Latest Revolving Credit Maturity Date; provided that, any Letter of Credit may provide for the automatic extension
thereof for any number of additional periods of up to one year in duration (which additional periods shall in no event extend beyond the
date referred to in the preceding clause (B) unless 103.0% of the Stated Amount thereof (minus any amount then on deposit
in any Cash collateral account established for the benefit of the relevant Issuing Bank) is Cash collateralized or backstopped on or before
the date that such Letter of Credit is extended beyond the date referred to in clause (B) above pursuant to arrangements reasonably
satisfactory to the relevant Issuing Bank on or prior to the date that is five Business Days prior to the Latest Revolving Credit Maturity
Date).

 

(d)           Participations.
By the issuance of any Letter of Credit (or an amendment to any Letter of Credit increasing the amount thereof) and without any further
action on the part of the applicable Issuing Bank or the Revolving Lenders, the applicable Issuing Bank hereby grants to each Revolving
Lender, and each Revolving Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Revolving
Lender’s Applicable Revolving Credit Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration
and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent,
for the account of the applicable Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing
Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section 2.05, or
of any reimbursement payment required to be refunded to the Borrower for any reason. Each Revolving Lender acknowledges and agrees that
its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and
shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence
and continuance of a Default or Event of Default or reduction or termination of the Revolving Credit Commitments, and that each such payment
shall be made without any offset, abatement, withholding or reduction whatsoever.

 

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(e)           Reimbursement.

 

(i)             If
the applicable Issuing Bank makes any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement
by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 3:00 p.m. one Business Day immediately
following the date on which the Borrower receives notice of such LC Disbursement under paragraph (g) of this Section 2.05;
provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03
that such payment be financed with an ABR Revolving Borrowing in an equivalent amount (any such Revolving Borrowing in clauses (x) or
(y), a “Letter of Credit Reimbursement Loan”) and, to the extent so financed, the obligation of the Borrower
to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. If the Borrower fails to make such payment
when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the
Borrower in respect thereof and such Revolving Lender’s Applicable Revolving Credit Percentage thereof. Promptly following receipt
of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Revolving Credit Percentage of the payment
then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving Lender
(and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative
Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt
by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such
payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse
such Issuing Bank, then to such Revolving Lenders and such Issuing Bank as their interests may appear.

 

(ii)           If
any Revolving Lender fails to make available to the Administrative Agent for the account of the applicable Issuing Bank any amount required
to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.05(e) by the time specified
therein, such Issuing Bank shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand,
such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to such Issuing Bank at a rate per annum equal to the greater of (A) the Administrative Agent’s customary rate for
interbank advances in Dollars (or, if greater, the Federal Funds Effective Rate) from time to time in effect and (B) a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation. A certificate of the applicable
Issuing Bank submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause
(ii) shall be conclusive absent manifest error.

 

(f)            Obligations
Absolute. The obligation of the Borrower to reimburse LC Disbursements as provided in paragraph (e) of this Section 2.05
shall be absolute, unconditional and irrevocable and irrespective of (i) any lack of validity or enforceability of any Letter of
Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under any 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 applicable Issuing Bank under any Letter of Credit against presentation of a draft or other document that does not 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 2.05, constitute a legal or equitable discharge of, or provide a right
of setoff against, the obligations of the Borrower hereunder. Neither the Administrative Agent, the Revolving Lenders nor any Issuing
Bank, nor any of their respective Related Parties 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 such Issuing Bank; provided
that the foregoing shall not be construed to excuse such Issuing Bank 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
law) suffered by the Borrower that are caused by such Issuing Bank’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, bad faith or willful misconduct on the part of the applicable Issuing Bank (as finally determined by a court of competent
jurisdiction), such Issuing Bank 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 any Letter of Credit, the applicable Issuing Bank 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.

 

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(g)           Disbursement
Procedures. The applicable Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent
a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and the Borrower by written
notice upon any LC Disbursement thereunder; provided that no failure to give or delay in giving such notice shall relieve the Borrower
of its obligation to reimburse such Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.

 

(h)           Interim
Interest. If any Issuing Bank makes any LC Disbursement, unless the Borrower reimburses such LC Disbursement in full on the date such
LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement
is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed
with the proceeds of a Loan, as applicable), at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or,
to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable
to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant
to paragraph (e) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant
to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment
by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be
for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required
to reimburse the applicable LC Disbursement in full (and, thereafter, on demand).

 

(i)            Replacement
or Resignation of an Issuing Bank or Designation of New Issuing Banks.

 

(i)            Any
Issuing Bank may be replaced with the consent of the Administrative Agent (not to be unreasonably withheld, conditioned or delayed) at
any time by written agreement among the Borrower, the Administrative Agent and the successor Issuing Bank. The Administrative Agent shall
notify the Revolving Lenders of any such replacement of an Issuing Bank. At the time any such replacement becomes effective, the Borrower
shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b)(ii). From and after
the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced
Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term
 “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous
Issuing Banks, as the context shall require. After the replacement of any Issuing Bank hereunder, the replaced Issuing Bank shall remain
a party hereto and shall continue to have all the rights and obligations of an Issuing Bank 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. The Borrower may, at
any time and from time to time with the consent of the Administrative Agent (which consent shall not be unreasonably withheld, conditioned
or delayed) and the relevant Revolving Lender, designate one or more additional Revolving Lenders to act as an Issuing Bank under the
terms of this Agreement. Any Revolving Lender designated as an Issuing Bank pursuant to this paragraph (i) who agrees
in writing to such designation shall be deemed to be an “Issuing Bank” (in addition to being a Revolving Lender) in respect
of Letters of Credit issued or to be issued by such Revolving Lender, and, with respect to such Letters of Credit, such term shall thereafter
apply to the other Issuing Bank and such Revolving Lender.

 

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(ii)           Notwithstanding
anything to the contrary contained herein, each Issuing Bank may, upon thirty days’ (or if such Issuing Bank is also acting as the
Administrative Agent and such resignation is submitted concurrently with such Person’s resignation as the Administrative Agent pursuant
to Article 8, upon ten days’ prior written notice) prior written notice to the Borrower, each other Issuing Bank and the Lenders,
resign as Issuing Bank, which resignation shall be effective as of the date referenced in such notice (but in no event less than thirty
days after the delivery of such written notice); it being understood that in the event of any such resignation, any Letter of Credit then
outstanding shall remain outstanding (irrespective of whether any amounts have been drawn at such time). In the event of any such resignation
as an Issuing Bank, the Borrower shall be entitled to appoint any Revolving Lender that accepts such appointment in writing as successor
Issuing Bank. Upon the acceptance of any appointment as Issuing Bank hereunder, the successor Issuing Bank shall thereupon succeed to
and become vested with all the rights, powers, privileges and duties of the retiring Issuing Bank, and the retiring Issuing Bank shall
be discharged from its duties and obligations in such capacity hereunder.

 

(j)            Cash
Collateralization.

 

(i)           If
any Event of Default exists and the Loans have been declared due and payable in accordance with Article 7 hereof, then on
the Business Day on which the Borrower receives notice from the Administrative Agent at the direction of the Required Revolving Lenders
demanding the deposit of Cash collateral pursuant to this paragraph (j), the Borrower shall deposit, in an interest-bearing account
with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders (the “LC
Collateral Account”), an amount in Cash equal to 103.0% of the Stated Amount of any outstanding Letters of Credit as of such
date (minus the amount then on deposit in the LC Collateral Account); provided that the obligation to deposit such Cash
collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice
of any kind, upon the occurrence of any Event of Default described in Section 7.01(f) or 7.01(g).

 

(ii)           Any
such deposit under clause (i) above shall be held by the Administrative Agent as Collateral for the payment and performance
of the Secured Obligations in accordance with the provisions of this paragraph (j). The Administrative Agent shall have exclusive
dominion and control, including the exclusive right of withdrawal, over such account, and the Borrower hereby grants the Administrative
Agent, for the benefit of the Revolving Lenders and the Issuing Banks, a First Priority security interest in the LC Collateral Account.
Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative
Agent to reimburse the applicable Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied,
shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity
of the Loans has been accelerated (but subject to the consent of the Required Revolving Lenders) be applied to satisfy other Secured Obligations.
If the Borrower is required to provide an amount of Cash collateral hereunder as a result of the occurrence of an Event of Default, such
amount (together with all interest and other earnings with respect thereto, to the extent not applied as aforesaid) shall be returned
to the Borrower promptly but in no event later than three Business Days after such Event of Default has been cured or waived.

 

(k)           Governing
Law; Applicability of ISP. Unless otherwise expressly agreed by the Issuing Bank and the Borrower when a Letter of Credit is issued,
each Letter of Credit shall be governed by, and shall be construed in accordance with the rules of the ISP, and as to matters not
governed by the ISP, the laws of the State of New York. Notwithstanding the foregoing, or anything else in this Agreement or the other
Loan Documents to the contrary, the Issuing Bank shall not be responsible to the Borrower for, and the Issuing Bank’s rights and
remedies against the Borrower solely in its capacity as an Issuing Bank shall not be impaired by, any action or inaction of the Issuing
Bank required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this
Agreement, including the applicable law or any order of a jurisdiction where the Issuing Bank or the beneficiary is located, the practice
stated in the ISP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission,
the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International
Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

 

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Section 2.06.        [Reserved].

 

Section 2.07.        Funding
of Borrowings.

 

(a)           Each
Lender shall make each Loan to be made by it hereunder not later than (i) 12:00 p.m., in the case of LIBO Rate Loans and (ii) 3:00
p.m., in the case of ABR Loans, in each case on the Business Day specified in the applicable Borrowing Request by wire transfer of immediately
available funds to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders in
an amount equal to such Lender’s respective Applicable Percentage. The Administrative Agent will make such Loans available to the
Borrower by promptly crediting the amounts so received, in like funds, to the account designated in the relevant Borrowing Request or
as otherwise directed by the Borrower; provided that Letter of Credit Reimbursement Loans shall be remitted by the Administrative
Agent to the applicable Issuing Bank.

 

(b)           Unless
the Administrative Agent has received notice from any Lender that such Lender will not make available to the Administrative Agent such
Lender’s share of any Borrowing prior to the proposed date of such Borrowing, the Administrative Agent may assume that such Lender
has made such share available on such date in accordance with paragraph (a) of this Section 2.07 and may, in reliance
upon such assumption, make available to the Borrower a corresponding amount. In such event, if any Lender has not in fact made its share
of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay
to the Administrative Agent forthwith on demand (without duplication) such corresponding amount with interest thereon, for each day from
and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent,
at (i) in the case of such Lender, the greater of (A) the rate of interest per annum at which overnight deposits in Dollars,
would be offered for such day by the Administrative Agent in the applicable offshore interbank market for Dollars (or, if greater, the
Federal Funds Effective Rate) and (B) a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to Loans comprising such Borrowing at such
time. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included
in such Borrowing and the obligation of the Borrower to repay the Administrative Agent such corresponding amount pursuant to this Section 2.07(b) shall
cease. If the Borrower pays such amount to the Administrative Agent, the amount so paid shall constitute a repayment of such Borrowing
by such amount. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any
rights which the Administrative Agent or the Borrower or any other Loan Party may have against any Lender as a result of any default by
such Lender hereunder.

 

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Section 2.08.        Type;
Interest Elections.

 

(a)           Each
Borrowing shall initially be of the Type specified in the applicable Borrowing Request and, in the case of any LIBO Rate Borrowing, shall
have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert any Borrowing to
a Borrowing of a different Type or to continue such Borrowing and, in the case of a LIBO Rate Borrowing, may elect Interest Periods therefor,
all as provided in this Section 2.08. The Borrower may elect different options with respect to different portions of the affected
Borrowing, in which case each such portion shall be allocated ratably among the Lenders based upon their Applicable Percentages and the
Loans comprising each such portion shall be considered a separate Borrowing.

 

(b)           To
make an election pursuant to this Section 2.08, the Borrower shall deliver an Interest Election Request, appropriately completed
and signed by a Responsible Officer of the Borrower to the Administrative Agent.

 

(c)           Each
Interest Election Request shall specify the following information in compliance with Section 2.02:

 

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

 

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

 

(iii)           whether
the resulting Borrowing is to be an ABR Borrowing or a LIBO Rate Borrowing; and

 

(iv)           if
the resulting Borrowing is a LIBO Rate Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which
shall be a period contemplated by the definition of the term “Interest Period”.

 

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

 

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

 

(e)           If
the Borrower fails to deliver a timely Interest Election Request with respect to a LIBO Rate Borrowing prior to the end of the Interest
Period applicable thereto, then, unless such Borrowing is repaid as provided herein, such Borrowing shall be converted at the end of such
Interest Period to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing
and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is
continuing (i) no outstanding Borrowing may be converted to or continued as a LIBO Rate Borrowing and (ii) unless repaid, each
LIBO Rate Borrowing shall be converted to an ABR Borrowing at the end of the then-current Interest Period applicable thereto and provided
that no such notice shall be required in the case of an Event of Default under Section 7.01(f) or Section 7.01(g).

 

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Section 2.09.        Termination
and Reduction of Commitments.

 

(a)           Unless
previously terminated, (i) the Initial Term Loan Commitments shall automatically terminate upon the making of the Initial Term Loans
on the Closing Date, (ii) the Initial Revolving Credit Commitments shall automatically terminate on the Initial Revolving Credit
Maturity Date, (iii) the Additional Term Loan Commitments of any Class shall automatically terminate upon the making of the
Additional Term Loans of such Class and, if any such Additional Term Loan Commitment is not drawn on the date that such Additional
Term Loan Commitment is required to be drawn pursuant to the applicable Refinancing Amendment, Extension Amendment or Incremental Facility
Amendment, the undrawn amount thereof shall automatically terminate and (iv) the Additional Revolving Credit Commitments of any Class shall
automatically terminate on the Maturity Date specified therefor in the applicable Refinancing Amendment, Extension Amendment or Incremental
Facility Amendment.

 

(b)           Upon
delivery of the notice required by Section 2.09(c), the Borrower may at any time terminate or from time to time reduce, the
Revolving Credit Commitments of any Class; provided that (i) each reduction of the Revolving Credit Commitments of any Class shall
be in an amount that is an integral multiple of $500,000 and (ii) the Borrower shall not terminate or reduce the Revolving Credit
Commitments of any Class if, after giving effect to any concurrent prepayment of Revolving Loans, the aggregate amount of the Revolving
Credit Exposures attributable to the Revolving Credit Commitments of such Class would exceed the aggregate amount of Revolving Credit
Commitments of such Class; provided that, after the establishment of any Additional Revolving Credit Commitments, any such termination
or reduction of the Revolving Credit Commitments of any Class shall be subject to the provisions set forth in Section 2.22,
2.23 or 9.02, as applicable.

 

(c)           The
Borrower shall notify the Administrative Agent of any election to terminate or reduce any Revolving Credit Commitment under paragraph
(b) of this Section 2.09 in writing at least three Business Days prior to the effective date of such termination
or reduction (or such later date to which the Administrative Agent may agree), specifying such election and the effective date thereof.
Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Lenders of each applicable Class of
the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.09 shall be irrevocable; provided
that any such notice may state that it is conditioned upon the effectiveness of other transactions, in which case such notice may be revoked
by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.
Any termination or reduction of any Revolving Credit Commitment pursuant to this Section 2.09(c) shall be permanent.
Upon any reduction of any Revolving Credit Commitment, the Revolving Credit Commitment of each Revolving Lender of the relevant Class shall
be reduced by such Revolving Lender’s Applicable Percentage of such reduction amount.

 

Section 2.10.        Repayment
of Loans; Evidence of Debt.

 

(a)           (i) The
Borrower hereby unconditionally promises to repay the outstanding principal amount of the Initial Term Loans to the Administrative Agent
for the accounts of the Initial Term Lenders:

 

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(A)          on
the last Business Day of each March, June, September and December (commencing with the last Business Day of the first Fiscal
Quarter ending after the Closing Date) prior to the Term Loan Maturity Date (each such date being referred to as a “Term Loan
Installment Date”) in a principal amount equal to 0.25% of the original
principal amount of such Initial Term Loansset
forth below:

 

	Principal Payment Date	Installment Amount
	June 30, 2021 through September 30, 2021	$750,000
	December 31, 2021 through December 31, 2027	$1,127,833.75
	 	 

 

on a pro rata basis to the Initial Term
Lenders (as such payments may be (x) reduced from time to time as a result of the application of prepayments in accordance with Section 2.11
and/or repurchases in accordance with Section 9.05(g) or (y) increased as a result of any increase in the amount
of the Initial Term Loans pursuant to Section 2.22(a)); and

 

(B)           on
the Term Loan Maturity Date, in an amount equal to the remainder of the principal amount of the Initial Term Loans outstanding on such
date, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.

 

(ii)           The
Borrower shall repay the Additional Term Loans of any Class in such scheduled amortization installments and on such date or dates
as shall be specified therefor in the applicable Refinancing Amendment, Incremental Facility Amendment or Extension Amendment (as
such payments may be reduced from time to time as a result of the application of prepayments in accordance with Section 2.11
or repurchases in accordance with Section 9.05(g)).

 

(iii)           Prior
to any repayment of Term Loans of any Class under this Section 2.10(a), the Borrower may select the Term Borrowing or
Borrowings of the applicable Class to be repaid by notifying the Administrative Agent in writing of such selection (A) in the
case of a repayment of any LIBO Rate Borrowing, not later than 12:00 p.m. three Business Days before the scheduled date of repayment
and (B) in the case of a repayment of an ABR Borrowing, not later than 10:00 a.m. on the scheduled date of repayment (or, in
the case of clauses (A) and (B), such later time as to which the Administrative Agent may agree); provided that
in the absence of such notice by the Borrower, any such repayment shall be applied, first, to the ABR Borrowings of the Term Loans of
such Class, if any, and, second, to the LIBO Rate Borrowings of the Term Loans of such Class (and, as among any such LIBO Rate Borrowings,
in the direct order of the shortest remaining Interest Periods applicable thereto). Each repayment of any Term Borrowing pursuant to this
Section 2.10(a) shall be applied ratably to the Term Loans included in such Term Borrowing.

 

(b)           (i) The
Borrower hereby unconditionally promises to pay (A) to the Administrative Agent for the account of each Initial Revolving Lender
the then-unpaid principal amount of the Initial Revolving Loans of such Lender on the Initial Revolving Credit Maturity Date, (B) to
the Administrative Agent for the account of each Additional Revolving Lender the then-unpaid principal amount of each Additional Revolving
Loan of such Additional Revolving Lender on the Maturity Date applicable thereto and (C) to the Administrative Agent for the account
of the Swingline Lender and any applicable Revolving Lenders, all Swingline Loans and all other amounts owed hereunder with respect to
the Swingline Loans on the earlier of (x) the date which is ten (10) Business Days after the incurrence thereof and (y) the
date of termination of the Revolving Credit Commitments.

 

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(ii)           On
the Maturity Date applicable to the Revolving Credit Commitments of any Class, the Borrower shall (A) cancel and return outstanding
Letters of Credit (or alternatively, with respect to each outstanding Letter of Credit, furnish to the Administrative Agent) a Cash deposit
(or if reasonably satisfactory to the relevant Issuing Bank, a “backstop” letter of credit) equal to 103.0% of the Stated
Amount thereof (minus any amount then on deposit in any Cash collateral account established for the benefit of the relevant Issuing
Bank) as of such date, in each case to the extent necessary so that, after giving effect thereto, the aggregate amount of the Revolving
Credit Exposure attributable to the Revolving Credit Commitments of any other Class shall not exceed the Revolving Credit Commitments
of such other Class then in effect and (B) make payment in full in Cash of all accrued and unpaid fees and all reimbursable
expenses and other Obligations with respect to the Revolving Facility of the applicable Class then due, together with accrued and
unpaid interest (if any) thereon.

 

(c)           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, including the amounts of principal and interest payable and paid to such Lender from
time to time hereunder.

 

(d)           The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and
Type thereof and the Interest Period (if any) applicable 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 for the account of the Lenders or the Issuing Banks and each Lender’s or Issuing Bank’s share thereof.

 

(e)           The
entries made in the accounts maintained pursuant to paragraphs (c) or (d) of this Section 2.10 shall
be prima facie evidence of the existence and amounts of the obligations recorded therein (absent manifest error); provided that
the failure of any Lender or the Administrative Agent to maintain such accounts or any manifest error therein shall not in any manner
affect the obligation of each of the Borrower to repay the Loans in accordance with the terms of this Agreement; provided, further,
that in the event of any inconsistency between the accounts maintained by the Administrative Agent pursuant to paragraph (d) of
this Section 2.10 and any Lender’s records, the accounts of the Administrative Agent shall govern.

 

(f)           Any
Lender may request that any Loan made by it be evidenced by a Promissory Note. In such event, the Borrower shall prepare, execute and
deliver a Promissory Note to such Lender payable to such Lender and its registered assigns; it being understood and agreed that such Lender
(or its applicable assign) shall be required to return such Promissory Note to the Borrower in accordance with Section 9.05(b)(iii) and
upon the occurrence of the Termination Date (or as promptly thereafter as practicable). If any Lender loses the original copy of its Promissory
Note, it shall execute an affidavit of loss containing an indemnification provision reasonably satisfactory to the Borrower.

 

Section 2.11.         Prepayment
of Loans.

 

(a)           Optional
Prepayments.

 

(i)           Upon
prior notice in accordance with paragraph (a)(iii) of this Section 2.11, the Borrower shall have the right at
any time and from time to time to prepay any Borrowing of Term Loans of any Class in whole or in part without premium or penalty
(but subject (A) in the case of Borrowings of Initial Term Loans only, to Section 2.12(e) and (B) to Section 2.16).
Each such prepayment shall be paid to the Lenders in accordance with their respective Applicable Percentages of the relevant Class.

 

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(ii)           Upon
prior notice in accordance with paragraph (a)(iii) of this Section 2.11, the Borrower shall have the right at
any time and from time to time to prepay any Borrowing of Revolving Loans of any Class, in whole or in part without premium or penalty
(but subject to Section 2.16); provided that after the establishment of any Additional Revolving Credit Commitment,
any such prepayment of any Borrowing of Revolving Loans of any Class shall be subject to the provisions set forth in Section 2.22,
2.23 or 9.02, as applicable. Each such prepayment shall be paid to the Revolving Lenders in accordance with their respective
Applicable Percentages of the relevant Class.

 

(iii)           The
Borrower shall notify the Administrative Agent in writing of any prepayment under this Section 2.11(a). Each such notice must
be in the form of a written Prepayment Notice, appropriately completed and signed by a Responsible Officer of the Borrower and must be
received by the Administrative Agent (by hand delivery, fax or other electronic transmission, including “.pdf” or “.tif”)
not later than (A) in the case of prepayment of a LIBO Rate Borrowing, not later than 12:00 p.m. three Business Days before
the date of prepayment or (B) in the case of prepayment of an ABR Borrowing, not later than 12:00 p.m. on the day of prepayment
(or, in the case of clauses (A) and (B), such later time as to which the Administrative Agent may agree). Each such Prepayment Notice
shall be irrevocable (except as set forth in the proviso to this sentence) and shall specify the prepayment date and the principal amount
of each Borrowing or portion thereof to be prepaid; provided that any Prepayment Notice delivered by the Borrower may be conditioned upon
the effectiveness of other transactions, in which case such Prepayment Notice may be revoked by the Borrower (by notice to the Administrative
Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any such Prepayment
Notice relating to any Borrowing, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each partial prepayment
of any Borrowing shall be in an amount at least equal to the amount that would be permitted in the case of a Borrowing of the same Type
and Class as provided in Section 2.02(c), or such lesser amount that is then outstanding with respect to such Borrowing
being repaid (and in increments of $500,000 in excess thereof or such lesser incremental amount that is then outstanding with respect
to such Borrowing being repaid). Each prepayment of Term Loans shall be applied to the Class of Term Loans specified in the applicable
Prepayment Notice, and each prepayment of Term Loans of such Class made pursuant to this Section 2.11(a) shall be
applied against the remaining scheduled installments of principal due in respect of the Term Loans of such Class in the manner specified
by the Borrower or, in the absence of any such specification on or prior to the date of the relevant optional prepayment, in direct order
of maturity.

 

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(b)           Mandatory
Prepayments.

 

(i)           No
later than the fifth Business Day after the date on which the financial statements with respect to each Fiscal Year are required to be
delivered pursuant to Section 5.01(b), commencing with respect to the Fiscal Year ending December 31, 2022, the Borrower
shall prepay the outstanding principal amount of Term Loans then subject to ratable prepayment requirements in accordance with clause (vii) of
this Section 2.11(b) below in an aggregate principal amount (the “ECF Prepayment Amount”) equal to
(A) the Required Excess Cash Flow Percentage of Excess Cash Flow of the Borrower and the Restricted Subsidiaries for the Fiscal Year
then ended, minus, (B) without duplication of amounts reducing Excess Cash Flow, at the option of the Borrower, the aggregate
principal amount of (x) any Term Loans (excluding any Incremental Term Loans that are not secured by the Collateral) and any Revolving
Loans (to the extent accompanied by a permanent reduction in the Revolving Credit Commitment) (excluding any Incremental Revolving Loans
that are not secured by the Collateral on a first lien basis), and (y) the amount of any reduction in the outstanding amount of any
Term Loans resulting from any assignment made to the Borrower or any of its Subsidiaries made in accordance with Section 9.05(g) of
this Agreement (including in connection with any Dutch Auction) prior to the date of prepayment pursuant to this Section 2.11(b)(i),
in the case of this clause (y), based upon the actual amount of cash paid in connection with the relevant assignment, in each case,
excluding any such optional prepayments (I) made during such Fiscal Year that reduced the amount required to be prepaid pursuant
to this Section 2.11(b)(i) in the prior Fiscal Year (in the case of any prepayment of revolving Indebtedness, to the
extent accompanied by a permanent reduction in the relevant commitment, and (II) in the case of all such prepayments, solely to the
extent that such prepayments were not financed with the proceeds of other Indebtedness (other than revolving Indebtedness) of the Borrower
or the Restricted Subsidiaries or proceeds constituting a Cure Amount); provided that any such Excess Cash Flow prepayment shall
be required only to the extent the amount of such prepayment exceeds $5,000,000 provided, further, that if at the time that
any such prepayment would be required, the Borrower or any Restricted Subsidiary is required to prepay, repay or repurchase (or offer
to prepay, repay or repurchase) any other Indebtedness that is secured on a pari passu basis with the Obligations pursuant to the terms
of the documentation governing such Indebtedness with any portion of the ECF Prepayment Amount (such Indebtedness required to be so repaid
or repurchased (or offered to be repaid or repurchased), the “Other Applicable Indebtedness”), then the relevant Person
may apply the ECF Prepayment Amount on a pro rata basis to the prepayment of the Term Loans and to the repurchase, prepayment or repayment
of the Other Applicable Indebtedness (determined on the basis of the aggregate outstanding principal amount of the Term Loans and the
Other Applicable Indebtedness (or accreted amount if such Other Applicable Indebtedness is issued with original issue discount) at such
time; it being understood that (1) the portion of the ECF Prepayment Amount allocated to the Other Applicable Indebtedness shall
not exceed the amount of the ECF Prepayment Amount required to be allocated to the Other Applicable Indebtedness pursuant to the terms
thereof, and the remaining amount, if any, of the ECF Prepayment Amount shall be allocated to the Term Loans in accordance with the terms
hereof), and the amount of the prepayment of the Term Loans that would have otherwise been required pursuant to this Section 2.11(b)(i) shall
be reduced accordingly and (2) to the extent the holders of the Other Applicable Indebtedness decline to have such Indebtedness prepaid
or repurchased, the declined amount shall promptly (and in any event within ten Business Days after the date of such rejection) be applied
to prepay the Term Loans in accordance with the terms hereof.

 

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(ii)           No
later than the fifth Business Day following the receipt of Net Proceeds in respect of any Prepayment Asset Sale or Net Insurance/Condemnation
Proceeds, in each case, in excess of (x) $7,000,000 in a single transaction or series of related transactions or (y) $30,000,000
in the aggregate for all such transactions after the Closing Date, the Borrower shall apply an amount equal to the Required Prepayment
Percentage of the Net Proceeds or Net Insurance/Condemnation Proceeds received with respect thereto in excess of such thresholds (collectively,
the “Subject Proceeds”) to prepay the outstanding principal amount of Term Loans then subject to ratable prepayment
requirements (the “Subject Loans”) in accordance with clause (vii) below; provided that (A) if
prior to the date any such prepayment is required to be made, the Borrower notifies the Administrative Agent of its intention to reinvest
the Subject Proceeds in assets used or useful in the business (other than Cash or Cash Equivalents) of the Borrower or any Restricted
Subsidiary, then so long as no Event of Default then exists, the Borrower shall not be required to make a mandatory prepayment under this
clause (ii) in respect of the Subject Proceeds to the extent (x) the Subject Proceeds are so reinvested within 365 days
following receipt thereof, or (y) the Borrower or any Restricted Subsidiary has committed to so reinvest the Subject Proceeds during
such 365-day period and the Subject Proceeds are so reinvested within 180 days after the expiration of such 365-day period; it being understood
that if the Subject Proceeds have not been so reinvested prior to the expiration of the applicable period, the Borrower shall promptly
prepay the outstanding principal amount of the Subject Loans with the Subject Proceeds not so reinvested as set forth above (without regard
to the immediately preceding proviso) and (B) if, at the time that any such prepayment would be required hereunder, the Borrower
or any Restricted Subsidiary is required to prepay, repay or repurchase (or offer to prepay, repay or repurchase) any Other Applicable
Indebtedness with any portion of the Subject Proceeds, then the relevant Person may apply the Subject Proceeds on a pro rata basis to
the prepayment of the Subject Loans and to the repurchase, prepayment or repayment of the Other Applicable Indebtedness (determined on
the basis of the aggregate outstanding principal amount of the Subject Loans and the Other Applicable Indebtedness (or accreted amount
if such Other Applicable Indebtedness is issued with original issue discount) at such time; it being understood that (1) the portion
of the Subject Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of the Subject Proceeds required to
be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of the Subject Proceeds
shall be allocated to the Subject Loans in accordance with the terms hereof), and the amount of the prepayment of the Subject Loans that
would have otherwise been required pursuant to this Section 2.11(b)(ii) shall be reduced accordingly and (2) to
the extent the holders of the Other Applicable Indebtedness decline to have such Indebtedness prepaid or repurchased, the declined amount
shall promptly (and in any event within ten Business Days after the date of such rejection) be applied to prepay the Subject Loans in
accordance with the terms hereof.

 

(iii)           In
the event that the Borrower or any Restricted Subsidiary (x) receives Net Proceeds from the issuance or incurrence of (A) Indebtedness
by the Borrower or any Restricted Subsidiary that is not permitted under Section 6.01, (B) Indebtedness that constitutes
(I) Refinancing Indebtedness incurred to refinance all or a portion of the Term Loans pursuant to Section 6.01(p), (II) Incremental
Loans incurred to refinance all or a portion of the Term Loans pursuant to Section 2.22 or (III) Replacement Term Loans
incurred to refinance all or any portion of the Term Loans in accordance with the requirements of Section 9.02(c), the Borrower
shall, substantially simultaneously with (and in any event not later than the next succeeding Business Day) the receipt of such Net Proceeds
by the Borrower or such Restricted Subsidiary, as the case may be, apply an amount equal to 100.0% of such Net Proceeds to prepay the
outstanding principal amount of the relevant Term Loans in accordance with clause (vii) below or (y) obtains a Replacement
Revolving Facility, the Borrower shall comply with Section 9.02(c)(ii)(I);

 

(iv)          [Reserved].

 

(v)           Notwithstanding
anything in this Section 2.11(b) to the contrary:

 

(A)          if
the Borrower determines in good faith that the repatriation to the Borrower of any amount of the relevant Excess Cash Flow generated by
any Foreign Subsidiary, the Net Proceeds of the relevant Prepayment Asset Sale consummated by any Foreign Subsidiary or the relevant Net
Insurance/Condemnation Proceeds received by any Foreign Subsidiary, as the case may be, that would otherwise be required to be paid pursuant
to Sections 2.11(b)(i) or (ii) above would be prohibited under any Requirement of Law or conflict with the fiduciary
duties of such Foreign Subsidiary’s directors, or result in, or would reasonably be expected to result in, a material risk of personal
or criminal liability for any officer, director, employee, manager, member of management or consultant of such Foreign Subsidiary (such
amount, a “Restricted Foreign Subsidiary Amount”), the amount that the Borrower shall be required to mandatorily prepay
pursuant to Sections 2.11(b)(i) or (ii) above, as applicable, shall be reduced by the Restricted Foreign Subsidiary
Amount; it being understood that if the repatriation of the relevant affected Excess Cash Flow or Subject Proceeds, as the case may be,
is permitted under the applicable Requirement of Law and, to the extent applicable, would no longer conflict with the fiduciary duties
of such director, or result in, or would reasonably be expected to result in, a material risk of personal or criminal liability for the
Persons described above, in either case, within 365 days following the end of the applicable Excess Cash Flow Period or the event giving
rise to the relevant Subject Proceeds, the relevant Foreign Subsidiary will to the extent then available promptly repatriate the relevant
Excess Cash Flow or Subject Proceeds, as the case may be, and the repatriated Excess Cash Flow or Subject Proceeds, as the case may be,
will be applied promptly after such repatriation (net of additional Taxes payable or reserved against as a result thereof) to the repayment
of the Term Loans pursuant to this Section 2.11(b) to the extent required herein (without regard to this clause (v)(A)),

 

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(B)           if
the Borrower determines in good faith that the distribution to the Borrower of the relevant Excess Cash Flow generated by any joint venture
or the relevant Subject Proceeds received by any joint venture to prepay any amount of such Excess Cash Flow or Subject Proceeds that
would otherwise be required to be paid pursuant to Sections 2.11(b)(i) or (ii) above would be prohibited under
the Organizational Documents governing such joint venture (such amount, a “Restricted Joint Venture Amount”), the amount
that the Borrower shall be required to mandatorily prepay pursuant to Sections 2.11(b)(i) or (ii) above, as applicable,
shall be reduced by the Restricted Joint Venture Amount; it being understood that if the relevant prohibition ceases to exist within the
365-day period following the end of the applicable Excess Cash Flow Period or the event giving rise to the relevant Subject Proceeds,
the relevant joint venture will promptly distribute to the Borrower to the extent then available the relevant Excess Cash Flow or the
relevant Subject Proceeds, as the case may be, and such Excess Cash Flow or Subject Proceeds (net of additional Taxes payable or reserved
against as a result of such distribution) will be applied promptly after such distribution to the repayment of the Term Loans pursuant
to this Section 2.11(b) to the extent required herein (without regard to this clause (v)(B)),

 

(C)           if
the Borrower determines in good faith that the repatriation to the Borrower or any dividend or other distribution, as applicable, to the
Borrower of any amounts required to mandatorily prepay the Term Loans pursuant to Sections 2.11(b)(i) or (ii) above
would result in a material Tax liability (including any withholding Tax) (such amount, a “Restricted Tax Amount”),
the amount that the Borrower shall be required to mandatorily prepay pursuant to Sections 2.11(b)(i) or (ii) above,
as applicable, shall be reduced by the Restricted Tax Amount; provided that to the extent that within the 365-day period following
the event giving rise to the relevant Subject Proceeds or the end of the applicable Excess Cash Flow Period, as the case may be, such
repatriation or dividend or other distribution, as applicable, of the relevant Subject Proceeds or Excess Cash Flow to the Borrower would
no longer result in a material Tax liability, to the extent then available the Subject Proceeds or Excess Cash Flow, as applicable, will
be promptly repatriated or paid as a dividend or otherwise distributed to the Borrower and will be applied promptly thereafter (net of
additional Taxes payable or reserved against as a result of such repatriation, dividend or other distribution, as applicable) to the repayment
of the Term Loans pursuant to this Section 2.11(b) to the extent required herein (without regard to this clause (v)(C));

 

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(vi)          The
Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made pursuant to clause
(i), (ii) or (iii) of this Section 2.11(b) at least three (3) Business Days prior to
the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation
of the amount of such prepayment. The Administrative Agent will promptly notify each applicable Lender of the contents of any such notice
from the Borrower and of such Lender’s Applicable Percentage of the prepayment. Each Term Lender will have the right to decline
all (but not a portion) of its Applicable Percentage of such prepayment (such declined amounts, the “Declined Proceeds”)
by providing written notice (each, a “Rejection Notice”) to the Administrative Agent and the Borrower no later than
12:00 p.m. two (2) Business Days after the date of such Lender’s receipt of notice from the Administrative Agent regarding
such prepayment (provided that if any Lender fails to deliver a Rejection Notice to the Administrative Agent of its election to
decline receipt of its Applicable Percentage of any mandatory prepayment of Term Loans within the time frame specified above, such failure
will be deemed to constitute an acceptance of such Lender’s Applicable Percentage of the total amount of such mandatory prepayment);
provided that (A) in the event that any Term Lender elects to decline receipt of such Declined Proceeds, the remaining amount
thereof may be retained by the Borrower and (B) for the avoidance of doubt, no Lender may reject any prepayment made under Section 2.11(b)(iii) to
the extent that such prepayment is made with the Net Proceeds of (x) Refinancing Indebtedness incurred to refinance all or a portion
of the Term Loans pursuant to Section 6.01(p), (y) Incremental Loans incurred to refinance all or a portion of the Term
Loans pursuant to Section 2.22 or (z) Replacement Term Loans incurred to refinance all or any portion of the Term Loans
in accordance with the requirements of Section 9.02(c).

 

(vii)         Except
as otherwise provided in any Refinancing Amendment, any Incremental Facility Amendment or any Extension Amendment, each prepayment of
Term Loans pursuant to this Section 2.11(b) shall be applied ratably to each Class of Term Loans then outstanding
(provided that any prepayment of Term Loans with the Net Proceeds of any Refinancing Indebtedness, Incremental Term Facility
or Replacement Term Loans shall be applied to the applicable Class of Term Loans being refinanced or replaced). With respect to each
Class of Term Loans, all accepted prepayments under this Section 2.11(b) shall be applied against the remaining
scheduled installments of principal due in respect of such Term Loans as directed by the Borrower (or, in the absence of direction from
the Borrower, to the remaining scheduled amortization payments in respect of such Term Loans in direct order of maturity), and each such
prepayment shall be paid to the Term Lenders in accordance with their respective Applicable Percentage of the applicable Class. The amount
of such mandatory prepayments shall be applied on a pro rata basis to the then outstanding Term Loans being prepaid irrespective of whether
such outstanding Term Loans are ABR Loans or LIBO Rate Loans; provided that if no Lenders exercise the right to waive a given mandatory
prepayment of the Term Loans pursuant to Section 2.11(b)(vi), then, with respect to such mandatory prepayment, the amount
of such mandatory prepayment shall be applied first to the then outstanding Term Loans that are ABR Loans and then to the then outstanding
Term Loans that are LIBO Rate Loans in a manner that minimizes the amount of any payments required to be made by the Borrower pursuant
to Section 2.16.

 

(viii)        (A) In
the event that the Revolving Credit Exposure of any Class exceeds 100.0% of the amount of the Revolving Credit Commitment of such
Class then in effect, the Borrower shall, within five Business Days of receipt of notice from the Administrative Agent, prepay the
Revolving Loans or reduce LC Exposure in an aggregate amount sufficient to reduce such Revolving Credit Exposure as of the date of such
payment to an amount not to exceed the Revolving Credit Commitment of such Class then in effect by taking any of the following actions
as it shall determine at its sole discretion: (x) prepaying Revolving Loans or (y) with respect to any excess LC Exposure, depositing
Cash in a Cash collateral account established for the benefit of the relevant Issuing Bank or “backstopping” or replacement
of the relevant Letters of Credit, in each case, in an amount equal to 103.0% of such excess LC Exposure attributable to the Stated Amount
of such Letters of Credit (minus any amount then on deposit in any Cash collateral account established for the benefit of the relevant
Issuing Bank).

 

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(B)           Each
prepayment of any Revolving Borrowing under this Section 2.11(b)(viii) shall be paid to the Revolving Lenders in accordance
with their respective Applicable Percentages of the applicable Class.

 

(ix)           Prepayments
made under this Section 2.11(b) shall be (A) accompanied by accrued interest as required by Section 2.13,
(B) subject to Section 2.16 and (C) in the case of prepayments of Initial Term Loans under clause (iii) above
as part of a Repricing Transaction, subject to Section 2.12(e), but shall otherwise be without premium or penalty.

 

Section 2.12.         Fees.

 

(a)           The
Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender of any Class (other than any Defaulting
Lender) a commitment fee, which shall accrue at a rate equal to the Commitment Fee Rate applicable to the Revolving Credit Commitments
of such Class on the average daily amount of the unused Revolving Credit Commitment of such Class of such Revolving Lender during
the period from and including the Closing Date to the date on which such Lender’s Revolving Credit Commitment of such Class terminates.
Accrued commitment fees shall be payable in arrears on the last Business Day of each March, June, September and December (commencing
with the last Business Day of June, 2021) for the quarterly period then ended, and on the date on which the Revolving Credit Commitments
of the applicable Class terminate. For purposes of calculating the commitment fee only, the Revolving Credit Commitment of any Class of
any Revolving Lender shall be deemed to be used to the extent of Revolving Loans of such Class of such Revolving Lender and the LC
Exposure of such Revolving Lender attributable to its Revolving Credit Commitment of such Class (and the Swingline Exposure of such
Lender shall be disregarded for such purpose).

 

(b)           The
Borrower agrees to pay (i) to the Administrative Agent, for the account of each Revolving Lender of any Class, a participation fee
with respect to its participations in Letters of Credit, which shall accrue at the Applicable Rate used to determine the interest rate
applicable to Revolving Loans of such Class that are LIBO Rate Loans on the daily face amount of such Lender’s LC Exposure
attributable to its Revolving Credit Commitment of such Class (excluding any portion thereof that is attributable to unreimbursed
LC Disbursements), during the period from and including the Closing Date to the earlier of (A) the later of the date on which such
Revolving Lender’s Revolving Credit Commitment of such Class terminates and the date on which such Revolving Lender ceases
to have any LC Exposure attributable to its Revolving Credit Commitment of such Class and (B) the Termination Date, (ii) to
each Issuing Bank, a fronting fee, in respect of each Letter of Credit issued by such Issuing Bank for the period from the date of issuance
of such Letter of Credit to the earlier of (A) the expiration date of such Letter of Credit, (B) the date on which such Letter
of Credit terminates or (C) the Termination Date, computed at a rate equal to equal to 0.125% per annum or the rate agreed by such
Issuing Bank and the Borrower, and (iii) to each Issuing Bank, for its own account, such Issuing Bank’s standard fees with
respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees
and fronting fees shall accrue to but excluding the last Business Day of each March, June, September and December and be payable
in arrears for the quarterly period then ended on the last Business Day of each March, June, September and December (commencing,
if applicable, with the last Business Day of June 2021); provided that all such fees shall be payable on the date on which
the Revolving Credit Commitments of the applicable Class terminate, and any such fees accruing after the date on which the Revolving
Credit Commitments of the applicable Class terminate shall be payable on demand. Any other fees payable to any Issuing Bank pursuant
to this paragraph shall be payable within thirty (30) days after receipt of a written demand (accompanied by reasonable back-up documentation)
therefor.

 

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(c)           The
Borrower agrees to pay to the Administrative Agent, for its own account, the annual administration fee in the amounts and at the times
set forth in the applicable Fee Letter.

 

(d)           Except
as otherwise provided in the applicable Fee Letter, all fees
payable hereunder shall be paid on the dates due, in Dollars and in immediately available funds, to the Administrative Agent (or to the
applicable Issuing Bank, in the case of fees payable to any Issuing Bank). Fees paid shall not be refundable under any circumstances except
as otherwise provided in the applicable Fee Letter.

 

(e)           In
the event that, on or prior to the date that is six months following the ClosingAmendment
No. 1 Effective Date, (A) any Initial Term Loans are refinanced in a Repricing Transaction (including, for the
avoidance of doubt, any prepayment made pursuant to Section 2.11(b)(iii) that constitutes a Repricing Transaction), or
(B) any amendment, waiver or other modification of or to this Agreement is effected that constitutes a Repricing Transaction, the
Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Initial Term Lenders, (I) in the
case of clause (A), a premium of 1.00% of the aggregate principal amount of the Initial Term Loans so refinanced and (II) in
the case of clause (B), a fee equal to 1.00% of the aggregate principal amount of the Initial Term Loans that are the subject of
such Repricing Transaction outstanding immediately prior to such Repricing Transaction. If, on or prior to the date that is six months
following the ClosingAmendment
No. 1 Effective Date, all or any portion of the Initial Term Loans held by any Term Lender are prepaid or assigned
at the election of the Borrower pursuant to Section 2.19(b)(iv) as a result of such Term Lender being a Non-Consenting
Lender in respect of any amendment, waiver or modification of or to this Agreement constituting a Repricing Transaction, the Borrower
shall pay to such Term Lender a fee equal to 1.00% of the aggregate principal amount of the Initial Term Loans held by such Term Lender
that are so prepaid or assigned (it being expressly understood and agreed that such fee shall be paid in lieu of, and not in addition
to, any amounts that would be payable in respect of such Initial Term Loans pursuant to the immediately preceding sentence). All such
amounts payable pursuant to this Section 2.12(e) shall be due and payable on the date of effectiveness of the applicable
Repricing Transaction.

 

(f)           Unless
otherwise indicated herein, all computations of fees shall be made on the basis of a 360-day year and shall be payable for the actual
days elapsed (including the first day but excluding the last day). Each determination by the Administrative Agent of a fee hereunder shall
be conclusive and binding for all purposes, absent manifest error.

 

Section 2.13.        Interest.

 

(a)           The
Term Loans and Revolving Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable
Rate.

 

(b)           The
Term Loans and Revolving Loans comprising each LIBO Rate Borrowing shall bear interest at the LIBO Rate for the Interest Period in effect
for such Borrowing plus the Applicable Rate.

 

(c)           Notwithstanding
the foregoing, if an Event of Default under Sections 7.01(a), 7.01(f) or 7.01(g) has occurred and is continuing,
any principal of or interest on any Term Loan or Revolving Loan, any LC Disbursement or any fee payable by the Borrower hereunder that
is not, in each case, paid or reimbursed when due, whether at stated maturity, upon acceleration or otherwise, shall, to the extent of
the relevant overdue amount, bear interest, to the fullest extent permitted by applicable Requirements of Law, after as well as before
judgment, at a rate per annum equal to (i) in the case of overdue principal or interest of any Term Loan, Revolving Loan or unreimbursed
LC Disbursement, 2.00% plus the rate otherwise applicable to such Term Loan, Revolving Loan or LC Disbursement as provided in the
preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2.00% plus the rate applicable
to Revolving Loans that are ABR Loans as provided in paragraph (a) of this Section 2.13; provided that
no amount shall accrue pursuant to this Section 2.13(c) on any overdue amount payable to a Defaulting Lender during the
period that such Lender is a Defaulting Lender.

 

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(d)           Accrued
interest on each Term Loan or Revolving Loan shall be payable in arrears on each Interest Payment Date for such Term Loan or Revolving
Loan and (i) on the Maturity Date applicable to such Loan and (ii) in the case of a Revolving Loan of any Class, upon termination
of the Revolving Credit Commitments of such Class; provided that (A) in the event of any repayment or prepayment of any Term
Loan or Revolving Loan (other than any repayments or prepayments of an ABR Revolving Loan of any Class that are not made in connection
with the termination or permanent reduction of the Revolving Credit Commitments of such Class), accrued interest on the principal amount
repaid or prepaid shall be payable on the date of such repayment or prepayment and (B) in the event of any conversion of any LIBO
Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Term Loan or Revolving Loan shall be payable
on the effective date of such conversion.

 

(e)           All
interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base
Rate that is determined by reference to the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year),
and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable
Alternate Base Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest
error. Interest shall accrue on each Loan for the day on which the Loan is made and shall not accrue on a Loan, or any portion thereof,
for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same day on which it is made
shall bear interest for one day.

 

Section 2.14.        Benchmark
Replacement Settings.

 

(a)           Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if:

 

(i) (A) a Benchmark
Transition Event or, as the case may be, an Early Opt-in Election and (B) a Benchmark Replacement Date with respect thereto have
occurred prior to the Reference Time in connection with 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” for
such Benchmark Replacement Date, such Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under
any other Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without requiring any amendment to, or
requiring any further action by 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” for such Benchmark
Replacement Date, such Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any other 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 requiring any amendment to, or requiring any further
action by 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; or

 

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(ii) (A) a Benchmark
Transition Event or, as the case may be, an Early Opt-in Election and the Benchmark Replacement Date with respect thereto has already
occurred prior to the Reference Time for any setting of the then-current Benchmark and as a result the then-current Benchmark is being
determined in accordance with clauses (2) or (3) of the definition of “Benchmark Replacement”; and

 

(B) the Administrative
Agent subsequently determines, in its sole discretion, that (w) Term SOFR and a Benchmark Replacement Adjustment with respect thereto
is or has becomes available and the Benchmark Replacement Date with respect thereto has occurred, (x) there is currently a market
for U.S. dollar-denominated syndicated credit facilities utilizing Term SOFR as a Benchmark and for determining the Benchmark Replacement
Adjustment with respect thereto, (y) Term SOFR is being recommended as the Benchmark for U.S. dollar-denominated syndicated credit
facilities by the Relevant Government Authority and (z) in any event, Term SOFR, the Benchmark Replacement Adjustment with respect
thereto and the application thereof is administratively feasible for the Administrative Agent (as determined by the Administrative Agent
in its sole discretion),

 

then clause (1) of the
definition of “Benchmark Replacement” will, without requiring any amendment to, or requiring any further action by or consent
of any other party (other than the Borrower) to, this Agreement or any other Loan Document, replace such then-current Benchmark for all
purposes hereunder and under any other Loan Document in respect of such Benchmark setting and subsequent Benchmark settings on and from
the beginning of the next Interest Period or, as the case may be, Available Tenor so long as the Administrative Agent notifies the Lenders
prior to the commencement of such next Interest Period or, as the case may be, Available Tenor.

 

(b)           Benchmark
Replacement Conforming Changes. 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
requiring any further action by or consent of any other party to this Agreement or any other Loan Document.

 

(c)           Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any
occurrence of (A) a Benchmark Transition Event or, as the case may be, an Early Opt-in Election and (B) the Benchmark Replacement
Date with respect thereto, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement
Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) below and (v) 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 2.14, 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 2.14.

 

(d)           Unavailability
of Tenor of Benchmark. 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), (i) if the then-current Benchmark is a term rate (including Term SOFR or USD
LIBOR) and either (A) 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 (B) 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 (ii) if a tenor that was removed
pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including
a Benchmark Replacement) or (B) 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.

 

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(e)           Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower
may revoke any request for a LIBO Rate Borrowing of, conversion to or continuation of LIBO Rate Loans to be made, converted or continued
during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request
for a Borrowing of or conversion to ABR 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.

 

(f)           Certain
Definitions. As used in this Section 2.14:

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, (x) if the then-current Benchmark
is a term rate, any tenor for such Benchmark or (y) otherwise, any payment period for interest calculated with reference to such
Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such
date and, for the avoidance of doubt, shall exclude any tenor for such Benchmark that is removed from the definition of “Interest
Period” pursuant to clause (d) of this Section 2.14.

 

“Benchmark”
means, initially, USD LIBOR; provided that, if a Benchmark Transition Event or, as the case may be, an Early Opt-in Election and
the Benchmark Replacement Date with respect thereto have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark”
means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant
to clause (a) of this Section 2.14.

 

“Benchmark Replacement”
means, 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:

 

(1) the sum of: (a) Term
SOFR and (b) the Benchmark Replacement Adjustment with respect thereto;

 

(2) 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 Borrower 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 U.S. dollar-denominated syndicated credit
facilities at such time and (b) the Benchmark Replacement Adjustment with respect thereto;

 

provided that, in the
case of clause (1) of this definition, 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.

 

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If at any time the Benchmark
Replacement as determined pursuant to clause (1), (2) or (3) of this definition 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” means, 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 that has been selected or recommended by the Relevant Governmental Body for
the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement;

 

(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 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 Available Tenor of such Benchmark; and

 

(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 Borrower
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 Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement
by the Relevant Governmental Body on the applicable Benchmark Replacement Date 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 Available
Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities.

 

provided that, (x) 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 and (y) if the then-current
Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable
Unadjusted Benchmark Replacement that will replace such Benchmark in accordance with this Section 2.14 will not be a term
rate, the Available Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be
deemed to be, with respect to each Unadjusted Benchmark Replacement having a payment period for interest calculated with reference thereto,
the Available Tenor that has approximately the same length (disregarding business day adjustments) as such payment period.

 

“Benchmark Replacement
Conforming Changes” means, 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).

 

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“Benchmark Replacement
Date” means the earliest to occur of the following events with respect to the 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 date of the public statement or publication of information
referenced therein; or

 

(3) in the case of an
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.

 

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” means the occurrence of one or more of the following events with respect to the 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 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 (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), 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

 

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(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 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).

 

“Benchmark Unavailability
Period” means 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 the then-current Benchmark for all purposes
hereunder and under any Loan Document in accordance with this Section 2.14 and (y) ending at the time that a Benchmark
Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this Section 2.14.

 

“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.

 

“Daily Simple SOFR”
means, 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 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.

 

“Early Opt-in Election”
means, if the then-current Benchmark is USD LIBOR, 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 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 USD LIBOR and the provision by the Administrative Agent of written
notice of such election to the Lenders.

 

“Floor”
means 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 USD LIBOR.

 

“ISDA Definitions”
means 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.

 

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“Reference Time”
with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time)
on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time
determined by the Administrative Agent in its reasonable discretion.

 

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

 

“SOFR”
means, 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 at approximately 2:30 p.m. (New York City time) on the immediately
succeeding Business Day.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s
Website” means 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 SOFR Administrator from time to time.

 

“Term SOFR”
means, 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.

 

“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the Benchmark Replacement Adjustment with respect thereto.

 

“USD LIBOR”
means the London interbank offered rate for U.S. dollars.

 

Section 2.15.        Increased
Costs.

 

(a)           If
any Change in Law:

 

(i)            imposes,
modifies or deems applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of,
or credit extended by, any Lender (except any such reserve requirement reflected in the LIBO Rate) or Issuing Bank;

 

(ii)           subjects
any Lender or Issuing Bank to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through
(e) 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)          imposes
on any Lender or Issuing Bank or the London interbank market any other condition (other than Taxes) affecting this Agreement or LIBO Rate
Loans made by any Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing is to increase
the cost to the relevant Lender of making or maintaining any LIBO Rate Loan (or of maintaining its obligation to make any such Loan) or
to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the
amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether of principal, interest or otherwise) in respect
of any LIBO Rate Loan or Letter of Credit in an amount deemed by such Lender or Issuing Bank to be material, then, within thirty (30)
days after the Borrower’s receipt of the certificate contemplated by paragraph (c) of this Section 2.15,
the Borrower will pay to such Lender or Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender
or Issuing Bank, as applicable, for such additional costs incurred or reduction suffered; provided that the Borrower shall not
be liable for such compensation (A) unless such Lender or Issuing Bank is generally charging such amounts to similarly situated borrowers
under comparable syndicated credit facilities or (B) if (x) the relevant Change in Law occurs on a date prior to the date such
Lender becomes a party hereto or (y) such Lender invokes Section 2.20.

 

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(b)           If
any Lender or Issuing Bank determines that any Change in Law regarding liquidity or capital requirements has or would have the effect
of reducing the rate of return on such Lender’s or Issuing Bank’s capital or on the capital of such Lender’s or Issuing
Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit
held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank
or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration
such Lender’s or Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company
with respect to capital adequacy or liquidity), then within thirty (30) days of receipt by the Borrower of the certificate contemplated
by paragraph (c) of this Section 2.15 the Borrower will pay to such Lender or such Issuing Bank, as applicable,
such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s
holding company for any such reduction suffered.

 

(c)           Any
Lender or Issuing Bank requesting compensation under this Section 2.15 shall be required to deliver a certificate to the Borrower
that sets forth the amount or amounts necessary to compensate such Lender or Issuing Bank or the holding company thereof, as applicable,
as specified in paragraph (a) or (b) of this Section 2.15, which certificate shall be conclusive absent
manifest error.

 

(d)           Failure
or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section 2.15 shall not constitute
a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided, however, that the Borrower
shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section 2.15 for any increased costs or reductions
incurred more than 180 days prior to the date that such Lender or Issuing Bank notifies the Borrower of the Change in Law giving rise
to such increased costs or reductions and of such Lender’s or Issuing Bank’s intention to claim compensation therefor; provided,
further, that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred
to above shall be extended to include the period of retroactive effect thereof.

 

Section 2.16.        Break
Funding Payments. In the event of (a) the conversion or prepayment of any principal of any LIBO Rate Loan other than on the last
day of an Interest Period applicable thereto (whether voluntary, mandatory, automatic, by reason of acceleration or otherwise), (b) the
failure to borrow, convert, continue or prepay any LIBO Rate Loan on the date or in the amount specified in any notice delivered pursuant
hereto or (c) the assignment of any LIBO Rate Loan of any Lender other than on the last day of the Interest Period applicable thereto
as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate
each Lender for the loss, cost and expense incurred by such Lender that is attributable to such event (other than loss of profit). In
the case of a LIBO Rate Loan, the loss, cost or expense of any Lender shall be the amount reasonably determined by such Lender to be the
excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred,
at the LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then
current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the
Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the
interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the applicable currency
of a comparable amount and period from other banks in the Eurodollar market; it being understood that such loss, cost or expense shall
in any case exclude any interest rate floor and all administrative, processing or similar fees. Any Lender requesting compensation under
this Section 2.16 shall be required to deliver a certificate to the Borrower that sets forth any amount or amounts that
such Lender is entitled to receive pursuant to this Section 2.16, the basis therefor and, in reasonable detail, the manner
in which such amount or amounts were determined, which certificate shall be conclusive absent manifest error. The Borrower shall pay such
Lender the amount shown as due on any such certificate within thirty (30) days after receipt thereof. Notwithstanding the foregoing, this
Section 2.16 will not apply to losses, costs or expenses resulting from (i) the revocation by the Borrower of a Borrowing
Request pursuant to Section 2.14(e) and (ii) Taxes, as to which Section 2.17 shall govern.

 

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Section 2.17.        Taxes.

 

(a)           Any
and all payments by or on account of any obligation of any Loan Party hereunder or under any Loan Document shall be made free and clear
of and without withholding or deduction for any Taxes, except as required by applicable Requirements of Law. If any applicable Requirement
of Law requires the withholding or deduction of any Tax from any such payment, then (i) if such Tax is an Indemnified Tax, the amount
payable shall be increased as necessary so that after making all required withholdings and deductions (including withholdings and deductions
applicable to additional sums payable under this Section 2.17) the Administrative Agent, each Lender and each Issuing Bank
(as applicable) receives an amount equal to the sum it would have received had no such withholdings or deductions been made, (ii) the
relevant Loan Party shall be entitled to make such withholdings or deductions and (iii) the relevant Loan Party shall timely pay
the full amount withheld or deducted to the relevant Governmental Authority in accordance with applicable Requirements of Law. If at any
time any Loan Party is required by any applicable Requirement of Law to make any withholding or deduction from any amount payable hereunder
or under any Loan Document, such Loan Party shall promptly notify the relevant Lender or Issuing Bank and the Administrative Agent after
any Responsible Officer’s receipt of written notice from a Governmental Authority of the same.

 

(b)           In
addition, the Loan Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Requirements
of Law, or at the option of the Administrative Agent timely reimburse it for any Other Taxes paid by it.

 

(c)           The
Loan Parties shall jointly and severally indemnify the Administrative Agent, each Lender and each Issuing Bank, as applicable within thirty
days after receipt of the certificate described in the succeeding sentence, for the full amount of any Indemnified Taxes or Other Taxes
payable or paid by, or withheld or deducted from a payment to, the Administrative Agent, such Lender or Issuing Bank, as applicable (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority.

 

(d)           Each
Lender and each Issuing Bank shall severally indemnify the Administrative Agent, within thirty days after demand therefor, for (i) any
Indemnified Taxes or Other Taxes (but only to the extent that no Loan Party has 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 or Issuing Bank’s failure to comply with the provisions of Section 9.05(c) relating to the
maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender or Issuing Bank, 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 or Issuing Bank by the Administrative Agent shall
be conclusive absent manifest error. Each Lender and Issuing Bank hereby authorizes the Administrative Agent to set off and apply any
and all amounts at any time owing to such Lender or Issuing Bank under any Loan Document or otherwise payable by the Administrative Agent
to any Lender or Issuing Bank from any other source against any amount due to the Administrative Agent under this clause (d).

 

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

 

(f)            Status
of Lenders.

 

(i)            Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall
deliver to the 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 Requirements of 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 clauses
(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)         each
Lender that is not a Foreign Lender 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 Borrower or the Administrative
Agent), two executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)          each
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:

 

(1)            in
the case of any 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 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;

 

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

 

(3)            in
the case of any Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or Section 881(c) of
the Code, (x) a certificate substantially in the form of Exhibit L-1 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 871(h)(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 W-8BEN or W-8BEN-E; or

 

(4)            to
the extent any Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-2 or Exhibit L-4, IRS
Form W-9, or other certification documents from each beneficial owner, as applicable; provided that if such 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 L-3 on behalf of each such
direct or indirect partner;

 

(C)          each
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 Requirements of 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 Requirements of 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 any Lender under any Loan Document would be subject to 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 applicable
Requirements of Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation as is
prescribed by applicable Requirements of 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 paragraph (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

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Each Lender agrees that if any form or certification
it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall promptly update such form or certification
or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. For purposes of this Section 2.17(f),
the term “Lender” shall be deemed to include any Issuing Bank.

 

(g)           If
the Administrative Agent or any Lender or Issuing Bank receives a refund of any Indemnified Taxes or Other Taxes as to which it has been
indemnified by any Loan Party or with respect to which a Loan Party has paid additional amounts pursuant to this Section 2.17,
it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Loan
Party under this Section 2.17 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of the Administrative Agent, such Lender or Issuing Bank, and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund); provided that the Borrower, upon the request
of the Administrative Agent, such Lender or Issuing Bank, as applicable, agrees to repay the amount paid over to the Borrower (plus
any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or Issuing
Bank in the event the Administrative Agent, such Lender or Issuing Bank is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this paragraph (g), in no event will the Administrative Agent, any Lender or Issuing Bank
be required to pay any amount to the Borrower under this clause (g) the payment of which would place the Administrative Agent,
such Lender or Issuing Bank in a less favorable net after-Tax position than the Administrative Agent, such Lender or Issuing Bank would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed
and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed
to require the Administrative Agent, any Lender or any Issuing Bank to make available its Tax returns (or any other information relating
to its Taxes which it deems confidential) to the relevant Loan Party or any other Person.

 

(h)           Survival.
Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, any Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

Section 2.18.        Payments
Generally; Allocation of Proceeds; Sharing of Payments.

 

(a)           Unless
otherwise specified, the Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees,
reimbursements of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) no
later than 3:00 p.m. on the date when due in immediately available funds, without set-off or counterclaim. Any amounts received after
such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business
Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent to the applicable account
designated by the Administrative Agent to the Borrower, except that payments pursuant to Sections 2.12, 2.15, 2.16, 2.17
and 9.03 shall be made directly to the Person or Persons entitled thereto. The Administrative Agent shall distribute any such payments
received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. Except as provided
in Sections 2.19(b) and 2.20, each Borrowing, each payment or prepayment of principal of any Borrowing, each payment
of interest on the Loans of a given Class and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing
of any Type (and of the same Class) shall be allocated pro rata among the Lenders in accordance with their respective Applicable Percentages
of the applicable Class. Each Lender agrees that in computing such Lender’s portion of any Borrowing to be made hereunder, the Administrative
Agent may, in its discretion, round each Lender’s percentage of such Borrowing to the next higher or lower whole Dollar amount.
Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative
Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or operating
procedures of the clearing or settlement system used by the Administrative Agent to make such payment.

 

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(b)           All
proceeds of Collateral received by the Administrative Agent while an Event of Default exists and all or any portion of the Loans that
have been accelerated hereunder pursuant to Section 7.01, shall, upon election by the Administrative Agent or at the direction
of the Required Lenders, be applied, first, to the payment of all costs and expenses then due incurred by the Administrative Agent
in connection with any collection, sale or realization on Collateral or otherwise in connection with this Agreement, any other Loan Document
or any of the Secured Obligations, including all court costs and the fees and expenses of agents and legal counsel, the repayment of all
advances made by the Administrative Agent hereunder or under any other Loan Document on behalf of any Loan Party and any other costs or
expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document, second, on
a pro rata basis, to pay any fees, indemnities or expense reimbursements then due to the Administrative Agent (other than those covered
in clause first above) or to any Issuing Bank constituting Secured Obligations, third, to pay interest, including any commission
charges or fees with respect to letters of credit, due and payable in respect of any Loans on a pro rata basis, fourth, on a pro
rata basis in accordance with the amounts of the other Secured Obligations (other than contingent indemnification obligations for which
no written claim has yet been made) owed to the Secured Parties on the date of any such distribution, to the payment in full of the Secured
Obligations (including, with respect to LC Exposure, an amount to be paid to the Administrative Agent equal to 103.0% of the Stated Amount
of any outstanding Letters of Credit (minus the amount then on deposit in the LC Collateral Account) on such date, to be held in
the LC Collateral Account as Cash collateral for such Obligations); provided that if any Letter of Credit expires undrawn, then
any Cash collateral held to secure the related LC Exposure shall be applied in accordance with this Section 2.18(b), beginning
with clause first above, fifth, to, or at the direction of, the Borrower or as a court of competent jurisdiction may otherwise
direct.

 

(c)           If
any Lender obtains payment (whether voluntary, involuntary, through the exercise of any right of set-off or otherwise) in respect of any
principal of or interest on any of its Loans of any Class or participations in LC Disbursements held by it resulting in such Lender
receiving payment of a greater proportion of the aggregate amount of its Loans of such Class and participations in LC Disbursements
and accrued interest thereon than the proportion received by any other Lender with Loans of such Class and participations in LC Disbursements,
then the Lender receiving such greater proportion shall purchase (for Cash at face value) participations in the Loans of such Class and
sub-participations in LC Disbursements of other Lenders of such Class at such time outstanding to the extent necessary so that the
benefit of all such payments shall be shared by the Lenders of such Class ratably in accordance with the aggregate amount of principal
of and accrued interest on their respective Loans of such Class and participations in LC Disbursements; provided that (i) if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall
be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph
shall not apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or
(y) any payment obtained by any Lender as consideration for the assignment of or sale of a participation in any of its Loans to any
permitted assignee or participant, including any payment made or deemed made in connection with Sections 2.22, 2.23
and 9.02(c). The Borrower consents to the foregoing and agree, to the extent it may effectively do so under applicable Requirements
of Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off
and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of
such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error)
of participations purchased under this Section 2.18(c) and will, in each case, notify the Lenders following any such
purchases or repayments. Each Lender that purchases a participation pursuant to this Section 2.18(c) shall from and after
such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect
to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations
purchased.

 

(d)           Unless
the Administrative Agent has received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent
for the account of any Lender or any Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute
to the applicable Lender or Issuing Bank the amount due. In such event, if the Borrower has not in fact made such payment, then each Lender
or the applicable Issuing Bank severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to
such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation.

 

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(e)           If
any Lender fails to make any payment required to be made by it pursuant to Section 2.07(b) or Section 2.18(d),
then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received
by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such
unsatisfied obligations are fully paid.

 

Section 2.19.        Mitigation
Obligations; Replacement of Lenders.

 

(a)           If
any Lender requests compensation under Section 2.15, or any Lender determines it can no longer make or maintain LIBO Rate
Loans pursuant to Section 2.20, or the Borrower is required to pay any additional amount to or indemnify any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.17, then, upon reasonable request of the Borrower,
such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or its participation
in any Letter of Credit affected by such event, or to assign its rights and obligations hereunder to another of its offices, branches
or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 2.15 or 2.17, as applicable, in the future or mitigate the impact of Section 2.20,
as the case may be, and (ii) would not subject such Lender to any material unreimbursed out-of-pocket cost or expense and would not
otherwise be disadvantageous to such Lender in any material respect. The Borrower hereby agrees to pay all reasonable costs and expenses
incurred by any Lender in connection with any such designation or assignment.

 

(b)           If
(i) any Lender requests compensation under Section 2.15, any Lender has declined or is unable to designate, or assign
to, a different lending office, branch or affiliate pursuant to clause (a) above, (ii) the Borrower is required to pay
any additional amount to or indemnify any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17,
(iii) any Lender is a Defaulting Lender or (iv) in connection with any proposed amendment, waiver or consent requiring the consent
of “each Lender”, “each Revolving Lender” or “each Lender directly affected thereby” (or any other
Class or group of Lenders other than the Required Lenders or Required Revolving Lenders) with respect to which Required Lender or
Required Revolving Lender consent (or the consent of Lenders holding loans or commitments of such Class or lesser group representing
more than 50.0% of the sum of the total loans and unused commitments of such Class or lesser group at such time) has been obtained,
as applicable, any Lender is a non-consenting Lender (each such Lender, a “Non-Consenting Lender”), then the Borrower
may, upon notice to such Lender and the Administrative Agent, (x) terminate the applicable Commitments of such Lender, and repay
all Obligations of the Borrower owing to such Lender relating to the applicable Loans and participations held by such Lender as of such
termination date (provided that, if, after giving effect to such termination and repayment, the aggregate amount of the Revolving
Credit Exposure of any Class exceeds the aggregate amount of the Revolving Credit Commitments of such Class then in effect,
then the Borrower shall, not later than the next Business Day, prepay one or more Revolving Borrowings of the applicable Class (and,
if no Revolving Borrowings of such Class are outstanding, deposit Cash collateral in the LC Collateral Account) in an amount necessary
to eliminate such excess) or (y) replace such Lender by requiring such Lender to assign and delegate (and such Lender shall be obligated
to assign and delegate), without recourse (in accordance with and subject to the restrictions contained in Section 9.05),
all of its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which Eligible
Assignee may be another Lender, if any Lender accepts such assignment); provided that (A) such Lender has received payment
of an amount equal to the outstanding principal amount of its Loans and, if applicable, funded participations in LC Disbursements and/or
Swingline Loans, in each case of such Class of Loans or Commitments, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder with respect to such Class of Loans or Commitments, (B) in the case of any assignment resulting from
a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment
would result in a reduction in such compensation or payments, (C) in the case of any assignment resulting from the inability or failure
to designate, or assign to, a different lending office, branch or affiliate, such assignment is to a Lender that can make or maintain
LIBO Rate Loans and (D) such assignment does not conflict with applicable Requirements of Law. No Lender (other than a Defaulting
Lender) shall be required to make any such assignment and delegation, and the Borrower may not repay the Obligations of such Lender or
terminate its Commitments, if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower
to require such assignment and delegation cease to apply. Each Lender agrees that if it is replaced pursuant to this Section 2.19,
it shall (x) execute and deliver to the Administrative Agent an Assignment and Assumption to evidence such sale and purchase and
shall deliver to the Administrative Agent any Promissory Note (if the assigning Lender’s Loans are evidenced by one or more Promissory
Notes) subject to such Assignment and Assumption (provided that the failure of any Lender replaced pursuant to this Section 2.19
to execute an Assignment and Assumption or deliver any such Promissory Note shall not render such sale and purchase (and the corresponding
assignment) invalid), such assignment shall be recorded in the Register, any such Promissory Note shall be deemed cancelled, and (y) in
the case of any Non-Consenting Lender who is the Lender of record for purposes of determining whether the applicable number of Lenders
have consented to the relevant amendment, waiver or consent, consent to the relevant proposed amendment, waiver or consent prior to the
execution of such Assignment and Assumption. Each Lender hereby irrevocably appoints the Administrative Agent (such appointment being
coupled with an interest) as such Lender’s attorney-in-fact, with full authority in the place and stead of such Lender and in the
name of such Lender, from time to time in the Administrative Agent’s discretion, with prior written notice to such Lender, to take
any action and to execute any such Assignment and Assumption or other instrument that the Administrative Agent may deem reasonably necessary
to carry out the provisions of this clause (b).

 

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Section 2.20.        Illegality.
If any Lender reasonably determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted after
the Closing Date that it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose interest
is determined by reference to the LIBO Rate, or to determine or charge interest rates based upon the LIBO Rate, or any Governmental Authority
has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of Dollars in the applicable
interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of
such Lender to make or continue LIBO Rate Loans or to convert ABR Loans to LIBO Rate Loans shall be suspended and (ii) if such notice
asserts the illegality of such Lender making or maintaining ABR Loans the interest rate on which is determined by reference to the LIBO
Rate component of the Alternate Base Rate, the interest rate on which ABR Loans of such Lender, shall, if necessary to avoid such illegality,
be determined by the Administrative Agent without reference to the LIBO Rate component of the Alternate Base Rate, in each case until
such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist
(which notice such Lender agrees to give promptly). Upon receipt of such notice, (x) the Borrower shall, upon demand from the relevant
Lender (with a copy to the Administrative Agent), prepay or convert all of such Lender’s LIBO Rate Loans to ABR Loans (the interest
rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without
reference to the LIBO Rate component of the Alternate Base Rate) either on the last day of the Interest Period therefor, if such Lender
may lawfully continue to maintain such LIBO Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain
such LIBO Rate Loans (in which case the Borrower shall not be required to make payments pursuant to Section 2.16 in connection
with such payment) and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon
the LIBO Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable to such
Lender without reference to the LIBO Rate component thereof until the Administrative Agent is advised in writing by such Lender that it
is no longer illegal for such Lender to determine or charge interest rates based upon the LIBO Rate. Upon any such prepayment or conversion,
the Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different lending
office if such designation will avoid the need for such notice and will not, in the determination of such Lender, otherwise be materially
disadvantageous to such Lender.

 

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Section 2.21.        Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then unless
and until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

 

(a)           Fees
shall cease to accrue on the unfunded portion of any Commitment of such Defaulting Lender pursuant to Section 2.12(a) and,
subject to clause (d)(iv) below, on the participation of such Defaulting Lender in Swingline Loans pursuant to Section 2.04(c) and
Letters of Credit pursuant to Section 2.12(b).

 

(b)           The
Commitments and the Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, each
affected Lender, the Required Lenders, the Required Revolving Lenders or such other number of Lenders as may be required hereby or under
any other Loan Document have taken or may take any action hereunder (including any consent to any waiver, amendment or modification pursuant
to Section 9.02); provided that any waiver, amendment or modification requiring the consent of all Lenders or each
affected Lender which affects such Defaulting Lender disproportionately and adversely relative to other affected Lenders shall require
the consent of such Defaulting Lender.

 

(c)           Any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of any Defaulting Lender (whether
voluntary or mandatory, at maturity, pursuant to Section 2.11, Section 2.15, Section 2.16, Section 2.17,
Section 2.18, Article 7, Section 9.05 or otherwise, and including any amounts made available to the
Administrative Agent by such Defaulting Lender pursuant to Section 9.09), shall be applied at such time or times as may be
determined by the Administrative Agent and, where relevant, the Borrower 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 the Swingline Lender or any applicable Issuing Bank hereunder; third, if so reasonably determined
by the Administrative Agent or reasonably requested by the Swingline Lender or any applicable Issuing Bank, to be held as Cash collateral
for future funding obligations of such Defaulting Lender in respect of any participation in any Swingline Loan or Letter of Credit; fourth,
so long as no Default or Event of Default exists, as the Borrower may request, 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; fifth, as the Administrative Agent and the Borrower
may elect, to be held in a deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under
this Agreement; sixth, to the payment of any amounts owing to the non-Defaulting Lenders, Swingline Lender or Issuing Banks as
a result of any judgment of a court of competent jurisdiction obtained by any non-Defaulting Lender, the Swingline Lender or any Issuing
Bank against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh,
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 Loan or LC Exposure in respect of which such Defaulting Lender has not fully funded its appropriate
share and (y) such Loan or LC Exposure was made or created, as applicable, at a time when the conditions set forth in Sections
4.01 or 4.02, as applicable, were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Exposure
owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Exposure owed to,
such Defaulting Lender until such time as all Loans and LC Exposure are held by the Lenders pro rata in accordance with the Revolving
Credit Commitments after giving effect to Section 2.21(d). Any payments, prepayments or other amounts paid or payable to any
Defaulting Lender that are applied (or held) to pay amounts owed by any Defaulting Lender or to post Cash collateral pursuant to this
Section 2.21(c) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents
hereto.

 

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(d)           If
any Swingline Exposure and/or LC Exposure exists at the time any Lender becomes a Defaulting Lender then:

 

(i)            the
Swingline Exposure and/or LC Exposure, as applicable, of such Defaulting Lender shall be reallocated pro rata among the non-Defaulting
Revolving Lenders in accordance with their respective Applicable Revolving Credit Percentages but only to the extent that (A) the
sum of the Revolving Credit Exposures of all non-Defaulting Lenders attributable to the Revolving Credit Commitments of any Class does
not exceed the total of the Revolving Credit Commitments of all non-Defaulting Revolving Lenders of such Class and (B) the Revolving
Credit Exposure of any non-Defaulting Lender that is attributable to its Revolving Credit Commitment of such Class does not exceed
such non-Defaulting Lender’s Revolving Credit Commitment of such Class;

 

(ii)           if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall, without prejudice
to any other right or remedy available to it hereunder or under applicable Requirements of Law, within three Business Days following notice
by the Administrative Agent, Cash collateralize 103.0% of (x) such Defaulting Lender’s LC Exposure attributable to the Stated
Amount of outstanding Letters of Credit (after giving effect to any partial reallocation pursuant to paragraph (i) above and
any Cash collateral provided by such Defaulting Lender or pursuant to Section 2.21(c)) or make other arrangements reasonably
satisfactory to the Administrative Agent and the applicable Issuing Bank with respect to such LC Exposure (including, without limitation,
requiring the Borrower to prepay such Letters of Credit in the amount that eliminates such exposure) and obligations to fund participations
in Letters of Credit and/or (y) such Defaulting Lender’s Swingline Exposure (after giving effect to any partial reallocation
pursuant to paragraph (i) above and any Cash collateral provided by such Defaulting Lender or pursuant to Section 2.21(c))
or make other arrangements reasonably satisfactory to the Administrative Agent and to the Swingline Lender with respect to such Swingline
Exposure (including, without limitation, requiring the Borrower to prepay such Swingline Loans in the amount that eliminates such exposure)
and obligations to fund participations in Swingline Loans, as applicable. Cash collateral (or the appropriate portion thereof) provided
to reduce LC Exposure, Swingline Exposure or other obligations shall be released promptly following (A) the elimination of the applicable
LC Exposure, Swingline Exposure or other obligations giving rise thereto (including by the termination of the Defaulting Lender status
of the applicable Lender (or, as appropriate, its assignee following compliance with Section 2.19)) or (B) the Administrative
Agent’s good faith determination that there exists excess Cash collateral (including as a result of any subsequent reallocation
of LC Exposure or Swingline Exposure among non-Defaulting Lenders described in clause (i) above);

 

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(iii)          if
the Swingline Exposure and/or LC Exposure, as applicable, of the non-Defaulting Lenders is reallocated pursuant to this Section 2.21(d),
then the fees payable to the Revolving Lenders pursuant to Sections 2.12(a) and/or (b), as the case may be, shall be
adjusted to give effect to such reallocation; and

 

(iv)          if
any Defaulting Lender’s LC Exposure is not Cash collateralized, prepaid or reallocated pursuant to this Section 2.21(d),
then, without prejudice to any rights or remedies of the applicable Issuing Bank or any Revolving Lender hereunder, all letter of credit
fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the
applicable Issuing Bank until such Defaulting Lender’s LC Exposure is Cash collateralized or reallocated.

 

(e)           So
long as any Revolving Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, create, incur, amend or increase
any Letter of Credit unless the entire Stated Amount thereof will be covered by the Revolving Credit Commitments of the non-Defaulting
Lenders, Cash collateral provided pursuant to Section 2.21(c) or Cash collateral provided in accordance with Section 2.21(d),
and participating interests in any such or newly issued, extended or created Letter of Credit shall be allocated among non-Defaulting
Revolving Lenders in a manner consistent with Section 2.21(d)(i) (it being understood that Defaulting Lenders shall not
participate therein).

 

(f)            In
the event that the Administrative Agent, the Borrower, the Swingline Lender and each Issuing Bank agree that any Defaulting Lender is
no longer a Defaulting Lender, the Administrative Agent will notify the other parties hereto, and then, on 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) the
Applicable Revolving Credit Percentage of Swingline Exposure and/or LC Exposure, as applicable, of the Revolving Lenders shall be readjusted
to reflect the inclusion of such Lender’s Revolving Credit Commitment, and on such date, to the extent applicable such Revolving
Lender shall purchase at par such of the Revolving Loans of the applicable Class of the other Revolving Lenders or participations
in Swingline Loans and/or Letters of Credit or take such other actions as the Administrative Agent determine as necessary in order for
such Revolving Lender to hold such Revolving Loans or participations in accordance with its Applicable Percentage of the applicable Class or
its Applicable Revolving Credit Percentage, as applicable. Notwithstanding the fact that any Defaulting Lender has adequately remedied
all matters that caused such Lender to be a Defaulting Lender, (x) no adjustments will be made retroactively with respect to fees
accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender and (y) 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 such Lender’s having been a Defaulting Lender.

 

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Section 2.22.        Incremental
Credit Extensions.

 

(a)           The
Borrower may, at any time, on one or more occasions pursuant to an Incremental Facility Amendment (i) add one or more new tranches
of term facilities or increase the principal amount of the Term Loans of any existing Class by requesting new commitments to provide
such Term Loans (any such new tranche or increase, an “Incremental Term Facility” and any loans made pursuant to an
Incremental Term Facility, “Incremental Term Loans”) or (ii) add one or more new tranches of Incremental Revolving
Commitments or increase the aggregate amount of the Revolving Credit Commitments of any existing Class (any such new tranche or increase,
an “Incremental Revolving Facility” and, together with any Incremental Term Facility, “Incremental Facilities”;
and the loans thereunder, “Incremental Revolving Loans” and any Incremental Revolving Loans, together with any Incremental
Term Loans, “Incremental Loans”) in an aggregate outstanding principal amount not to exceed the Incremental Cap; provided
that:

 

(i)            subject
to Section 2.22(i), on the date that such Incremental Facility becomes effective, the representations and warranties of the
Loan Parties set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of
such date with the same effect as though such representations and warranties had been made on and as of such date; provided that
to the extent that any representation and warranty specifically refers to an earlier date, it shall be true and correct in all material
respects as of such earlier date; provided, further, that representations and warranties that are qualified by “material”,
 “material adverse effect” or a similar term shall be true and correct in all respects;

 

(ii)           except
as otherwise agreed by the Borrower and any Lender in the relevant Incremental Facility Amendment, no Lender shall be obligated to provide
any Incremental Commitment, and the determination to provide any Incremental Commitment shall be within the sole and absolute discretion
of such Lender;

 

(iii)          no
Incremental Facility or Incremental Loan (nor the creation, provision or implementation thereof) shall require the approval of any existing
Lender other than in its capacity, if any, as a lender providing all or part of any Incremental Commitment or Incremental Loan,

 

(iv)          (A) except
as otherwise expressly provided in this Section 2.22, the terms of any Incremental Term Facility (other than any terms which
are applicable only after the Maturity Date of any then-existing tranche of Term Loans) must be substantially consistent with those applicable
to the Initial Term Loans or as agreed upon among the Borrower and the lender or lenders providing such Incremental Term Facility and
reasonably acceptable to the Administrative Agent, (B) the terms of any Incremental Term Loans made as an increase to any Class of
Term Loans shall be on the same terms to those applicable to the then-existing Term Loans of the applicable Class, (C) except as
otherwise expressly provided in this Section 2.22, the terms of any Incremental Revolving Facility (other than any terms which
are applicable only after the then-existing Latest Revolving Credit Maturity Date), must be substantially consistent with those applicable
to the Initial Revolving Facility or as agreed upon among the Borrower and the lender or lenders providing such Incremental Revolving
Facility and reasonably acceptable to the Administrative Agent, and (D) the terms of any Incremental Revolving Facility that is an
increase to the Revolving Credit Commitments shall be on the same terms to those applicable to the then-existing Revolving Credit Commitments,

 

(v)          the
Effective Yield (and the components thereof) applicable to any Incremental Facility may be determined by the Borrower and the lender or
lenders providing such Incremental Facility; provided that, in the case of any Incremental Term Facility that is pari passu with
the Initial Term Loans and incurred prior to the date that is 12 months after the Closing Date (other than any such Incremental Term Facility
that constitutes MFN Adjustment Excluded Indebtedness), the Effective Yield applicable thereto (as determined on the date of initial incurrence
thereof) may not be more than 0.50% higher than the Effective Yield applicable to the Initial Term Loans (as determined on such date)
unless the Applicable Rate with respect to the Initial Term Loans is adjusted to be equal to such Effective Yield with respect to such
Incremental Facility, minus, 0.50%,

 

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(vi)         (A) the
final maturity date with respect to any Incremental Term Loans shall be no earlier than the Latest Term Loan Maturity Date and (B) no
Incremental Revolving Facility may have a final maturity date earlier than (or require scheduled amortization or mandatory commitment
reductions prior to) the Latest Revolving Credit Maturity Date,

 

(vii)        the
Weighted Average Life to Maturity of any Incremental Term Facility shall be no shorter than the remaining Weighted Average Life to Maturity
of the then-existing tranche of Term Loans (without giving effect to any prepayments thereof),

 

(viii)       (A) any
Incremental Facility must rank pari passu with or junior to the Term Facility in right of payment and may rank pari passu with or junior
to the Term Facility with respect to security or may be unsecured (and to the extent the relevant Incremental Facility is subordinated
to the Term Facility in right of payment or security and documented in a separate agreement (it being agreed that any Incremental Facility
that is subordinated to the Term Facility in right of payment or security shall be documented in a separate agreement, unless such Incremental
Facility is a pari passu “last out” facility), it shall be subject to an Acceptable Intercreditor Agreement), (B) to
the extent that any portion of any Incremental Facility is incurred in reliance on any portion of the Growth Available Incremental Amount,
such portion of such Incremental Facility shall not be secured on a greater priority basis than that by which the Indebtedness repaid
and underlying such portion of the Growth Available Incremental Amount so utilized was secured (if at all) and (C) no Incremental
Facility may be (x) guaranteed by any Person which is not a Loan Party or (y) secured by any assets other than the Collateral,

 

(ix)          (A) any
prepayment (other than any scheduled amortization payment) of Incremental Term Loans that are pari passu in right of payment and security
with any then-existing Term Loans that require ratable prepayment (including the Initial Term Loans) shall be made on a pro rata basis
with such existing Term Loans, except, that the Borrower and the lender or lenders providing the relevant Incremental Term Loans shall
be permitted, in their sole discretion, to elect to prepay or receive, as applicable, any such prepayment on a less than pro rata basis
(but not on a greater than pro rata basis) (and, for the avoidance of doubt, any Incremental Term Loans that are not pari passu in right
of payment and security shall not be entitled to share in any such prepayment) and (B) any prepayment or reduction of Revolving Credit
Commitments with respect to Incremental Revolving Facilities that are pari passu in right of payment and security with any then-existing
Revolving Facility that require ratable prepayment or commitment reduction, as applicable (including the Initial Revolving Credit Commitments),
shall be made on a pro rata basis with such existing Revolving Facility, except, that the Borrower and the lender or lenders providing
the relevant Incremental Revolving Facility shall be permitted, in their sole discretion, to elect to prepay, apply or receive, as applicable,
any such prepayment or commitment reduction on a less than pro rata basis (but not on a greater than pro rata basis) (and, for the avoidance
of doubt, any Incremental Revolving Facilities that are not pari passu in right of payment and security shall not be entitled to share
in any such prepayment or commitment reduction),

 

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(x)           no
Event of Default under Sections 7.01(a), 7.01(f) or 7.01(g) exists or would exist immediately after giving
effect to such Incremental Facility and, except as otherwise agreed by the lender or lenders providing the relevant Incremental Facility
(and in the case of any Incremental Revolving Facility increasing the Revolving Credit Commitments, the Required Revolving Lenders) in
connection with an acquisition or other Investment permitted under this Agreement, no other Event of Default shall exist or would exist
immediately after giving effect to such Incremental Facility,

 

(xi)          the
proceeds of any Incremental Facility may be used by the Borrower and the Restricted Subsidiaries for working capital and other general
corporate purposes (including the financing of acquisitions and other Investments and Restricted Payments) and any other use not prohibited
by this Agreement, and

 

(xii)         on
the date of the Borrowing of any Incremental Term Loans that will be of the same Class as any then-existing Class of Term Loans,
and notwithstanding anything to the contrary set forth in Sections 2.08 or 2.13, such Incremental Term Loans shall be added
to (and constitute a part of, be of the same Type as and, at the election of the Borrower, have the same Interest Period as) each Borrowing
of outstanding Term Loans of such Class on a pro rata basis (based on the relative sizes of such Borrowings), so that each Term Lender
providing such Incremental Term Loans will participate proportionately in each then-outstanding Borrowing of Term Loans of such Class;
it being acknowledged that the application of this clause (a)(xii) may result in new Incremental Term Loans having Interest
Periods (the duration of which may be less than one month) that begin during an Interest Period then applicable to outstanding LIBO Rate
Loans of the relevant Class and which end on the last day of such Interest Period.

 

(b)           Incremental
Commitments may be provided by any existing Lender, or by any other Eligible Assignee (other than any Disqualified Institution) (any such
other lender being called an “Additional Lender”); provided that the Administrative Agent (and, in the case
of any Incremental Revolving Facility, the Swingline Lender and each Issuing Bank) shall have a right to consent (such consent not to
be unreasonably withheld, conditioned or delayed) to the relevant Additional Lender’s provision of Incremental Commitments if such
consent would be required under Section 9.05(b) for an assignment of Loans to such Additional Lender; provided,
further, that any Additional Lender that is an Affiliated Lender shall be subject to the provisions of Section 9.05(g),
mutatis mutandis, to the same extent as if Incremental Commitments and related Obligations had been obtained by such Lender by
way of assignment.

 

(c)           Each
Lender or Additional Lender providing a portion of any Incremental Commitment shall execute and deliver to the Administrative Agent and
the Borrower all such documentation (including the relevant Incremental Facility Amendment) as may be reasonably required by the Administrative
Agent to evidence and effectuate such Incremental Commitment. On the effective date of such Incremental Commitment, each Additional Lender
shall become a Lender for all purposes in connection with this Agreement.

 

(d)           As
conditions precedent to the effectiveness of any Incremental Facility or the making of any Incremental Loans, (i) upon its request,
the Administrative Agent shall be entitled to receive customary written opinions of counsel, as well as such reaffirmation agreements,
supplements or amendments as it shall reasonably require, (ii) the Administrative Agent shall be entitled to receive, from each Additional
Lender, an administrative questionnaire, in the form provided to such Additional Lender by the Administrative Agent (the “Administrative
Questionnaire”) and such other customary documents as it shall reasonably require from such Additional Lender, (iii) the
Administrative Agent and Lenders shall be entitled to receive all fees (if any) required to be paid in respect of such Incremental Facility
or Incremental Loans and (iv) the Administrative Agent shall be entitled to receive a certificate of the Borrower signed by a Responsible
Officer thereof:

 

(A)          certifying
and attaching a copy of the resolutions adopted by the governing body of each Loan Party approving or consenting to such Incremental Facility
or Incremental Loans, and

 

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(B)          to
the extent applicable, certifying that the condition set forth in clause (a)(x) above has been satisfied.

 

(e)           Upon
the implementation of any Incremental Revolving Facility pursuant to this Section 2.22:

 

(i)            if
such Incremental Revolving Facility establishes Revolving Credit Commitments of the same Class as any then-existing Class of
Revolving Credit Commitments, (i) each Revolving Lender immediately prior to such increase will automatically and without further
act be deemed to have assigned to each relevant Incremental Revolving Facility Lender, and each relevant Incremental Revolving Facility
Lender will automatically and without further act be deemed to have assumed a portion of such Revolving Lender’s participations
hereunder in outstanding Swingline Loans and Letters of Credit such that, after giving effect to each deemed assignment and assumption
of participations, all of the Revolving Lenders’ (including each Incremental Revolving Facility Lender) participations hereunder
in Swingline Loans and Letters of Credit shall be held on a pro rata basis on the basis of their respective Revolving Credit Commitments
(after giving effect to any increase in the Revolving Credit Commitment pursuant to Section 2.22) and (ii) the existing
Revolving Lenders of the applicable Class shall assign Revolving Loans to certain other Revolving Lenders of such Class (including
the Revolving Lenders providing the relevant Incremental Revolving Facility), and such other Revolving Lenders (including the Revolving
Lenders providing the relevant Incremental Revolving Facility) shall purchase such Revolving Loans, in each case to the extent necessary
so that all of the Revolving Lenders of such Class participate in each outstanding Borrowing of Revolving Loans pro rata on the basis
of their respective Revolving Credit Commitments of such Class (after giving effect to any increase in the Revolving Credit Commitment
pursuant to this Section 2.22); it being understood and agreed that the minimum borrowing, pro rata borrowing and pro rata
payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to this clause (i);
and

 

(ii)           if
such Incremental Revolving Facility establishes Revolving Credit Commitments of a new Class, then (A) the borrowing and repayment
(except for (x) payments of interest and fees at different rates on the Revolving Facilities (and related outstandings), (y) repayments
required on the Maturity Date of any Revolving Facility and (z) any repayment made in connection with a permanent repayment and termination
of the Revolving Credit Commitments under any Revolving Facility (subject to clause (C) below)) of Revolving Loans with respect
to any Revolving Facility after the effective date of such Incremental Revolving Facility shall be made on a pro rata basis with all other
Revolving Facilities, (B) all Letters of Credit shall be participated on a pro rata basis or less than pro rata basis by all Revolving
Lenders and (C) any permanent repayment of Revolving Loans with respect to, and reduction and termination of Revolving Credit Commitments
under, any Revolving Facility after the effective date of such Incremental Revolving Facility shall be made on a pro rata basis or less
than pro rata basis with all other Revolving Facilities, except that the Borrower shall be permitted to permanently repay Revolving Loans
and reduce or terminate Revolving Credit Commitments under any Revolving Facility on a greater than pro rata basis as compared to any
other Revolving Facilities with a later Maturity Date than such Revolving Facility.

 

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(f)            On
the date of effectiveness of any Incremental Revolving Facility, the maximum amount of LC Exposure permitted hereunder shall increase
by an amount, if any, agreed upon by Administrative Agent, the relevant Issuing Banks and the Borrower.

 

(g)           The
Lenders hereby irrevocably authorize the Administrative Agent to enter into any Incremental Facility Amendment or any amendment to any
other Loan Document as may be necessary in order to establish new Classes or sub-Classes in respect of Loans or commitments pursuant to
this Section 2.22 and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative
Agent and the Borrower in connection with the establishment of such new Classes or sub-Classes, in each case on terms consistent with
this Section 2.22.

 

(h)           Notwithstanding
anything to the contrary in this Section 2.22 or in any other provision of any Loan Document, if the proceeds of any Incremental
Facility are intended to be applied to finance an acquisition or other Investment that is permitted under this Agreement, the conditions
to entering into and availability of such Incremental Facility (including applicability of customary “SunGard” or other “certain
funds” conditionality), and the timing of satisfaction or waiver of any such conditions (as between being satisfied or waived upon
execution of an amendment evidencing such Incremental Facility or upon the making of any Incremental Loans thereunder), shall be as agreed
to among the Borrower and the lenders in respect of such Incremental Facility but without in any way limiting the other applicable conditions
to Incremental Facilities specified in this Section 2.22; provided that no Event of Default under Sections 7.01(a),
7.01(f) or 7.01(g) exists or would exist immediately after giving effect to such Incremental Facility.

 

(i)            Notwithstanding
anything to the contrary in this Section 2.22 or in any other provision of any Loan Document, the Loan Parties shall not be
required to bring down any representations and warranties in connection with any Incremental Facility (other than with respect to the
representations and warranties set forth in Section 3.12, which such representations and warranties, shall be required to
be true and correct, as of the applicable date of funding of such Incremental Facility and after giving effect to such Incremental Facility),
unless and solely to the extent otherwise required by, the lender or lenders providing such Incremental Facility.

 

(j)            This
Section 2.22 shall supersede any provision in Section 2.18 or 9.02 to the contrary.

 

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Section 2.23.        Extensions
of Loans and Revolving Credit Commitments.

 

(a)           Notwithstanding
anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”) made from time
to time by the Borrower to all Lenders holding Loans of any Class or Commitments of any Class, in each case on a pro rata basis (based
on the aggregate outstanding principal amount of the respective Loans or Commitments of such Class) and on the same terms to each such
Lender, the Borrower is hereby permitted to consummate transactions with any individual Lender who accepts the terms contained in the
relevant Extension Offer to extend the Maturity Date of all or a portion of such Lender’s Loans or Commitments of such Class and
otherwise modify the terms of all or a portion of such Loans or Commitments pursuant to the terms of the relevant Extension Offer (including
by increasing the interest rate or fees payable in respect of such Loans or Commitments (and related outstandings) or modifying the amortization
schedule, if any, in respect of such Loans) (each, an “Extension”, and each group of Loans or Commitments, as applicable,
in each case as so extended, and the original Loans and the original Commitments (in each case not so extended), being a “tranche”;
any Extended Term Loans shall constitute a separate tranche of Loans from the tranche of Loans from which they were converted and any
Extended Revolving Credit Commitments shall constitute a separate tranche of Revolving Credit Commitments from the tranche of Revolving
Credit Commitments from which they were converted), so long as the following terms are satisfied:

 

(i)            except
as to (A) interest rates, fees and final maturity (which shall, subject to immediately succeeding clause (iii), be determined
by the Borrower and any Lender who agrees to an Extension of its Revolving Credit Commitments and set forth in the relevant Extension
Offer) and (B) any covenants or other provisions applicable only to periods after the Latest Maturity Date of the tranche of Revolving
Credit Commitments subject to such Extension Offer, the Revolving Credit Commitment of any Lender who agrees to an extension with respect
to such Commitment (an “Extended Revolving Credit Commitment”; and the Loans thereunder, “Extended Revolving
Loans”), and the related outstandings, shall constitute a revolving commitment (or related outstandings, as the case may be)
with terms substantially identical to (or terms not less favorable to existing Lenders as) the tranche of Revolving Credit Commitments
subject to the relevant Extension Offer (and related outstandings) provided hereunder; provided that to the extent more than one
Revolving Facility exists after giving effect to any such Extension, (x) the borrowing and repayment (except for (1) payments
of interest and fees at different rates on the Revolving Facilities (and related outstandings), (2) repayments required upon the
Maturity Date of any Revolving Facility and (3) repayments made in connection with a permanent repayment and termination of Revolving
Credit Commitments under any Revolving Facility (subject to clause (z) below)) of Revolving Loans with respect to any Revolving
Facility after the effective date of such Extended Revolving Credit Commitments shall be made on a pro rata basis or less than pro rata
basis with all other Revolving Facilities, (y) all Letters of Credit shall be participated on a pro rata basis by all Revolving Lenders
and (z) the permanent repayment of Revolving Loans with respect to, and reduction or termination of Revolving Credit Commitments
under, any Revolving Facility after the effective date of such Extended Revolving Credit Commitments shall be made on a pro rata basis
with all other Revolving Facilities, except that the Borrower shall be permitted to permanently repay Revolving Loans and terminate Revolving
Credit Commitments of any Revolving Facility on a greater than pro rata basis as compared to any other Revolving Facilities with a later
Maturity Date than such Revolving Facility;

 

(ii)           except
as to (A) interest rates, fees, amortization, final maturity date, premiums, required prepayment dates and participation in prepayments
(which shall, subject to immediately succeeding clauses (iii), (iv) and (v), be determined by the Borrower and
any Lender who agrees to an Extension of its Term Loans and set forth in the relevant Extension Offer) and (B) any covenants or other
provisions applicable only to periods after the Latest Maturity Date of the tranche of Term Loans subject to such Extension Offer (in
each case, as of the date of such Extension), the Term Loans of any Lender extended pursuant to any Extension (any such extended Term
Loans, the “Extended Term Loans”) shall have the same terms (or terms not less favorable to existing Lenders) as the
tranche of Term Loans subject to the relevant Extension Offer; provided, however, that any representations and warranties,
affirmative and negative covenants (including financial covenants) and events of default applicable to such tranche of Extended Term Loans
that also expressly apply to (and for the benefit of) the tranche of Term Loans subject to the Extension Offer and each other Class of
Term Loans hereunder may be more favorable to the lenders of the applicable tranche of Extended Term Loans than those originally applicable
to the tranche of Term Loans subject to the Extension Offer;

 

(iii)          (x) the
final Maturity Date of any Extended Term Loans may be no earlier than the Latest Maturity Date of the tranche of Term Loans subject to
such Extension Offer (as of the date of such Extension) and (y) no Extended Revolving Credit Commitments or Extended Revolving Loans
may have a final Maturity Date earlier than (or have scheduled commitment reductions prior to) the Latest Maturity Date of the tranche
of Revolving Credit Commitments subject to such Extension Offer (as of the date of such Extension);

 

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(iv)          the
Weighted Average Life to Maturity of any Extended Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity
of the tranche of Term Loans subject to such Extension Offer (as of the date of such Extension);

 

(v)           any
Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary
or mandatory repayments or prepayments (but, for purposes of clarity, not scheduled amortization payments) in respect of the Term Loans,
in each case as specified in the relevant Extension Offer;

 

(vi)          if
the aggregate principal amount of Loans or Commitments, as the case may be, in respect of which Lenders have accepted the relevant Extension
Offer exceed the maximum aggregate principal amount of Loans or Commitments, as the case may be, offered to be extended by the Borrower
pursuant to such Extension Offer, then the Loans or Commitments, as the case may be, of such Lenders shall be extended ratably up to such
maximum amount based on the respective principal amounts (but not to exceed the applicable Lender’s actual holdings of record) with
respect to which such Lenders have accepted such Extension Offer;

 

(vii)         unless
the Administrative Agent otherwise agrees, any Extension shall be in a minimum amount of $1,000,000;

 

(viii)        any
applicable Minimum Extension Condition must be satisfied or waived by the Borrower;

 

(ix)           any
documentation in respect of any Extension shall be consistent with the foregoing;

 

(x)            no
Extension of any Revolving Facility shall be effective as to the obligations of any Issuing Bank with respect to Letters of Credit without
the consent of such Issuing Bank (such consents not to be unreasonably withheld, conditioned or delayed) (and, in the absence of such
consent, all references herein to Latest Revolving Credit Maturity Date shall be determined, when used in reference to such Issuing Bank
without giving effect to such Extension); and

 

(xi)           no
Extension of any Revolving Facility shall be effective as to the obligations of any Swingline Lender with respect to Swingline Loans without
the consent of such Swingline Lender (such consents not to be unreasonably withheld, conditioned or delayed) (and, in the absence of such
consent, all references herein to Latest Revolving Credit Maturity Date shall be determined, when used in reference to such Swingline
Lender without giving effect to such Extension).

 

(b)          (i) No
Extension consummated in reliance on this Section 2.23 shall constitute a voluntary or mandatory prepayment for purposes of
Section 2.11, (ii) the scheduled amortization payments (insofar as such schedule affects payments due to Lenders participating
in the relevant Class) set forth in Section 2.10 shall be adjusted to give effect to any Extension of any Class of Loans
or Commitments and (iii) except as set forth in clause (a)(vii) above, no Extension Offer is required to be in any minimum
amount or any minimum increment; provided that the Borrower may, in its sole discretion, specify as a condition (a “Minimum
Extension Condition”) to the consummation of any Extension that a minimum amount (to be specified in the relevant Extension
Offer in the Borrower’s sole discretion) of Loans or Commitments (as applicable) of any or all applicable tranches be tendered;
it being understood that the Borrower may, in its sole discretion, waive any such Minimum Extension Condition. The Administrative Agent
and the Lenders hereby consent to the transactions contemplated by this Section 2.23 (including, for the avoidance of doubt,
the payment of any interest, fees or premium in respect of any Extended Term Loans or Extended Revolving Credit Commitments on such terms
as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Agreement (including Sections
2.10, 2.11 or 2.18) or any other Loan Document that may otherwise prohibit any such Extension or any other transaction
contemplated by this Section 2.23.

 

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(c)          Subject
to any consent required under Section 2.23(a)(x), no consent of any Lender or the Administrative Agent shall be required to
effectuate any Extension, other than the consent of each Lender agreeing to such Extension with respect to one or more of its Loans or
Commitments of any Class (or a portion thereof). All Extended Term Loans and Extended Revolving Credit Commitments and all obligations
in respect thereof shall constitute Secured Obligations under this Agreement and the other Loan Documents that are secured by the Collateral
and guaranteed on a pari passu basis with all other applicable Secured Obligations under this Agreement and the other Loan Documents.
The Lenders hereby irrevocably authorize the Administrative Agent to enter into any Extension Amendment and any amendment to any of the
other Loan Documents with the Loan Parties as may be necessary in order to establish new Classes or sub-Classes in respect of Loans or
Commitments so extended and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative
Agent and the Borrower in connection with the establishment of such new Classes or sub-Classes, in each case on terms consistent with
this Section 2.23.

 

(d)          In
connection with any Extension, the Borrower shall provide the Administrative Agent at least five Business Days’ (or such shorter
period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (including regarding
timing, rounding and other adjustments and to ensure reasonable administrative management of the credit facilities hereunder after such
Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish
the purposes of this Section 2.23.

 

Section 2.24.       Inability
to Determine Rates. If the Administrative Agent determines that for any reason adequate and reasonable means do not exist for determining
the LIBO Rate for any requested Interest Period with respect to a proposed LIBO Rate Loan or that the LIBO Rate for any requested Interest
Period with respect to a proposed LIBO Rate Loan does not adequately and fairly reflect the cost to the Lenders of funding such LIBO Rate
Loan, the Administrative Agent will promptly notify the Borrower and each Lender thereof. Thereafter, the obligation of the Lenders to
make or maintain LIBO Rate Loans hereunder shall be suspended until the Administrative Agent revokes such notice in writing. Upon receipt
of such notice, the Borrower may revoke any Borrowing Request or Interest Election Request then submitted by it. If the Borrower does
not revoke such notice, the Lenders shall make, convert or continue the Loans, as proposed by the Borrower, in the amount specified in
the applicable notice submitted by the Borrower, but such Loans shall be made, converted or continued as ABR Loans instead of LIBO Rate
Loans.

 

ARTICLE 3        REPRESENTATIONS
AND WARRANTIES

 

On the Closing Date, on the
date of any Credit Extension (if and to the extent required pursuant to the terms hereof) and on any other date required pursuant to the
terms hereof, the Borrower hereby represents and warrants to the Lenders that:

 

Section 3.01.       Organization;
Powers. Each of the Borrower and the Restricted Subsidiaries (a) is (i) duly organized and validly existing and (ii) in
good standing (to the extent such concept exists in the relevant jurisdiction) under the Requirements of Law of its jurisdiction of organization
and (b) has all requisite organizational power and authority to own its assets and to carry on its business as now conducted; except,
in each case referred to in this Section 3.01 (other than clauses (a)(i) and (b) with respect to any
Loan Party) where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse
Effect.

 

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Section 3.02.       Authorization;
Enforceability. The execution, delivery and performance by each Loan Party of each Loan Document to which such Loan Party is a party are
within such Loan Party’s corporate or other organizational power and have been duly authorized by all necessary corporate or other
organizational action of such Loan Party. Each Loan Document to which any Loan Party is a party has been duly executed and delivered by
such Loan Party and is a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to
the Legal Reservations.

 

Section 3.03.       Governmental
Approvals; No Conflicts. The execution and delivery of each Loan Document by each Loan Party thereto and the performance by such Loan
Party thereof (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority, except (i) such as have been obtained or made and are in full force and effect, (ii) solely in the case of a foreclosure
on the pledge of Capital Stock in any Broker-Dealer Subsidiary or any direct or indirect parent company of any Broker-Dealer Subsidiary
under the Loan Documents, any approval by FINRA under FINRA Rule 1017 or any other Governmental Authority of a change in control
or ownership or transfer of assets or other similar matter of any Broker-Dealer Subsidiary (or any direct or indirect parent company thereof),
(iii) in connection with the Perfection Requirements and (iv) such consents, approvals, registrations, filings or other actions
the failure to obtain or make which would not be reasonably expected to have a Material Adverse Effect, (b) will not violate any
(i) of such Loan Party’s Organizational Documents or (ii) Requirement of Law applicable to such Loan Party which violation,
in the case of this clause (b)(ii), would reasonably be expected to have a Material Adverse Effect and (c) will not violate
or result in a default under any material Contractual Obligation to which such Loan Party is a party or is otherwise bound which violation,
in the case of this clause (c), would reasonably be expected to result in a Material Adverse Effect.

 

Section 3.04.       Financial
Condition; No Material Adverse Effect.

 

(a)          (i) The
financial statements most recently provided pursuant to Section 5.01(a) or (b), as applicable, present fairly,
in all material respects, the consolidated financial condition and results of operations and cash flows of the Borrower and its Subsidiaries
as of such dates and for such periods in accordance with GAAP, (x) except as otherwise expressly noted therein and (y) subject,
in the case of financial statements provided pursuant to Section 5.01(a), to the absence of footnotes and normal year-end
adjustments.

 

(b)          Since
the Closing Date, there has been no Material Adverse Effect.

 

Section 3.05.       Properties.

 

(a)          As
of the Closing Date, Schedule 3.05(a) sets forth the address of each Real Estate Asset (or each set of such assets that
collectively comprise one operating property) that is owned in fee simple (or similar concept in any applicable jurisdiction) by any Loan
Party.

 

(b)          The
Borrower and each of the Restricted Subsidiaries have good and valid fee simple title (or similar concept in any applicable jurisdiction)
to or rights to purchase, or valid leasehold interests in, or easements or other limited property interests in, all of their respective
Real Estate Assets and have good title to their personal property and assets, in each case, except (i) for defects in title that
do not materially interfere with their ability to conduct their business as currently conducted or to utilize such properties and assets
for their intended purposes or (ii) where the failure to have such title or interests would not reasonably be expected to have a
Material Adverse Effect.

 

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(c)          The
Borrower and the Restricted Subsidiaries own or otherwise have a valid and enforceable license or right to use all rights in Patents,
Trademarks, Copyrights and other rights in works of authorship (including all copyrights embodied in software), know-how, trade secrets
and all other similar intellectual property rights (“IP Rights”) used, held for use in, or otherwise reasonably necessary
to conduct their respective businesses as presently conducted without, to the knowledge of the Borrower, any infringement, misappropriation
or other violation of the IP Rights of third parties, except to the extent such failure to own or have a license or right to use would
not, or where such infringement, misappropriation or other violation would not have, individually or in the aggregate, a Material Adverse
Effect. No claim or litigation regarding any IP Rights is pending or, to the knowledge of the Borrower, threatened in writing against
the Borrower or any Restricted Subsidiary that would reasonably be expected to have a Material Adverse Effect. Except as would not reasonably
be expected to have a Material Adverse Effect, the Borrower and the Restricted Subsidiaries have not suffered any cybersecurity breaches
and are in compliance with all Requirements of Law and contractual obligations with respect to data privacy.

 

Section 3.06.       Litigation
and Environmental Matters.

 

(a)          There
are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the
Borrower, threatened in writing against or affecting the Borrower or any Restricted Subsidiary which would reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect.

 

(b)          Except
for any matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, (i) no
Environmental Claims are pending or, to the knowledge of the Borrower, threatened in writing against the Borrower or any Restricted Subsidiary
and (ii) neither the Borrower nor any of the Restricted Subsidiaries has failed to comply with any Environmental Law or to obtain,
maintain or comply with any Governmental Authorization required under any Environmental Law.

 

(c)          Neither
the Borrower nor any of the Restricted Subsidiaries has treated, stored, transported or disposed of Hazardous Materials at or from any
currently or formerly operated real estate or facility relating to its business in a manner that would reasonably be expected to have
a Material Adverse Effect.

 

Section 3.07.       Compliance
with Laws. The Borrower and each of its Restricted Subsidiaries is in compliance with all Requirements of Law applicable to it
or its property, except, in each case where the failure to do so, individually or in the aggregate, would not reasonably be expected to
result in a Material Adverse Effect; it being understood and agreed that this Section 3.07 shall not apply to the Requirements
of Law specifically referenced in Section 3.19 below. Except as would not reasonably be expected to result, individually or
in the aggregate, in a Material Adverse Effect, all Broker-Dealer Licenses and Memberships and Broker-Dealer Registrations of each Broker-Dealer
Subsidiary have been obtained and are in full force and effect.

 

Section 3.08.       Investment
Company Status. No Loan Party is an “investment company” as defined in, or is required to be registered under, the Investment
Company Act of 1940.

 

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Section 3.09.       Taxes.
The Borrower and each of the Restricted Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have
been filed and has paid or caused to be paid all Taxes required to have been paid by it that are due and payable, except (a) Taxes
(or any requirement to file Tax returns with respect thereto) that are being contested in good faith by appropriate proceedings and for
which the Borrower or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP
or (b) to the extent that the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a
Material Adverse Effect. Neither the Borrower nor any Restricted Subsidiary has received written notice of any proposed or pending Tax
assessment, audit or deficiency that would individually or in the aggregate reasonably be expected to have a Material Adverse Effect.

 

Section 3.10.       ERISA.

 

(a)          Each
Pension Plan is in compliance in form and operation with its terms and with ERISA and the Code and all other applicable Requirements of
Law, except where any failure to comply would not, either individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect.

 

(b)          There
are no pending or, to the best knowledge of the Loan Parties or their ERISA Affiliates, threatened claims, actions or lawsuits, or action
by any Governmental Authority, with respect to any Pension Plan or Foreign Pension Plan that could reasonably be expected to have a Material
Adverse Effect.

 

(c)          Except
as individually or in the aggregate would not reasonably be expected to result in a Material Adverse Effect: (i) no ERISA Event or
Foreign Benefit Event has occurred and is continuing or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension
Liability; and (iii) neither the Loan Parties nor any ERISA Affiliate of a Loan Party has engaged in a transaction that could be
subject to Sections 4069 or 4212(c) of ERISA.

 

Section 3.11.       Disclosure.

 

(a)          As
of the Closing Date, all written information (other than the Projections, financial estimates, other forward-looking information or projected
information and information of a general economic or industry-specific nature) concerning the Borrower and its Subsidiaries that was included
in the Information Materials or otherwise prepared by or on behalf of the Borrower or any of their respective representatives and made
available to any Lender or the Administrative Agent in connection with the Transactions on or before the Closing Date (the “Information”),
when taken as a whole, did not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements
are made (after giving effect to all supplements and updates thereto from time to time).

 

(b)          The
Projections have been prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time furnished (it
being recognized that such Projections are not to be viewed as facts and are subject to significant uncertainties and contingencies many
of which are beyond the Borrower’s control, that no assurance can be given that any particular financial projections will be realized,
that actual results during the period or periods covered thereby may differ from projected results and that such differences may be material).

 

(c)          To
the knowledge of the Borrower, the information included in any Beneficial Ownership Certification provided (if any) to any Agent or any
Lender in connection with this Agreement is true and correct in all respects.

 

Section 3.12.       Solvency.
As of the Closing Date, immediately after the consummation of the Transactions to occur on the Closing Date and the incurrence of Indebtedness
and obligations on the Closing Date in connection with this Agreement and the Transactions, the Borrower and its Subsidiaries, on a consolidated
basis, are Solvent.

 

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Section 3.13.       Capitalization
and Subsidiaries. Schedule 3.13 sets forth, in each case as of the Closing Date, (a) a correct and complete list of the
name of each Subsidiary of the Borrower and the ownership interest therein held by the Borrower or its applicable Subsidiary, and (b) the
type of entity of the Borrower and each of its Subsidiaries.

 

Section 3.14.       Security
Interest in Collateral. Subject to the terms of the last paragraph of Section 4.01, the Legal Reservations, the Perfection
Requirements, the provisions, limitations and/or exceptions set forth in this Agreement and the other relevant Loan Documents, the Collateral
Documents create legal, valid and enforceable Liens on all of the Collateral in favor of the Administrative Agent, for the benefit of
itself and the other Secured Parties, and upon the satisfaction of the applicable Perfection Requirements, such Liens constitute perfected
Liens (with the priority that such Liens are expressed to have under the relevant Collateral Documents, unless otherwise permitted hereunder
or under any Collateral Document) on the Collateral (to the extent such Liens are required to be perfected under the terms of the Loan
Documents) securing the Secured Obligations, in each case as and to the extent set forth therein.

 

Section 3.15.       Labor
Disputes. As of the Closing Date, except as individually or in the aggregate would not reasonably be expected to have a Material
Adverse Effect, (a) there are no strikes, lockouts or slowdowns against the Borrower or any Restricted Subsidiary pending or, to
the knowledge of the Borrower or any Restricted Subsidiary, threatened in writing and (b) the hours worked by and payments made to
employees of the Borrower and the Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable
Requirements of Law.

 

Section 3.16.       Federal
Reserve Regulations. No part of the proceeds of any Loan or any Letter of Credit will be used for any purpose that results in the application
or violation of the provisions of Regulation U or X. Each Broker-Dealer Subsidiary that extends purpose credit to customers (as those
terms are defined in Regulation T of the Board of Governors) maintains procedures and internal controls reasonably designed to ensure
that such Broker-Dealer Subsidiary does not extend or maintain purpose credit to or for its customers other than in accordance with the
provisions of and exemptions from Regulation T of the Board of Governors and the interpretations of the Board of Governors and its staff.

 

Section 3.17.       Senior
Indebtedness. The Obligations constitute “Senior Indebtedness” (or any comparable term) under and as defined in the documentation
governing any Indebtedness that is subordinated in right of payment to the Obligations.

 

Section 3.18.       Use
of Proceeds. The Borrower will use the proceeds of the Loans consistent with Section 5.10.

 

Section 3.19.       U.S.
Sanctions; PATRIOT ACT and FCPA.

 

(a)          (i) Neither
the Borrower nor any of its Subsidiaries or any of their respective directors or officers, nor, to the knowledge of the Borrower, any
of their respective agents, employees or Affiliates of any of the foregoing is, or is owned or controlled by any individual or entity
that is (i) currently subject to or the target of any Sanctions, (ii) included on OFAC’s List of Specially Designated
Individuals and Blocked Persons, Her Majesty’s Treasury’s Consolidated List of Financial Sanctions Targets and the Investment
Ban List, or any similar list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Sanctioned
Country. The Borrower and its Subsidiaries will not directly or, to the knowledge of the Borrower, indirectly, use the proceeds of the
Loans or Letters of Credit, or otherwise make available such proceeds to any Person for the purpose of financing the activities of any
Person, or in any Sanctioned Country, at the time of such financing, is subject to or the target of any Sanctions, except to the extent
licensed by OFAC or otherwise permissible.

 

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(b)          To
the extent applicable, the Borrower and each of its Subsidiaries is in compliance, in all material respects, with the (i) Trading
with the Enemy Act and each of the foreign assets control regulations of the U.S. Treasury Department (31 C.F.R., Subtitle B, Chapter
V) and any other enabling legislation or executive order relating thereto and (ii) “know your customer” and anti-money
laundering rules and regulations, including the USA PATRIOT Act (“Anti-Money Laundering Laws”).

 

(c)          (i) None
the Borrower nor any of its Subsidiaries or any of their respective directors or officers, nor, to the knowledge of the Borrower, any
of the Borrower or its Subsidiaries’ employees, agents, or Affiliates, has taken any action, directly or indirectly, that would
result in a material violation by any such Person of any applicable anti-corruption law, including as applicable, the U.S. Foreign Corrupt
Practices Act of 1977 (the “FCPA”) and the UK Bribery Act (“Anti-Corruption Laws”), including making any
offer, payment, promise to pay or authorization or approval of the payment of any money, or other property, gift, promise to give or authorization
of the giving of anything of value, directly or indirectly, to any “foreign official” (as such term is defined in the
FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in each case in contravention
of the Anti-Corruption Laws of any Governmental Authority and (ii) no part of the proceeds of any Loan or any Letter of Credit will
be used, directly or, to the knowledge of the Borrower, indirectly for any payments to any government official or employee, political
party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain,
retain or direct business or obtain any improper advantage, in violation of Anti-Corruption Laws.

 

The representations and warranties
set forth in Section 3.19 above made by or on behalf of any Foreign Subsidiary are subject to and limited by any Requirement
of Law applicable to such Foreign Subsidiary; it being understood and agreed that to the extent that any Foreign Subsidiary is unable
to make any representation or warranty set forth in Section 3.19 as a result of the application of this sentence, such Foreign
Subsidiary shall be deemed to have represented and warranted that it is in compliance in all material respects with any equivalent Requirement
of Law relating to Sanctions, anti-terrorism, anti-corruption or anti-money laundering that is applicable to such Foreign Subsidiary in
its relevant local jurisdiction of organization.

 

Section 3.20.       Certain
Regulatory Matters.

 

(a)          Except
as set forth on Schedule 3.20, to the extent required pursuant to applicable Requirements of Law, (i) each Broker-Dealer Subsidiary
is a member in good standing of FINRA and (ii) each Broker-Dealer Subsidiary is duly registered as a broker-dealer and in good standing
with the SEC and/or duly registered as futures commission merchant or Introducing Broker with the CFTC, and in each state where the conduct
of a material portion of its business requires such registration.

 

(b)          Except
as set forth on Schedule 3.20, to the extent required pursuant to applicable Requirements of Law, each Investment Manager Subsidiary
is duly registered (i) under the Investment Advisers Act as an investment adviser and holds all additional licenses required by the
various states and (ii) with each other applicable governing body where the conduct of its investment advisory business requires
such registration.

 

(c)          Neither
the Borrower nor any Subsidiary other than the Investment Manager Subsidiaries is required to be registered, licensed or qualified as
an investment adviser under the laws requiring any such registration, licensing or qualification in any state in which it conducts business,
except where the failure to be so registered, licensed or qualified would not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect. Neither the Borrower nor any Subsidiary other than the Broker-Dealer Subsidiaries is required to be
registered, licensed or qualified as a broker-dealer under the securities laws of any state where it conducts business or is subject to
material liability or disability by reason of the failure to be so registered, licensed or qualified except where the failure to be so
registered, licensed or qualified would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

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ARTICLE 4       CONDITIONS

 

Section 4.01.       Closing
Date. The obligations of (i) each Lender to make Loans and (ii) any Issuing Bank to issue Letters of Credit shall not become
effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

 

(a)          Credit
Agreement and Loan Documents. The Administrative Agent (or its counsel) shall have received from each Loan Party party thereto a counterpart
signed by such Loan Party (or written evidence satisfactory to the Administrative Agent (which may include a copy transmitted by facsimile
or other electronic method) that such party has signed a counterpart) of (i) this Agreement, (ii) the Security Agreement, (iii) the
Loan Guaranty, (iv) the Intellectual Property Security Agreements and (v) each Promissory Note requested by a Lender at least
three Business Days prior to the Closing Date (or such shorter period as may be agreed to by the Borrower in its sole discretion) and
(ii) a Borrowing Request as required by Section 2.03.

 

(b)          Legal
Opinion. The Administrative Agent shall have received, on behalf of itself and the Lenders, a customary written opinion of Willkie
Farr & Gallagher LLP, in its capacity as special New York counsel for the Loan Parties, dated as of the Closing Date.

 

(c)          Secretary’s
Certificate and Good Standing Certificates. The Administrative Agent shall have received (i) a certificate of each Loan Party,
dated as of the Closing Date and executed by a secretary, assistant secretary or other Responsible Officer thereof, which shall (A) certify
that (x) attached thereto is a true and complete copy of the certificate or articles of incorporation, formation or organization
or other comparable organizational document, as applicable, of such Loan Party certified by the relevant authority of its jurisdiction
of organization, (y) the certificate or articles of incorporation, formation or organization or other comparable organizational document,
as applicable, of such Loan Party attached thereto have not been amended (except as attached thereto) since the date reflected thereon
and (z) attached thereto is a true and correct copy of the by-laws or operating, management, partnership or similar agreement of
such Loan Party, together with all amendments thereto as of the Closing Date, (B) certify that attached thereto is a true and complete
copy of resolutions or written consents of its shareholders of board of directors (or similar governing body, as applicable), as the case
may be, authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party, and
that such resolutions or written consents have not been modified, rescinded or amended and are in full force and effect without amendment,
modification or rescission, and (C) identify by name and title and bear the signatures of the officers, managers, directors or authorized
signatories of such Loan Party who have executed the Loan Documents to which such Loan Party is a party as of the Closing Date and (ii) a
good standing (or equivalent) certificate as of a recent date for such Loan Party from the relevant authority of its jurisdiction of organization
(to the extent such concepts are applicable).

 

(d)          Closing
Certificate. The Administrative Agent shall have received a customary closing certificate, dated as of the Closing Date and signed
by a Responsible Officer of the Borrower on behalf of each Loan Party, confirming compliance with the conditions precedent set forth in
Section 4.01(j), and Sections 4.02(b) and (c)  as of the Closing Date.

 

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(e)          Solvency.
The Administrative Agent shall have received a certificate in substantially the form of Exhibit M from the chief financial
officer (or other officer with reasonably equivalent responsibilities) of the Borrower dated as of the Closing Date and certifying as
to the matters set forth therein.

 

(f)          Perfection
Certificate. The Administrative Agent shall have received a completed Perfection Certificate dated as of the Closing Date and signed
by a Responsible Officer of each Loan Party on behalf of such Loan Party.

 

(g)          Lien
Searches. The Administrative Agent shall have received the results of a search of the Uniform Commercial Code filings (or equivalent
filings) with respect to the Loan Parties in the states (or other jurisdictions) of formation of such Persons, the results of a judgment
and tax lien search with respect to the Loan Parties in the states and county in which the chief executive office of each such Person
is located and in such other jurisdictions as may be reasonably required by the Administrative Agent, together with copies of the financing
statements (or similar documents) disclosed by such search, and along with copies of USPTO and United States Copyright Office searches
reasonably required by the Administrative Agent.

 

(h)          Pledged
Stock and Pledged Notes. The Administrative Agent shall have received (i) the certificates representing any Capital Stock required
to be pledged pursuant to the Security Agreement, together with an undated stock power or similar instrument of transfer for each such
certificate endorsed in blank by a duly authorized officer of the pledgor thereof, and (ii) any Material Debt Instrument required
to be pledged pursuant to the Security Agreement endorsed (without recourse) in blank (or accompanied by an transfer form endorsed in
blank) by the pledgor thereof.

 

(i)          Filings
Registrations and Recordings. Each document (including any UCC (or similar) financing statement) required by any Collateral Document
or under any applicable Requirement of Law to be filed, registered or recorded in order to create in favor of the Administrative Agent,
for the benefit of the Secured Parties, a perfected Lien on the Collateral required to be delivered pursuant to such Collateral Document,
shall be in proper form for filing, registration or recordation.

 

(j)          Refinancing.
Each of the following shall have occurred or substantially concurrently with the funding of the Initial Term Loan shall occur: (i) the
repayment in full of any outstanding Indebtedness under that certain Credit Agreement, dated as of December 2, 2019, by and among
the Borrower, as borrower, the Subsidiaries of the Borrower party thereto as guarantors, the financial institutions party thereto as lenders,
and BMO Harris Bank N.A. as administrative agent, (ii) the redemption or satisfaction and discharge in full of the Indebtedness under
the Borrower’s 7.35% Notes due 2027 issued pursuant to that certain Indenture, dated as of October 10, 2014, by and between
the Borrower and The Bank of New York Mellon, as trustee, as supplemented by the Second Supplemental Indenture, dated as of December 8,
2017 (the “7.35% Notes”) and (iii) the making of an irrevocable notice of redemption with respect to the Borrower’s
3.00% Convertible Senior Notes due 2022 issued pursuant to that certain Indenture, dated as of December 14, 2017, by and between
the Borrower and The Bank of New York Mellon, as trustee (the “3.00% Convertible Notes”).

 

(k)         [Reserved].

 

(l)          [Reserved].

 

(m)        [Reserved].

 

(n)         [Reserved].

 

    	 	122	 

     

    

 

(o)          [Reserved].

 

(p)          Payment
of Fees. All fees required to be paid as of the Closing Date to the Lead Arrangers, certain of their respective Affiliates, the Administrative
Agent and/or the Lenders shall have been paid. All expenses (including reasonable out of pocket legal fees and expenses) of the Lead Arrangers
and the Administrative Agent in connection with the Transactions required to be reimbursed as of the Closing Date, to the extent invoiced
in reasonable detail at least three (3) Business Days (or such shorter period as may be agreed to by the Borrower in its sole discretion)
prior to the Closing Date, shall have been paid (with all such reimbursable expenses invoiced thereafter to be paid in accordance with
the Loan Documents).

 

(q)          Certain
Information. The Administrative Agent will have received at least three (3) Business Days prior to the Closing Date all documentation
and other information about the Borrower and its Subsidiaries (to the extent any such Person is required to become a Loan Party) required
by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations,
including the USA PATRIOT Act, to the extent requested from the Borrower at least ten (10) Business Days prior to the Closing Date.

 

(r)          Beneficial
Ownership Certification. To the extent the Borrower, or any of its respective Subsidiaries qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation, at least three (3) Business Days prior to the Closing Date, the Administrative Agent shall
have received a Beneficial Ownership Certification in the relation to such Person.

 

For purposes of determining
whether the conditions specified in this Section 4.01 have been satisfied as of the Closing Date, by funding the Initial Term
Loans hereunder, the Administrative Agent and each Lender shall be deemed to have consented to, approved or accepted, or to be satisfied
with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to the Administrative
Agent or such Lender, as the case may be.

 

Section 4.02.       Each
Credit Extension. The obligation of each Lender to make any Credit Extension (other than any Letter of Credit Reimbursement Loan) is subject
to the satisfaction of the following conditions:

 

(a)          Request
for Credit Extension. (i) In the case of any Borrowing, the Administrative Agent shall have received a Borrowing Request as required
by Section 2.03 or (ii) in the case of the issuance of any Letter of Credit, the applicable Issuing Bank and the Administrative
Agent shall have received a notice requesting the issuance of such Letter of Credit as required by Section 2.05(b).

 

(b)          Representations
and Warranties. The representations and warranties of the Loan Parties set forth in this Agreement and the other Loan Documents shall
be true and correct in all material respects on and as of the date of any such Credit Extension with the same effect as though such representations
and warranties had been made on and as of the date of such Credit Extension; provided that to the extent that any representation
and warranty specifically refers to an earlier date, it shall be true and correct in all material respects as of such earlier date; provided,
further, that representations and warranties that are qualified by “material”, “material adverse effect”
or a similar term shall be true and correct in all respects.

 

(c)          No
Default or Event of Default. At the time of and immediately after giving effect to the making of the applicable Credit Extension,
no Default or Event of Default has occurred and is continuing.

 

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Each Credit Extension after the Closing Date shall
be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs
(b) and (c) of this Section 4.02; provided, however, that the conditions set forth in this
Section 4.02 shall not apply to any Credit Extension under any Incremental Facility Amendment, Refinancing Amendment or Extension
Amendment unless in each case the lenders in respect thereof have required satisfaction of the same in the applicable Incremental Facility
Amendment, Refinancing Amendment or Extension Amendment, as applicable.

 

ARTICLE 5       AFFIRMATIVE
COVENANTS

 

From the Closing Date until
the date on which all Revolving Credit Commitments have expired or terminated and the principal of and interest on each Loan and all fees,
expenses and other amounts payable under any Loan Document (other than contingent indemnification and expense reimbursement obligations
for which no claim or demand has been made) have been paid in full in immediately available funds and all Letters of Credit have expired
or have been terminated (or have been collateralized or back-stopped by a letter of credit in an amount equal to 103.0% of the Stated
Amount thereof or otherwise in a manner reasonably satisfactory to the relevant Issuing Bank) and all LC Disbursements have been reimbursed
(such date, the “Termination Date”), the Borrower hereby covenants and agrees with the Lenders that:

 

Section 5.01.       Financial
Statements and Other Reports. The Borrower will deliver to the Administrative Agent for delivery to each Lender:

 

(a)          Quarterly
Financial Statements. As soon as available, and in any event within 45 days after the end of each of the first three Fiscal Quarters
of each Fiscal Year, the company-prepared consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such Fiscal
Quarter and the related consolidated statements of income or operations and cash flows of the Borrower and its Subsidiaries for such Fiscal
Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, and setting forth, in
reasonable detail, in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year (to the extent
applicable), all in reasonable detail, together with a Responsible Officer Certification (which may be included in the applicable Compliance
Certificate) with respect thereto.

 

(b)          Annual
Financial Statements. As soon as available, and in any event within 90 days after the end of each Fiscal Year ending after the Closing
Date, (i) the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such Fiscal Year and the related consolidated
statements of income or operations and cash flows of the Borrower and its Subsidiaries for such Fiscal Year and, commencing after the
completion of the second full Fiscal Year ending after the Closing Date, setting forth, in reasonable detail, in comparative form the
corresponding figures for the previous Fiscal Year and (ii) with respect to such consolidated financial statements, a report thereon
of KPMG or of another firm of independent certified public accountant of recognized national standing, which report shall not be subject
to (x) a “going concern” qualification (except as resulting from (A) the impending maturity of any Indebtedness
and/or (B) any breach or anticipated breach of any financial covenant) but may include a “going concern” explanatory
paragraph or like statement or (y) a qualification as to the scope of the audit, and shall state that such consolidated financial
statements fairly present, in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as at the
dates indicated and its income and cash flows for the periods indicated in conformity with GAAP.

 

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(c)          Compliance
Certificate. Together with each delivery of financial statements pursuant to Section 5.01(a) and 5.01(b),
a duly executed and completed Compliance Certificate (i) certifying that no Default or Event of Default has occurred and is continuing
(or if a Default or Event of Default is continuing, describing in reasonable detail such Default or Event of Default and the steps being
taken to cure, remedy or waive the same), (ii) in the case of financial statements delivered pursuant to Section 5.01(b),
setting forth reasonably detailed calculations of Excess Cash Flow of the Borrower and the Restricted Subsidiaries for each Fiscal Year
beginning with the financial statements for the Fiscal Year ended on or about December 31, 2022, (iii) containing information
and calculations reasonably necessary for determining, on a consolidated basis, compliance by the Borrower and the Restricted Subsidiaries
with Section 6.14(a); provided that it is understood and agreed that reporting of and calculations with respect
to Section 6.14(a) shall only be required with respect to a Compliance Date, (iv) a description of any new Subsidiary
and any change in the name or jurisdiction of organization of any Loan Party since the date of the most recent list delivered (or in the
case of the first such list so delivered, since the Closing Date) and (v) listing any newly filed or acquired registrations of or
applications for registrations of any Patents, Trademarks or Copyrights (including exclusive licenses with respect thereto) constituting
Collateral with the USPTO or the United States Copyright Office, as applicable, by any Loan Party (other than (i) any registration
that issues with respect to an application that was identified on a list previously delivered pursuant to this Section 5.01(c)(v) or
that is then subject to an Intellectual Property Security Agreement (or supplement thereto) or (ii) any registration or application
for registration that otherwise constitutes an Excluded Asset) since the date of the most recent list delivered (or in the case of the
first such list so delivered, since the Closing Date).

 

(d)          Unrestricted
Subsidiary Elimination. Together with each delivery of financial statements of the Borrower and its Subsidiaries pursuant to Section 5.01(a) and
5.01(b), if applicable, an internally prepared management summary of pro forma adjustments necessary to eliminate the accounts
of Unrestricted Subsidiaries (if any) from such consolidated financial statements.

 

(e)          Notice
of Material Events. Promptly upon any Responsible Officer of the Borrower obtaining knowledge thereof, written notice of the following:

 

(i)           the
occurrence of any Default or Event of Default

 

(ii)          the
occurrence of any event that has resulted in a Material Adverse Effect;

 

(iii)         to
the extent permissible by law, the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental
Authority against or affecting the Borrower or any Subsidiary or the receipt of a notice of an Environmental Liability, in each case,
that could reasonably be expected to result in a Material Adverse Effect;

 

(iv)         the
occurrence of any ERISA Event that would reasonably be expected to result in Material Adverse Effect; and

 

(v)          the
occurrence of any failure described in clauses (i) or (ii) of Section 7.01(b).

 

(f)          [Reserved].

 

(g)          Information
Regarding Collateral. Prompt written notice of any change (i) in any Loan Party’s legal name, (ii) in any Loan Party’s
type of organization, or (iii) in any Loan Party’s jurisdiction of organization, in each case to the extent such information
is necessary to enable the Administrative Agent to perfect or maintain the perfection and priority of its security interest in the Collateral
of the relevant Loan Party.

 

(h)          Narrative
Report and Management Discussion and Analysis. Concurrently with each delivery of the financial statements described in Sections 5.01(a) and
5.01(b), a customary narrative report and management’s discussion and analysis describing the financial condition and results
of operation for such Fiscal Quarter or Fiscal Year, as applicable, and, with regard to quarterly financial statements, the then-elapsed
portion of the Fiscal Year, in each case, as compared to amounts for the previous Fiscal Year or corresponding periods of the previous
Fiscal Year (in each case, to the extent applicable).

 

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(i)          Lender
Calls. Within 10 Business Days after each delivery of the financial statements described in Sections 5.01(b) for
any Fiscal Year, at the request of the Administrative Agent, if requested within 5 Business Days after such delivery, the Borrower shall
hold a conference call (the reasonable costs of holding such call to be paid by the Borrower) with all Lenders who choose to attend such
conference call, during which the Borrower shall review the financial results of such Fiscal Year, the financial condition of the Borrower
and its Subsidiaries for the current Fiscal Year delivered pursuant to clause (f) above.

 

(j)          Other
Information.

 

(i)            Such
other certificates, readily available reports and information (financial or otherwise) as the Administrative Agent may reasonably request
from time to time regarding the business, operations and financial condition of the Borrower and the Restricted Subsidiaries and compliance
with the terms hereof; provided, however, that neither the Borrower nor any Restricted Subsidiary shall be required to disclose
or provide any information (a) that constitutes non-financial trade secrets or non-financial proprietary information of the Borrower
or any of its Subsidiaries or any of their respective customers or suppliers, (b) in respect of which disclosure to the Administrative
Agent or any Lender (or any of their respective representatives) is prohibited by applicable Requirements of Law, (c) that is subject
to attorney-client or similar privilege or constitutes attorney work product or (d) in respect of which the Borrower or any Restricted
Subsidiary owes confidentiality obligations to any third party (to the extent not created in contemplation of such Person’s obligations
under this Section 5.01(j)).

 

(ii)            Promptly
after the furnishing thereof, copies of any material notices (other than notices furnished in the ordinary course) furnished to any holder
of any class or series of (x) any Junior Indebtedness, (y) any Junior Lien Indebtedness or (z) other debt securities of
any Loan Party, in each case, so long as the aggregate outstanding principal amount thereunder is greater than the Threshold Amount and
not otherwise required to be furnished to the Administrative Agent pursuant to any other clause of this Section 5.01.

 

Documents required to be delivered
pursuant to this Section 5.01 may be delivered electronically and if so delivered, shall be deemed to have been delivered
on the date (i) on which the Borrower (or a representative thereof) posts such documents (or provides a link thereto) at the website
address listed on Schedule 9.01; (ii) on which such documents are delivered by the Borrower to the Administrative Agent for
posting on behalf of the Borrower on IntraLinks/SyndTrak or another relevant secure website, if any, to which each Lender and the Administrative
Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); (iii) on which such
documents are faxed to the Administrative Agent (or electronically mailed to an address provided by the Administrative Agent); or (iv) on
which such items have been made available on the SEC website or the website of the relevant analogous governmental or private regulatory
authority or securities exchange (including, for the avoidance of doubt, by way of “EDGAR”).

 

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The Borrower and each Lender
acknowledge that certain of the Lenders may be Public Lenders and, if documents or notices required to be delivered pursuant to this Section 5.01
or otherwise are being distributed through IntraLinks/IntraAgency, SyndTrak Online or another relevant secure website or other secure
electronic information platform (the “Platform”), any document or notice that the Borrower has indicated contains Non-Public
Information shall not be posted on that portion of the Platform designated for such Public Lenders. The Borrower agrees, upon the reasonable
written request of the Administrative Agent, to clearly designate all information provided to the Administrative Agent by or on behalf
of the Borrower which is suitable to make available to Public Lenders. If the Borrower has not indicated whether a document or notice
delivered pursuant to this Section 5.01 contains Non-Public Information, the Administrative Agent shall post such document
or notice solely on that portion of the Platform designated for Lenders who wish to receive material Non-Public Information with respect
to the Borrower and its Subsidiaries and their securities; provided that any financial statements delivered pursuant to Section 5.01(a) and
5.01(b) and any Compliance Certificate shall be deemed suitable to make available to Public Lenders unless, with respect to
any such document, the Borrower notifies the Administrative Agent that such document contains Non-Public Information; it being understood
and agreed that from and after receipt of such notice, unless otherwise specified therein, such notice shall apply to all documents of
the same type for all future periods.

 

Notwithstanding the foregoing,
the obligations in this Section 5.01 may instead be satisfied with respect to any financial statements, and Responsible Officer
Certifications of the Borrower by furnishing (A) the applicable financial statements of any Parent Company or (B) Form 10-K
or 10-Q, as applicable, of the Borrower or any Parent Company filed with the SEC or any securities exchange, in each case, within the
time periods specified in such paragraphs and without any requirement to provide notice of such filing to the Administrative Agent or
any Lender; provided that, with respect to each of clauses (A) and (B), (i) to the extent (1) such
financial statements relate to any Parent Company and (2) either (x) such Parent Company (or any other Parent Company that is
a Subsidiary of such Parent Company) has any material third party Indebtedness and/or material operations (as determined by the Borrower
in good faith and other than any operations that are attributable solely to such Parent Company’s direct or indirect ownership of
the Borrower and its Subsidiaries) or (y) there are material differences between the financial statements of such Parent Company
and its consolidated Subsidiaries, on the one hand, and the Borrower and its consolidated Subsidiaries, on the other hand, such financial
statements or Form 10-K or 10-Q, as applicable, shall be accompanied by unaudited consolidating information that summarizes in reasonable
detail the differences between the information relating to such Parent Company and its consolidated Subsidiaries, on the one hand, and
the information relating to the Borrower and its consolidated Subsidiaries on a stand-alone basis, on the other hand, which consolidating
information shall be certified by a Responsible Officer of the Borrower as having been fairly presented in all material respects and (ii) to
the extent such financial statements are in lieu of financial statements required to be provided under Section 5.01(b), such
financial statements shall be accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized
standing, which report and opinion shall satisfy the applicable requirements set forth in Section 5.01(b) as if the references
to the “Borrower” therein were references to such Parent Company.

 

Section 5.02.       Existence.
Except as otherwise permitted under Section 6.07, the Borrower will, and will cause each of the Restricted Subsidiaries
to, at all times preserve and keep in full force and effect its existence and all rights, franchises, licenses and permits material to
its business except, other than with respect to the preservation of the existence of the Borrower, to the extent that the failure to do
so would not reasonably be expected to result in a Material Adverse Effect; provided that neither the Borrower nor any of the Restricted
Subsidiaries shall be required to preserve any such existence (other than with respect to the preservation of existence of the Borrower),
right, franchise, license or permit if a Responsible Officer of such Person or such Person’s board of directors (or similar governing
body) determines that the preservation thereof is no longer desirable in the conduct of the business of such Person, and that the loss
thereof is not disadvantageous in any material respect to such Person or to the Lenders. The Borrower will cause each Broker-Dealer Subsidiary
and all associated persons of each Broker-Dealer Subsidiary to maintain all Broker-Dealer Licenses and Memberships and Broker-Dealer Registrations
necessary and appropriate to conduct their business, as carried out from time to time.

 

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Section 5.03.       Payment
of Taxes. The Borrower will, and will cause each of the Restricted Subsidiaries to, file all Tax returns and pay all Taxes imposed upon
it or any of its properties or assets or in respect of any of its income or businesses or franchises before any penalty or fine accrues
thereon; provided, however, that no such Tax need be paid if (a) it is being contested in good faith by appropriate
proceedings, so long as adequate reserves or other appropriate provisions, as are required in conformity with GAAP, have been made therefor
or (b) failure to pay or discharge the same would not reasonably be expected to result in a Material Adverse Effect and no such filing
shall be required if the failure to make such filing would not reasonably be expected to result in a Material Adverse Effect.

 

Section 5.04.       Maintenance
of Properties. The Borrower will, and will cause each of the Restricted Subsidiaries to, maintain or cause to be maintained in good repair,
working order and condition, ordinary wear and tear and casualty and condemnation excepted, all property reasonably necessary to the normal
conduct of business of the Borrower and the Restricted Subsidiaries and from time to time will make or cause to be made all needed and
appropriate repairs, renewals and replacements thereof except as expressly permitted by this Agreement or where the failure to maintain
such properties or make such repairs, renewals or replacements would not reasonably be expected to have a Material Adverse Effect.

 

Section 5.05.       Insurance.
The Borrower will maintain or cause to be maintained, with financially sound and reputable insurers, such material insurance coverage
with respect to liabilities, losses or damage in respect of the assets, properties and businesses of the Borrower and the Restricted Subsidiaries
as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses
in the same geographic regions, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks
and otherwise on such terms and conditions as shall be customary for such Persons, including flood insurance with respect to each Flood
Hazard Property, in each case in compliance with the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973
(where applicable). Each such U.S. policy of insurance (other than, for the avoidance of doubt, representation and warranties insurance
policies) shall, as and when required under the terms hereof, to the extent available from the relevant insurance carrier, (i) in
the case of liability insurance policies (other than employee benefits, D&O and similar policies) name the Administrative Agent on
behalf of the Lenders as an additional insured thereunder as its interests may appear, (ii) in the case of casualty insurance policies
(excluding business interruption and similar insurance policies), contain a loss payable clause or endorsement that names the Administrative
Agent, on behalf of the Lenders as the loss payee thereunder and (iii) to the extent the underlying insurance provider is willing
to provide (and without additional cost), provide for at least 30 days’ prior written notice to the Administrative Agent of any
modification or cancellation of such policy (or 10 days’ prior written notice in the case of the failure to pay any premiums thereunder).

 

Section 5.06.       Inspections.
The Borrower will, and will cause each of the Restricted Subsidiaries to, permit any authorized representative designated by the Administrative
Agent to visit and inspect any of the properties of the Borrower and any of the Restricted Subsidiaries at which the principal financial
records and executive officers of the applicable Person are located, to inspect and copy its and their respective financial and accounting
records, and to discuss its and their respective affairs, finances and accounts with its and their Responsible Officers and independent
public accountants (provided that representatives of the Borrower (or any of its Subsidiaries) may, if the Borrower so chooses,
be present at or participate in any such discussions), all upon reasonable notice and at reasonable times during normal business hours
selected by the Borrower; provided that (a) only the Administrative Agent on behalf of the Lenders may exercise the rights
of the Administrative Agent and the Lenders under this Section 5.06 and (b) except as expressly set forth in the proviso
below during the continuance of an Event of Default, the Administrative Agent shall not exercise such rights more often than two times
during any calendar year (with only one such time at the Borrower’s expense); provided, further, that when an Event
of Default exists, the Administrative Agent (or any of its respective representatives or independent contractors) may do any of the foregoing
at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice without limitation; provided,
further, that notwithstanding anything to the contrary herein, neither the Borrower nor any Restricted Subsidiary shall be required
to disclose, permit the inspection, examination or making of copies of or discuss any document, information, or other matter (A) that
constitutes non-financial trade secrets or non-financial proprietary information of the Borrower and its Subsidiaries or any of its customers
or suppliers, (B) in respect of which disclosure to the Administrative Agent or any Lender (or any of their respective representatives
or contractors) is prohibited by applicable Requirements of Law, (C) that is subject to attorney-client or similar privilege or constitutes
attorney work product or (D) in respect of which the Borrower or any Restricted Subsidiary owes confidentiality obligations to any
third party (to the extent not created in contemplation of such Person’s obligations in this Section 5.06).

 

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Section 5.07.       Maintenance
of Book and Records. The Borrower will, and will cause the Restricted Subsidiaries to, maintain proper books of record and account containing
entries of all material financial transactions and matters involving the assets and business of the Borrower and the Restricted Subsidiaries
that are full, true and correct in all material respects and permit the preparation of consolidated financial statements in accordance
with GAAP.

 

Section 5.08.       Compliance
with Laws.

 

(a)          The
Borrower will comply, and will cause each of the Restricted Subsidiaries to comply, with the requirements of all applicable Requirements
of Law (including ERISA, Advisers Act and Environmental Laws but excluding any Sanctions, the USA PATRIOT Act and the FCPA), except to
the extent the failure to so comply would not reasonably be expected to have a Material Adverse Effect. The Borrower will cause each Broker-Dealer
Subsidiary to comply with the rules and regulations of the SEC, FINRA, CFTC and any other Governmental Authority applicable to it
to it (including such rules and regulations dealing with net capital requirements) and, to the extent applicable to any Broker-Dealer
Subsidiary (including its sales agents and registered personnel), except where the failure to so comply would not, individually or in
the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(b)          The
Borrower will comply, and will cause each of the Restricted Subsidiaries to comply, with the requirements of all applicable Sanctions,
 “know your customer” and Anti-Money Laundering Laws, including the USA PATRIOT Act and the FCPA, in each case, in all material
respects.

 

Section 5.09.       Designation
of Subsidiaries. The Borrower may at any time after the Closing Date designate (or redesignate) any Subsidiary as an Unrestricted Subsidiary
or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately before and after giving effect to
such designation, no Default or Event of Default exists (including after giving effect to the reclassification of Investments in, Indebtedness
of and Liens on the assets of, the applicable Restricted Subsidiary or Unrestricted Subsidiary), (ii) in the case of a designation
of any Restricted Subsidiary as an Unrestricted Subsidiary, the Total Leverage Ratio, calculated on a Pro Forma Basis for the most recently
ended Test Period, would not exceed 2.00:1.00, and (iii) after such designation, no Unrestricted Subsidiary shall own any Capital
Stock in any Restricted Subsidiary or hold any Indebtedness of or any Lien on any property of the Borrower or the Restricted Subsidiaries
that would not then be permitted to be incurred by the Borrower or the Restricted Subsidiaries, as applicable (it being expressly understood
and agreed that any such Indebtedness or Lien shall be deemed to have been incurred or granted by the Borrower or the Restricted Subsidiaries,
as applicable, on the date of such designation). The designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment
by the Borrower (or its applicable Restricted Subsidiary) therein at the date of designation in an amount equal to the portion of the
fair market value of the net assets of such Restricted Subsidiary attributable to the Borrower’s (or its applicable Restricted Subsidiary’s)
equity interest therein as reasonably estimated by the Borrower (and such designation shall only be permitted to the extent such Investment
is a Permitted Investment or is then permitted under Section 6.04(a)). The designation of any Unrestricted Subsidiary as a
Restricted Subsidiary shall constitute the making, incurrence or granting, as applicable, at the time of designation of any then-existing
Investment, Indebtedness or Lien of such Restricted Subsidiary, as applicable; provided that upon any re-designation of any
Unrestricted Subsidiary as a Restricted Subsidiary, the Borrower shall be deemed to continue to have an Investment in the resulting Restricted
Subsidiary in an amount (if positive) equal to (a) the Borrower’s “Investment” in such Restricted Subsidiary at
the time of such re-designation, minus (b) the portion of the fair market value of the net assets of such Restricted Subsidiary
attributable to the Borrower’s equity therein at the time of such re-designation. As of the Closing Date, the Subsidiaries listed
on Schedule 5.09 have been designated as Unrestricted Subsidiaries.

 

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Section 5.10.       Use
of Proceeds.

 

(a)          The
Borrower shall use the proceeds of the Revolving Loans after the Closing Date, to finance the working capital needs and other general
corporate purposes of the Borrower and the Restricted Subsidiaries (including for capital expenditures, working capital or purchase price
adjustments, the payment of transaction fees and expenses, acquisitions and other Investments, Restricted Payments and any other purpose
not prohibited by the terms of the Loan Documents). The Borrower shall use the proceeds of (i) the Initial Term Loans incurred
on the Closing Date to finance all or a portion of the Transactions and,
(ii) the Incremental Term Loans incurred on the Amendment No. 1
Effective Date for purposes of the transactions contemplated by Amendment No. 1, general corporate purposes of the Borrower and its
Subsidiaries and any other purpose not prohibited by the terms of the Loan Documents (including for the payment of fees, commissions,
premiums, expenses and other transaction costs (including original issue discount or upfront fees) payable or otherwise borne by any Parent
Company, the Borrower or its Subsidiaries in connection with the transactions contemplated by this clause (ii)). and (iii) any
Additional Term Loans as provided in the applicable Incremental Facility Amendment or Refinancing Amendment. Letters of Credit may be
issued (i) on the Closing Date in the ordinary course of business and to replace or provide credit support for any letters of credit,
bank guarantees or surety, customs, performance or similar bonds of the Borrower and its Subsidiaries or any of their Affiliate or to
replace cash collateral posted by any of the foregoing Persons and (ii) after the Closing Date for general corporate purposes of
the Borrower and its Subsidiaries and any other purpose not prohibited by the terms of the Loan Documents.

 

(b)          The
Borrower will not request any Borrowing, and the Borrower shall not use, shall cause the Restricted Subsidiaries not to use and shall
cause the directors, officers, employees and agents of the foregoing to not knowingly use the proceeds of any Credit Extension directly
or, to the knowledge of the Borrower, indirectly (i) 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 Anti-Corruption Laws, (ii) for the purpose of
funding, financing or facilitating any activities, business or transaction of or with any person or entity that is subject to any Sanctions,
or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto (including any Person participating
in the transaction, whether as Lender, Agent, Issuing Bank or otherwise).

 

Section 5.11.       Covenant
to Guarantee Obligations and Give Security.

 

(a)          Upon
(i) the formation or acquisition after the Closing Date of any Restricted Subsidiary that is a Domestic Subsidiary, (ii) the
designation of any Unrestricted Subsidiary that is a Domestic Subsidiary as a Restricted Subsidiary, (iii) any Restricted Subsidiary
that is a Domestic Subsidiary ceasing to be an Immaterial Subsidiary or (iv) any Restricted Subsidiary that was an Excluded Subsidiary
ceasing to be an Excluded Subsidiary, on or before the date that is 60 days after the relevant formation, acquisition, designation or
cessation occurred (or such longer period as the Administrative Agent may reasonably agree), the Borrower shall (A) cause such Restricted
Subsidiary (other than any Excluded Subsidiary) to comply with the requirements set forth in clause (b) of the definition
of “Collateral and Guarantee Requirement” and (B) upon the reasonable request of the Administrative Agent, cause the
relevant Restricted Subsidiary to deliver to the Administrative Agent a customary opinion of counsel for such Restricted Subsidiary, addressed
to the Administrative Agent and the Lenders; provided, however, that notwithstanding the foregoing, no Subsidiary that is
an Excluded Subsidiary shall be required to take any action described in this Section 5.11(a).

 

(b)          Within
90 days (or such longer period as the Administrative Agent may reasonably agree (provided that the Administrative Agent will use
commercially reasonable efforts to confirm Lenders do not need additional time to complete independent due diligence with respect to any
potential Material Real Estate Assets before entering into a new Mortgage)) (1) after the Closing Date, in the case of Material Real
Estate Assets (other than any Excluded Asset) owned by Loan Parties on the Closing Date or (2) after the acquisition by any Loan
Party of any Material Real Estate Asset (other than any Excluded Asset), in the case of such Material Real Estate Assets acquired after
the Closing Date, the Borrower shall cause such Loan Party to comply with the requirements set forth in clause (c) of the
definition of “Collateral and Guarantee Requirement” with respect to the relevant Material Real Estate Asset; it being understood
and agreed that, with respect to any Material Real Estate Asset owned by any Restricted Subsidiary at the time such Restricted Subsidiary
is required to become a Loan Party under Section 5.11(a), such Material Real Estate Asset shall be deemed to have been acquired
by such Restricted Subsidiary on the first day on which it becomes a Loan Party under Section 5.11(a).

 

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(c)          Notwithstanding
anything to the contrary herein or in any other Loan Document, it is understood and agreed that:

 

(i)             the
Administrative Agent may grant extensions of time for the creation and perfection of security interests in, or obtaining of title insurance,
legal opinions, surveys or other deliverables with respect to, particular assets or the provision of any Loan Guaranty by any Restricted
Subsidiary (in connection with assets acquired, or Restricted Subsidiaries formed or acquired, after the Closing Date), and each Lender
hereby consents to any such extension of time,

 

(ii)            the
Administrative Agent may in its sole discretion waive the delivery of legal opinions, surveys or other deliverables that are not required
for the creation and perfection of security interests in particular assets or the provision of any Loan Guaranty by any Restricted Subsidiary
(in connection with assets acquired, or Restricted Subsidiaries formed or acquired, after the Closing Date), and each Lender hereby consents
to any such waiver,

 

(iii)           any
Lien required to be granted from time to time pursuant to the definition of “Collateral and Guarantee Requirement” shall be
subject to the exceptions and limitations set forth in the Collateral Documents,

 

(iv)           perfection
by control shall not be required with respect to assets requiring perfection through control agreements or other control arrangements,
including deposit accounts, securities accounts and commodities accounts (other than control of Capital Stock or Material Debt Instruments,
in each case, to the extent included in the Collateral),

 

(v)            no
Loan Party shall be required to seek any landlord waiver, bailee letter, estoppel, warehouseman waiver or other collateral access, lien
waiver or similar letter or agreement;

 

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(vi)           no
Loan Party will be required to (A) take any action outside the U.S. to grant or perfect any security interest in any asset located
outside of the U.S., (B) execute any foreign law security agreement, pledge agreement, mortgage, deed or charge or (C) make
any foreign intellectual property filing, conduct any foreign intellectual property search or prepare any foreign intellectual property
schedule;

 

(vii)          in
no event will the Collateral include any Excluded Asset,

 

(viii)         no
action shall be required to perfect any Lien with respect to (A) any vehicle or other asset subject to a certificate of title, and
any retention of title, extended retention of title rights, or similar rights, (B) Letter-of-Credit Rights, (C) the Capital
Stock of any Immaterial Subsidiary or (D) the Capital Stock of any Person that is not a Subsidiary which, if a Subsidiary, would
constitute an Immaterial Subsidiary, in each case except to the extent that a security interest therein is perfected by filing a Form UCC-1
financing statement (which, for the avoidance of doubt shall be the only required perfection action),

 

(ix)            no
Loan Party shall be required to perfect a security interest in any asset to the extent perfection of a security interest in such asset
would be prohibited under any applicable Requirement of Law,

 

(x)             any
joinder or supplement to any Loan Guaranty, any Collateral Document or any other Loan Document executed by any Restricted Subsidiary that
is required to become a Loan Party pursuant to Section 5.11(a) may, with the consent of the Administrative Agent (not
to be unreasonably withheld, conditioned or delayed), include such schedules (or updates to schedules) as may be necessary to qualify
any representation or warranty with respect to such Restricted Subsidiary set forth in any Loan Document to the extent necessary to ensure
that such representation or warranty is true and correct to the extent required thereby or by the terms of any other Loan Document,

 

(xi)            the
Administrative Agent shall not require the taking of a Lien on, or require the perfection of any Lien granted in, those assets as to which
the cost, burden, difficulty or consequence (including any effect on the ability of the relevant Loan Party to conduct its operations
and business in the ordinary course of business) of obtaining or perfecting such Lien (including any mortgage, stamp, intangibles or other
Tax or expenses relating to such Lien) outweighs the benefit to the Lenders of the security afforded thereby, as reasonably determined
by the Borrower and the Administrative Agent, and

 

(xii)           no
Subsidiary of the Borrower shall be required to provide any guarantee, pledge or asset support agreement that, in the reasonable judgment
of the Borrower in consultation with the Administrative Agent, would subject the Borrower or any Subsidiary of the Borrower to any adverse
tax consequence as a result of the application of Section 956 of the Code.

 

Section 5.12.       Maintenance
of Ratings. The Borrower shall use commercially reasonable efforts to maintain (a) a public corporate credit rating for the Borrower
from Moody’s and S&P, (b) a public corporate family rating for the Borrower from Moody’s and S&P and (c) a
public rating for the Term Loans from each of S&P and Moody’s; provided that, in each case of clauses (a), (b) and
(c), in no event shall the Borrower be required to maintain any specific rating with any such agency.

 

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Section 5.13.       Further
Assurances. Promptly upon reasonable request of the Administrative Agent and subject to the limitations described in Section 5.11:

 

(a)          The
Borrower will, and will cause each other Loan Party to, execute any and all further documents, financing statements, agreements, instruments,
certificates, notices and acknowledgments and take all such further actions (including the filing and recordation of financing statements,
fixture filings, Mortgages or amendments thereto and other documents, subject to the terms of the Collateral and Guarantee Requirement
and the limitations set forth in Section 5.11), that may be required under any applicable Requirements of Law and which the
Administrative Agent may reasonably request to ensure the perfection and priority of the Liens created or intended to be created under
the Collateral Documents, all at the expense of the relevant Loan Parties.

 

(b)          The
Borrower will, and will cause each other Loan Party to, (i) correct any material defect or error that may be discovered in the execution,
acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral and (ii) do,
execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts (including notices
to third parties), deeds, certificates, assurances and other instruments as the Administrative Agent may reasonably request from time
to time in order to ensure the perfection and priority of the Liens created or intended to be created under the Collateral Documents.

 

Section 5.14.       Post-Closing
Obligations. Notwithstanding anything set forth herein to the contrary, the Borrower will, and will cause each of its Subsidiaries to,
as applicable, execute and deliver the documents and complete the tasks set forth on Schedule 5.14, in each case within the time
limits specified therein (or such longer period as the Administrative Agent may agree in its reasonable discretion).

 

ARTICLE 6       NEGATIVE
COVENANTS

 

From the Closing Date and
until the Termination Date, the Borrower covenants and agrees with the Lenders that:

 

Section 6.01.       Indebtedness.
The Borrower shall not, nor shall it permit any of the Restricted Subsidiaries to, create, incur, assume or otherwise become or remain
liable with respect to any Indebtedness, except:

 

(a)          the
Secured Obligations (including any Additional Term Loans and any Additional Revolving Loans);

 

(b)          Indebtedness
of the Borrower to any Restricted Subsidiary or of any Restricted Subsidiary to the Borrower or any other Restricted Subsidiary; provided
that in the case of any Indebtedness of any Restricted Subsidiary that is not a Loan Party owing to any Loan Party, solely to the extent
the related Investment shall be a Permitted Investment or permitted under Section 6.04(a); and provided, further,
that any Indebtedness of any Loan Party to any Restricted Subsidiary that is not a Loan Party must be expressly subordinated in right
of payment to the Obligations;

 

(c)          Permitted
Funding Debt and Guarantees thereof;

 

(d)          Indebtedness
arising from any agreement providing for indemnification, adjustment of purchase price or similar obligations (including earn-out obligations)
incurred in connection with any Disposition permitted hereunder, any acquisition permitted hereunder or consummated prior to the Closing
Date or any other purchase of assets or Capital Stock, and Indebtedness arising from guaranties, letters of credit, bank guaranties, surety
bonds, performance bonds or similar instruments securing the performance of the Borrower or any Restricted Subsidiary pursuant to any
such agreement;

 

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(e)          Indebtedness
of the Borrower or any Restricted Subsidiary (i) pursuant to tenders, statutory obligations, bids, leases, governmental contracts,
trade contracts, surety, stay, customs, appeal, performance or return of money bonds or other similar obligations incurred in the ordinary
course of business and (ii) in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments
to support any of the foregoing items;

 

(f)          Indebtedness
of the Borrower or any Restricted Subsidiary in respect of Banking Services, including Banking Services Obligations and incentive, supplier
finance or similar programs and Indebtedness constituting credit balances in accounts;

 

(g)          (i) guaranties
by the Borrower or any Restricted Subsidiary of the obligations of suppliers, customers and licensees in the ordinary course of business,
(ii) Indebtedness incurred in the ordinary course of business in respect of obligations of the Borrower or any Restricted Subsidiary
to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services and (iii) Indebtedness
in respect of letters of credit, bankers’ acceptances, bank guaranties or similar instruments supporting trade payables, warehouse
receipts or similar facilities entered into in the ordinary course of business;

 

(h)          Guarantees
by the Borrower or any Restricted Subsidiary of Indebtedness or other obligations of the Borrower or any Restricted Subsidiary with respect
to Indebtedness otherwise permitted to be incurred pursuant to this Section 6.01; provided that in the case of any
Guarantee by any Loan Party of the obligations of any non-Loan Party, the related Investment is a Permitted Investment or is permitted
under Section 6.04(a);

 

(i)          Indebtedness
of the Borrower or any Restricted Subsidiary existing, or pursuant to commitments existing, on the Closing Date and, in the case of any
such Indebtedness with an aggregate outstanding principal amount in excess of $1,000,000, described on Schedule 6.01(i);

 

(j)          Indebtedness
of Restricted Subsidiaries that are not Loan Parties; provided that the aggregate outstanding principal amount of such Indebtedness
shall not exceed (together with any Indebtedness of a non-Loan Party pursuant to Sections 6.01(q) and (w)(ii)) the
greater of $90,000,000 and 25.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period;

 

(k)          Indebtedness
of the Borrower or any Restricted Subsidiary consisting of obligations owing under incentive, supply, license or similar agreements entered
into in the ordinary course of business;

 

(l)          Indebtedness
of the Borrower or any Restricted Subsidiary consisting of (i) the financing of insurance premiums, (ii) take-or-pay obligations
contained in supply arrangements, in each case, in the ordinary course of business or (iii) obligations to reacquire assets or inventory
in connection with customer financing arrangements in the ordinary course of business;

 

(m)          Indebtedness
of the Borrower or any Restricted Subsidiary with respect to Capital Leases and purchase money Indebtedness in an aggregate outstanding
principal amount not to exceed the greater of $55,000,000 and 15.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period;

 

(n)          Indebtedness
in respect of customary “spring recourse” or “bad boy” guarantees with respect to real estate financing transactions
entered into by the Borrower or any Restricted Subsidiary; provided, that such Guarantee is non-recourse to the Borrower or such
Restricted Subsidiary other than with respect to losses resulting from customary “bad acts” of the Borrower or such Restricted
Subsidiary;

 

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(o)           Indebtedness
consisting of promissory notes issued by the Borrower or any Restricted Subsidiary to any stockholder of any Parent Company or any current
or former director, officer, employee, member of management, manager or consultant of any Parent Company, the Borrower or any Subsidiary
(or their respective Immediate Family Members) to finance the purchase or redemption of Capital Stock of any Parent Company permitted
by Section 6.04(a);

 

(p)           the
Borrower and the Restricted Subsidiaries may become and remain liable for any Indebtedness refinancing, refunding or replacing any Indebtedness
permitted under clauses (a), (i), (j), (m), (q), (r), (u), (w), (y), and
(z) of this Section 6.01 (in any case, including any refinancing Indebtedness incurred in respect thereof, “Refinancing
Indebtedness”) and any subsequent Refinancing Indebtedness in respect thereof and such Refinancing Indebtedness shall be deemed
permitted and outstanding under such clauses; provided that:

 

(i)            the
principal amount of such Refinancing Indebtedness does not exceed the principal amount of the Indebtedness being refinanced, refunded
or replaced, except by (A) an amount equal to unpaid accrued interest and premiums (including tender premiums) thereon plus underwriting
discounts and other reasonable and customary fees, commissions and expenses (including upfront fees, original issue discount or initial
yield payments) incurred in connection with the relevant refinancing, refunding or replacement, (B) an amount equal to any existing
commitments unutilized thereunder and (C) additional amounts permitted to be incurred pursuant to this Section 6.01 (provided
that (1) any additional Indebtedness referenced in this clause (C) satisfies the other applicable requirements of this
Section 6.01(p) (with additional amounts incurred in reliance on this clause (C) constituting a utilization
of the relevant basket or exception pursuant to which such additional amount is permitted) and (2) if such additional Indebtedness
is secured, the Lien securing such Refinancing Indebtedness is permitted under Section 6.02),

 

(ii)            other
than in the case of Refinancing Indebtedness with respect to clauses (i), (m), (q)(i), (q)(ii) or
(u), (A) such Refinancing Indebtedness has a final maturity equal to or later than (and, in the case of revolving Indebtedness,
does not require mandatory commitment reductions, if any, prior to) the final maturity of the Indebtedness being refinanced, refunded
or replaced and (B) other than with respect to revolving Indebtedness, a Weighted Average Life to Maturity equal to or greater than
the Weighted Average Life to Maturity of the Indebtedness being refinanced, refunded or replaced,

 

(iii)          the
terms of any Refinancing Indebtedness with an original principal amount in excess of the Threshold Amount (excluding pricing, fees, premiums,
rate floors, optional prepayment or redemption terms (and, if applicable, subordination terms) and, with respect to Refinancing Indebtedness
incurred in respect of Indebtedness permitted under clause (a) above, security), are not, taken as a whole (as reasonably
determined by the Borrower), more favorable to the lenders providing such Refinancing Indebtedness than those applicable to the Indebtedness
being refinanced, refunded or replaced (other than (A) any covenants or any other provisions applicable only to periods after the
Latest Maturity Date as of such date, (B) any covenants or other provisions which constitute then-current market terms for the applicable
type of Indebtedness or (C) any covenants or other provisions which are conformed (or added) to the Loan Documents for the benefit
of the Lenders or the Administrative Agent, as applicable, pursuant to an amendment to this Agreement effectuated in reliance on Section 9.02(d)(ii)),

 

(iv)            [Reserved],

 

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(v)            except
in the case of Refinancing Credit Facilities Indebtedness, (A) the primary obligor in respect of the applicable Refinancing Indebtedness
shall have been the primary obligor in respect of the relevant refinanced Indebtedness, (B) such Refinancing Indebtedness, if secured,
is secured only by Permitted Liens at the time of such refinancing, refunding or replacement (it being understood that secured Indebtedness
may be refinanced with unsecured Indebtedness), (C) such Refinancing Indebtedness is incurred by the obligor or obligors in respect
of the Indebtedness being refinanced, refunded or replaced, except to the extent otherwise permitted pursuant to Section 6.01,
(D) if the Indebtedness being refinanced, refunded or replaced was originally contractually subordinated to the Obligations in right
of payment (or the Liens securing such Refinancing Indebtedness were originally contractually subordinated to the Liens on the Collateral
securing the Secured Obligations), such Refinancing Indebtedness is contractually subordinated to the Obligations in right of payment
(or the Liens securing such Refinancing Indebtedness are subordinated to the Liens on the Collateral securing the Secured Obligations)
on terms not materially less favorable (as reasonably determined by the Borrower), taken as a whole, to the Lenders than those applicable
to the Indebtedness (or Liens, as applicable) being refinanced, refunded or replaced, taken as a whole and (E) as of the date of
the incurrence of such Refinancing Indebtedness and after giving effect thereto, no Event of Default exists, and

 

(vi)            in
the case of Refinancing Credit Facilities Indebtedness, (A) such Refinancing Indebtedness is pari passu or junior in right of payment
and secured by the Collateral on a pari passu or junior basis with respect to the remaining Obligations hereunder or is unsecured; provided
that any such Refinancing Indebtedness that is pari passu or junior with respect to the Collateral shall be subject to an Acceptable Intercreditor
Agreement, (B) if such Refinancing Indebtedness is secured, it is not secured by any assets other than the Collateral, (C) if
such Refinancing Indebtedness is Guaranteed, it shall not be Guaranteed by any Person that is not a Loan Party, and (D) such Refinancing
Indebtedness is incurred under (and pursuant to) documentation other than this Agreement; provided that any such Refinancing Indebtedness
consisting of term loans that are pari passu with the Term Loans hereunder in right of payment and secured by the Collateral on a pari
passu basis with Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis)
in any voluntary or mandatory prepayment in respect of the Initial Term Loans (and any Additional Term Loans then subject to ratable repayment
requirements), in each case as the Borrower and the relevant lender may agree;

 

(q)           Indebtedness
(i) assumed in connection with any acquisition or other Investment permitted hereunder consummated after the Closing Date, or existing
at the target of any such acquisition or Investment at the time it becomes a Subsidiary, provided that any such Indebtedness was
not incurred by the target of such acquisition or other Investment in contemplation of such acquisition or other Investment, (ii) existing
at the time an Unrestricted Subsidiary becomes a Restricted Subsidiary if such Indebtedness was not incurred in contemplation of such
Person becoming a Restricted Subsidiary or (iii) incurred in connection with any acquisition or other Investment permitted hereunder
and consummated after the Closing Date; provided that, in each case, (A) at the time such Person becomes a Restricted Subsidiary
or at the time of the execution of the definitive agreement governing such acquisition or other Investment, as the case may be, on a Pro
Forma Basis for the most recently ended Test Period, the Total Leverage Ratio would not exceed 3.00:1.00, (B) such Indebtedness incurred
in reliance on clause (iii) above by Restricted Subsidiaries that are not Loan Parties (I) shall not exceed (together
with any Indebtedness of a non-Loan Party pursuant to Sections 6.01(j) and (w)(ii)) the greater of $90,000,000 and
25.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period, (II) shall not mature or require any scheduled amortization
or scheduled payment of principal or require any mandatory redemption, repurchase, repayment or sinking fund obligation (other than payments
as part of an “applicable high yield discount obligation” catch-up payment, customary offers to repurchase in connection with
any change of control, Disposition or casualty event and customary acceleration rights after an event of default), in each case, prior
to the Latest Term Loan Maturity Date, and (III) the Weighted Average Life to Maturity applicable to such Indebtedness shall not
be shorter than the Weighted Average Life to Maturity of the then-existing Term Loans, (C) at the time such Person becomes a Restricted
Subsidiary or at the time of the execution of the definitive agreement governing such acquisition or other Investment, as the case may
be, no Event of Default shall have occurred and be continuing, (D) in the case of any such Indebtedness in the form of term loans
that are pari passu with the Initial Term Loans with respect to security incurred prior to the date that is 12 months after the Closing
Date (other than any such Indebtedness that constitutes MFN Adjustment Excluded Indebtedness), the Effective Yield applicable thereto
(as determined on the date of initial incurrence thereof) will not be more than 0.50% per annum higher than the Effective Yield in respect
of the Initial Term Loans (as determined on such date) unless the Effective Yield with respect to the Initial Term Loans is adjusted to
be equal to such Effective Yield applicable to such Indebtedness, minus, 0.50% per annum;

 

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(r)            unsecured
Indebtedness of the Borrower or any Restricted Subsidiary in an aggregate outstanding principal amount not to exceed 100.0% of the amount
of Net Proceeds received by the Borrower from (i) the issuance or sale of Qualified Capital Stock or (ii) any contribution to
its common equity with the Net Proceeds from the issuance and sale by any Parent Company of its Qualified Capital Stock or a contribution
to the common equity of any Parent Company, in each case, (A) other than any Net Proceeds received from (I) the Cure Amount
or (II) the sale of Capital Stock to, or contributions from, the Borrower or any Restricted Subsidiary and (B) to the extent
the relevant Net Proceeds are Not Otherwise Applied;

 

(s)           Indebtedness
of the Borrower or any Restricted Subsidiary under any Derivative Transaction not entered into for speculative purposes;

 

(t)            Indebtedness
of the Borrower or any Restricted Subsidiary representing (i) deferred compensation to current or former directors, officers, employees,
members of management, managers, consultants and independent contractors of any Parent Company, the Borrower or any Restricted Subsidiary
in the ordinary course of business and (ii) deferred compensation or other similar arrangements in connection with the Transactions,
any Permitted Acquisition or any other Investment permitted hereby;

 

(u)           Indebtedness
of the Borrower or any Restricted Subsidiary in an aggregate outstanding principal amount not to exceed the greater of $90,000,000 and
25.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period;

 

(v)           Guarantees
in favor of clearing agencies, clearing firms, settlement banks and similar entities (acting in their capacities as such) involved in
the clearance and settlement of transactions in, and custody of, financial assets;

 

(w)           Indebtedness
of the Borrower or any Restricted Subsidiary so long as, immediately after giving effect thereto, (i) the Total Leverage Ratio (which
for purposes of this clause (w) only shall be calculated without taking into account any portion of the Unrestricted Cash
Amount attributable to the cash proceeds of such Indebtedness with respect to which such Total Leverage Ratio calculation is being made)
is no greater than 3.00:1.00, (ii) the aggregate amount of Indebtedness incurred pursuant to this clause (w) by Restricted
Subsidiaries that are not Loan Parties shall not exceed (together with any Indebtedness of a non-Loan Party pursuant to Sections 6.01(j) and
(q)) the greater of $90,000,000 and 25.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period, (iii) such
Indebtedness shall not have a final maturity or require any scheduled amortization or scheduled payment of principal or require any mandatory
redemption, repurchase, repayment or sinking fund obligation (other than (A) payments as part of an “applicable high yield
discount obligation” catch-up payment, (B) customary offers to repurchase in connection with any change of control, Disposition
or casualty event and (C) customary acceleration rights after an event of default) on terms more favorable to the holders of such
Indebtedness than those applicable to the Credit Facilities prior to 91 days following the Latest Term Loan Maturity Date as of the date
of incurrence of such Indebtedness, (iv) the Weighted Average Life to Maturity applicable to any such Indebtedness consisting of
term loans is no shorter than the Weighted Average Life to Maturity of the then-existing Term Loans, (v) no Event of Default under
Sections 7.01(a), 7.01(f) or 7.01(g) exists or would exist immediately after giving effect to such Indebtedness,
(vi) in the case of any such Indebtedness in the form of term loans that are pari passu with the Initial Term Loans with respect
to security incurred prior to the date that is 12 months after the Closing Date (other than any such Indebtedness that constitutes MFN
Adjustment Excluded Indebtedness), the Effective Yield applicable thereto (as determined on the date of initial incurrence thereof) will
not be more than 0.50% per annum higher than the Effective Yield in respect of the Initial Term Loans (as determined on such date) unless
the Effective Yield with respect to the Initial Term Loans is adjusted to be equal to such Effective Yield applicable to such Indebtedness,
minus, 0.50% per annum, (vii) such Indebtedness shall not be guaranteed by any Persons other than Loan Parties, (viii) such
Indebtedness shall not be secured by any assets other than the Collateral and (ix) either (A) the other terms and conditions
of such Indebtedness (excluding pricing, interest, fees, rate floors, premiums, optional prepayment or redemption terms, security and
maturity, subject to clauses (i) through (viii) of this clause (w)) are substantially identical to, or
(taken as a whole) no more favorable (as reasonably determined by the Borrower) to the lenders providing such Indebtedness than those
applicable to the Term Facility (other than covenants or other provisions applicable only to periods after the Latest Term Loan Maturity
Date (in each case, as of the date of incurrence of such Indebtedness)) or (B) such Indebtedness is provided on then-current market
terms (as reasonably determined by the Borrower) for the applicable type of Indebtedness;

 

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(x)            [reserved];

 

(y)            Indebtedness
of the Borrower or any Restricted Subsidiary incurred in connection with Sale and Lease-Back Transactions permitted pursuant to Section 6.08;

 

(z)            Incremental
Equivalent Debt;

 

(aa)         Indebtedness
(including obligations in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments with respect
to such Indebtedness) incurred by the Borrower or any Restricted Subsidiary in respect of workers compensation claims, unemployment insurance
(including premiums related thereto), other types of social security, pension obligations, vacation pay, health, disability or other employee
benefits;

 

(bb)         [reserved];

 

(cc)         Indebtedness
of the Borrower or any Restricted Subsidiary in respect of any letter of credit or bank guarantee issued in favor of any Issuing Bank
to support any Defaulting Lender’s participation in Letters of Credit issued hereunder;

 

(dd)         Indebtedness
of the Borrower or any Restricted Subsidiary to the extent that such Indebtedness is supported by any Letter of Credit;

 

(ee)         unfunded
pension fund and other employee benefit plan obligations and liabilities incurred by the Borrower or any Restricted Subsidiary in the
ordinary course of business to the extent that the unfunded amounts would not otherwise cause an Event of Default under Section 7.01(i);

 

(ff)         customer
deposits and advance payments received in the ordinary course of business from customers for goods and services purchased in the ordinary
course of business; and

 

(gg)         without
duplication of any other Indebtedness, all premiums (if any), interest (including post-petition interest and payment in kind interest),
accretion or amortization of original issue discount, fees, expenses and charges with respect to Indebtedness of the Borrower or any Restricted
Subsidiary permitted hereunder.

 

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Section 6.02.         Liens.
The Borrower shall not, nor shall it permit any of the Restricted Subsidiaries to, create, incur, assume or permit or suffer to exist
any Lien on or with respect to any property or asset of any kind owned by it, whether now owned or hereafter acquired, except:

 

(a)           Liens
securing the Secured Obligations created pursuant to the Loan Documents;

 

(b)           Liens
for Taxes (i) for amounts not yet overdue due and payable, (ii) that are being contested in good faith by appropriate proceedings,
so long as any reserves or other appropriate provisions required by GAAP have been made for any such contested amounts or (iii) with
respect to which the failure to make payment would not reasonably be expected to have a Material Adverse Effect;

 

(c)           statutory
Liens (and rights of set-off) of landlords, banks, carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens
imposed by applicable Requirements of Law, in each case (i) for amounts not yet overdue by more than 60 days, (ii) for amounts
that are overdue by more than 60 days and that are being contested in good faith by appropriate proceedings, so long as any reserves or
other appropriate provisions required by GAAP have been made for any such contested amounts or (iii) with respect to which the failure
to make payment would not reasonably be expected to have a Material Adverse Effect;

 

(d)           Liens
incurred (i) in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other
types of social security laws and regulations, (ii) in the ordinary course of business to secure the performance of tenders, statutory
obligations, surety, stay, customs and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money
bonds and other similar obligations (exclusive of obligations for the payment of borrowed money), (iii) pursuant to pledges and deposits
of Cash or Cash Equivalents in the ordinary course of business securing (x) liabilities to insurance carriers providing property,
casualty, liability or other insurance to the Borrower and its Subsidiaries or (y) leases or licenses of property otherwise permitted
by this Agreement and (iv) to secure obligations in respect of letters of credit, bank guaranties, surety bonds, performance bonds
or similar instruments posted with respect to the items described in clauses (i) through (iii) above;

 

(e)           Liens
consisting of easements, rights-of-way, restrictions, encroachments, servitudes for railways, sewers, drains, gas and oil and other pipelines,
gas and water mains, electric light and power and telecommunication, telephone or telegraph or cable television conduits, poles, wires
and cables and other minor defects or irregularities in title, in each case which do not, in the aggregate, materially interfere with
the ordinary conduct of the business of the Borrower or the Restricted Subsidiaries, taken as a whole, or the use of the affected property
for its intended purpose;

 

(f)           Liens
consisting of any (i) interest or title of a lessor or sub-lessor under any lease of real estate permitted hereunder, (ii) landlord
lien permitted by the terms of any lease, (iii) restriction or encumbrance to which the interest or title of such lessor or sub-lessor
may be subject or (iv) subordination of the interest of the lessee or sub-lessee under such lease to any restriction or encumbrance
referred to in the preceding clause (iii);

 

(g)           Liens
(i) solely on any Cash earnest money deposits (including as part of any escrow arrangement) made by the Borrower or any Restricted
Subsidiary in connection with any letter of intent or purchase agreement with respect to any Investment permitted hereunder and (ii) consisting
of (A) an agreement to Dispose of any property in a Disposition permitted under Section 6.07 or (B) the pledge of
Cash as part of an escrow arrangement required in any Disposition permitted under Section 6.07;

 

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(h)           precautionary
or purported Liens evidenced by the filing of UCC financing statements or similar financing statements under applicable Requirements of
Law relating solely to (i) operating leases or consignment or bailee arrangements entered into in the ordinary course of business
or (ii) the sale of accounts receivable in the ordinary course of business for which a UCC financing statement or similar financing
statement is required;

 

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

 

(j)            Liens
in connection with any zoning, building or similar Requirement of Law or right reserved to or vested in any Governmental Authority to
control or regulate the use of any dimensions of real property or the structure thereon, including Liens in connection with any condemnation
or eminent domain proceeding or compulsory purchase order;

 

(k)            Liens
securing Refinancing Indebtedness permitted pursuant to Section 6.01(p); provided that (i) no such Lien extends
to any asset not covered by the Lien securing the Indebtedness that is being refinanced and (ii) if the Indebtedness being refinanced
was subject to intercreditor arrangements, then (A) any Refinancing Indebtedness in respect thereof (other than Refinancing Credit
Facilities Indebtedness) shall be subject to intercreditor arrangements that are not materially less favorable to the relevant Secured
Parties, taken as a whole, than the intercreditor arrangements governing the Indebtedness that is refinanced or (B) the intercreditor
arrangements governing the relevant Refinancing Indebtedness shall be set forth in an Acceptable Intercreditor Agreement;

 

(l)            Liens
existing on the Closing Date and, in the case of any such Lien securing Indebtedness or other obligations with an aggregate outstanding
principal amount in excess of $1,000,000, described on Schedule 6.02(l) and any modification, replacement, refinancing,
renewal or extension thereof; provided that (i) no such Lien extends to any additional property other than (A) after-acquired
property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under Section 6.01
and (B) proceeds and products thereof, replacements, accessions or additions thereto and improvements thereon (it being understood
that individual financings of the type permitted under Section 6.01(m) provided by any lender may be cross-collateralized
to other financings of such type provided by such lender or its affiliates) and (ii) any such modification, replacement, refinancing,
renewal or extension of the obligations secured or benefited by such Liens, if constituting Indebtedness, is permitted by Section 6.01;

 

(m)           Liens
arising out of Sale and Lease-Back Transactions permitted under Section 6.08;

 

(n)           Liens
securing Indebtedness permitted pursuant to Section 6.01(m); provided that any such Lien shall encumber only the asset
acquired with the proceeds of such Indebtedness and proceeds and products thereof, replacements, accessions or additions thereto and improvements
thereon (it being understood that individual financings of the type permitted under Section 6.01(m) provided by any lender
may be cross-collateralized to other financings of such type provided by such lender or its affiliates);

 

(o)           Liens
securing Indebtedness permitted pursuant to Section 6.01(q)(i) on the relevant acquired assets or on the Capital Stock
or assets of the relevant Restricted Subsidiary; provided that such Lien (x) shall not extend to or cover any other assets
(other than the proceeds or products thereof, accessions or additions thereto and improvements thereon) and (y) was not created in
contemplation of the applicable acquisition of assets or Capital Stock;

 

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(p)           (i) Liens
that are contractual rights of setoff or netting relating to (A) the establishment of depositary relations with banks not granted
in connection with the issuance of Indebtedness, (B) pooled deposit or sweep accounts of the Borrower or any Restricted Subsidiary
to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any Restricted
Subsidiary, (C) purchase orders and other agreements entered into with customers of the Borrower or any Restricted Subsidiary in
the ordinary course of business and (D) commodity trading or other brokerage accounts incurred in the ordinary course of business,
(ii) Liens encumbering reasonable customary initial deposits and margin deposits, (iii) bankers Liens and rights and remedies
as to Deposit Accounts, (iv) Liens of a collection bank arising under Section 4-208 of the UCC on items in the ordinary course
of business, (v) Liens in favor of banking or other financial institutions arising as a matter of law or under customary general
terms and conditions encumbering deposits or other funds maintained with a financial institution and that are within the general parameters
customary in the banking industry or arising pursuant to such banking institution’s general terms and conditions and (vi) Liens
on the proceeds of any Indebtedness incurred in connection with any transaction permitted hereunder, which proceeds have been deposited
into an escrow account on customary terms to secure such Indebtedness pending the application of such proceeds to finance such transaction;

 

(q)           Liens
on assets and Capital Stock of Restricted Subsidiaries that are not Loan Parties (including Capital Stock owned by such Persons) securing
Indebtedness or other obligations of Restricted Subsidiaries that are not Loan Parties permitted pursuant to Section 6.01;

 

(r)            Liens
securing obligations (other than obligations representing Indebtedness for borrowed money) under operating, reciprocal easement or similar
agreements entered into in the ordinary course of business of the Borrower or the Restricted Subsidiaries;

 

(s)           (i) Liens
on Cash, Cash Equivalents and securities (and proceeds thereof) of any Broker-Dealer Subsidiary that is subject to securities trades incurred
in the ordinary course of business and (ii) Liens on assets of any Broker-Dealer Subsidiary securing broker-dealer financing incurred
in the ordinary course of business;

 

(t)            Liens
on Collateral securing Indebtedness incurred pursuant to Sections 6.01(z), subject to an Acceptable Intercreditor Agreement;

 

(u)           other
Liens on assets securing Indebtedness or other obligations in an aggregate principal amount at any time outstanding not to exceed the
greater of $90,000,000 and 25.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period; provided that any such
Lien on the Collateral that is pari passu with the Lien securing the Secured Obligations shall be subject to an Acceptable Intercreditor
Agreement;

 

(v)           (i) Liens
on assets securing judgments, awards, attachments or decrees and notices of lis pendens and associated rights relating to litigation
being contested in good faith not constituting an Event of Default under Section 7.01(h) and (ii) any pledge or
deposit securing any settlement of litigation;

 

(w)           leases,
licenses, subleases or sublicenses granted to others (including licenses and sublicenses of IP Rights) in the ordinary course of business
which do not secure any Indebtedness and which do not materially interfere with the ordinary conduct of the business of the Borrower and
the Restricted Subsidiaries, taken as a whole;

 

(x)           Liens
on Securities that are the subject of repurchase agreements constituting Investments permitted under Section 6.04(a) arising
out of such repurchase transaction;

 

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(y)            Liens
securing obligations in respect letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments permitted under
Sections 6.01(d), (e), (g), (aa) and (cc);

 

(z)            Liens
arising (i) out of conditional sale, title retention, consignment or similar arrangements for the sale of any asset in the ordinary
course of business and permitted by this Agreement or (ii) by operation of law under Article 2 of the UCC (or similar Requirement
of Law under any jurisdiction);

 

(aa)         Liens
(i) in favor of any Loan Party or (ii) granted by any non-Loan Party in favor of any Restricted Subsidiary that is not a Loan
Party, in the case of each of clauses (i) and (ii), securing intercompany Indebtedness permitted under Section 6.01;

 

(bb)         Liens
on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

 

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

 

(dd)         Liens
securing (i) obligations under Hedge Agreements in connection with any Derivative Transaction of the type described in Section 6.01(s) or
(ii) obligations of the type described in Section 6.01(f);

 

(ee)         (i) Liens
on Capital Stock of joint ventures or Unrestricted Subsidiaries securing capital contributions to, or obligations of, such Persons and
(ii) customary rights of first refusal and tag, drag and similar rights in joint venture agreements and agreements with respect to
non-Wholly-Owned Subsidiaries;

 

(ff)         Liens
on cash or Cash Equivalents arising in connection with the defeasance, discharge or redemption of Indebtedness otherwise permitted hereunder;

 

(gg)         Liens
consisting of the prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course of business;

 

(hh)         Liens
disclosed in any Mortgage Policy delivered pursuant to Section 5.11 with respect to any Material Real Estate Asset and any
replacement, extension or renewal thereof; provided that no such replacement, extension or renewal Lien shall cover any property
other than the property that was subject to such Lien prior to such replacement, extension or renewal (and additions thereto, improvements
thereon and the proceeds thereof);

 

(ii)           Liens
on Collateral that are pari passu with or junior to the Liens securing the Secured Obligations, so long as (A) if such Liens are
pari passu with the Liens securing the Secured Obligations, the First Lien Leverage Ratio would not exceed 2.00:1.00 calculated on a Pro
Forma Basis for the most recently ended Test Period or (B) if such Liens are junior to the Liens securing the Secured Obligations,
the Total Leverage Ratio would not exceed 2.50:1.00 calculated on a Pro Forma Basis for the most recently ended Test Period (it being
understood and agreed that any such Liens shall be subject to an Acceptable Intercreditor Agreement);

 

(jj)         Liens
securing Indebtedness permitted under Section 6.01(v); and

 

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(kk)         Liens
arising in connection with Permitted Funding Debt; provided, that such Liens do not extend to cover any property or assets other
than the securities that relate to the Permitted Funding Debt transaction.

 

Section 6.03.         [Reserved].

 

Section 6.04.         Restricted
Payments; Restricted Debt Payments.

 

(a)           The
Borrower and the Restricted Subsidiaries shall not pay or make, directly or indirectly, any Restricted Payment, except:

 

(i)            Restricted
Payments to the extent necessary to permit any Parent Company:

 

(A)            to
pay general administrative costs and expenses (including corporate overhead, legal or similar expenses and customary salary, bonus and
other benefits payable to directors, officers, employees, members of management, managers or consultants of any Parent Company) and franchise
fees and similar Taxes and similar fees and expenses required to maintain the organizational existence of such Parent Company, in each
case, which are reasonable and customary and incurred in the ordinary course of business, plus any reasonable and customary indemnification
claims made by directors, officers, members of management, managers, employees or consultants of any Parent Company, in each case, to
the extent attributable to the ownership or operations of any Parent Company or its Subsidiaries (but excluding, for the avoidance of
doubt, the portion of any such amount, if any, that is attributable to the ownership or operations of any Subsidiary of any Parent Company
other than the Borrower and its Subsidiaries);

 

(B)            for
any taxable period for which the Borrower is a member of a consolidated, combined or similar income tax group for U.S. federal or applicable
state or local income tax purposes of which a direct or indirect parent of the Borrower is the common parent (a “Tax Group”),
to pay the portion of any U.S. federal, state or local income Taxes of such Tax Group for such taxable period that are attributable to
the income of the Borrower and/or its Subsidiaries; provided that (1) the amount of such Restricted Payments for any taxable period
shall not exceed the amount of such Taxes that the Borrower and/or such Subsidiaries, as applicable, would have paid had the Borrower
and/or such Subsidiaries, as applicable, been a stand-alone taxpayer (or a stand-alone group), and (2) Restricted Payments in respect
of any Taxes attributable to the income of an Unrestricted Subsidiary shall be permitted only to the extent that such Unrestricted Subsidiary
has made cash payments for such purpose to the Borrower or any Restricted Subsidiary;

 

(C)            to
pay audit and other accounting and reporting expenses of such Parent Company to the extent attributable to any Parent Company or its Subsidiaries
(but excluding, for the avoidance of doubt, the portion of any such expenses, if any, attributable to the ownership or operations of any
Subsidiary of any Parent Company other than the Borrower and its Subsidiaries);

 

(D)            for
the payment of insurance premiums to the extent attributable to any Parent Company or its Subsidiaries (but excluding, for the avoidance
of doubt, the portion of any such premiums, if any, attributable to the ownership or operations of any Subsidiary of any Parent Company
other than the Borrower and its Subsidiaries);

 

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(E)            to
pay (x) fees and expenses related to debt or equity offerings, Investments or acquisitions (whether or not consummated) and
(y) Public Company Costs;

 

(F)            to
finance any Permitted Investment or any other Investment otherwise permitted under this Section 6.04(a) (provided
that (x) any Restricted Payment under this clause (a)(i)(F) shall be made substantially concurrently with the closing
of such Investment and (y) the relevant Parent Company shall, promptly following the closing thereof, cause (I) all property
acquired to be contributed to the Borrower or one or more of the Restricted Subsidiaries, or (II) the merger, consolidation or amalgamation
of the Person formed or acquired into the Borrower or one or more of the Restricted Subsidiaries, in order to consummate such Investment
as a Permitted Investment or in compliance with the applicable requirements of the applicable provisions of this Section 6.04(a) as
if undertaken as a direct Investment by the Borrower or a Restricted Subsidiary); and

 

(G)            to
pay customary salary, bonus, severance and other benefits payable to current or former directors, officers, members of management, managers,
employees or consultants of any Parent Company (or any Immediate Family Member of any of the foregoing) to the extent such salary, bonuses,
severance and other benefits are attributable and reasonably allocated to the operations of the Borrower and its Subsidiaries, in each
case, so long as such Parent Company applies the amount of any such Restricted Payment for such purpose;

 

(ii)            Restricted
Payments (or making Restricted Payments to allow any Parent Company) to repurchase, redeem, retire or otherwise acquire or retire for
value the Capital Stock of any Parent Company, the Borrower or any Subsidiary held by any future, present or former employee, director,
member of management, officer, manager or consultant (or any Affiliate or Immediate Family Member thereof) of any Parent Company, the
Borrower or any Subsidiary:

 

(A)            in
accordance with the terms of promissory notes issued pursuant to Section 6.01(o), so long as the aggregate amount of all Cash
payments made in respect of such promissory notes, together with the aggregate amount of Restricted Payments made pursuant to sub-clause
(D) of this clause (ii), in any Fiscal Year does not exceed the greater of $55,000,000 (with unused amounts in any Fiscal
Year being carried over to any subsequent Fiscal Years) and 15.0% of Consolidated Adjusted EBITDA for such Fiscal Year; provided
that such amount in any Fiscal Year shall be increased by an amount not to exceed the cash proceeds of key man life insurance policies
received by the Borrower or the Restricted Subsidiaries (or by any Parent Company and contributed to the Borrower or any Restricted Subsidiary)
after the Closing Date and not previously utilized under this sub-clause (A) of this clause (ii) or sub-clauses
(C) or (D) of this clause (ii);

 

(B)            with
the proceeds of any sale or issuance of the Capital Stock of the Borrower or any Parent Company (to the extent such proceeds are contributed
in respect of Qualified Capital Stock to the Borrower or any Restricted Subsidiary);

 

(C)            with
the net proceeds of any key-man life insurance policies; or

 

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(D)            with
Cash and Cash Equivalents so long as the aggregate amount of Restricted Payments made pursuant to this sub-clause (D) of this
clause (ii), together with the aggregate amount of all Cash payments made pursuant to sub-clause (A) of this clause
(ii) in respect of promissory notes issued pursuant to Section 6.01(o), in any Fiscal Year does not exceed the greater
of $55,000,000 (with unused amounts in any Fiscal Year being carried over to any subsequent Fiscal Years) and 15.0% of Consolidated Adjusted
EBITDA for such Fiscal Year; provided that such amount in any Fiscal Year shall be increased by an amount not to exceed the cash
proceeds of key man life insurance policies received by the Borrower or the Restricted Subsidiaries (or by any Parent Company and contributed
to the Borrower or any Restricted Subsidiary) after the Closing Date and not previously utilized under this sub-clause (D) of
this clause (ii) or sub-clauses (A) or (C) of this clause (ii);

 

(iii)          additional
Restricted Payments in an amount not to exceed the portion, if any, of the Available Amount on such date that the Borrower and the Restricted
Subsidiaries elect to apply to this clause (iii); provided that (x) immediately prior to and immediately after giving
effect thereto, no Event of Default has occurred and is continuing and (y) in the case of any utilization of the Builder Basket,
the Total Leverage Ratio, calculated on a Pro Forma Basis for the most recently ended Test Period, would not exceed 2.00:1.00;

 

(iv)          Restricted
Payments (i) to any Parent Company to enable such Parent Company to make Cash payments in lieu of the issuance of fractional shares
in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock of such Parent
Company and (ii) with respect to net settlement in connection with the exercise of stock options or warrants or the settlement or
vesting of other equity-based awards;

 

(v)          Restricted
Payments to repurchase (or making Restricted Payments to any Parent Company to enable it to repurchase) Capital Stock upon the exercise
of warrants, options or other securities convertible into or exchangeable for Capital Stock if such Capital Stock represents all or a
portion of the exercise price of such warrants, options or other securities convertible into or exchangeable for Capital Stock as part
of a “cashless” exercise;

 

(vi)          Restricted
Payments to holders of the Existing Preferred Equity outstanding and as required to be made pursuant to the terms thereof as of the Closing
Date, in an amount not to exceed $7,000,000 per Fiscal Year;

 

(vii)         so
long as, immediately prior to and immediately after giving effect thereto, no Event of Default has occurred and is continuing, making
Restricted Payments (or making Restricted Payments to any Parent Company to enable it to make corresponding payments) with respect to
Capital Stock in an amount not to exceed 5.0% per annum of market capitalization;

 

(viii)        Restricted
Payments to (A) redeem, repurchase, retire or otherwise acquire any (x) Capital Stock (“Treasury Capital Stock”)
of the Borrower or any Restricted Subsidiary or (y) Capital Stock of any Parent Company, in the case of each of subclauses (x) and
(y), in exchange for, or out of the proceeds of the substantially concurrent sale (other than to the Borrower or any Restricted
Subsidiary) of, Qualified Capital Stock of the Borrower or any Parent Company to the extent any such proceeds are contributed to the capital
of the Borrower or any Restricted Subsidiary in respect of Qualified Capital Stock (“Refunding Capital Stock”) and
(B) declare and pay dividends on any Treasury Capital Stock out of the proceeds of the substantially concurrent sale (other than
to the Borrower or a Restricted Subsidiary) of any Refunding Capital Stock;

 

(ix)          to
the extent constituting Restricted Payments, transactions permitted by Section 6.07 (other than Section 6.07(g))
and Section 6.09 (other than Section 6.09(d));

 

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(x)           to
the extent that immediately prior to and immediately after giving effect thereto, no Event of Default has occurred and is continuing,
additional Restricted Payments in an aggregate amount not to exceed the greater of $125,000,000 and 35.0% of Consolidated Adjusted EBITDA
for the most recently ended Test Period, minus the amount of Restricted Debt Payments made by the Borrower or any Restricted Subsidiary
in reliance on Section 6.04(b)(iv);

 

(xi)          to
the extent that immediately prior to and immediately after giving effect thereto, no Event of Default has occurred and is continuing,
additional Restricted Payments so long as the aggregate amount of Restricted Payments made pursuant to this clause (xi) in
any Fiscal Year does not exceed the greater of $22,000,000 (with unused amounts in any Fiscal Year being carried over to any subsequent
Fiscal Year) and 6.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period;

 

(xii)         Restricted
Subsidiaries may pay dividends and other distributions and Restricted Payments (other than Restricted Payments of the type described in
clause (c) of the definition thereof) to their equity holders generally, so long as the Borrower or any Restricted Subsidiary
that owns the equity interest in the Restricted Subsidiary paying such dividends and other distributions and Restricted Payments (other
than Restricted Payments of the type described in clause (c) of the definition thereof) receives at least its pro rata share
thereof based on the respective ownership of such Restricted Subsidiary;

 

(xiii)        to
the extent constituting a Restricted Payment, the Transactions;

 

(xiv)        additional
Restricted Payments so long as (A) immediately prior to and immediately after giving effect thereto, no Event of Default has occurred
and is continuing and (B) the Total Leverage Ratio, calculated on a Pro Forma Basis for the most recently ended Test Period, would
not exceed 1.50:1.00; and

 

(xv)         Restricted
Payments made with any returns on Investment from, or proceeds received from any Disposition of, in each case, the assets set forth on
Schedule 6.07(bb).

 

(b)           The
Borrower shall not, nor shall it permit any Restricted Subsidiary to, make any payment in Cash on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of principal of or interest on any Restricted Debt (including any by making any sinking
fund or similar deposit), in each case, more than 60 days prior to the scheduled maturity date thereof (collectively, “Restricted
Debt Payments”), except:

 

(i)            with
respect to any purchase, defeasance, redemption, repurchase, repayment or other acquisition or retirement thereof made by exchange for,
or out of the proceeds of, Refinancing Indebtedness permitted by Section 6.01;

 

(ii)           as
part of an applicable high yield discount obligation catch-up payment;

 

(iii)          payments
of regularly scheduled interest and payments of fees, expenses and indemnification obligations as and when due (other than payments with
respect to Junior Indebtedness that are prohibited by the subordination provisions thereof);

 

(iv)         so
long as, immediately prior to and immediately after giving effect thereto, no Event of Default has occurred and is continuing, additional
Restricted Debt Payments in an aggregate amount not to exceed the greater of $36,000,000 and 10.0% of Consolidated Adjusted EBITDA for
the most recently ended Test Period, minus the amount of Restricted Payments made by the Borrower or any Restricted Subsidiary
in reliance on Section 6.04(a)(x);

 

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(v)          Restricted
Debt Payments made with proceeds of any issuance of, Qualified Capital Stock of the Borrower or any Restricted Subsidiary or any capital
contribution in respect of Qualified Capital Stock of the Borrower or any Restricted Subsidiary;

 

(vi)         Restricted
Debt Payments in an aggregate amount not to exceed the portion, if any, of the Available Amount on such date that the Borrower elects
to apply to this clause (vi); provided that (x) immediately prior to and immediately after giving effect thereto, no
Event of Default has occurred and is continuing and (y) in the case of any utilization of the Builder Basket, the Total Leverage
Ratio, calculated on a Pro Forma Basis for the most recently ended Test Period, would not exceed 2.00:1.00;

 

(vii)         additional
Restricted Debt Payments; provided that (A) immediately prior to and immediately after giving effect thereto, no Event of
Default has occurred and is continuing and (B) the Total Leverage Ratio, calculated on a Pro Forma Basis for the most recently ended
Test Period, would not exceed 1.75:1.00;

 

(viii)        Restricted
Debt Payments with respect to Indebtedness owing from the Borrower or any Restricted Subsidiary to the Borrower or any Restricted Subsidiary;
and

 

(ix)          Restricted
Debt Payments with respect to the 3.00% Convertible Notes.

 

Section 6.05.         Burdensome
Agreements. The Borrower shall not, nor shall it permit any of the Restricted Subsidiaries to, enter into or cause to exist any agreement
restricting the ability of (x) any Restricted Subsidiary to pay dividends or other distributions to the Borrower or any other Loan
Party, (y) any Restricted Subsidiary to make cash loans or advances to the Borrower or any other Loan Party or (z) any Loan
Party to create, permit or grant a Lien on any of its properties or assets to secure the Secured Obligations, except restrictions:

 

(a)           contained
(i) herein or in any other Loan Document or (ii) in any document with respect to any Incremental Equivalent Debt, so long as,
in the case of this subclause (ii), such restrictions in the documentation evidencing such Indebtedness are no more restrictive,
when taken as a whole, than those in effect prior to the relevant incurrence of such Indebtedness;

 

(b)           set
forth in any agreement evidencing (i) Indebtedness of a Restricted Subsidiary that is not a Loan Party permitted by Section 6.01,
(ii) Indebtedness permitted by Section 6.01 that is secured by a Permitted Lien if the relevant restriction applies only
to the Person obligated under such Indebtedness and the Restricted Subsidiaries or the assets intended to secure such Indebtedness and
(iii) Indebtedness permitted pursuant to clauses (m), (p) (as it relates to Indebtedness in respect of clauses (a),
(m), (q), (r), (u), (w) or (z) of Section 6.01), (q), (r),
(u), (w) or (z) of Section 6.01, so long as, in the case of this subclause (iii), such
restrictions in the documentation evidencing such Indebtedness are no more restrictive, when taken as a whole, than those in effect prior
to the relevant incurrence of such Indebtedness;

 

(c)           arising
under customary provisions contained in leases, subleases, licenses, sublicenses, joint venture agreements and other agreements entered
into in the ordinary course of business;

 

(d)           that
are or were created by virtue of any Lien granted upon, transfer of, agreement to transfer or grant of, any option or right with respect
to any assets or Capital Stock not otherwise prohibited under this Agreement;

 

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(e)           that
are assumed in connection with any acquisition of property or the Capital Stock of any Person, so long as the relevant encumbrance or
restriction relates solely to the Person and its Subsidiaries (including the Capital Stock of the relevant Person or Persons) or property
so acquired and was not created in connection with or in anticipation of such acquisition;

 

(f)            set
forth in any agreement for any Disposition of any Restricted Subsidiary (or all or substantially all of the assets thereof) that restricts
the payment of dividends or other distributions or the making of cash loans or advances by such Restricted Subsidiary pending such Disposition;

 

(g)            set
forth in provisions in agreements or instruments which prohibit the payment of dividends or the making of other distributions with respect
to any class of Capital Stock of a Person other than on a pro rata basis;

 

(h)            imposed
by customary provisions in partnership agreements, limited liability company organizational governance documents, joint venture agreements
and other similar agreements that prohibit or restrict the pledge or transfer of ownership interests in the relevant partnership, limited
liability company, joint venture or similar Person;

 

(i)            on
Cash, other deposits or net worth or similar restrictions imposed by any Person under any contract entered into in the ordinary course
of business or for whose benefit such Cash, other deposits or net worth or similar restrictions exist;

 

(j)            set
forth in documents which exist on the Closing Date and were not created in contemplation thereof;

 

(k)           arising
pursuant to an agreement or instrument relating to any Indebtedness permitted to be incurred after the Closing Date if the relevant restrictions,
taken as a whole, are not materially less favorable to the Lenders than the restrictions contained in this Agreement, taken as a whole
(as determined in good faith by the Borrower);

 

(l)            arising
under or as a result of applicable Requirements of Law or the terms of any license, authorization, concession or permit provided by a
Governmental Authority;

 

(m)          arising
in any Hedge Agreement or any agreement relating to any Banking Services Obligation;

 

(n)           relating
to any asset (or all of the assets) of or the Capital Stock of the Borrower or any Restricted Subsidiary which is imposed pursuant to
an agreement entered into in connection with any Disposition of such asset (or assets) or all or a portion of the Capital Stock of the
relevant Person that is permitted or not restricted by this Agreement;

 

(o)           set
forth in any agreement relating to any Permitted Lien that limits the right of the Borrower or any Restricted Subsidiary to Dispose of
or encumber the assets subject thereto so long as no such agreement prohibits any Loan Party from creating or granting a Lien on any of
its properties or assets to secure the Secured Obligations; and

 

(p)           imposed
by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing of any contract, instrument
or obligation referred to in clauses (a) through (o) above; provided that no such amendment, modification,
restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in the good faith judgment of the Borrower, more
restrictive with respect to such restrictions, taken as a whole, than those in existence prior to such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing.

 

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Section 6.06.         [Reserved].

 

Section 6.07.         Fundamental
Changes; Disposition of Assets. The Borrower shall not, nor shall it permit any of the Restricted Subsidiaries to, enter into any transaction
of merger, consolidation or amalgamation, or liquidate, wind up or dissolve themselves (or suffer any liquidation or dissolution), or
make any Disposition of any assets having a fair market value (as determined in good faith by the Borrower) in excess of $10,000,000,
in a single transaction or in a series of related transactions, except:

 

(a)           any
Restricted Subsidiary may be merged, consolidated or amalgamated with or into the Borrower or any other Restricted Subsidiary; provided
that (i) in the case of any such merger, consolidation or amalgamation with or into the Borrower, (A) the Borrower shall be
the continuing or surviving Person or (B) if the Person formed by or surviving any such merger, consolidation or amalgamation is
not the Borrower (any such Person, the “Successor Borrower”), (x) the Successor Borrower shall be an entity organized
or existing under the law of the U.S., any state thereof or the District of Columbia, (y) the Successor Borrower shall (x) expressly
assume all of the Secured Obligations of the Borrower under each of the Loan Documents pursuant to documents and in a manner reasonably
satisfactory to the Administrative Agent (and the Successor Borrower shall have provided customary certificates, board resolutions, customary
legal opinions and other customary documents with respect to such assumption, if and to the extent reasonably requested by, and reasonably
satisfactory to the Administrative Agent), and (y) such Successor Borrower shall become a “Borrower” and the “Company”
hereunder and (z) except as the Administrative Agent may otherwise agree, each other Borrower and each Loan Guarantor, unless it
is the other party to such merger, consolidation or amalgamation, shall have executed and delivered a reaffirmation agreement with respect
to its obligations under this Agreement, if applicable, the Loan Guaranty and the other Loan Documents; it being understood and agreed
that if the foregoing conditions under clauses (x) through (z) are satisfied, the Successor Borrower will succeed
to, and be substituted for, the Borrower under this Agreement and the other Loan Documents, and (ii) in the case of any such merger,
consolidation or amalgamation with or into any Loan Guarantor or the Borrower (other than any such transaction involving the Borrower,
which shall be subject to the terms of clause (i) above), either (x) a Loan Guarantor or the Borrower shall be the continuing
or surviving Person or the continuing or surviving Person shall expressly assume the obligations of the relevant Loan Guarantor or Borrower
in a manner reasonably satisfactory to the Administrative Agent or (y) the relevant transaction shall be treated as an Investment
and shall comply with Section 6.04;

 

(b)           Dispositions
(including of Capital Stock) among the Borrower or any Restricted Subsidiary (upon voluntary liquidation or otherwise); provided
that any such Disposition made by any Loan Party to any Person that is not a Loan Party shall be (i) for fair market value (as determined
in good faith by such Person) with at least 75.0% of the consideration for such Disposition consisting of Cash or Cash Equivalents at
the time of such Disposition and no Event of Default shall then exist or immediately result therefrom or (ii) treated as an Investment
and otherwise constitute a Permitted Investment (other than a Permitted Investment of the type described in clause (j) of
the definition thereof) or be made in compliance with Section 6.04(a);

 

(c)           (i) the
liquidation or dissolution of any Restricted Subsidiary if the Borrower determines in good faith that such liquidation or dissolution
is in the best interests of the Borrower or a Restricted Subsidiary receives any assets of the relevant dissolved or liquidated Restricted
Subsidiary; provided that in the case of any liquidation or dissolution of any Loan Party that results in a distribution of assets
to any Restricted Subsidiary that is not a Loan Party, such distribution shall be treated as an Investment and shall either be a Permitted
Investment (other than a Permitted Investment of the type described in clause (j) of the definition thereof) or be made in
compliance with Section 6.04(a); (ii) any merger, amalgamation, dissolution, liquidation or consolidation, the purpose
of which is to effect (A) any Disposition otherwise permitted under this Section 6.07 (other than clause (a),
clause (b) or this clause (c)) or (B) any Investment constituting a Permitted Investment or made in compliance
with Section 6.04(a); and (iii) the conversion of the Borrower or any Restricted Subsidiary into another form of entity,
so long as such conversion does not adversely affect the value of the Loan Guaranty or Collateral;

 

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(d)           (x) Dispositions
of inventory, equipment, raw or scrap materials or immaterial assets in the ordinary course of business (including on an intercompany
basis) and (y) the leasing or subleasing of real property in the ordinary course of business;

 

(e)           Dispositions
of surplus, obsolete, used or worn out property, in the ordinary course of business, or other property that, in the good faith determination
of the Borrower, is (A) no longer useful in its business (or in the business of the Borrower or any Restricted Subsidiary) or (B) otherwise
economically impracticable to maintain;

 

(f)           Dispositions
of (i) Cash or Cash Equivalents or other assets that were Cash Equivalents when the relevant original Investment was made and (ii) securities
or other financial instruments in the ordinary course of business;

 

(g)           (i) Dispositions,
mergers, amalgamations, consolidations or conveyances that constitute Permitted Investments (other than a Permitted Investment of the
type described in clause (j) of the definition thereof), Permitted Liens, Restricted Payments permitted by Section 6.04(a) (other
than Section 6.04(a)(ix)) and (ii) Sale and Lease-Back Transactions permitted by Section 6.08;

 

(h)           Dispositions
for fair market value (as determined in good faith by the Borrower); provided that with respect to any such Disposition with a
purchase price in excess of the greater of $36,000,000 and 10.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period,
at least 75.0% of the consideration for such Disposition shall consist of Cash or Cash Equivalents; provided that, for purposes
of the 75.0% Cash consideration requirement, (w) the amount of any Indebtedness or other liabilities (other than Indebtedness or
other liabilities that are subordinated to the Obligations or that are owed to the Borrower or any Restricted Subsidiary) of the Borrower
or any Restricted Subsidiary (as shown on such Person’s most recent balance sheet or statement of financial position (or in the
notes thereto) that are assumed by the transferee of any such assets and for which the Borrower or its applicable Restricted Subsidiary
have been validly released by all relevant creditors in writing, (x) the amount of any trade-in value applied to the purchase price
of any replacement assets acquired in connection with such Disposition, (y) any Securities received by the Borrower or any Restricted
Subsidiary from such transferee that are converted by such Person into Cash or Cash Equivalents (to the extent of the Cash or Cash Equivalents
so received) within 180 days following the closing of the applicable Disposition and (z) any Designated Non-Cash Consideration received
in respect of such Disposition having an aggregate fair market value (as determined in good faith by the Borrower), taken together with
all other Designated Non-Cash Consideration received pursuant to this clause (z) that is at that time outstanding, not in
excess of the greater of $36,000,000 and 10.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period, in each case,
shall be deemed to be Cash); provided, further, that no Event of Default has occurred and is continuing on the date on which
the agreement governing the relevant Disposition is executed;

 

(i)            to
the extent that (i) the relevant property is exchanged for credit against the purchase price of similar replacement property or (ii) the
proceeds of the relevant Disposition are promptly applied to the purchase price of such replacement property;

 

(j)            Dispositions
of Investments in joint ventures to the extent required by, or made pursuant to, buy/sell arrangements between joint venture or similar
parties set forth in the relevant joint venture arrangements or similar binding arrangements;

 

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(k)           Dispositions
of notes receivable or accounts receivable in the ordinary course of business (including to insurers which have provided insurance as
to the collection thereof and any discount or forgiveness thereof) or in connection with the collection or compromise thereof;

 

(l)            Dispositions
or terminations of leases, subleases, licenses or sublicenses (including the provision of software under any open source license), (i) the
Disposition or termination of which will not materially interfere with the ordinary conduct of the business of the Borrower and the Restricted
Subsidiaries, taken as a whole, or (ii) which relate to closed facilities or the discontinuation of any product line;

 

(m)          (i) any
termination of any lease in the ordinary course of business, (ii) any expiration of any option agreement in respect of real or personal
property and (iii) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or
litigation claims (including in tort) in the ordinary course of business;

 

(n)          Dispositions
of property subject to foreclosure, casualty, eminent domain or condemnation proceedings (including in lieu thereof or any similar proceeding);

 

(o)           Dispositions
or consignments of equipment, inventory or other assets (including leasehold interests in real property) with respect to facilities that
are temporarily not in use, held for sale or closed;

 

(p)           to
the extent constituting Dispositions, the Transactions;

 

(q)           Dispositions
of non-core assets and sales of Real Estate Assets, in each case acquired in any acquisition permitted hereunder which, within 180 days
of the date of such acquisition, are designated in writing to the Administrative Agent as being held for sale and not for the continued
operation of the Borrower or any of the Restricted Subsidiaries or any of their respective businesses; provided that no Event of
Default has occurred and is continuing on the date on which the definitive agreement governing the relevant Disposition is executed;

 

(r)            exchanges
or swaps, including transactions covered by Section 1031 of the Code (or any comparable provision of any foreign jurisdiction), of
assets so long as any such exchange or swap is made for fair value (as determined by the Borrower in good faith) for like assets; provided
that upon the consummation of any such exchange or swap by any Loan Party, to the extent the assets received do not constitute Excluded
Assets, the Administrative Agent has a perfected Lien with the same priority as the Lien held on the assets so exchanged or swapped;

 

(s)           Dispositions
of assets that do not constitute Collateral having an aggregate fair market value as determined in good faith by the Borrower of up to
the greater of $36,000,000 and 10.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period; provided that no
Event of Default has occurred and is continuing on the date on which the definitive agreement governing the relevant Disposition is executed;

 

(t)            (i) licensing,
sublicensing and cross-licensing arrangements involving any technology or IP Rights of the Borrower or any Restricted Subsidiary in the
ordinary course of business and (ii) Dispositions, abandonments, cancellations or lapses of any technology or IP Rights, or of issuances
or registrations, or applications for issuances or registrations, of any IP Rights, which, in the reasonable good faith determination
of the Borrower, are no longer material to the conduct of the business of the Borrower and the Restricted Subsidiaries, taken as a whole,
or are no longer economical to maintain in light of their use;

 

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(u)           terminations
or unwinds of Derivative Transactions;

 

(v)           Dispositions
of Capital Stock of, or sales of Indebtedness or other Securities of, Unrestricted Subsidiaries;

 

(w)          Dispositions
of Real Estate Assets and related assets in the ordinary course of business in connection with relocation activities for directors, officers,
employees, members of management, managers or consultants of any Parent Company, the Borrower or any Restricted Subsidiary;

 

(x)           Dispositions
made to comply with any order of any Governmental Authority or any applicable Requirement of Law;

 

(y)           any
merger, consolidation, Disposition or conveyance the sole purpose of which is to reincorporate or reorganize (i) any Domestic Subsidiary
in another jurisdiction in the U.S. or (ii) any Foreign Subsidiary in the U.S. or any other jurisdiction;

 

(z)            any
sale of motor vehicles and information technology equipment purchased at the end of an operating lease and resold thereafter;

 

(aa)         other
Dispositions in any Fiscal Year involving assets having an aggregate fair market value (as determined in good faith by the Borrower at
the time of the relevant Disposition) of not more than the greater of $36,000,000 and 10.0% of Consolidated Adjusted EBITDA for the most
recently ended Test Period in such Fiscal Year;

 

(bb)         any
Dispositions of assets described on Schedule 6.07(bb);,

 

(cc)         Dispositions
of interests in Investment Vehicles after the initial creation thereof to investors, so long as (i) such Disposition is for fair
market value (as determined in good faith by the Borrower), (ii) the consideration for such Disposition consists of Cash or Cash
Equivalents and (iii) such Disposition is made within six months after the initial creation of such Investment Vehicle; and

 

(dd)         Dispositions
of Capital Stock of Cowen Dave LLC.

 

To the extent that any Collateral is Disposed
of as permitted by this Section 6.07 to any Person other than a Loan Party, such Collateral shall be sold free and clear of
the Liens created by the Loan Documents, which Liens shall be automatically released upon the consummation of such Disposition; it being
understood and agreed that the Administrative Agent shall be authorized to take, and shall take, any actions it deems appropriate in order
to effect the foregoing.

 

Section 6.08.         Sale
and Lease-Back Transactions. The Borrower shall not, nor shall it permit any of the Restricted Subsidiaries to, become or remain liable
as lessee under any lease of property (whether real, personal or mixed) that the Borrower or the relevant Restricted Subsidiary (a) sold
or otherwise transferred to the lessor under such lease (unless such lessor is a Company or a Restricted Subsidiary) and (b) intends
to use for substantially the same purpose in connection with such lease (such a transaction, a “Sale and Lease-Back Transaction”),
except for any Sale and Lease-Back Transactions to the extent that the aggregate fair market value (as determined in good faith by the
Borrower) of the assets sold subject to all Sale and Lease-Back Transactions under this clause (b) shall not exceed the greater
of $36,000,000 and 10.0% of Consolidated Adjusted EBITDA for the most recently ended Test Period.

 

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Section 6.09.         Transactions
with Affiliates. The Borrower shall not, nor shall it permit any of the Restricted Subsidiaries to, enter into any transaction (including
the purchase, sale, lease or exchange of any property or the rendering of any service) involving payment in excess of $5,000,000, in each
case, with any of their respective Affiliates (excluding for this purpose each Investment Vehicle) on terms that are less favorable to
the Borrower or such Restricted Subsidiary, as the case may be (as determined in good faith by the Borrower), than those that might be
obtained at the time in a comparable arm’s-length transaction from a Person who is not an Affiliate; provided that the foregoing
restriction shall not apply to:

 

(a)           any
transaction between or among the Borrower or one or more Restricted Subsidiaries (or any entity that becomes a Restricted Subsidiary as
a result of such transaction) to the extent permitted by this Agreement;

 

(b)           any
issuance, sale or grant of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding
of employment arrangements, stock options and stock ownership plans approved by the board of directors (or equivalent governing body)
of any Parent Company, the Borrower or any Restricted Subsidiary;

 

(c)           (i) any
collective bargaining, employment or severance agreement or compensatory (including profit sharing) arrangement entered into by the Borrower
or any Restricted Subsidiary with their respective current or former officers, directors, members of management, managers, employees,
consultants or independent contractors or those of any Parent Company, (ii) any subscription agreement or similar agreement pertaining
to the repurchase of Capital Stock pursuant to put/call rights or similar rights with current or former officers, directors, members of
management, managers, employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation,
benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which covers current or former officers,
directors, members of management, managers, employees, consultants or independent contractors or any employment contract or arrangement;

 

(d)           (i) transactions
permitted by Sections 6.01(b), (d), (h), (o), (p) (solely in respect of Refinancing Indebtedness
in respect of Indebtedness permitted under clause (i) thereof) and (gg) (solely in respect of Indebtedness permitted
by the other provisions of Section 6.01 referred to in this clause (d)), 6.02 (solely to the extent such Liens
relate to Indebtedness permitted by the provisions of Section 6.01 referred to in this clause (d)) and clauses (h),
(m), (o), (v), (y), (z) and (aa) of the definition of Permitted Investments and (ii) issuances
of Capital Stock not restricted by this Agreement;

 

(e)           transactions
in existence on the Closing Date and set forth on Schedule 6.09(e) and any amendment, modification or extension thereof to
the extent such amendment, modification or extension, taken as a whole, is not (i) materially adverse to the Lenders or (ii) more
disadvantageous to the Lenders than the relevant transaction in existence on the Closing Date;

 

(f)            [reserved];

 

(g)           customary
compensation to Affiliates in connection with financial advisory, financing, underwriting or placement services or in respect of other
investment banking activities and other transaction fees, which payments are approved by the majority of the members of the board of directors
(or similar governing body) or a majority of the disinterested members of the board of directors (or similar governing body) of the Borrower
in good faith;

 

(h)           Guarantees
permitted by Section 6.01(b) or that constitute Permitted Investments or Investments made in compliance with Section 6.04(a);

 

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(i)            any
transaction in respect of which the Borrower delivers to the Administrative Agent a letter addressed to the board of directors (or equivalent
governing body) of the Borrower from an accounting, appraisal or investment banking firm of nationally recognized standing stating that
such transaction is on terms that are no less favorable to the Borrower or the applicable Restricted Subsidiary than might be obtained
at the time in a comparable arm’s length transaction from a Person who is not an Affiliate;

 

(j)            leases,
licenses, subleases or sublicenses granted to others in the ordinary course of business which do not secure any Indebtedness and which
do not materially interfere with the ordinary conduct of the business of the Borrower and the Restricted Subsidiaries, taken as a whole;

 

(k)           the
payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, members of the board of directors
(or similar governing body), officers, employees, members of management, managers, consultants and independent contractors of the Borrower
or any Restricted Subsidiary in the ordinary course of business and, in the case of payments to such Person in such capacity on behalf
of any Parent Company, to the extent attributable to the operations of the Borrower and its Subsidiaries;

 

(l)            transactions
with customers, clients, suppliers, joint ventures, purchasers or sellers of goods or services or providers of employees or other labor
entered into in the ordinary course of business, which are fair to the Borrower or any applicable Restricted Subsidiary in the good faith
determination of the Borrower;

 

(m)          the
payment of reasonable out-of-pocket costs and expenses related to registration rights and customary indemnities provided to shareholders
under any shareholder agreement; and

 

(n)           any
purchase by the Borrower of the Capital Stock of (or contribution to the equity capital of) the Borrower.

 

Section 6.10.         Lines
of Business. From and after the Closing Date, the Borrower shall not, nor shall it permit any of the Restricted Subsidiaries to, engage
in any material line of business other than (a) the businesses engaged in by the Borrower or any Restricted Subsidiary on the Closing
Date and similar, incidental, complementary, ancillary or related businesses as determined in good faith by the Borrower and (b) such
other lines of business to which the Administrative Agent may consent.

 

Section 6.11.         Amendments
or Waivers of Organizational Documents. The Borrower shall not, nor shall it permit any of the Restricted Subsidiaries to, amend or modify
their respective Organizational Documents, in each case in a manner that is materially adverse to the interests of the Lenders (in their
capacities as such) without obtaining the prior written consent of the Administrative Agent; provided that, for purposes of clarity,
it is understood and agreed that the Borrower or any Restricted Subsidiary may effect a change to its organizational form or consummate
any other transaction that is permitted under Section 6.07.

 

Section 6.12.         Amendments
of or Waivers with Respect to Restricted Debt. The Borrower shall not, nor shall it permit any of the Restricted Subsidiaries to, amend
or otherwise modify the terms of any Restricted Debt (or the documentation governing any Restricted Debt) (other than any Restricted Debt
solely between and among the Borrower and its Restricted Subsidiaries) (a) if the effect of such amendment or modification, together
with all other amendments or modifications made, is materially adverse to the interests of the Lenders (in their capacities as such),
or (b) in violation of any Acceptable Intercreditor Agreement or the subordination terms set forth in the definitive documentation
governing any Restricted Debt; provided that, for purposes of clarity, it is understood and agreed that the foregoing limitation
shall not otherwise prohibit any Refinancing Indebtedness or any other replacement, refinancing, amendment, supplement, modification,
extension, renewal, restatement or refunding of any Restricted Debt, in each case, that is permitted under this Agreement in respect thereof.

 

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Section 6.13.         Fiscal
Year. The Borrower shall not change its Fiscal Year-end to a date other than December 31; provided that the Borrower may,
upon written notice to the Administrative Agent, change the Fiscal Year-end of the Borrower to another date, in which case the Borrower
and the Administrative Agent will, and are hereby authorized to, make any adjustments to this Agreement that are necessary to reflect
such change in Fiscal Year.

 

Section 6.14.         Financial
Covenant.

 

(a)            First
Lien Leverage Ratio. On each Compliance Date, the Borrower shall not permit the Total Leverage Ratio as of such Compliance Date to
be greater than 3.35:1.00.

 

(b)            Financial
Cure. Notwithstanding anything to the contrary in this Agreement (including Article 7), in the event of the Borrower’s
failure to comply with Section 6.14(a) for any Fiscal Quarter, the Borrower shall have the right (the “Cure
Right”) (at any time during such Fiscal Quarter or thereafter until the date that is ten Business Days after the date on which
financial statements for such Fiscal Quarter are required to be delivered pursuant to Section 5.01(a) or (b),
as applicable) to issue Qualified Capital Stock or other equity (such other equity to be on terms reasonably acceptable to the Administrative
Agent) for Cash or otherwise receive Cash contributions in respect of its Qualified Capital Stock (the “Cure Amount”),
and thereupon the Borrower’s compliance with Section 6.14(a) shall be recalculated giving effect to a pro forma
increase in the amount of Consolidated Adjusted EBITDA by an amount equal to the Cure Amount (notwithstanding the absence of a related
addback in the definition of “Consolidated Adjusted EBITDA”) solely for the purpose of determining compliance with Section 6.14(a) as
of the end of such Fiscal Quarter and for applicable subsequent periods that include such Fiscal Quarter. If, after giving effect to the
foregoing recalculation (but not, for the avoidance of doubt, taking into account any immediate repayment of Indebtedness in connection
therewith), the requirements of Section 6.14(a) would be satisfied, then the requirements of Section 6.14(a) shall
be deemed satisfied as of the end of the relevant Fiscal Quarter with the same effect as though there had been no failure to comply therewith
at such date, and the applicable breach or default of Section 6.14(a) that had occurred (or would have occurred) shall
be deemed cured for the purposes of this Agreement. Notwithstanding anything herein to the contrary, (i) in each four consecutive
Fiscal Quarter period there shall be at least two Fiscal Quarters in which the Cure Right is not exercised (it being expressly understood
and agreed that the Cure Right may be exercised in consecutive Fiscal Quarters), (ii) during the term of this Agreement, the Cure
Right shall not be exercised more than five times, (iii) the Cure Amount shall be no greater than the amount required for the purpose
of complying with Section 6.14(a), (iv) from the date of the Administrative Agent’s receipt of a written notice
from the Borrower that the Borrower intends to exercise the Cure Right (a “Notice of Intent to Cure”) through the 10th
Business Day following the date on which financial statements for the Fiscal Quarter to which such Notice of Intent to Cure relates are
required to be delivered pursuant to Section 5.01(a) or (b), as applicable (such period, the “Cure Period”),
neither the Administrative Agent (nor any sub-agent therefor) nor any Lender shall have any right to accelerate the Loans or terminate
the Revolving Credit Commitments, and none of the Administrative Agent (nor any sub-agent therefor) nor any Lender or Secured Party shall
have any right to foreclose on or take possession of the Collateral or any other right or remedy under the Loan Documents that would be
available on the basis of an Event of Default resulting from the failure to comply with Section 6.14(a), (v) there shall
be no pro forma or other reduction of the amount of Indebtedness by the amount of any Cure Amount for purposes of determining compliance
with Section 6.14(a) for the Fiscal Quarter in respect of which the Cure Right was exercised (other than, with respect
to any future period, to the extent of any portion of such Cure Amount that is actually applied to repay Indebtedness), (vi) during
any Test Period in which any Cure Amount is included in the calculation of Consolidated Adjusted EBITDA as a result of any exercise of
the Cure Right, such Cure Amount shall be disregarded for purposes of determining whether any financial ratio-based condition to the availability
of any carve-out set forth in Article 6 of this Agreement has been satisfied and (vii) if the Borrower has failed to
comply with Section 6.14(a), no Revolving Lender or Issuing Bank shall be required to make any Revolving Loan or issue any
Letter of Credit hereunder during the Cure Period unless and until the Cure Amount is actually received.

 

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ARTICLE 7       EVENTS
OF DEFAULT

 

Section 7.01.         Events
of Default. If any of the following events (each, an “Event of Default”) shall occur:

 

(a)            Failure
To Make Payments When Due. Failure by the Borrower to pay (i) any installment of principal of any Loan when due, whether at stated
maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise; or (ii) any interest on any Loan
or any premium, any fee or any other amount due hereunder within three Business Days after the date due; or

 

(b)            Default
in Other Agreements. (i) Failure by any Loan Party or any of the Restricted Subsidiaries to pay when due any principal of or
interest on or premium on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness referred
to in clause (a) above) with an aggregate outstanding principal amount exceeding the Threshold Amount, in each case beyond
the grace period, if any, provided therefor; or (ii) breach or default by any Loan Party or any of the Restricted Subsidiaries with
respect to any other term of (A) one or more items of Indebtedness with an aggregate outstanding principal amount exceeding the Threshold
Amount or (B) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness (other than,
for the avoidance of doubt, with respect to Indebtedness consisting of Hedging Obligations, termination events or equivalent events pursuant
to the terms of the relevant Hedge Agreement which are not the result of any default thereunder by any Loan Party or any Restricted Subsidiary),
in each case beyond the grace period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the
holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, such Indebtedness to become
or be declared due and payable (or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the
case may be, and, in each case, any failure described under clauses (i) or (ii) above is unremedied and is not waived by the
holders of such Indebtedness prior to any termination of all of the outstanding Commitments and acceleration of all the outstanding Loans
pursuant to this Article 7; provided that clause (ii) of this paragraph (b) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary Disposition of, or a casualty or condemnation event in respect of, the property
securing such Indebtedness if such Disposition or casualty or condemnation event is permitted hereunder; or

 

(c)            Breach
of Certain Covenants. Failure of any Loan Party, as required by the relevant provision, to perform or comply with any term or condition
contained in Section 5.01(e)(i) (provided that any Event of Default arising from the failure to timely deliver
any notice of Default or Event of Default shall automatically be deemed to have been cured (and no longer continuing) immediately upon
the earlier to occur of (x) unless any Loan Party had actual knowledge of such Default or Event of Default and failed to notify the
Administrative Agent as required hereby, the delivery of notice of the relevant Default or Event of Default and (y) the cessation
of the existence of the underlying Default or Event of Default), Section 5.02 (as it applies to the preservation of the existence
of the Borrower), Section 5.10 or Article 6, which default has not been remedied or waived within five days after
receipt by the Borrower of written notice thereof from the Administrative Agent; provided that, notwithstanding this clause
(c), no breach or default by any Loan Party under Section 6.14(a) will constitute a Default or an Event of Default
with respect to any Term Loans and the Term Lenders will not be entitled to exercise any remedies with respect to such breach or default
unless and until the Required Revolving Lenders have accelerated the Revolving Loans and any Additional Revolving Loans, terminated the
commitments under any Revolving Facility and demanded repayment of, or otherwise accelerated, the Indebtedness or other obligations under
the Revolving Facility (and such demand or acceleration has not been rescinded prior to the commencement of the exercise of remedies by
any Term Lender); it being understood and agreed that any breach of Section 6.14(a) is subject to the Cure Right, and,
to the extent that the Borrower has the right to receive the Cure Amount in respect of such breach and has delivered a Notice of Intent
to Cure, no Event of Default may arise as a result of a breach or default under Section 6.14(a) until the 10th
Business Day after the day on which financial statements are required to be delivered for the relevant Fiscal Quarter or Fiscal Year under
Sections 5.01(a) or (b), as applicable, and then only to the extent the Cure Amount has not been received on or prior
to such 10th Business Day; or

 

(d)            Breach
of Representations, Etc. Any representation, warranty or certification made or deemed made by any Loan Party in any Loan Document
or in any certificate required to be delivered in connection herewith or therewith (including, for the avoidance of doubt, any Perfection
Certificate or any Perfection Certificate Supplement) being untrue or incorrect in any material respect (or untrue or incorrect in any
respect with respect to any representation, warranty or certification that is already qualified by “materiality”, “Material
Adverse Effect” or similar language) as of the date made or deemed made; or

 

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(e)            Other
Defaults Under Loan Documents. Default by any Loan Party in the performance of or compliance with any term contained herein or any
of the other Loan Documents, other than any such term referred to in any other Section of this Article 7, which default
has not been remedied or waived within thirty days after receipt by the Borrower of written notice thereof from the Administrative Agent;
or

 

(f)             Involuntary
Bankruptcy; Appointment of Receiver, Etc. (i) The entry by a court of competent jurisdiction of a decree or order for relief
in respect of the Borrower or any Restricted Subsidiary (other than any Immaterial Subsidiary) in an involuntary case under any Debtor
Relief Law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable
federal, state or local Requirements of Law; or (ii) the commencement of an involuntary case against the Borrower or any Restricted
Subsidiary (other than any Immaterial Subsidiary) under any Debtor Relief Law, the entry by a court having jurisdiction in the premises
of a decree or order for the appointment of a receiver, receiver and manager, (preliminary) insolvency receiver, liquidator, sequestrator,
trustee, custodian or other officer having similar powers over the Borrower or any Restricted Subsidiary (other than any Immaterial Subsidiary),
or over all or a substantial part of its property, or the involuntary appointment of an interim receiver, trustee or other custodian of
the Borrower or any Restricted Subsidiary (other than any Immaterial Subsidiary) for all or a substantial part of its property, which,
in the case of each of (i) and (ii), remains undismissed, unvacated, unbounded or unstayed pending appeal for sixty consecutive days;
or

 

(g)            Voluntary
Bankruptcy; Appointment of Receiver, Etc. (i) The entry against the Borrower or any Restricted Subsidiary (other than any Immaterial
Subsidiary) of an order for relief, the commencement by the Borrower or any Restricted Subsidiary (other than any Immaterial Subsidiary)
of a voluntary case under any Debtor Relief Law, or the consent by the Borrower or any Restricted Subsidiary (other than any Immaterial
Subsidiary) to the entry of an order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case,
under any Debtor Relief Law, or the consent by the Borrower or any Restricted Subsidiary (other than any Immaterial Subsidiary) to the
appointment of or taking possession by a receiver, receiver and manager, trustee or other custodian for all or substantially all of its
property; (ii) the making by the Borrower or any Restricted Subsidiary (other than any Immaterial Subsidiary) of a general assignment
for the benefit of creditors; or (iii) the admission by the Borrower or any Restricted Subsidiary (other than any Immaterial Subsidiary)
in writing of their inability to pay their respective debts as such debts become due; or

 

(h)            Judgments
and Attachments. The entry or filing of one or more final money judgments, writs or warrants of attachment or similar process against
any Loan Party or any of the Restricted Subsidiaries or any of their respective assets involving in the aggregate at any time an amount
in excess of the Threshold Amount (in either case to the extent not adequately covered by self-insurance (if applicable) or by insurance
as to which the relevant third party insurance company has been notified and not denied coverage), which judgment, writ, warrant or similar
process remains unpaid, undischarged, unvacated, unbonded or unstayed pending appeal for a period of sixty days from the entry or filing
thereof; or

 

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(i)             Employee
Benefit Plans. The occurrence of one or more ERISA Events or Foreign Benefit Events, which individually or in the aggregate result
in liability of any Loan Party or any ERISA Affiliate of a Loan Party in an aggregate amount which would reasonably be expected to result
in a Material Adverse Effect; or

 

(j)             Change
of Control. The occurrence of a Change of Control; or

 

(k)            Guaranties,
Collateral Documents and Other Loan Documents. At any time after the execution and delivery thereof (in each case subject to the Legal
Reservations), (i) any material Loan Guaranty for any reason, other than the occurrence of the Termination Date, shall cease to be
in full force and effect (other than in accordance with its terms or not prohibited by the terms hereof) or shall be declared to be null
and void or any Loan Guarantor shall repudiate in writing its obligations thereunder (other than as a result of the discharge of such
Loan Guarantor in accordance with the terms hereof or thereof), (ii) this Agreement, any Acceptable Intercreditor Agreement or any
material Collateral Document ceases to be in full force and effect or shall be declared null and void or any Lien on Collateral created
under any Collateral Document ceases to be perfected with respect to a material portion of the Collateral (other than by reason of (x) any
affirmative action of the Administrative Agent, the failure of the Administrative Agent to maintain possession of any Collateral actually
delivered to it or the failure of the Administrative Agent to file UCC continuation statements, (y) a release of Collateral in accordance
with the terms hereof or thereof or (z) the occurrence of the Termination Date or any other termination of such Collateral Document
in accordance with the terms thereof), (iii) other than in any bona fide, good faith dispute as to the scope of Collateral or whether
any Lien has been, or is required to be released, any Loan Party shall contest in writing, the validity or enforceability of any material
provision of this Agreement, any Acceptable Intercreditor Agreement or any material Collateral Document (or any Lien purported to be created
by the Collateral Documents or any Loan Guaranty) or deny in writing that it has any further liability (other than by reason of the occurrence
of the Termination Date), including with respect to future advances by the Lenders, under this Agreement, any Acceptable Intercreditor
Agreement or any material Collateral Document to which it is a party (it being understood and agreed that the failure of the Administrative
Agent to maintain possession of any Collateral actually delivered to it or file any UCC continuation statement shall not result in an
Event of Default under this clause (k) or any other provision of any Loan Document) or (iv) the Obligations shall cease to constitute
senior indebtedness under the subordination provisions of any documents or instruments evidencing any permitted Junior Indebtedness in
an aggregate amount in excess of the Threshold Amount or such subordination provision shall be invalidated or otherwise cease, for any
reason, to be valid, binding and enforceable obligations of the parties thereto, or any Loan Party shall contest in writing, the validity
or enforceability of any material provision of any such subordination provision;

 

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then, (1) and in every such event (other
than any breach or default under Section 6.14(a) as described in clause (c) of this Section 7.01
that does not then constitute an Event of Default with respect to the Term Loans in accordance with clause (c) of this Section 7.01
or an event with respect to the Borrower described in clause (f) or (g) of this Section 7.01), and
at any time thereafter during the continuance of such event, the Administrative Agent may, and at the written request of the Required
Lenders shall, by notice to the Borrower, take any of the following actions, at the same or different times: (i) terminate the Revolving
Credit Commitments, and thereupon such Revolving Credit Commitments shall terminate immediately, (ii) declare the Loans then outstanding
to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared
to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon
and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrower and (iii) require that the Borrower deposit in
the LC Collateral Account an additional amount in Cash as reasonably requested by the Issuing Banks (not to exceed 103.0% of the relevant
Stated Amount) of the then outstanding LC Exposure (minus the amount then on deposit in the LC Collateral Account); provided
that upon the occurrence of an event with respect to the Borrower described in clauses (f) or (g) of this Section 7.01,
any such Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon
and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, and the obligation of the Borrower to Cash
collateralize the outstanding Letters of Credit as aforesaid shall automatically become effective, in each case without further action
of the Administrative Agent or any Lender and (2) upon the occurrence and during the continuance of an Event of Default pursuant
to clause (c) of this Section 7.01 resulting from a breach or default under Section 6.14(a), at the
written request of the Required Revolving Lenders the Administrative Agent shall, by notice to the Borrower, take any of the following
actions, at the same or different times: (x) terminate the Revolving Credit Commitments, and thereupon such Revolving Credit Commitment
shall terminate immediately, (y) declare the Revolving Loans then outstanding to be due and payable in whole (or in part, in which
case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal
of the Revolving Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of
the Borrower to the Revolving Lenders accrued hereunder, shall become due and payable immediately, without presentment, demand, protest
or other notice of any kind, all of which are hereby waived by the Borrower and (z) require that the Borrower deposit in the LC Collateral
Account an additional amount in Cash as reasonably requested by the Issuing Banks (not to exceed 103.0% of the relevant Stated Amount)
of the then outstanding LC Exposure (minus the amount then on deposit in the LC Collateral Account). Upon the occurrence and during
the continuance of an Event of Default (other than an Event of Default resulting from a breach or default under Section 6.14(a) that
does not then constitute an Event of Default with respect to the Term Loans in accordance with clause (c) of this Section 7.01),
the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative
Agent under the Loan Documents or at law or equity, including all remedies provided under the UCC. Upon the occurrence and during the
continuance of an Event of Default pursuant to clause (c) of this Section 7.01 resulting from a breach or default
under Section 6.14(a) that does not then constitute an Event of Default with respect to the Term Loans in accordance
with clause (c) of this Section 7.01, at the written request of the Required Revolving Lenders the Administrative
Agent shall exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including
all remedies provided under the UCC (provided that any such exercise shall be solely for the benefit of the Revolving Lenders until
such time as an Event of Default with respect to the Term Loans has occurred and is continuing).

 

ARTICLE 8            THE
ADMINISTRATIVE AGENT

 

Section 8.01.         General
Agency Provisions.

 

Each of the Lenders and the
Issuing Banks hereby irrevocably appoints MSSF (or any successor appointed pursuant hereto) to act on its behalf as the Administrative
Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf, including
execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan
Documents, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely
for the benefit of the Administrative Agent, the Lenders and the Issuing Banks (except as expressly set forth in this Article 8
with respect to consultation rights in connection with the appointment of a successor Administrative Agent), and neither the Borrower
nor any other Loan Party shall have rights as a third-party beneficiary of any of such provisions.

 

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Any Person serving as Administrative
Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though
it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated,
unless the context otherwise requires or unless such Person is in fact not a Lender or an Issuing Bank, include each Person serving as
Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own
securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any
Loan Party or any Subsidiary of any Loan Party or other Affiliate thereof as if it were not the Administrative Agent hereunder. The Lenders
acknowledge that, pursuant to such activities, the Administrative Agent or its Affiliates may receive information regarding any Loan Party
or any of its Affiliates (including information that may be subject to confidentiality obligations in favor of such Loan Party or such
Affiliate) and acknowledge that the Administrative Agent shall not be under any obligation to provide such information to them. The Lenders
acknowledge that, pursuant to such activities, the Administrative Agent or its Affiliates may receive information regarding any Loan Party
or any of its Affiliates (including information that may be subject to confidentiality obligations in favor of such Loan Party or such
Affiliate) and acknowledge that the Administrative Agent shall not be under any obligation to provide such information to them.

 

The Administrative Agent shall
not have any duties or obligations except those expressly set forth in the Loan Documents, and its duties hereunder shall be administrative
in nature. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default or Event of Default exists, and the use of the term “agent” herein and
in the other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable Requirements of Law; it being understood that such term is used merely as
a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties,
(b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary power, except
discretionary rights and powers that are expressly contemplated by the Loan Documents and which the Administrative Agent is required to
exercise as directed in writing by the Required Lenders or Required Revolving Lenders (or such other number or percentage of the Lenders
as shall be necessary under the relevant circumstances as provided in Section 9.02); provided that the Administrative
Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent
to liability or that is contrary to any Loan Document or applicable Requirements of Law, including for the avoidance of doubt any action
that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination
of property of a Defaulting Lender in violation of any Debtor Relief Law, and (c) except as expressly set forth in the Loan Documents,
the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating
to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as Administrative Agent or any of its
Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at
the request of the Required Lenders or Required Revolving Lenders (or such other number or percentage of the Lenders as is necessary,
or as the Administrative Agent believes in good faith shall be necessary, under the relevant circumstances as provided in Section 9.02)
or in the absence of its own gross negligence or willful misconduct, as determined by the final and non-appealable judgment of a court
of competent jurisdiction, in connection with its duties expressly set forth herein. The Administrative Agent shall not be deemed to have
knowledge of any Default or Event of Default unless and until written notice thereof is given to the Administrative Agent by the Borrower
or any Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any covenant, agreement
or other term or condition set forth in any Loan Document or the occurrence of any Default or Event of Default, (iv) the validity,
enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation,
perfection or priority of any Lien on the Collateral or the existence, value or sufficiency of the Collateral, (vi) the satisfaction
of any condition set forth in Article 4 or elsewhere in any Loan Document, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent, (vii) any property, book or record of any Loan Party or any Affiliate thereof
or (viii) the compliance or non-compliance by Affiliated Lenders with the terms hereof related to Affiliated Lenders.

 

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If any Lender obtains knowledge
of a Default or Event of Default, such Lender shall promptly notify the Administrative Agent and the other Lenders thereof in writing.
Each Lender agrees that, except with the written consent of the Administrative Agent, it will not take any enforcement action hereunder
or under any other Loan Document, accelerate the Obligations under any Loan Document, or exercise any right that it might otherwise have
under applicable Requirements of Law or otherwise to credit bid at any foreclosure sale, UCC sale, any sale under Section 363 of
the Bankruptcy Code or any other similar Disposition of Collateral. Notwithstanding the foregoing, a Lender may take action to preserve
or enforce its rights against a Loan Party where a deadline or limitation period is applicable that would, absent such action, bar enforcement
of the Obligations held by such Lender, including the filing of a proof of claim in a case under the Bankruptcy Code.

 

Notwithstanding anything to
the contrary contained herein or in any of the other Loan Documents, the Borrower (on behalf of itself and the Restricted Subsidiaries),
the Administrative Agent and each Secured Party agree that (i) no Secured Party shall have any right individually to realize upon
any of the Collateral or to enforce the Loan Guaranty; it being understood and agreed that all powers, rights and remedies hereunder may
be exercised solely by the Administrative Agent on behalf of the Secured Parties in accordance with the terms hereof, and all powers,
rights and remedies under the other Loan Documents may be exercised solely by the Administrative Agent, and (ii) in the event of
a foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale or in the event of any other Disposition
(including pursuant to Section 363 of the Bankruptcy Code), (A) the Administrative Agent, as agent for and representative of
the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any
portion of the Collateral sold at any such sale, to use and apply all or any portion of the Obligations as a credit on account of the
purchase price for any Collateral payable by the Administrative Agent at such Disposition and (B) the Administrative Agent or any
Lender may be the purchaser or licensor of all or any portion of such Collateral at any such Disposition.

 

No holder of any Secured Hedging
Obligation or Banking Services Obligation in its respective capacity as such shall have any rights in connection with the management or
release of any Collateral or of the obligations of any Loan Party under this Agreement.

 

Each of the Lenders hereby
irrevocably authorizes (and by entering into a Hedge Agreement with respect to any Secured Hedging Obligation or by entering into documentation
in connection with any Banking Services Obligation, each of the other Secured Parties hereby authorizes and shall be deemed to authorize)
the Administrative Agent, on behalf of all Secured Parties to take any of the following actions upon the instruction of the Required Lenders:

 

(a)            consent
to the Disposition of all or any portion of the Collateral free and clear of the Liens securing the Secured Obligations in connection
with any Disposition pursuant to the applicable provisions of the Bankruptcy Code, including Section 363 thereof;

 

(b)            credit
bid all or any portion of the Secured Obligations, or purchase all or any portion of the Collateral (in each case, either directly or
through one or more acquisition vehicles), in connection with any Disposition of all or any portion of the Collateral pursuant to the
applicable provisions of the Bankruptcy Code, including under Section 363 thereof;

 

    161 

     

    

 

(c)            credit
bid all or any portion of the Secured Obligations, or purchase all or any portion of the Collateral (in each case, either directly or
through one or more acquisition vehicles), in connection with any Disposition of all or any portion of the Collateral pursuant to the
applicable provisions of the UCC, including pursuant to Sections 9-610 or 9-620 of the UCC;

 

(d)            credit
bid all or any portion of the Secured Obligations, or purchase all or any portion of the Collateral (in each case, either directly or
through one or more acquisition vehicles), in connection with any foreclosure or other Disposition conducted in accordance with applicable
Requirements of Law following the occurrence of an Event of Default, including by power of sale, judicial action or otherwise; or

 

(e)            estimate
the amount of any contingent or unliquidated Secured Obligations of such Lender or other Secured Party;

 

it being understood that no Lender shall be required
to fund any amount in connection with any purchase of all or any portion of the Collateral by the Administrative Agent pursuant to the
foregoing clauses (b), (c) or (d) without its prior written consent.

 

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 at the greater of the Prime Rate and 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 paragraph shall be conclusive, absent manifest error.

 

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 at the greater of the Prime
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time
to time in effect.

 

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The Borrower 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 the 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 of the Borrower or any other Loan Party.

 

Each party’s obligations
under the preceding three paragraphs 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.

 

Each Secured Party agrees
that the Administrative Agent is under no obligation to credit bid any part of the Secured Obligations or to purchase or retain or acquire
any portion of the Collateral; provided that, in connection with any credit bid or purchase described under clauses (b),
(c) or (d) of the preceding paragraph, the Secured Obligations owed to all of the Secured Parties (other than
with respect to contingent or unliquidated liabilities as set forth in the next succeeding paragraph) may be, and shall be, credit bid
by the Administrative Agent on a ratable basis.

 

With respect to any contingent
or unliquidated claim that is a Secured Obligation, the Administrative Agent is hereby authorized, but is not required, to estimate the
amount thereof for purposes of any credit bid or purchase described in the second preceding paragraph. In the event that the Administrative
Agent, in its sole and absolute discretion, elects not to estimate any such contingent or unliquidated claim or any such claim cannot
be estimated without unduly delaying the ability of the Administrative Agent to consummate any credit bid or purchase in accordance with
the second preceding paragraph, then any contingent or unliquidated claims not so estimated shall be disregarded, shall not be credit
bid, and shall not be entitled to any interest in the portion or the entirety of the Collateral purchased by means of such credit bid.

 

Each Secured Party whose Secured
Obligations are credit bid under clauses (b), (c) or (d) of the third preceding paragraph is entitled to
receive interests in the Collateral or any other asset acquired in connection with such credit bid (or in the Capital Stock of the acquisition
vehicle or vehicles that are used to consummate such acquisition) on a ratable basis in accordance with the percentage obtained by dividing
(x) the amount of the Secured Obligations of such Secured Party that were credit bid in such credit bid or other Disposition, by
(y) the aggregate amount of all Secured Obligations that were credit bid in such credit bid or other Disposition.

 

In addition, in case of the
pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, each Secured Party
agrees that the Administrative Agent (irrespective of whether the principal of any Loan or LC Disbursement is then due and payable as
herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent has made any demand on the Borrower)
shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(i)            to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans or LC Disbursements
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have
the claims of the Lenders, the Issuing Banks and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders, the Issuing Banks and the Administrative Agent and their respective agents and counsel and
all other amounts to the extent due to the Lenders and the Administrative Agent under Sections 2.12 and 9.03) allowed in
such judicial proceeding; and

 

    163 

     

    

 

(ii)           to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same.

 

Any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each
Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent consents to the making
of such payments directly to the Lenders and the Issuing Banks, 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 amount due to the Administrative
Agent under Sections 2.12 and 9.03.

 

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 any Issuing Bank
any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any Issuing
Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or any Issuing Bank in any such proceeding.

 

The Administrative Agent shall
be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing (including any electronic message, Internet or intranet website posting or other distribution) that it
believes to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may
rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person and shall not incur
any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension,
renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the applicable Issuing
Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative
Agent has received notice to the contrary from such Lender or Issuing Bank prior to the making of such Loan or the issuance of such Letter
of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and
other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such
counsel, accountants or experts.

 

The Administrative Agent may
perform any and all of its duties and exercise its rights and powers under any Loan Document by or through any one or more sub-agents
appointed by it. The Administrative Agent and any such sub-agent may perform any and all of their respective duties and exercise their
respective rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to
any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent and shall apply to their respective activities
in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent. The
Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of
competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or
willful misconduct in the selection of such sub-agents.

 

    164 

     

    

 

The Administrative Agent may
resign at any time by giving ten days’ written notice to the Lenders, the Issuing Banks and the Borrower. If the Administrative
Agent is a Defaulting Lender (by reason of its insolvency) or an Affiliate of a Defaulting Lender (by reason of such Defaulting Lender’s
insolvency), either the Required Lenders or the Borrower may, upon ten days’ notice, remove the Administrative Agent. Upon receipt
of any such notice of resignation or delivery of any such notice of removal, the Required Lenders shall have the right, with the consent
of the Borrower (not to be unreasonably withheld, conditioned or delayed), to appoint a successor Administrative Agent which shall be
a commercial bank or trust company with offices in the U.S. having combined capital and surplus in excess of $1,000,000,000; provided
that during the existence and continuation of an Event of Default under Section 7.01(a), Section 7.01(f) or
Section 7.01(g), no consent of the Borrower shall be required. If no successor has been appointed as provided above and accepted
such appointment within ten days after the retiring Administrative Agent gives notice of its resignation or the Administrative Agent receives
notice of removal, then (a) in the case of a retirement, the retiring Administrative Agent may (but shall not be obligated to), on
behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent meeting the qualifications set forth above (including,
for the avoidance of doubt, the consent of the Borrower, if applicable) or (b) in the case of a removal, the Borrower may, after
consulting with the Required Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; provided
that (x) in the case of a retirement, if the Administrative Agent notifies the Borrower, the Lenders and the Issuing Banks that no
qualifying Person has accepted such appointment or (y) in the case of a removal, the Borrower notifies the Required Lenders that
no qualifying Person has accepted such appointment, then, in each case, such resignation or removal shall nonetheless become effective
in accordance with such notice and (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations
hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent in its
capacity as collateral agent for the Secured Parties for purposes of maintaining the perfection of the Lien on the Collateral securing
the Secured Obligations, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time
as a successor Administrative Agent is appointed) and (ii) all payments, communications and determinations required to be made by,
to or through the Administrative Agent shall instead be made by or to each Lender and each Issuing Bank directly (and each Lender and
each Issuing Bank will cooperate with the Borrower to enable the Borrower to take such actions), until such time as the Required Lenders
or the Borrower, as applicable, appoint a successor Administrative Agent, as provided above in this Article 8. Upon the acceptance
of its appointment as Administrative Agent hereunder as a successor Administrative Agent, the successor Administrative Agent shall succeed
to and become vested with all the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any
rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent shall
be discharged from its duties and obligations hereunder (other than its obligations under Section 9.13 hereof). The fees payable
by the Borrower to any successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between
the Borrower and such successor Administrative Agent; for the avoidance of doubt, the Borrower shall have no obligation to pay any fee
to any successor Administrative Agent that is greater than or in addition to the fees payable to the Administrative Agent on the Closing
Date. After the Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this
Article and Section 9.03 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its
sub-agents and their respective Related Parties in respect of any action taken or omitted to be taken by any of them while the relevant
Person was acting as Administrative Agent (including for this purpose holding any collateral security following the retirement or removal
of the Administrative Agent). Notwithstanding anything to the contrary herein, no Disqualified Institution (nor any Affiliate thereof)
may be appointed as a successor Administrative Agent.

 

Any resignation by MSSF as
Administrative Agent pursuant to the immediately preceding paragraph of this Section 8.01 shall also constitute its resignation
as an Issuing Bank, unless it remains a Lender; provided that, if MSSF does not remain a Lender (i) such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of MSSF as retiring Issuing Bank and (ii) MSSF shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents as an Issuing Bank except with respect to
Letters of Credit previously issued by it.

 

    165 

     

    

 

Each Lender and each Issuing
Bank acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related
Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative
Agent or any other Lender or any of their respective Related Parties and based on such documents and information as it shall from time
to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other
Loan Document or related agreement or any document furnished hereunder or thereunder. Except for notices, reports and other documents
expressly required to be furnished to the Lenders and the Issuing Banks by the Administrative Agent herein, the Administrative Agent shall
not have any duty or responsibility to provide any Lender or any Issuing Bank with any credit or other information concerning the business,
prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their respective
Affiliates which may come into the possession of the Administrative Agent or any of its Related Parties.

 

Notwithstanding anything to
the contrary herein, none of the Lead Arrangers or the Syndication Agent shall have any right, power, obligation, liability, responsibility
or duty under this Agreement, except in their respective capacities as the Administrative Agent, an Issuing Bank or a Lender hereunder,
as applicable.

 

Each Secured Party irrevocably
authorizes and instructs the Administrative Agent to, and the Administrative Agent shall:

 

(a)            release
any Lien on any property granted to or held by Administrative Agent under any Loan Document (i) upon the occurrence of the Termination
Date, (ii) that is sold or to be sold or transferred as part of or in connection with any Disposition permitted under the Loan Documents
to a Person that is not a Loan Party, (iii) that does not constitute (or ceases to constitute) Collateral as a result of a transaction
permitted under the Loan Documents, (iv) if the property subject to such Lien is owned by a Loan Guarantor, upon the release of such
Loan Guarantor from its Loan Guaranty otherwise in accordance with the Loan Documents, (v) as required under clause (d) below
or (vi) if approved, authorized or ratified in writing by the Required Lenders in accordance with Section 9.02;

 

(b)            subject
to Section 9.21, release any Loan Guarantor from its obligations under the Loan Guaranty if such Person ceases to be a Restricted
Subsidiary (or becomes an Excluded Subsidiary), in each case, as a result of a single transaction or series of related transactions permitted
hereunder;

 

(c)            subordinate
any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property
that is permitted by Sections 6.02(d), 6.02(e), 6.02(g), 6.02(l), 6.02(m), 6.02(n), 6.02(o),
6.02(q), 6.02(r), 6.02(x), 6.02(y), 6.02(z)(i), 6.02(bb), 6.02(cc), 6.02(dd),
6.02(ee), 6.02(ff), 6.02(gg) and 6.02(hh) (and any Refinancing Indebtedness in respect of any thereof to the
extent such Refinancing Indebtedness is permitted to be secured under Section 6.02(k)); and

 

(d)            enter
into subordination, intercreditor or similar agreements with respect to Indebtedness that is (i) required or permitted to be subordinated
hereunder or (ii) secured by Liens, and with respect to which Indebtedness, this Agreement contemplates an intercreditor, subordination,
collateral trust agreement or similar agreement.

 

    166 

     

    

 

Upon the request of the Administrative
Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its
interest in particular types or items of property, or to release any Loan Party from its obligations under the Loan Guaranty or its Lien
on any Collateral pursuant to this Article 8. In each case as specified in this Article 8, the Administrative
Agent will (and each Lender, and each Issuing Bank hereby authorizes the Administrative Agent to), at the Borrower’s expense, execute
and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item
of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest therein,
or to release such Loan Party from its obligations under the Loan Guaranty, in each case in accordance with the terms of the Loan Documents
and this Article 8. In connection with any such release or subordination of the Liens, the Borrower shall deliver a certificate
of a Responsible Officer to the Administrative Agent requesting such release and/or subordination and certifying that such release and/or
subordination, and any Liens incurred in connection therewith, and the Administrative Agent may rely exclusively upon such certificate
as to whether such release and/or subordination and any such other Liens are permitted.

 

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

 

The Administrative Agent is
authorized to enter into any intercreditor, subordination, collateral trust or similar agreement (including any Acceptable Intercreditor
Agreement) contemplated hereby with respect to any Indebtedness (a) that is (i) required or permitted to be subordinated hereunder
or (ii) secured by Liens and (b) which contemplates an intercreditor, subordination or collateral trust agreement (any such
other intercreditor, subordination, collateral trust or similar agreement, an “Additional Agreement”), and the Secured
Parties party hereto acknowledge that any Additional Agreement is binding upon them. Each Secured Party party hereto hereby (a) agrees
that they will be bound by, and will not take any action contrary to, the provisions of any Additional Agreement and (b) authorizes
and instructs the Administrative Agent to enter into each Additional Agreement and to subject the Liens on the Collateral securing the
Secured Obligations to the provisions thereof. The foregoing provisions are intended as an inducement to the Secured Parties to extend
credit to the Borrower, and the Secured Parties are intended third-party beneficiaries of such provisions and the provisions of each Additional
Agreement.

 

To the extent that the Administrative
Agent (or any Affiliate thereof) is not reimbursed and indemnified by the Borrower, the Lenders will reimburse and indemnify the Administrative
Agent (and any Affiliate thereof) in proportion to their respective Applicable Percentages (determined as if there were no Defaulting
Lenders) for and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, costs, expenses
or disbursements of whatsoever kind or nature which may be imposed on, asserted against or incurred by the Administrative Agent (or any
Affiliate thereof) in performing its duties hereunder or under any other Loan Document or in any way relating to or arising out of this
Agreement or any other Loan Document; provided that no Lender shall be liable for any portion of such liabilities, obligations,
losses, damages, penalties, claims, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s
(or such Affiliate’s) gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and
non-appealable decision).

 

    167 

     

    

 

Section 8.02.            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 Agents, the lead arrangers with respect to any Additional Term Loans or Additional Revolving Credit Commitments
and their respective 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 29 C.F.R. § 2510.3-101,
as modified by 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 or the Commitment,

 

		(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 Commitment
and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit,
the Commitment 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 Commitment 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 Agents, the lead arrangers with respect to any Additional
Term Loans or Additional Revolving Credit Commitments and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Loan Party, that none of the Agents, the lead arrangers with respect to any Additional Term Loans
or Additional Revolving Credit Commitments or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender
involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letter of Credits,
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).

 

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The Agents, the lead arrangers
with respect to any Additional Term Loans or Additional Revolving Credit Commitments and their respective Affiliates each hereby informs
the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity,
in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated
hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters
of Credit, the Commitment and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitment
for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitment by such Lender or
(iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise,
including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees,
administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or
alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early
termination fees or fees similar to the foregoing.

 

ARTICLE 9            MISCELLANEOUS

 

Section 9.01.         Notices.

 

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

 

(i)            if
to any Loan Party, to such Loan Party in the care of the Borrower at:

 

Cowen Inc.

599 Lexington Avenue

New York, New York 10022

 

Attention: Edward Zilnicki

Email: Edward.Zilnicki@cowen.com

Telephone: (212) 823-0229

Facsimile: (212) 201-4840

 

and

 

Attention: Owen Littman

Email: Owen.Littman@cowen.com

Telephone: (212) 201-4841

Facsimile: (212) 201-4840

 

    169 

     

    

 

(ii)            if
to the Administrative Agent, at:

 

Morgan Stanley Senior Funding, Inc.

1300 Thames Street, 4th Floor

Thames Street Wharf

Baltimore, MD 21231

Telephone: (917) 260-0588

Email for Borrowers: AGENCY.BORROWERS@morganstanley.com

Email for Lenders: MSAGENCY@morganstanley.com

For all data site postings, please send to:

Borrower.Documents@morganstanley.com

 

(iii)           if
to the Administrative Agent with respect to Borrowings/Continuations, at:

 

Morgan Stanley Senior Funding, Inc.

1300 Thames Street, 4th Floor

Thames Street Wharf

Baltimore, MD 21231

Telephone: (917) 260-0588

Email: AGENCY.BORROWERS@morganstanley.com

 

(iv)           if
to MSSF, as Issuing Bank, at:

 

Morgan Stanley Senior Funding, Inc.

1300 Thames Street, 4th Floor

Thames Street Wharf

Baltimore, MD 21231

Telephone: (443) 627-4555

Email: MSB.LOC@morganstanley.com

Facsimile: (212) 507-5010

 

(v)            if
to any Lender, to it at its address or facsimile number set forth in its Administrative Questionnaire; or

 

(vi)           if
to any Issuing Bank, to it at its address or facsimile number set forth in its Administrative Questionnaire or such address as may be
specified in the documentation pursuant to which such Issuing Bank is appointed in its capacity as such.

 

All such notices and other communications (A) sent
by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when delivered in
person or by courier service and signed for against receipt thereof or three Business Days after dispatch if sent by certified or registered
mail, in each case, delivered, sent or mailed (properly addressed) to the relevant party as provided in this Section 9.01
or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01 or (B) sent
by facsimile shall be deemed to have been given when sent and when receipt has been confirmed by telephone; provided that notices
and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business
hours for the recipient, such notices or other communications shall be deemed to have been given at the opening of business on the next
Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in
clause (b) below shall be effective as provided in such clause (b).

 

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(b)            Notices
and other communications to the Lenders hereunder may be delivered or furnished by electronic communications (including e-mail and Internet
or Intranet websites) pursuant to procedures set forth herein or otherwise approved by the Administrative Agent. The Administrative Agent
or the Borrower (on behalf of itself and/or any other Loan Party) may, in its discretion, agree to accept notices and other communications
to it hereunder by electronic communications pursuant to procedures set forth herein or otherwise approved by it; provided that
approval of such procedures may be limited to particular notices or communications. All such notices and other communications (i) sent
to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such
as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement) and (ii) posted
to an Internet or Intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (b)(i) of notification that such notice or communication is available and identifying
the website address therefor; provided that any such notice or communication described in clause (i) or (ii) not
given during the normal business hours of the recipient shall be deemed to have been given at the opening of business on the next Business
Day for the recipient.

 

(c)            Any
party hereto may change its address or facsimile number or other notice information hereunder by notice to the other parties hereto; it
being understood and agreed that the Borrower may provide any such notice to the Administrative Agent as recipient on behalf of itself,
each Issuing Bank and each Lender.

 

(d)            The
Borrower agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined below) available
to the Issuing Banks and the other Lenders by posting the Communications on the Platform. The Borrower acknowledges and agrees that the
list of Disqualified Institutions shall be deemed suitable for posting and may be posted by the Administrative Agent on the Platform,
including the portion of the Platform that is designated for “public side” Lenders. The Platform is provided “as is”
and “as available.” None of the Administrative Agent or any of its Related Parties warrants the adequacy of the Platform and
each of them expressly disclaims 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 the Administrative Agent or any of its Related Parties in connection with the Communications
or the Platform. In no event shall the Administrative Agent or any of its Related 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 direct or indirect, special, incidental or consequential
damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any other 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 Issuing Bank
by means of electronic communications pursuant to this Section 9.01, including through the Platform.

 

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Section 9.02.         Waivers;
Amendments.

 

(a)            No
failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other
Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders hereunder and under any other Loan
Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of
any Loan Document or consent to any departure by any party hereto therefrom shall in any event be effective unless the same is permitted
by paragraph (b) of this Section 9.02, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. Without limiting the generality of the foregoing, to the extent permitted by applicable
Requirements of Law, neither the making of any Loan nor the issuance of any Letter of Credit shall be construed as a waiver of any Default
or Event of Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of
such Default or Event of Default at the time.

 

(b)            Subject
to clauses (A) through (F) of this Section 9.02(b) and Sections 9.02(c) and
(d) below, neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or
modified, except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower
and the Required Lenders (or the Administrative Agent with the consent of the Required Lenders) or (ii) in the case of any other
Loan Document (other than any waiver, amendment or modification to effectuate any modification thereto expressly contemplated by the terms
of such other Loan Document), pursuant to an agreement or agreements in writing entered into by the Administrative Agent (with the consent
of the Required Lenders) and each Loan Party that is party thereto; provided that, notwithstanding the foregoing:

 

(A)           the
consent of each Lender directly and adversely affected thereby (but not the consent of the Required Lenders) shall be required for any
waiver, amendment or modification that:

 

(1)            increases
the Commitment of such Lender (other than with respect to any Incremental Facility pursuant to Section 2.22 in respect of
which such Lender has agreed to be an Additional Lender); it being understood that no amendment, modification or waiver of, or consent
to departure from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory
reduction of the Commitments shall constitute an increase of any Commitment of such Lender;

 

(2)            reduces
or forgives the principal amount of any Loan owed to such Lender or any amount due to such Lender on any Term Loan Installment Date;

 

(3)            (x) extends
the scheduled final maturity of any Loan or (y) postpones any Term Loan Installment Date or any Interest Payment Date with respect
to any Loan held by such Lender or the date of any scheduled payment of any fee or premium payable to such Lender hereunder;

 

(4)            reduces
the rate of interest (other than to (x) waive any Default or Event of Default or obligation of the Borrower to pay interest to such
Lender at the default rate of interest under Section 2.13(c) or (y) extend the time for delivery of financials and/or
any Compliance Certificate under Section 5.01, which, in each case, shall only require the consent of the Required Lenders)
or the amount of any fee or premium owed to such Lender;

 

(5)            extends
the expiry date of such Lender’s Commitment; it being understood that no amendment, modification or waiver of, or consent to departure
from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory reduction
of any Commitment shall constitute an extension of any Commitment of any Lender; and

 

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(6)            waives,
amends or modifies the provisions of Sections 2.18(a), 2.18(b) or 2.18(c) of this Agreement in a manner
that would by its terms alter the pro rata sharing of payments required thereby (except in connection with any transaction permitted under
Sections 2.22, 2.23, 9.02(c) or 9.05(g) or as otherwise provided in this Agreement);

 

(B)            no
such agreement shall:

 

(1)            change
(x) any of the provisions of Section 9.02(a) or Section 9.02(b) or the definition of “Required
Lenders” to reduce any voting percentage required to waive, amend or modify any right thereunder or make any determination or grant
any consent thereunder, without the prior written consent of each Lender or (y) the definition of “Required Revolving Lenders”
without the prior written consent of each Revolving Lender (it being understood that neither the consent of the Required Lenders nor the
consent of any other Lender shall be required in connection with any change to the definition of “Required Revolving Lenders”);

 

(2)            release
or subordinate all or substantially all of the Collateral from the Lien granted pursuant to the Loan Documents (except as otherwise permitted
herein or in the other Loan Documents, including pursuant to Article 8 or Section 9.21 hereof), without the prior
written consent of each Lender;

 

(3)            release
all or substantially all of the value of the Guarantees under the Loan Guaranty (except as otherwise permitted herein or in the other
Loan Documents, including pursuant to Section 9.21 hereof), without the prior written consent of each Lender; or

 

(4)            subordinate
the Borrower’s payment obligations under this Agreement to the Borrower’s payment obligations under any other third-party
indebtedness for borrowed money.

 

(C)            solely
with the consent of the Required Revolving Lenders (but without the consent of the Required Lenders or any other Lender), any such agreement
may (x) waive, amend or modify Section 6.14 (or the definition of “First Lien Leverage Ratio” or any component
definition thereof, in each case, as any such definition is used solely for purposes of Section 6.14), (y) waive any
Default or Event of Default resulting from a breach of Section 6.14 or (z) waive, amend or modify any condition precedent
set forth in Section 4.02 hereof as it pertains to any Revolving Loan or Additional Revolving Loan;

 

(D)            solely
with the consent of the relevant Issuing Banks and, in the case of clause (x), the Administrative Agent, any such agreement may
(x) increase or decrease the Letter of Credit Sublimit or (y) waive, amend or modify any condition precedent set forth in Section 4.02
hereof as it pertains to the issuance of any Letter of Credit;

 

(E)            solely
with the consent of the Swingline Lender and, in the case of clause (x), the Administrative Agent, any such agreement may (x) increase
or decrease the Swingline Sublimit or (y) waive, amend or modify any condition precedent set forth in Section 4.02 hereof
as it pertains to any Swingline Loan; and

 

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(F)            no
such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Swingline Lender or any Issuing
Bank hereunder, in each case in a manner directly and adversely affecting such Person, without the prior written consent of the Administrative
Agent or such Issuing Bank, as the case may be.

 

(c)            Subject
to clause (F) of Section 9.02(b) but notwithstanding any other provision of this Agreement, this Agreement
may be amended:

 

(i)            with
the written consent of the Borrower and the Lenders providing the relevant Replacement Term Loans to permit the refinancing or replacement
of all or any portion of the outstanding Term Loans under the applicable Class (any such loans being refinanced or replaced, the
 “Replaced Term Loans”) with one or more replacement term loans hereunder (“Replacement Term Loans”)
pursuant to a Refinancing Amendment; provided that

 

(A)            the
aggregate principal amount of any Replacement Term Loans shall not exceed the aggregate principal amount of the Replaced Term Loans (plus
(1) any additional amounts permitted to be incurred under Section 6.01 and, to the extent any such additional amounts
are secured, the related Liens are permitted under Section 6.02 and plus (2) the amount of accrued interest and
premium (including tender premium) thereon and underwriting discounts, fees (including upfront fees and original issue discount), commissions
and expenses associated therewith),

 

(B)            any
Replacement Term Loans must have a final maturity date that is equal to or later than the final maturity date of, and have a Weighted
Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Replaced Term Loans at the time of the
relevant refinancing,

 

(C)            any
Replacement Term Loans may be pari passu with or junior to any then-existing Term Loans right of payment and pari passu with or junior
to such Term Loans with respect to the Collateral (provided that any Replacement Term Loans that are pari passu with or junior
to any then-existing Term Loans shall be subject to an Acceptable Intercreditor Agreement and may be, at the option of the Administrative
Agent and the Borrower, documented in a separate agreement or agreements), or be unsecured,

 

(D)           any
Replacement Term Loans that are secured may not be secured by any assets other than the Collateral,

 

(E)            any
Replacement Term Loans that are guaranteed may not be guaranteed by any Person other than one or more Loan Parties,

 

(F)            (i) any
Replacement Term Loans that are pari passu with the Initial Term Loans in right of payment and security may participate on a pro rata
basis or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayment or prepayment in respect
of the Initial Term Loans (and any Additional Term Loans then subject to ratable repayment requirements), in each case as agreed by the
Borrower and the Lenders providing the relevant Replacement Term Loans, and any Replacement Term Loans that are junior to the Term Loans
shall not be entitled to participate in any such voluntary or mandatory prepayment or repayment,

 

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(G)           any
Replacement Term Loans may have pricing (including interest, fees and premiums) and, subject to preceding clause (F), optional
prepayment and redemption terms as the Borrower and the lenders providing such Replacement Term Loans may agree,

 

(H)           either
(i) the other terms and conditions of any Replacement Term Loans (excluding pricing, interest, fees, rate floors, premiums, optional
prepayment or redemption terms, security and maturity, subject to preceding clauses (B) through (G)) are substantially
identical to, or (taken as a whole) no more favorable (as reasonably determined by the Borrower) to the lenders providing such Replacement
Term Loans than those applicable to the Replaced Term Loans (other than covenants or other provisions applicable only to periods after
the Latest Term Loan Maturity Date (in each case, as of the date of incurrence of such Replacement Term Loans)) or (ii) such Replacement
Term Loans are provided on then-current market terms (as reasonably determined by the Borrower) for the applicable type of Indebtedness,
and

 

(I)             the
Borrower shall have prepaid the Term Loans in accordance with Section 2.11(b)(iii), and

 

(ii)            with
the written consent of the Borrower and the Lenders providing the relevant Replacement Revolving Facility to permit the refinancing or
replacement of all or any portion of any Revolving Credit Commitment under the applicable Class (any such Revolving Credit Commitment
being refinanced or replaced, a “Replaced Revolving Facility”) with a replacement revolving facility hereunder (a “Replacement
Revolving Facility”) pursuant to a Refinancing Amendment; provided that:

 

(A)           the
aggregate principal amount of any Replacement Revolving Facility shall not exceed the aggregate principal amount of the Replaced Revolving
Facility (plus (x) any additional amounts permitted to be incurred under Section 6.01 and, to the extent any such
additional amounts are secured, the related Liens are permitted under Section 6.02 and plus (y) the amount of
accrued interest and premium thereon, any committed but undrawn amounts and underwriting discounts, fees (including upfront fees and original
issue discount), commissions and expenses associated therewith),

 

(B)            no
Replacement Revolving Facility may have a final maturity date (or have scheduled commitment reductions) prior to the final maturity date
of the relevant Replaced Revolving Facility at the time of such refinancing,

 

(C)            any
Replacement Revolving Facility may be pari passu with or junior to any then-existing Revolving Credit Commitment in right of payment and
pari passu with or junior to any then-existing Revolving Credit Commitment with respect to the Collateral (provided that any Replacement
Revolving Facility that is pari passu with or junior to the Revolving Credit Commitment shall be subject to an Acceptable Intercreditor
Agreement (which may consist of a payment waterfall) and may be, at the option of the Administrative Agent and the Borrower, documented
in a separate agreement or agreements) or may be unsecured,

 

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(D)            any
Replacement Revolving Facility that is secured may not be secured by any assets other than the Collateral,

 

(E)            any
Replacement Revolving Facility that is guaranteed may not be guaranteed by any Person other than one or more Loan Parties,

 

(F)            any
Replacement Revolving Facility shall be subject to the “ratability” provisions applicable to Extended Revolving Credit Commitments
and Extended Revolving Loans set forth in the proviso to clause (i) of Section 2.23(a), mutatis mutandis,
to the same extent as if fully set forth in this Section 9.02(c)(ii),

 

(G)            any
Replacement Revolving Facility may have pricing (including interest, fees and premiums) and, subject to preceding clause (F), optional
prepayment and redemption terms as the Borrower and the lenders providing such Replacement Revolving Facility may agree, and

 

(H)            either
(i) the other terms and conditions of any Replacement Revolving Facility (excluding pricing, interest, fees, rate floors, premiums,
optional prepayment or redemption terms, security and maturity, subject to preceding clauses (B) through (G)) are substantially
identical to, or (taken as a whole) no more favorable (as reasonably determined by the Borrower) to the lenders providing such Replacement
Revolving Facility than those applicable to the Replaced Revolving Facility (other than covenants or other provisions applicable only
to periods after the Latest Revolving Credit Maturity Date (in each case, as of the date of incurrence of the relevant Replacement Revolving
Facility)) or (ii) such Replacement Revolving Facility are provided on then-current market terms (as reasonably determined by the
Borrower) for the applicable type of Indebtedness, and

 

(I)            the
commitments in respect of the relevant Replaced Revolving Facility shall be terminated, and all loans outstanding thereunder and all fees
then due and payable in connection therewith shall be paid in full, in each case on the date any Replacement Revolving Facility is implemented;

 

Each party hereto hereby agrees that this Agreement
may be amended by each of the Borrower, the Administrative Agent and the lenders providing the relevant Replacement Term Loans or the
Replacement Revolving Facility, as applicable, to the extent (but only to the extent) necessary to reflect the existence and terms of
such Replacement Term Loans or Replacement Revolving Facility, as applicable, incurred or implemented pursuant thereto (including any
amendment necessary to treat the loans and commitments subject thereto as a separate “tranche” and “Class” of
Loans or commitments hereunder). It is understood that any Lender approached to provide all or a portion of any Replacement Term Loans
or any Replacement Revolving Facility may elect or decline, in its sole discretion, to provide such Replacement Term Loans or Replacement
Revolving Facility.

 

(d)            Notwithstanding
anything to the contrary contained in this Section 9.02 or any other provision of this Agreement or any provision of any other
Loan Document:

 

(i)            the
Borrower and the Administrative Agent may, without the input or consent of any Lender, amend, supplement or waive any guaranty, collateral
security agreement, pledge agreement or related document (if any) executed in connection with this Agreement to (A) comply with any
Requirement of Law or the advice of counsel or (B) cause any such guaranty, collateral security agreement, pledge agreement or other
document to be consistent with this Agreement or the relevant other Loan Documents,

 

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(ii)            the
Borrower and the Administrative Agent may, without the input or consent of any other Lender (other than the relevant Lenders (including
Additional Lenders) providing Loans under such Sections), effect amendments to this Agreement and the other Loan Documents as may be necessary
in the reasonable opinion of the Borrower and the Administrative Agent to (1) effect the provisions of Sections 2.22, 2.23,
5.11, 6.13 or 9.02(c), or any other provision specifying that any waiver, amendment or modification may be made with
the consent or approval of the Administrative Agent or (2) to add terms (including representations and warranties, conditions, prepayments,
covenants or events of default), in connection with the addition of any Loan or Commitment hereunder, that are favorable to the then-existing
Lenders, as reasonably determined by the Administrative Agent,

 

(iii)            if
the Administrative Agent and the Borrower have jointly identified any ambiguity, mistake, defect, inconsistency, obvious error or any
error or omission of a technical nature or any necessary or desirable technical change, in each case, in any provision of any Loan Document,
then the Administrative Agent and the Borrower shall be permitted to amend such provision solely to address such matter as reasonably
determined by them acting jointly,

 

(iv)            the
Administrative Agent and, to the extent contemplated by such agreement, the Borrower may amend, restate, amend and restate or otherwise
modify any Acceptable Intercreditor Agreement to give effect thereto or to carry out the purposes thereof without the consent of any Lender
so long as such amendment, supplement, waiver or modification is not materially adverse to the Lenders,

 

(v)            [Reserved],

 

(vi)            no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment
and any Additional Commitment of any Defaulting Lender may not be increased without the consent of such Defaulting Lender (it being understood
that any Commitment or Loan held or deemed held by any Defaulting Lender shall be excluded from any vote hereunder that requires the consent
of any Lender, except as expressly provided in Section 2.21(b)), and

 

(vii)            this
Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the
Borrower (i) to add one or more additional credit facilities to this Agreement and to permit any extension of credit from time to
time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the relevant benefits of this Agreement
and the other Loan Documents and (ii) to include appropriately the Lenders holding such credit facilities in any determination of
the Required Lenders on substantially the same basis as the Lenders prior to such inclusion.

 

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Section 9.03.         Expenses;
Indemnity.

 

(a)            The
Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by each Agent and their respective Affiliates
(but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other
charges of one firm of outside counsel to all such Persons taken as a whole and, if reasonably necessary, of one local counsel in any
relevant jurisdiction to all such Persons, taken as a whole) in connection with the syndication and distribution (including via the Internet
or through a service such as Intralinks) of the Credit Facilities, the preparation, execution, delivery and administration of the Loan
Documents and any related documentation, including in connection with any amendment, modification or waiver of any provision of any Loan
Document (whether or not the transactions contemplated thereby are consummated, but only to the extent the preparation of any such amendment,
modification or waiver was requested by the Borrower or any other Loan Party and except as otherwise provided in a separate writing between
the Borrower or the relevant Agent), (ii) all reasonable and documented out-of-pocket expenses incurred by each Issuing Bank in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable
and documented out-of-pocket expenses incurred by the Agents, the Issuing Banks or the Lenders or any of their respective Affiliates (but
limited, in the case of legal fees and expenses, (x) to one firm of outside counsel to all such Persons taken as a whole and, solely
in the case of an actual or potential conflict of interest, one additional counsel to each similarly situated group of Persons, and (y) if
reasonably necessary, of one local counsel in any relevant jurisdiction to all such Persons, taken as a whole and, solely in the case
of an actual or potential conflict of interest, one additional local counsel to each similarly situated group of Persons, in each such
relevant jurisdiction) in connection with the enforcement, collection or protection of their respective rights in connection with the
Loan Documents, including their respective rights under this Section 9.03, or in connection with the Loans made or Letters
of Credit issued hereunder. Except to the extent required to be paid on the Closing Date, all amounts due under this paragraph (a) shall
be payable by the Borrower within thirty days of receipt by the Borrower of an invoice setting forth such expenses in reasonable detail,
together with reasonably detailed backup documentation supporting the relevant reimbursement request.

 

(b)            The
Borrower shall indemnify each Agent, each Issuing Bank, the Swingline Lender and each Lender, and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages and liabilities (but limited, in the case of legal fees and expenses, to one counsel to all Indemnitees taken
as a whole and, if reasonably necessary, one local counsel in any relevant jurisdiction to all Indemnitees, taken as a whole and solely
in the case of an actual or perceived conflict of interest, (x) one additional counsel to each similarly situated group of affected
Indemnitees, taken as a whole, and (y) one additional local counsel to each similarly situated group of affected Indemnitees, taken
as a whole), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution
or delivery of the Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of their
respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby or thereby, (ii) the
use of the proceeds of the Loans or any Letter of Credit, (iii) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party
thereto (and regardless of whether such matter is initiated by a third party or by the Borrower, any other Loan Party or any of their
respective Affiliates, security-holders or creditors) or (iv) any actual or alleged presence or Release of Hazardous Materials at,
on, under or from any property or facility currently or formerly owned, leased or operated by any Loan Party or the Restricted Subsidiaries,
or any Environmental Liability of any Loan Party or the Restricted Subsidiaries; provided that such indemnity shall not, as to
any Indemnitee, be available to the extent that any such loss, claim, damage, or liability (i) is determined by a final and non-appealable
judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee
or, to the extent a final and non-appealable judgment finds that any such loss, claim, damage, or liability has resulted from such Person’s
material breach of the Loan Documents or (ii) arises out of any claim, litigation, investigation or proceeding brought by such Indemnitee
solely against another Indemnitee (other than any claim, litigation, investigation or proceeding that is brought by or against any Agent,
acting in its capacity as such) that does not involve any act or omission of the Borrower or any of their respective Affiliates or Subsidiaries.
Each Indemnitee shall be obligated to refund or return any and all amounts paid by the Borrower pursuant to this Section 9.03(b) to
such Indemnitee for any fees, expenses, or damages to the extent such Indemnitee is not entitled to payment thereof in accordance with
the terms hereof, as determined by a final non-appealable judgment of a court of competent jurisdiction. All amounts due under this clause
(b) shall be payable by the Borrower within 30 days (x) after receipt by the Borrower of a written demand therefor, in the
case of any indemnification obligations and (y) in the case of reimbursement of costs and expenses, after receipt by the Borrower
of an invoice setting forth such costs and expenses in reasonable detail, together with reasonably detailed backup documentation supporting
the relevant reimbursement request. This clause (b) shall not apply with respect to Taxes other than any Taxes that represent
losses, claims, damages, etc. arising from any non-Tax claim.

 

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(c)            The
Borrower shall not be liable for any settlement of any proceeding effected without the written consent of the Borrower (which consent
shall not be unreasonably withheld, conditioned or delayed), but if any proceeding is settled with the written consent of the Borrower,
or if there is a final judgment against any Indemnitee in any such proceeding, the Borrower agree to indemnify and hold harmless each
Indemnitee to the extent and in the manner set forth above. The Borrower shall not, without the prior written consent of the affected
Indemnitee (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened
proceeding in respect of which indemnity could have been sought hereunder by such Indemnitee unless (i) such settlement includes
an unconditional release of such Indemnitee from all liability or claims that are the subject matter of such proceeding and (ii) such
settlement does not include any statement as to any admission of fault or culpability.

 

Section 9.04.         Waiver
of Claim. To the extent permitted by applicable Requirements of Law, no party to this Agreement shall assert, and each hereby waives,
any claim against any other party hereto, any Loan Party or any Related Party of any thereof, (a) on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or
as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or any Letter of Credit
or the use of the proceeds thereof, except, in the case of any claim by any Indemnitee against the Borrower, to the extent such damages
would otherwise be subject to indemnification pursuant to the terms of Section 9.03; provided
that nothing in this sentence shall limit the Borrower’s indemnity or reimbursement obligations under Section 9.03
to the extent such special, indirect, consequential or punitive damages are included in any third party claim in connection with
which such Indemnitee is entitled to indemnification hereunder and (b) in respect of any damages arising from the use by others
of information or other materials obtained through electronic, telecommunications or other information transmission systems, including
SyndTrak, IntraLinks, the internet, email or similar electronic transmission systems, except, in each case under this clause
(b) to the extent any such damages are found in a final and non-appealable judgment of a court of competent jurisdiction to
have resulted from the gross negligence, bad faith or willful misconduct of, or material breach of this Agreement or any other Loan Document
by, such Person or Indemnitee, in each case under this Section 9.04.

 

Section 9.05.          Successors
and Assigns.

 

(a)            The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
permitted assigns; provided that (i) except as provided under Section 6.07, the 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 Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights
or obligations hereunder except in accordance with the terms of this Section 9.05 (any attempted assignment or transfer not
complying with the terms of this Section 9.05 shall be null and void). Nothing in this Agreement, expressed or implied, shall
be construed to confer upon any Person (other than the parties hereto, their respective successors and permitted assigns, to the extent
provided in paragraph (e) of this Section 9.05, Participants and, to the extent expressly contemplated hereby,
the Related Parties of each of the Agents, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by
reason of this Agreement.

 

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(b)            (i) Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees all or a portion
of its rights and obligations under this Agreement (including all or a portion of any Loan or Additional Commitment added pursuant to
Sections 2.22, 2.23 or 9.02(c) at the time owing to it) with the prior written consent of:

 

(A)            the
Borrower (such consent not to be unreasonably withheld, conditioned or delayed); provided, that (I) consent of the Borrower
shall not be required during the primary syndication of the Term Loans (other than assignments to Disqualified Institutions), (II) (x) the
Borrower shall be deemed to have consented to any assignment of Term Loans or Term Commitments unless it has objected thereto by written
notice to the Administrative Agent within ten Business Days after receipt of written notice thereof and (y) the consent of the Borrower
shall not be required for any assignment of Term Loans or Term Commitments (1) to any Term Lender or any Affiliate of any Term Lender
or an Approved Fund or (2) at any time when an Event of Default under Sections 7.01(a), 7.01(f) or 7.01(g) exists
and (III) (x) the Borrower shall be deemed to have consented to any assignment of Revolving Loans or Revolving Credit Commitments
unless it has objected thereto by written notice to the Administrative Agent within ten Business Days after receipt of written notice
thereof, and (y) the consent of the Borrower shall not be required for any assignment of Revolving Loans or Revolving Credit Commitments
(1) by any Revolving Lender to an Affiliate of such Revolving Lender, another Revolving Lender or an Approved Fund or (2) at
any time when an Event of Default under Sections 7.01(a), 7.01(f) or 7.01(g) exists;

 

(B)            the
Administrative Agent (not to be unreasonably withheld, conditioned or delayed); and

 

(C)            in
the case of any Revolving Facility, the Swingline Lender and each Issuing Bank (each not to be unreasonably withheld, conditioned or delayed).

 

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

 

(A)            except
in the case of any assignment to another Lender, any Affiliate of any Lender or any Approved Fund or any assignment of the entire remaining
amount of the relevant assigning Lender’s Loans or Commitments of any Class, the principal amount of Loans or Commitments of the
assigning Lender subject to the relevant assignment (determined as of the date on which the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent and determined on an aggregate basis in the event of concurrent assignments to
Related Funds or by Related Funds) shall not be less than (x) $1,000,000, in the case of Term Loans and Term Commitments and (y) $5,000,000
in the case of Revolving Loans and Revolving Credit Commitments, unless the Borrower and the Administrative Agent otherwise consent;

 

(B)            any
partial assignment shall be made as an assignment of a proportionate part of all the relevant assigning Lender’s rights and obligations
under this Agreement;

 

(C)            the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption via an electronic settlement
system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay to the
Administrative Agent a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative
Agent); and

 

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(D)            the
relevant Eligible Assignee, if it is not a Lender, shall deliver on or prior to the effective date of such assignment, to the Administrative
Agent (1) an Administrative Questionnaire and (2) any Internal Revenue Service form required under Section 2.17.

 

(iii)            Subject
to the acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section 9.05, from and after
the effective date specified in any Assignment and Assumption, the Eligible Assignee thereunder shall be a party hereto and, to the extent
of the interest assigned pursuant to 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 (A) entitled to the benefits
of Sections 2.15, 2.16, 2.17 and 9.03 with respect to facts and circumstances occurring on or prior to the
effective date of such assignment and (B) subject to its obligations thereunder and under Section 9.13). If any assignment
by any Lender holding any Promissory Note is made after the issuance of such Promissory Note, the assigning Lender shall, upon the effectiveness
of such assignment or as promptly thereafter as practicable, surrender such Promissory Note to the Administrative Agent for cancellation,
and, following such cancellation, if requested by either the assignee or the assigning Lender, the Borrower shall issue and deliver a
new Promissory Note to such assignee or to such assigning Lender, with appropriate insertions, to reflect the new commitments or outstanding
Loans of the assignee or the assigning Lender.

 

(iv)            The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, 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 their
respective successors and assigns, and the commitment of, and principal amount of and interest on the Loans and LC Disbursements owing
to, each Lender or Issuing Bank pursuant to the terms hereof from time to time (the “Register”). Failure to make any
such recordation, or any error in such recordation, shall not affect the Borrower’s obligations in respect of such Loans and LC
Disbursements. The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent, the
Issuing Banks 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,
each Issuing Bank and each Lender (but only as to its own 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 Eligible Assignee, the Eligible Assignee’s
completed Administrative Questionnaire and any tax certification required by Section 9.05(b)(ii)(D)(2) (unless the assignee
is already a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section 9.05,
if applicable, and any written consent to the relevant assignment required by paragraph (b) of this Section 9.05,
the Administrative Agent shall promptly 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.

 

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(vi)            By
executing and delivering an Assignment and Assumption, the assigning Lender and the Eligible Assignee thereunder shall be deemed to confirm
and agree with each other and the other parties hereto as follows: (A) the assigning Lender warrants that it is the legal and beneficial
owner of the interest being assigned thereby free and clear of any adverse claim and that the amount of its commitments, and the outstanding
balances of its Loans, in each case without giving effect to any assignment thereof which has not become effective, are as set forth in
such Assignment and Assumption, (B) except as set forth in clause (A) above, the assigning Lender makes no representation
or warranty and assumes no responsibility with respect to any statement, warranty or representation made in or in connection with this
Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document
or any other instrument or document furnished pursuant hereto, or the financial condition of the Borrower or any Restricted Subsidiary
or the performance or observance by the Borrower or any Restricted Subsidiary of any of its obligations under this Agreement, any other
Loan Document or any other instrument or document furnished pursuant hereto; (C) the assignee represents and warrants that it is
an Eligible Assignee, legally authorized to enter into such Assignment and Assumption (and the Administrative Agent shall be entitled
to conclusively rely on such representation without any further investigation); (D) the assignee confirms that it has received a
copy of this Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 and
such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment
and Assumption; (E) the assignee will independently and without reliance upon the Administrative Agent, the assigning Lender or any
other Lender and based on such documents and information as it deems appropriate at the time, continue to make its own credit decisions
in taking or not taking action under this Agreement; (F) the assignee appoints and authorizes the Administrative Agent to take such
action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent, by the terms
hereof, together with such powers as are reasonably incidental thereto; and (G) the assignee agrees that it will perform in accordance
with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

 

(c)            (i) Any
Lender may, without the consent of the Borrower, the Administrative Agent, any Issuing Bank or any other Lender, sell participations to
any bank or other entity (other than to any Disqualified Institution or any natural Person, the Borrower or any of its Affiliates) (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/or the Loans owing to it); provided that (A) such Lender’s obligations under this
Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations and (C) the Borrower, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement
or instrument pursuant to which any Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce
this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the relevant Participant, agree to any amendment, modification
or waiver described in (x) clause (A) of the first proviso to Section 9.02(b) that directly and adversely
affects the Loans or commitments in which such Participant has an interest and (y) clauses (B)(1), (2) or (3) of
the first proviso to Section 9.02(b). Subject to paragraph (c)(ii) of this Section 9.05, the Borrower
agree that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 9.05
(it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender
and the Administrative Agent, and if additional amounts are required to be paid pursuant to Section 2.17(a) or Section 2.17(c) in
respect of such participation, to the Borrower). To the extent permitted by applicable Requirements of Law, each Participant also shall
be entitled to the benefits of Section 9.09 as though it were a Lender; provided that such Participant agrees to be
subject to Section 2.18(c) as though it were a Lender.

 

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(ii)            Notwithstanding
the foregoing, no Participant shall be entitled to receive any greater payment under Section 2.15, 2.16 or 2.17
than the participating Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant is made with the Borrower’s prior written consent expressly acknowledging such Participant
may receive a greater benefit and such Participant agrees to comply with Section 2.19 as if it was a Lender. Each Participant
will comply with Section 2.17(f) as though it were a Lender and to deliver the tax forms required to claim an exemption
from or reduction of withholding Tax with respect to payments made under any Loan Document and then only to the extent of any amount to
which such Lender would be entitled in the absence of any such participation (it being understood that the documentation required under
Section 2.17(f) shall be delivered to the participating Lender and the Administrative Agent).

 

Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address
of each Participant and their respective successors and assigns, 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 (including the identity of any Participant
or any information relating to any Participant’s interest in any Commitment, Loan, Letter of Credit or any other obligation under
any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter
of Credit or other obligation is in registered form under Section 5f.103-1(c) of the U.S. Treasury Regulations. The entries
in the Participant Register shall be conclusive absent manifest error, and each 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.

 

(d)            Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (other than to any
Disqualified Institution or any natural person) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to any Federal Reserve Bank or other central bank having jurisdiction over such Lender, and this Section 9.05 (other than
this clause (d)) 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 any Lender from any of its obligations hereunder or substitute any such pledgee or assignee
for such Lender as a party hereto.

 

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(e)            Notwithstanding
anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding
vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent
and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated
to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any
SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such
Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of any Loan by an SPC hereunder
shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party
hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or
expenses or otherwise increase or change the obligations of the Borrower under this Agreement (including its obligations under Section 2.15,
2.16 or 2.17) and no SPC shall be entitled to any greater amount under Section 2.13, 2.14 or 2.15
or any other provision of this Agreement or any other Loan Document that the Granting Lender would have been entitled to receive, (ii) no
SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the
Granting Lender) and (iii) the Granting Lender shall for all purposes including approval of any amendment, waiver or other modification
of any provision of the Loan Documents, remain the Lender of record hereunder. In furtherance of the foregoing, each party hereto hereby
agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the
payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any
other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under
the Requirements of Law of the U.S. or any State thereof; provided that (i) such SPC’s Granting Lender is in compliance
in all material respects with its obligations to the Borrower hereunder and (ii) each Lender designating any SPC hereby agrees to
indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute
such a proceeding against such SPC during such period of forbearance. In addition, notwithstanding anything to the contrary contained
in this Section 9.05, any SPC may (i) with notice to, but without the prior written consent of, the Borrower or the Administrative
Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loan to the Granting Lender and
(ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer
or provider of any surety, guaranty or credit or liquidity enhancement to such SPC.

 

(f)            (i) Upon
the request of any Lender, the Administrative Agent shall make available to such Lender the list of Disqualified Institutions provided
to the Lead Arrangers prior to the Closing Date, if any, along with any additions, deletions or modifications to such list as provided
to the Administrative Agent after the Closing Date pursuant to the definition of the term Disqualified Institution.
Notwithstanding anything else in this Section 9.05 or any other provision of any Loan Document to the contrary, with respect
to any assignment, participation or pledge or assignment of a security interest by a Lender without the Borrower’s consent
(such consent not to be unreasonably withheld, delayed or conditioned) or the Borrower’s deemed consent to any Disqualified
Institution or any Affiliate thereof, the Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Institution
and the Administrative Agent (x) terminate any Revolving Credit Commitment of such Disqualified Institution and repay any applicable
outstanding Loans and other obligations of the Borrower owing to such Disqualified Institution in connection with such Revolving Credit
Commitment, (y) in the case of outstanding Term Loans held by such Disqualified Institution, purchase or prepay such Term Loans at
a price equal to the lesser of par and the amount such person paid to acquire such Loans, in each case, plus accrued interest, accrued
fees and all other amounts (other than principal amounts payable to it hereunder), and/or (z) require such Disqualified Institution
to assign, without recourse (in accordance with and subject to the restrictions contained in Section 9.05 other than payment
of the processing and recordation fee specified in paragraph (b)(ii)(C) above), all of its interests, rights and obligations
under this Agreement to one or more Eligible Assignees at the price indicated above; provided that upon inquiry by any Lender,
Participant, bona fide potential assignee or bona fide prospective participant to the Administrative Agent, the Administrative Agent shall
have the right, and the Borrower hereby expressly authorizes the Administrative Agent, to provide the list of Disqualified Institutions
made in accordance with the definition of Disqualified Institutions (as updated thereto from time to time) to such Person or to disclose
to such Person whether such Person or a specific potential assignee or prospective participant is a Disqualified Institution; provided,
further, that the Administrative Agent shall not be under any obligation to notify any such Person of updates after the date such
Person requests such information; provided that, without prejudicing any right or remedy
that the Borrower may otherwise have at law or equity, to the extent such Disqualified Institution has assigned its Loans to an Eligible
Assignee (which is not an Affiliate of such Person), at the Borrower’s written election, the assignment to such Eligible Assignee
shall be deemed effective for all purposes of the Loan Documents irrespective of such Disqualified Institution having previously held
the applicable Loan. Notwithstanding anything to the contrary contained herein, the Administrative Agent shall not have any responsibility
or liability for monitoring the list of Disqualified Institutions or enforcing the Borrower’s or
any Lender’s compliance with the terms of any of the provisions set forth herein with respect to Disqualified Institutions or otherwise
have any liability in connection with the foregoing.

 

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(ii) If any assignment
or participation under this Section 9.05 is made to any Affiliate of any Disqualified Institution without the Borrower’s
prior written consent (any such person, a “Disqualified Person”), then the Borrower may, at its sole expense and effort,
upon notice to the applicable Disqualified Person and the Administrative Agent, require such Disqualified Person to assign, without recourse
(in accordance with and subject to the restrictions contained in this Section 9.05), all of its interests, rights and obligations
under this Agreement to one or more Eligible Assignees; provided that (I) the relevant assignment shall otherwise comply with
this Section 9.05 (except that no registration and processing fee required under this Section 9.05 shall be required
with any assignment pursuant to this paragraph) and (II) to the extent such Disqualified Institution
has assigned its Loans to an Eligible Assignee (which is not an Affiliate of such Person) with the written consent of the Borrower (if
applicable), the assignment to such Eligible Assignee shall be deemed effective for all purposes of the Loan Documents and no new assignment
shall be required irrespective of such Disqualified Institution having previously held the applicable Loan. Nothing in this Section 9.05(f) shall
be deemed to prejudice any right or remedy that the Borrower may otherwise have under this Agreement or at law or equity.

 

(g)            Notwithstanding
anything to the contrary contained herein, any Lender may, at any time, assign all or a portion of its rights and obligations under this
Agreement in respect of its Term Loans to any Affiliated Lender on a non-pro rata basis (A) through Dutch Auctions open to all Lenders
holding the relevant Term Loans on a pro rata basis or (B) through open market purchases, in each case with respect to clauses
(A) and (B), without the consent of the Administrative Agent; provided that:

 

(i)            any
Term Loans acquired by the Borrower or any of the Restricted Subsidiaries shall be retired and cancelled immediately upon the acquisition
thereof; provided that upon any such retirement and cancellation, the aggregate outstanding principal amount of the Term Loans
shall be deemed reduced by the full par value of the aggregate principal amount of the Term Loans so retired and cancelled, and each principal
repayment installment with respect to the Term Loans pursuant to Section 2.10(a) shall be reduced on a pro rata basis
by the full par value of the aggregate principal amount of Term Loans so cancelled;

 

(ii)            [reserved];

 

(iii)            the
relevant Affiliated Lender and assigning Lender shall have executed an Affiliated Lender Assignment and Assumption;

 

(iv)            [reserved];

 

(v)            in
connection with any assignment of rights and obligations under this Agreement in respect of Term Loans effected pursuant to a Dutch Auction
or open market purchase conducted by the Borrower or any of the Restricted Subsidiaries, (A) the relevant Person may not use the
proceeds of any Revolving Loans to fund such assignment and (B) no Default or Event of Default may exist at the time of acceptance
of bids for the Dutch Auction or the confirmation of such open market purchase, as applicable; and

 

(vi)            [reserved];

 

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(vii)            no
Affiliated Lender shall be required to represent or warrant that it is not in possession of material non-public information with respect
to the Borrower or any Subsidiary thereof or their respective securities in connection with any assignment permitted by this Section 9.05(g);
and

 

(viii)            [reserved];

 

Section 9.06.     Survival.
All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other
instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied
upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loan and issuance
of any Letter of Credit regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative
Agent may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit
is extended hereunder, and shall continue in full force and effect until the Termination Date. The provisions of Sections 2.15,
2.16, 2.17, 9.03 and 9.13 and Article 8 shall survive and remain in full force and effect regardless
of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters
of Credit and the Revolving Credit Commitment, the occurrence of the Termination Date or the termination of this Agreement or any provision
hereof but in each case, subject to the limitations set forth in this Agreement.

 

Section 9.07.     Counterparts;
Integration; Effectiveness. This Agreement shall become effective when it shall have been executed by the Borrower and the Administrative
Agent and when the Administrative Agent shall have received copies hereof which, when taken together, bear the signatures of each of the
other parties hereto, and thereafter shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent, each Issuing
Bank and each Lender and their respective permitted successors and assigns. This Agreement may be executed in two or more counterparts,
each of which shall constitute an original but all of which, when taken together, shall constitute but one contract, and shall become
effective as provided in this Section 9.07. Delivery of an executed counterpart to this Agreement by facsimile transmission
(or other electronic transmission pursuant to procedures approved by the Administrative Agent) shall be as effective as delivery of a
manually signed original. The words “delivery,” “execute,” “execution,” “signed,” “signature,”
and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include electronic
signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative
Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

Section 9.08.     Severability.
To the extent permitted by applicable Requirements of Law, any provision of any Loan Document held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

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Section 9.09.     Right
of Setoff. At any time when an Event of Default exists, (i) the Administrative Agent and (ii) with the prior written consent
of the Administrative Agent, the Swingline Lender, each Issuing Bank and each Lender, in each case, is hereby authorized at any time and
from time to time, to the fullest extent permitted by applicable Requirements of Law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held and other obligations (in any currency) at any time owing by the Administrative
Agent, the Swingline Lender, such Issuing Bank or such Lender to or for the credit or the account of any Loan Party against any of and
all the Secured Obligations held by the Administrative Agent, the Swingline Lender, such Issuing Bank or such Lender, irrespective of
whether or not the Administrative Agent, the Swingline Lender, such Issuing Bank or such Lender shall have made any demand under the Loan
Documents and although such obligations may be contingent or unmatured or are owed to a branch or office of the Administrative Agent,
the Swingline Lender, such Issuing Bank or such Lender different than the branch or office holding such deposit or obligation on such
Indebtedness. The Administrative Agent, the Swingline Lender, such Issuing Bank or such Lender shall promptly notify the Borrower of any
such set-off or application; provided that any failure to give or any delay in giving such notice shall not affect the validity
of any such set-off or application under this Section 9.09. The rights of the Swingline Lender, each Lender, each Issuing
Bank and the Administrative Agent under this Section 9.09 are in addition to other rights and remedies (including other rights
of setoff) which the Swingline Lender, such Lender, such Issuing Bank or the Administrative Agent may have.

 

Section 9.10.     Governing
Law; Jurisdiction; Consent to Service of Process.

 

(a)            THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN ANY OTHER LOAN DOCUMENT) AND ANY CLAIM, CONTROVERSY OR DISPUTE
ARISING UNDER OR RELATED TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN ANY OTHER LOAN DOCUMENT),
WHETHER IN TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK.

 

(b)            Each
party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any U.S. Federal
or New York State court sitting in the Borough of Manhattan, in the City of New York (or any appellate court therefrom) over any suit,
action or proceeding arising out of or relating to any Loan Document and agrees that all claims in respect of any such action or proceeding
SHALL (EXCEPT AS PERMITTED BELOW) be heard and determined in such New York State or, to the extent permitted by APPLICABLE REQUIREMENTS
OF LAW, federal court. EACH partY hereto agreeS that service of any process, summons, notice or document by registered mail addressed
to such person shall be effective service of process against such Person for any suit, action or proceeding brought in any such court.
Each partY hereto agrees that a final judgment in any such action or proceeding may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by APPLICABLE REQUIREMENTS OF LAW. EACH PARTY HERETO AGREES THAT THE ADMINISTRATIVE AGENT RETAINS
THE RIGHT TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION SOLELY IN CONNECTION WITH THE EXERCISE OF
its RIGHTS UNDER ANY COLLATERAL DOCUMENT.

 

(c)            Each
party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement
or any other Loan Document in any court referred to in paragraph (b) of
this Section 9.10. Each parTY hereto hereby irrevocably waives, to the fullest extent permitted by APPLICABLE REQUIREMENTS
OF law, any claim or defense of an inconvenient forum to the maintenance of such action, suit or proceeding in any such court.

 

    187 

     

    

 

(d)            To
the extent permitted by APPLICABLE REQUIREMENTS OF law, each party hereto hereby irrevocably waives personal service of any and all process
upon it and agrees that all such service of process may be made by registered mail (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL) directed
to it at its address for notices as provided for in Section 9.01. each Party hereto hereby waives any objection to such service
of process and further irrevocably waives and agrees not to plead or claim in any action or proceeding commenced hereunder or under any
loan document that service of process was invalid and ineffective. 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 REQUIREMENTS OF law.

 

Section 9.11.     Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
REQUIREMENTS OF law, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED
ON CONTRACT, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HERETO 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 9.11.

 

Section 9.12.     Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

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Section 9.13.     Confidentiality.
Each Agent, each Lender and each Issuing Bank agrees (and each Lender agrees to cause its SPC, if any) to maintain the confidentiality
of the Confidential Information (as defined below), except that Confidential Information may be disclosed (a) to its and its Affiliates’
directors, officers, managers, employees, independent auditors, agents, or other experts and advisors, including accountants, legal counsel
and other advisors (collectively, the “Representatives”) on a “need to know” basis solely in connection
with the transactions contemplated hereby and who are informed of the confidential nature of the Confidential Information and are or have
been advised of their obligation to keep the Confidential Information of this type confidential; provided that such Person shall
be responsible for its Affiliates’ and their Representatives’ compliance with this paragraph; provided, further,
that unless the Borrower otherwise consents in writing (in its sole discretion), no such disclosure shall be made by any Agent, any Issuing
Bank, any Lender or any Affiliate or Representative thereof to any Affiliate or Representative of any Agent, any Issuing Bank or any Lender
that is a Disqualified Institution, (b) to the extent compelled by legal process in, or reasonably necessary to, the defense of such
legal, judicial or administrative proceeding, in any legal, judicial or administrative proceeding or otherwise as required by applicable
Requirements of Law (in which case such Person shall (i) to the extent permitted by applicable Requirements of Law, inform the Borrower
promptly in advance thereof and (ii) use commercially reasonable efforts to ensure that any such information so disclosed is accorded
confidential treatment), (c) upon the demand or request of any regulatory or governmental authority (including any self-regulatory
body) purporting to have jurisdiction over such Person or its Affiliates (in which case such Person shall, except with respect to any
audit or examination conducted by bank accountants or any Governmental Authority or regulatory or self-regulatory authority exercising
examination or regulatory authority, to the extent permitted by applicable Requirements of Law, (i) inform the Borrower promptly
in advance thereof and (ii) use commercially reasonable efforts to ensure that any information so disclosed is accorded confidential
treatment), (d) to any other party to this Agreement, (e) subject to an acknowledgment and agreement by the relevant recipient
that the Confidential Information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph
or as otherwise reasonably acceptable to the Borrower and the Administrative Agent, including as set forth in the Information Materials)
in accordance with the standard syndication process of the Lead Arrangers or market standards for dissemination of the relevant type of
information, which shall in any event require “click through” or other affirmative action on the part of the recipient to
access the Confidential Information and acknowledge its confidentiality obligations in respect thereof, to (i) any Eligible Assignee
of or Participant in, or any prospective Eligible Assignee of or prospective Participant in, any of its rights or obligations under this
Agreement, including any SPC (in each case other than a Disqualified Institution), (ii) any pledgee referred to in Section 9.05,
(iii) any actual or prospective, direct or indirect contractual counterparty (or its advisors) to any Derivative Transaction (including
any credit default swap) or similar derivative product to which any Loan Party is a party and (iv) subject to the Borrower’s
prior approval of the information to be disclosed, to Moody’s or S&P on a confidential basis in connection with obtaining or
maintaining ratings as required under Section 5.12, (f) with the prior written consent of the Borrower (not to be unreasonably
withheld or delayed) and (g) to the extent such Confidential Information is (x) publicly available other than as a result of
a breach of this Section 9.13 by such Person, its Affiliates or their respective Representatives or
(y) becomes available to such Person, its Affiliates or their respective Representatives on a non-confidential basis from a source
other than any Loan Party or any Subsidiary or any of their respective Affiliates or any of their respective directors, officers, employees,
direct or indirect equity holders or agents, including accountants, legal counsel and other advisors as to which source such Person, its
Affiliates or their respective Representatives has no actual knowledge of a breach thereby of its obligation to keep such information
confidential. In addition, the Borrower and the Administrative Agent may provide generic information regarding the Credit Facilities to
service providers providing administrative and ministerial services solely in connection with the syndication and administration of the
Credit Facilities (which generic information shall be limited to the identities of parties, maturity dates and interest rates) on a confidential
basis. For purposes of this Section 9.13, “Confidential Information” means all information relating
to the Borrower or any of its Subsidiaries and their respective businesses or the Transactions (including any information obtained by
any Agent, any Issuing Bank or any Lender or any of their respective Affiliates or Representatives, based on a review of any books and
records relating to the Borrower or any of its Subsidiaries and their respective Affiliates from time to time, including prior to the
date hereof) other than any such information that is publicly available to any Agent, Issuing Bank or Lender on a non-confidential
basis prior to disclosure by the Borrower or any of its Subsidiaries. In addition, the Administrative Agent and the Lenders may disclose
the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending
industry, and service providers to the Administrative Agent and the Lenders in connection with the numbering, administration, settlement
and management of this Agreement, the other Loan Documents, the Commitments, and the Credit Extensions. Notwithstanding any of the foregoing,
in no event shall any disclosure of any Confidential Information be made to Person that is a Disqualified Institution at the time of disclosure.

 

    189 

     

    

 

Section 9.14.     No
Fiduciary Duty. Each Agent, each Lender, each Issuing Bank and their respective Affiliates (collectively, solely for purposes of this
paragraph, the “Lenders”), may have economic interests that conflict with those of the Loan Parties, their stockholders or
their respective affiliates. Each Loan Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory,
fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Loan Party, its respective
stockholders or its respective affiliates, on the other. Each Loan Party acknowledges and agrees that: (i) the transactions contemplated
by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions
between the Lenders, on the one hand, and the Loan Parties, on the other, and (ii) in connection therewith and with the process leading
thereto, (x) no Agent or Lender, in such capacity as such, has assumed an advisory or fiduciary responsibility in favor of any Loan
Party, its respective stockholders or its respective affiliates with respect to the transactions contemplated hereby (or the exercise
of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Agent or Lender has advised, is
currently advising or will advise any Loan Party, its respective stockholders or its respective Affiliates on other matters) or any other
obligation to any Loan Party except the obligations expressly set forth in the Loan Documents and (y) each Lender, in its capacity
as such, is acting solely as principal and not as the agent or fiduciary of such Loan Party, its respective management, stockholders,
creditors or any other Person. Each Loan Party acknowledges and agrees that such Loan Party has consulted its own legal, tax and financial
advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions
and the process leading thereto. To the fullest extent permitted by law, each Loan Party hereby waives and releases any claims it may
have against each Agent and each Lender with respect to any breach or alleged breach of agency or fiduciary duty by us solely in connection
with this Agreement.

 

Section 9.15.     Several
Obligations. The respective obligations of the Lenders hereunder are several and not joint and the failure of any Lender to make any Loan,
issue any Letter of Credit or perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations
hereunder.

 

Section 9.16.     USA
PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby notifies the Loan Parties that pursuant to
the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan Party, which
information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party
in accordance with the USA PATRIOT Act.

 

Section 9.17.     Disclosure
of Agent Conflicts. Each Loan Party, each Issuing Bank and each Lender hereby acknowledge and agree that the Administrative Agent or its
Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and
their respective Affiliates.

 

Section 9.18.     Appointment
for Perfection. Each Lender hereby appoints each other Lender and each Issuing Bank as its agent for the purpose of perfecting Liens for
the benefit of the Administrative Agent, the Issuing Banks and the Lenders, in assets which, in accordance with Article 9 of the
UCC or any other applicable Requirement of Law can be perfected only by possession. If any Lender or Issuing Bank (other than the Administrative
Agent) obtains possession of any Collateral, such Lender, Issuing Bank shall notify the Administrative Agent thereof and, promptly
upon the Administrative Agent’s request therefor, shall deliver such Collateral to the Administrative Agent or otherwise deal with
such Collateral in accordance with the Administrative Agent’s instructions.

 

Section 9.19.     Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan or Letter of
Credit, together with all fees, charges and other amounts which are treated as interest on such Loan or Letter of Credit under applicable
Requirements of Law (collectively the “Charged Amounts”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender or Issuing Bank holding such Loan or
Letter of Credit in accordance with applicable Requirements of Law, the rate of interest payable in respect of such Loan or Letter of
Credit hereunder, together with all Charged Amounts payable in respect thereof, shall be limited to the Maximum Rate and, to the extent
lawful, the interest and Charged Amounts that would have been payable in respect of such Loan or Letter of Credit but were not payable
as a result of the operation of this Section 9.19 shall be cumulated and the interest and Charged Amounts payable to such
Lender or Issuing Bank in respect of other Loans or Letters of Credit or periods shall be increased (but not above the Maximum Rate therefor)
until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, have been received
by such Lender or Issuing Bank.

 

    190 

     

    

 

Section 9.20.     Conflicts.
Notwithstanding anything to the contrary contained herein or in any other Loan Document, in the event of any conflict or inconsistency
between this Agreement and any other Loan Document, the terms of this Agreement shall govern and control.

 

Section 9.21.     Release
of Loan Guarantors. Notwithstanding anything in Section 9.02(b) to the contrary, (a) any Loan Guarantor shall automatically
be released from its obligations hereunder (and its Loan Guaranty shall be automatically released) (i) upon the consummation of any
permitted transaction or series of related transactions if as a result thereof such Loan Guarantor ceases to be a Restricted Subsidiary
(or becomes an Excluded Subsidiary as a result of a single transaction or series of related transactions not prohibited hereunder), (ii) upon
a Change in Law if, as a result of such Change in Law, such Loan Guarantor ceases to be a Restricted Subsidiary (or becomes an Excluded
Subsidiary), or (iii) upon the occurrence of the Termination Date; provided that to
the extent any Restricted Subsidiary becomes an Excluded Subsidiary solely as a result of becoming a non-Wholly-Owned Subsidiary, any
such release under clause (a) hereof shall only be permitted if such Restricted Subsidiary became a non-Wholly-Owned Subsidiary
as a result of a bona fide joint venture transaction with any Person that is not an Affiliate of the Borrower. In connection with
any such release, the Administrative Agent shall promptly execute and deliver to the relevant Loan Party, at such Loan Party’s expense,
all documents that such Loan Party shall reasonably request to evidence termination or release. Any execution and delivery of any document
pursuant to the preceding sentence of this Section 9.21 shall be without recourse to or warranty by the Administrative Agent
(other than as to the Administrative Agent’s authority to execute and deliver such documents).

 

Section 9.22.     Judgment
Currency. If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document
from one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures
the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final
judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or the Lenders hereunder
or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other
than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”),
be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due
in the Judgment Currency, the Administrative Agent may in accordance with normal banking procedures 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 Administrative
Agent from the Borrower in the Agreement Currency, the Borrower agree to the extent permitted under applicable law, as a separate obligation
and notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such obligation was owing against such
loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent in such
currency, the Administrative Agent agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled
thereto under applicable Requirements of Law).

 

Section 9.23.     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:

 

    191 

     

    

 

(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.

 

Section 9.24.     Acknowledgement
Regarding Any Supported QFC. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Hedge Agreement
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.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.

 

    192 

     

    

 

(b)            As
used in this Section 9.24, 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: (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 Right”
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).

 

[Signature Pages Follow]

 

    193 

     

    

 

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

 

	 	COWEN INC.,
	 	as the Borrower
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

	 	MORGAN STANLEY SENIOR FUNDING, INC.,
	 	as Administrative Agent, Swingline Lender, an Issuing Bank and a Lender
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

Schedule 1.01(a)

 

Commitment Schedule

 

Initial Revolving Credit Commitments

 

	Lender	 	Initial Revolving Credit

 Commitment	 	 	Pro Rata Share	 
	Morgan Stanley Senior Funding, Inc.	 	$	25,000,000.00	 	 	 	100.00	%
	Total	 	$	25,000,000.00	 	 	 	100.00	%

 

Initial Term Loan Commitments

 

	Lender	 	Initial Term Loan

 Commitment	 	 	Pro Rata Share	 
	Morgan Stanley Bank, N.A.	 	$	300,000,000.00	 	 	 	100.00	%
	Total	 	$	300,000,000.00	 	 	 	100.00	%Document

Exhibit 4.1

			
	

$150,000,000

Credit Agreement

Dated as of December 17, 2021

Among

United States Cellular Corporation
as the Borrower,

Citibank, N.A.
as the Administrative Agent, Global Coordinator, a Mandated Lead Arranger and a Lender,

Export Development Canada,
as a Mandated Lead Arranger and a Lender,

and 

The Other Lenders From Time to Time Party Hereto

			
	

TABLE OF CONTENTS

									
	ARTICLE I.	
		DEFINITIONS AND ACCOUNTING TERMS	
		1.01    Defined Terms
	
		1.02    Other Interpretive Provisions
	
		1.03    Accounting Terms
	
		1.04    Rounding
	
		1.05    Times of Day
	
		1.06    Pro Forma Calculations
	
		1.07    Divisions
	
		1.08    Rates
	
	ARTICLE II.	
		THE COMMITMENTS	
		2.01    Loans
	
		2.02    Borrowings of Loans
	
		2.03    Prepayments
	
		2.04    Termination or Reduction of Commitments
	
		2.05    Repayment of Loans
	
		2.06    Interest
	
		2.07    Fees
	
		2.08    Computation of Interest and Fees
	
		2.09    Evidence of Debt
	
		2.10    Payments Generally; Administrative Agent’s Clawback
	
		2.11    Sharing of Payments by Lenders
	
		2.12    Defaulting Lenders
	
		2.13    Obligations Independent
	
	ARTICLE III.	
		TAXES, YIELD PROTECTION AND ILLEGALITY	
		3.01    Taxes
	
		3.02    Illegality
	
		3.03    Inability to Determine Rates
	
		3.04    Increased Costs
	
		3.05    Compensation for Losses
	
		3.06    Mitigation Obligations; Replacement of Lenders; Like Treatment
	
		3.07    Survival
	
	ARTICLE IV.	
		CONDITIONS PRECEDENT TO LOANS	
		4.01    Conditions of Initial Loan
	
		4.02    Conditions to all Loans
	
	ARTICLE V.	
		REPRESENTATIONS AND WARRANTIES	
		5.01    Existence, Qualification and Power
	
		5.02    Authorization; No Contravention
	
		5.03    Governmental Authorization; Other Consents
	
		5.04    Binding Effect
	
		5.05    Financial Statements; No Material Adverse Effect
	
		5.06    Litigation
	
		5.07    No Default
	
		5.08    Ownership of Property; Liens
	
		5.09    Environmental Compliance
	
		5.10    Insurance
	
		5.11    Taxes
	
		5.12    ERISA Compliance
	
		5.13    Subsidiaries; Equity Interests; Guarantors
	
		5.14    Margin Regulations; Investment Company Act
	

TABLE OF CONTENTS

									
		5.15    Disclosure
	
		5.16    Compliance with Laws
	
		5.17    Taxpayer Identification Number
	
		5.18    Anti-Corruption Laws; OFAC
	
	ARTICLE VI.	
		AFFIRMATIVE COVENANTS	
		6.01    Financial Statements
	
		6.02    Certificates; Other Information
	
		6.03    Notices
	
		6.04    Payment of Obligations
	
		6.05    Preservation of Existence, Etc.
	
		6.06    Maintenance of Properties; Office
	
		6.07    Maintenance of Insurance
	
		6.08    Compliance with Laws
	
		6.09    Books and Records
	
		6.10    Inspection Rights
	
		6.11    Use of Proceeds
	
		6.12    Indebtedness Owed to Parent Affiliated Companies
	
		6.13    Further Assurances
	
		6.14    Additional Guarantors; Guaranty Trigger Event
	
		6.15    Anti-Corruption Laws
	
	ARTICLE VII.	
		NEGATIVE COVENANTS	
		7.01    Liens
	
		7.02    Investments
	
		7.03    Indebtedness
	
		7.04    Fundamental Changes
	
		7.05    Dispositions
	
		7.06    Restricted Payments
	
		7.07    Transactions with Affiliates and Subsidiaries
	
		7.08    Burdensome Agreements
	
		7.09    Use of Proceeds
	
		7.10    Financial Covenants
	
		7.11    Governmental Programs
	
		7.12    Anti-Corruption Laws; Sanctions
	
		7.13    Guarantees
	
	ARTICLE VIII.	
		EVENTS OF DEFAULT AND REMEDIES	
		8.01    Events of Default
	
		8.02    Remedies Upon Event of Default
	
		8.03    Application of Funds
	
	ARTICLE IX.	
		ADMINISTRATIVE AGENT	
		9.01    Appointment and Authority
	
		9.02    Rights as a Lender
	
		9.03    Exculpatory Provisions
	
		9.04    Reliance by Administrative Agent
	
		9.05    Delegation of Duties
	
		9.06    Resignation of Administrative Agent
	
		9.07    Non-Reliance on Administrative Agent and Other Lenders
	
		9.08    No Other Duties, Etc.
	
		9.09    Administrative Agent May File Proofs of Claim
	
		9.10    Guaranty Matters
	
		9.11    [Reserved]
	

TABLE OF CONTENTS

									
		9.12    Lender ERISA Representation and Other Lender Representations
	
		9.13    Erroneous Payments
	
	ARTICLE X.	
		MISCELLANEOUS	
		10.01    Amendments, Etc.
	
		10.02    Notices; Effectiveness; Electronic Communication
	
		10.03    No Waiver; Cumulative Remedies; Enforcement
	
		10.04    Expenses; Indemnity; Damage Waiver
	
		10.05    Payments Set Aside
	
		10.06    Successors and Assigns
	
		10.07    Treatment of Certain Information; Confidentiality
	
		10.08    Right of Setoff
	
		10.09    Interest Rate Limitation
	
		10.10    Counterparts; Integration; Effectiveness
	
		10.11    Survival of Representations and Warranties
	
		10.12    Severability
	
		10.13    Replacement of Lenders
	
		10.14    Governing Law; Jurisdiction; Etc.
	
		10.15    Waiver of Jury Trial
	
		10.16    No Advisory or Fiduciary Responsibility
	
		10.17    Electronic Execution of Assignments and Certain Other Documents
	
		10.18    PATRIOT Act
	
		10.19    Time of the Essence
	
		10.20    Designation as Senior Debt
	
		10.21    FCC Approval
	
		10.22    Entire Agreement
	
		10.23    Keepwell
	
		10.24    Acknowledgement and Consent to Bail-In of Affected Financial Institutions
	
		10.25    Acknowledgement Regarding Any Supported QFCs
	

SCHEDULES
1.01(a)    Special Entities; Non-Subsidiary Variable Interest Entities
1.01(b) Existing Receivables Securitization Documentation
2.01    Commitments and Applicable Percentages
5.13    Subsidiaries; Other Equity Investments; Guarantors 
7.01    Existing Liens
7.03    Existing Indebtedness
7.07    Existing Transactions with Affiliates
7.08    Existing Material Debt Instruments
10.02    Administrative Agent’s Office; Certain Addresses for Notices

EXHIBITS
Form of
A    Committed Loan Notice
B    Note
C    Compliance Certificate
D-1    Assignment and Assumption
D-2    Administrative Questionnaire
E    Opinion Matters
F    Subordination Agreement
G    U.S. Tax Compliance Certificates
H    [Reserved]
I    Guaranty
J    [Reserved]
K    Prepayment Notice

$150,000,000
UNITED STATES CELLULAR CORPORATION
CREDIT AGREEMENT
This CREDIT AGREEMENT (including all exhibits and schedules hereto, as the same may be amended, supplemented, extended, restated or otherwise modified from time to time, this “Agreement”) is entered into as of December 17, 2021, among UNITED STATES CELLULAR CORPORATION, a Delaware corporation (the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and CITIBANK, N.A. (“Citibank”), as Administrative Agent (as defined below).
WHEREAS, the Borrower has requested that the Lenders provide to the Borrower commitments to fund a term loan credit facility in an aggregate principal amount not to exceed $150,000,000 (a) to finance (or refinance) the Borrower’s purchase under a Supply Contract of goods and services (including goods and services purchased prior to the Closing Date) from the Exporter (as such terms are defined below), and (b) for the payment of fees and expenses hereunder, all as more particularly set forth in, and subject to the terms and conditions of, this Agreement.  
In consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, the parties hereto covenant and agree as follows:
ARTICLE I.
DEFINITIONS AND ACCOUNTING TERMS
1.01    Defined Terms.  As used in this Agreement, the following terms shall have the meanings set forth below:
“Adjusted Term SOFR” means, for purposes of any calculation, for any Interest Period, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the Term SOFR Adjustment for such Interest Period; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.
“Administrative Agent” means Citibank in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.
“Administrative Agent’s Office” means the Administrative Agent’s address as set forth on Schedule 10.02, or such other address as the Administrative Agent may from time to time notify to the Borrower and the Lenders.
“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit D-2 or any other form approved by the Administrative Agent.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 
“Affiliate” means, in relation to the Borrower, any of its Subsidiaries or the Parent Company, any Person that would be considered to be an affiliate of the Borrower, any of its Subsidiaries or, as the case may be, the Parent Company under Rule 144(a) of the Rules and Regulations of the Securities and Exchange Commission, as in effect on the date hereof, if the Borrower, any of its Subsidiaries or, as the case may be, the Parent Company were issuing securities; and, in relation to any Lender or any other Person, any Person directly or indirectly Controlling, Controlled by or under direct or indirect common Control with the Lender or such other Person.
“Aggregate Commitments” means the Commitments of all the Lenders.
“Agreement” has the meaning specified in the introductory paragraph hereto.
 “Anti-Terrorism Laws” means any Laws relating to financing terrorism, “know your customer” or money laundering, including Executive Order No. 13224, the Patriot Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered by the United States Treasury Department’s Office of Foreign Asset Control.
“Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at such time provided that, in the case of Section 2.10 with respect to payments to be distributed by the Administrative Agent to Lenders, when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the Aggregate Commitment (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment at such time.  If the commitment of each Lender to make Loans has been terminated pursuant to Section 8.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments.  The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

“Applicable Rate” means, from time to time, the following percentages per annum, based upon the Debt Rating as set forth below:
												
	Level	Debt Rating (S&P rating, Moody’s rating and Fitch rating, in that order)	Applicable Margin for Base Rate Loans	Applicable Margin for SOFR Loans
	I	≥ BBB/Baa2/BBB	0.250%	1.250%
	II	BBB-/Baa3/BBB-	0.375%	1.375%
	III	BB+/Ba1/BB+	0.500%	1.500%
	IV	BB/Ba2/BB	0.750%	1.750%
	V	≤ BB-/Ba3/BB-	1.000%	2.000%

In the event that the Debt Ratings of any two ratings agencies are at the same Level, pricing shall be based upon such Level, and in the event that each of the three Debt Ratings are at different Levels, pricing shall be based upon the middle rating (i.e., the highest and lowest ratings shall be disregarded); provided that, notwithstanding the preceding,
(a) If any rating agency shall change the basis on which ratings are established, each reference to Moody’s Rating, S&P Rating or Fitch Rating shall refer to the then equivalent rating by the applicable rating agency;
(b) in the event that the Borrower has ratings from only two rating agencies and (i) they are split-rated by no more than one Level, the Moody’s Rating or the S&P Rating Level will apply (and if both the Moody’s Rating and the S&P Rating are the surviving ratings, then the Level applicable to the higher of the two shall apply) or (ii) they are split-rated by more than one Level, the Level one Level higher than the lowest rating will apply;
(c) If the Borrower has ratings from only one rating agency, then pricing will be based on the next lower Level from that rating;
(d) If the rating system of S&P, Moody’s or Fitch shall change, or if each of such rating agencies shall cease to be in the business of rating corporate debt obligations generally, then the most recently applicable Level shall apply for the next 30 days so long as the Borrower is negotiating in good faith to reach an amendment to the pricing provisions with the Lenders and after the expiration of such 30 day period, pricing shall be based on Level V; and
(e) If the Borrower has no S &P Rating, Moody’s Rating or Fitch Rating, for any reason other than such agency’s ceasing to be in the business of rating corporate debt obligations generally, then pricing will be based on Level V.
Initially, the Applicable Rate shall be determined based upon the Debt Rating specified in the certificate delivered pursuant to Section 4.01(a)(vii). Thereafter, each change in the Applicable Rate resulting from a publicly announced change in the Debt Rating shall be effective, during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change.
“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.
“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit D-1 or any other form approved by the Administrative Agent.
“Attributable Indebtedness” means, on any date, (a) in respect of any capital lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease.
“Audited Financial Statements” means the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2020, and the related consolidated statements of operations, common stockholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including the notes thereto.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if the then-current Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, 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 Section 3.03(e).
“Availability Period” means the period from and including the Closing Date to the earliest of (a) March 17, 2022, (b) the date of termination of such Commitment pursuant to Section 2.04, and (c) the date of termination of the commitment of each Lender to make Loans pursuant to Section 8.02.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,  Part I of the United Kingdom Banking Act of 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).
“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the sum of 1/2 of 1% plus the Federal Funds Rate for such day, (b) the Prime Rate for such day and (c) the sum of (i) 1.00% plus (ii) Adjusted Term SOFR (determined in accordance with subsection (b) of the definition of Term SOFR) for a one-month tenor in effect on such day.  Any change in the Base Rate due to a change in the calculation thereof shall be effective at the opening of business on the first Business Day of each week or, if determined more frequently, at the opening of business on the first Business Day immediately following the date of such determination and without necessity of notice being provided to the Borrower or any other Person.
 “Base Rate Loan” means a Loan that bears interest based on the Base Rate.
“Base Rate Term SOFR Determination Day” has the meaning specified in the definition of “Term SOFR”.
“Benchmark” means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 3.03(b).
“Benchmark Replacement” means with respect to any Benchmark Transition Event the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 
(1)    Daily Simple SOFR; or 
(2)    the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (ii) the related Benchmark Replacement Adjustment;.
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 Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted 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 Borrower giving due consideration to (a) 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 or (b) 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 Dollar-denominated syndicated credit facilities.
 “Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
(a)    in the case of clause (a) or (b) 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); or
(b)    in the case of clause (c) 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 or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; provided that such non-representativeness, non-compliance or non-alignment 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.
For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) 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” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
(a)    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);

(b)    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 FRB, the Federal Reserve Bank of New York, 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), 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
(c)    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) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.
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).
“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03 and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03.
 “Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan.”
“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.
“Borrower” has the meaning specified in the introductory paragraph hereto.
“Borrower Term Loan Facility” means that certain third Amended and Restated Credit Agreement dated as of July 30, 2021 among the Borrower, the lenders party thereto and CoBank, ACB, as the administrative agent, as amended, restated, supplemented, replaced, refinanced, extended or otherwise modified from time to time in accordance with the terms thereof to the extent permitted under the Loan Documents.
“Borrower SOFR Loan Facility” means that certain Senior Term Loan Credit Agreement dated as of December 9, 2021 among the Borrower, the lenders party thereto and Toronto-Dominion (Texas) LLC, as the administrative agent, as amended, restated, supplemented, replaced, refinanced, extended or otherwise modified from time to time in accordance with the terms thereof to the extent permitted under the Loan Documents.
“Borrower Materials” has the meaning specified in Section 6.02.
“Borrowing” means a borrowing consisting of simultaneous Loans made by each of the Lenders pursuant to Section 2.01.
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and Ottawa, Ontario.
“Carlson Family Group” means any and all of the following persons: (a) LeRoy T. Carlson or his spouse, Margaret Carlson; (b) any child, grandchild, great grandchild or other lineal descendant of LeRoy T. Carlson and Margaret Carlson, including any Person with such relationship by adoption, or the spouse of any such Person; (c) the estate of any of the Persons described in subsections (a) and (b); (d) any trust or similar arrangement; provided that Persons described in subsections (a), (b), or (c) are the beneficiaries of more than fifty percent (50%) of the beneficial interests in such trust or arrangement; (e) the voting trust which expires on June 30, 2035, as amended from time to time, or any successor to such voting trust, including the trustees of such voting trust; and (f) any corporation, partnership, limited liability company or other entity in which Persons identified in subsections (a) through (e) own more than fifty percent (50%) of the voting interests in the election of directors or other management of such entity.
“Cash Equivalents” means any of the following types of Investments, to the extent owned by the Borrower or any of its Subsidiaries free and clear of all Liens:
(a)    readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof; provided that the full faith and credit of the United States of America (including, without limitation, the Federal Deposit Insurance Corporation) is pledged in support thereof;
(b)    time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that is a member of the Federal Reserve System and whose deposits are fully insured by the Federal Deposit Insurance Corporation; 

(c)    commercial paper in an aggregate amount of no more than $20,000,000 per issuer outstanding at any time issued by any Person organized under the laws of any state of the United States of America and rated at least “P-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P or at least “F-1” (or the then equivalent grade) by Fitch, in each case with maturities of not more than 180 days from the date of acquisition thereof;
(d)    securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P, A2 by Moody’s or A by Fitch;
(e)    demand deposit accounts maintained in the ordinary course of business;
(f)    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 from time to time, (ii) are rated “AAA” by S&P, “Aaa” by Moody’s or “AAA” by Fitch and (iii) have portfolio assets of at least $1,000,000,000; and
(g)    Investments, classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from any of Moody’s, S&P or Fitch, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a), (b), (c) and (d) of this definition.
“Change in Law” means the occurrence, after the date of this Agreement, of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in implementation thereof and (y) all requests, rules, guidelines, requirements 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, implemented or issued.
“Change of Control” means the occurrence of any of the following:
(a)    any event or series of related events (including (x) the sale or issuance (or series of sales or issuances) of Equity Interests of the Borrower by the Borrower or by any holder or holders thereof, or (y) any merger, consolidation, recapitalization, reorganization or other transaction or arrangement) as a result of which any of the following occur: (i) the Carlson Family Group shall together cease to be “beneficial owners” (as defined in Rule 13d3 under the Securities Exchange Act of 1934) of voting interests in the Borrower having the voting power, by class or through a combined total voting power of all classes of Equity Interests of the Borrower, to elect at least a majority of the members of the board of directors of the Borrower or (ii) the Parent Company shall not Control more than 50.1% of the voting interests in the Borrower or (iii) the Parent Company’s financial statements determined on a consolidated basis in accordance with GAAP are not required to include the results of the Borrower;
(b)    any “Change in Control” or any other similar event under and as defined in any of the instruments governing any Indebtedness of the Borrower or of any of its Subsidiaries in an aggregate principal amount exceeding $100,000,000 shall at any time occur; or
(c)    an event or series of events by which during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body.
 “Closing Date” means the first date on which all of the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01.
 “Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations related thereto.
“Commitment” means, as to each Lender, its obligation to make Loans to the Borrower pursuant to Section 2.01(a), in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.  As of the Closing Date, the aggregate Commitments are $150,000,000.
“Commitment Fee Rate” means 0.275%.
“Committed Loan Notice” means a notice of a (a) Borrowing or (b) a continuation of Loan pursuant to Section 2.02(a), which, shall be substantially in the form of Exhibit A or any other form approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.
 “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” means a certificate substantially in the form of Exhibit C or any other form approved by the Administrative Agent.
“Conforming Changes” means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of 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 “U.S. Government Securities Business Day,” the definition of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest period”), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 3.05 and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides, in consultation with the Borrower, that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines, in consultation with the Borrower, that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides, in consultation with the Borrower, is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents)..
“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.
“Consolidated EBITDA” means, for any period, an amount equal to the sum of, without duplication, (a) Consolidated Net Income for such period, (b) to the extent received in cash during such period and not already included in the Consolidated Net Income for such period, distributions from unconsolidated entities in which the Borrower directly or indirectly owns an Equity Interest plus (c) the following to the extent each was deducted in calculating such Consolidated Net Income:  (i) Consolidated Interest Charges for such period, (ii) the provision for Federal, state, local and foreign income taxes payable by the Borrower and its Subsidiaries for such period (net of any Federal, state, local and foreign income tax credits of the Borrower and its Subsidiaries for such period), (iii) depreciation, amortization and accretion expense and all other non-cash charges deducted from Consolidated Net Income for such period which do not represent a cash item in such period and minus (d) to the extent included in calculating such Consolidated Net Income, all non-cash items increasing Consolidated Net Income for such period; provided that, notwithstanding the foregoing, in no event shall any gain realized by the Borrower or any Subsidiary as a result of the purchase of Indebtedness of the Borrower or any Subsidiary for less than the face value of such Indebtedness be included in Consolidated EBITDA; and provided further that, notwithstanding the foregoing, that (1) when and to the extent that non-cash charges described in clause (c)(iii) above become cash paid items, such amounts shall be deducted from Consolidated EBITDA and (2) when and to the extent that non-cash items described in clause (d) above become cash received items, such amounts shall be added to Consolidated EBITDA.
“Consolidated Funded Indebtedness” means, as of any date of determination, for the Borrower and its Subsidiaries on a consolidated basis and without duplication, the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments (including, without limitation, all purchase money Indebtedness and all direct obligations arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments); (b) all obligations incurred as the deferred purchase price of property or services (other than (i) trade payables entered into in the ordinary course of business pursuant to ordinary terms and (ii) ordinary course of business purchase price adjustments and earnouts); (c) all reimbursement and other payment obligations with respect to letters of credit, bankers’ acceptances, surety bonds and other similar documents; (d) all obligations evidenced by promissory notes, bonds, debentures or other similar instruments, including all obligations so evidenced that are incurred in connection with the acquisition of property or any business; (e) all indebtedness created under any conditional sale or other title retention agreements or sales of accounts receivable; (f) all non-recourse indebtedness of the kind described in clause (a) through clause (e) secured by Liens on property of the obligor; (g) Attributable Indebtedness in respect of capital leases and Synthetic Lease Obligations; (h) net obligations under any Swap Contract; (i) all Indebtedness of the types referred to in subsections (a) through (h) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which the Borrower or a Subsidiary is a general partner or party to such a joint venture (other than a limited partner in a limited partnership), unless such Indebtedness is expressly made non-recourse to the Borrower or such Subsidiary and (j) all Guarantees in respect of indebtedness of the kind described in clause (a) through clause (h) above; excluding up to $25,000,000 in the aggregate of contingent liabilities of the Borrower and its Subsidiaries which are not required by GAAP to be recorded on the balance sheet of the Borrower and its Subsidiaries.  For all purposes of this Agreement, the term “Consolidated Funded Indebtedness” shall not include, with respect to the Borrower and its Subsidiaries, the contractual and other similar obligations of the Borrower and its Subsidiaries with respect to any Monetization Transactions.
“Consolidated Interest Charges” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, the aggregate amount of interest required to be paid or payable in cash by the Borrower or any of its Subsidiaries during such period on all Consolidated Funded Indebtedness of the Borrower or any of its Subsidiaries outstanding during all or any part of such period, whether such interest was or is required to be reflected as an item of expense or capitalized, including that portion of rent expense treated as interest in accordance with GAAP in respect of capital lease obligations (including, without duplication, the interest for rental payments made with respect to Sale and Leaseback Transactions) and expressly including (a) any commitment fee payable pursuant to Section 2.07 and (b) any other scheduled commitment fee, facility fee, utilization fee or other scheduled fee payable by the Borrower or any Subsidiary in connection with Consolidated Funded Indebtedness of the Borrower or any Subsidiary.
“Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the period of the four prior fiscal quarters ending on such date to (b) Consolidated Interest Charges for such period; provided that, notwithstanding the foregoing, for the purposes of determination of the Consolidated Interest Coverage Ratio, in no event shall any financial results of any Non-Subsidiary Variable Interest Entity be included in such determination, except to the extent Consolidated Interest Charges are computed on Indebtedness of any such Non-Subsidiary Variable Interest Entity which is required by subsection (i) of the definition of Consolidated Funded Indebtedness to be included therein.
“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the period of the four fiscal quarters most recently ended; provided that, notwithstanding the foregoing, for the purposes of determination of the Consolidated Leverage Ratio, in no event shall any financial results of any Non-Subsidiary Variable Interest Entity be included in such determination, except to the extent Indebtedness of any such Non-Subsidiary Variable Interest Entity is required by subsection (i) of the definition of Consolidated Funded Indebtedness to be included therein.

“Consolidated Net Income” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, the net income of the Borrower and its Subsidiaries (excluding extraordinary gains and extraordinary losses) for that period, determined in accordance with GAAP; provided that, notwithstanding anything herein to the contrary, net income attributable to Non-Subsidiary Variable Interest Entities shall be excluded from the calculation of Consolidated Net Income.
“Consolidated Total Assets” means, as at any date, all assets of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP.
“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any material agreement, material instrument or other material undertaking to which such Person is a party or by which it or any material amount of its property is bound.
“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.
 “Covered Entity” means 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” has the meaning given such term in Section 10.25.
“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 selected or 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.
“Debt Rating” means, as of any date of determination, the S&P Rating, Moody’s Rating or Fitch Rating (collectively, such ratings referred to as the “Debt Ratings”).
“Debtor Relief Laws” means the Bankruptcy Code of the United States, 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 and affecting the rights of creditors generally.
“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.
“Default Rate” means an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum.
“Default Right” 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.
“Defaulting Lender” means, subject to Section 2.12(b), any Lender that (a) has failed to (i) fund all or any portion of the Loans required to be funded by it hereunder within two Business Days of the date such Loans were required to be funded by it 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 or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower, or the Administrative Agent 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 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, (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 FDIC 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 (except EDC) 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 any one or more of 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 2.12(b)) upon delivery of written notice of such determination to the Borrower and each Lender.
 “Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any Sanction.
“Disposition” or “Dispose” means any sale, transfer, or other disposition of any property by any Person, including without limitation (a) any Sale and Leaseback Transaction and (b) any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

“Dollar” and “$” mean lawful money of the United States.
“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.
“EDC” means Export Development Canada.
“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.
 “Electronic Record” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.
“Electronic Signature” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.
“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).
“Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems.
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower, any Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“Equity Interests” means, with respect to any Person, all of the outstanding shares of capital stock of (or other ownership or profit interests in) such Person, all of the outstanding warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the outstanding securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other outstanding ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not the shares underlying such warrants, options, rights or other interests are outstanding on any date of determination.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.
“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).
“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the Borrower or any ERISA Affiliate from a Pension 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) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) with respect to a Pension Plan or Multiemployer Plan that does not hold assets that, as of the termination date, equal or exceed its “benefit liabilities”, as such term is defined in Section 4001(a)(16) of ERISA, the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate.
“Erroneous Payment” has the meaning assigned thereto in Section 9.13(a).
“Erroneous Payment Deficiency Assignment” has the meaning assigned thereto in Section 9.13(d).
“Erroneous Payment Return Deficiency” has the meaning assigned thereto in Section 9.13(d).
“Erroneous Payment Subrogation Rights” has the meaning assigned thereto in Section 9.13(e).
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
  “Event of Default” has the meaning specified in Section 8.01.

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any 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 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 10.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii), (a)(iii) or (c), 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 3.01(e) and (d) any withholding Taxes imposed pursuant to FATCA.
“Existing Receivables Securitization” means any transaction evidenced by the documents listed on Schedule 1.01(b) and with respect to which the Borrower has complied with the last sentence of the definition of “Receivables Securitization” in this Agreement prior to July 30, 2021.
“Exporter” means Nokia OYJ.
“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code.
“FCC” means The Federal Communications Commission (or any successor agency, commission, bureau, department or other political subdivision) of the United States.
“Federal Funds Rate” means, for any day, the rate of interest per annum (rounded upward, if necessary, to the nearest whole multiple of 1/100th of 1%) equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York on such date, or if no such rate is so published on such day, on the most recent day preceding such day on which such rate is so published.
“Fee Letters” means, collectively, (a) the letter agreement, dated December 17, 2021, between the Borrower and the Administrative Agent; (b) the letter agreement, dated December 17, 2021, between the Borrower and the Global Coordinator; and (c) the letter agreement, dated December 17, 2021, between the Borrower and the Administrative Agent (for the benefit of the Lenders).
“Fitch” means Fitch Ratings, Inc., and any successor thereto.
“Fitch Rating” means, at any time, the rating issued by Fitch and then in effect with respect to the Borrower’s public corporate credit rating which, for the avoidance of doubt, shall be the “issuer default rating” issued by Fitch to the Borrower, or, if no such issuer credit rating is issued to the Borrower, shall be the corporate credit rating issued by Fitch to the Parent.
“Floor” means a rate of interest equal to 0%.
“Foreign Lender” means any Lender that is organized under the Laws of a jurisdiction other than the United States, each State thereof and the District of Columbia. 
 “FRB” means the Board of Governors of the Federal Reserve System of the United States.
“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 activities.
“GAAP” means, except to the extent provided in Section 1.03, generally accepted accounting principles in the United States as in effect from time to time and set forth 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 such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination.
“Global Coordinator” means Citibank.
“Government Program” has the meaning specified in Section 7.03(e).
“Governmental Authority” means the government of the United States 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 supra-national bodies such as the European Union or the European Central Bank).

“Guarantee” means, as to any Person without duplication, (a) any payment obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness payable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness of the payment of such Indebtedness, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness of any other Person, whether or not such Indebtedness is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” shall not include endorsements for collection or deposit, in either case in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness).  The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary payment obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb has a corresponding meaning.
“Guarantied Parties” means, collectively, the Administrative Agent, the Lenders and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05.
“Guarantors” means, collectively, (a) the Domestic Subsidiaries of the Borrower listed on Schedule 5.13 and each other direct Domestic Subsidiary that is a Material Subsidiary of the Borrower that shall be required to execute and deliver a Guaranty or guaranty supplement pursuant to Section 6.14 and (b) with respect to (i) Obligations owing by any Loan Party or any Subsidiary of a Loan Party (other than the Borrower) under any Swap Contract and (ii) the payment and performance by each Specified Loan Party of its obligations under its Guaranty with respect to all Swap Obligations, the Borrower.
“Guaranty” means, collectively, the Second Amended and Restated Guaranty made by the Guarantors in favor of the Guarantied Parties, substantially in the form of Exhibit I, together with each other guaranty and guaranty supplement delivered pursuant to Section 6.14.
“Guaranty Release Date” means the date that all of the following conditions have been satisfied: (a) no Default exists, (b) at least two of S&P Rating, Moody’s Rating or Fitch Rating is greater than or equal to BBB-, Baa3 or BBB-, respectively, (c) there are no Guarantees by the Parent Company, the Borrower or any of their respective Subsidiaries of the Borrower Term Loan Facility, the Borrower SOFR Loan Facility, the Revolving Loan Facility, the Parent Term Loan Facility or the Parent Credit Agreement (or any such Guarantee shall be released substantially concurrently with the Guaranty Release Date) and (d) there is no outstanding Pari Passu Guaranteed Indebtedness (or, if there is outstanding Pari Passu Guaranteed Indebtedness as of such date, all Guarantees of such Pari Passu Guaranteed Indebtedness shall be released substantially concurrently with the Guaranty Release Date).
“Guaranty Release Period” means any period commencing on the date on which a Guaranty Release Date occurs and ending on the date on which a Guaranty Trigger Event occurs.
“Guaranty Trigger Event” has the meaning specified in Section 6.14(b).
“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.
“HMT” has the meaning specified in the definition of Sanctions.
“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:
(a)    all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;
(b)    all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments;
(c)    net obligations of such Person under any Swap Contract;
(d)    all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts payable in the ordinary course of business and, in each case, not past due for more than 120 days after the date on which such trade account payable was due (unless such trade account is the subject of a good faith dispute), and (ii) any earn-out obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP);
(e)    indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;
(f)    capital leases and Synthetic Lease Obligations;

(g)    all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment, in each case, solely to the extent such payment is required to be made in cash, in respect of any Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; 
(h)    all obligations of such Person (i) to pay deferred compensation to employees, (ii) with respect to purchase price adjustments on acquisitions and (iii) to return customer deposits, but only in each case to the extent that any such obligation described in subsection (i), (ii) or (iii) preceding remains unpaid for more than 120 days after the date on which such obligation was to be paid (unless such obligation is the subject of a good faith dispute), and
(i)    all Guarantees of such Person in respect of any of the foregoing.
For all purposes hereof, the Indebtedness of any Person shall include, without duplication, the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a party to such a joint venture (other than a limited partner in a limited partnership), unless such Indebtedness is expressly made non-recourse to such Person.  The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date.  The amount of any capital lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date.
“Indemnified Taxes” means Taxes other than Excluded Taxes.
“Indemnitees” has the meaning specified in Section 10.04(b).
“Information” has the meaning specified in Section 10.07.
 “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a SOFR Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date.
“Interest Period” means, as to each SOFR Loan, the period commencing on the date such Loan is disbursed or continued and ending on the date one, three or six months thereafter, as selected by the Borrower in its Committed Loan Notice; provided, that:
(i)    any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;
(ii)    any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and
(iii)    no Interest Period shall extend beyond the Maturity Date;
(iv)    to the extent there is more than one Borrowing hereunder, the Interest Period for all Loans shall end on the first Interest Payment Date to occur after the end of the Availability Period; and
(v)    no tenor that has been removed from this definition pursuant to Section 3.03 shall be available for specification in any Committed Loan Notice.
“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests, debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit.  For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.
“IRS” means the United States Internal Revenue Service.
“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.
“Lender” has the meaning specified in the introductory paragraph hereto.
“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.
“Level” means each Level designated on the chart in the definition of Applicable Margin.

 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).
“Loan” has the meaning specified in Section 2.01.
“Loan Documents” means this Agreement, the Guaranty, each Note, the Subordination Agreement and the Fee Letters.
“Loan Parties” means, collectively, the Borrower and each Guarantor.
 “Mandated Lead Arranger” means each of EDC and Citibank.
“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the financial condition or business of the Borrower and its Subsidiaries taken as a whole; or (b) a material impairment of the rights and remedies of the Administrative Agent or any Lender under any Loan Document; or (c) a material impairment of the ability of the Guarantors, taken as a whole, or the Borrower, to perform their obligations under any Loan Document to which they are a party; or (d) a material adverse effect upon the legality, validity, binding effect or enforceability against the Guarantors, taken as a whole, or the Borrower, of any Loan Document to which they are a party. 
“Material Domestic Subsidiary” means any direct Domestic Subsidiary of the Borrower that is a Material Subsidiary; provided, however, that no Securitization Entity shall be a Material Domestic Subsidiary.
“Material Subsidiary” means any Subsidiary that is directly or indirectly owned by the Borrower and whose total assets constitute at least 1% of Consolidated Total Assets or whose gross revenues determined in accordance with GAAP constitute at least 1% of the consolidated gross revenues of the Borrower and its Subsidiaries calculated in accordance with GAAP, and “Material Subsidiaries” means collectively each Material Subsidiary.
“Maturity Date” means, the earlier of (i) the date of acceleration of the Obligations in accordance with Section 9.2 and (ii) five (5) year anniversary of the first Borrowing hereunder; provided, however, that, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.
“Monetization Transaction” means, with respect to any Specified Equity Interests owned by the Borrower or any of its Subsidiaries, any transaction, agreement, device or arrangement (A) which results in the Borrower or any Subsidiary receiving payments on account of entering into contractual or other similar obligations and granting rights in, to or with respect to such Specified Equity Interests, or (B) by which the Borrower or any Subsidiary hedges against price fluctuation with respect to such Specified Equity Interests.
“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.
“Moody’s Rating” means, at any time, the rating issued by Moody’s and then in effect with respect to the Borrower’s public corporate credit rating which, for the avoidance of doubt, shall be the Borrower’s “issuer credit rating” as issued by Moody’s or, if no such issuer credit rating is issued to the Borrower, shall be the “corporate family rating” issued by Moody’s to the Parent.
“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.
“Net Proceeds” means with respect to each Disposition by the Borrower or any of its Subsidiaries under Section 7.05(g), the excess, if any, of (a) the sum of cash and all other assets received in connection with such Disposition (including without limitation, any cash, cash equivalents, notes, and all other assets received, including by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise) over (b) the sum of (i) the principal amount of any Indebtedness that is secured by the applicable asset (so long as such security interest was not granted in anticipation of the Disposition of such asset) and that is required to be repaid in connection with such transaction (other than Indebtedness under the Loan Documents), (ii) the reasonable and customary out-of-pocket expenses incurred by the Borrower or such Subsidiary in connection with such transaction (including reasonable brokers’ fees or commissions, legal, accounting and other professional and transactional fees) and (iii) income taxes reasonably estimated to be actually payable within two years of the date of the relevant transaction as a result of any gain recognized in connection therewith; provided that, if the amount of any estimated taxes pursuant to subsection (iii) exceeds the amount of taxes actually required to be paid in cash in respect of such Disposition, the aggregate amount of such excess shall constitute Net Proceeds.
“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.
“Non-Subsidiary Variable Interest Entity” means, at any time, a Variable Interest Entity that is not a Subsidiary.  Schedule 1.01(a) identifies the entities that are Non-Subsidiary Variable Interest Entities as of the date hereof.
“Note” means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit B.
“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of any Loan Party arising under any Loan Document, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.
“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.

“Ordinary Capital Expenditures” means, with respect to any Special Entity or Subsidiary, capital expenditures incurred in the ordinary course of business consistent with past practices that are either related to maintenance or are ordinary course acquisitions that are identified with an existing and ongoing project of such Special Entity or Subsidiary.
“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any nonU.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.
 “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 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 3.06).
“Outstanding Amount” means the aggregate outstanding principal amount of Loans after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date.
“Parent Affiliated Companies” means collectively, (a) the Parent Company, and (b) all Subsidiaries and Affiliates of the Parent Company, other than the Borrower or any of the Borrower’s Subsidiaries.
“Parent Company” means Telephone and Data Systems, Inc., a Delaware corporation.
“Parent Credit Agreement” means that that certain Credit Agreement, dated as of July 20, 2021, among the Parent Company., Wells Fargo Bank, National Association, as the administrative agent and the lenders party thereto from time to time, as amended, restated, extended, supplemented, replaced, refinanced or otherwise modified from time to time in accordance with the terms thereof.
“Parent Term Loan Facility” means that certain Amended and Restated Credit Agreement dated as of July 30, 2021, among Parent Company and CoBank, ACB, as the administrative agent and a lender, and the other lenders party thereto, as amended, restated, extended, supplemented, replaced, refinanced or otherwise modified from time to time in accordance with the terms thereof to the extent permitted under the Loan Documents.
“Pari Passu Guaranteed Indebtedness” means, collectively, (a) the Indebtedness of the Borrower and the Subsidiary Guarantees thereof permitted by Sections 7.03(h) and 7.03(j) and (b) the Indebtedness of the Parent Company and the Subsidiary Guarantees thereof permitted by Sections 7.03(h) and 7.03(i) of the Parent Credit Agreement (or any successor comparable provision).
“Participant” has the meaning specified in Section 10.06(d).
“Participant Register” has the meaning specified in Section 10.06(d).
 “Payment Recipient” has the meaning specified in Section 9.13(a)
“Patriot Act” has the meaning specified in Section 5.18(a).
“PBGC” means the Pension Benefit Guaranty Corporation.
“Periodic Term SOFR Determination Date” has the meaning specified in the definition of “Term SOFR”.
“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.
“Periodic Term SOFR Determination Day” has the meaning specified in the definition of “Term SOFR”.
“Permitted Equal and Ratable Lien” has the meaning specified in clause (L) of the proviso to Section 7.08(a). 
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established by the Borrower or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.
“Platform” has the meaning specified in Section 6.02.

“Prepayment Notice” means a notice of prepayment of Loans pursuant to Section 2.03(a), which shall be substantially in the form of Exhibit K or any other form approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.
“Prime Rate” means a variable rate of interest per annum equal to the “U.S. prime rate” as reported on such day in the Money Rates Section of the Eastern Edition of The Wall Street Journal, or if the Eastern Edition of The Wall Street Journal is not published on such day, such rate as last published in the Eastern Edition of The Wall Street Journal.  In the event the Eastern Edition of The Wall Street Journal ceases to publish such rate or an equivalent on a regular basis, the term “Prime Rate” shall be determined on any day by reference to such other regularly published average prime rate for such date applicable to such commercial banks as is acceptable to the Administrative Agent in its sole discretion.  Any change in Prime Rate shall be automatic, without the necessity of notice provided to the Borrower or any other Person.
“Pro Forma Basis” means, for purposes of calculating Consolidated EBITDA for any period during which one or more Specified Transactions occurs, that such Specified Transaction (and all other Specified Transactions that have been consummated during the applicable period) shall be deemed to have occurred as of the first day of the applicable period of measurement and all income statement items (whether positive or negative) attributable to the property or Person disposed of in a Specified Disposition shall be excluded and all income statement items (whether positive or negative) attributable to the property or Person acquired in a Specified Acquisition shall be included (provided that such income statement items to be included are reflected in financial statements or other financial data reasonably acceptable to the Administrative Agent and based upon reasonable assumptions and calculations which are expected to have a continuing impact).
 “PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.”
“Public Lender” has the meaning specified in Section 6.02.
“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).
“QFC Credit Support” has the meaning given such term in Section 10.25.
“Qualified ECP Guarantor” shall mean, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at such time as an “eligible contract participant” under the Commodity Exchange Act and can cause another person to qualify as an “eligible contract participant” at such time under §1a(18)(A)(v)(II) of the Commodity Exchange Act.
 “Receivables Securitization” means any (a) secured lending or other financing facility entered into by a Securitization Entity solely for the purpose of purchasing or financing Securitization Assets of the Borrower and/or its Subsidiaries; provided that (i) no portion of the Indebtedness or any other obligations (contingent or otherwise) of such Securitization Entity (A) is Guaranteed by, recourse to or otherwise obligates the Borrower or any of its Subsidiaries (except pursuant to Standard Securitization Undertakings or the Recourse Guaranty) or (B) subjects any property or asset of the Borrower or any other Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof (except Standard Securitization Undertakings or the Recourse Guaranty), (ii) such Securitization Entity engages in no business and incurs no Indebtedness or other liabilities or obligations other than those related to or incidental to such facility, (iii) other than the initial Investment in such facility (which may, for avoidance of doubt, include Standard Securitization Undertakings) neither the Borrower nor any of its other Subsidiaries is required to make additional Investments in connection with such facility, (iv) none of the Borrower or any other Subsidiary has any material contract, agreement, arrangement or understanding with such Securitization Entity (except pursuant to Standard Securitization Undertakings or the Recourse Guaranty), (v) neither the Borrower nor any of its Subsidiaries (except such Securitization Entity) has any obligation to maintain such Securitization Entity’s financial condition or cause such Securitization Entity to achieve certain levels of operating results, and (vi) no Event of Default exists as of the effective date of such secured lending or other financing facility or (b) Existing Receivables Securitization.  On or prior to the entry into a Receivables Securitization under clause (a) of the preceding sentence, the Borrower shall deliver to the Administrative Agent a certificate executed by a Responsible Officer of the Borrower (I) evidencing the designation of a Subsidiary as a Securitization Entity by the Board of Directors of the Borrower and (II) certifying that such Receivables Securitization complies with the foregoing conditions.
“Recipient” means the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder.
“Recourse Guaranty” means any general recourse guarantee by the Borrower or any Subsidiary of Indebtedness pursuant to a Receivables Securitization, which guarantee is either unsecured or secured solely by a pledge of the Equity Interests of the Securitization Entity that is a party to such Receivables Securitization.
“Refinance” means, with respect to any Consolidated Funded Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or to issue other Consolidated Funded Indebtedness in exchange, conversion or replacement for, such Consolidated Funded Indebtedness.  “Refinances,” “Refinanced” and “Refinancing” shall have correlative meanings.
“Refinancing Indebtedness” means Consolidated Funded Indebtedness of the Borrower or of any of its Subsidiaries to any of the Parent Affiliated Companies that Refinances any Consolidated Funded Indebtedness of the Borrower or any of its Subsidiaries existing on the Closing Date or created, incurred or arising in compliance with this Agreement, including any Consolidated Funded Indebtedness that Refinances Refinancing Indebtedness; provided that: (a) the Refinancing Indebtedness has a stated maturity no earlier than the stated maturity of the Consolidated Funded Indebtedness being Refinanced; (b) the Refinancing Indebtedness has an average life to maturity at the time the Refinancing Indebtedness is incurred that is equal to or greater than the average life to maturity of the Consolidated Funded Indebtedness being Refinanced; (c) the Refinancing Indebtedness has an aggregate principal amount that is equal to or less than the aggregate principal amount then outstanding (plus fees and expenses) under the Consolidated Funded Indebtedness being Refinanced; and (d) the Refinancing Indebtedness is issued on terms no more restrictive in any material respect than those contained in the Consolidated Funded Indebtedness being Refinanced.

“Register” has the meaning specified in Section 10.06(c).
 “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, advisors and representatives of such Person and of such Person’s Affiliates.
“Relevant Governmental Body” means the FRB and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the FRB and/or the Federal Reserve Bank of New York or any successor thereto.
“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.
“Required Lenders” means, as of any date of determination, (a) Lenders  having more than 50% of (x) the Aggregate Commitments plus (y) the Total Outstandings or, (b) if the commitment of each Lender to make Loans has expired or has been terminated pursuant to Section 2.04 and/or Section 8.02, Lenders  holding in the aggregate more than 50% of the Total Outstandings; provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.
 “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Responsible Officer” means the Chairman, President and Chief Executive Officer, Executive Vice President – Chief Administrative Officer, Executive Vice President, Chief Financial Officer and Treasurer, Chief Accounting Officer, Vice President – Controller, or Assistant Secretary of the Borrower or the chairman, president, chief executive officer, chief financial officer, chief accounting officer, treasurer, controller, secretary or any vice president of the applicable Loan Party, or the Executive Vice President and Chief Financial Officer, Vice President and Treasurer or Vice President –  Controller and Chief Accounting Officer of the Parent Company  and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the Borrower so designated by any two of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the Borrower designated in or pursuant to an agreement between the Borrower and the Administrative Agent.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Equity Interest, or on account of any return of capital to the Borrower’s stockholders, partners or members (or the equivalent Person thereof).
“Revolving Loan Facility” means that certain First Amended and Restated Credit Agreement dated as of July 20, 2021, among the Borrower, Toronto Dominion (Texas) LLC, as the administrative agent and certain other lenders and financial institutions party thereto from time to time, as amended, restated, extended, supplemented, replaced, refinanced or otherwise modified from time to time in accordance with the terms thereof to the extent permitted under the Loan Documents.
“S&P” means Standard and Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, and any successor thereto.
“S&P Rating” means, at any time, the rating issued by S&P, and then in effect with respect to the Borrower’s public corporate credit rating, which, for the avoidance of doubt, shall be the “issuer credit rating” issued by S&P to the Borrower, or, if no such rating is issued to the Borrower, shall be the corporate credit rating issued by S&P to the Parent.
“Sale and Leaseback Transaction” means any arrangement with any Person providing for the leasing (as lessee) by the Borrower or any of its Subsidiaries of any property (the primary purpose of the transaction of which such lease is a part is not to provide funds to or financing for the Borrower or any Subsidiary), which property has been or is to be sold or transferred by the Borrower or any Subsidiary to a Subsidiary or any other Person in contemplation of or in connection with such arrangement.
“Sanction(s)” means any economic or financial sanctions or trade embargoes imposed, administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury (“HMT”), the Canadian Government or other relevant sanctions authority.
“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.
“Securitization Assets” means accounts receivable of the Borrower or any of its Subsidiaries arising from equipment installment plans and other similar consumer equipment financing arrangements, and any assets related thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, the proceeds of such accounts receivable and other assets which are customarily transferred, or in respect of which security interests are customarily granted, in connection with securitizations involving such accounts receivable.
“Securitization Entity” means, as to the Borrower, or any of its Subsidiaries, any bankruptcy-remote, special purpose corporation, partnership, trust, limited liability company or other business entity that is formed by and will remain wholly-owned by the Borrower or any of its Subsidiaries for the sole and exclusive purpose of purchasing or financing Securitization Assets pursuant to a Receivables Securitization and which is designated by the Board of Directors of the Borrower as a Securitization Entity in accordance with the terms of this Agreement.
“SOFR” means a per annum rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
 “SOFR Loan” means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.
 “Special Entity” means a Person (other than a Subsidiary) (a) listed on Schedule 1.01(a) and in existence on the Closing Date or (b) created after the Closing Date and with respect to which (i) the Borrower or any Subsidiary has made an equity Investment and directly or indirectly owns a minority interest, or any Special Entity has made an Investment and directly or indirectly owns an interest and (ii) the Borrower has delivered prior written notice to the Administrative Agent of the creation of such Special Entity and its designation as a Special Entity.
“Specified Acquisition” means (a) any acquisition for consideration equal to or greater than $50,000,000 or (b) any other acquisition designed as a “Specified Acquisition” by the Borrower in the applicable Compliance Certificate.
“Specified Disposition” means (a) any Disposition having gross sales proceeds equal to or greater than $50,000,000 or (b) any other Disposition designed as a “Specified Disposition” by the Borrower in the applicable Compliance Certificate.
“Specified Equity Interests” means Equity Interests owned by the Borrower or any of its Subsidiaries in any Person or Persons that (a) are not directly, or indirectly through one or more intermediaries, Controlled by the Borrower or by any of its Subsidiaries and (b) are either disclosed on Schedule 5.13, or acquired by the Borrower after the Closing Date in connection with an acquisition expressly permitted under Section 7.02 or a divestiture expressly permitted under Section 7.05.
“Specified Loan Party” means any Loan Party that is not an “eligible contract participant” under the Commodity Exchange Act (determined prior to giving effect to Section 10.23).
“Specified Pari Debt” has the meaning specified in clause (L) of the proviso to Section 7.08(a). 
“Specified Transactions” means (a) any Specified Disposition and (b) any Specified Acquisition.
“Standard Securitization Undertakings” means representations, warranties, covenants, indemnities and other obligations, including with respect to servicing obligations (provided that, in no event shall any such obligations constitute Indebtedness) made or provided by the Borrower or any Subsidiary in connection with a Receivables Securitization (a) of a type and on terms customary for comparable transactions and of a character appropriate for the assets being securitized and (b) which have been negotiated at arm’s length with an unaffiliated third party; provided that any such undertaking by and between the Borrower or any Subsidiary and a Securitization Entity shall be excluded from the requirement in this clause (b) if (i) clause (a) is satisfied and (ii) such undertaking is in connection with a Receivables Securitization involving an unaffiliated third party.
 “Subordination Agreement” means a Subordination Agreement, substantially in the form of Exhibit F or any other form approved by the Administrative Agent.
“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise Controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.  For the avoidance of doubt, no Non-Subsidiary Variable Interest Entity shall be considered a “Subsidiary” hereunder for any purpose other than solely as contemplated by Section 1.03(c).
“Supply Contract” means that certain Master Purchase Agreement, dated as of February 1, 2010, between Nokia of America Corporation and USCC Purchase, LLC, as the foregoing may be amended, restated, modified, renewed, extended or replaced from time to time.
“Supported QFC” has the meaning given such term in Section 10.25.
“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.
“Swap Obligations” 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.
“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in subsection (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).

“Synthetic Lease Obligation” means the monetary obligation of a Person in connection with a transaction that is (a) treated and accounted for as a lease in the financial statements of such Person but (b) treated and accounted for as indebtedness in the tax statements of such Person, but in any case which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
 “Term SOFR” means,
 (a)    for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and
(b)    for any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determination Day;
provided, further, that if Term SOFR determined as provided above (including pursuant to the proviso under clause (a) or clause (b) above) shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.
“Term SOFR Adjustment” a percentage per annum as set forth below for the applicable Interest Period:
						
	Interest Period
	Percentage

	One month
	0.10%

	Three months
	0.15%

	Six months
	0.25%

“Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).
“Term SOFR Reference Rate” means the forward-looking term rate based on SOFR.
“Threshold Amount” means, on any date of determination and calculated as of the last day of the fiscal quarter for which financial statements were most recently delivered by the Borrower pursuant to Section 6.01(a) or 6.01(b), as applicable, an amount equal to 7.5% of Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended.
 “Total Outstandings” means the aggregate Outstanding Amount of all Loans.
“UK Financial Institution” means 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” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.
“United States” and “U.S.” mean the United States of America.

“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
“U.S. Special Resolution Regimes” has the meaning given such term in Section 10.25.
“Variable Interest Entity” means any variable interest entity that the Borrower is required to consolidate at any time pursuant to FASB ASC 810 - Consolidation.  Schedule 1.01(a) identifies the entities that are Non-Subsidiary Variable Interest Entities as of the date hereof.  Schedule 5.13 identifies the entities that are Variable Interest Entities that are Subsidiaries as of the date hereof.
 “wholly-owned” means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (i) director’s qualifying shares and (ii) shares issued to foreign nationals to the extent required by applicable law) are owned by such Person and/or by one or more wholly-owned Subsidiaries of such Person.
“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.
1.02    Other Interpretive Provisions.  With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:
(a)    The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) 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 or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law, including Anti-Terrorism Laws, Debtor Relief Laws, the Code, the Commodity Exchange Act, ERISA, the Patriot Act, the Securities Exchange Act of 1934, the Uniform Commercial Code, the Investment Company Act of 1940, the Trading with the Enemy Act of the United States or any of the foreign assets control regulations of the United States Treasury Department, shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) 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.
(b)    In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”
(c)    Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.
1.03    Accounting Terms.
(a)    Generally.  All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, applied on a consistent basis, as in effect from time to time and in a manner consistent with that used in preparing the audited financial statements required by Section 6.01, except as otherwise specifically prescribed herein.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

(b)    Changes in GAAP.  Unless the Borrower shall otherwise have provided the notice set forth in the next sentence, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document (including, without limitation, the adoption of International Financial Reporting Standards by U.S. companies), and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.  Notwithstanding any other provision to the contrary herein, all obligations of any Person that are or would have been treated as operating leases for purposes of GAAP prior to the effectiveness of FASB ASC 842 shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations for purpose of this Agreement (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with FASB ASC 842 (on a prospective or retroactive basis or otherwise) to be treated as capital lease obligations in the financial statements.
(c)    Consolidation of Variable Interest Entities.  All references herein to consolidated financial statements of the Borrower and its Subsidiaries or to the determination of any amount for the Borrower and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each Non-Subsidiary Variable Interest Entity even though such Non-Subsidiary Variable Interest Entity is not a Subsidiary as defined herein.  For the avoidance of doubt, Subsidiaries that are Variable Interest Entities are included in the consolidated financial statements of the Borrower and its Subsidiaries and are included in the determination of any amount for the Borrower and its Subsidiaries on a consolidated basis or any similar reference.
1.04    Rounding.  Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).
1.05    Times of Day.  Unless otherwise specified, all references herein to times of day shall be references to Eastern Standard time (daylight or standard, as applicable).
1.06    Pro Forma Calculations.  For purposes of making financial calculations to determine compliance with Section 7.10(b), (a) with respect to any (i) acquisition by the Borrower or any of its Subsidiaries for consideration of less than $50,000,000 and (ii) with respect to Dispositions by the Borrower or its Subsidiaries having gross sales proceeds of less than $50,000,000, Consolidated EBITDA may, at the option of the Borrower upon notice to the Administrative Agent as indicated in the applicable Compliance Certificate, be adjusted on a Pro Forma Basis and (b) with respect to (i) any Specified Acquisition by the Borrower or any of its Subsidiaries and (ii) with respect to any Specified Dispositions by the Borrower or its Subsidiaries, (A) Consolidated EBITDA shall be adjusted on a Pro Forma Basis and (B) the Borrower shall, concurrently with the delivery of the Compliance Certificate referred to in Section 6.02(b), deliver a certificate of the Borrower signed by the chief executive officer, chief financial officer, chief accounting officer, treasurer or controller of the Borrower attaching financial data and calculations reasonably acceptable to the Administrative Agent setting forth such pro forma calculations in reasonable detail.
1.07    Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (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.
1.08    Rates.  The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes.  The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of Base Rate, the Term SOFR Reference Rate, Term SOFR, Adjusted Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower.  The Administrative Agent may select information sources or services in its reasonable discretion to ascertain Base Rate, the Term SOFR Reference Rate, Term SOFR, Adjusted Term SOFR or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

ARTICLE II.
THE COMMITMENTS
2.01    Loans.  
Subject to the terms and conditions hereof and relying upon the representations and warranties of the Loan Parties set forth herein and in the other Loan Documents, each Lender severally agrees to make term loans (each such term loan, a “Loan”) to the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate principal amount as the Borrower shall request not to exceed at any time outstanding the amount of such Lender’s Commitment.  The Borrower may not prepay under Section 2.03 and reborrow under this Section 2.01.  In no event may the Borrower request (i) more than one (1) Borrowing per calendar month during the Availability Period and (ii) a Borrowing during the last calendar week of December 2021. 
2.02    Borrowings and Continuation of Loans.
(a)    Each Borrowing and each continuation of a Loan shall be made upon the Borrower’s irrevocable notice to the Administrative Agent by a Committed Loan Notice.  Each such Committed Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) six Business Days prior to the requested date of any Borrowing and (ii) three Business Days prior to the requested continuation of any Loan.   Each Borrowing of a Loan shall be in a minimum principal amount of $5,000,000. Each Committed Loan Notice shall be irrevocable and shall specify (i) the requested date of the Borrowing (which shall be a Business Day during the Availability Period) or continuation of the Loans, (ii) the principal amount of Loans to be borrowed or continued and (iii) the duration of the Interest Period with respect thereto.  If the Borrower fails to give timely notice of a continuation or the Borrower otherwise fails to specify an Interest Period in any Committed Loan Notice, it will be deemed to have specified an Interest Period of three months for such Loan.     
(b)    To the extent reasonably requested by the Administrative Agent, the Borrower shall deliver to the Administrative Agent copies of any Supply Contract, purchase orders and other evidence available to the Borrower relating to the purchase of goods and services from the Exporter.
(c)    Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the applicable Loans. Each Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice.  Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Loan, Section 4.01), the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent by wire transfer of such funds in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.
(d)    Except as otherwise provided herein, a SOFR Loan may be continued only on the last day of an Interest Period for such SOFR Loan.  After the first Interest Payment Date after the end of the Availability Period, there shall be only one Interest Period in effect with respect to the Loans.
(e)    The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for SOFR Loans selected hereunder upon the determination of such interest rate.  At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in the Prime Rate used in determining the Base Rate promptly following the public announcement of such change.  Failure to deliver any such notice shall not affect the effectiveness of any such interest rate or result in any liability to the Administrative Agent.
2.03    Prepayments.
(a)    Voluntary.  The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty; provided that (i) a Prepayment Notice must be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to any date of prepayment of any Loans; and (ii) any prepayment shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; or, if less, the entire principal amount thereof then outstanding.  Each Prepayment Notice shall specify the date and amount of such prepayment.  Notwithstanding anything to the contrary contained in this Agreement, the Borrower may rescind or postpone any Prepayment Notice under this Section 2.03(a) if such prepayment would have resulted from a refinancing of this Agreement, which refinancing shall not be consummated or otherwise shall be delayed (subject to payment by the Borrower of amounts owed under Section 3.05 occurring as a result of such notice). 
(b)    [Reserved].
(c)    Applications of Prepayments.      All prepayments permitted pursuant to this Section 2.03 shall be applied to the remaining unpaid installments of principal of the Loans in the inverse order of scheduled maturities.
(d)    Generally.  The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment.  If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.  Any prepayment  shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05.  Subject to Section 2.12, each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages.

2.04    Termination or Reduction of Commitments.
(a)    Voluntary.  The Borrower may, upon notice to the Administrative Agent, terminate the aggregate Commitments, or from time to time permanently reduce the Commitments, without premium or penalty (except those amounts payable by the Borrower under Section 3.05 which shall be paid by the Borrower); provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, and (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof.  Notwithstanding the foregoing, the Borrower may rescind or postpone any notice of termination of the  Commitments if such termination would have resulted from a refinancing of this Agreement, which refinancing shall not be consummated or otherwise shall be delayed (subject to payment by the Borrower of amounts owed under Section 3.05 occurring as a result of such notice).
(b)    Mandatory.  The Commitments shall be automatically and permanently (A) reduced by an amount and in accordance with the terms of Section 7.05(g) or (B) terminated upon the expiration of the Availability Period, after giving effect to any Borrowings pursuant to Section 2.02.
(c)    Generally.  The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Commitments.  Any reduction of the Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage.  All fees accrued until the effective date of any termination of the Commitments shall be paid on the effective date of such termination.
2.05    Repayment of Loans.  In addition to any prepayments made pursuant to Section 2.03 (any such prepayments pursuant to Section 2.03 to be applied to any remaining unpaid principal installments of the Loans set forth below as specified in Section 2.03(c)), the Borrower shall repay the aggregate outstanding principal balance of the Loans in full on the Maturity Date. For the avoidance of doubt, on the Maturity Date, the Borrower shall pay in full the amount of all Loans then outstanding.
2.06    Interest.
(a)    Subject to the provisions of subsection (b) below, (i) each SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Adjusted Term SOFR for such Interest Period plus the Applicable Rate; and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. For the avoidance of doubt, all Loans hereunder shall be SOFR Loans, subject only to the provisions of 3.03.
(b)    If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
(i)    If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (after giving effect to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
(ii)    Upon the request of the Required Lenders, while any Event of Default exists, the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws; provided that the Borrower shall not be required to pay the Default Rate to any Lender while such Lender is a Defaulting Lender at the time when an Event of Default exists.
(iii)    Accrued and unpaid interest on past due amounts (including interest on past due interest to the extent permitted by applicable Laws) shall be due and payable upon demand.
(c)    Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.
2.07    Fees.
(a)    Commitment Fee.  The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, a commitment fee equal to the Commitment Fee Rate times the actual daily amount by which the aggregate Commitments exceed the Outstanding Amount of Loans, subject to adjustment as provided in Section 2.12.  The commitment fee shall accrue, commencing on the Closing Date through the last day of the Availability Period, including at any time during such period during which one or more of the conditions in Article IV is not met, and shall be due and payable on the earlier of (i) the last day of the Availability Period and (ii) the date on which the available Commitments hereunder have been reduced to zero.  The commitment fee shall be calculated in arrears.
(b)    Other Fees.  The Borrower shall pay the fees in the amounts and at the times specified in the Fee Letters.  Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

2.08    Computation of Interest and Fees.  
(a)    All computations of interest for Base Rate Loans when the Base Rate is determined by the Prime Rate shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).  Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.10(a), bear interest for one day.  Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 
(b)    In connection with the use or administration of Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.  The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR.
2.09    Evidence of Debt.
(a)    The Loans made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by one or more entries in the Register maintained by the Administrative Agent, in each case in the ordinary course of business, and provided that, with respect to Treasury Regulation Section 5f.103-1(c) only (if applicable), the Administrative Agent shall act as a non-fiduciary agent for the Borrower with respect to the requirements of such Regulation.  The accounts or records maintained by the Administrative Agent and each Lender shall be prima facie evidence of the amount of the Loans made by the Lenders to the Borrower and the interest and payments thereon.  Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations.  In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.  Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note payable to such Lender, which shall evidence such Lender’s Loans in addition to such accounts or records.  Each Lender may attach schedules to its Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.
(b)    Entries made in good faith by the Administrative Agent in the Register pursuant to Section 2.09(a), and by each Lender in its account or accounts pursuant to Section 2.09(a), shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents; provided that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement and the other Loan Documents.
2.10    Payments Generally; Administrative Agent’s Clawback.
(a)    General.  All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein.  The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office.  All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.  If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.
(b)    (i)    Funding by Lenders; Presumption by Administrative Agent.  Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans.  If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period.  If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing.  Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

(ii)    Payments by Borrower; Presumptions by Administrative Agent.  Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to 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.
A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.
(c)    Failure to Satisfy Conditions Precedent.  If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Loan set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.
(d)    Obligations of Lenders Several.  The obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section 10.04(c) are several and not joint.  The failure of any Lender to make any Loan or to make any payment under Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or to make its payment under Section 10.04(c).
(e)    Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.
2.11    Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff, counterclaim, payment, fee or otherwise, obtain payment in respect of any principal of or interest on any of the Loans made by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them; provided that:
(i)    if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and
(ii)    the provisions of this Section 2.11 shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including, without limitation, the application of funds arising from the existence of a Defaulting Lender and Sections 3.01, 3.02, 3.04, 3.05 or 10.04), or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 2.11 shall apply).
The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable Laws, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.
2.12    Defaulting Lenders.
(a)    Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:
(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 10.01 and in the definition of “Required Lender.”

(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 Article VIII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.08  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, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default exists, 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 sixth, 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 in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with the Commitments hereunder.  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 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
(iii)    Certain Fees. No Defaulting Lender shall be entitled to receive any fee payable under Section 2.07(a) 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)    Defaulting Lender Cure.  If the Borrower, the Administrative Agent and the Lenders 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, 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 to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages, 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.
2.13    Obligations Independent.  The liability of the Borrower to make payments to the Lenders under the Loan Documents shall be in no way (a) conditional upon the due performance by the Exporter or any other exporter or supplier or any cooperating party of the terms of any Supply Contract or any related contract nor (b) affected by any dispute under or unenforceability of any such Supply Contract or any related contract or any claim which the Borrower or any of its Subsidiaries may have or consider that they have against the Exporter or any cooperating party as aforesaid. The Lenders shall be under no obligation to inquire into the adequacy or enforceability of the Supply Contract or any related contract or as to whether any default, dispute or non-performance has arisen thereunder. The Borrower further acknowledges that none of the Administrative Agent, the Global Coordinator, the Mandated Lead Arrangers nor the Lenders has made any representation or warranty whatsoever with respect to any Supply Contract or any related contract or the performance by any party of its obligations thereunder.

ARTICLE III.
TAXES, YIELD PROTECTION AND ILLEGALITY
3.01    Taxes.
(a)    Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.
(i)    Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Document shall to the extent permitted by applicable Laws be made free and clear of and without deduction or withholding for any Taxes.  If, however, applicable Laws require any Loan Party or the Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in accordance with such Laws as determined by such Loan Party or the Administrative Agent, as the case may be, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below.
(ii)    If any Loan Party or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions 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 withholding or deduction been made.
(iii)    If any Loan Party or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make such deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions 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 withholding or deduction been made.
(b)    Payment of Other Taxes by the Borrower.  Without limiting the provisions of subsection (a) above, the Loan Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws, or at the option of the Administrative Agent timely reimburse it for the payment of any Other Taxes.
(c)    Tax Indemnifications.  (i)  Without limiting or duplicating the provisions of subsection (a) or (b) above, each of the Loan Parties shall, and does hereby, jointly and severally, indemnify each Recipient, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) withheld or deducted by the Loan Parties or the Administrative Agent or paid by such Recipient in connection with a Loan Document and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  Each of the Loan Parties shall also, and does hereby, jointly and severally, indemnify the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the Administrative Agent as required by subsection (ii) of this subsection.  A certificate as to the amount of any 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 prima facie evidence thereof, and shall include a certification that such claim is being made in compliance with Section 3.06(c).
(ii)    Without limiting the provisions of subsection (a) or (b) above, each Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (y) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent or a Loan Party 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 prima facie evidence thereof.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this paragraph (ii).  The agreements in this paragraph (ii) shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations.

(d)    Evidence of Payments.  Upon request by the Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by the Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be.
(e)    Status of Lenders; Tax Documentation.
(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 3.01(e)(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, in the event that the Borrower is a U.S. Person,
(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 Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 
(B)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the 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 W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(II)    executed copies of IRS Form W-8ECI;
(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 I-1 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 W-8BEN or IRS Form W-8BEN-E, as applicable; or
(IV)    to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-2 or Exhibit I-3, IRS Form W-9, 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 I-4 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 (or originals, if required by applicable law) 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 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.
(iii)    Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 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.
(f)    Treatment of Certain Refunds.  Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of, or a tax credit with respect to, any Taxes withheld or deducted from funds paid for the account of such Lender.  If any Recipient determines, in its sole discretion, that it has received a refund of, or tax credit with respect to, any Taxes or Other Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to the Loan Party an amount equal to such refund or credit (but only to the extent of indemnity payments made, or additional amounts paid, by a Loan Party under this Section 3.01 with respect to the Taxes or Other Taxes giving rise to such refund or credit), net of all reasonable out-of-pocket expenses (including Taxes and Other Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to the Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund or credit to such Governmental Authority.  Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Loan Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient 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 Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Loan Party or any other Person.
(g)    Survival.  Each party’s obligations under this Section 3.01 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 other Obligations.
3.02    Illegality.   
(a)    If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund the Loans, to determine or charge interest by reference to SOFR, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make or continue Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, (1) the Borrower shall, if necessary to avoid such illegality, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all SOFR Loans to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to clause (c) of the definition of “Base Rate”) either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Loans to such day, and (ii) if necessary to avoid such illegality, the Administrative Agent shall during the period of such suspension compute interest pursuant to Section 2.06 hereof without reference to clause (c) of the definition of “Base Rate,” in each case until the Administrative Agent is advised in writing by each affected Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR.  Upon any such prepayment, the Borrower shall also pay accrued interest on the amount so prepaid
(b)    If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund the Loans, as a result of any Sanctions administered or enforced by any sanctions authority, then, on written notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower in writing that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, the Borrower shall, upon written demand from such Lender (with a copy to the Administrative Agent), prepay such Loans within 30 days of such demand. Upon any such prepayment, the Borrower shall also pay accrued interest on the amount so prepaid.
3.03    Inability to Determine Rates.  
(a)    Subject to Section 3.03(b) below, notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error) or the Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to Borrower) that the Borrower or Required Lenders (as applicable) have determined, that:
(i)    adequate and reasonable means do not exist for ascertaining Adjusted Term SOFR for the applicable Interest Period; or
(ii)    the Adjusted Term SOFR for the applicable Interest Period does not adequately and fairly reflect the cost to such Lenders of funding such Loan,

then the Administrative Agent will promptly so notify the Borrower and each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain SOFR Loans shall be suspended (to the extent of the affected SOFR Loans or Interest Periods) until the Administrative Agent (at the instruction of the Required Lenders, if applicable) revokes such notice, and (y) the Adjusted Term SOFR component shall no longer be utilized in determining the Base Rate.  Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing or continuation of Loans (to the extent of the affected Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein and each other outstanding Loan shall, on the last day of the Interest Period applicable to such Loan, be deemed converted to a Base Rate Loan.
(b)    Benchmark Replacement.  
Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of “Benchmark Replacement” 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 (2) of the definition of “Benchmark Replacement” 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.
(c)    Benchmark Replacement Conforming Changes.  In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
(d)    Notices; Standards for Decisions and Determinations.  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 Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement.  The Administrative Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to Section 3.03(e).  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 3.03, 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 3.03.
(e)    Unavailability of Tenor of Benchmark.  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), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) 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 (B) the administrator of such Benchmark or 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 not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(f)    Benchmark Unavailability Period.  Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, (i) the Borrower may revoke any pending request for a Borrowing of a Loan to be made during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing to Base Rate Loans; and (ii) each other outstanding Loan shall, on the last day of the Interest Period applicable to such Loan, be deemed converted to a Base Rate Loan.  During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.
3.04    Increased Costs.
(a)    Increased Costs Generally.  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;

(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 the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender;
and the result of any of the foregoing shall be to increase the cost to such Lender of making  or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or any other amount) then, within fifteen days after demand by such Lender setting forth in reasonable detail such increased costs (but shall not require any Lender to disclose any confidential or proprietary information, and with a copy of such demand to the Administrative Agent given in accordance with Section 3.06), the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.
(b)    Capital Requirements.  If any Change in Law affecting any Lender or any Lending Office of such Lender or such Lender’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 capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time upon demand of such Lender setting forth in reasonable detail the charge and calculation of such reduced rate of return (but shall not require any Lender to disclose any confidential or proprietary information, and with a copy of such demand to the Administrative Agent given in accordance with Section 3.06), the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered within fifteen days after receipt of such demand.
(c)    Certificates for Reimbursement.  A certificate of a Lender setting forth in reasonable detail the calculation of the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section 3.04 and delivered to the Borrower shall be prima facie evidence thereof, and such certificate shall include a certification that such claim is being made in compliance with Section 3.06(c).  The Borrower shall pay such Lender the amount shown as due on any such certificate within fifteen days after receipt thereof.
(d)    Delay in Requests.  Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’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 nine-month period referred to above shall be extended to include the period of retroactive effect thereof).
3.05    Compensation for Losses.  Upon written demand of any Lender (with a copy to the Administrative Agent) from time to time, which demand shall set forth in reasonable detail the basis for requesting such amount (but shall not require any Lender to disclose any confidential or proprietary information), the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:
(a)    any payment or prepayment of any Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);
(b)    any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan on the date or in the amount notified by the Borrower; or
(c)    any assignment of a Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 10.13;
including any loss (other than loss of anticipated profits) or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.  The Borrower shall also pay any reasonable and customary administrative fees charged by such Lender in connection with the foregoing.
For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each SOFR Loan made by it at Adjusted Term SOFR for such Loan by a matching deposit for a comparable amount and for a comparable period, whether or not such SOFR Loan was in fact so funded.
3.06    Mitigation Obligations; Replacement of Lenders; Like Treatment.
(a)    Designation of a Different Lending Office.  If any Lender requests compensation under Section 3.04, or the Borrower is required to pay any Indemnified Taxes or any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender shall, as applicable, 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 good faith judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, 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 costs and expenses incurred by any Lender in connection with any such designation or assignment.

(b)    Replacement of Lenders.  If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any Indemnified Taxes or any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01 and, in each case, such Lender has not or is unable to designate a different lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 10.13.
(c)    Like Treatment.  No Lender shall request compensation under Section 3.01, 3.02 or 3.04, unless such Lender is generally requesting compensation from other similarly situated borrowers.
Each party hereto agrees that (x) an assignment required pursuant to this Section 3.06 may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and (y) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender or the Administrative Agent, provided, further that any such documents shall be without recourse to or warranty by the parties thereto.
3.07    Survival.  All of the Borrower’s obligations under this Article III shall survive termination of the Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent.

ARTICLE IV.
CONDITIONS PRECEDENT TO LOANS
4.01    Conditions of Initial Loan.  The obligation of each Lender to make the any initial Loan is subject to satisfaction of the following conditions precedent:
(a)    The Administrative Agent’s (or its counsel, Allen & Overy LLP’s) receipt of the following, each of which shall be originals or facsimiles or electronic pdfs unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the Lenders:
(i)    executed counterparts of this Agreement, the Subordination Agreement and the Guaranty, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
(ii)    a Note executed by the Borrower in favor of each Lender requesting a Note;
(iii)    such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party;
(iv)    such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in its jurisdiction of organization;
(v)    a favorable opinion of  Sidley Austin LLP, counsel to the Loan Parties, or other applicable local counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit E and such other matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;
(vi)    a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(vii)    a certificate signed by a Responsible Officer of the Borrower as of the Closing Date certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied or waived (which such waiver must be in writing), (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, (C) that neither the Borrower nor any Subsidiary is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and (D) that the Borrower has disclosed to the Administrative Agent and the Lenders all matters known to any Responsible Officer that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect;
(viii)    a duly completed Compliance Certificate as of the Closing Date for the fiscal quarter ended September 30, 2021, signed by a Responsible Officer of the Borrower, certifying as to no Default under the terms of this Agreement and evidencing compliance with Section 7.10; it being understood that the Borrower agrees the Lenders and Administrative Agent are be permitted to rely (as if an addressee thereof) on the Compliance Certificate delivered pursuant to the Revolving Credit Agreement for the fiscal period ended September 30, 2021, and such permitted reliance shall satisfy this clause (viii);
(ix)    EDC shall have received a duly completed disclosure consent from each of the Borrower and the Exporter;
(x)    evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect;
(xi)    to the extent requested not less than 15 days prior to the Closing Date, (A) all documentation and other information requested by (or on behalf of) any Lender in order to comply with requirements of anti-corruption Laws, Anti-Terrorism Laws and Sanctions and (B) if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification; and
(xii)    such other assurances, certificates, documents, consents or opinions as the Administrative Agent or the Required Lenders reasonably may require.
(b)    Any fees required to be paid by the Borrower pursuant to the Fee Letters on or before the Closing Date shall have been paid.

(c)    Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and invoiced fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced not less than one Business Day prior to the Closing Date, plus such additional amounts of such invoiced fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent in accordance with the terms of this Agreement).
Without limiting the generality of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender 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 unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
4.02    Conditions to all Loans.  The obligation of each Lender to honor any Committed Loan Notice is subject to the following conditions precedent:
(a)    The representations and warranties of the Borrower contained in Article V or any other Loan Document (other than the representation and warranty set forth in Section 5.05(c)), or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (or, to the extent any such representation or warranty is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects) on and as of the date of such Loan, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01.
(b)    No Default shall exist, or would result from such proposed Loan or from the application of the proceeds thereof.
(c)    The Administrative Agent shall have received a Committed Loan Notice in accordance with the requirements hereof.
Each Committed Loan Notice submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Committed Loan Notice.

ARTICLE V.
REPRESENTATIONS AND WARRANTIES
The Borrower represents and warrants to the Administrative Agent and the Lenders that:
5.01    Existence, Qualification and Power.  Each Loan Party and each Material Subsidiary (a) is duly organized or formed, validly existing and, as applicable, in good standing under the applicable laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing under the applicable laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in subsections (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.
5.02    Authorization; No Contravention.  The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene any material term of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any applicable law to which such Person is subject, except in each case referred to in subsections (b) and (c) above to the extent that any such conflict, breach, contravention, creation, requirement or violation could reasonably be expected to have a Material Adverse Effect.
5.03    Governmental Authorization; Other Consents.  No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, any Loan Party of this Agreement or any other Loan Document other than those already obtained or performed.
5.04    Binding Effect.  This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is a party thereto.  This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is a party thereto in accordance with its terms, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other applicable laws relating to or affecting generally the enforcement of creditors’ rights and except to the extent that availability of the remedy of specific performance or injunctive relief is subject to the discretion of the court before which any proceeding therefor may be brought.
5.05    Financial Statements; No Material Adverse Effect.
(a)    The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present in all material respects the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date thereof in accordance with GAAP.
(b)    The unaudited consolidated balance sheet of the Borrower and its Subsidiaries dated September 30, 2021, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (ii) fairly present in all material respects the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of subsections (i) and (ii), to the absence of footnotes (other than as may be required in connection with any Receivables Securitization) and to normal year-end audit adjustments.
(c)    For the period from the date of the Audited Financial Statements through the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.
5.06    Litigation.  There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) either individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.
5.07    No Default.  No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.
5.08    Ownership of Property; Liens.  Each of the Borrower and the Material Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all assets reflected on the Audited Financial Statements or acquired since the date of the Audited Financial Statements except for property and assets sold or otherwise disposed of in the ordinary course of business or otherwise in accordance with the terms of this Agreement since the date of the Audited Financial Statements and for such defects in title or failure to have such title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  The property of the Borrower and each of the Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01.

5.09    Environmental Compliance.  The Borrower and its Subsidiaries conduct in the ordinary course of business a review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Borrower has reasonably concluded that such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
5.10    Insurance.  The properties of the Borrower and its Subsidiaries are insured (a) with companies or associations (including affiliated companies approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed)) and (b) in such amounts (after giving effect to any self-insurance compatible with the standards set forth in Section 6.07), in each case of (a) and (b) preceding, as are customarily engaged by companies engaged in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates; provided, however, that the Borrower and such Subsidiary may self-insure for physical damage to automobiles, welfare benefits and against liability to workers in any state or jurisdiction, or may effect worker’s compensation insurance therein through an insurance fund operated by such state or jurisdiction in accordance with the provisions of Section 6.07.
5.11    Taxes.  The Borrower and its Subsidiaries have (a) made or filed all Federal and state income and all other material tax returns, reports and declarations required by any jurisdiction to which any of them is subject or properly filed for and received extensions with respect thereto which are still in full force and in effect and which have been fully complied with in all material respects, (b) have paid all Federal and state income and other material taxes, assessments, fees and other governmental charges shown or determined to be due on such returns, reports, and declarations, except those which are being contested in good faith by appropriate proceedings and for which adequate reserves, to the extent required by GAAP, have been established, and (c) set aside on their respective books provisions reasonably adequate for the payment of all estimated taxes for periods subsequent to the periods to which such returns, reports or declarations apply.
5.12    ERISA Compliance.
(a)    Each Plan is in compliance with the applicable provisions of ERISA, the Code and other applicable Federal or state laws, except where such non-compliance could not reasonably be expected to have a Material Adverse Effect.  Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the best knowledge of the Borrower, nothing has occurred which would prevent, or cause the loss of, such qualification, except where the failure to so qualify could not reasonably be expected to have a Material Adverse Effect.  The Borrower and each ERISA Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan except for those that could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(b)    There are no pending or, to the best knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect.  There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect.
(c)    (i) No ERISA Event has occurred during the six-year period prior to the date on which such representation is made or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) neither the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA, except for each of the foregoing clauses that could not, either individually or in the aggregate, reasonably be expected to have or to result in, a Material Adverse Effect.
5.13    Subsidiaries; Equity Interests; Guarantors.  As of the Closing Date, (a) the Borrower has no Subsidiaries other than those specifically disclosed in Exhibit 21 to the Borrower’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as supplemented by any changes to such Subsidiaries set forth in Part (a) of Schedule 5.13, and (b) all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and nonassessable and are wholly-owned by the Borrower except as otherwise specified on Part (a) of Schedule 5.13 free and clear of all Liens except any Lien that is permitted under Section 7.01.  As of the Closing Date, the Borrower has no equity investments in any other corporation or entity other than those specifically disclosed in Part (b) of Schedule 5.13. Neither the Borrower nor any Guarantor is an Affected Financial Institution.  As of the Closing Date, each of the Guarantors is specifically disclosed in Part (c) of Schedule 5.13.
5.14    Margin Regulations; Investment Company Act.
(a)    The Borrower is not engaged, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock.  No proceeds of any Borrowing will be used for any purpose in contravention or violation of Regulation U issued by the FRB.  Following the application of the proceeds of each Borrowing, not more than 25% of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) subject to the provisions of Section 7.01 or Section 7.05 or subject to any restriction contained in any agreement or instrument between the Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of Section 8.01(e) will be margin stock.
(b)    None of the Borrower or any Material Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act of 1940.

5.15    Disclosure.  No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of any Loan Party (other than any projections and information of a general economic or an industry-specific nature, as to which the Borrower makes no representation) to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished or made available publicly) when taken as a whole contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein taken as a whole, in the light of the circumstances under which they were made, not materially misleading.
5.16    Compliance with Laws.  Each Loan Party and each Subsidiary is in compliance in all material respects with the requirements of all applicable laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of applicable law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
5.17    Taxpayer Identification Number.  The Borrower’s true and correct U.S. taxpayer identification number is set forth on Schedule 10.02.
5.18    Anti-Corruption Laws; OFAC; Sanctions. 
(a)    Neither the Borrower, nor any of its Subsidiaries, nor, to the knowledge of the Borrower and its Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially Designated nationals, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction. The Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of the Borrower its directors and agents, are in compliance with applicable Sanctions in all material respects.  No Loan, use of the proceeds of any Loan or other transactions contemplated hereby will violate applicable Sanctions.  Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Patriot Act”), the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto.  The Borrower and its Subsidiaries are in compliance in all material respects with the Patriot Act
(b)    The Borrower and its Subsidiaries have conducted their businesses in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws in all material respects. No Loan, use of the proceeds of any Loan, or other transactions contemplated hereby will violate the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions.

ARTICLE VI.
AFFIRMATIVE COVENANTS
So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and 6.03) cause each Subsidiary to:
6.01    Financial Statements.  Deliver to the Administrative Agent:
(a)    as soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, beginning with the fiscal year ending December 31, 2021, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of operations, common stockholders’ equity, and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of PricewaterhouseCoopers LLP or other independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; provided that if the Borrower switches from one independent public accounting firm to another and if such switch has occurred during any fiscal period being audited by such new accounting firm, the audit report of any such new accounting firm may contain a qualification or exception as to the scope of such consolidated financial statements that relates to the period of such fiscal period prior to its retention; and
(b)    as soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal quarter ended March 31, 2022), a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, the related consolidated statements of operations for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, and the related consolidated statements of common stockholders’ equity, and cash flows for the portion of the Borrower’s fiscal year then ended, in each case setting forth in comparative form, as applicable, prepared in accordance with GAAP consistently applied throughout the period covered thereby and in reasonable detail, such consolidated statements to be certified by the chief executive officer, chief financial officer, chief accounting officer, treasurer or controller of the Borrower as fairly presenting in all material respects the financial condition, results of operations, common stockholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes (other than as may be required in connection with any Receivables Securitization).
6.02    Certificates; Other Information.  Deliver to the Administrative Agent:
(a)    concurrently with the delivery of the financial statements referred to in Section 6.01(a), a certificate of its independent certified public accountants to the effect that they have read a copy of this Agreement, and that, in making the examination necessary to said certification, they have obtained no knowledge of any Default, or if such accountants shall have obtained knowledge of any then existing Default they shall disclose in such statement any such Default; provided that such accountants shall not be liable to the Lenders for failure to obtain knowledge of any Default;
(b)    in form and detail reasonably satisfactory to the Administrative Agent, concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b) commencing with the fiscal quarter ended March 31, 2022, a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, chief accounting officer, treasurer or controller of the Borrower, including a list that identifies (i) each Material Domestic Subsidiary formed or acquired during the fiscal quarter then ended, including pursuant to a merger or Investment permitted by the provisions of this Agreement,  (ii) each Domestic Subsidiary designated as a Material Subsidiary pursuant to Section 6.14(a)(i) during the fiscal quarter then ended and (iii) each Material Domestic Subsidiary that was Disposed of during the fiscal quarter then ended, including pursuant to a sale, merger, dissolution, liquidation, consolidation or other Disposition;
(c)    promptly after any request by the Administrative Agent, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of any Loan Party by independent accountants in connection with the accounts or books of any Loan Party or any of its Subsidiaries, or any audit of any of them;
(d)    promptly after the same are available, copies of each 10-K, 10-Q and 8-K statement which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto;
(e)    to the extent permitted by applicable law, promptly, and in any event within five Business Days after receipt thereof by the Borrower or any Subsidiary, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation by the enforcement division of such agency regarding financial or other operational results of the Borrower or any Subsidiary; and
(f)    promptly, such additional information regarding the business, financial or corporate affairs of the Borrower or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent (individually or at the direction of any Lender) may from time to time reasonably request.

Information required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(d) (to the extent any such information is included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that:  (i) upon written request by the Administrative Agent or any Lender, the Borrower shall deliver paper copies of such documents to the Administrative Agent or such Lender that requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall notify the Administrative Agent (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.  Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper or pdf copies of the Compliance Certificates required by Section 6.02(b) to the Administrative Agent.  Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.
The Borrower hereby acknowledges that (a) the Administrative Agent and/or Citibank, as Global Coordinator will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar confidential and secure electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.  All Borrower Materials that have been filed with the SEC and available on the SEC’s EDGAR system shall be deemed “PUBLIC.”  The Borrower hereby agrees that (w) all Borrower Materials (if any) that are to be made available to Public Lenders 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 shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and Citibank, as the Global Coordinator, shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform that is not designated “Public Side Information.”  Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC.”
6.03    Notices.
(a)    Promptly notify the Administrative Agent of the occurrence of any Default;
(b)    Promptly after any Responsible Officer has knowledge thereof, notify the Administrative Agent of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect;
(c)    Promptly after any Responsible Officer has knowledge thereof, notify the Administrative Agent of the filing or commencement of, or any written threat or written notice of intention of any Person to file or commence, any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental Authority against the Borrower or any Subsidiary that could reasonably be expected to result in a Material Adverse Effect;
(d)    Promptly after any Responsible Officer has knowledge thereof, notify the Administrative Agent of any material change in accounting policies or financial reporting practices by the Borrower or any Subsidiary and not previously disclosed in the financial statements delivered pursuant to Section 6.01; 
(e)    Promptly after any Responsible Officer has knowledge thereof, notify the Administrative Agent of any announcement by any of Moody’s, S&P or Fitch of any change in a Debt Rating; and
(f)    Promptly notify the Administrative Agent 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 such certification.
Each notice pursuant to this Section 6.03 (other than Section 6.03(e)) shall be accompanied by a written statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto, if any.  Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached, if any.
6.04    Payment of Obligations.  Pay and discharge as the same shall become due and payable in the ordinary course of business, all obligations and liabilities of the Borrower and the Material Subsidiaries, including all such tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Material Subsidiary, except to the extent any failure to pay or discharge the same could not reasonably be expected to result in a Material Adverse Effect.

6.05    Preservation of Existence, Etc.  (a) Except as otherwise expressly permitted under Section 7.04, preserve, renew and maintain in full force and effect the legal existence of the Borrower under the applicable laws of the jurisdiction of its organization but only to the extent that such transaction could not reasonably be expected to have a Material Adverse Effect; (b) except as otherwise expressly permitted under Section 7.04 and 7.05, preserve, renew and maintain in full force and effect the legal existence of each Material Subsidiary under the applicable laws of the jurisdiction of its organization but only to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; (c) except as otherwise expressly permitted under Section 7.04 and 7.05, take all reasonable action to maintain its good standing and all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business but only to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (d) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect.
6.06    Maintenance of Properties; Office.  (a) Maintain, preserve and protect all of the properties and equipment necessary in the operation of the business of the Borrower and each Material Subsidiary in good working order and condition, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) make all necessary repairs thereto and renewals and replacements thereof, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; provided that nothing in this Section 6.06 shall prevent the Borrower from discontinuing the operation and maintenance of any of its properties or those of its Material Subsidiaries that meets each of the following conditions:  (i) such discontinuance is, in the judgment of the Borrower, desirable in the conduct of its or their business, (ii) such discontinuance does not in the aggregate materially adversely affect the business of the Borrower and its Material Subsidiaries on a consolidated basis and (iii) such discontinuance is not otherwise expressly prohibited under the terms of this Agreement.
6.07    Maintenance of Insurance.  Maintain with insurance companies or associations (including affiliated companies approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed)) customarily used by Persons engaged in the same or similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates, of such types and in such amounts (after giving effect to self-insurance compatible with the standards following the parenthetical contained in Section 5.10) as are customarily carried under similar circumstances by such other Persons; provided, however, that the Borrower and any of its Subsidiaries may self-insure for physical damage to automobiles, welfare benefits and against liability to workers in any state or jurisdiction, or may effect worker’s compensation insurance therein through an insurance fund operated by such state or jurisdiction.
6.08    Compliance with Laws.  Comply in all material respects with the requirements of all applicable laws and all orders, writs, injunctions and decrees applicable to it or to its business or property (including without limitation the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions and applicable Sanctions), except in such instances in which (a) such requirement of applicable law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.
6.09    Books and Records.  Maintain proper books of record and account, in which full, true and correct entries in all material respects and are in material conformity with GAAP consistently applied during such period shall be made of all material financial transactions and matters involving the assets and business of the Borrower or such Material Subsidiary, as the case may be (it being understood and agreed that any foreign Subsidiary may maintain individual books and records in conformity with generally accepted accounting principles in its respective country of organization and that such maintenance shall not constitute a breach of the representations, warranties or covenants hereunder).
6.10    Inspection Rights.
(a)    Permit the Administrative Agent or any of the Administrative Agent’s other designated representatives, to visit and inspect any of the properties of the Borrower or any of its Subsidiaries, to examine the books of account of the Borrower and its Subsidiaries (and to make copies thereof and extracts therefrom), and to discuss the affairs, finances and accounts of the Borrower and its Subsidiaries with, and to be advised as to the same by, its and their officers, employees and independent public accountants (such accountants being hereby authorized by the Borrower to so discuss and advise) all at the expense of the Borrower and, so long as there exists no Event of Default that is continuing, at such reasonable times and intervals as the Administrative Agent may reasonably request;
(b)    permit each Lender or any of each such Lenders’ other designated representatives, not more than once per fiscal year (and at the expense of such Lender), to visit and inspect any of the properties of the Borrower or any of its Subsidiaries during normal business hours, to examine the books of account of the Borrower and its Subsidiaries (and to make copies thereof and extracts therefrom), and to discuss the affairs, finances and accounts of the Borrower and its Subsidiaries with, and to be advised as to the same by, its and their officers, employees and independent public accountants (such accountants being hereby authorized by the Borrower to so discuss and advise) upon the request by such Lender with reasonable notice, and 
(c)    upon an Event of Default and for so long as it is continuing, permit the Lenders or any of the Lenders’ other designated representatives, to visit and inspect any of the properties of the Borrower or any of its Subsidiaries, to examine the books of account of the Borrower and its Subsidiaries (and to make copies thereof and extracts therefrom), and to discuss the affairs, finances and accounts of the Borrower and its Subsidiaries with, and to be advised as to the same by, its and their officers, employees and independent public accountants (such accountants being hereby authorized by the Borrower to so discuss and advise) at the expense of the Borrower and at such reasonable times and intervals as any such Lender may reasonably request.  

In connection with any such inspections or discussions, (i) the Borrower shall be given reasonable notice of and shall have the right to be present at such inspections or discussions, and (ii) each Lender, on behalf of itself and any representative authorized by it, agrees to treat all non-public information as confidential information pursuant to Section 10.07 and to take all reasonable precautions to prevent such confidential information from being exposed to third parties and to those of its employees and representatives who do not need to know such confidential information; provided that this Section 6.10 shall not affect the disclosure by any Lender of information required to be disclosed to its auditors, regulatory agencies or pursuant to subpoena or other legal process or by virtue of any other law, regulation, order or interpretation.  

6.11    Use of Proceeds.  Use all of the proceeds of the Loans to (i) to finance the Borrower’s purchase under a Supply Contract of goods and services (including goods and services purchased prior to the Closing Date) from the Exporter and (ii) pay fees and expenses incurred in connection with the financing contemplated herein.
6.12    Indebtedness Owed to Parent Affiliated Companies.  Cause all Consolidated Funded Indebtedness of Borrower or any of its Subsidiaries owed to any Parent Affiliated Company, whether existing on or as of the Closing Date or created, incurred or arising at any time thereafter (a) at all times to be and remain unsecured, and (b) (i) (other than Refinancing Indebtedness) in an aggregate principal amount at any time outstanding in excess of $105,000,000, and (ii) all Refinancing Indebtedness in an aggregate principal amount at any time outstanding in excess of $250,000,000, in each case of subsections (i) and (ii) preceding, at all times to be and remain subordinated to the Obligations pursuant to the Subordination Agreement.
6.13    Further Assurances.  Cooperate with the Lenders and the Administrative Agent and execute such further instruments and documents as the Lenders or the Administrative Agent shall reasonably request to carry out to their satisfaction the transactions contemplated by this Agreement and the other Loan Documents.
6.14    Additional Guarantors; Guaranty Trigger Event.
(a)    On (or at the election of the Borrower prior to) the date the Borrower is required to deliver the Compliance Certificate for each fiscal quarter, 
(i)    if, at such time, any existing direct Domestic Subsidiary that is not a Guarantor meets the threshold set forth in the definition of Material Subsidiary, designate in writing to the Administrative Agent such additional Domestic Subsidiary as a “Material Subsidiary”, 
(ii)    notify the Administrative Agent of any other changes to the Material Domestic Subsidiaries for such fiscal quarter, including (A) the formation or acquisition of a Material Domestic Subsidiary, including pursuant to a merger or Investment permitted by the provisions of this Agreement and (B) the Disposition of a Material Subsidiary, including pursuant to a sale, merger, dissolution, liquidation, consolidation or other Disposition, and 
(iii)    cause each new Material Domestic Subsidiary pursuant to clauses (i) and (ii)(A) above to (x) become a Guarantor by executing and delivering to the Administrative Agent a counterpart of the Guaranty or such other document as the Administrative Agent shall deem reasonably appropriate for such purpose, and (y) unless waived by the Administrative Agent, deliver to the Administrative Agent documents of the types referred to in clauses (iii) and (iv) of Section 4.01(a) and favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (x)), all in form, content and scope reasonably satisfactory to the Administrative Agent.  
Notwithstanding the foregoing, the Borrower shall have no duty to comply with the requirements set forth in clauses (i) - (iii) above during a Guaranty Release Period.
(b)    If, at any time after the occurrence of the Guaranty Release Date, (i) two or more of S&P Rating, Moody’s Rating or Fitch Rating falls below BBB-, Baa3 or BBB, respectively, (ii) the Borrower fails to maintain a Debt Rating of the Borrower’s senior unsecured long-term debt securities by two or more of S&P, Moody’s and Fitch, (iii) any Subsidiary grants a Guarantee (or permits any such Guarantee to exist) of the Revolving Loan Facility, the Parent Term Loan Facility, the Borrower Term Loan Facility, the Borrower SOFR Loan Facility or the Parent Credit Agreement, or (iv) any Pari Passu Guaranteed Indebtedness exists (each a “Guaranty Trigger Event”), then, in the case of clauses (i) and (ii), the Borrower and each then existing and subsequently acquired or formed Material Domestic Subsidiary of the Borrower, and, in the case of clause (iii), the Borrower or applicable Subsidiary, shall Guarantee the Obligations on a pari passu basis with such other Indebtedness (if any) and, upon the occurrence of such Guaranty Trigger Event, the Borrower shall execute and deliver to the Administrative Agent a Guaranty and shall cause each such applicable Subsidiary to (A) become a Guarantor by executing and delivering to the Administrative Agent a counterpart of the Guaranty or such other document as the Administrative Agent shall deem reasonably appropriate for such purpose, and (B) unless waived by the Administrative Agent, deliver to the Administrative Agent documents of the types referred to in clauses (iii) and (iv) of Section 4.01(a) and favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (A)), all in form, content and scope reasonably satisfactory to the Administrative Agent.
6.15    Anti-Corruption Laws.  Conduct its businesses in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions and maintain policies and procedures designed to promote and achieve compliance with such laws.

ARTICLE VII.
NEGATIVE COVENANTS
So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, the Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly:
7.01    Liens.  Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues (including, without limitation, Equity Interests owned by the Borrower and any of its Subsidiaries), whether now owned or hereafter acquired, other than the following:
(a)    pro rata Liens securing any of the Obligations owing to the Lenders;
(b)    Liens to secure taxes, assessments and other governmental charges in respect of obligations not overdue or Liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue or in respect of which the Borrower or relevant Subsidiary shall at the time in good faith be prosecuting an appeal or proceeding for review and in respect of which a stay of execution shall have been obtained pending such appeal or review and for which any reserves required in accordance with GAAP have been established;
(c)    deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations;
(d)    Liens on properties in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which the Borrower or relevant Subsidiary shall at the time in good faith be prosecuting an appeal or proceeding for review and in respect of which a stay of execution shall have been obtained pending such appeal or review and for which any reserves required in accordance with GAAP have been established;
(e)    Liens of carriers, warehousemen, mechanics and materialmen, and other like liens on properties in existence less than 120 days from the date of creation thereof in respect of obligations not overdue, or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the Borrower or relevant Subsidiary;
(f)    encumbrances consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s Liens under leases to which the Borrower or relevant Subsidiary is a party or under applicable law, and other minor Liens or encumbrances none of which in the opinion of the Borrower interferes materially with the use of the property affected in the ordinary conduct of the business of the Borrower or such Subsidiary, which defects do not individually or in the aggregate have a materially adverse effect on the business of the Borrower or such Subsidiary individually or of the Borrower and its Subsidiaries taken as a whole;
(g)    (i) outstanding Liens on the Closing Date securing Indebtedness of less than $25,000,000 and (ii) outstanding Liens on the Closing Date securing Indebtedness over $25,000,000 that are listed on Schedule 7.01, and, in each case, any extension, renewal or replacement thereof, in whole or in part; provided, however, that the principal amount secured thereby shall not exceed the principal amount secured at the time of extension, renewal or replacement, and that such extension, renewal or replacement shall be limited to only that property (or any portion of such property) which secured the obligation so extended, renewed or replaced (plus any improvements on such property or portion of such property);
(h)    so long as no Event of Default exists at the time such Lien is created, Liens on any Specified Equity Interests; provided, however, that in each case such Liens (A) are incurred only in connection with any Monetization Transaction to secure obligations owed under such Monetization Transaction, (B) such Liens cover or otherwise attach to only the specific Specified Equity Interests which are the subject of such Monetization Transaction (and rights and interests usually and customarily related thereto, e.g., proceeds and dividends) and do not cover any other property or assets owned or acquired by the Borrower or any of its Subsidiaries, and (C) such Liens remain in existence only during the continuation of such Monetization Transaction;
(i)    so long as no Default exists before and immediately after giving effect to any such Liens at the time the contractual obligation to grant such Liens is entered into by the Borrower or its Subsidiaries, Liens in favor of governmental entities on assets and properties financed thereby in respect of Indebtedness permitted to be incurred under Section 7.03(e);
(j)    (i) so long as no Event of Default pursuant to Sections 8.01(a)(i), 8.01(a)(ii) (with respect to interest on any Loan only), 8.01(f) or 8.01(g) exists at the time such Lien is created, Liens on Securitization Assets arising out of the sale, assignment, pledge or transfer of Securitization Assets by the Borrower or any of its Subsidiaries to any Securitization Entity pursuant to a Receivables Securitization and (ii) so long as no Event of Default exists at the time such Lien is created, Liens created by the Borrower or any of its Subsidiaries pursuant to a pledge of the Equity Interests of any Securitization Entity in connection with a Receivables Securitization; 
(k)    any other Liens on the property and assets of the Borrower and any of its Subsidiaries; provided, however, with respect to any Liens that secure Indebtedness of the Borrower or any Subsidiary, (i) in no event shall the sum of (A) the amount of outstanding Indebtedness of the Borrower or any Subsidiary, if any, secured by Liens permitted by this subsection (k), plus (B) the amount of outstanding Indebtedness of the Subsidiaries permitted by Section 7.03(d) but not secured by Liens permitted under this subsection (k), plus (C) the amount of any other Indebtedness (as defined in the Parent Credit Agreement) incurred by any of the Parent Affiliated Companies, if any, and secured by Liens permitted by Section 7.01(l) of the Parent Credit Agreement (or any successor comparable provision), exceed in the aggregate at any time $300,000,000 and (ii) such Lien may only be incurred so long as no Event of Default exists at the time such Lien is created;

(l)    Liens securing Indebtedness and other obligations pursuant to any of the Parent Credit Agreement, the Revolving Loan Facility, the Parent Term Loan Facility, the Borrower SOFR Loan Facility and the Borrower Term Loan Facility; provided that no such Liens shall be permitted unless the Obligations are secured on a pari-passu basis with such Indebtedness; 
(m)    Liens in respect of Indebtedness permitted to be incurred under Sections 7.03(h) and (j), but only so long as such Liens are Permitted Equal and Ratable Liens; and  
(n)    Liens on Equity Interests of CoBank ACB held by the Borrower or any of its Subsidiaries securing Indebtedness and other obligations pursuant to the Borrower Term Loan Facility.
7.02    Investments.  Make any Investments, except:
(a)    Investments
(i)    held by the Borrower or such Subsidiary in the form of cash and Cash Equivalents, 
(ii)    made in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers, in each case consistent with past practices, 
(iii)    Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment, in each case only to the extent reasonably necessary in order to prevent or limit loss, 
(iv)    in any Special Entity, so long as in each case such Investments are (A) made in the ordinary course of business to fund operating expenses (including, without limitation, purchases of inventory in the ordinary course of business and capital expenditures incurred in the ordinary course of business consistent with past practices but only to the extent they are Ordinary Capital Expenditures) of such Special Entity, (B) consistent with past practices of the Borrower, its Subsidiaries and such Special Entities and (C) either (I) not in excess of $25,000,000 in the aggregate at any time outstanding or (II) otherwise made pursuant to agreements, documents or other instruments pursuant to which the Borrower or such Subsidiary shall have a commitment to fund and in respect of which the Borrower shall, upon the request of the Administrative Agent, use commercially reasonable efforts to cause the Administrative Agent, for the benefit of itself and the other Lenders, to have a perfected first Lien within thirty (30) days (or such longer time period as the Administrative Agent may agree) following the date of any such Investment under this subclause (II) (and subject to an agreement among the Administrative Agent on behalf of the Lenders on the one hand, and the administrative agent on behalf of the lenders under the Parent Credit Agreement, the Parent Term Loan Facility, the Borrower Term Loan Facility, the Borrower SOFR Loan Facility or the Revolving Loan Facility, as applicable, on the other hand, regarding such Liens), but in no event shall the aggregate amount of all Investments made under this subclause (II) exceed $50,000,000; and
(v)    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 and consistent with past practices; 
(b)    in addition to Investments permitted by subsection (a) preceding, Investments of any Subsidiary in the Borrower;
(c)    in addition to Investments permitted by subsections (a) and (b) preceding, Investments of the Borrower or any Subsidiary in any Subsidiary (except Investments pursuant to this subsection (c) in a Securitization Entity and any of its Subsidiaries are not permitted unless such Investments are made during a Guaranty Release Period) so long as in each case such Investments are (i) made in the ordinary course of business to fund operating expenses of such Subsidiary (including, without limitation, purchases of inventory in the ordinary course of business and capital expenditures incurred in the ordinary course of business consistent with past practices but only to the extent they are Ordinary Capital Expenditures) and (ii) consistent with past practices of the Borrower and its Subsidiaries; provided that, for the avoidance of doubt, the foregoing shall permit intercompany obligations, including intercompany loans, incurred in the ordinary course of business by and among the Borrower or any wholly-owned Subsidiary of the Borrower, on the one hand, and any other wholly-owned Subsidiary of the Borrower, on the other hand, in each case only to the extent arising from time to time in connection with any Receivables Securitization otherwise permitted under this Agreement;
(d)    in addition to Investments permitted by subsections (a), (b) and (c) preceding, Liens, Indebtedness, fundamental changes, Dispositions and Restricted Payments, in each case only as each is specifically permitted under Sections 7.01, 7.03, 7.04, 7.05 and 7.06, respectively, to the extent that any constitute Investments;
(e)    so long as no Event of Default pursuant to Sections 8.01(a)(i), 8.01(a)(ii) (with respect to interest on any Loan only), 8.01(f) or 8.01(g) exists before and immediately after giving effect to any such Investment, Investments by the Borrower or any Subsidiary in a Securitization Entity pursuant to a Receivables Securitization; provided that such Investments are used exclusively for the purpose of financing or refinancing assets newly financed or refinanced under such Receivables Securitization;

(f)    in addition to Investments permitted by subsections (a), (b), (c), (d) and (e) preceding, so long as (i) no Event of Default exists before and after giving effect to any such Investment and (ii) the Borrower is in pro-forma compliance with each of the covenants in Section 7.10 after giving effect to any such proposed Investment, the Borrower and its Subsidiaries may make any Investment (except Investments pursuant to this subsection (f) in a Securitization Entity and any of its Subsidiaries are not permitted unless such Investments are made during a Guaranty Release Period); and
(g)    in addition to Investments permitted by subsections (a), (b), (c), (d), (e) and (f) preceding, so long as (i) no Event of Default under Section 8.01(a) exists before and immediately after giving effect to any such Investment and (ii) Outstanding Amounts of all Loans on any date of any Investment are not more than zero, the Borrower and its Subsidiaries may make any Investment (except Investments pursuant to this subsection (g) in a Securitization Entity and any of its Subsidiaries are not permitted unless such Investments are made during a Guaranty Release Period).
7.03    Indebtedness.  Solely with respect to any Subsidiary, create, incur, assume or suffer to exist any Indebtedness, except:
(a)    Indebtedness under the Loan Documents;
(b)    Indebtedness (including any Guarantees thereof) outstanding on the Closing Date and listed on Schedule 7.03 and any refinancings, refundings, renewals or extensions thereof; provided that (i) the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to accrued interest (but only such accrued interest scheduled to accrue and remain unpaid by its terms in accordance with the related debt instrument as in effect on the Closing Date) and a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing, refunding, renewal or extension and by an amount equal to any existing commitments unutilized thereunder and (ii) the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to the Borrower on a consolidated basis, such Person or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to any such refinancing, refunding, renewing or extending Indebtedness does not exceed the then applicable market interest rate;
(c)    loans to Subsidiaries made in accordance with the terms of Section 7.02(b) and (c);
(d)    so long as no Default exists before and after giving effect to the incurrence of any such Indebtedness, Indebtedness of any Subsidiary up to a maximum amount outstanding at any one time of $300,000,000; provided that, notwithstanding the foregoing, in no event shall the sum of (i) the amount of outstanding Indebtedness of the Subsidiaries permitted by this subsection (d) (whether secured or unsecured), plus (ii) the amount of outstanding Indebtedness of the Borrower on a consolidated basis secured by Liens permitted by Section 7.01(k), plus (iii) without duplication, the amount of outstanding Indebtedness of the Subsidiaries of the Parent Company (other than the Borrower) permitted by Section 7.03(d) of the Parent Credit Agreement (or any successor comparable provision), exceed in the aggregate at any time, $300,000,000; 
(e)    so long as there exists no Default at the time of its incurrence, Indebtedness owed to governmental entities and authorized pursuant to and incurred under the American Recovery and Reinvestment Act of 2009 or other law for broadband infrastructure in any area of the United States, particularly in areas without sufficient access to high speed broadband service to facilitate economic development (collectively, a “Government Program”); provided that, notwithstanding the foregoing, in no event shall the aggregate amount of Indebtedness incurred as permitted by this subsection (e) together with (I) the aggregate amount of any programs permitted by Section 7.11 (without duplication) plus (II) the aggregate amount of Indebtedness or other funding (other than grants) incurred by any of the Parent Affiliated Companies (other than the Parent Company) in connection with a Government Program exceed in the aggregate at any time $500,000,000;
(f)    Indebtedness of a Securitization Entity incurred in connection with a Receivables Securitization; provided that, in no event shall the outstanding principal amount of such Indebtedness exceed in the aggregate at any time $500,000,000; 
(g)    Indebtedness of the Borrower or any Subsidiary incurred under a Recourse Guaranty issued in connection with a Receivables Securitization, in an aggregate amount not to exceed $50,000,000; 
(h)    so long as no Default exists before and after giving effect to the incurrence of any such Indebtedness, unsecured Indebtedness of the Borrower incurred after the Closing Date that is Guaranteed by any of its Subsidiaries up to a maximum principal amount outstanding at any one time of $300,000,000 less the principal amount of the loans made pursuant to the Borrower SOFR Loan Facility; provided that (i) such Indebtedness shall rank pari passu in right of payment with the Obligations, (ii) in no event shall the sum of (A) the amount of outstanding Indebtedness of the Subsidiaries permitted by this subsection (h), plus (B) without duplication, the amount of outstanding Indebtedness of the Subsidiaries of the Parent Company (other than the Borrower) permitted by Section 7.03(h) of the Parent Credit Agreement (or any successor comparable provision), exceed in the aggregate at any time, $300,000,000 less the principal amount of the loans made pursuant to the Borrower SOFR Loan Facility, (iii) [Reserved], and (iv) such Indebtedness shall not contain covenants (including financial maintenance covenants), taken as a whole, that are materially tighter (or in addition to), with respect to the borrower of such Indebtedness and its Subsidiaries and any guarantor, than those contained in this Agreement on the date of issuance; 
(i)    Indebtedness (including any Guarantees thereof) under the Revolving Credit Facility, the Parent Term Loan Facility, the Borrower Term Loan Facility, the Borrower SOFR Loan Facility and the Parent Credit Agreement or any loan document related to any of the foregoing; and 

(j)    so long as there exists no Default at the time of its incurrence, Indebtedness (including Guarantees thereof) owed to an export credit agency or institution for the purpose of facilitating trade exports up to a maximum principal amount outstanding at any one time of $300,000,000; provided that, notwithstanding the foregoing, in no event shall the sum of (i) the amount of outstanding Indebtedness of the Subsidiaries permitted by this subsection (j), plus (ii) without duplication, the amount of outstanding Indebtedness of the Subsidiaries of the Parent (other than the Borrower) permitted by Section 7.03(j) of the Parent Credit Agreement, exceed in the aggregate at any time, $300,000,000 less the principal amount of the Loans outstanding hereunder; further provided, that at all times (i) such Indebtedness shall rank pari passu in right of payment with the Obligations, (ii) such Indebtedness shall contain covenants (including financial maintenance covenants), taken as a whole, that are substantially similar, but not more restrictive (or in addition to), with respect to the borrower of such Indebtedness and its Subsidiaries and any guarantor, than those contained in this Agreement, (iii) no Subsidiary may Guarantee such Indebtedness unless it is a Guarantor hereunder and has executed and delivered to the Administrative Agent a Guaranty Supplement or such other document as the Administrative Agent may deem reasonably appropriate for such purpose and has complied with each of the other terms and conditions of Section 6.14, and (iv) such Indebtedness is unsecured unless secured by a Permitted Equal and Ratable Lien.
7.04    Fundamental Changes.  Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists or would result therefrom:
(a)    any Subsidiary may merge, amalgamate or consolidate with (i) the Borrower; provided that the Borrower shall be the continuing or surviving Person, or (ii) any one or more other Subsidiaries; provided that (x) when any Guarantor is merging, amalgamating or consolidating with another Subsidiary, the continuing or surviving Person shall be the Guarantor or shall become a Guarantor concurrently with such transaction and (y) when any wholly-owned Subsidiary is merging with another Subsidiary, the continuing or surviving Person shall be the wholly-owned Subsidiary or shall become a wholly-owned Subsidiary concurrently with such transaction; 
(b)    any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another Subsidiary; provided that if the transferor in such a transaction is (i) a Guarantor, then the transferee must be only any of the Borrower, a Guarantor or another Subsidiary that becomes a Guarantor concurrently with such transaction and (ii) a wholly-owned Subsidiary, then the transferee must either be the Borrower or a wholly-owned Subsidiary; 
(c)    any Subsidiary that is not a Loan Party may liquidate or dissolve or change its legal form if the Borrower determines in good faith that such action is in the interest of the Borrower and its Subsidiaries;
(d)    any consolidation of the Borrower with or merger of the Borrower into any other Person or Persons (whether or not affiliated with the Borrower), or successive consolidations or mergers to which the Borrower or its successor or successors shall be a party or parties; provided, however, that, the Borrower hereby consents and agrees that, upon any such consolidation or merger, the due and punctual payment of the principal of and interest on all of the Loans and the due and punctual performance and observance of all of the covenants, conditions and other obligations of this Agreement and the Notes to be performed and observed by the Borrower, shall be expressly assumed in an agreement satisfactory in form and substance to the Administrative Agent and the Lenders, executed and delivered to the Administrative Agent by the Person formed by such consolidation or merger; provided, further, that the Person formed by such consolidation or merger shall be a Person organized and existing under the laws of the United States, any state thereof or the District of Columbia, and provided, further, that immediately before and after giving effect to any such transaction (and treating any Consolidated Funded Indebtedness or Sale and Leaseback Transaction which becomes an obligation of the resulting or surviving Person as a result of such transaction as having been incurred or entered into by such Person at the time of such transaction), no Default shall exist.  Unless the conditions prescribed above in this Section 7.04(d) are satisfied, no such consolidation or merger shall be permitted; 
(e)    the Borrower or any Subsidiary may merge with any other Person in order to effect an Investment expressly permitted pursuant to Sections 7.02(e), (f) and (g); and
(f)    with respect to any Subsidiary, (i) a merger, dissolution, liquidation, consolidation or Disposition, the purpose of which is to effect a Disposition expressly permitted pursuant to Section 7.05(c)(i), and (ii) Dispositions made in accordance with the terms of Section 7.05(c)(ii), or any of Sections 7.05(e), (f) or (g).
7.05    Dispositions.  Make any Disposition or enter into any agreement to make any Disposition, except:
(a)    Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business, and Dispositions of property deemed to be no longer useful in the conduct of the business of the Borrower or any of its Subsidiaries in the ordinary course of business and as determined in the Borrower’s commercially reasonable judgment;
(b)    Dispositions of inventory and allowing any registrations or any applications for registration of any intellectual property to lapse or go abandoned, in each case, in the ordinary course of business;

(c)    Dispositions of (i) any property of any Subsidiary to the Borrower or to a wholly-owned Subsidiary (except Dispositions pursuant to this subsection (c)(i) to a Securitization Entity and any of its Subsidiaries are not permitted unless such Dispositions are made during a Guaranty Release Period); provided that if the transferor of such property is a Guarantor, the transferee thereof must be only any of the Borrower, a Guarantor or another wholly-owned Subsidiary that becomes a Guarantor concurrently with such transaction; and (ii) any property of the Borrower or a wholly-owned Subsidiary to a Subsidiary or Special Entity (except Dispositions pursuant to this subsection (c)(ii) to a Securitization Entity and any of its Subsidiaries are not permitted unless such Dispositions are made during a Guaranty Release Period); provided further that (x) if the transferor of such property is a Guarantor, the transferee thereof must be a Guarantor or another wholly-owned Subsidiary that becomes a Guarantor concurrently with such transaction and (y) if there exists any Event of Default at the time of any such Disposition or as a result of giving effect to any such Disposition, such Disposition under subsection (ii) hereof must be sales of property on fair and reasonable terms, in the ordinary course of business and consistent with past practices;
(d)    to the extent such transactions constitute Dispositions, (i) so long as no Event of Default pursuant to Sections 8.01(a)(i), 8.01(a)(ii) (with respect to interest on any Loan only), 8.01(f) or 8.01(g) exists before and immediately after giving effect to any such Dispositions, the transactions expressly permitted by Section 7.02(e) or otherwise constituting sales of Securitization Assets pursuant to a Receivables Securitization and (ii) the transactions expressly permitted by Sections 7.02(e), 7.04(a), (b), (c) and (d) and 7.06;
(e)    in addition to Dispositions permitted by subsections (a), (b), (c) and (d) preceding, so long as (i) no Default exists at the time the contractual obligation to make such Dispositions is entered into by the Borrower or its Subsidiaries, (ii) the Borrower is in pro-forma compliance with each of the covenants in Section 7.10 after giving effect to any such proposed Disposition, (iii) in each case such Disposition shall be for aggregate fair value (which shall be the price at which the Board of Directors of the relevant Person shall have agreed to sell such assets in an arm’s length transaction to an independent third party buyer which is not an Affiliate) and (iv) such Disposition (or series of Dispositions) shall not be of all or substantially all of the assets of the Borrower, the Borrower and its Subsidiaries may make any Disposition (except Dispositions pursuant to this subsection (e) to a Securitization Entity and any of its Subsidiaries are not permitted unless such Dispositions are made during a Guaranty Release Period);
(f)    in addition to Dispositions permitted by subsections (a), (b), (c), (d) and  (e)  preceding, so long as (i) no Event of Default under Section 8.01(a) exists before and immediately after giving effect to any such Dispositions, (ii) the Outstanding Amounts of all Loans on any date of any Disposition are not more than zero and (iii) such Disposition is for fair value (which shall be the price at which the Board of Directors of the relevant Person shall have agreed to sell such assets in an arm’s length transaction to an independent third party buyer which is not an Affiliate), the Borrower and its Subsidiaries may make any Disposition (except (x) Dispositions of all or substantially all of the assets of the Borrower are not permitted, and (y) Dispositions pursuant to this subsection (f) to a Securitization Entity and any of its Subsidiaries are not permitted unless such Dispositions are made during a Guaranty Release Period);
(g)    in addition to Dispositions permitted by subsections (a), (b), (c), (d), (e) and (f) preceding, so long as (i) 100% of the Net Proceeds of each such Disposition are used by the Borrower immediately upon receipt thereof to prepay the Outstanding Amounts of all Loans, (ii) such Disposition is for fair value (which shall be the price at which the Board of Directors of the relevant Person shall have agreed to sell such assets in an arm’s length transaction to an independent third party buyer which is not an Affiliate) and (iii) during the Availability Period, the Commitments are concurrently, automatically and permanently reduced by the full amount of the Net Proceeds (and the Borrower delivers a written acknowledgement to the Administrative Agent of a concurrent automatic permanent reduction of the Commitments in the amount of the Net Proceeds (regardless of whether there exist at any such time any Outstanding Amounts)), the Borrower and its Subsidiaries may make any Disposition (except (x) Dispositions of all or substantially all of the assets of the Borrower are not permitted, and (y) Dispositions pursuant to this subsection (g) to a Securitization Entity and any of its Subsidiaries are not permitted unless such Dispositions are made during a Guaranty Release Period); and
(h)    in addition to Dispositions permitted by subsections (a), (b), (c), (d), (e), (f) and (g) preceding, Dispositions consisting of the sale of Cash Equivalents for cash.
provided, however, that in each case of subsections (a) through (g) above and notwithstanding anything in this Section 7.05 or otherwise herein or in any Loan Documents, each such Disposition shall be, in Borrower’s commercially reasonable judgment, for fair market value.
7.06    Restricted Payments.  Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except:
(a)    each Subsidiary may make Restricted Payments to the Borrower and any other Person that owns an Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made;
(b)    the Borrower and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common stock or other common Equity Interests of such Person;
(c)    the Borrower and each Subsidiary may purchase, redeem or otherwise acquire Equity Interests issued by it with the proceeds received from the substantially concurrent issue of new shares of its common stock or other common Equity Interests;
(d)    repurchases in the ordinary course of business and consistent with past practices of Equity Interests in the Borrower or any Subsidiary of the Borrower deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of or tax withholding obligation with respect to such options or warrants;

(e)    the Borrower may make Restricted Payments in the ordinary course of business and consistent with past practices pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrower and its Subsidiaries (i) in effect as of the Closing Date, or (ii) given in renewal or extension of previously existing stock option plans or other benefit plans, such renewals and extensions to be on similar terms to the existing plans, or (iii) granted in the ordinary course of business consistent with past practices and on similar terms as those stock option plans or other benefit plans in existence on the Closing Date;
(f)    the Borrower may declare and make scheduled quarterly dividends approved by its board of directors provided that no such scheduled quarterly dividend shall exceed the amount of the scheduled quarterly dividend permitted to be declared and made by the Parent Company for such quarter under the Parent Credit Agreement;
(g)    in addition to Restricted Payments permitted by subsections (a), (b), (c), (d), (e) and (f) preceding, so long as (i) no Event of Default exists before and immediately after giving effect to any such Restricted Payment (provided that, notwithstanding the foregoing, solely in the case of dividends, such requirement shall only apply to the declaration of any such dividend and not to the payment of any such dividend), and (ii) the Borrower is in pro-forma compliance with each of the covenants in Section 7.10 after giving pro forma effect to any such proposed Restricted Payment on the date of payment or, in the case of dividends, the declaration thereof, the Borrower and its Subsidiaries may make any Restricted Payment at any time after such payment or, in the case of dividends, the declaration thereof; and
(h)    in addition to Restricted Payments permitted by subsections (a), (b), (c), (d), (e), (f) and (g) preceding, so long as (i) no Event of Default under Section 8.01(a) exists before and immediately after giving effect to any such Restricted Payment and (ii) Outstanding Amounts of all Loans on any date of any Restricted Payment are not more than zero, the Borrower and its Subsidiaries may make any Restricted Payment.
7.07    Transactions with Affiliates and Subsidiaries.
(a)    Except in connection with any Receivables Securitization or as disclosed on Schedule 7.07, enter into, or permit to exist, any transaction of any kind with any Affiliate of the Borrower (excluding Subsidiaries, the Parent Company, Subsidiaries of the Parent Company or any Special Entity), whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Borrower or such Subsidiary as would be obtainable by the Borrower or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate, all as determined by the Borrower in its commercially reasonably judgment; or 
(b)    Enter into, or permit to exist, any transaction of any kind with (i) the Parent Company, (ii) any Subsidiary of the Parent Company, (iii) any Subsidiary that is not a wholly-owned Subsidiary or (iv) any Special Entity, in each case other than on fair and reasonable terms in the ordinary course of business consistent with past practices.
7.08    Burdensome Agreements.  Enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that:
(a)    limits the ability of (i) any Subsidiary to Guarantee the Indebtedness of the Borrower under this Agreement and the Loan Documents, or (ii) the Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on Equity Interests of the Borrower or any Subsidiary of the Borrower to secure all or a portion of the Obligations; provided, however, that the foregoing clauses (i) and (ii) shall not prohibit any Contractual Obligations that: 
(A)    require a pari passu Guarantee concurrently with any Guaranty of any Subsidiary hereunder;
(B)    are restrictions or conditions binding on a Subsidiary in effect at any time any Person becomes a Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition) so long as such Contractual Obligations were not entered into in contemplation of such Person becoming a Subsidiary and the restriction or condition set forth in such Contractual Obligations do not apply to the Borrower or any other Subsidiary (except any Subsidiary of such Subsidiary);
(C)    are customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under Section 7.02 and applicable solely to such joint venture entered into in the ordinary course of business;
(D)    are customary restrictions contained in organizational documents of any Subsidiary that is not a Guarantor as of the Closing Date;
(E)    are customary restrictions in connection with any Lien to secure taxes, assessments and other governmental charges in respect of obligations not overdue (provided that any such restriction contained therein relates only to the asset or assets subject to such Lien); 
(F)    are customary restrictions and conditions contained in agreements related to any Receivables Securitization (provided that any such restriction or condition apply solely to (i) the Securitization Assets the subject of such Receivables Securitization and (ii) any applicable Securitization Entity, including any Equity Interests of such Securitization Entity); 
(G)    arise under the Parent Credit Agreement, the Revolving Loan Facility, the Borrower Term Loan Facility, the Borrower SOFR Loan Facility or the Parent Term Loan Facility;

(H)    arise under any document, instrument or agreement identified on Schedule 7.08 and any extension, renewal of, or any amendment or modification or (in the case of any such documents, instruments and agreements relating to Indebtedness) refinancing thereof, so long as the scope of any such restriction or condition is not expanded;
(I)    apply by reason of any applicable Laws or are required by any Governmental Authority having jurisdiction over the Borrower or any Subsidiary;
(J)    are customary restrictions that arise in connection with any Disposition permitted by Section 7.05 applicable pending such Disposition solely to the assets (including Equity Interests) subject to such Disposition; 
(K)    are restrictions or other conditions that limit the incurrence or assumption (including pursuant to merger, consolidation or acquisition) or maintenance of Liens on the Equity Interests of the Borrower or any Subsidiary of the Borrower unless such Contractual Obligation is secured equally and ratably with any other obligation; provided such Contractual Obligation is otherwise permitted by this Agreement; or
(L)    arise under any Indebtedness (including Guarantees thereof) permitted by clauses (h) and (j) of Section 7.03 of this Agreement (the “Specified Pari Debt”) so long as the scope of such restrictions or conditions are not more restrictive than the restrictions and conditions permitted pursuant to clause (G) above and do not prohibit, limit or impose any restrictions on the ability of (1) any Subsidiary to Guarantee the Indebtedness of the Borrower under this Agreement and the Loan Documents, Revolving Credit Facility, the Parent Revolving Loan Facility, the Borrower Term Loan Facility or the Parent Term Loan Facility, or (2) the Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on Equity Interests of the Borrower or any Subsidiary of the Borrower to secure all or a portion of the Obligations; provided that the foregoing shall not prohibit, limit or impose any condition or restriction on the ability of the Borrower or any Subsidiary to create, incur or permit to exist any prohibition, restriction or imposition that requires the Borrower or any Subsidiary to grant a comparable Lien to secure the Specified Pari Debt on an equal and ratable basis, and on the same Equity Interests, as any Lien on Equity Interests granted by the Borrower or any Subsidiary to secure the Obligations (any such Lien being a “Permitted Equal and Ratable Lien”); or 
(b)    causes any Material Subsidiary to become or remain subject to any restriction which could reasonably be expected to impair the Borrower’s ability to repay in full the Obligations, including without limitation, any restriction which would prohibit the distribution by any Material Subsidiary to the Borrower of proceeds from any direct or indirect Disposition of any business or property.
Notwithstanding the foregoing, neither the Borrower nor any of its Subsidiaries shall have any duty to comply with the requirements set forth in clause (a)(ii) above during a Guaranty Release Period.
7.09    Use of Proceeds.  Use the proceeds of any Loan whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.
7.10    Financial Covenants.
(a)    Consolidated Interest Coverage Ratio.  Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 3.00 to 1.00.
(b)    Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than 3.75 to 1.00.
7.11    Governmental Programs.  Incur or obtain any loans, advances or other similar funding (other than grants) under any Government Program; provided that, so long as either (i) there exists no Event of Default at the time of its incurrence, or (ii) (A) there exists no Event of Default under Section 8.01(a) before and immediately after giving effect to any such incurrence or receipt of such grants, loans, advances or other funding, and (B) the Outstanding Amounts of all Loans on any date of any such incurrence or receipt of such grants, loans, advances or other funding are not more than zero, the Borrower may incur or obtain any such grants, loans, advances or other funding in an amount, when combined with the sum of (I) all other Indebtedness incurred under Section 7.03(e) (without duplication) plus (II) all other Indebtedness or other funding (other than grants) to any Parent Affiliated Companies (other than the Parent Company) in connection with any Government Program, that is not in excess of $500,000,000.
7.12    Anti-Corruption Laws; Sanctions.
(a)    Directly or indirectly, use the proceeds of any Loan, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether as Lender,  Administrative Agent or otherwise) of Sanctions.
(b)    Directly or indirectly use the proceeds of any Loan for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions.

7.13    Guarantees.  Create, incur, assume or suffer to exist (a) any Guarantee of Indebtedness of the Borrower or of any Subsidiary if the guarantor of such Indebtedness is not Guarantor hereunder and (b) notwithstanding anything in Section 7.03, any Indebtedness that contains covenants, taken as a whole, that are materially tighter (or in addition to), with respect to any Subsidiaries that are not guarantors of such Indebtedness, than those contained in this Agreement with respect to the Subsidiaries that are not Loan Parties.

ARTICLE VIII.
EVENTS OF DEFAULT AND REMEDIES
8.01    Events of Default.  Any of the following shall constitute an Event of Default:
(a)    Non-Payment.  The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, or (ii) within three (3) Business Days after the same becomes due, any interest on any Loan, or any fee due hereunder, or any other amount payable hereunder or under any other Loan Document; or
(b)    Specific Covenants. The Borrower fails to perform or observe any term, covenant or agreement contained in any of Section 6.03, 6.05(a) (solely with respect to the Borrower), 6.10, or 6.11 or Article VII; or
(c)    Other Defaults.  Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of (i) the date a Responsible Officer of such Loan Party has knowledge of such failure and (ii) the delivery date of written notice thereof to such Loan Party from the Administrative Agent; or
(d)    Representations and Warranties.  Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall not be true and correct in any material respect when made or deemed made (or, to the extent any such representation, warranty, certification or statement of fact is qualified as to “materiality” or “Material Adverse Effect”, such representation, warranty, certification or statement of fact shall not be true and correct in all respects); or
(e)    Cross-Default.  (i) The Borrower or any Subsidiary (A) fails to make any payment when due beyond the applicable grace period with respect thereto (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an outstanding aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness (other than Indebtedness hereunder and Indebtedness under Swap Contracts) or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of any Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an involuntary offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which the Borrower or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which the Borrower or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the Borrower or such Subsidiary as a result thereof is greater than the Threshold Amount (unless such Swap Contract is in connection with a Monetization Transaction for which the Swap Termination Value may be satisfied by the delivery of the underlying Specified Equity Interests related to such Monetization Transaction); or
(f)    Insolvency Proceedings, Etc.  Any Loan Party or any Material Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or
(g)    Inability to Pay Debts; Attachment.  (i) Any Loan Party or any Material Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 30 days after its issue or levy; or
(h)    Judgments.  There is entered against any Loan Party or any Subsidiary (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer has been notified of such judgment or order and has not denied coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 60 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or
(i)    ERISA.  (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of the Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or

(j)    Invalidity of Loan Documents.  Any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations and termination of the Aggregate Commitments, ceases to be in full force and effect; or any Loan Party or any Affiliate contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations and termination of the Aggregate Commitments), or purports in writing to revoke, terminate or rescind any provision of any Loan Document; or
(k)    Change of Control.  There occurs any Change of Control.
8.02    Remedies Upon Event of Default.  If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:
(a)    declare the commitment of each Lender to make Loans to be terminated, whereupon such commitments and obligation shall be terminated;
(b)    declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; and
(c)    exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents;
provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans shall automatically terminate and the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each case without further act of the Administrative Agent or any Lender.
8.03    Application of Funds.  After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Section 2.12, be applied by the Administrative Agent in the following order (to the fullest extent permitted by applicable Laws):
First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (excluding principal and interest but including fees, charges and disbursements of counsel to the Administrative Agent to the extent the Borrower is obligated to reimburse such amounts in accordance with the Loan Documents and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;
Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders to the extent the Borrower is obligated to reimburse such amounts in accordance with the Loan Documents, and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this subsection Second payable to them;
Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described in this subsection Third payable to them; and
Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

ARTICLE IX.
ADMINISTRATIVE AGENT
9.01    Appointment and Authority.  Each of the Lenders hereby irrevocably appoints, designates and authorizes Citibank to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  Except to the extent set forth in Section 9.06 and Section 9.10, the provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and their respective Related Parties, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions (including, but not limited to, Section 9.06 and Section 9.10).  It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
9.02    Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust, financial advisory, underwriting, capital markets or other business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect thereto.
9.03    Exculpatory Provisions.  The Administrative Agent and its Related Parties shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties shall be administrative in nature.  Without limiting the generality of the foregoing, the Administrative Agent and its Related Parties:
(a)    shall not be subject to any agency, trust, fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;
(b)    shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; 
(c)    shall not have any duty to disclose, and shall not be liable for the failure to disclose to any Lender or any other Person, any credit or other information concerning the business, prospects, operations, properties, assets, financial or other condition or creditworthiness of the Borrower or any of its Affiliates that is communicated to, obtained by or otherwise in the possession of the Person serving as the Administrative Agent or its Related Parties in any capacity, except for notices, reports and other documents that are required to be furnished by the Administrative Agent to the Lenders pursuant to the express provisions of this Agreement; and 
(d)    shall not be required to account to any Lender for any sum or profit received by the Administrative Agent for its own account.
The Administrative Agent and its Related Parties shall not be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence, bad faith, fraud or willful misconduct as determined by a court of competent jurisdiction by final non-appealable judgement.  The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the Borrower or a Lender.
The Administrative Agent and its Related Parties shall not be responsible for or have any duty or obligations to any Lender or Participant or any other Person to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

9.04    Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely upon, shall be fully protected in relying, and shall not incur any liability for relying upon, any notice, request, certificate, consent, communication, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person, including any certification pursuant to Section 9.09.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person and shall be fully protected in relying, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.  Each Lender that has signed this Agreement or a signature page to an Assignment and Assumption or any other Loan Document pursuant to which it is to become a Lender hereunder shall be deemed to have consented to, approved and accepted and shall be deemed satisfied with each document or other matter required thereunder to be consented to, approved or accepted by such Lender or that is to be acceptable or satisfactory to such Lender.
9.05    Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more subagents appointed by the Administrative Agent.  The Administrative Agent and any such subagent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Article shall apply to any such subagent and to the Related Parties of the Administrative Agent and any such subagent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any subagents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub agents.
9.06    Resignation of Administrative Agent.  The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, and, so long as no Event of Default has occurred and is continuing, with the approval of the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such successor shall have been so appointed by the Required Lenders (with, if applicable, the consent of the Borrower) and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) except for any indemnity payments or other amounts then owed to the retiring Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint (with, if applicable, the consent of the Borrower) a successor Administrative Agent as provided for above in this Section 9.06.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring Administrative Agent as of the effective date of such resignation) shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section 9.06).  The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit of such retiring Administrative Agent, its subagents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.
9.07    Non-Reliance on Administrative Agent and Other Persons.  Each Lender expressly acknowledges that neither the Administrative Agent, the Global Coordinator, the Mandated Lead Arrangers nor any of their respective Related Parties has made any representations or warranties to it and that no act taken or failure to act by the Administrative Agent, the Global Coordinator, the Mandated Lead Arrangers or any of their Related Parties, including any consent to, and acceptance of any assignment or review of the affairs of the Borrower and its Subsidiaries or Affiliates shall be deemed to constitute a representation or warranty of the Administrative Agent, the Global Coordinator, the Mandated Lead Arrangers or any of their Related Parties to any Lender, as to any matter, including whether the Administrative Agent, the Global Coordinator, the Mandated Lead Arrangers or any of their respective Related Parties have disclosed material information in their (or their respective Related Parties’) possession.  Each Lender expressly acknowledges, represents and warrants to the Administrative Agent that (a) the Loan Documents set forth the terms of a commercial lending facility, (b) it is engaged in making, acquiring, purchasing or holding commercial loans in the ordinary course and is entering into this Agreement and the other Loan Documents to which it is a party as a Lender for the purpose of making, acquiring, purchasing and/or holding the commercial loans set forth herein as may be applicable to it, and not for the purpose of making, acquiring, purchasing or holding any other type of financial instrument, (c) it is sophisticated with respect to decisions to make, acquire, purchase or hold the commercial loans applicable to it and either it or the Person exercising discretion in making its decisions to make, acquire, purchase or hold such commercial loans is experienced in making, acquiring, purchasing or holding commercial loans, (d) it has, independently and without reliance upon the Administrative Agent, the Global Coordinator, the Mandated Lead Arrangers any other Lender or any of their respective Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and appraisal of, and investigations into, the business, prospects, operations, property, assets, liabilities, financial and other condition and creditworthiness of the Borrower and its Subsidiaries, all applicable bank or other regulatory applicable Laws relating to the transactions contemplated by this Agreement and the other Loan Documents and (e) it has made its own independent decision to enter into this Agreement and the other Loan Documents to which it is a party and to extend credit hereunder and thereunder.  Each Lender also acknowledges that (i) it will, independently and without reliance upon the Administrative Agent, the Global Coordinator, Mandated Lead Arrangers or any other Lender or any of their respective Related Parties (A) continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder based on such documents and information as it shall from time to time deem appropriate and its own independent investigations and (B) continue to make such investigations and inquiries as it deems necessary to inform itself as to the Borrower and its Subsidiaries and (ii) it will not assert any claim in contravention of this Section 9.07.

9.08    No Other Duties, Etc.  Anything herein to the contrary notwithstanding, Citibank and EDC, as the Global Coordinator and Mandated Lead Arrangers, as applicable, have no powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its respective capacity, as applicable, as the Administrative Agent or a Lender hereunder.
9.09    Administrative Agent May File Proofs of Claim.  In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be (to the fullest extent permitted by applicable Laws) 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 and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.07 and 10.04) 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 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, 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 2.07 and 10.04.
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 any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.
9.10    Guaranty Matters.  The Lenders irrevocably authorize the Administrative Agent to release any Guarantor from its obligations under the Guaranty if (a) the Guaranty Release Date occurs or (b) such Person ceases to be a Material Domestic Subsidiary as a result of a transaction permitted under the Loan Documents. Upon delivery of a certificate of a Responsible Officer to the Administrative Agent certifying that (x)(i) the Guaranty Release Date has occurred or (ii) such Person ceases to be a Material Domestic Subsidiary as a result of a transaction permitted under the Loan Documents, as applicable, and (y) no Default exists and is continuing, such Guarantor shall be automatically released from the Guaranty.  Upon release of any Person pursuant to this Section 9.10, the Administrative Agent shall (to the extent applicable) deliver to the Borrower, upon the Borrower’s request and at the Borrower’s reasonable expense, such documents as may be reasonably necessary to evidence the release of such Person from its obligations under the Loan Documents.  Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10.
9.11    [Reserved].  
9.12    Lender ERISA Representation and Other Lender Representations. 
(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 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 Commitments and this Agreement;
(iii)    (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement; or
(iv)    such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

(b)    In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in 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 its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that:
(i)    none of the Administrative Agent, or any of its Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto);
(ii)    the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E);
(iii)    the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations);
(iv)    the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder; and
(v)    no fee or other compensation is being paid directly to the Administrative Agent or any of its Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement.
(c)    The Administrative Agent hereby informs the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, or the Commitments for an amount less than the amount being paid for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.
9.13    Erroneous Payments.  
(a)    Each Lender hereby severally agrees that if the Administrative Agent (x) notifies a Lender or any Person who has received funds on behalf of a Lender (any such Lender or other recipient (and each of their respective successors and assigns), a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender or other Payment Recipient on its behalf)  (any such funds, whether  transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and (y) demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this Section 9.13 and held in trust for the benefit of the Administrative Agent, and such Lender shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received) together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds 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 from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error. 

(b)    Without limiting immediately preceding clause (a), each Lender or any Person who has received funds on behalf of a Lender (and each of their respective successors and assigns), agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) 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 this Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each such case: (i) it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and (ii) such Lender shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 9.13(b). For the avoidance of doubt, the failure to deliver a notice to the Administrative Agent pursuant to this Section 9.13(b) shall not have any effect on a Payment Recipient’s obligations pursuant to Section 9.13(a) or on whether or not an Erroneous Payment has been made
(c)    Each Lender hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender under any Loan Document with respect to any payment of principal, interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be returned under immediately preceding clause (a)..
(d)    (i) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor in accordance with immediately preceding clause (a), from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf)  (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to such Lender at any time, then effective immediately (with the consideration therefor being acknowledged by the parties hereto), (A) such Lender shall be deemed to have assigned its Loans (but not its Commitments) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments), the “Erroneous Payment Deficiency Assignment”) (on a cashless basis and such amount calculated at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance)), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to the Platform as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender  shall deliver any Notes evidencing such Loans to the Borrower or the Administrative Agent (but the failure of such Person to deliver any such Notes shall not affect the effectiveness of the foregoing assignment), (B) the Administrative Agent as the assignee Lender shall be deemed to have acquired the Erroneous Payment Deficiency Assignment, (C) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender, (D) the Administrative Agent and the Borrower shall each be deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (E) the Administrative Agent will reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.
(ii)    Subject to Section 10.06 (but excluding, in all events, any assignment consent or approval requirements (whether from the Borrower or otherwise)), the Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). In addition, an Erroneous Payment Return Deficiency owing by the applicable Lender (x) shall be reduced by the proceeds of prepayments or repayments of principal and interest, or other distribution in respect of principal and interest, received by the Administrative Agent on or with respect to any such Loans acquired from such Lender pursuant to an Erroneous Payment Deficiency Assignment (to the extent that any such Loans are then owned by the Administrative Agent) and (y) may, in the sole discretion of the Administrative Agent, be reduced by any amount specified by the Administrative Agent in writing to the applicable Lender from time to time.
(e)    The parties hereto agree that (x) irrespective of whether the Administrative Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender, to the rights and interests of such Lender, as the case may be) under the Loan Documents with respect to such amount (the “Erroneous Payment Subrogation Rights”) (provided that the Loan Parties’ Obligations under the Loan Documents in respect of the Erroneous Payment Subrogation Rights shall not be duplicative of such Obligations in respect of Loans that have been assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment) and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party; provided that this Section 9.13 shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations of the Borrower relative to the amount (and/or timing for payment) of the Obligations that would have been payable had such Erroneous Payment not been made by the Administrative Agent; provided, further, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any 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 Borrower for the purpose of making such Erroneous Payment

(f)    To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to  an Erroneous Payment, and hereby waives, and is deemed to waive, 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 Erroneous Payment received, including, without limitation, any defense based on “discharge for value” or any similar doctrine.
(g)    Each party’s obligations under this Section 9.13 shall survive the resignation or replacement of the Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

ARTICLE X.
MISCELLANEOUS
10.01    Amendments, Etc.  Except as otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower  or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:
(a)    extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender (it being understood that a waiver of any condition precedent in Sections 4.01 or 4.02 or of any Default, mandatory prepayment or mandatory reduction of the Aggregate Commitments shall not constitute an extension or increase of any Commitment of any Lender);
(b)    postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby;
(c)    reduce the principal of, or the rate of interest specified herein on, any Loan or (subject to subsection (iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document, without the written consent of each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate;
(d)    change Section 2.11 or Section 8.03 (or amend any other term of the Loan Documents that would have the effect of changing Section 2.11 or Section 8.03) in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender; 
(e)    change any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder without the written consent of each Lender; 
(f)    change the definition of “Sanctions”, Section 5.18, Section 6.16 or Section 7.12 without the written consent of each Lender; or 
(g)    release all or substantially all of the value of the Guaranty, without the written consent of each Lender, except to the extent the release of any Subsidiary from the Guaranty is permitted pursuant to Section 9.10 (in which case such release shall be made in accordance with the terms of Section 9.10, including evidence of such release made by the Administrative Agent acting alone);
provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (ii) the Fee Letters may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.  Notwithstanding anything to the contrary herein no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender (it being understood that any Commitment or Loans held or deemed held by any Defaulting Lender shall be excluded for a vote of the Lenders hereunder requiring any consent of the Lenders, except increasing such Defaulting Lender’s Commitment or extending date fixed hereunder for payment). 
Notwithstanding the foregoing or any other provision in this Agreement or any other Loan Document to the contrary, if the Administrative Agent and the Borrower identify any ambiguity, omission, mistake, typographical error, inconsistency or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent  and the Borrower are permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error, inconsistency or other defect; provided that, no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or any Lender hereunder without the prior written consent of the Administrative Agent or the applicable Lender, as the case may be.
10.02    Notices; Effectiveness; Electronic Communication.
(a)    Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:
(i)    if to the Borrower or the Administrative Agent, to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 10.02 or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and
(ii)    if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the Borrower and the Administrative Agent.

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).  Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).
(b)    Electronic Communications.  Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including email and Internet or intranet websites) pursuant to procedures mutually agreed to by the Borrower and the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.  The Administrative Agent or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing subsection (i) of notification that such notice or communication is available and identifying the website address therefor; provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.
(c)    The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  Although the Platform is secured pursuant to generally-applicable security procedures and policies implemented or modified by the Administrative Agent and its Related Parties, each of the Lenders and the Borrower acknowledges and agrees that distribution of information through an electronic means is not necessarily secure in all respects, the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) are not responsible for approving or vetting the representatives, designees or contacts of any Lender that are provided access to the Platform and that there may be confidentiality and other risks associated with such form of distribution.  Each of the Borrower and each Lender party hereto understands and accepts such risks.  In no event shall the Agent Parties have any liability to the Borrower, any Loan Party, any Lender or any other Person or entity for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of Borrower Materials through the Internet (including the Platform), except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence, bad faith, fraud or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party or the Borrower or any Loan Party have any liability to any other Person for indirect, special, incidental, consequential or punitive damages, losses or expenses (as opposed to direct or actual damages, losses or expenses).
(d)    Change of Address, Etc.  Each of the Borrower and the Administrative Agent may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto.  Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Borrower and the Administrative Agent.  In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.  Furthermore, 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 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 or its securities for purposes of United States Federal or state securities laws.
(e)    Reliance by Administrative Agent and Lenders.  The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic or electronic Committed Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Borrower shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower, in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction.  All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.
10.03    No Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document 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, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at Law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.10), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in subsections (b), (c) and (d) of the preceding proviso and subject to Section 2.11, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.
10.04    Expenses; Indemnity; Damage Waiver.
(a)    Costs and Expenses.  The Borrower shall pay (i) all reasonable and invoiced outofpocket fees and expenses incurred by the Administrative Agent, the Lenders and their respective Affiliates (including the reasonable and invoiced fees, charges and disbursements of a single counsel for the Administrative Agent in reasonable detail, and one local counsel in each relevant jurisdiction), in connection with the syndication of the credit facilities provided for herein, 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), and (ii) all reasonable and invoiced outofpocket expenses incurred by the Administrative Agent, any Lender (including the reasonable and invoiced fees, charges and disbursements of any one counsel for the Administrative Agent, one additional counsel on behalf of the Lenders and one local counsel in each relevant jurisdiction), 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 hereunder, including all such outofpocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.
(b)    Indemnification by the Borrower.  The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof) each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower 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, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower 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, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; 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, bad faith, fraud or willful misconduct of such Indemnitee, (y) result from any dispute solely among Indemnitees, other than claims against an Indemnitee in its capacity or fulfilling its role as the Administrative Agent, the Global Coordinator, Mandated Lead Arranger or similar role under the Loan Documents and other than any claims arising directly or indirectly as a result of any act or omission by the Borrower or any Subsidiary or (z) 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.
(c)    Reimbursement by Lenders.  To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section 10.04 to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party of the Administrative Agent but without affecting the Borrower’s reimbursement obligations hereunder, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) in its capacity as such, or against any Related Party of the Administrative Agent acting for the Administrative Agent (or any such sub-agent) in connection with such capacity.  The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.10(d).
(d)    Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable law, each party hereto hereby agrees that it shall not assert, and hereby waives, any claim against any other Person, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan 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 to such unintended recipients by such Indemnitee 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, bad faith, fraud or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction.
(e)    Payments.  All amounts due under this Section 10.04 shall be payable not later than ten Business Days after demand therefor.

(f)    Survival.  The agreements in this Section 10.04 and the indemnity provisions of Section 10.02(e) shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.
10.05    Payments Set Aside.  To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall, to the fullest extent possible under the provisions of applicable Laws, be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders under subsection (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.
10.06    Successors and Assigns.
(a)    Successors and Assigns Generally.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section 10.06 and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)    Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its 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 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 (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the 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 or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, 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); provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met.
(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 Commitment assigned.
(iii)    Required Consents.  No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section 10.06 and, in addition:
(A)    the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) 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 to the Administrative Agent within fifteen (15)  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 is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and
(C)    the consent of EDC (such consent not to be unreasonably withheld or delayed) shall be required unless such assignment is to a Lender or an Affiliate of Citibank.

(iv)    Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with payment of a processing and recordation fee in the amount of $3,500 (which such payment is not the responsibility of the Borrower); provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.
(v)    No Assignment to Certain Persons.  No such assignment shall be made (A) to the Borrower or any of the Borrower’s Affiliates or Subsidiaries, (B) to any 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), or (C) to a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural person).
(vi)    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 or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its Applicable 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.
Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section 10.06, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement 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 3.01, 3.04, 3.05 and 10.04 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.  Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection 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 subsection (d) of this Section 10.06.
(c)    Register.  The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) 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 prima facie evidence, and the Borrower, the Administrative Agent 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 and any Lender, at any reasonable time and from time to time upon reasonable prior notice.  
(d)    Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (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, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or 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 Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.04(c) without regard to the existence of any participation.

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any  provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section 10.06 (it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation); provided that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 10.13 as if it were an assignee under paragraph (b) of this Section 10.06 and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent.  A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01, unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as though it were a Lender.  Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06 with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.11 as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary 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 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 (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) or Proposed Section 1.163-5(b) of the United States Treasury Regulations (or, in each case, any amended or successor version).  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.
(e)    Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
10.07    Treatment of Certain Information; Confidentiality.  Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (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) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations 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 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, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 10.07 or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and customary information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments.
For purposes of this Section, “Information” means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary; provided that, in the case of information received from the Borrower or any Subsidiary after the date hereof, such information is not identified as “PUBLIC” pursuant to Section 6.02 or is otherwise clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
Each of the Administrative Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws.

10.08    Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness; 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 further application in accordance with the provisions of Section 2.12 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 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.   The rights of each Lender and their respective Affiliates under this Section 10.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have.  Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.
10.09    Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.  In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.
10.10    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 constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof 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 Agreement by facsimile or other electronic imaging (e.g., “pdf” or “tif”) means shall be effective as delivery of a manually executed counterpart of this Agreement. 
10.11    Survival of Representations and Warranties.  All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Loan, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied.
10.12    Severability.  If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent or the Lenders, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.
10.13    Replacement of Lenders.  If (i) any Lender requests compensation under Section 3.04, (ii) if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, (iii) if any Lender is a Defaulting Lender, or (iv) any Lender fails to consent to any amendment to this Agreement as requested by the Borrower which requires the consent of all Lenders (or all of the Lenders affected thereby) and which is consented to by the Required Lenders, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights (other than its rights to payments of existing claims pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:
(a)    the Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 10.06(b) (unless such fee shall have been waived by the Administrative Agent in the Administrative Agent’s sole discretion);
(b)    such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);
(c)    in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; 
(d)    such assignment does not conflict with applicable Laws; and

(e)    if the replacement of a Lender is being made pursuant to subsection (iv) above, the replacement Lender shall have consented to such requested amendment.
A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.  
10.14    Governing Law; Jurisdiction; Etc.
(a)    GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
(b)    SUBMISSION TO JURISDICTION.  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO 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 FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

(c)    WAIVER OF VENUE.  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION 10.14.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
(d)    SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
10.15    Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON 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 AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

10.16    No Advisory or Fiduciary Responsibility.  
(a)    In connection with all aspects of each transaction contemplated hereby, each Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i)(A) the facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Global Coordinator, the Mandated Lead Arrangers and the Lenders, on the other hand, (B) the Administrative Agent, the Global Coordinator, the Mandated Lead Arrangers and the Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and the Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate, and (C) the Borrower is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii)(A) in connection with the process leading to such transaction, each of the Administrative Agent, the Global Coordinator, the Mandated Lead Arrangers and the Lenders 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 a financial advisor, advisor, agent or fiduciary for the Borrower or any of its Affiliates, stockholders, creditors or employees or any other Person, (B) none of the Administrative Agent, the Global Coordinator, the Mandated Lead Arrangers or any of the Lenders has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrower or any of its Affiliates with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether the Global Coordinator, the Mandated Lead Arrangers or any Lender has advised or is currently advising the Borrower or any of its Affiliates on other matters) and (C) none of the Administrative Agent, the Global Coordinator, the Mandated Lead Arrangers or any of the Lenders has any obligation to the Borrower 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 Global Coordinator, the Mandated Lead Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from, and may conflict with, those of the Borrower and its Affiliates, and none of the Administrative Agent, the Global Coordinator, the Mandated Lead Arrangers or any Lender has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship to the Borrower or its Affiliates.  To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent, the Global Coordinator and the Mandated Lead Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
(b)    Each Loan Party acknowledges and agrees that the Administrative Agent, each Lender, the Global Coordinator, the Mandated Lead Arrangers and any Affiliate thereof may lend money to, invest in, and generally engage in any kind of business with, any of the Borrower, any Affiliate thereof or any other person or entity that may do business with or own securities of any of the foregoing, all as if such Lender, Administrative Agent, Global Coordinator, Mandated Lead Arranger or Affiliate thereof were not a Lender, Administrative Agent, Global Coordinator, Mandated Lead Arranger or an Affiliate thereof (or an agent or any other person with any similar role under the Loans) and without any duty to account therefor to any other Lender, the Borrower or any Affiliate of the foregoing.  Each Lender, Administrative Agent, Global Coordinator, Mandated Lead Arranger and any Affiliate thereof may accept fees and other consideration from the Borrower or any Affiliate thereof for services in connection with this Agreement, the Loans or otherwise without having to account for the same to any other Lender, Administrative Agent, Global Coordinator, Mandated Lead Arranger,  the Borrower or any Affiliate of the foregoing.

10.17    Electronic Execution of Assignments and Certain Other Documents.  The words “execute,” “execution,” “signed,” “signature,” “delivery” and words of like import in or related to this Agreement, any other Loan Document or any document, amendment, approval, consent, waiver, modification, information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered in connection with this Agreement or any other Loan Document or the transactions contemplated hereby shall be deemed to include Electronic Signatures or execution in the form of an Electronic Record, and contract formations on electronic platforms approved by the Administrative Agent, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.  Each party hereto agrees that any Electronic Signature or execution in the form of an Electronic Record shall be valid and binding on itself and each of the other parties hereto to the same extent as a manual, original signature.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the parties of a manually signed paper which has been converted into electronic form (such as scanned into PDF format), or an electronically signed paper converted into another format, for transmission, delivery and/or retention.  Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided that without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature from any party hereto, the Administrative Agent and the other parties hereto shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of the executing party without further verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by an original manually executed counterpart thereof.  Without limiting the generality of the foregoing, each party hereto hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and any of the Loan Parties, electronic images of this Agreement or any other Loan Document (in each case, including with respect to any signature pages thereto)  shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto.

10.18    PATRIOT Act.  Each Lender that is subject to Anti-Terrorism Laws, including the Patriot Act, and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower and the Guarantors, which information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the Patriot Act.  The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable Anti-Terrorism Laws, including the Patriot Act, or its “know your customer” checks and identification procedures.
10.19    Time of the Essence.  Time is of the essence of the Loan Documents.
10.20    Designation as Senior Debt.  All Obligations shall be “Designated Senior Indebtedness” for purposes of any public indebtedness of the Borrower and its Subsidiaries issued after the Closing Date.
10.21    FCC Approval.  Notwithstanding anything to the contrary contained in this Agreement or in the other Loan Documents, neither the Administrative Agent nor any Lender will take any action pursuant to this Agreement or any of the other Loan Documents, which would constitute or result in a change in control of the Borrower or any of its Subsidiaries requiring the prior approval of the FCC without first obtaining such prior approval of the FCC.  After the occurrence of an Event of Default, the Borrower shall take or cause to be taken any action which the Administrative Agent may reasonably request in order to obtain from the FCC such approval as may be necessary to enable the Administrative Agent to exercise and enjoy the full rights and benefits granted to the Administrative Agent, for the benefit of the Lenders by this Agreement or any of the other Loan Documents, including, at the Borrower’s cost and expense, the use of the Borrower’s best efforts to assist in obtaining such approval for any action or transaction contemplated by this Agreement or any of the other Loan Documents for which such approval is required by Law.
10.22    Entire Agreement.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
10.23    Keepwell.  Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty under the Loan Documents, in each case, by any Specified Loan Party, becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations under its Guaranty and the other Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Section 10.23 voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Obligations have been indefeasibly paid and performed in full. Each Qualified ECP Guarantor intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Loan Party for all purposes of the Commodity Exchange Act.
10.24    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 an 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.
10.25    Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Contracts 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.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

									
	UNITED STATES CELLULAR CORPORATION
	
			
	By:	/s/ Douglas W. Chambers	
		Douglas W. Chambers	
		Executive Vice President, Chief Financial Officer and Treasurer	
			
	By:	/s/ Peter L. Sereda	
		Peter L. Sereda	
		Authorized Representative, and Executive Vice President and Chief Financial Officer of Telephone and Data Systems, Inc., Parent Company of Borrower	

									
	CITIBANK, N.A.
	
	as Administrative Agent and a Lender	
			
	By:	/s/ Lynee Bradley	
	Name:	Lynee Bradley	
	Title:	Vice President	

									
	EXPORT DEVELOPMENT CANADA
	
	as a Lender	
			
	By:	/s/ Michael Lambe	
	Name:	Michael Lambe	
	Title:	Financing Manager - Corporate Lending	
			
	By:	/s/ Lewis Quinn	
	Name:	Lewis Quinn	
	Title:	Senior Associate - Corporate Lending	

Exhibit F

FORM OF SUBORDINATION AGREEMENT

SUBORDINATION AGREEMENT

dated as of December 17, 2021

-among-

TELEPHONE AND DATA SYSTEMS, INC. AND THE OTHER SUBORDINATED CREDITORS

as Subordinated Creditors

UNITED STATES CELLULAR CORPORATION

as a Debtor

- and –

CITIBANK, N.A

as Administrative Agent for the Senior Creditors

TABLE OF CONTENTS
ARTICLE I DEFINITIONS
SECTION 1.1    Definitions in Senior Credit Agreement
SECTION 1.2    Certain Terms
SECTION 1.3    General Provisions Relating to Definitions
ARTICLE II CONSOLIDATED FUNDED INDEBTEDNESS SUBORDINATION ARRANGEMENTS    
SECTION 2.1    Agreement to Subordinate; Addition of Subordinated Creditors and Subordinated Debt    
SECTION 2.2    Limitations on Subordinated Debt Payments    
SECTION 2.3    Permitted Sub Debt Payments; etc    
SECTION 2.4    Payment Blockage Periods    
SECTION 2.5    Bankruptcy or Insolvency Proceedings
SECTION 2.6    Certain Other Bankruptcy Matters; etc
SECTION 2.7    Delivery of Prohibited Payments or Distributions on Account of Subordinated Debt
SECTION 2.8    Subrogation
ARTICLE III LIMITATIONS ON CERTAIN ENFORCEMENT ACTIONS AND OTHER NEGATIVE COVENANTS
SECTION 3.1    Prohibitions on Commencement of Certain Enforcement Actions
SECTION 3.2    Limitations on Remedies Under Subordinated Debt Documents
SECTION 3.3    Limitations on Liens Securing Subordinated Debt
ARTICLE IV WAIVERS AND CONSENTS
SECTION 4.1    Waivers of Notice; etc
ARTICLE V ADDITIONAL REPRESENTATIONS AND OTHER COVENANTS
SECTION 5.1    Information Regarding Subordinated Debt
SECTION 5.2    Additional Representations and Covenants of Subordinated Creditors
SECTION 5.3    No Other Subordination
SECTION 5.4    Legend; etc
SECTION 5.5    Consent to Credit Agreement
SECTION 5.6    No Impairment
ARTICLE VI MISCELLANEOUS
SECTION 6.1    Effectiveness of Agreement
SECTION 6.2    Amendments, Waivers; etc
SECTION 6.3    Further Assurances
SECTION 6.4    Specific Performance; Remedies Cumulative
SECTION 6.5    Severability
SECTION 6.6    Continuing Agreement
SECTION 6.7    Successors and Assigns
SECTION 6.8    Notices
SECTION 6.9    Loan Document; etc
SECTION 6.10    CHOICE OF LAW
SECTION 6.11    WAIVER OF JURY TRIAL
SECTION 6.12    Survival
SECTION 6.13    Termination
SECTION 6.14    Indemnification
SECTION 6.15    Expenses of Enforcement
SECTION 6.16    Obligations Several; No Third Parties Benefited
SECTION 6.17    Counterparts
SECTION 6.18    Headings

    

LIST OF SCHEDULES
Schedule A      List of Debtors
Schedule B     Permitted Sub Debt Payments 
Schedule C     List of Subordinated Creditors 
Schedule D     List of Subordinated Debt
Schedule E     List of Subordinated Debt Documents 
Schedule F     List of Notice Addresses
LIST OF EXHIBITS
Exhibit A    Form of Subordinated Creditor Supplement 
Exhibit B    Form of Subordinated Debt Supplement

SUBORDINATION AGREEMENT

This SUBORDINATION AGREEMENT is entered into as of December 17, 2021 by and among: (A) TELEPHONE AND DATA SYSTEMS, INC., a Delaware corporation, as a "Subordinated Creditor" hereunder; (B) each of the other SUBORDINATED CREDITORS (as defined below); (C) UNITED STATES CELLULAR CORPORATION, a Delaware corporation (hereinafter, together with its successors in title and assigns, called the "Borrower"), as a "Debtor" hereunder, and (D) CITIBANK, N.A., not in its individual capacity, but in its capacity as Administrative Agent (as defined below) for the Senior Creditors (as defined below).
PRELIMINARY STATEMENTS.
(1)    Upon the terms and subject to the conditions contained in the Credit Agreement, dated as of December 17, 2021 among the Borrower, the Lenders (as defined below) party thereto on and as of the date hereof, Citibank, N.A., as Administrative Agent as amended and in effect from time to time, the "Senior Credit Agreement"), the Lenders agreed to make Extensions of Credit to the Borrower.
(2)    This Agreement contains terms and provisions of subordination that are required by the Senior Creditors in connection with financing arrangements governed by the Senior Credit Agreement, and it is a condition precedent to the making of Extensions of Credit under the Senior Credit Agreement that the Subordinated Creditors and the Borrower shall have entered into this Agreement and shall have agreed to become bound by the terms of subordination and other provisions contained herein.
(3)    The Subordinated Creditors and the Borrower have agreed with the Administrative Agent, acting for and on behalf of all of the Senior Creditors, to execute and deliver this Agreement and to become bound by the terms of subordination and other provisions set forth herein.
NOW, THEREFORE, in consideration of these premises, the Subordinated Creditors and the Borrower hereby agree with the Administrative Agent, acting for and on behalf of all of the Senior Creditors, as follows:

ARTICLE I 
DEFINITIONS
SECTION 1.1    Definitions in Senior Credit Agreement. Unless otherwise defined herein, terms defined in the Senior Credit Agreement (as in effect on the date hereof) are used herein as therein defined. 
SECTION 1.2    Certain Terms. The following terms, when used in this Agreement, including the introductory paragraph and the Preliminary Statements hereto, shall, except where the context otherwise requires, have the following meanings:
"Administrative Agent" means Citibank, N.A., not in its individual capacity, but in its capacity as administrative agent for the Senior Creditors under the Senior Credit Agreement and the other Senior Loan Documents, and any successor to such administrative agent.
"Affiliate" means any Person that would be considered to be an affiliate of another Person under Rule 144(a) of the Rules and Regulations of the Securities and Exchange Commission, as in effect on the date hereof, if such other Person were issuing securities. For purposes of this Agreement, none of the Subsidiaries of the Borrower shall be deemed to be an Affiliate of the Borrower or of any other Subsidiaries of the Borrower.
"Agreement" means this Subordination Agreement, as amended and in effect from time to time.
"Bankruptcy or Insolvency Proceeding" means, in relation or with respect to any Debtor or any other Person, (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding, relative to such Person or to its creditors, as such, or to its Property, (b) any liquidation, dissolution, reorganization or winding up of such Person, whether voluntary or involuntary, partial or complete, and whether or not involving receivership, insolvency or bankruptcy, or (c) any assignment for the benefit of creditors of such Person, or any other marshalling of Property or liabilities of such Person.
"Borrower" has the meaning specified in the introductory paragraph hereto. 

"Consolidated Funded Indebtedness" means, as of any date of determination, for the Borrower and its Subsidiaries on a consolidated basis and without duplication, the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations under the Senior Credit Agreement) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments (including, without limitation, all purchase money Indebtedness and all direct obligations arising under letters of credit (including standby and commercial), bankers' acceptances, bank guaranties, surety bonds and similar instruments), (b) all obligations incurred as the deferred purchase price of property or services (other than (i) trade payables entered into in the ordinary course of business pursuant to ordinary terms and (ii) ordinary course of business purchase price adjustments and earnouts); (c) all reimbursement and other payment obligations with respect to letters of credit, bankers' acceptances, surety bonds and other similar documents; (d) all obligations evidenced by promissory notes, bonds, debentures or other similar instruments, including all obligations so evidenced that are incurred in connection with the acquisition of property or any business; (e) all indebtedness created under any conditional sale or other title retention agreements or sales of accounts receivable; (f) all non-recourse indebtedness of the kind described in clause (a) through clause (e) secured by Liens on property of the obligor; (g) Attributable Indebtedness in respect of capital leases and Synthetic Lease Obligations; (h) net obligations under any Swap Contract; (i) all Indebtedness of the types referred to in subsections (a) through (h) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which the Borrower or a Subsidiary is a general partner or party to such a joint venture (other than a limited partner in a limited partnership), unless such Indebtedness is expressly made non-recourse to the Borrower or such Subsidiary and (j) all Guarantees in respect of indebtedness of the kind described in clause (a) through clause (h) above; excluding up to $25,000,000 in the aggregate of contingent liabilities of the Borrower and its Subsidiaries which are not required by GAAP to be recorded on the balance sheet of the Borrower and its Subsidiaries. For all purposes of this Agreement, the term "Consolidated Funded Indebtedness" shall not include, with respect to the Borrower and its Subsidiaries, the contractual and other similar obligations of the Borrower and its Subsidiaries with respect to any Monetization Transactions.
"Debtors" means, collectively, the Borrower, each (if any) of the Subsidiaries of the Borrower identified on Schedule A attached hereto, and each (if any) of the other Subsidiaries of the Borrower which is an obligor of any kind with respect to any Subordinated Debt.
"Enforcement Action" means, in relation to or with respect to any Debtor or any other Person, any of the following:
(a)    the acceleration of the maturity of all or any part of any Consolidated Funded Indebtedness of such Person;
(b)    the commencement or pursuit of any action at law or other legal proceeding against such Person to collect all or any part of any Consolidated Funded Indebtedness of such Person, or the enforcement of any other rights or remedies against such Person under or with respect to all or any part of any Consolidated Funded Indebtedness of such Person, whether by action at law, suit in equity, arbitration proceedings or any other similar proceedings;

(c)    the realization, foreclosure or other enforcement of any Liens of any kind on all or any part of any Property of such Person, or the obtaining of payment of any Consolidated Funded Indebtedness of such Person through exercise of any rights of set-off, counterclaim or cross-claim; or

(d)    the commencement or initiation of any Bankruptcy or Insolvency Proceeding against such Person, or the joining with any other creditor or creditors of such Person to commence or initiate any Bankruptcy or Insolvency Proceeding against such Person.
"Equity Interests" means, with respect to any Person, all of the outstanding shares of capital stock of (or other ownership or profit interests in) such Person, all of the outstanding warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the outstanding securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other outstanding ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not the shares underlying such warrants, options, rights or other interests are outstanding on any date of determination.
"Event of Default" has the meaning specified for that term in the Senior Credit Agreement.
"Extension of Credit" means the making of any advance or loan or the extension of any other credit or financial accommodation of any kind or character.
"Instrument" means any contract, agreement, indenture, mortgage or other document or writing (whether a formal agreement, letter or otherwise) under which any obligation is evidenced, assumed or undertaken, or any right to any Lien is granted or perfected.
"Parent Affiliated Companies" means, collectively, (a) the Parent Company, and (b) all Subsidiaries and Affiliates of the Parent Company, other than the Borrower and the Borrower's Subsidiaries.
"Parent Company" means Telephone and Data Systems, Inc., a Delaware corporation. "Payment Blockage Notice" has the meaning specified in Section 2.4(a).
"Payment Blockage Period" means, in relation to any Payment Blockage Notice, the period beginning on the date on which such Payment Blockage Notice shall be received by the Parent Company (as provided in Section 2.4(a)) and ending on the date determined pursuant to Section 2.4(b).
"payment in full" and "paid in full" mean payment in full in cash.

"payment or distribution on account of Subordinated Debt" means any payment or distribution of any kind or character, whether in cash or other Property, or any combination thereof, and whether voluntary or involuntary, (a) on account of any principal of (or premium, if any), interest on, or other amounts owing in respect of all or any part of any Subordinated Debt, or (b) on account of any purchase, repurchase, redemption, retirement, prepayment, defeasance or other acquisition for value of any Subordinated Debt. For purposes of this Agreement, "payments or distributions on account of Subordinated Debt" shall in any event include: (i) all payments payable on account of Subordinated Debt by virtue of the provisions of, or any security for, any Instrument governing any other Consolidated Funded Indebtedness of the Borrower or any of its Subsidiaries which is subordinate in right of payment to any Subordinated Debt; (ii) all payments on account of Subordinated Debt made through exercise of any rights of set-off, counterclaim or cross-claim; and (iii) all payments on account of Subordinated Debt made through realization, foreclosure or other enforcement of any Liens of any kind.
"Permitted Equity Interests" means any Equity Interests of the Borrower on account of or with respect to which none of the Borrower or its Subsidiaries has any obligation of any kind     to (a) declare or pay any dividends or make other distributions at any time on or prior to the Maturity Date, except dividends or other distributions to be paid in Permitted Equity Interests of the Borrower, (b) make any redemption, repurchase, retirement or acquisition, whether through the Borrower or any of its Subsidiaries or otherwise, at any time on or prior to the Maturity Date, except (in any such case) with Permitted Equity Interests of the Borrower, (c) make any return of capital to the holder thereof at any time on or prior to the Maturity Date, except with Permitted Equity Interests of the Borrower, or (d) make any other distributions of any kind at any time on or prior to the Maturity Date, except distributions to be made in Permitted Equity Interests of the Borrower.
"Permitted Interest Payments" has the meaning specified in Section 2.3(a).
"Permitted Sub Debt Payments" means, collectively, (a) Permitted Interest Payments, and (b) the other specific payments or distributions identified and described in Schedule B attached hereto (as amended or supplemented from time to time).
"Property" means any interest in any kind of property or asset, whether real, personal or mixed, and whether tangible or intangible.
"Senior Compliance Event of Default" means any Event of Default other than a Senior Payment Event of Default.
"Senior Credit Agreement" has the meaning specified in the Preliminary Statements hereto.
"Senior Creditors" means,  collectively, the Administrative Agent, all of the Senior Lenders and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05 of the Senior Credit Agreement. For purposes of this Agreement, the term "Senior Creditors" shall in any event include any and all lawful holders from time to time of all or any part of the Senior Debt.
"Senior Debt" means, collectively, all Consolidated Funded Indebtedness of the Borrower or of any of its Subsidiaries, contingent or otherwise, now or hereafter existing, under or with respect to:
(a)    the unpaid principal of any and all Senior Extensions of Credit made or to be made or otherwise extended to the Borrower or to any of its Subsidiaries under the Senior Debt Documents;
(b)    interest (including interest accruing at the contract rate after the commencement of any Bankruptcy or Insolvency Proceedings in relation to the Borrower or any of its Subsidiaries, whether or not such interest accrues after the commencement of such proceedings for purposes of any applicable insolvency laws or is an allowed claim in such proceedings) on Senior Extensions of Credit described in clause (a) or on any other Consolidated Funded Indebtedness described in this clause (b) or in clause (c) of this definition, and fees, costs, expenses, indemnities, reimbursements and other amounts owing under any Senior Debt Documents (whether or not any such fees, costs, expenses or other amounts are incurred or otherwise accrue after the commencement of any Bankruptcy or Insolvency Proceedings in relation to the Borrower or any of its Subsidiaries, and whether or not all or any portion of any claims with respect thereto are allowed claims in any such proceedings); and
(c)    claims by any of the Senior Creditors against the Borrower or any of its Subsidiaries under any guaranties by the Borrower or by any of its Subsidiaries of any Consolidated Funded Indebtedness described in clause (a) or (b) of this definition (whether or not any of such claims are made against the Borrower or any of its Subsidiaries after the commencement of any Bankruptcy or Insolvency Proceedings with respect to any of such Persons, and whether or not all or any portion of such claims are allowed claims in any such proceedings).
"Senior Debt Documents" means, collectively, (a) the Senior Credit Agreement and all of the other Senior Loan Documents, (b) all other Instruments pursuant to which any Consolidated Funded Indebtedness owing to the Senior Creditors under the Senior Credit Agreement or any other Senior Loan Documents  shall be deferred, extended, renewed, replaced, refunded or refinanced, in whole or in part, and without limitation as to parties, maturities, amounts, interest rates or other provisions, and (c) all other Instruments executed in connection with or evidencing, governing, guarantying or securing any Consolidated Funded Indebtedness under any Instruments referred to in clause (a) or (b) of this definition; in each case (with respect to any Instruments referred to in clause (a), (b) or (c)), as modified, amended or supplemented from time to time.
"Senior Extensions of Credit" means, collectively:
(a)    any and all Extensions of Credit made or to be made or otherwise extended by Senior Creditors under or in respect of Senior Debt Documents at any time and from time to time on, prior to or after the date hereof to the Borrower or to any of its Subsidiaries; and

(b)    any and all Extensions of Credit replacing, refunding or refinancing, in whole or in part, whether directly or indirectly, and without limitation as to parties, maturities, amounts, interest rates or other provisions, any or all of the Senior Debt described in clause (a), clause (b) or clause (c) of that defined term.
“Senior Lenders” has the meaning specified in the Senior Credit Agreement for the term “Lenders”.
"Senior Loan Documents" has the meaning specified in the Senior Credit Agreement for the term "Loan Documents".
"Senior Payment Event of Default" means any Event of Default resulting from any default by the Borrower in the payment or prepayment of any principal, interest or any other sum that has become due and payable under the Senior Credit Agreement or any of the other Senior Debt Documents.
"Subordinated Creditors" means, collectively, and in each case solely in their respective capacities as holders of Subordinated Debt, (a) the Parent Company, (b) each of the other Parent Affiliated Companies identified in Schedule C attached hereto (as amended or supplemented from time to time), and (c) each of the other Parent Affiliated Companies that, at any time after the date hereof, shall execute and deliver to the Administrative Agent a Subordinated Creditor Supplement and thereby become a party hereto and bound hereby as a "Subordinated Creditor" hereunder.
"Subordinated Creditor Supplement" means any supplement to this Agreement, in or substantially in the form of Exhibit A attached hereto, by which any Parent Affiliated Company shall become a party to and bound by this Agreement as a "Subordinated Creditor" hereunder and under which additional Subordinated Debt and Subordinated Debt Documents shall be made subject to this Agreement.
"Subordinated Debt" means, collectively:
(a)    all Consolidated Funded Indebtedness of the Borrower or of any of its Subsidiaries identified in Schedule D attached hereto (as amended or supplemented from time to time);
(b)    all other Consolidated Funded Indebtedness of the Borrower or of any of its Subsidiaries from time to time identified and described in any Subordinated Creditor Supplement or any Subordinated Debt Supplement which at any time after the date hereof shall be executed by any Subordinated Creditor and delivered to the Administrative Agent;
(c)    interest (including all (if any) interest accruing after the commencement of any Bankruptcy or Insolvency Proceedings in relation to the Borrower or any of its Subsidiaries) payable on or with respect to any Consolidated Funded Indebtedness described in clause (a), (b), (c), (d) or (e) of this definition, and all fees, costs, expenses, indemnities, reimbursements and other amounts owing in respect of any such Consolidated Funded Indebtedness;
(d)    all obligations of the Borrower or any of its Subsidiaries, contingent or otherwise, to purchase, repurchase, redeem, retire, prepay, defease or otherwise acquire any or all of the Consolidated Funded Indebtedness of the Borrower or of any of its Subsidiaries described in clause (a), (b), (c) or (e) of this definition; and
(e)    all Consolidated Funded Indebtedness under or with respect to guaranties by the Borrower or by any of its Subsidiaries of any Consolidated Funded Indebtedness described in any of clause (a), (b), (c) or (d) of this definition.
"Subordinated Debt Documents" means, collectively:
(a)    all Instruments from time to time identified and described in Schedule E attached hereto (as amended and supplemented from time to time);
(b)    all other Instruments from time to time identified and described in any Subordinated Creditor Supplement or any Subordinated Debt Supplement which at any time after the date hereof shall be executed by any Subordinated Creditor and delivered to the Administrative Agent;
(c)    each (if any) Instrument pursuant to which any Subordinated Debt of the Borrower or of any of its Subsidiaries to each or any of the Subordinated Creditors, whether now or hereafter existing, is or will be evidenced, governed, guaranteed or secured;
(d)    each Instrument pursuant to which any Subordinated Debt to any of the Subordinated Creditors shall be deferred, extended, renewed, replaced, refunded or refinanced, in whole or in part; and
(e)    each other Instrument executed in connection with or otherwise evidencing, governing, guarantying or securing any Subordinated Debt of any kind, including, without limitation, any Subordinated Debt under any Instrument referred to in clause (a), (b), (c) or (d) of this definition; in each case (with respect to any Instrument referred to in clause (a), (d) or (e) of this definition), as modified, amended or supplemented from time to time.
"Subordinated Debt Supplement" means any supplement to this Agreement, in or substantially in the form of Exhibit B attached hereto, by which any Subordinated Debt and Subordinated Debt Documents shall be made subject to this Agreement and thereby become "Subordinated Debt" and "Subordinated Debt Documents" hereunder.

SECTION 1.3    General Provisions Relating to Definitions. Terms for which meanings are defined in this Agreement shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The term "including" means including, without limiting the generality of any description preceding such term. Each reference herein to any Person shall include a reference to such Person's successors in title and assigns or (as the case may be) his successors, assigns, heirs, executors, administrators and other legal representatives. References to any Instrument defined in this Agreement refer, unless otherwise provided herein, to such Instrument as originally executed, or, if subsequently varied, replaced or supplemented from time to time, as so varied, replaced or supplemented and in effect at the relevant time of reference thereto.

ARTICLE II
CONSOLIDATED FUNDED INDEBTEDNESS SUBORDINATION ARRANGEMENTS

SECTION 2.1    Agreement to Subordinate; Addition of Subordinated Creditors and Subordinated Debt.
(a)    Each of the Subordinated Creditors severally agrees with and for the benefit of each of the Senior Creditors that all Subordinated Debt (whether now existing or from time to time after the date hereof incurred, assumed, created or arising) owing to it is hereby expressly subordinated and made junior in right of payment, to the extent and in the manner hereinafter provided in this Article II, to the prior payment in full of all Senior Debt (whether now existing or from time to time after the date hereof incurred, assumed, created or arising).
(b)    Any Parent Affiliated Company which has not previously become a party to and bound by this Agreement as a "Subordinated Creditor" hereunder may at any time become a Subordinated Creditor under this Agreement by executing and delivering to the Administrative Agent a properly completed Subordinated Creditor Supplement. Upon execution and delivery of a Subordinated Creditor Supplement by any Parent Affiliated Company, (i) such Parent Affiliated Company shall automatically (without any other action on the part of any party hereto) become a Subordinated Creditor hereunder for all purposes of this Agreement, (ii) the Consolidated Funded Indebtedness identified and described in such Subordinated Creditor Supplement shall automatically (without any other action on the part of any party hereto) become Subordinated Debt for all purposes of this Agreement, and (iii) all related Subordinated Debt Documents identified and described therein shall automatically (without any other action on the part of any party hereto) become Subordinated Debt Documents for all purposes of this Agreement.
(c)    Any Consolidated Funded Indebtedness not previously designated as Subordinated Debt under this Agreement shall automatically become Subordinated Debt under this Agreement upon the due execution by the Subordinated Creditor to whom such Consolidated Funded Indebtedness is owed and delivery to the Administrative Agent of a properly completed Subordinated Debt Supplement identifying and describing such Consolidated Funded Indebtedness and all Subordinated Debt Documents pursuant to which such Subordinated Debt is evidenced or governed. Upon execution and delivery of a Subordinated Debt Supplement with respect to any Consolidated Funded Indebtedness, such Consolidated Funded Indebtedness and all related Subordinated Debt Documents described therein shall automatically (without any other action on the part of any party hereto) become Subordinated Debt and Subordinated Debt Documents for all purposes of this Agreement.
SECTION 2.2    Limitations on Subordinated Debt Payments. Except as and to the extent otherwise expressly permitted or provided by Sections 2.3 and 2.5 hereof, neither the Borrower nor any of its Subsidiaries shall at any time make any payments or distributions of any kind on account of Subordinated Debt, whether in cash, securities or other Property or by way of conversion, exchange or set-off or otherwise, and the Subordinated Creditors shall not at any time demand, receive or accept from the Borrower or from any of its Subsidiaries any payments or distributions on account of Subordinated Debt.
SECTION 2.3    Permitted Sub Debt Payments; etc.
(a)    So long as no Payment Blockage Period shall be continuing at the time of payment, the Borrower and its Subsidiaries shall be permitted to pay to Subordinated Creditors, and Subordinated Creditors shall be entitled to receive and apply, interest that has accrued on Subordinated Debt at the applicable contract rates of interest set forth in the applicable Subordinated Debt Documents (as in effect on the date such documents shall become Subordinated Debt Documents) (all such permitted payments of interest being herein called "Permitted Interest Payments"). No prepayments of interest which have not yet accrued under the applicable Subordinated Debt Documents shall be permitted by this Agreement, and no such prepayments of such interest shall constitute "Permitted Interest Payments" for purposes of this Agreement.
(b)    So long as no Payment Blockage Period shall be continuing, the Borrower and its Subsidiaries shall be permitted to pay to Subordinated Creditors, and Subordinated Creditors shall be entitled to receive and apply, the other Permitted Sub Debt Payments identified and described in Schedule B attached hereto (as amended and supplemented from time to time).
(c)    So long as no Bankruptcy or Insolvency Proceeding shall be continuing with respect to the Borrower or any of its Subsidiaries, Subordinated Creditors shall be entitled, at any time and from time to time, to convert all or any part of any Subordinated Debt into, or (as the case may be) to exchange all or any part of any Subordinated Debt for, Permitted Equity Interests of the Borrower.
(d)    Except as otherwise expressly permitted by paragraph (a), paragraph (b) or paragraph (c) of this Section 2.3 or by Section 2.5 hereof, or as otherwise expressly consented to in writing by the Administrative Agent in any particular instance, the limitations on the making of payments or distributions on account of Subordinated Debt set forth in Section 2.2 shall be absolute, unconditional and irrevocable at all times and in all circumstances.

SECTION 2.4    Payment Blockage Periods.
(a)    The Administrative Agent may, while any Event of Default is continuing, give to each Subordinated Creditor a written notice ("Payment Blockage Notice") of such Event of Default and the imposition of a Payment Blockage Period pursuant to this Section 2.4.
(b)    With respect to each Payment Blockage Notice identifying any one or more Senior Payment Events of Default, a Payment Blockage Period shall commence on the date on which the Subordinated Creditors shall receive from the Administrative Agent such Payment Blockage Notice and shall terminate on the earlier to occur of: (i) the date on which each of the Senior Payment Events of Default identified in such Payment Blockage Notice shall have been cured or waived or shall otherwise have ceased to exist; or (ii) the date on which such Payment Blockage Period shall be terminated by written notice to the Subordinated Creditors from the Administrative Agent. So long as any Senior Payment Event of Default shall be continuing, any number of Payment Blockage Notices identifying Senior Payment Events of Default may be given and any number of Payment Blockage Periods may be commenced by the Administrative Agent pursuant to this paragraph (b).
(c)    With respect to each Payment Blockage Notice identifying any one or more Senior Compliance Events of Default, a Payment Blockage Period shall commence on the date on which the Subordinated Creditors shall receive from the Administrative Agent such Payment Blockage Notice and shall terminate on the earliest to occur of: (i) the date that is 179 days after the commencement of such Payment Blockage Period (or such earlier date as may be required by the next sentence); (ii) the date on which each of the Senior Compliance Events of Default identified in such Payment Blockage Notice shall have been cured or waived or shall otherwise have ceased to exist; or (iii) the date on which such Payment Blockage Period shall be terminated by written notice to the Subordinated Creditors from the Administrative Agent. So long as any Senior Compliance Event of Default shall be continuing, any number of Payment Blockage Notices identifying Senior Compliance Events of Default may be given and any number of Payment Blockage Periods may be commenced by the Administrative Agent pursuant to this paragraph (c), but the aggregate duration of all Payment Blockage Periods commenced by the Administrative Agent pursuant to this paragraph (c) during any period of 365 consecutive days shall not exceed 179 days. Notwithstanding any other provision of this paragraph (c), no Senior Compliance Event of Default which existed or was continuing on the date of the commencement of any Payment Blockage Period pursuant to this paragraph (c) shall be, or be made, the basis for the commencement of a second Payment Blockage Period pursuant to this paragraph (c).
SECTION 2.5    Bankruptcy or Insolvency Proceedings. Each of the Subordinated Creditors and the Debtors hereby agrees with the Senior Creditors that, in the event of any Bankruptcy or Insolvency Proceeding with respect to any of the Debtors:
(a)    the Senior Creditors shall first be entitled to receive payment in full of all Senior Debt before the Subordinated Creditors shall be entitled to receive any payment or distribution on account of Subordinated Debt of such Debtor;
(b)    the Senior Creditors shall be entitled to receive from such Debtor (until payment in full of all Senior Debt) all payments and distributions on account of Subordinated Debt which would otherwise be payable or deliverable to the Subordinated Creditors, including, without limitation, all cash, securities, Equity Interests and other Property distributed, divided or applied by way of dividend or payment, and any securities or Equity Interests issued on account of the Subordinated Debt, and, to that end, all such payments and distributions from such Debtor that otherwise would be payable or deliverable upon or with respect to any Subordinated Debt shall instead be paid or delivered forthwith directly to the Administrative Agent, for the benefit of the Senior Creditors, in the same form as so received (with any necessary endorsement or assignment) for application to the payment of Senior Debt until all Senior Debt shall have been paid in full, and the Administrative Agent shall be entitled to hold all such securities, Equity Interests and other Property as collateral for the Senior Debt, to sell, assign, transfer or dispose of such securities, Equity Interests and other Property as the Administrative Agent shall deem appropriate, and to apply all proceeds from the sale, assignment, transfer or disposition of such securities, Equity Interests and other Property to the Senior Debt;
(c)    if any Subordinated Creditor shall fail to file a proper proof of claim in the form required by applicable law against such Debtor in respect of the Subordinated Debt prior to the date 30 days before the expiration of the time to file such claim, then the Administrative Agent is authorized, but shall have no obligation, to file such claim in the name of and on behalf of such Subordinated Creditor; and
(d)    the Subordinated Creditors shall duly and promptly take such action as the Administrative Agent may reasonably request to collect Subordinated Debt from such Debtor, and to collect and receive any and all payments or distributions on account of such Subordinated Debt.
SECTION 2.6    Certain Other Bankruptcy Matters; etc.
(a)    In order to carry out and to give full effect to the express intentions of each of the parties hereto as set out in Section 2.5, and in order better to ensure the performance by the Subordinated Creditors of the covenants of the Subordinated Creditors with the Administrative Agent, for the benefit of the Senior Creditors, contained in Section 2.5, each of the Subordinated Creditors hereby absolutely and irrevocably constitutes and appoints the Administrative Agent its true and lawful agent and attorney-in-fact, with full power of substitution, in the name and on behalf of such Subordinated Creditor or in the name of the Administrative Agent or any of the Senior Creditors or in the name of the Administrative Agent's substitute agents or attorneys, to do, in any Bankruptcy or Insolvency Proceeding with respect to any Debtor, if all of the Senior Debt shall not have been paid in full at the time, all or any of the following:
(i)    to enforce all or any of the claims comprising all or any part of any Subordinated Debt of such Debtor by filing claims, proofs of claim, suit or otherwise;
(ii)    to enforce all or any of the Liens on any Property of such Debtor;

(iii)    to give or withhold the consent of such Subordinated Creditor to the use by such Debtor of any Property of such Debtor;
(iv)    to give or withhold the consent of such Subordinated Creditor to the sale, transfer or other disposition by such Debtor of any Property of such Debtor;
(v)    to collect or receive all or any of the Property of any Debtor distributed, divided or applied by way of dividend or payment on account of all or any part of any Subordinated Debt of such Debtor and to apply the same, or the proceeds of any realization upon the same that the Administrative Agent in its sole and absolute discretion shall elect to effect, to all or any part of the Senior Debt until all of the Senior Debt shall have been paid in full;
(vi)    to execute, deliver or otherwise perfect any Instrument and to execute and do all of such other assurances, acts and things which the Administrative Agent or any of the Administrative Agent's substitute agents or attorneys may deem proper in or for the purpose of exercising all or any of the powers and authorities granted to the Administrative Agent by each of the Subordinated Creditors pursuant to this paragraph (a);
(vii)    to cast all ballots and vote all claims in respect of the Subordinated Debt of such Debtor and to negotiate, accept or reject on behalf of the Subordinated Creditors any plan of partial or complete liquidation, reorganization, arrangement, composition or extension proposed in connection with any Bankruptcy or Insolvency Proceeding with respect to such Debtor, all in such manner and on such terms and conditions as the Administrative Agent shall in its sole and absolute discretion determine to be in the best interests of the Senior Creditors; and
(viii)    generally, to take, in connection with any such Bankruptcy or Insolvency Proceeding with respect to such Debtor and solely in relation to all or any part of any Subordinated Debt of such Debtor, any action which the Subordinated Creditors would, but for the terms of this Agreement, be otherwise entitled to take in or for the purpose of exercising all or any of the powers, authorities or rights specified in the foregoing provisions of this paragraph (a).
(b)    Each of the Subordinated Creditors hereby ratifies and confirms and agrees to ratify and confirm whatever the Administrative Agent (or any of the Administrative Agent's substitute agents) or attorneys shall do or purport to do in good faith in the exercise, at any time and from time to time prior to (but not after) the payment in full of all Senior Debt, of the power of attorney granted to the Administrative Agent by such Subordinated Creditor pursuant to Section 2.5(a), which power of attorney, being coupled with an interest, is irrevocable.
(c)    Each of the Subordinated Creditors severally covenants and agrees with the Administrative Agent that, in any Bankruptcy or Insolvency Proceeding with respect to any of the Debtors, if all of the Senior Debt shall not have been paid in full at the time:
(i)    such Subordinated Creditor shall, for all purposes of such Bankruptcy or Insolvency Proceeding, be deemed to have given its consent to and approval for (A) the use by any of the Debtors of any Property of any of the Debtors, and (B) the sale, transfer or other disposition by the Debtors or any of them of any Property of any of the Debtors, in each such case, if and to the extent that any such use, sale, transfer or other disposition shall be consented to or otherwise approved by the Administrative Agent;
(ii)    if any payments or distributions made to the Administrative Agent on account of any Senior Debt, whether before or after the commencement of any Bankruptcy or Insolvency Proceeding with respect to the Borrower or any of its Subsidiaries, shall be avoided as a fraudulent transfer or fraudulent conveyance under any applicable law, then, for purposes of determining whether and when all of the Senior Debt shall have been paid in full, the Administrative Agent shall be deemed never to have received the payments or distributions so avoided; and
(iii)    during such Bankruptcy or Insolvency Proceeding, until all Senior Debt shall be paid in full, the Administrative Agent shall (as between the Administrative Agent and the Subordinated Creditors) have the exclusive right to collect, foreclose upon, sell, transfer, liquidate or otherwise dispose of, or exercise any other Enforcement Action with respect to, all or any part of the Property of any of the Debtors in the manner deemed appropriate by the Administrative Agent, without regard to the rights of any of the Subordinated Creditors, and, to the extent permitted by applicable law, each of the Subordinated Creditors hereby agrees not to hinder, delay or otherwise interfere with any Enforcement Action by the Administrative Agent with respect to any of the Debtors, any of their Property or any part thereof.

SECTION 2.7    Delivery of Prohibited Payments or Distributions on Account of Subordinated Debt. If any payment or distribution on account of Subordinated Debt shall at any time be collected or received by any of the Subordinated Creditors, by way of set-off or otherwise, and such collection or receipt shall not be expressly permitted by this Article II at the time of such collection or receipt, then such payment or distribution shall be paid over or delivered forthwith to the Administrative Agent for application to Senior Debt. Payments or distributions on account of Subordinated Debt paid or delivered to the Administrative Agent in compliance with this Article II that are in the form of cash shall be used to pay Senior Debt. Any such payments or distributions that are not in the form of cash shall be held by the Administrative Agent as security for the payment of Senior Debt.   The Administrative Agent shall be entitled to sell, assign, transfer or dispose of such Property as the Administrative Agent deems appropriate. Cash proceeds of any such non-cash payments or distributions on account of Subordinated Debt shall, when such cash proceeds are received by the Administrative Agent, be used to pay Senior Debt.

SECTION 2.8    Subrogation. Upon payment in full of all Senior Debt, the Subordinated Creditors shall be immediately subrogated to the rights of the Senior Creditors (to the extent of payments and distributions previously made to or for the account of the Senior Creditors pursuant to the provisions of this Article II), to receive payments and distributions of Property of the Borrower or of any of its Subsidiaries applicable to Senior Debt until all amounts owing on Subordinated Debt shall be paid in full. No payments or distributions applicable to Senior Debt which the Subordinated Creditors shall receive by reason of their being subrogated to the rights of the Senior Creditors pursuant to the provisions of this Section 2.8 shall, as between the Borrower or any of its Subsidiaries, any of their creditors other than the Senior Creditors, and the Subordinated Creditors, be deemed to be a payment by such Person to or for the account of any Subordinated Debt; and, for the purposes of such subrogation, no payments or distributions to the Senior Creditors of any Property to which the Subordinated Creditors would be entitled except for the provisions of this Agreement, and no payment over pursuant to provisions of this Agreement, to the Senior Creditors by the Subordinated Creditors, shall, as between the Borrower or any of its Subsidiaries, any of their creditors other than the Senior Creditors, and the Subordinated Creditors, be deemed to be a payment by such Person to or for the account of any Senior Debt, it being understood that the provisions of this Agreement are intended solely for the purpose of defining the relative rights of the Subordinated Creditors, on the one hand, and the Senior Creditors, on the other hand, and nothing contained in this Section 2.8 or elsewhere in this Agreement is intended to or shall impair, as between the Borrower or any of its Subsidiaries and the Subordinated Creditors, the obligations of the Borrower and its Subsidiaries, which are absolute and unconditional, to pay to the Subordinated Creditors, subject always to the rights of the Senior Creditors, the Subordinated Debt as and when the same shall become due and payable in accordance with its terms.

ARTICLE III
LIMITATIONS ON CERTAIN ENFORCEMENT ACTIONS AND
OTHER NEGATIVE COVENANTS
SECTION 3.1    Prohibitions on Commencement of Certain Enforcement Actions. Until all of the Senior Debt shall have been paid in full, the Subordinated Creditors shall not at any time commence or institute, or join with any other Person or Persons in commencing or instituting, any Enforcement Action of any kind against the Borrower or any of its Subsidiaries or against any of the Property of the Borrower or any of its Subsidiaries with respect to any Subordinated Debt.
SECTION 3.2    Limitations on Remedies Under Subordinated Debt Documents. Notwithstanding any contrary provision of any Subordinated Debt Document, the occurrence or continuation of any Default or Event of Default of any kind whatsoever under or with respect to any of the Senior Debt Documents shall not constitute a "default" or an "event of default" under any of the Subordinated Debt Documents.
SECTION 3.3    Limitations on Liens Securing Subordinated Debt.

(a)    The Borrower shall not at any time grant, or cause or permit any of its Subsidiaries at any time to grant, to any of the Subordinated Creditors, and the Subordinated Creditors shall not at any time acquire, demand, receive or accept from the Borrower or from any of its Subsidiaries, any Liens on any Property of any kind as security for any Subordinated Debt, unless (i) such Liens shall at all times be junior in priority to Liens securing Senior Debt, and (ii) at no time shall such Liens attach to any Property except Property subject to Liens which secure the Senior Debt on terms and conditions satisfactory to the Administrative Agent.
(b)    Liens on Property securing all or any part of the Senior Debt shall at all times have priority in every respect over, and shall in all respects and at all times be senior and superior to, all Liens (if any) on such Property securing all or any part of the Subordinated Debt. The priorities specified in this paragraph (b) for the Liens described herein shall be applicable (i) whether or not any such Liens shall have been duly and properly created or perfected, whether or not any such Liens shall be legal, valid, binding or enforceable, and whether or not any such Liens shall or may be subject to avoidance, or shall be avoided, as a fraudulent transfer or fraudulent conveyance, in any case whether before or after the commencement of any Bankruptcy or Insolvency Proceedings with respect to any Debtor, (ii) whether or not any such Liens shall be acquired or created consensually or by attachment, levy, execution, distraint or otherwise, and (iii) irrespective of (A) the time, order or method of creation, attachment or perfection of any such Liens, (B) the time or order of filing or recording of financing statements or other Instruments pertaining to any such Liens, or (C) the possession of any of such Property subject to any such Liens.
(c)    Until all of the Senior Debt shall have been paid in full, the Subordinated Creditors shall not at any time commence or institute, or join any other Person or Persons in commencing or instituting, any Enforcement Action of any kind with respect to any Liens securing all or any part of the Subordinated Debt.
(d)    Any Liens acquired in violation of paragraph (a) of this Section 3.3 shall be null and void ab initio, and none of the Subordinated Creditors shall have any rights, remedies, claims, benefits or priorities, as secured party or otherwise, in relation to any Property subject to any such Liens.

ARTICLE IV 
WAIVERS AND CONSENTS
SECTION 4.1    Waivers of Notice; etc. To the extent permitted by applicable law, the obligations of each of the Subordinated Creditors and Debtors under this Agreement, and the subordination arrangements and covenants contained herein, shall not be to any extent or in any way or manner whatsoever impaired or otherwise affected by any of the following, whether or not any of the Subordinated Creditors or Debtors shall have had any notice or knowledge of any thereof:
(a)    the dissolution, termination of existence, bankruptcy, liquidation, insolvency, appointment of a receiver for all or any part of the Property of, assignment for the benefit of creditors by, or the commencement of any Bankruptcy or Insolvency Proceeding by or against, the Borrower or any of its Subsidiaries;

(b)    the absorption, merger or consolidation of, or the effectuation of any other change whatsoever in the name, membership, constitution or place of formation of, the Borrower or any of its Subsidiaries;
(c)    any extension or postponement of the time for the payment of any Senior Debt, the acceptance of any partial payment thereon, any and all other indulgences whatsoever by the Senior Creditors in respect of any Senior Debt, the taking, addition, substitution or release, in whole or in part, at any time or times, of any collateral or Liens securing any Senior Debt, or the addition, substitution or release, in whole or in part, of any Person or Persons primarily or secondarily liable in respect of any Senior Debt;
(d)    any action or delay in acting or failure to act on the part of any Senior Creditor under any Senior Debt Document or in respect of any Senior Debt or Liens securing any Senior Debt or otherwise, including (i) any action by any Senior Creditor to enforce any of its rights, remedies or claims in respect of Liens securing any Senior Debt, (ii) any failure by any Senior Creditor strictly or diligently to assert any rights or to pursue any remedies or claims against any of the Debtors or any other Person or Persons under any of the Senior Debt Documents or as provided by statute or at law or in equity, (iii) any failure by any Senior Creditor to perfect or to preserve the perfection or priority of any of its Liens securing any Senior Debt, or (iv) any failure or refusal by any Senior Creditor to foreclose or to realize upon any Liens securing any Senior Debt or to take any action to enforce any of its rights, remedies or claims under any Senior Debt Document;
(e)    any modification or amendment of, or any supplement or addition to, any of the Senior Debt Documents;
(f)    any waiver, consent or other action or acquiescence by any of the Senior Creditors in respect of any default by the Borrower or by any of its Subsidiaries in its performance or observance of or compliance with any term, covenant or condition contained in any Senior Debt Document;
(g)    any Senior Debt or any Senior Debt Document or any provision thereof or any Liens securing any Senior Debt shall at any time or for any reason whatsoever cease to be in full force or effect or shall be declared null and void or illegal, invalid, unenforceable or inadmissible in evidence, or any Senior Debt or any payments or distributions on account of Senior Debt or any Liens securing Senior Debt shall be subject to avoidance, or shall be avoided, as a fraudulent transfer or fraudulent conveyance, in any case whether prior to or after the commencement of any Bankruptcy or Insolvency Proceedings by or against the Borrower or any of its Subsidiaries;
(h)    any Subordinated Debt or any Subordinated Debt Document or any provision thereof or any Liens securing any Subordinated Debt shall at any time or for any reason whatsoever cease to be in full force or effect or shall be declared null and void or illegal, invalid, unenforceable or inadmissible in evidence, or any Subordinated Debt or any payments or distributions on account of Subordinated Debt or any Liens securing any Subordinated Debt shall be subject to avoidance, or shall be avoided, as a fraudulent transfer or fraudulent conveyance, in any case whether prior to or after the commencement of Bankruptcy or Insolvency Proceedings by or against the Borrower or any of its Subsidiaries;
(i)    the existence or creation at any time or times on or after the date of this Agreement of any claim, defense, right of set-off or counterclaim of any nature whatsoever of any Subordinated Creditor against the Borrower or any of its Subsidiaries or against any of the Senior Creditors; or
(j)    the existence of any other condition or circumstance or the occurrence of any other event that might otherwise constitute a legal or equitable discharge of or a suretyship defense to the performance by any Subordinated Creditor of any of its obligations or other liabilities hereunder.
To the extent permitted by applicable law, each of the Subordinated Creditors hereby absolutely, unconditionally and irrevocably assents to and waives notice of any and all matters hereinbefore specified in clauses (a) through (j). This Agreement shall continue to be effective or shall be reinstated, as the case may be, if at any time any payment of any Senior Debt previously made by any Debtor to any of the Senior Creditors is rescinded or must otherwise be returned by any of the Senior Creditors in connection with any Bankruptcy or Insolvency Proceedings with respect to any of the Debtors or otherwise, all as though such payment of Senior Debt had not been made.

ARTICLE V
ADDITIONAL REPRESENTATIONS AND OTHER COVENANTS
SECTION 5.1    Information Regarding Subordinated Debt. Each of the Borrower and the Subordinated Creditors shall furnish to the Administrative Agent from time to time all such information regarding Subordinated Debt as the Administrative Agent may from time to time reasonably request.
SECTION 5.2    Additional Representations and Covenants of Subordinated Creditors. Each of the Subordinated Creditors represents and warrants to, and covenants with the Administrative Agent that:
(a)    No part of the Subordinated Debt is evidenced by any Instrument or other writing a true and complete copy which has not previously been furnished to the Administrative Agent. The Subordinated Creditors are the lawful owners of the Subordinated Debt, and no part thereof has been assigned to or subordinated or subjected to any Liens in favor of any Person or Persons, except in compliance with the provisions of paragraph (b) of this Section 5.2.
(b)    Until all of the Senior Debt shall have been paid in full, none of the Subordinated Creditors shall sell, assign, pledge, encumber or otherwise transfer any Subordinated Debt or any rights or interests in any Subordinated Debt or any Subordinated Debt Documents, unless, prior to and in connection with any such transfer, the purchaser, assignee or other transferee thereof shall have agreed in writing to become a party to and bound by this Agreement as a Subordinated Creditor hereunder.

(c)    No part of the Subordinated Debt is secured by any Liens on Property of any kind of the Borrower or any of its Subsidiaries.
SECTION 5.3    No Other Subordination. Each Subordinated Creditor represents that the Subordinated Debt is not subordinated to any obligations other than the Senior Debt and covenants that it will not subordinate the Subordinated Debt to any other obligations except with the prior written consent of the Administrative Agent.
SECTION 5.4    Legend; etc. Each of the Debtors and the Subordinated Creditors covenants to cause each Instrument or certificate representing or evidencing any of the Subordinated Debt to have affixed upon it a legend substantially as follows:

									
		"THIS SUBORDINATED NOTE IS SUBORDINATED AND MADE JUNIOR IN RIGHT OF PAYMENT, AND MADE SUBJECT TO RESTRICTIONS AND LIMITATIONS ON ENFORCEMENT (INCLUDING ACCELERATION) AND RESTRICTIONS AND LIMITATIONS ON SALE, ASSIGNMENT, ENCUMBRANCE AND OTHER TRANSFERS, ALL UPON THE TERMS, IN THE MANNER, AND TO THE EXTENT SET FORTH IN THE SUBORDINATION AGREEMENT, DATED AS OF DECEMBER 17, 2021, AS FROM TIME TO TIME IN EFFECT, AMONG TELEPHONE AND DATA SYSTEMS, INC., THE OTHER SUBORDINATED CREDITORS FROM TIME TO TIME PARTY THERETO, UNITED STATES CELLULAR CORPORATION, AND CITIBANK, N.A., AS ADMINISTRATIVE AGENT."
	

The Parent Company and the Debtors shall cause any financial statement describing or listing or otherwise reflecting the existence of any Consolidated Funded Indebtedness included in the Subordinated Debt to indicate clearly the subordinated character thereof, to the extent appropriate under GAAP.
SECTION 5.5    Consent to Credit Agreement. Each Subordinated Creditor acknowledges receipt from the Parent Company of a correct and complete copy of the Senior Credit Agreement as in effect as of the date such Subordinated Creditor became a party to this Agreement, and consents to all of the provisions of the Senior Credit Agreement as in effect as of such date.
SECTION 5.6    No Impairment. No right of the Senior Creditors under this Agreement shall at any time be prejudiced or impaired by any conduct on the part of any Debtor or any Subordinated Creditor, including any noncompliance by any Debtor or any Subordinated Creditor with the terms of this Agreement, or by any conduct, in good faith, by any Senior Creditor, regardless of any knowledge thereof which any Senior Creditor may have or otherwise be charged with.

ARTICLE VI 
MISCELLANEOUS
SECTION 6.1    Effectiveness of Agreement. This Agreement shall be effective as to, and shall be enforceable by the Administrative Agent against, each Subordinated Creditor from and after the execution and delivery by such Subordinated Creditor of a counterpart of this Agreement or a Subordinated Creditor Supplement. The agreements and obligations of each Subordinated Creditor under this Agreement are separate and independent from and in addition to the agreements and obligations of each of the other Subordinated Creditors and shall be enforceable by the Administrative Agent against each Subordinated Creditor notwithstanding
(a)    the failure of any other Parent Affiliated Company to execute and deliver a counterpart of this Agreement or a Subordinated Creditor Supplement, (b) the invalidity, unenforceability or inadmissibility in evidence of this Agreement against any one or more of the other Subordinated Creditors, (c) the release by the Administrative Agent of all or any of the other Subordinated Creditors from all or any part of their obligations under this Agreement, or (d) any waiver, termination or cancellation by the Administrative Agent of, or any consent by the Administrative Agent to any departure from, any of the agreements or obligations of any other Subordinated Creditor hereunder on any occasion or occasions, or any failure by the Administrative Agent to enforce any of the agreements or obligations of any other Subordinated Creditor hereunder on any occasion or occasions.
SECTION 6.2    Amendments, Waivers; etc. The provisions of this Agreement may from time to time be amended if such amendment is in writing and consented to by each of the parties hereto. No failure or delay on the part of any Person in exercising any power or right under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right.   The remedies herein provided are cumulative and not exclusive of any other remedies provided at law or in equity. No waiver or approval by a Person under this Agreement shall, except as may be otherwise stated in such waiver or approval, be applicable to any subsequent transactions.
SECTION 6.3    Further Assurances. The Subordinated Creditors shall execute and deliver all such further Instruments, and take all such further action, as may be reasonably necessary or appropriate, or as the Administrative Agent may reasonably request, in order to carry out the intent and purpose of this Agreement. The Administrative Agent shall execute and deliver all such further Instruments, and take all such further action, as may be reasonably necessary or appropriate, or as the Subordinated Creditors may reasonably request, in order to carry out the intent and purposes of this Agreement.

SECTION 6.4    Specific Performance; Remedies Cumulative. Each of the Subordinated Creditors and Debtors (a) acknowledges that a remedy at law for any breach or attempted breach of this Agreement may be inadequate, (b) agrees that the Administrative Agent and the other Senior Creditors shall be entitled to specific performance, and (c) agrees to waive any requirement for obtaining or posting any bond in connection with seeking or obtaining any such injunctive or equitable relief. The rights and remedies of each of the Administrative Agent and the other Senior Creditors provided herein are cumulative, and not exclusive of any of the rights and remedies which may be granted or provided by applicable law or by any of the other Senior Debt Documents.
SECTION 6.5    Severability. Any provision of this Agreement which 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 of this Agreement or affecting the validity or enforceability of any such provision in any other jurisdiction.
SECTION 6.6    Continuing Agreement. This Agreement shall in all respects be a continuing agreement, and this Agreement and the agreements and obligations of each of the Subordinated Creditors hereunder shall remain in full force and effect until all Senior Debt shall be paid in full.
SECTION 6.7    Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of, each of the Administrative Agent and the other Senior Creditors, the Subordinated Creditors and the Borrower and their respective successors in title and permitted assigns.
SECTION 6.8    Notices. All notices and other communications provided to a party hereunder shall (except as otherwise specifically provided herein) be in writing and shall be delivered in hand, mailed by United States registered or certified first class mail, postage prepaid, or sent by facsimile or email and confirmed by delivery via courier or postal service and shall be addressed or delivered to it at its address designated for notices set forth on Schedule F attached hereto (as amended or supplemented from time to time) or at such other address as may be designated by such party in a notice to the other parties. Any such notice shall be deemed to have been duly received and to have become effective (a) if sent by facsimile or email, or delivered by hand to a responsible officer of the party to which it is directed, at the time of the receipt thereof by such officer and (b) if sent by registered or certified first-class mail, postage prepaid, three days after the date mailed.
SECTION 6.9    Loan Document; etc. This Agreement constitutes a "Loan Document" for all purposes of the Senior Credit Agreement and the other Senior Loan Documents.   This Agreement constitutes the entire agreement among the Senior Creditors and the Subordinated Creditors with respect to the subject matter hereof and supersedes any prior or contemporaneous agreements, representations, warranties or understandings, whether oral, written or implied, as to the subject matter of this Agreement.
SECTION 6.10 CHOICE OF LAW. THIS AGREEMENT IS A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW OTHER THAN GENERAL OBLIGATIONS LAW §5-1401).
SECTION 6.11 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. EACH SUBORDINATED CREDITOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY SENIOR CREDITOR HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH SENIOR CREDITOR WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED HEREIN.
SECTION 6.12    Survival.    The agreements and obligations of each party hereto under Sections 6.10, 6.11, 6.14 and 6.15 hereof shall survive the termination of this Agreement and the payment in full of all Senior Debt. The representations and warranties made by the Debtors or (as the case may be) by the Subordinated Creditors in this Agreement shall survive the execution and delivery of this Agreement.
SECTION 6.13 Termination. This Agreement and all of the covenants and other obligations of each of the parties hereto shall, except as otherwise expressly provided by Section 6.12, terminate upon, and be of no further force or effect whatsoever after, the payment in full of all of the Senior Debt.
SECTION 6.14 Indemnification.   Each party hereto (each, an "indemnifying party") agrees to indemnify and hold harmless each of the other parties hereto from and against any and all losses, damages, claims and liabilities which such other parties shall sustain or incur and which shall arise directly out of or which shall be directly caused by any breach by the indemnifying party of any of its covenants or agreements hereunder. 
SECTION 6.15    Expenses of Enforcement.   Each Subordinated Creditor hereby agrees to pay to the Administrative Agent, on demand by the Administrative Agent, all reasonable out-of-pocket costs and expenses (including, but not limited to, court costs and expenses and reasonable fees and disbursements of attorneys) at any time or from time to time incurred or sustained by the Administrative Agent or any of the other Senior Creditors in connection with its enforcement of any of its claims or remedies against such Subordinated Creditor under this Agreement.
SECTION 6.16    Obligations Several; No Third Parties Benefited.
(a)    The agreements and obligations of each of the Subordinated Creditors under this Agreement are several and not joint. No Subordinated Creditor shall be responsible for the failure of any other Subordinated Creditor to perform its obligations hereunder.

(b)    This Agreement is made and entered into for the sole protection and legal benefit of each of the Administrative Agent and the other Senior Creditors and their respective successors in title and assigns. It is not the intention of the parties hereto to confer any third- party beneficiary rights, and this Agreement shall not be construed so as to confer any such rights upon any other Person or Persons not party hereto. Neither the Borrower nor any of its Subsidiaries nor any other Person or Persons (other than a party hereto) shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement.
SECTION 6.17     Counterparts.  This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which, when so executed and delivered, shall be an original, but all of which shall together constitute one and the same Instrument. A set of counterparts executed by all of the parties hereto shall be lodged with the Borrower and the Administrative Agent. Delivery by facsimile or email by any of the parties hereto of an executed counterpart hereof, of any amendment or waiver hereto or any Subordinated Creditor Supplement or Subordinated Debt Supplement, shall be as effective as an original executed document and shall be considered a representation that such original executed document, as the case may be, will be delivered.
SECTION 6.18   Headings.    The descriptive headings in this Agreement are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Agreement or any provision hereof.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto have caused this SUBORDINATION AGREEMENT to be executed by their duly authorized officers as of the day and in the year first above written.

									
	The Subordinated Creditor:
	
			
	TELEPHONE AND DATA SYSTEMS, INC.	
			
	By:		
		Name:	
		Title:	
			
	By:		
		Name:	
		Title:	

									
	The Borrower:
	
			
	UNITED STATES CELLULAR CORPORATION	
			
	By:		
		Name:	
		Title:	
			
	By:		
		Name:	
		Title:	

									
	The Administrative Agent:
	
			
	CITIBANK, N.A.,	
	as Administrative Agent	
			
	By:		
		Name:	
		Title:	

                
            

Exhibit I

FORM OF GUARANTY

GUARANTY
THIS GUARANTY (as amended, restated, supplemented or otherwise modified from time to time, this "Guaranty"), dated as of December 17, 2021 is made by United States Cellular Corporation, a Delaware corporation (the "Borrower"), each of the other parties listed on the signature pages hereto and each other Person which may from time to time become a party to this Guaranty pursuant to Section 22 (collectively, the "Additional Guarantors," and each, an "Additional Guarantor," and together with the Borrower and each of the other signatories party hereto, collectively, the "Guarantors," and each, a "Guarantor"), in favor of Administrative Agent, for the benefit of Guarantied Parties.

BACKGROUND.

The Borrower, the lenders from time to time party thereto (collectively, the "Lenders"), and Citibank, N.A., as administrative agent for the Lenders (in such capacity, the "Administrative Agent"), have entered into that certain Credit Agreement, dated as of December 17, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement").

The Borrower and each of the other Guarantors are members of the same consolidated group of companies and are engaged in operations which require financing on a basis in which credit can be made available from time to time to the Borrower, and the Guarantors will derive direct and indirect economic benefit from the Loans.
It is a condition precedent to the obligation of Lenders to make Loans under the Credit Agreement that the Guarantors shall have executed and delivered this Guaranty.

AGREEMENT.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to induce Guarantied Parties to make Loans under the Credit Agreement and extend other credit and financial accommodations under the Loan Documents each Guarantor hereby agrees with Administrative Agent, for its benefit and the benefit of the other Guarantied Parties, and each other Guarantied Party as follows:

SECTION 1. Definitions; Other Terms.

(a)    Capitalized terms used herein and not otherwise defined herein shall have the meanings given such terms in the Credit Agreement, and, to the extent of any conflict, terms as defined in the Credit Agreement shall control (provided, that a more expansive or explanatory definition shall not be deemed a conflict). As used herein the following terms shall have the following meanings:

"Fraudulent Transfer Laws" means applicable Laws relating to fraudulent conveyance or fraudulent transfer, including Section 548 of Bankruptcy Code or any applicable provisions of comparable state Law.
"Guarantied Obligations" means, collectively, (a)(i) with respect to the Borrower, the payment and performance obligations of each Specified Loan Party under this Guaranty, and (ii) with respect to each other Guarantor, the Obligations, whether now or hereafter existing and whether for principal, interest, fees, expenses or otherwise, (b) any and all reasonable and invoiced out-of-pocket expenses (including the reasonable and invoiced fees, charges and disbursements of any one counsel for the Administrative Agent, one additional counsel on behalf of the Lenders, and one local counsel in each relevant jurisdiction) incurred by the Guarantied Parties in enforcing any rights under this Guaranty, and (c) all present and future amounts that would become due with respect to the foregoing but for the operation of any provision of Debtor Relief Laws, and all present and future accrued and unpaid interest with respect to the foregoing, including, without limitation, all post- petition interest if any Loan Party becomes subject to any proceeding under Debtor Relief Laws.

(b)    The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) 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 or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person's successors and assigns, (iii) the words "hereto," "herein," "hereof" and "hereunder," and words of similar import shall be construed to refer to this Guaranty in its entirety and not to any particular provision hereof, (iv) all references herein to Sections and Exhibits shall be construed to refer to Sections of and Exhibits to this Guaranty, (v) any reference to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such Law and any reference to any Law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) 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.

                
            

SECTION 2. Guaranty. Each of the Guarantors hereby jointly and severally absolutely and unconditionally guarantees prompt payment when due, whether at stated maturity, by acceleration, or otherwise, of, and the performance of, the Guarantied Obligations. Upon failure of the Borrower to pay any of the Guarantied Obligations when due (whether at stated maturity, by acceleration or otherwise), Guarantors hereby further jointly and severally agree to promptly pay the same to the Administrative Agent for the benefit of Guarantied Parties, without any other demand or notice whatsoever, including without limitation, any notice having been given to any Guarantor of either the acceptance of this  Guaranty or the creation or incurrence of any of the Guarantied Obligations. This Guaranty is an absolute guaranty of payment and performance of the Guarantied Obligations and not a guaranty of collection, meaning that it is not necessary for the Administrative Agent (for and on behalf of Guarantied Parties), in order to enforce payment by Guarantors, first or contemporaneously to accelerate payment of any of the Guarantied Obligations or to institute suit or exhaust any rights against any Loan Party or any other Person. Notwithstanding anything herein or in any other Loan Document to the contrary, in any action or proceeding involving any state corporate or other business entity Law, or any state or federal bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally (including any Debtor Relief Law), if, as a result of Fraudulent Transfer Laws, the obligations of any Guarantor under this Section 2 would otherwise, after giving effect to (a) all other liabilities of such Guarantor, contingent or otherwise, that are relevant under Fraudulent Transfer Laws (specifically excluding, however, any liabilities of the Guarantor in respect of intercompany Indebtedness to the Borrower or any Subsidiary to the extent that such Indebtedness would be discharged in an amount equal to the amount paid by the Guarantor hereunder) and (b) the value as assets of such Guarantor (as determined under the applicable provisions of Fraudulent Transfer Laws) of any rights to subrogation, contribution, reimbursement, indemnity or similar rights held by such Guarantor pursuant to (i) applicable Law, (ii) Section 17 hereof or (iii) any agreement providing for rights of subrogation, reimbursement or contribution in favor of such Guarantor, or for an equitable allocation among such Guarantor, any other Loan Party, or Subsidiaries or Affiliates of the Borrower, and any other Person of obligations arising under guaranties by such Persons, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under this Section 2, then the amount of such liability shall, without any further action by such Guarantor, any Guarantied Party, the Administrative Agent or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

SECTION 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid and performed strictly in accordance with the terms of the Credit Agreement and the other Loan Documents without set-off or counterclaim, and regardless of any applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Guarantied Parties with respect thereto.   The liability of each Guarantor under this Guaranty shall be absolute and unconditional irrespective of:

(a)    any lack of validity or enforceability of any provision of any Loan Document, any other agreement or instrument relating to the foregoing or avoidance or subordination of any of the Guarantied Obligations; 

(b)    any change in the time, manner or place of payment or performance of, or in any other term of, or any increase in the amount of, all or any of the Guarantied Obligations, or any other amendment or waiver of any term of, or any consent to departure from any requirement of, any of the Loan Documents;

(c)    any release of any other Loan Party or amendment or waiver of any term of any other guaranty of, or any consent to departure from any requirement of any other guaranty of, all or any of the Guarantied Obligations;

(d)    the absence of any attempt to collect any of the Guarantied Obligations from any other Loan Party or any other action to enforce the same or the election of any remedy by any of the Guarantied Parties;

(e)    any waiver, consent, extension, forbearance or granting of any indulgence by any of the Guarantied Parties with respect to any provision of any Loan Document  (except to the extent any written waiver, consent, forbearance or indulgence executed in accordance with such Loan Document expressly modifies or terminates the obligations of such Guarantor);

(f)    the election by any of the Guarantied Parties in any proceeding under any Debtor Relief Law;

(g)    any borrowing or grant of a Lien by the Borrower or the grant of a Lien by any other Loan Party, as debtor-in-possession, under any Debtor Relief Law; or

(h)    any other circumstance which might otherwise constitute a legal or equitable discharge or defense of any Guarantor or any other Loan Party other than payment or performance of the Guarantied Obligations

SECTION 4. Waiver.

(a)    Each Guarantor hereby (i) waives (A) promptness, diligence, and, except as otherwise provided herein, notice of acceptance and any and all other notices, including, without limitation, notice of intent to accelerate and notice of acceleration, with respect to any of the Guarantied Obligations or this Guaranty, (B) any requirement that any of the Guarantied Parties exhaust any right or take any action against the Borrower or any other Person, (C) the filing of any claim with a court in the event of receivership or bankruptcy of any Loan Party or any other Person, (D) except as otherwise provided herein, protest or notice with respect to nonpayment of all or any of the Guarantied Obligations, (E) except as otherwise provided herein, all demands whatsoever (and any requirement that demand be made on the Borrower or any other Person as a condition precedent to such Guarantor's obligations hereunder), (F) all rights by which any Guarantor might be entitled to require suit on an accrued right of action in respect of any of the Guarantied Obligations or require suit against any other Guarantor or any other Person, (G) any defense based upon an election of remedies by any Guarantied Party, or (H) notice of any events or circumstances set forth in clauses (a) through (h) of Section 3; and (ii) covenants and agrees that, except as otherwise agreed by the parties, this Guaranty will not be discharged except upon the Release Date (as hereinafter defined).

(b)    If, in the exercise of any of its rights and remedies in accordance with the provisions of applicable Law, any Guarantied Party shall forfeit any of its rights or remedies, including, without limitation, its right to enter a deficiency judgment against any Loan Party or any other Person, whether because of any applicable Law pertaining to "election of remedies" or the like, each Guarantor hereby consents to such action by such Guarantied Party and waives any claim based upon such action. Any election of remedies which, by reason of such election, results in the denial or impairment of the right of such Guarantied Party to seek a deficiency judgment against any Loan Party or any other Person shall not impair the obligation of such Guarantor to pay the full amount of the Guarantied Obligations or any other obligation of such Guarantor contained herein.

                
            

(c)    If any of the Guarantied Parties shall bid at any foreclosure or trustee's sale or at any private sale permitted by Law or under any of the Loan Documents, to the extent not prohibited by applicable Law, such Guarantied Party may bid all or less than the amount of the Guarantied Obligations and the amount of such bid, if successful, need not be paid by such Guarantied Party but shall be credited against the Guarantied Obligations.

(d)    Each Guarantor agrees that, notwithstanding any provision of this Guaranty and without limiting the generality any provision of this Guaranty, if the Guarantied Parties are prevented by applicable Law from exercising their respective rights to accelerate the maturity of the Guarantied Obligations, to collect interest on the Guarantied Obligations, or to enforce or exercise any other right or remedy with respect to the Guarantied Obligations, such Guarantor shall promptly pay to the Administrative Agent for the account of Guarantied Parties, upon demand therefor, for application to the Guarantied Obligations, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Guarantied Parties.

(e)    Each Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of the Borrower and each other Loan Party, and of all other circumstances bearing upon the risk of nonpayment of the Guarantied Obligations or any part thereof, that diligent inquiry would reveal. Each Guarantor hereby agrees that Guarantied Parties shall have no duty to advise any Guarantor or any other Loan Party of information known to any of Guarantied Parties regarding such condition or any such circumstance. In the event that any of Guarantied Parties in its sole discretion undertakes at any time or from time to time to provide any such information to any Guarantor or other Loan Party, such Guarantied Party shall be under no obligation (i) to undertake any investigation not a part of its regular business routine, (ii) to disclose any information which, pursuant to accepted or reasonable banking or commercial finance practices or agreement, such Guarantied Party wishes to maintain as confidential, or (iii) to make any other or future disclosures of such information or any other information to such Guarantor or any other Loan Party.

(f)    Each Guarantor consents and agrees that Guarantied Parties shall be under no obligation to marshal any assets in favor of any Guarantor or any other Loan Party or otherwise in connection with obtaining payment of any or all of the Guarantied Obligations from any Person or source.

SECTION 5. Representations and Warranties.

(a)    Each Guarantor hereby represents and warrants to the Guarantied Parties that the representations and warranties set forth in Article V of the Credit Agreement as they relate to such Guarantor or to the Loan Documents to which such Guarantor is a party are true and correct in all material respects in the manner specified in the Credit Agreement, and the Guarantied Parties shall be entitled to rely on each of them as if they were fully set forth herein. 

(b)    All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Guarantied Parties, regardless of any investigation made by any Guarantied Party and notwithstanding that the Guarantied Parties may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Guarantied Obligations shall remain unpaid or unsatisfied.

SECTION 6. Amendments, Etc. Neither any amendment or waiver of any provision of this Guaranty nor consent to any departure by any Guarantor herefrom shall in any event be effective unless the same shall be in writing, approved by Required Lenders (or by all Lenders where the approval of each Lender is required under the Credit Agreement) and signed by the Administrative Agent and Guarantors, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. Notwithstanding the foregoing, each Guarantor shall be released from any and all obligations hereunder in accordance with the provisions of Section 9.10 of the Credit Agreement.

SECTION 7. Addresses for Notices. All notices and other communications provided for herein shall be effectuated in the manner provided for in Section 10.02 of the Credit Agreement; provided, that if a notice or communication hereunder is sent to a Guarantor, said notice shall be addressed to such Guarantor, in care of the Borrower at the Borrower's then current address, facsimile number, electronic mail address or telephone number for notice under the Credit Agreement.

SECTION 8. No Waiver; Remedies.

(a)    No failure on the part of any Guarantied Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by applicable Law or by any of the other Loan Documents.

(b)    No waiver by the Guarantied Parties of any default shall operate as a waiver of any other default or the same default on a future occasion, and no action by any of the Guarantied Parties permitted hereunder shall in way affect or impair any of the rights of the Guarantied Parties or the obligations of any Guarantor under this Guaranty, under any of the other Loan Documents, except as specifically set forth in  any such waiver.   Any determination by a court of competent jurisdiction of the amount of any principal and/or interest or other amount constituting any of the Guarantied Obligations shall be conclusive and binding on each Guarantor irrespective of whether such Guarantor was a party to the suit or action in which such determination was made.

                
            

SECTION 9. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Guarantied Party is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Guarantied Party to or for the credit or the account of each Guarantor against any and all of the Guarantied Obligations of such Guarantor, irrespective of whether or not such Guarantied Party shall have made any demand under this Guaranty or any other Loan Document and although such Guarantied Obligations of such Guarantor may be contingent or unmatured or are owed to a branch or office of such Guarantied Party different from the branch or office holding such deposit or obligated on such indebtedness; 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 further application in accordance with the provisions of Section 2.16 of the Credit 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 Guarantied Parties, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Guarantied Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Guarantied Party under this Section 9 are in addition to other rights and remedies (including other rights of setoff) that such Guarantied Party may have. Each Guarantied Party shall notify the applicable Guarantor and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

SECTION 10. Continuing Guaranty; Transfer of Guarantied Obligations. This Guaranty (a)    is (i) a continuing guaranty and shall remain in full force and effect until the earlier of (A) the Guaranty Release Date and (B) the date upon which all of the Guarantied Obligations are fully, indefeasibly, absolutely and unconditionally paid and performed and the Aggregate Commitments are terminated (such earlier date, the "Release Date") and (ii) binding upon each Guarantor, its successors and permitted assigns and such Guarantor as debtor- in-possession, and (b) inures to the benefit of is enforceable by the Administrative Agent and the other Guarantied Parties and their respective successors, permitted transferees, and permitted assigns. Without limiting the generality of the foregoing clause (b), each of the Guarantied Parties may assign or otherwise transfer any Guarantied Obligations owed to it to any other Person, and such other Person shall thereupon become vested with all the rights in respect thereof granted to such Guarantied Party herein or otherwise with respect to such Guarantied Obligations so transferred or assigned; subject, however, to compliance with the provisions of the Credit Agreement. Except as the result of the consummation of a transaction permitted under Section 7.04 of the Credit Agreement, no Guarantor may assign any of its obligations under this Guaranty.

SECTION 11. Application of Payments. All amounts and property received by the Administrative Agent and the other Guarantied Parties pursuant to this Guaranty (including amounts and property received or applied pursuant to Section 9 or application of other rights of setoff) shall be applied as provided in Section 8.03 of the Credit Agreement.

SECTION 12. Reinstatement; Stay of Acceleration; Termination. This Guaranty shall remain in full force and effect and continue to be effective should any petition be filed by or against any Loan Party under any Debtor Relief Law, should any Loan Party become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of any Loan Party's assets, and shall, to the fullest extent permitted by applicable Law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Guarantied Obligations, or any part thereof, is, pursuant to applicable Law or otherwise, rescinded or reduced in amount, or must otherwise be restored or returned by any obligees of the Guarantied Obligations or such part thereof, whether as a "voidable preference," "fraudulent transfer," or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Guarantied Obligations shall, to the fullest extent not prohibited by Law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. If acceleration of the time for payment of any of the Guarantied Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Guarantied Obligations shall nonetheless be payable by each Guarantor forthwith on demand by the Administrative Agent. Subject to the reinstatement provisions of this Section 12, this Guaranty shall remain in full force and effect until the Release Date.

SECTION 13. Governing Law; Jurisdiction; Etc.

(a)    THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

(b)    EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO 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 FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY OTHER GUARANTIED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST ANY GUARANTOR OR THEIR RESPECTIVE PROPERTIES IN THE COURTS OF ANY JURISDICTION.

(c)    EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

(d)    EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 7. NOTHING IN THIS GUARANTY WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

                
            

SECTION 14. Waiver of Jury Trial.    EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO, AND EACH GUARANTIED PARTY BY ITS ACCEPTANCE OF THE BENEFITS OF THIS GUARANTY, CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

SECTION 15. Section Titles. The Section titles contained in this Guaranty are and shall be without substantive meaning or content of any kind whatsoever and are not to be used in any interpretation of this Guaranty.

SECTION 16. Counterparts. This Guaranty may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Guaranty by facsimile or other electronic imaging means (e.g. "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Guaranty.

SECTION 17. Subrogation and Subordination.

(a)    Until the Release Date, no Guarantor shall assert, enforce, or otherwise exercise (i) any right of subrogation to any of the rights or Liens of the Administrative Agent or any other Guarantied Party or any Person acting for the benefit of the Administrative Agent or any other Guarantied Party against any other Loan Party or any collateral or any other security for the Guarantied Obligations, or (ii) any right of recourse, reimbursement, contribution, indemnification, or similar right against any other Loan Party on all or any part of the Guarantied Obligations. This Section 17 shall survive the termination of this Guaranty, and any satisfaction and discharge of Guarantors by virtue of any payment, court order, or Law.

(b)    With respect to each Guarantor, all indebtedness and other liabilities of each other Loan Party to such Guarantor ("Loan Party Debt") are expressly subordinate and junior to the Guarantied Obligations and any instruments evidencing the Guarantied Obligations to the extent provided below.

(i)    Until the Release Date, each Guarantor agrees that it will not request, demand, accept, or receive (by set-off or other manner) any payment amount, credit or reduction of all or any part of the amounts owing under the Loan Party Debt or any security therefor, except as specifically allowed pursuant to clause (ii);

(ii)    Notwithstanding the provisions of clause (i), the Borrower and each other Loan Party may pay to such Guarantor and such Guarantor may request, demand, accept and receive and retain from the Borrower payments, credits or reductions of all or any part of the amounts owing under the Loan Party Debt or any security therefor on the Loan Party Debt, provided that the Borrower's and each other Loan Party's right to pay and such Guarantor's right to receive any such amount shall automatically and be immediately suspended and cease (A) if an Event of Default pursuant to Sections 8.01(a)(i), 8.01(a)(ii) (with respect to interest on any Loan), 8.01(c) (with respect to Section 7.10 of the Credit Agreement), 8.01(f) or 8.01(g) of the Credit Agreement exists or (B) if, after taking into account the effect of such payment, an Event of Default pursuant to Sections 8.01(a)(i), 8.01(a)(ii) (with respect to interest on any Loan), 8.01(c) (with respect to Section 7.10 of the Credit Agreement), 8.01(f) or 8.01(g) of the Credit Agreement would exist. Such Guarantor's right to receive amounts under this clause (ii) (including any amounts which theretofore may have been suspended) shall automatically be reinstated at such time as the Event of Default which was the basis of such suspension has been cured or waived (such cure or waiver to be evidenced by the Administrative Agent's written agreement), provided that no subsequent Event of Default pursuant to Sections 8.01(a)(i), 8.01(a)(ii) (with respect to interest on any Loan), 8.01(c) (with respect to Section 7.10 of the Credit Agreement), 8.01(f) or 8.01(g) of the Credit Agreement has occurred, or such earlier date, if any, as the Administrative Agent gives notice to Guarantors of reinstatement by the Required Lenders, in the Required Lenders' sole discretion;

(iii)    If any Guarantor receives any payment on the Loan Party Debt in violation of this Guaranty, such Guarantor will hold such payment in trust for the Guarantied Parties and will promptly deliver such payment, together with any necessary endorsement, to the Administrative Agent; and

(iv)    In the event of the commencement or joinder of any suit, action or proceeding of any type (judicial or otherwise) or proceeding under any Debtor Relief Law against the Borrower or any other Loan Party (an "Insolvency Proceeding"), the Guarantied Obligations shall first be paid, discharged and performed in full before any payment or performance is made upon the Loan Party Debt notwithstanding any other provisions which may be made in such Insolvency Proceeding. In the event of any Insolvency Proceeding, each Guarantor will at any time prior to the Release Date (A) file, at the request of any Guarantied Party, any claim, proof of claim or similar instrument necessary to enforce the Borrower's or such other Loan Party's obligation to pay the Loan Party Debt, and (B) hold in trust for and pay to the Administrative Agent, for the benefit of the Guarantied Parties, any and all monies, obligations, property, stock dividends or other assets received in any such proceeding on account of the Loan Party Debt in order that the Guarantied Parties may apply such monies or the cash proceeds of such other assets to the Guarantied Obligations.

SECTION 18. Guarantor Insolvency. Should any Guarantor voluntarily seek, consent to, or acquiesce in the benefits of any Debtor Relief Law or become a party to or be made the subject of any Insolvency Proceeding (other than as a creditor or claimant), then the obligations of such Guarantor under this Guaranty shall be, as between such Guarantor and such Guarantied Party, a fully-matured, due, and payable and performable obligation of such Guarantor to such Guarantied Party (without regard to whether an Event of Default exists or whether any part of the Obligations is then due and owing by the Borrower to such Guarantied Party), payable and performable in full by such Guarantor to the Administrative Agent, for the benefit of such Guarantied Party, upon demand, which shall be the estimated amount owing in respect of the contingent claim created hereunder.

                
            

SECTION 19. Interest Rate Limitation. Notwithstanding anything to the contrary contained herein or in any other Loan Document, each Guarantor and each Guarantied Party by its acceptance hereof agree that no Guarantor shall be required or obligated to pay interest in excess of the maximum rate of non-usurious interest permitted by applicable Law (the "Maximum Rate"). If the Administrative Agent or any Guarantied Party shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal amount of the Loans and then the principal amount of any other Guarantied Obligations. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Guarantied Party exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Guarantied Obligations hereunder.

SECTION 20. Severability. If any provision of this Guaranty is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Guaranty shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

SECTION 21. No Setoff or Deductions; Taxes. Each Guarantor represents and warrants that it is incorporated or formed, and resides in, the United States of America. All payments by each Guarantor hereunder shall be paid in full, without setoff or counterclaim (other than mandatory) or any deduction or withholding whatsoever, including, without limitation, for any and all present and future Taxes, except as required by applicable Law.   If a Guarantor must make a payment under this Guaranty, such Guarantor represents, warrants and covenants that it will make the payment from one of its U.S. resident offices to the Administrative Agent or each other Guarantied Party. If any Guarantor makes a payment under this Guaranty on which any Indemnified Taxes or Other Taxes are at any time imposed including, but not limited to, payments made pursuant to this Section 21, each Guarantor shall pay all such Indemnified Taxes or Other Taxes to the relevant authority in accordance with applicable Law such that the Administrative Agent or any other Guarantied Party receives the sum it would have received had no such deduction or withholding for Indemnified Taxes or Other Taxes been made and shall also pay to the Administrative Agent or any other Guarantied Party, on demand, all additional amounts which the Administrative Agent or any other Guarantied Party specifies as necessary to preserve the after-tax yield the Administrative Agent or such other Guarantied Party would have received if such Indemnified Taxes or Other Taxes had not been imposed. Each Guarantor shall promptly provide the Administrative Agent or any other Guarantied Party with the original or a certified copy of a receipt issued by the relevant authority evidencing the payment of any such amount required to be deducted or withheld or other evidence of such payment reasonably satisfactory to the Administrative Agent or such other Guarantied Party.

SECTION 22. Additional Guarantors. Upon the execution and delivery by any other Person of a Guaranty Supplement in substantially the form of Exhibit A (each, a "Guaranty Supplement"), such Person shall become a "Guarantor" hereunder with the same force and effect as if originally named as a Guarantor herein. The execution and delivery of any Guaranty Supplement shall not require the consent of any other Guarantor hereunder. The rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Guaranty.

SECTION 23. [Reserved]

SECTION 24. Entire Agreement; Amendment and Restatement. THIS GUARANTY AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. This Guaranty is an amendment and restatement of, but not a release or novation of, the Existing Guaranty. The Guarantors ratify and confirm their obligations pursuant to the Existing Guaranty, as restated by this Guaranty.
[Remainder of Page Intentionally Left Blank.]

                
            

IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be duly executed and delivered by its duly authorized officer on the date first above written.

						
	UNITED STATES CELLULAR CORPORATION
		
	By:	
		Name:
		Title:
		
	By:	
		Name:
		Title:

		
	USCC FINANCIAL L.L.C.

	USCC SERVICES, LLC

	USCC PURCHASE, LLC

	HARDY CELLULAR TELEPHONE COMPANY

	MCDANIEL CELLULAR TELEPHONE COMPANY

	USCC WIRELESS INVESTMENT, INC.

	USCOC OF OREGON RSA #5, INC.

	UNITED STATES CELLULAR INVESTMENT COMPANY, LLC

		
	By:	
		Name:
		Title:
		
	CELLVEST, INC.
		
	By:	
		Name:
		Title:

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