Document:

ex_211725.htm

Exhibit 10.2

 

 

Hercules Capital, Inc.

 

 

 

First Supplement to Note Purchase Agreement

 

 

Dated as of November 2, 2020

 

 

 

 

	Re: 	
			$50,000,000 4.50% Series 2020B Senior Notes, Tranche A,

			Due March 4, 2026

			$50,000,000 4.55% Series 2020B Senior Notes, Tranche B,

			Due March 4, 2026

				 

 

 

 

 

 

Hercules Capital, Inc.

 

 

Dated as of

November 2, 2020

 

To the Additional Purchaser(s) named in

Schedule A hereto

 

 

Ladies and Gentlemen:

 

This First Supplement to Note Purchase Agreement (the or this “Supplement”) is between Hercules Capital, Inc., a Maryland corporation (the “Company”), and the institutional investors named on Schedule A attached hereto (the “Additional Purchasers”).

 

Reference is hereby made to that certain Note Purchase Agreement dated February 5, 2020 (the “Note Purchase Agreement”) among the Company and the Purchasers listed on the Purchaser Schedule thereto. All capitalized terms not otherwise defined herein shall have the same meaning as specified in the Note Purchase Agreement. Reference is further made to Section 4.14 of the Note Purchase Agreement which requires that, prior to the delivery of any Additional Notes, the Company and each Additional Purchaser shall execute and deliver a Supplement.

 

The Company hereby agrees with the Additional Purchaser(s) as follows:

 

1.     The Company has authorized the issue and sale of (a) $50,000,000 aggregate principal amount of its 4.50% Series 2020B Senior Notes, Tranche A, due March 4, 2026 (the “Tranche A Notes”) and (b) $50,000,000 aggregate principal amount of its 4.55% Series 2020B Senior Notes, Tranche B, due March 4, 2026 (the “Tranche B Notes”; collectively with the Tranche A Notes, as amended, restated or otherwise modified from time to time pursuant to Section 17 of the Note Purchase Agreement and including any such notes issued in substitution therefor pursuant to Section 13 of the Note Purchase Agreement, the “Series 2020B Notes”). The Series 2020B Notes, together with the Series 2020 Notes issued pursuant to the Note Purchase Agreement and each series of Additional Notes which may from time to time hereafter be issued pursuant to the provisions of Section 2.2 of the Note Purchase Agreement, are collectively referred to as the “Notes” (such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of the Note Purchase Agreement). The Series 2020B Notes shall be substantially in the form set out in Exhibit 1 and 2 hereto, as applicable, with such changes therefrom, if any, as may be approved by the Additional Purchaser(s) and the Company.

 

2.     Subject to the terms and conditions hereof and as set forth in the Note Purchase Agreement and on the basis of the representations and warranties hereinafter set forth, the Company agrees to issue and sell to each Additional Purchaser, and each Additional Purchaser agrees to purchase from the Company, Series 2020B Notes in the principal amount set forth opposite such Additional Purchaser’s name on Schedule A hereto at a price of 100% of the principal amount thereof on the closing date hereinafter mentioned.

 

 

 

 

3.     The execution and delivery of this Supplement shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603, on November 2, 2020 (the “Execution Date”). The sale and purchase of the Series 2020B Notes to be purchased by each Additional Purchaser shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603, at 8:00 a.m. Chicago time, at not more than two closings (individually a “Series 2020B Closing” and, collectively, the “Series 2020B Closings”)

 

(a)     The first Series 2020B Closing, at which the Tranche A Notes are, subject to section 4 hereof and Section 4 of the Note Purchase Agreement, to be purchased, shall be held on November 4, 2020 or on such other Business Day thereafter on or prior to November 6, 2020 as may be agreed upon by the Company and the Additional Purchasers purchasing such Series 2020B Notes at such Series 2020B Closing (the “First Series 2020B Closing”).

 

(b)     The second Series 2020B Closing, at which the Tranche B Notes are, subject to section 4 hereof and Section 4 of the Note Purchase Agreement, to be purchased, shall be held on March 4, 2021 or on such other Business Day thereafter on or prior to March 5, 2021 as may be agreed upon by the Company and the Additional Purchasers purchasing such Series 2020B Notes at such Series 2020B Closing (the “Second Series 2020B Closing”).

 

At each Series 2020B Closing, the Company will deliver to each Additional Purchaser the Series 2020B Notes to be purchased by such Additional Purchaser in the form of a single Series 2020B Note (or such greater number of Series 2020B Notes in denominations of at least $100,000 as such Additional Purchaser may request) dated the date of such Series 2020B Closing and registered in such Additional Purchaser’s name (or in the name of such Additional Purchaser’s nominee), against delivery by such Additional Purchaser to the Company or its order of immediately available funds for the account of the Company pursuant to the applicable funding instructions delivered in accordance with Section 4.10 of the Note Purchase Agreement. If, at a Series 2020B Closing, the Company shall fail to tender such Series 2020B Notes to any Additional Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to any Additional Purchaser’s satisfaction, such Additional Purchaser shall, at such Additional Purchaser’s election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Additional Purchaser may have by reason of such failure by the Company to tender such Series 2020B Notes or any of the conditions specified in Section 4 not having been fulfilled to such Additional Purchaser’s satisfaction.

 

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4.     The obligation of each Additional Purchaser to purchase and pay for the Series 2020B Notes to be sold to such Additional Purchaser at a Series 2020B Closing is subject to the fulfillment to such Additional Purchaser’s satisfaction, prior to such Series 2020B Closing, of the conditions set forth in Section 4 of the Note Purchase Agreement with respect to the Series 2020B Notes to be purchased at such Series 2020B Closing as if each reference to “Notes,” “Closing” and “Purchaser” set forth therein was modified to refer the “Series 2020B Notes,” the “Series 2020B Closing” and the “Additional Purchaser” (each as defined in this Supplement) and to the following additional conditions:

 

(a)     Except as supplemented, amended or superceded by the representations and warranties set forth in Exhibit A hereto, each of the representations and warranties of the Company set forth in Section 5 of the Note Purchase Agreement shall be correct as of the date of such Series 2020B Closing (except for representations and warranties which apply to a specific earlier date which shall be true as of such earlier date or as of the date specified in Exhibit A to the extent such provision is superceded in Exhibit A) and the Company shall have delivered to each Additional Purchaser an Officer’s Certificate, dated the date of such Series 2020B Closing certifying that such condition has been fulfilled.

 

(b)     Contemporaneously with such Series 2020B Closing, the Company shall sell to each Additional Purchaser, and each Additional Purchaser shall purchase, the Series 2020B Notes to be purchased by such Additional Purchaser at such Series 2020B Closing as specified in Schedule A.

 

5.     The terms of Section 8 of the Note Purchase Agreement shall apply to the Series 2020B Notes except that

 

“Prepayment Settlement Amount” shall mean,

 

(a)      with respect to any Tranche A Note, an amount equal to the “Prepayment Settlement Amount”, as follows:

 

	
			Prepaid or accelerated during the period

				 	
			Prepayment Settlement Amount

			
	 	 	 
	
			On or before November 4, 2023

				 	
			Make-Whole Amount

			
	 	 	 
	
			After November 4, 2023

			but on or before

			November 4, 2024

				 	
			an amount equal to 2.0% of the principal amount of the Series 2020B Notes or portion thereof to be prepaid or accelerated

			
	 	 	 
	
			After November 4, 2024

			but on or before

			May 4, 2025

				 	
			an amount equal to 1.0% of the principal amount of the Series 2020B Notes or portion thereof to be prepaid or accelerated

			

 

After May 4, 2025, the Prepayment Settlement Amount with respect to the Series 2020B Notes shall be zero.

 

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(b)      with respect to any Tranche B Note, an amount equal to the “Prepayment Settlement Amount”, as follows:

 

	
			Prepaid or accelerated during the period

				 	
			Prepayment Settlement Amount

			
	 	 	 
	
			On or before March 4, 2024

				 	
			Make-Whole Amount

			
	 	 	 
	
			After March 4, 2024

			but on or before

			March 4, 2025

				 	
			an amount equal to 2.0% of the principal amount of the Series 2020B Notes or portion thereof to be prepaid or accelerated

			
	 	 	 
	
			After March 4, 2025

			but on or before

			September 4, 2025

				 	
			an amount equal to 1.0% of the principal amount of the Series 2020B Notes or portion thereof to be prepaid or accelerated

			

 

After September 4, 2025, the Prepayment Settlement Amount with respect to the Series 2020B Notes shall be zero.

 

For the avoidance of doubt, the definition of “Make-Whole Amount” set forth in Section 8.6 of the Note Purchase Agreement shall be applicable to any Series 2020B Note.

 

6.     In addition to the covenants and agreements set forth in the Note Purchase Agreement, the Company covenants and agrees, which covenants and agreements shall have the benefit of Section 11(c)(ii) of the Note Purchase Agreement, for the benefit of the Additional Purchasers and each other holder of a Note that the following is hereby added to the Note Purchase Agreement as Section 22.8:

 

Section 22.8.      Externalization. (a) Notice of Externalization. The Company will, within fifteen Business Days after the occurrence of an Externalization, give written notice of such Externalization to each holder of Notes. Such notice shall contain and constitute an offer to prepay Notes as described in subparagraph (b) of this Section 22.8 and shall be accompanied by the certificate described in subparagraph (e) of this Section 22.8.

 

(b)     Offer to Prepay Notes. The offer to prepay Notes contemplated by subparagraph (a) of this Section 22.8 shall be an offer to prepay, in accordance with and subject to this Section 22.8, all, but not less than all, the Notes held by each holder (in this case only, “holder” in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on a date specified in such offer (the “Section 22.8 Proposed Prepayment Date”). Such date shall be not less than 30 days and not more than 60 days after the date of such offer (if the Section 22.8 Proposed Prepayment Date shall not be specified in such offer, the Section 22.8 Proposed Prepayment Date shall be the first Business Day after the 45th day after the date of such offer).

 

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(c)     Acceptance/Rejection. A holder of Notes may accept the offer to prepay made pursuant to this Section 22.8 by causing a notice of such acceptance to be delivered to the Company not later than 15 Business Days after receipt by such holder of the most recent offer of prepayment. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 22.8 shall be deemed to constitute rejection of such offer by such holder.

 

(d)     Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 22.8 shall be at 100% of the principal amount of such Notes, together with interest on such Notes accrued to, but excluding, the date of prepayment, but without Make-Whole Amount, Prepayment Settlement Amount or other premium.

 

(e)     Officer’s Certificate. Each offer to prepay the Notes pursuant to this Section 22.8 shall be accompanied by a certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying: (i) the Section 22.8 Proposed Prepayment Date; (ii) that such offer is made pursuant to this Section 22.8; (iii) the principal amount of each Note offered to be prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to, but excluding, the Section 22.8 Proposed Prepayment Date; (v) that the conditions of this Section 22.8 have been fulfilled; and (vi) the date of the Externalization.

 

For the purposes of this Section 22.8, an “Externalization” means the date on which the shareholders of the Company duly and validly approve a change in the management structure of the Company from an internally managed business development company to an externally managed business development company by approving the Company entering into an investment advisory agreement with a third-party external adviser.

 

For the avoidance of doubt, the provisions of this Section 22.8 are applicable to the Series 2020 Notes, the Series 2020B Notes and any Additional Notes sold by the Company.

 

7.     In addition to the covenants and agreements set forth in the Note Purchase Agreement, the Company covenants and agrees for the benefit of the Additional Purchasers and each other holder of a Note, that the definition of “Unencumbered Assets” shall be amended to read as follows:

 

 “Unencumbered Assets” means (a) the value of total assets of the Company that are not secured by a Lien (other than Liens not prohibited by Section 10.5 (except for Liens securing Indebtedness for borrowed money incurred directly by the Company as the borrower or guarantor (other than a customary bad-boy or limited guaranty of Indebtedness of a Financing Subsidiary) and permitted by Section 10.5(dd)) and, notwithstanding the foregoing, in the event a Lien exists, in connection with Indebtedness incurred by such Finance Subsidiary, on the Equity Interest of such Financing Subsidiary (as a result of a guaranty, accommodation pledge or otherwise), such Equity Interest shall be deemed an asset for purposes of this clause (a) with the value of such Equity Interest being equal to the value of the assets owned by such Subsidiary less the principal amount of Indebtedness for borrowed money of such Subsidiary), including, without duplication, the value of any Equity Interests owned by the Company, directly or indirectly, in a consolidated subsidiary, less (b) all unsecured liabilities and unsecured indebtedness not represented by Senior Securities of the Company

 

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8.     In addition to the covenants and agreements set forth in the Note Purchase Agreement, the Company covenants and agrees, for the benefit of the Additional Purchasers and each other holder of a Note, that Section 17.1(a)(2)(iii) of the Note Purchase Agreement shall be amended to read as follows:

 

(iii)     amend any of Sections 8 (except as set forth in the second sentence of Section 8.2 (or such corresponding provision of any Supplement) and Section 17.1(a)(3)), 11(a), 11(b), 12, 17, 20 or 22.8; and

 

9.     In addition to the covenants and agreements set forth in the Note Purchase Agreement, the Company covenants and agrees, for the benefit of the Additional Purchasers and each other holder of a Note, that the following definitions are hereby added to the Schedule A of Note Purchase Agreement:

 

“NRSRO” means a Nationally Recognized Statistical Rating Organization so designated by the SEC whose ratings for senior unsecured indebtedness of business development companies are authorized for use with, and recognized by, the SVO, other than Egan Jones.

 

“Egan Jones” means Egan Jones Rating Company or if applicable, its successor.

 

10.     Each Additional Purchaser represents and warrants that the representations and warranties set forth in Section 6 of the Note Purchase Agreement are true and correct on the date of the applicable Series 2020B Closing with respect to the purchase of the Series 2020B Notes by such Additional Purchaser as if each reference to “Notes,” “Closing” and “Purchaser” set forth therein was modified to refer the “Series 2020B Notes,” the “Series 2020B Closing” and the “Additional Purchaser” and each reference to “this Agreement” therein was modified to refer to the Note Purchase Agreement as supplemented by this Supplement.

 

11.     The Company and each Additional Purchaser agree to be bound by and comply with the terms and provisions of the Note Purchase Agreement as fully and completely as if such Additional Purchaser were an original signatory to the Note Purchase Agreement.

 

The execution hereof shall constitute a contract between the Company and the Additional Purchaser(s) for the uses and purposes hereinabove set forth, and this agreement may be executed in any number of counterparts, each executed counterpart constituting an original but all together only one agreement.

 

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	 	Hercules Capital, Inc.
	 	 	 
	 	 	 
	 	By:	/s/ Seth H. Meyer	 
	 	
			 

				
			Name: Seth H. Meyer

			Title: Chief Financial Officer

			

 

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Accepted as of November 2, 2020

 

	 	
			Teachers Insurance and Annuity Association of America,

			 a New York domiciled life insurance company

			
	 	By:	Nuveen Alternatives Advisors LLC, a Delaware limited liability company, its investment manager
	 	 	 
	 	By:	/s/ Ho Young Lee	 
	 	 	
			Name: Ho Young Lee

			Title: Managing Director

			

 

	 	
			Pacific Life Insurance Company

			
	 	 
	 	By:	Nuveen Alternatives Advisors LLC, a Delaware limited liability company, its investment manager
	 	 	 
	 	By:	/s/ Ho Young Lee	 
	 	 	
			Name: Ho Young Lee

			Title: Managing Director

			
	 	 	 
	 	
			American Republic Insurance Company

			Blue Cross and Blue Shield of Florida, Inc.

			Catholic United Financial

			Cincinnati Equitable Life Insurance Company

			Farm Bureau Life Insurance Company of Michigan

			Minnesota Life Insurance Company

			New Era Life Insurance Company

			The Cincinnati Insurance Company

			Trustmark Insurance Company

			Unity Financial Life Insurance Company

			Western Fraternal Life Association

			
	 	 
	 	By:	Securian Asset Management, Inc.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Robin J. Lenarz	 
	 	 	
			Name: Robin J. Lenarz

			Title: Vice President

				 

 

8

 

 

	 	Equitrust Life Insurance Company
	 	 
	 	 
	 	By:	/s/ Kenyatta K. Matheny	 
	 	 	
			Name: Kenyatta K. Matheny

			Title: Chief Investment Officer

			
	 	 
	 	Arch Reinsurance Ltd.
	 	 
	 	 
	 	By:	/s/ Roderick Romeo	 
	 	 	
			Name: Roderick Romeo

			Title: Chief Financial Officer

			
	 	 
	 	Guaranty Income Life Insurance Company
	 	 
	 	 
	 	By:	/s/ Erik Braun	 
	 	 	
			Name: Erik Braun

			Title: Officer

			
	 	 
	 	Lincoln Benefit Life Company
	 	 
	 	 
	 	By:	/s/ Erik Braun	 
	 	 	
			Name: Erik Braun

			Title: Chief Financial Officer

			
	 	 
	 	Thrivent Financial for Lutherans
	 	 
	 	 
	 	By:	/s/ Allen Stoltman	 
	 	 	
			Name: Allen Stoltman

			Title: Managing Director

			
	 	 
	 	Electric Insurance Company
	 	By:	Conning, Inc., as Investment Manager
	 	 	 
	 	By:	/s/ John Petchler	 
	 	 	
			Name: John Petchler

			Title: Director

			

 

9

 

 

	 	Penn National Security Insurance Company
	 	By:	Conning, Inc., as Investment Manager	 
	 	 	 	 
	 	By:	/s/ John Petchler	 
	 	 	
			Name: John Petchler

			Title: Director

			
	 	 
	 	 
	 	Pennsylvania National Mutual Casualty Insurance Company
	 	By:	Conning, Inc., as Investment Manager	 
	 	 
	 	By:	/s/ John Petchler	 
	 	 	
			Name: John Petchler

			Title: Director

			
	 	 
	 	 
	 	RLI Insurance Company
	 	By:	Conning, Inc., as Investment Manager 
	 	 	 
	 	By:	
			/s/ John Petchler

				 
	 	 	
			Name: John Petchler

			Title: Director

			
	 	 
	 	 
	 	
			Triton Insurance Company

			
	 	By:	Conning, Inc., as Investment Manager	 
	 	 
	 	By:	/s/ John Petchler	 
	 	 	
			Name: John Petchler

			Title: Director

			
	 	 
	 	 
	 	Primerica Life Insurance Company
	 	By:	Conning, Inc., as Investment Manager	 
	 	 
	 	By:	/s/ John Petchler	 
	 	 	
			Name: John Petchler

			Title: Director

			

 

10

 

 

	 	The Guardian Life Insurance Company of America
	 	 	 
	 	By:	/s/ Trinh Nguyen	 
	 	 	
			Name: Trinh Nguyen

			Title: Managing Director

			

  

11

 

 

	 	The Ohio National Life Insurance Company
	 	 
	 	 
	 	By:	/s/ Brenda Kalb	 
	 	 	
			Name: Brenda Kalb

			Title: Vice President

			

 

	 	Ohio Life Assurance Company
	 	 
	 	 
	 	By:	/s/ Brenda Kalb	 
	 	 	
			Name: Brenda Kalb

			Title: Vice President

			

 

	 	Federated Mutual Insurance Company
	 	 
	 	 
	 	By:	/s/ Tiffany Haney	 
	 	 	
			Name: Tiffany Haney

			Title: Associate Portfolio Manager

			

 

	 	The John W. Jordan II Revocable Trust
	 	 
	 	 
	 	By:	/s/ John W. Jordan II	 
	 	 	
			Name: John W. Jordan II

			Title: Trustee

			

 

	 	TJT (B) (Bermuda) Investment Company, Ltd.
	 	 
	 	 
	 	By:	/s/ John W. Jordan II	 
	 	 	
			Name: John W. Jordan II

			Title: President

			

 

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Supplemental Representations

 

The Company represents and warrants to each Additional Purchaser that except as hereinafter set forth in this Exhibit A, each of the representations and warranties set forth in Section 5 of the Note Purchase Agreement (other than representations and warranties that apply solely to a specific earlier date which shall be true as of such earlier date and other than the Section references hereinafter set forth) is true and correct in all material respects as of the date of the applicable Series 2020 Closing with respect to the Series 2020B Notes with the same force and effect as if each reference to “the Notes” set forth therein was modified to refer to the “Series 2020B Notes” and each reference to “this Agreement” therein was modified to refer to the Note Purchase Agreement as supplemented by the First Supplement. The Section references hereinafter set forth correspond to the similar sections of the Note Purchase Agreement which are supplemented hereby:

 

Section 5.3.     Disclosure. (a) The Company, through its agent, Goldman Sachs, has delivered to each Additional Purchaser a copy of an Investor Presentation, dated October 2020 (the “Memorandum”), relating to the transactions contemplated hereby in connection with the Series 2020B Notes. The Memorandum fairly describes, in all material respects, the general nature of the business and principal properties of the Company and its Subsidiaries. This Agreement, the Memorandum, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings delivered to the Additional Purchasers by or on behalf of the Company (other than financial projections, pro forma financial information and other forward-looking information referenced in Section 5.3(b), information relating to third parties and general economic information) prior to October 21, 2020 in connection with the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement, the Memorandum and such documents, certificates or other writings and such financial statements delivered to each Additional Purchaser being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since December 31, 2019, there has been no change in the financial condition, operations, business or properties of the Company or any Subsidiary except changes that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no fact known to the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.

 

(b)     All financial projections, pro forma financial information and other forward-looking information which has been delivered to each Additional Purchaser by or on behalf of the Company in connection with the transactions contemplated by this Agreement are based upon good faith assumptions and, in the case of financial projections and pro forma financial information, good faith estimates, in each case, believed to be reasonable at the time made, it being recognized that (i) such financial information as it relates to future events is subject to significant uncertainty and contingencies (many of which are beyond the control of the Company) and are therefore not to be viewed as fact, and (ii) actual results during the period or periods covered by such financial information may materially differ from the results set forth therein.

 

 

Exhibit A

(to Supplement)

 

 

 

 

Section 5.4.     Organization and Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except as noted therein) complete and correct lists as of the date of the applicable Series 2020B Closing of (i) the Company’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary and whether such Subsidiary is a Subsidiary Guarantor, and (ii) the Company’s directors and senior officers.

 

Section 5.5.     Financial Statements; Material Liabilities. The Company has delivered to each Additional Purchaser copies of the financial statements of the Company and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules and notes, but excluding all financial projections, pro forma financial information and other forward-looking information) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments and lack of footnotes).

 

Section 5.13.     Private Offering by the Company. Neither the Company nor anyone acting on its behalf has offered the Notes or any substantially similar debt Securities for sale to, or solicited any offer to buy the Notes or any substantially similar debt Securities from, or otherwise approached or negotiated in respect thereof with, any Person other than the Additional Purchasers and not more than 35 other Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction.

 

Section 5.14.     Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Notes hereunder for the general corporate purposes of the Company and its Subsidiaries and as otherwise set forth in the section of the Transaction Overview of the Executive Summary in the Memorandum. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 25% of the value of the consolidated assets of the Company and its subsidiaries and the Company does not have any present intention that margin stock will constitute more than 25% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

 

Section 5.15.     Existing Indebtedness; Future Liens. (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of the applicable Series 2020B Closing, since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Company or its Subsidiaries. As of the applicable Series 2020B Closing, neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and, to the knowledge of the Company, no event or condition exists with respect to any Indebtedness of the Company or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

 

 

 

Schedules 5.3, 5.4, 5.5, 5.15, 10.1, 10.5 and 10.7 of the Note Purchase Agreement are hereby supplemented by the attached Schedules 5.3, 5.4, 5.5, 5.15, 10.1, 10.5 and 10.7

 

A-2

 

 

[Form of Series 2020B Note, Tranche A]

 

Hercules Capital, Inc.

 

4.50% Series 2020B Senior Note, Tranche A, due March 4, 2026

 

	No. [_________]   	[Date]
	$[____________] 	PPN 427096 B* 2

   

For Value Received, the undersigned, Hercules Capital, Inc. (herein called the “Company”), a corporation organized and existing under the laws of the State of Maryland, hereby promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars (or so much thereof as shall not have been prepaid) on March 4, 2026 (the “Maturity Date”), with interest (computed on the basis of a 360 day year of twelve 30 day months) (a) on the unpaid balance hereof at the rate of (a) 4.50% per annum from the date hereof, payable semiannually, on the 4th day of March and September in each year, commencing with the March or September next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Prepayment Settlement Amount (if any), at a rate per annum from time to time equal to the Default Rate (as defined in the hereinafter defined Note Purchase Agreement), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).

 

Payments of principal of, interest on and any Prepayment Settlement Amount with respect to this Note are to be made in lawful money of the United States of America at the Company in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

 

This Note is one of a series of Senior Notes (the “Notes”) issued pursuant to a Supplement to the Note Purchase Agreement, dated February 5, 2020 (as from time to time amended, supplemented or modified, the “Note Purchase Agreement”), among the Company, the Additional Purchasers named therein and Additional Purchasers of Notes from time to time issued pursuant to any Supplement to the Note Purchase Agreement. This Note and the holder hereof are entitled with the holders of all other Notes of all series from time to time outstanding under the Note Purchase Agreement to all the benefits provided for thereby or referred to therein. Each holder of this Note will be deemed, by its acceptance hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) to have made the representation set forth in Section 6 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

 

This Note is a registered Note with the Company and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note of the same series for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

Exhibit 1

(to Supplement)

 

 

 

 

This Note is not subject to regularly scheduled prepayments of principal. This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.

 

If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Prepayment Settlement Amount) and with the effect provided in the Note Purchase Agreement.

 

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

 

	 	Hercules Capital, Inc.
	 	 
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

  

-2-

 

 

[Form of Series 2020B Note, Tranche B]

 

Hercules Capital, Inc.

 

4.55% Series 2020B Senior Note, Tranche B, due March 4, 2026

 

	No. [_________] 	 [Date]
	$[____________]	PPN 427096 B@ 0

 

For Value Received, the undersigned, Hercules Capital, Inc. (herein called the “Company”), a corporation organized and existing under the laws of the State of Maryland, hereby promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars (or so much thereof as shall not have been prepaid) on March 4, 2026 (the “Maturity Date”), with interest (computed on the basis of a 360 day year of twelve 30 day months) (a) on the unpaid balance hereof at the rate of (a) 4.55% per annum from the date hereof, payable semiannually, on the 4th day of March and September in each year, commencing with the March or September next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Prepayment Settlement Amount (if any), at a rate per annum from time to time equal to the Default Rate (as defined in the hereinafter defined Note Purchase Agreement), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).

 

Payments of principal of, interest on and any Prepayment Settlement Amount with respect to this Note are to be made in lawful money of the United States of America at the Company in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

 

This Note is one of a series of Senior Notes (the “Notes”) issued pursuant to a Supplement to the Note Purchase Agreement, dated February 5, 2020 (as from time to time amended, supplemented or modified, the “Note Purchase Agreement”), among the Company, the Additional Purchasers named therein and Additional Purchasers of Notes from time to time issued pursuant to any Supplement to the Note Purchase Agreement. This Note and the holder hereof are entitled with the holders of all other Notes of all series from time to time outstanding under the Note Purchase Agreement to all the benefits provided for thereby or referred to therein. Each holder of this Note will be deemed, by its acceptance hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) to have made the representation set forth in Section 6 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

 

This Note is a registered Note with the Company and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note of the same series for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

Exhibit 2

(to Supplement)

 

 

 

 

This Note is not subject to regularly scheduled prepayments of principal. This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.

 

If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Prepayment Settlement Amount) and with the effect provided in the Note Purchase Agreement.

 

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

 

	 	Hercules Capital, Inc.
	 	 
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

  

-2-Exhibit 10.1

 

	[Execution]
	 

 

	 	CREDIT AGREEMENT

  

by and among

  

WELLS FARGO BANK, NATIONAL ASSOCIATION,

  

as Administrative Agent,	 

 

THE LENDERS THAT ARE PARTIES HERETO

 

as the Lenders,

 

TESSCO TECHNOLOGIES INCORPORATED,

 

as Parent,

 

 

TESSCO INCORPORATED,

GW SERVICE SOLUTIONS, INC.

TESSCO SERVICE SOLUTIONS, INC., and

TCPM, INC.,

 

as Borrowers

 

 

Dated as of October 29, 2020

 

	 

 

     

     

    

 

Table of
Contents

 

	 	 	Page
	 	 	 
	1.	DEFINITIONS AND CONSTRUCTION	1
	1.1	Definitions	1
	1.2	Accounting Terms	44
	1.3	Code	44
	1.4	Construction	45
	1.5	Time References	45
	1.6	Schedules and Exhibits	45
	1.7	Divisions	45
	2.	LOANS AND TERMS OF PAYMENT	45
	2.1	Revolving Loans	45
	2.2	[Reserved]	46
	2.3	Borrowing Procedures and Settlements	46
	2.4	Payments; Reductions of Commitments; Prepayments	53
	2.5	Promise to Pay; Promissory Notes	58
	2.6	Interest Rates and Letter of Credit Fee:  Rates, Payments, and Calculations	58
	2.7	Crediting Payments	60
	2.8	Designated Account	60
	2.9	Maintenance of Loan Account; Statements of Obligations	60
	2.10	Fees	60
	2.11	Letters of Credit	61
	2.12	LIBOR Option	69
	2.13	Capital Requirements	71
	2.14	Incremental Facilities	73
	2.15	Joint and Several Liability of Borrowers	74
	3.	CONDITIONS; TERM OF AGREEMENT	77
	3.1	Conditions Precedent to the Initial Extension of Credit	77
	3.2	Conditions Precedent to all Extensions of Credit	77
	3.3	Maturity	77
	3.4	Effect of Maturity	78
	3.5	Early Termination by Borrowers	78
	3.6	Conditions Subsequent	78

 

    	 	-i-	 

     

    

 

Table of
Contents

 

(continued)

 

	 	 	Page
	 	 	 
	4.	REPRESENTATIONS AND WARRANTIES	78
	4.1	Due Organization and Qualification; Subsidiaries	78
	4.2	Due Authorization; No Conflict	79
	4.3	Governmental Consents	79
	4.4	Binding Obligations; Perfected Liens	80
	4.5	Title to Assets; No Encumbrances	80
	4.6	Litigation	80
	4.7	Compliance with Laws	80
	4.8	No Material Adverse Effect	80
	4.9	Solvency	81
	4.10	Employee Benefits	81
	4.11	Environmental Condition	81
	4.12	Complete Disclosure	81
	4.13	Patriot Act	82
	4.14	Indebtedness	82
	4.15	Payment of Taxes	82
	4.16	Margin Stock	82
	4.17	Governmental Regulation	82
	4.18	OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws	82
	4.19	Employee and Labor Matters	83
	4.20	Parent as a Holding Company	83
	4.21	Leases	83
	4.22	Eligible Accounts	83
	4.23	Eligible Inventory	83
	4.24	Material Contracts	84
	4.25	Location of Inventory	84
	4.26	Inventory Records	84
	4.27	Hedge Agreements	84
	5.	AFFIRMATIVE COVENANTS	84
	5.1	Financial Statements, Reports, Certificates	84
	5.2	Reporting	85
	5.3	Existence	85
	5.4	Maintenance of Properties	85
	5.5	Taxes	85

 

    	 	-ii-	 

     

    

  

Table of
Contents

 

(continued)

 

	 	 	Page
	 	 	 
	5.6	Insurance	85
	5.7	Inspection	86
	5.8	Compliance with Laws	86
	5.9	Environmental	86
	5.10	Disclosure Updates	87
	5.11	Formation of Subsidiaries	87
	5.12	Further Assurances	88
	5.13	Lender Meetings	88
	5.14	Location of Inventory; Chief Executive Office	88
	5.15	OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws	89
	5.16	Material Contracts	89
	5.17	Cash Management System	89
	6.	NEGATIVE COVENANTS	89
	6.1	Indebtedness	89
	6.2	Liens	89
	6.3	Restrictions on Fundamental Changes	89
	6.4	Disposal of Assets	90
	6.5	Nature of Business	90
	6.6	Prepayments and Amendments	90
	6.7	Restricted Payments	91
	6.8	Accounting Methods	91
	6.9	Investments	92
	6.10	Transactions with Affiliates	92
	6.11	Use of Proceeds	92
	6.12	[Reserved]	92
	6.13	Inventory with Bailees	93
	6.14	Parent as Holding Company	93
	6.15	Change of Control	93
	7.	FINANCIAL COVENANT	93
	7.1	Fixed Charge Coverage Ratio	93
	8.	EVENTS OF DEFAULT	93
	8.1	Payments	93

 

    	 	-iii-	 

     

    

 

Table of
Contents

 

(continued)

 

	 	 	Page
	 	 	 
	8.2	Covenants.  If any Loan Party or any of its Subsidiaries:	93
	8.3	Judgments	94
	8.4	Voluntary Bankruptcy, etc.	94
	8.5	Involuntary Bankruptcy, etc.	94
	8.6	Default Under Other Agreements	94
	8.7	Representations, etc.	94
	8.8	Guaranty	94
	8.9	Security Documents	95
	8.10	Loan Documents	95
	8.11	Change of Control	95
	9.	RIGHTS AND REMEDIES	95
	9.1	Rights and Remedies	95
	9.2	Remedies Cumulative	96
	9.3	Curative Equity	96
	10.	WAIVERS; INDEMNIFICATION	97
	10.1	Demand; Protest; etc.	97
	10.2	The Lender Group’s Liability for Collateral	97
	10.3	Indemnification	97
	11.	NOTICES	98
	12.	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION	99
	13.	ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS	100
	13.1	Assignments and Participations	100
	13.2	Successors	103
	14.	AMENDMENTS; WAIVERS	104
	14.1	Amendments and Waivers	104
	14.2	Replacement of Certain Lenders	105
	14.3	No Waivers; Cumulative Remedies	106
	15.	AGENT; THE LENDER GROUP	106
	15.1	Appointment and Authorization of Agent	106
	15.2	Delegation of Duties	107
	15.3	Liability of Agent	107
	15.4	Reliance by Agent	108
	15.5	Notice of Default or Event of Default	108

 

    	 	-iv-	 

     

    

 

Table of
Contents

 

(continued)

 

	 	 	Page
	 	 	 
	15.6	Credit Decision	108
	15.7	Costs and Expenses; Indemnification	109
	15.8	Agent in Individual Capacity	109
	15.9	Successor Agent	110
	15.10	Lender in Individual Capacity	110
	15.11	Collateral Matters	111
	15.12	Restrictions on Actions by Lenders; Sharing of Payments	112
	15.13	Agency for Perfection	113
	15.14	Payments by Agent to the Lenders	113
	15.15	Concerning the Collateral and Related Loan Documents	113
	15.16	Field Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information	113
	15.17	Several Obligations; No Liability	114
	16.	TAXES	114
	16.1	Payments	114
	16.2	Exemptions	115
	16.3	Reductions	117
	16.4	Refunds	117
	17.	GENERAL PROVISIONS	117
	17.1	Effectiveness	117
	17.2	Section Headings	118
	17.3	Interpretation	118
	17.4	Severability of Provisions	118
	17.5	Bank Product Providers	118
	17.6	Debtor-Creditor Relationship	118
	17.7	Counterparts; Electronic Execution	119
	17.8	Revival and Reinstatement of Obligations; Certain Waivers	119
	17.9	Confidentiality	120
	17.10	Survival	121
	17.11	Patriot Act; Due Diligence	121
	17.12	Integration	121
	17.13	Administrative Borrower as Agent for Borrowers	122
	17.14	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	122

 

    	 	-v-	 

     

    

 

Table of
Contents

 

(continued)

 

	 	 	Page
	 	 	 
	17.15	Acknowledgement Regarding Any Supported QFCs	123

 

    	 	-vi-	 

     

    

 

EXHIBITS AND SCHEDULES

 

	Exhibit A-1	Form of Assignment and Acceptance 
	Exhibit B-1	Form of Borrowing Base Certificate
	Exhibit C-1	Form of Compliance Certificate
	Exhibit J-1	Form of Joinder
	Exhibit L-1	Form of LIBOR Notice 
	Exhibit P-1	Form of Perfection Certificate
	 	 
	Schedule A-1	Agent’s Account
	Schedule A-2	Authorized Persons
	Schedule C-1	Commitments
	Schedule D-1	Designated Account
	Schedule P-1	Permitted Investments
	Schedule P-2	Permitted Liens
	Schedule 3.1	Conditions Precedent
	Schedule 3.6	Conditions Subsequent
	Schedule 4.1(b)	Equity Interests of each Loan Party (other than Parent)
	Schedule 4.1(c)	Loan Parties’ Direct and Indirect Subsidiaries
	Schedule 4.1(d)	Subscriptions, Options, Warrants, Calls
	Schedule 4.6(b)	Litigation
	Schedule 4.11	Environmental Matters
	Schedule 4.14	Permitted Indebtedness
	Schedule 4.24	Material Contracts
	Schedule 4.25	Location of Inventory
	Schedule 5.1	Financial Statements, Reports, Certificates
	Schedule 5.2	Collateral Reporting 
	Schedule 6.5	Nature of Business

 

    	 	-vii-	 

     

    

  

CREDIT AGREEMENT

 

THIS CREDIT AGREEMENT,
is entered into as of October 29, 2020 by and among the lenders identified on the signature pages hereof (each of such lenders,
together with its successors and permitted assigns, is referred to hereinafter as a “Lender”, as that term is
hereinafter further defined), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative
agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns
in such capacity, “Agent”), TESSCO TECHNOLOGIES, INCORPORATED, a Delaware corporation (“Parent”),
TESSCO INCORPORATED, a Delaware corporation (“Tessco”), GW SERVICE SOLUTIONS, INC., a Delaware
corporation (“GW”), TESSCO SERVICE SOLUTIONS, INC., a Delaware corporation (“Service”)
and TCPM, INC., a Delaware corporation (“TCPM”; together with TESSCO, GW, SERVICE and and those additional Persons
that are joined as a party hereto by executing the form of Joinder attached hereto as Exhibit J-1 (each, a “Borrower”
and individually and collectively, jointly and severally, the “Borrowers”).

 

The parties agree as
follows:

 

1.           
DEFINITIONS AND CONSTRUCTION.

 

1.1          
Definitions. As used in this Agreement, the following terms shall have the following definitions:

 

“Acceptable
Appraisal” means, with respect to an appraisal of Inventory the most recent appraisal of such property received by Agent
(a) from an appraisal company satisfactory to Agent, (b) the scope and methodology (including, to the extent relevant, any sampling
procedure employed by such appraisal company) of which are satisfactory to Agent, and (c) the results of which are satisfactory
to Agent, in each case, in Agent's Permitted Discretion.

 

“Account”
means an account (as that term is defined in the Code).

 

“Account Debtor”
means any Person who is obligated on an Account, chattel paper, or a general intangible.

 

“Account Party”
has the meaning specified therefor in Section 2.11(h) of this Agreement.

 

“Accounting
Changes” means changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or
opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto
or any agency with similar functions).

 

“Acquired Indebtedness”
means Indebtedness of a Person whose assets or Equity Interests are acquired by a Loan Party or any of its Subsidiaries in a Permitted
Acquisition; provided, that such Indebtedness (a) is either purchase money Indebtedness or a Capital Lease with respect
to Equipment or mortgage financing with respect to Real Property, (b) was in existence prior to the date of such Permitted Acquisition,
and (c) was not incurred in connection with, or in contemplation of, such Permitted Acquisition.

 

“Acquisition”
means (a) the purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of the assets of (or
any division or business line of) any other Person, or (b) the purchase or other acquisition (whether by means of a merger,
consolidation, or otherwise) by a Person or its Subsidiaries of the Equity Interests of any Person pursuant to which such other
Person shall become a Subsidiary of the Parent.

 

     

     

    

 

“Additional
Documents” has the meaning specified therefor in Section 5.12 of this Agreement.

 

“Administrative
Borrower” has the meaning specified therefor in Section 17.13 of this Agreement.

 

“Administrative
Questionnaire” has the meaning specified therefor in Section 13.1(a) of this Agreement.

 

“Affected Lender”
has the meaning specified therefor in Section 2.13(b) of this Agreement.

 

“Affiliate”
means, as applied to any Person, any other Person who controls, is controlled by, or is under common control with, such Person.
For purposes of this definition, “control” means the possession, directly or indirectly through one or more intermediaries,
of the power to direct the management and policies of a Person, whether through the ownership of Equity Interests, by contract,
or otherwise; provided, that for purposes of the definition of Eligible Accounts and Section 6.10 of this Agreement:
(a) if any Person owns directly or indirectly 10% or more of the Equity Interests having ordinary voting power for the election
of directors or other members of the governing body of a Person or 10% or more of the partnership or other ownership interests
of a Person (other than as a limited partner of such Person), then both such Persons shall be Affiliates of each other, (b) each
director (or comparable manager) of a Person shall be deemed to be an Affiliate of such Person, and (c) each partnership in which
a Person is a general partner shall be deemed an Affiliate of such Person.

 

“Agent”
has the meaning specified therefor in the preamble to this Agreement.

 

“Agent-Related
Persons” means Agent, together with its Affiliates, officers, directors, employees, attorneys, and agents.

 

“Agent’s
Account” means the Deposit Account of Agent identified on Schedule A-1 to this Agreement (or such other Deposit
Account of Agent that has been designated as such, in writing, by Agent to Borrowers and the Lenders).

 

“Agent’s
Liens” means the Liens granted by each Loan Party or its Subsidiaries to Agent under the Loan Documents and securing
the Obligations.

 

“Agreement”
means this Credit Agreement, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

“Anti-Corruption
Laws” means the FCPA, the U.K. Bribery Act of 2010, as amended, and all other applicable laws and regulations or ordinances
concerning or relating to bribery, money laundering or corruption in any jurisdiction in which any Loan Party or any of its Subsidiaries
or Affiliates is located or is doing business.

 

“Anti-Money
Laundering Laws” means the applicable laws or regulations in any jurisdiction in which any Loan Party or any of its Subsidiaries
or Affiliates is located or is doing business that relates to money laundering, any predicate crime to money laundering, or any
financial record keeping and reporting requirements related thereto.

 

    	 	-2-	 

     

    

 

“Applicable
Margin” means, as of any date of determination and with respect to Base Rate Loans or LIBOR Rate Loans, as applicable,
the applicable margin as follows:

 

(a)          
in the case of a Base Rate Loan, (i) one and one-quarter percent (1.25%) at all times that the Fixed Charge Coverage
Ratio is less than 1.10:1.00, provided, that, the Base Rate Margin shall be set at such rate for the period from
the Closing Date through and including March 31, 2021 and (ii) one percent (1.00%) at all times that the Fixed Charge Coverage
Ratio is greater than or equal to 1.10:1.00 (each such applicable rate, the “Base Rate Margin”), and

 

(b)          
in the case of a LIBOR Rate Loan, (i) two and one-quarter percent (2.25%) at all times that the Fixed Charge Coverage
Ratio is less than 1.10:1.00, provided, that, the LIBOR Rate Margin shall be set at such rate for the period from
the Closing Date through and including March 31, 2021 and (ii) two percent (2.00%) at all times that the Fixed Charge Coverage
Ratio is greater than or equal to 1.10:1.00 (each such applicable rate, the “LIBOR Rate Margin”).

 

Subject to
the provisos in clauses (a)(i) and (b)(i) above, the Applicable Margin shall be re-determined as of the day that Borrowers have
delivered monthly financial statements to Agent in accordance with Section 5.1 hereof.

 

“Application
Event” means the occurrence of (a) a failure by Borrowers to repay all of the Obligations in full on the Maturity Date,
or (b) an Event of Default and the continuance thereof and the election by Agent or the Required Lenders to require that payments
and proceeds of Collateral be applied pursuant to Section 2.4(b)(iii) of this Agreement.

 

“Assignee”
has the meaning specified therefor in Section 13.1(a) of this Agreement.

 

“Assignment
and Acceptance” means an Assignment and Acceptance Agreement substantially in the form of Exhibit A-1 to this
Agreement.

 

“Authorized
Person” means any one of the individuals identified as an officer of a Borrower on Schedule A-2 to this Agreement,
or any other individual identified by Administrative Borrower as an authorized person and authenticated through Agent’s electronic
platform or portal in accordance with its procedures for such authentication.

 

“Availability”
means, as of any date of determination, the amount that Borrowers are entitled to borrow as Revolving Loans under Section 2.1
of this Agreement (after giving effect to the then outstanding Revolver Usage).

 

“Available Increase
Amount” means, as of any date of determination, an amount equal to the result of (a) $50,000,000, minus (b) the aggregate
principal amount of Increases to the Revolver Commitments previously made pursuant to Section 2.14 of this Agreement.

 

“Average Revolver
Usage” means, with respect to any period, the sum of the aggregate amount of Revolver Usage for each day in such period
(calculated as of the end of each respective day) divided by the number of days in such period.

 

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

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

    	 	-3-	 

     

    

 

“Bank Product”
means any one or more of the following financial products or accommodations extended to any Loan Party or any of its Subsidiaries
by a Bank Product Provider: (a) credit cards (including commercial cards (including so-called “purchase cards”, “procurement
cards” or “p-cards”)), (b) payment card processing services, (c) debit cards, (d) stored value cards, (e) Cash
Management Services, or (f) transactions under Hedge Agreements.

 

“Bank Product
Agreements” means those agreements entered into from time to time by any Loan Party or any of its Subsidiaries with a
Bank Product Provider in connection with the obtaining of any of the Bank Products.

 

“Bank Product
Collateralization” means providing cash collateral (pursuant to documentation reasonably satisfactory to Agent) to be
held by Agent for the benefit of the Bank Product Providers (other than the Hedge Providers) in an amount determined by Agent as
sufficient to satisfy the reasonably estimated credit exposure, operational risk or processing risk with respect to the then existing
Bank Product Obligations (other than Hedge Obligations).

 

“Bank Product
Obligations” means (a) all obligations, liabilities, reimbursement obligations, fees, or expenses owing by each Loan
Party and its Subsidiaries to any Bank Product Provider pursuant to or evidenced by a Bank Product Agreement and irrespective of
whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter
arising, (b) all Hedge Obligations, and (c) all amounts that Agent or any Lender is obligated to pay to a Bank Product Provider
as a result of Agent or such Lender purchasing participations from, or executing guarantees or indemnities or reimbursement obligations
to, a Bank Product Provider with respect to the Bank Products provided by such Bank Product Provider to a Loan Party or its Subsidiaries.

 

“Bank Product
Provider” means Wells Fargo or any of its Affiliates, including each of the foregoing in its capacity, if applicable,
as a Hedge Provider.

 

“Bank Product
Reserves” means, as of any date of determination, those reserves that Agent deems necessary or appropriate to establish
(based upon the Bank Product Providers’ determination of the liabilities and obligations of each Loan Party and its Subsidiaries
in respect of Bank Product Obligations) in respect of Bank Products then provided or outstanding.

 

“Bankruptcy
Code” means title 11 of the United States Code, as in effect from time to time.

 

“Base Rate”
means the greatest of (a) the Federal Funds Rate plus 1⁄2%, (b) the LIBOR Rate (which rate shall be calculated
based upon an Interest Period of one month and shall be determined on a daily basis), plus 1.0%, and (c) the rate
of interest announced, from time to time, within Wells Fargo at its principal office in San Francisco as its “prime rate”,
with the understanding that the “prime rate” is one of Wells Fargo’s base rates (not necessarily the lowest of
such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto
and is evidenced by the recording thereof after its announcement in such internal publications as Wells Fargo may designate (and,
if any such announced rate is below zero, then the rate determined pursuant to this clause (c) shall be deemed to be zero).

 

“Base Rate Loan”
means each portion of the Revolving Loans that bears interest at a rate determined by reference to the Base Rate.

 

    	 	-4-	 

     

    

 

“Base Rate Margin”
has the meaning set forth in the definition of Applicable Margin.

 

“Benchmark Replacement”
means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by Agent and Administrative
Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining
such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate
of interest as a replacement to the LIBOR Rate for United States dollar-denominated syndicated credit facilities and (b) the Benchmark
Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than 0.25%, the Benchmark
Replacement shall be deemed to be 0.25% for the purposes of this Agreement.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the LIBOR Rate with an Unadjusted Benchmark Replacement for each
applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may
be a positive or negative value or zero) that has been selected by Agent and Administrative 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 the LIBOR Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii)
any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement for United States
dollar-denominated syndicated credit facilities at such time.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	-5-	 

     

    

 

(b)               
a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR
Rate, the Federal Reserve System of the United States (or any successor), an insolvency official with jurisdiction over the administrator
for the LIBOR Rate, a resolution authority with jurisdiction over the administrator for the LIBOR Rate or a court or an entity
with similar insolvency or resolution authority over the administrator for the LIBOR Rate, which states that the administrator
of the LIBOR Rate has ceased or will cease to provide the LIBOR Rate permanently or indefinitely, provided that, at the
time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate; or

 

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

 

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

 

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

 

“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, as of any date, a “defined benefit plan” (as defined in Section 3(35) of ERISA) which is subject to Title IV
of ERISA or is a “multiemployer plan” within the meaning of Section 3(37) of ERISA, for which any Loan Party or
any of its Subsidiaries or ERISA Affiliates has sponsored or maintained, or had an obligation to contribute to, within the six-year
period preceding such date.

 

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

 

“Board of Directors”
means, as to any Person, the board of directors (or comparable managers) of such Person, or any committee thereof duly authorized
to act on behalf of the board of directors (or comparable managers).

 

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

 

    	 	-6-	 

     

    

 

“Borrower”
and “Borrowers” have the respective meanings specified therefor in the preamble to this Agreement.

 

“Borrower Materials”
has the meaning specified therefor in Section 17.9(c) of this Agreement.

 

“Borrowing”
means a borrowing consisting of Revolving Loans made on the same day by the Lenders (or Agent on behalf thereof), or by Swing Lender
in the case of a Swing Loan, or by Agent in the case of an Extraordinary Advance.

 

“Borrowing Base”
means, as of any date of determination, the result of:

 

(a)          
85% of the amount of Eligible Accounts, less the amount, if any, of the Dilution Reserve, plus

 

(b)          the Inventory Formula Amount for all Eligible Inventory which is aged (as determined from the Borrowers’ records
in a manner acceptable to Agent in its Permitted Discretion) less than 181 days; plus

 

(c)          the lesser of:

 

(i)                
$4,000,000 and

 

(ii)              
the Inventory Formula Amount for all Eligible Inventory which is aged (as determined from the Borrowers’ records
in a manner acceptable to the Administrative Agent in its Permitted Discretion) at least 181 days, minus

 

(d)          the aggregate amount of Reserves (without duplication of any Dilution Reserve from clause (a) above), if any, established
by Agent from time to time under Section 2.1(c) of this Agreement;

 

“Borrowing Base
Certificate” means a certificate substantially in the form of Exhibit B-1 to this Agreement, which such form of Borrowing
Base Certificate may be amended, restated, supplemented or otherwise modified from time to time (including without limitation,
changes to the format thereof), as approved by Agent in Agent’s sole discretion.

 

“Business Day”
means any day that is not a Saturday, Sunday, or other day on which banks are authorized or required to close in the state of New
York, except that, if a determination of a Business Day shall relate to a LIBOR Rate Loan, the term “Business Day”
also shall exclude any day on which banks are closed for dealings in Dollar deposits in the London interbank market.

 

“Capital Expenditures”
means, with respect to any Person for any period, the amount of all expenditures by such Person and its Subsidiaries during such
period that are capital expenditures as determined in accordance with GAAP, whether such expenditures are paid in cash or financed.

 

“Capital Lease”
means a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP. Notwithstanding the
foregoing, leases that are treated as operating leases as of the date hereof shall continue to be treated as operating leases even
after giving effect to Accounting Standards Codification Topic 842.

 

    	 	-7-	 

     

    

 

“Capitalized
Lease Obligation” means that portion of the obligations under a Capital Lease that is required to be capitalized in accordance
with GAAP.

 

“Cash Equivalents”
means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States or issued by any agency
thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition
thereof, (b) marketable direct obligations issued or fully guaranteed by any state of the United States or any political subdivision
of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the
time of acquisition, having one of the two highest ratings obtainable from either Standard & Poor’s Rating Group (“S&P”)
or Moody’s Investors Service, Inc. (“Moody’s”), (c) commercial paper maturing no more than 270 days
from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1
from Moody’s, (d) certificates of deposit, time deposits, overnight bank deposits or bankers’ acceptances maturing
within one year from the date of acquisition thereof issued by any bank organized under the laws of the United States or any state
thereof or the District of Columbia or any United States branch of a foreign bank having at the date of acquisition thereof combined
capital and surplus of not less than $1,000,000,000, (e) Deposit Accounts maintained with (i) any bank that satisfies the
criteria described in clause (d) above, or (ii) any other bank organized under the laws of the United States or any state thereof
so long as the full amount maintained with any such other bank is insured by the Federal Deposit Insurance Corporation, (f) repurchase
obligations of any commercial bank satisfying the requirements of clause (d) of this definition or of any recognized securities
dealer having combined capital and surplus of not less than $1,000,000,000, having a term of not more than seven days, with respect
to securities satisfying the criteria in clauses (a) or (d) above, (g) debt securities with maturities of six months or less from
the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the criteria described in
clause (d) above, and (h) Investments in money market funds substantially all of whose assets are invested in the types of assets
described in clauses (a) through (g) above.

 

“Cash Management
Services” means any cash management or related services including treasury, depository, return items, overdraft, controlled
disbursement, merchant store value cards, e-payables services, electronic funds transfer, interstate depository network, automatic
clearing house transfer (including the Automated Clearing House processing of electronic funds transfers through the direct Federal
Reserve Fedline system) and other cash management arrangements.

 

“CFC”
means a controlled foreign corporation (as that term is defined in the IRC) in which any Loan Party is a "United States shareholder"
within the meaning of Section 951(b) of the IRC.

 

“Change in Law”
means the occurrence after the date of this Agreement of: (a) the adoption or effectiveness of any law, rule, regulation, judicial
ruling, judgment or treaty, (b) any change in any law, rule, regulation, judicial ruling, judgment or treaty or in the administration,
interpretation, implementation or application by any Governmental Authority of any law, rule, regulation, guideline or treaty,
or (c) the making or issuance by any Governmental Authority of any request, rule, guideline or directive, whether or not having
the force of law; provided, that notwithstanding anything in this Agreement to the contrary, (i) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith,
and (ii) all requests, rules, guidelines or directives concerning capital adequacy 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
shall, in each case, be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued.

 

    	 	-8-	 

     

    

 

“Change of Control”
means that:

 

(a)               
any Person or two or more Persons acting in concert, shall own or shall have acquired beneficial ownership, directly
or indirectly, of Equity Interests of Parent (or other securities convertible into such Equity Interests) representing 35% or more
of the combined voting power of all Equity Interests of Parent entitled (without regard to the occurrence of any contingency) to
vote for the election of members of the Board of Directors of Parent,

 

(b)               
any Person or two or more Persons acting in concert, shall have acquired by contract or otherwise, or shall have
entered into a contract or arrangement that, upon consummation thereof, will result in its or their acquisition of the power to
exercise, directly or indirectly, a controlling influence over the management or policies of Parent or control over the Equity
Interests of such Person entitled to vote for members of the Board of Directors of Parent on a fully-diluted basis (and taking
into account all such Equity Interests that such Person or group has the right to acquire pursuant to any option right) representing
35% or more of the combined voting power of such Equity Interests,

 

(c)               
during any period of twelve (12) consecutive months, a majority of the members of the Board of Directors of Parent
do not constitute Continuing Directors, or

 

(d)               
Parent fails to own and control, directly or indirectly, 100% of the Equity Interests of each other Loan Party.

 

“Closing Date”
means the date of the making of the initial Revolving Loan (or other extension of credit) under this Agreement.

 

“Code”
means the New York Uniform Commercial Code, as in effect from time to time.

 

“Collateral”
means all assets and interests in assets and proceeds thereof now owned or hereafter acquired by any Loan Party or its Subsidiaries
in or upon which a Lien is granted by such Person in favor of Agent or the Lenders under any of the Loan Documents.

 

“Collateral
Access Agreement” means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor, warehouseman, processor,
consignee, or other Person in possession of, having a Lien upon, or having rights or interests in any Loan Party’s or its
Subsidiaries’ books and records, Equipment, or Inventory, in each case, in form and substance reasonably satisfactory to
Agent.

 

“Collections”
means, all cash, checks, notes, instruments, and other items of payment (including insurance proceeds, cash proceeds of asset sales,
rental proceeds and tax refunds).

 

“Commitment”
means, with respect to each Lender, its Revolver Commitment and, with respect to all Lenders, their Revolver Commitments, in each
case as such Dollar amounts are set forth beside such Lender’s name under the applicable heading on Schedule C-1 to
this Agreement or in the Assignment and Acceptance pursuant to which such Lender became a Lender under this Agreement, as such
amounts may be reduced or increased from time to time pursuant to assignments made in accordance with the provisions of Section
13.1 of this Agreement.

 

“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-1 to this Agreement delivered by the chief
financial officer or treasurer of Administrative Borrower to Agent.

 

    	 	-9-	 

     

    

 

“Confidential
Information” has the meaning specified therefor in Section 17.9(a) of this Agreement.

 

“Continuing
Director” means, with respect to any period, (a) any member of the Board of Directors of Parent who was a director (or
comparable manager) of Parent at the beginning of such period, and (b) any individual who becomes a member of the Board of Directors
of Parent after the beginning of such period if such individual was approved, appointed or nominated for election to the Board
of Directors by a majority of the then Continuing Directors (including, for the avoidance of doubt, as Continuing Directors, any
members of the Board of Directors previously approved, appointed or nominated by a majority of the Continuing Directors, even though
not a director at the beginning of such period).

 

“Control Agreement”
means a control agreement, in form and substance reasonably satisfactory to Agent, executed and delivered by a Loan Party or one
of its Subsidiaries, Agent, and the applicable securities intermediary (with respect to a Securities Account) or bank (with respect
to a Deposit Account).

 

“Controlled
Account” has the meaning specified therefor in the Guaranty and Security Agreement.

 

“Covenant Testing
Period” means a period (a) commencing on the last day of the fiscal month of Parent most recently ended prior to a Covenant
Trigger Event for which Borrowers are required to deliver to Agent monthly or annual financial statements pursuant to Schedule
5.1 to this Agreement, and (b) continuing through and including the first day after such Covenant Trigger Event that Excess
Availability has not been less than the greater of (a) 16.7% of the Maximum Revolver Amount and (b) $12,500,000, in each case,
for 45 consecutive days.

 

“Covenant Trigger
Event” means if at any time Excess Availability is less than the greater of (a) 16.7% of the Maximum Revolver Amount
and (b) $12,500,000.

 

“Covered Entity”
means any of the following:

 

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

 

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

 

(g)               
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 specified therefor in Section 17.15 of this Agreement.

 

“Curative Equity”
means the net amount of common equity contributions made by Parent in immediately available funds which Parent contributes as additional
common equity contributions to Borrowers in immediately available funds and which is designated “Curative Equity” by
Borrowers under Section 9.3 of this Agreement at the time it is contributed. For the avoidance of doubt, the forgiveness
of antecedent debt (whether Indebtedness, trade payables, or otherwise) shall not constitute Curative Equity.

 

“Default”
means an event, condition, or default that, with the giving of notice, the passage of time, or both, would be an Event of Default.

 

    	 	-10-	 

     

    

 

“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 any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of
the date such Loans were required to be funded hereunder unless such Lender notifies Agent and Administrative 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 or Event of Default, shall be specifically identified in such
writing) has not been satisfied, or (ii) pay to Agent, Issuing Bank, or any other Lender any other amount required to be paid by
it hereunder (including in respect of its participation in Letters of Credit) within two Business Days of the date when due, (b)
has notified any Borrower, Agent or Issuing Bank 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 or Event of 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
Agent or Administrative Borrower, to confirm in writing to Agent and Administrative 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 Agent and Administrative Borrower), or (d) has, or has a direct or indirect parent
company that has, (i) become the subject of any Insolvency Proceeding, (ii) had appointed for it a receiver, custodian, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its
business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting
in such a capacity, or (iii) become the subject of a Bail-in Action; provided, that a Lender shall not be a Defaulting Lender
solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company
thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made
with such Lender. Any determination by 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 upon
delivery of written notice of such determination to Administrative Borrower, Issuing Bank, and each Lender.

 

“Defaulting
Lender Rate” means (a) for the first three days from and after the date the relevant payment is due, the Base Rate, and
(b) thereafter, the interest rate then applicable to Revolving Loans that are Base Rate Loans (inclusive of the Base Rate Margin
applicable thereto).

 

“Deposit Account”
means any deposit account (as that term is defined in the Code).

 

“Designated
Account” means the Deposit Account of Administrative Borrower identified on Schedule D-1 to this Agreement (or
such other Deposit Account of Administrative Borrower located at Designated Account Bank that has been designated as such, in writing,
by Borrowers to Agent).

 

“Designated
Account Bank” has the meaning specified therefor in Schedule D-1 to this Agreement (or such other bank that is
located within the United States that has been designated as such, in writing, by Borrowers to Agent).

 

“Dilution”
means, as of any date of determination, a percentage, based upon the experience of the immediately prior 12 months, that is the
result of dividing the Dollar amount of (a) bad debt write-downs, discounts, advertising allowances, credits, or other dilutive
items with respect to Borrowers’ Accounts during such period, by (b) Borrowers’ billings with respect to Accounts during
such period.

 

    	 	-11-	 

     

    

 

“Dilution Reserve”
means, as of any date of determination, an amount sufficient to reduce the advance rate against Eligible Accounts by the extent
to which Dilution is in excess of 5%.

 

“Disqualified
Equity Interests” means any Equity Interests that, by their terms (or by the terms of any security or other Equity Interests
into which they are convertible or for which they are exchangeable), or upon the happening of any event or condition (a) matures
or are mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise
(except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a
change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that
are accrued and payable and the termination of the Commitments), (b) are redeemable at the option of the holder thereof (other
than solely for Qualified Equity Interests), in whole or in part, (c) provide for the scheduled payments of dividends in cash,
or (d) are or become convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified
Equity Interests, in each case, prior to the date that is 180 days after the Maturity Date.

 

“Dollars”
or “$” means United States dollars.

 

“Domestic Subsidiary”
means any Subsidiary organized under the laws of the United States of America, any state thereof or the District of Columbia.

 

“Drawing Document”
means any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit, including by electronic
transmission such as SWIFT, electronic mail, facsimile or computer generated communication.

 

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

 

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

 

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

 

“Earn-Outs”
means unsecured liabilities of a Loan Party arising under an agreement to make any deferred payment as a part of the Purchase Price
for a Permitted Acquisition, including performance bonuses or consulting payments in any related services, employment or similar
agreement, in an amount that is subject to or contingent upon the revenues, income, cash flow or profits (or the like) of the target
of such Permitted Acquisition.

 

“EBITDA”
means, for the Parent and its Subsidiaries for any period, an amount equal to the sum of the following (calculated on a consolidated
basis for such period in accordance with GAAP): (a) Net Income for such period plus (b) to the extent deducted
in determining Net Income for such period, and without duplication, (i) Interest Expense, (ii) income tax expense determined
on a consolidated basis in accordance with GAAP, (iii) depreciation and amortization determined on a consolidated basis in
accordance with GAAP, (iv) non-cash charges related to Parent’s stock compensation plans, (v) non-cash charges
arising from the write down of goodwill and/or indefinite lived intangible assets, (vi) all other non-cash charges determined
on a consolidated basis in accordance with GAAP (provided, that the amount added-back pursuant to this clause (vi) shall not
exceed 10% of EBITDA (calculated without giving effect to this clause (vi), unless otherwise approved by the Agent)), and (vii) transaction
costs and expenses paid in cash in connection with the Loan Documents in an aggregate amount not to exceed $500,000; provided
that, for purposes of calculating compliance with the financial covenants set forth in Section 7, to the extent that during such
period any Loan Party shall have consummated a Permitted Acquisition or other Acquisition approved in writing by the Required Lenders,
or any sale, transfer or other disposition of any Person, business, property or assets, EBITDA shall be calculated on a pro forma
basis with respect to such Person, business, property or assets so acquired or disposed of.

 

    	 	-12-	 

     

    

 

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

 

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

 

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

 

“Eligible Accounts”
means those Accounts created by a Borrower (other than Accounts owed by any Account Debtor in respect of which any Borrower has
entered into a supply chain or factoring arrangement for the sale of the Accounts of such Account Debtor pursuant to, and to the
extent permitted under, clause (n) of the definition of Permitted Dispositions) in the ordinary course of its business, that arise
out of such Borrower’s sale of goods or rendition of services, that comply in all material respects with each of the representations
and warranties respecting Eligible Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one
or more of the excluding criteria set forth below; provided, that such criteria may be revised from time to time by Agent
in Agent’s Permitted Discretion to address the results of any information with respect to the Borrowers’ business or
assets of which Agent becomes aware after the Closing Date, including any field examination performed by (or on behalf of) Agent
from time to time after the Closing Date. In determining the amount to be included, Eligible Accounts shall be calculated net of
customer deposits, unapplied cash, taxes, finance charges, service charges, discounts, credits, allowances, and rebates. Eligible
Accounts shall not include the following:

 

(a)          Accounts with respect to which more than 120 days have elapsed since the original invoice date or more than 60 days have
elapsed since the due date of the original invoice,

 

(b)          Accounts owed by an Account Debtor (or its Affiliates) where 50% or more of all Accounts owed by that Account Debtor
(or its Affiliates) are deemed ineligible under clause (a) above,

 

(c)          [reserved],

 

(d)          Accounts
with respect to which the Account Debtor is an Affiliate of any Borrower or an employee or agent of any Borrower or any Affiliate
of any Borrower,

  

    	 	-13-	 

     

    

 

(e)          Accounts (i) arising in a transaction wherein goods are placed on consignment or are sold pursuant to a guaranteed
sale, a sale or return, a sale on approval, a bill and hold, or any other terms by reason of which the payment by the Account Debtor
may be conditional, or (ii) with respect to which the payment terms are “C.O.D.”, cash on delivery or other similar
terms,

 

(f)          
Accounts that are not payable in Dollars or Canadian Dollars,

 

(g)          Accounts with respect to which the Account Debtor either (i) does not maintain its chief executive office in the
United States or Canada, or (ii) is not organized under the laws of the United States or Canada or any state or province thereof,
or (iii) is the government of any foreign country or sovereign state, or of any state, province, municipality, or other political
subdivision thereof, or of any department, agency, public corporation, or other instrumentality thereof, unless (A) the Account
is supported by an irrevocable letter of credit reasonably satisfactory to Agent (as to form, substance, and issuer or domestic
confirming bank) that has been delivered to Agent and, if requested by Agent, is directly drawable by Agent, or (B) the Account
is covered by credit insurance in form, substance, and amount, and by an insurer, reasonably satisfactory to Agent, subject to
the policy limits and other conditions to such credit insurance, provided, that the aggregate amount of Eligible Accounts
pursuant to this clause (B) shall not at any time exceed $500,000,

 

(h)          Accounts with respect to which the Account Debtor is either (i) the United States or any department, agency, or instrumentality
of the United States (exclusive, however, of Accounts with respect to which Borrowers have complied, to the reasonable satisfaction
of Agent, with the Assignment of Claims Act, 31 USC §3727), or (ii) any state of the United States or any other Governmental
Authority,

 

(i)          
Accounts with respect to which the Account Debtor is a creditor of a Borrower, has or has asserted a right of recoupment
or setoff, or has disputed its obligation to pay all or any portion of the Account, to the extent of such claim, right of recoupment
or setoff, or dispute and without duplication of any such amount accounted for in the calculation of dilution,

 

(j)          
(1) Accounts with respect to an Account Debtor (other than any Rated Account Debtor) whose Eligible Accounts owing
to Borrowers exceed 20% (such percentage, as applied to a particular Account Debtor, being subject to reduction by Agent in its
Permitted Discretion if Agent reasonably determines that the creditworthiness of such Account Debtor deteriorates) of all Eligible
Accounts, to the extent of the obligations owing by such Account Debtor in excess of such percentage;

 

(2)   
Accounts due from any Rated Account Debtor whose Eligible Accounts owing to Borrowers exceed 30% (such percentage,
as applied to a particular Account Debtor, being subject to reduction by Agent in its Permitted Discretion if Agent reasonably
determines that the creditworthiness of such Account Debtor deteriorates) of all Eligible Accounts, to the extent of the obligations
owing by such Account Debtor in excess of such percentage;

 

provided, that in each case for
purposes of this clause (j), the amount of Eligible Accounts that are excluded because they exceed the foregoing percentage shall
be determined by Agent based on all of the otherwise Eligible Accounts prior to giving effect to any eliminations based upon the
foregoing concentration limit,

 

(k)          Accounts with respect to which the Account Debtor is subject to an Insolvency Proceeding, is not Solvent, has gone
out of business, or as to which any Borrower has received notice of an imminent Insolvency Proceeding or a material impairment
of the financial condition of such Account Debtor,

 

    	 	-14-	 

     

    

 

(l)          
Accounts, the collection of which, Agent, in its Permitted Discretion, believes to be doubtful, including by reason
of the Account Debtor’s financial condition,

 

(m)         Accounts that are not subject to a valid and perfected first priority Agent’s Lien,

 

(n)         Accounts
with respect to which (i) the goods giving rise to such Account have not been shipped and billed to the Account Debtor, or (ii)
the services giving rise to such Account have not been performed and billed to the Account Debtor,

 

 

(o)          Accounts
with respect to which the Account Debtor is a Sanctioned Person or Sanctioned Entity,

 

(p)          Accounts
(i) that represent the right to receive progress payments or other advance billings that are due prior to the completion of performance
by the applicable Borrower of the subject contract for goods or services, or (ii) that represent credit card sales, or

 

(q)          Accounts
owned by a target acquired in connection with a Permitted Acquisition or Permitted Investment, or Accounts owned by a Person that
is joined to this Agreement as a Borrower pursuant to the provisions of this Agreement, until the completion of a field examination
with respect to such Accounts, in each case, satisfactory to Agent in its Permitted Discretion.

 

“Eligible Inventory”
means Inventory of a Borrower, that complies in all material respects with each of the representations and warranties respecting
Eligible Inventory made in the Loan Documents, and that is not excluded as ineligible by virtue of one or more of the excluding
criteria set forth below; provided, that such criteria may be revised from time to time by Agent in Agent’s Permitted
Discretion to address the results of any information with respect to the Borrowers’ business or assets of which Agent becomes
aware after the Closing Date, including any field examination or appraisal performed or received by Agent from time to time after
the Closing Date. In determining the amount to be so included, Inventory shall be valued at the lower of cost or market on a basis
consistent with Borrowers’ historical accounting practices. An item of Inventory shall not be included in Eligible Inventory
if:

 

(a)          a
Borrower does not have good, valid, and marketable title thereto,

 

(b)          a
Borrower does not have actual and exclusive possession thereof (either directly or through a bailee or agent of a Borrower),

 

(c)          it
is not located at one of the locations in the continental United States set forth on Schedule 4.25 to this Agreement (as
such Schedule 4.25 may be amended from time to time in accordance with Section 5.14) (or in-transit from one such
location to another such location),

 

(d)          it
is stored at locations holding less than $100,000 of the aggregate value of such Borrower’s Inventory,

 

(e)          it
is in-transit to or from a location of a Borrower (other than in-transit from one location in the continental United States set
forth on Schedule 4.25 to this Agreement to another location in the continental United States set forth on Schedule 4.25
to this Agreement (as such Schedule 4.25 may be amended from time to time in accordance with Section 5.14)),

 

(f)          
it is located on real property leased by a Borrower or in a contract warehouse or with a bailee, in each case, unless either
(i) it is subject to a Collateral Access Agreement executed by the lessor or warehouseman, as the case may be, and it is segregated
or otherwise separately identifiable from goods of others, if any, stored on the premises, or (ii) Agent has established a Landlord
Reserve with respect to such location,

 

    	 	-15-	 

     

    

 

(g)          it
is the subject of a bill of lading or other document of title,

 

(h)          it
is not subject to a valid and perfected first priority Agent’s Lien,

 

(i)          
it is not in good condition or does not meet all standards imposed by any Person having regulatory authority over such goods
or their use and/or sale, or Inventory that is not currently saleable in the ordinary course of a Loan Party’s business,

 

(j)          
Inventory scheduled for return to vendors, Inventory returned by a Borrower’s customer to the extent such Inventory
is not in its original packaging or is not in its original saleable condition, Inventory which is obsolete (for purposes of this
subsection, what constitutes “obsolete” Inventory, shall be determined by Agent in its Permitted Discretion), display
items, packaging materials, labels or name plates or similar supplies, restrictive or custom items or otherwise is manufactured
in accordance with customer-specific requirements, raw materials, or goods that constitute spare parts, bill and hold goods, defective
goods, “seconds,” or Inventory acquired on consignment,

 

(k)          it
is subject to third party intellectual property, licensing or other proprietary rights, unless Agent is satisfied that such Inventory
can be freely sold by Agent on and after the occurrence of an Event of a Default despite such third party rights, or

 

(l)          
it was acquired in connection with a Permitted Acquisition or Permitted Investment, or such Inventory is owned by a Person
that is joined to this Agreement as a Borrower pursuant to the provisions of this Agreement, until the completion of an Acceptable
Appraisal of such Inventory and the completion of a field examination with respect to such Inventory that is satisfactory to Agent
in its Permitted Discretion.

 

“Eligible Transferee”
means (a) any Lender (other than a Defaulting Lender), any Affiliate of any Lender and any Related Fund of any Lender; (b) (i)
a commercial bank organized under the laws of the United States or any state thereof, and having total assets in excess of $1,000,000,000;
(ii) a savings and loan association or savings bank organized under the laws of the United States or any state thereof, and having
total assets in excess of $1,000,000,000; (iii) a commercial bank organized under the laws of any other country or a political
subdivision thereof; provided, that (A) (x) such bank is acting through a branch or agency located in the United States,
or (y) such bank is organized under the laws of a country that is a member of the Organization for Economic Cooperation and Development
or a political subdivision of such country, and (B) such bank has total assets in excess of $1,000,000,000; (c) any other entity
(other than a natural person) that is an “accredited investor” (as defined in Regulation D under the Securities Act)
that extends credit or buys loans as one of its businesses including insurance companies, investment or mutual funds and lease
financing companies, and having total assets in excess of $1,000,000,000; and (d) during the continuation of an Event of Default,
any other Person approved by Agent.

 

“Environmental
Action” means any written complaint, summons, citation, notice, directive, order, claim, litigation, investigation, judicial
or administrative proceeding, judgment, letter, or other written communication from any Governmental Authority, or any third party
involving violations of Environmental Laws or releases of Hazardous Materials (a) from any assets, properties, or businesses of
any Borrower, any Subsidiary of any Borrower, or any of their predecessors in interest, (b) from adjoining properties or businesses,
or (c) from or onto any facilities which received Hazardous Materials generated by any Borrower, any Subsidiary of any Borrower,
or any of their predecessors in interest.

 

    	 	-16-	 

     

    

 

“Environmental
Law” means any applicable federal, state, provincial, foreign or local statute, law, rule, regulation, ordinance, code,
binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect and
in each case as amended, or any judicial or administrative interpretation thereof, including any judicial or administrative order,
consent decree or judgment, in each case, to the extent binding on any Loan Party or its Subsidiaries, relating to the environment,
the effect of the environment on employee health, or Hazardous Materials, in each case as amended from time to time.

 

“Environmental
Liabilities” means all liabilities, monetary obligations, losses, damages, costs and expenses (including all reasonable
fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines,
penalties, sanctions, and interest incurred as a result of any claim or demand, or Remedial Action required, by any Governmental
Authority or any third party, and which relate to any Environmental Action.

 

“Environmental
Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities.

 

“Equipment”
means equipment (as that term is defined in the Code).

 

“Equity Interests”
means, with respect to a Person, all of the shares, options, warrants, interests, participations, or other equivalents (regardless
of how designated) of or in such Person, whether voting or nonvoting, including capital stock (or other ownership or profit interests
or units), preferred stock, or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules
and Regulations promulgated by the SEC under the Exchange Act).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto.

 

“ERISA Affiliate”
means (a) any Person subject to ERISA whose employees are treated as employed by the same employer as the employees of any Loan
Party or its Subsidiaries under IRC Section 414(b), (b) any trade or business subject to ERISA whose employees are treated as employed
by the same employer as the employees of any Loan Party or its Subsidiaries under IRC Section 414(c), (c) solely for purposes of
Section 302 of ERISA and Section 412 of the IRC, any organization subject to ERISA that is a member of an affiliated service group
of which any Loan Party or any of its Subsidiaries is a member under IRC Section 414(m), or (d) solely for purposes of Section
302 of ERISA and Section 412 of the IRC, any Person subject to ERISA that is a party to an arrangement with any Loan Party or any
of its Subsidiaries and whose employees are aggregated with the employees of such Loan Party or its Subsidiaries under IRC Section
414(o).

 

“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 therefor in Section 8 of this Agreement.

 

“Excess Availability”
means, as of any date of determination, the amount equal to Availability minus the aggregate amount, if any, of all
trade payables of the Loan Parties and their Subsidiaries aged in excess of historical levels thereto and all book overdrafts of
the Loan Parties and their Subsidiaries in excess of historical practices with respect thereto, in each case as determined by Agent
in its Permitted Discretion.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as in effect from time to time.

 

    	 	-17-	 

     

    

 

“Excluded Swap
Obligation” means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of
the guaranty of such Loan Party of (including by virtue of the joint and several liability provisions of Section 2.15),
or the grant by such Loan Party of a security interest to secure, such Swap Obligation (or any 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 Party’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 guaranty of
such Loan Party 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 guaranty or security interest is or becomes illegal.

 

“Excluded Taxes”
means (i) any tax imposed on or measured by the net income or net profits of any Lender or any Participant (including any branch
profits taxes and franchise taxes), in each case imposed by the jurisdiction (or by any political subdivision or taxing authority
thereof) in which such Lender or such Participant is organized or the jurisdiction (or by any political subdivision or taxing authority
thereof) in which such Lender’s or such Participant’s principal office is located in or as a result of a present or
former connection between such Lender or such Participant and the jurisdiction or taxing authority imposing the tax (other than
any such connection arising solely from such Lender or such Participant having executed, delivered or performed its obligations
or received payment under, or enforced its rights or remedies under this Agreement or any other Loan Document), (ii) United States
federal withholding taxes that would not have been imposed but for a Lender’s or a Participant’s failure to comply
with the requirements of Section 16.2 of this Agreement, (iii) any United States federal withholding taxes that would be
imposed on amounts payable to a Foreign Lender based upon the applicable withholding rate in effect at the time such Foreign Lender
becomes a party to this Agreement (or designates a new lending office, other than a designation made at the request of a Loan Party),
except that Excluded Taxes shall not include (A) any amount that such Foreign Lender (or its assignor, if any) was previously
entitled to receive pursuant to Section 16.1 of this Agreement, if any, with respect to such withholding tax at the time
such Foreign Lender becomes a party to this Agreement (or designates a new lending office), and (B) additional United States federal
withholding taxes that may be imposed after the time such Foreign Lender becomes a party to this Agreement (or designates a new
lending office), as a result of a change in law, rule, regulation, treaty, order or other decision or other Change in Law with
respect to any of the foregoing by any Governmental Authority, and (iv) any United States federal withholding taxes imposed under
FATCA.

 

“Extraordinary
Advances” has the meaning specified therefor in Section 2.3(d)(iii) of this Agreement.

 

“Extraordinary
Receipts” means (a) so long as no Event of Default has occurred and is continuing, proceeds of judgments, cash proceeds
of judgments, cash proceeds of settlements, or other cash consideration received in connection with any similar cause of action
or claim (other than settlements of Accounts), and (b) if an Event of Default has occurred and is continuing, any cash payments
received by any Loan Party or any of its Subsidiaries not in the ordinary course of business (and not consisting of proceeds described
in Section 2.4(e)(iii) of this Agreement) consisting of (i) proceeds of judgments, proceeds of settlements, or
other cash consideration received in connection with any cause of action or claim (and not consisting of proceeds described in
Section 2.4(e)(iii) of this Agreement), (ii) indemnity payments (other than to the extent such indemnity payments
are immediately payable to a Person that is not an Affiliate of any Loan Party or any of its Subsidiaries), and (iii) any
purchase price adjustment received in connection with any purchase agreement.

 

“FATCA”
means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), and (a) any current or future regulations or official interpretations
thereof, (b) any agreements entered into pursuant to Section 1471(b)(1) of the IRC, and (c) any intergovernmental agreement entered
into by the United States (or any fiscal or regulatory legislation, rules, or practices adopted pursuant to any such intergovernmental
agreement entered into in connection therewith).

 

    	 	-18-	 

     

    

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

“Federal Funds
Rate” means, for any period, a fluctuating interest rate per annum equal to, for each day during such period, the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business
Day, the average of the quotations for such day on such transactions received by Agent from three Federal funds brokers of recognized
standing selected by it (and, if any such rate is below zero, then the rate determined pursuant to this definition shall be deemed
to be zero).

 

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

 

“Fee Letter”
means that certain fee letter, dated as of even date with this Agreement, among Borrowers and Agent, in form and substance reasonably
satisfactory to Agent.

 

“Fixed Charges”
means, with respect to any fiscal period and with respect to Parent and its Subsidiaries determined on a consolidated basis in
accordance with GAAP, the sum, without duplication, of (a) Interest Expense paid in cash during such period, (b) scheduled
principal payments in respect of Indebtedness that are paid in cash, and (c) all Restricted Payments paid in cash during such
period to Persons other than the Loan Parties or their Subsidiaries.

 

“Fixed Charge
Coverage Ratio” means, with respect to any fiscal period and with respect to Parent and its Subsidiaries determined on
a consolidated basis in accordance with GAAP, the ratio of (a) EBITDA for such period minus Unfinanced Capital Expenditures
made (to the extent not already incurred in a prior period) or incurred during such period minus, cash income taxes
paid in such period, to (b) Fixed Charges for such period.

 

“Flood Laws”
means the National Flood Insurance Act of 1968, Flood Disaster Protection Act of 1973, and related laws, rules and regulations,
including any amendments or successor provisions.

 

“Flow of Funds
Agreement” means a flow of funds agreement, dated as of even date with this Agreement, in form and substance reasonably
satisfactory to Agent, executed and delivered by Borrowers and Agent.

 

“Foreign Lender”
means any Lender or Participant that is not a United States person within the meaning of IRC section 7701(a)(30).

 

“Funding Date”
means the date on which a Borrowing occurs.

 

“Funding Losses”
has the meaning specified therefor in Section 2.12(b)(ii) of this Agreement.

 

“GAAP”
means generally accepted accounting principles as in effect from time to time in the United States, consistently applied.

 

    	 	-19-	 

     

    

 

“Governing Documents”
means, with respect to any Person, the certificate or articles of incorporation, by-laws, or other organizational documents of
such Person.

 

“Governmental
Authority” means the government of any nation or any political subdivision thereof, whether at the national, state, territorial,
provincial, county, municipal or any other level, 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).

 

“Guarantor”
means (a) each Person that guaranties all or a portion of the Obligations, including Parent and any Person that is a "Guarantor"
under the Guaranty and Security Agreement, and (b) each other Person that becomes a guarantor after the Closing Date pursuant to
Section 5.11 of this Agreement.

 

“Guaranty and
Security Agreement” means a guaranty and security agreement, dated as of even date with this Agreement, in form and substance
reasonably satisfactory to Agent, executed and delivered by each of the Loan Parties to Agent.

 

“Hazardous Materials”
means (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable laws or regulations as
 “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic substances,”
or any other formulation intended to define, list, or classify substances by reason of deleterious properties such as ignitability,
corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”, (b) oil, petroleum, or petroleum
derived substances, natural gas, natural gas liquids, synthetic gas, drilling fluids, produced waters, and other wastes associated
with the exploration, development, or production of crude oil, natural gas, or geothermal resources, (c) any flammable substances
or explosives or any radioactive materials, and (d) asbestos in any form or electrical equipment that contains any oil or dielectric
fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million.

 

“Hedge Agreement”
means a “swap agreement” as that term is defined in Section 101(53B)(A) of the Bankruptcy Code.

 

“Hedge Obligations”
means any and all obligations or liabilities, whether absolute or contingent, due or to become due, now existing or hereafter arising,
of each Loan Party and its Subsidiaries arising under, owing pursuant to, or existing in respect of Hedge Agreements entered into
with one or more of the Hedge Providers.

 

“Hedge Provider”
means Wells Fargo or any of its Affiliates.

 

“Increase”
has the meaning specified therefor in Section 2.14.

 

“Increase Date”
has the meaning specified therefor in Section 2.14.

 

“Increase Joinder”
has the meaning specified therefor in Section 2.14.

 

“Increased Reporting
Event” means if at any time Excess Availability is less than the greater of (a) 20% of the Maximum Revolver Amount and
(b) $15,000,000.

 

    	 	-20-	 

     

    

 

“Increased Reporting
Period” means the period commencing after the continuance of an Increased Reporting Event for 3 consecutive Business
Days and continuing until the date when no Increased Reporting Event has occurred for 60 consecutive days.

 

“Indebtedness”
as to any Person means (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds,
debentures, notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers
acceptances, or other financial products, (c) all obligations of such Person as a lessee under Capital Leases, (d) all obligations
or liabilities of a third party secured by any Lien on property owned by such Person, irrespective of whether such obligation or
liability is assumed, (e) all obligations of such Person to pay the deferred purchase price of assets (other than trade payables
incurred in the ordinary course of business and repayable in accordance with customary trade practices and, for the avoidance of
doubt, other than royalty payments payable in the ordinary course of business in respect of non-exclusive licenses) and any earn-out
or similar obligations, (f) all monetary obligations of such Person owing under Hedge Agreements (which amount shall be calculated
based on the amount that would be payable by such Person if the Hedge Agreement were terminated on the date of determination),
(g) any Disqualified Equity Interests of such Person, and (h) any obligation of such Person guaranteeing or intended to guarantee
(whether directly or indirectly guaranteed, endorsed, co-made, discounted, or sold with recourse) any obligation of any other Person
that constitutes Indebtedness under any of clauses (a) through (g) above. For purposes of this definition, (i) the amount of any
Indebtedness represented by a guaranty or other similar instrument shall be the lesser of the principal amount of the obligations
guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of
the instrument embodying such Indebtedness, and (ii) the amount of any Indebtedness which is limited or is non-recourse to a Person
or for which recourse is limited to an identified asset shall be valued at the lesser of (A) if applicable, the limited amount
of such obligations, and (B) if applicable, the fair market value of such assets securing such obligation.

 

“Indemnified
Liabilities” has the meaning specified therefor in Section 10.3 of this Agreement.

 

“Indemnified
Person” has the meaning specified therefor in Section 10.3 of this Agreement.

 

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

 

“Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under
any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria,
compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

 

“Intercompany
Subordination Agreement” means an intercompany subordination agreement executed and delivered by each Loan Party and
certain of their Subsidiaries, and Agent, the form and substance of which is reasonably satisfactory to Agent.

 

“Interest Expense”
means, for any period, the aggregate of the interest expense of Borrowers for such period, determined on a consolidated basis in
accordance with GAAP.

 

“Interest Period”
means, with respect to each LIBOR Rate Loan, a period commencing on the date of the making of such LIBOR Rate Loan (or the continuation
of a LIBOR Rate Loan or the conversion of a Base Rate Loan to a LIBOR Rate Loan) and ending 1, 2 or 3 months thereafter; provided,
that (a) interest shall accrue at the applicable rate based upon the LIBOR Rate from and including the first day of each Interest
Period to, but excluding, the day on which any Interest Period expires, (b) any Interest Period that would 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, (c) with respect to an 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), the Interest Period shall end on the last Business Day of the calendar month that is 1, 2
or 3 months after the date on which the Interest Period began, as applicable, and (d) Borrowers may not elect an Interest Period
which will end after the Maturity Date.

 

    	 	-21-	 

     

    

 

“Inventory”
means inventory (as that term is defined in the Code).

 

“Inventory Formula
Amount” means, with respect to any item of Eligible Inventory and at any time of determination, the lesser of (a) 65%
of the lower of cost and market of such Inventory and (b) 85% of the Net Orderly Liquidation Value of such Inventory.

 

“Inventory Reserves”
means, as of any date of determination, (a) Landlord Reserves in respect of Inventory, and (b) those reserves that Agent deems
necessary or appropriate, in its Permitted Discretion and subject to Section 2.1(c), to establish and maintain (including
reserves for slow moving Inventory and Inventory shrinkage) with respect to Eligible Inventory or the Maximum Revolver Amount,
including based on the results of appraisals.

 

“Investment”
means, with respect to any Person, any investment by such Person in any other Person (including Affiliates) in the form of loans,
guarantees, advances, capital contributions (excluding (a) commission, travel, and similar advances to officers and employees of
such Person made in the ordinary course of business, and (b) bona fide accounts receivable arising in the ordinary course
of business), or acquisitions of Indebtedness, Equity Interests, or all or substantially all of the assets of such other Person
(or of any division or business line of such other Person), and any other items that are or would be classified as investments
on a balance sheet prepared in accordance with GAAP. The amount of any Investment shall be the original cost of such Investment
plus the cost of all additions thereto, without any adjustment for increases or decreases in value, or write-ups,
write-downs, or write-offs with respect to such Investment.

 

“IRC”
means the Internal Revenue Code of 1986, as in effect from time to time.

 

“ISP”
means, with respect to any Letter of Credit, the International Standby Practices 1998 (International Chamber of Commerce Publication
No. 590) and any version or revision thereof accepted by the Issuing Bank for use.

 

“Issuer Document”
means, with respect to any Letter of Credit, a letter of credit application, a letter of credit agreement, or any other document,
agreement or instrument entered into (or to be entered into) by a Borrower in favor of Issuing Bank and relating to such Letter
of Credit.

 

“Issuing Bank”
means Wells Fargo or any other Lender that, at the request of Borrowers and with the consent of Agent, agrees, in such Lender’s
sole discretion, to become an Issuing Bank for the purpose of issuing Letters of Credit pursuant to Section 2.11 of this
Agreement, and Issuing Bank shall be a Lender.

 

“Joinder”
means a joinder agreement substantially in the form of Exhibit J-1 to this Agreement.

 

    	 	-22-	 

     

    

 

“Landlord Reserve”
means, as to each location at which a Borrower has Inventory or books and records located and as to which a Collateral Access Agreement
has not been received by Agent, a reserve in an amount equal to 3 months’ rent, storage charges, fees or other amounts under
the lease or other applicable agreement relative to such location or, if greater and Agent so elects in its Permitted Discretion,
the number of months’ rent, storage charges, fees or other amounts for which the landlord, bailee, warehouseman or other
property owner will have, under applicable law, a Lien in the Inventory of such Borrower to secure the payment of such amounts
under the lease or other applicable agreement relative to such location.

 

“Lender”
has the meaning set forth in the preamble to this Agreement, shall include Issuing Bank and the Swing Lender, and shall also include
any other Person made a party to this Agreement pursuant to the provisions of Section 13.1 of this Agreement and “Lenders”
means each of the Lenders or any one or more of them.

 

“Lender Group”
means each of the Lenders (including Issuing Bank and the Swing Lender) and Agent, or any one or more of them.

 

“Lender Group
Expenses” means all (a) costs or expenses (including taxes and insurance premiums) required to be paid by any Loan Party
or its Subsidiaries under any of the Loan Documents that are paid, advanced, or incurred by the Lender Group, (b) documented out-of-pocket
fees or charges paid or incurred by Agent in connection with the Lender Group’s transactions with each Loan Party and its
Subsidiaries under any of the Loan Documents, including, photocopying, notarization, couriers and messengers, telecommunication,
public record searches, filing fees, recording fees, publication, real estate surveys, real estate title policies and endorsements,
and environmental audits, (c) Agent’s customary fees and charges imposed or incurred in connection with any background checks
or OFAC/PEP searches related to any Loan Party or its Subsidiaries, (d) Agent’s customary fees and charges (as adjusted from
time to time) with respect to the disbursement of funds (or the receipt of funds) to or for the account of any Borrower (whether
by wire transfer or otherwise), together with any out-of-pocket costs and expenses incurred in connection therewith, (e) customary
charges imposed or incurred by Agent resulting from the dishonor of checks payable by or to any Loan Party, (f) reasonable, documented
out-of-pocket costs and expenses paid or incurred by the Lender Group to correct any default or enforce any provision of the Loan
Documents, or during the continuance of an Event of Default, in gaining possession of, maintaining, handling, preserving, storing,
shipping, selling, preparing for sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a
sale is consummated, (g) field examination, appraisal, and valuation fees and expenses of Agent related to any field examinations,
appraisals, or valuation to the extent of the fees and charges (and up to the amount of any limitation) provided in Section
5.7(c) of this Agreement, (h) Agent’s and Lenders’ reasonable, documented costs and expenses (including reasonable
and documented attorneys’ fees and expenses relative to third party claims or any other lawsuit or adverse proceeding paid
or incurred, whether in enforcing or defending the Loan Documents or otherwise in connection with the transactions contemplated
by the Loan Documents, Agent’s Liens in and to the Collateral, or the Lender Group’s relationship with any Loan Party
or any of its Subsidiaries, (i) Agent’s reasonable and documented costs and expenses (including reasonable and documented
attorneys’ fees and due diligence expenses) incurred in advising, structuring, drafting, reviewing, administering (including
travel, meals, and lodging), syndicating (including reasonable costs and expenses relative to CUSIP, DXSyndicateTM, SyndTrak
or other communication costs incurred in connection with a syndication of the loan facilities), or amending, waiving, or modifying
the Loan Documents, and (j) Agent’s and each Lender’s reasonable and documented costs and expenses (including, subject
to the next to last sentence of Section 10.3, reasonable and documented attorneys, accountants, consultants, and other advisors
fees and expenses) incurred in terminating, enforcing (including attorneys, accountants, consultants, and other advisors fees and
expenses incurred in connection with a “workout,” a “restructuring,” or an Insolvency Proceeding concerning
any Loan Party or any of its Subsidiaries or in exercising rights or remedies under the Loan Documents), or defending the Loan
Documents, irrespective of whether a lawsuit or other adverse proceeding is brought, or in taking any enforcement action or any
Remedial Action with respect to the Collateral.

 

    	 	-23-	 

     

    

 

“Lender Group
Representatives” has the meaning specified therefor in Section 17.9 of this Agreement.

 

“Lender-Related
Person” means, with respect to any Lender, such Lender, together with such Lender’s Affiliates, officers, directors,
employees, attorneys, and agents.

 

“Letter of Credit”
means a letter of credit (as that term is defined in the Code) issued by Issuing Bank.

 

“Letter of Credit
Collateralization” means either (a) providing cash collateral (pursuant to documentation reasonably satisfactory to Agent
(including that Agent has a first priority perfected Lien in such cash collateral), including provisions that specify that the
Letter of Credit Fees and all commissions, fees, charges and expenses provided for in Section 2.11(k) of this Agreement
(including any fronting fees) will continue to accrue while the Letters of Credit are outstanding) to be held by Agent for the
benefit of the Revolving Lenders in an amount equal to 105% of the then existing Letter of Credit Usage, (b) delivering to Agent
documentation executed by all beneficiaries under the Letters of Credit, in form and substance reasonably satisfactory to Agent
and Issuing Bank, terminating all of such beneficiaries’ rights under the Letters of Credit, or (c) providing Agent with
a standby letter of credit, in form and substance reasonably satisfactory to Agent, from a commercial bank acceptable to Agent
(in its sole discretion) in an amount equal to 105% of the then existing Letter of Credit Usage (it being understood that the Letter
of Credit Fee and all fronting fees set forth in this Agreement will continue to accrue while the Letters of Credit are outstanding
and that any such fees that accrue must be an amount that can be drawn under any such standby letter of credit).

 

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

 

“Letter of Credit
Exposure” means, as of any date of determination with respect to any Lender, such Lender’s participation in the
Letter of Credit Usage pursuant to Section 2.11(e) on such date.

 

“Letter of Credit
Fee” has the meaning specified therefor in Section 2.6(b) of this Agreement.

 

“Letter of Credit
Indemnified Costs” has the meaning specified therefor in Section 2.11(f) of this Agreement.

 

“Letter of Credit
Related Person” has the meaning specified therefor in Section 2.11(f) of this Agreement.

 

“Letter of Credit
Sublimit” means $5,000,000.

 

“Letter of Credit
Usage” means, as of any date of determination, the sum of (a) the aggregate undrawn amount of all outstanding Letters
of Credit, plus (b) the aggregate amount of outstanding reimbursement obligations with respect to Letters of Credit which
remain unreimbursed or which have not been paid through a Revolving Loan.

 

    	 	-24-	 

     

    

 

“LIBOR Deadline”
has the meaning specified therefor in Section 2.12(b)(i) of this Agreement.

 

“LIBOR Notice”
means a written notice in the form of Exhibit L-1 to this Agreement.

 

“LIBOR Option”
has the meaning specified therefor in Section 2.12(a) of this Agreement.

 

“LIBOR Rate”
means the rate per annum as published by ICE Benchmark Administration Limited (or any successor page or other commercially available
source as the Agent may designate from time to time) as of 11:00 a.m., London time, two Business Days prior to the commencement
of the requested Interest Period, for a term, and in an amount, comparable to the Interest Period and the amount of the LIBOR Rate
Loan requested (whether as an initial LIBOR Rate Loan or as a continuation of a LIBOR Rate Loan or as a conversion of a Base Rate
Loan to a LIBOR Rate Loan) by Borrowers in accordance with this Agreement (and, if any such published rate is below 0.25%, then
the LIBOR Rate shall be deemed to be 0.25%). Each determination of the LIBOR Rate shall be made by the Agent and shall be conclusive
in the absence of manifest error.

 

“LIBOR Rate
Loan” means each portion of a Revolving Loan that bears interest at a rate determined by reference to the LIBOR Rate.

 

“LIBOR Rate
Margin” has the meaning set forth in the definition of Applicable Margin.

 

“Lien”
means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien
(statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement
of any kind or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a
lessor under a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of
the foregoing.

 

“Loan”
means any Revolving Loan, Swing Loan or Extraordinary Advance made (or to be made) hereunder.

 

“Loan Account”
has the meaning specified therefor in Section 2.9 of this Agreement.

 

“Loan Documents”
means this Agreement, the Control Agreements, any Borrowing Base Certificate, the Fee Letter, the Guaranty and Security Agreement,
the Intercompany Subordination Agreement (if applicable), any Issuer Documents, the Letters of Credit, the Mortgages (if applicable),
any note or notes executed by Borrowers in connection with this Agreement and payable to any member of the Lender Group, and any
other instrument or agreement entered into, now or in the future, by any Loan Party or any of its Subsidiaries and any member of
the Lender Group in connection with this Agreement (but specifically excluding Bank Product Agreements).

 

“Loan Party”
means any Borrower or any Guarantor.

 

“Margin Stock”
as defined in Regulation U of the Board of Governors as in effect from time to time.

 

“Material Adverse
Effect” means (a) a material adverse effect in the business, operations, results of operations, assets, liabilities or
financial condition of the Loan Parties and their Subsidiaries, taken as a whole, (b) a material impairment of the Loan Parties’
and their Subsidiaries’ ability to perform their obligations under the Loan Documents to which they are parties or of the
Lender Group’s ability to enforce the Obligations or realize upon the Collateral (other than as a result of as a result of
an action taken or not taken that is solely in the control of Agent), or (c) a material impairment of the enforceability or priority
of Agent’s Liens with respect to all or a material portion of the Collateral.

 

    	 	-25-	 

     

    

 

“Material Contract”
means, with respect to any Person, (a) each contract or agreement to which such Person or any of its Subsidiaries is a party
which by its terms involves an aggregate consideration payable to or by such Person or such Subsidiary of $1,000,000 or more in
any twelve (12) month period (other than purchase orders in the ordinary course of the business of such Person or such Subsidiary
and other than contracts that by their terms may be terminated by such Person or Subsidiary in the ordinary course of its business
upon 60 days’ or less notice without penalty or premium), and (b) all other contracts or agreements, the loss of which
could reasonably be expected to result in a Material Adverse Effect.

 

“Maturity Date”
means April 29, 2024.

 

“Maximum Revolver
Amount” means $75,000,000, decreased by the amount of reductions in the Revolver Commitments made in accordance with
Section 2.4(c) of this Agreement and increased by the amount of any Increase made in accordance with Section 2.14
of this Agreement.

 

“Moody’s”
has the meaning specified therefor in the definition of Cash Equivalents.

 

“Mortgages”
means, individually and collectively, one or more mortgages, deeds of trust, or deeds to secure debt, executed and delivered by
a Loan Party or one of its Subsidiaries in favor of Agent, in form and substance reasonably satisfactory to Agent, that encumber
the Real Property Collateral.

 

“Net Cash Proceeds”
means:

 

(a)               
with respect to any sale or disposition by any Loan Party or any of its Subsidiaries of assets, the amount of cash
proceeds received from time to time (whether as initial consideration or through the payment of deferred consideration but only
as and when received) by or on behalf of such Loan Party or such Subsidiary, in connection therewith after deducting therefrom
only (i) the amount of any Indebtedness secured by any Permitted Lien on any asset (other than (A) Indebtedness owing
to Agent or any Lender under this Agreement or the other Loan Documents and (B) Indebtedness assumed by the purchaser of such
asset) which is required to be, and is, repaid in connection with such sale or disposition, (ii) reasonable fees, commissions,
and expenses related thereto and required to be paid by such Loan Party or such Subsidiary in connection with such sale or disposition,
and (iii) taxes paid or payable to any taxing authorities by such Loan Party or such Subsidiary in connection with such sale
or disposition, in each case to the extent, but only to the extent, that the amounts so deducted are, at the time of receipt of
such cash, actually paid or payable (or will be payable as reasonably determined by Administrative Borrower) to a Person that is
not an Affiliate of any Loan Party or any of its Subsidiaries, and are properly attributable to such transaction;

 

(b)               
with respect to the issuance or incurrence of any Indebtedness by any Loan Party or any of its Subsidiaries, or the
issuance by any Loan Party or any of its Subsidiaries of any Equity Interests, the aggregate amount of cash received from time
to time (whether as initial consideration or through the payment or disposition of deferred consideration) by or on behalf of such
Loan Party or such Subsidiary in connection with such issuance or incurrence, but only as and when received, after deducting therefrom
only (i) reasonable fees, commissions, and expenses related thereto and required to be paid by such Loan Party or such Subsidiary
in connection with such issuance or incurrence, (ii) taxes paid or payable to any taxing authorities by such Loan Party or
such Subsidiary in connection with such issuance or incurrence, in each case to the extent, but only to the extent, that the amounts
so deducted are, at the time of receipt of such cash actually paid or payable (or will be payable as reasonably determined by Administrative
Borrower) to a Person that is not an Affiliate of any Loan Party or any of its Subsidiaries, and (iii) amounts established
as a reserve reasonably established by the Parent or any of its Subsidiaries, and, in each case, are properly attributable to such
transaction; and

 

    	 	-26-	 

     

    

 

(c)               
with respect to Extraordinary Receipts, the aggregate amount of such Extraordinary Receipts after deducting therefrom
(i) reasonable fees, commissions, and expenses related thereto and required to be paid by Parent or any of its Subsidiaries in
connection with such Extraordinary Receipts, and (ii) taxes paid or payable to any taxing authorities by Parent or any of its Subsidiaries
in connection with such Extraordinary Receipts, in each case to the extent, but only to the extent, that the amounts so deducted
are, at the time of receipt of such cash, actually paid or payable (or will be payable as reasonably determined by the Administrative
Borrower) to a Person that is not an Affiliate of Parent or any of its Subsidiaries, and are properly attributable to such Extraordinary
Receipts.

 

“Net Income”
shall mean, for the Parent and its Subsidiaries for any period, the net income (or loss) of the Parent and its Subsidiaries for
such period determined on a consolidated basis in accordance with GAAP; provided, that there shall be excluded from Net
Income (to the extent otherwise included therein) (a) any extraordinary gains or losses, (b) any gains attributable to
write-ups of assets or the sale of assets (other than the sale of inventory in the ordinary course of business), (c) any losses
attributable to write-downs of assets or the sale of assets (other than the sale of inventory in the ordinary course of business
or the write-down of inventory, as applicable), (d) any equity interest of the Parent or any Subsidiary of the Parent in the
unremitted earnings of any Person that is not a Subsidiary and (e)  any income (or loss) of any Person accrued before the
date it becomes a Subsidiary or is merged into or consolidated with the Parent or any Subsidiary or the date that such Person’s
assets are acquired by the Parent or any Subsidiary.

 

“Net Orderly
Liquidation Value” shall mean the cash proceeds of Inventory which would be obtained in an orderly liquidation (net of
all liquidation expenses, costs of sale, operating expenses and retrieval and related costs), as determined pursuant to the most
recent Acceptable Appraisal of Inventory.

 

“Non-Consenting
Lender” has the meaning specified therefor in Section 14.2(a) of this Agreement.

 

“Non-Defaulting
Lender” means each Lender other than a Defaulting Lender.

 

“Obligations”
means (a) all loans (including the Revolving Loans (inclusive of Extraordinary Advances and Swing Loans)), debts, principal, interest
(including any interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable
in whole or in part as a claim in any such Insolvency Proceeding), reimbursement or indemnification obligations with respect to
Letters of Credit (irrespective of whether contingent), premiums, liabilities (including all amounts charged to the Loan Account
pursuant to and in accordance with this Agreement), obligations (including indemnification obligations), fees (including the fees
provided for in the Fee Letter), Lender Group Expenses (including any fees or expenses that accrue after the commencement of an
Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding),
guaranties, and all covenants and duties of any other kind and description owing by any Loan Party arising out of, under, pursuant
to, in connection with, or evidenced by this Agreement or any of the other Loan Documents and irrespective of whether for the payment
of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and including
all interest not paid when due and all other expenses or other amounts that any Loan Party is required to pay or reimburse by the
Loan Documents or by law or otherwise in connection with the Loan Documents, and (b) all Bank Product Obligations; provided
that, anything to the contrary contained in the foregoing notwithstanding, the Obligations shall exclude any Excluded Swap Obligation.
Without limiting the generality of the foregoing, the Obligations of Borrowers under the Loan Documents include the obligation
to pay (i) the principal of the Revolving Loans, (ii) interest accrued on the Revolving Loans, (iii) the amount necessary to reimburse
Issuing Bank for amounts paid or payable pursuant to Letters of Credit, (iv) Letter of Credit commissions, fees (including fronting
fees) and charges, (v) Lender Group Expenses, (vi) fees payable under this Agreement or any of the other Loan Documents, and (vii)
indemnities and other amounts payable by any Loan Party under any Loan Document. Any reference in this Agreement or in the Loan
Documents to the Obligations shall include all or any portion thereof and any extensions, modifications, renewals, or alterations
thereof, both prior and subsequent to any Insolvency Proceeding.

 

    	 	-27-	 

     

    

 

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

 

“Originating
Lender” has the meaning specified therefor in Section 13.1(e) of this Agreement.

 

“Other Taxes”
means all present or future stamp, court, excise, value added, 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.

 

“Overadvance”
means, as of any date of determination, that the Revolver Usage is greater than any of the limitations set forth in Section
2.1 or Section 2.11 of this Agreement.

 

“Parent”
has the meaning specified therefor in the preamble to this Agreement.

 

“Participant”
has the meaning specified therefor in Section 13.1(e) of this Agreement.

 

“Participant
Register” has the meaning set forth in Section 13.1(i) of this Agreement.

 

“Patriot Act”
has the meaning specified therefor in Section 4.13 of this Agreement.

 

“Payment Conditions”
means, with respect to any applicable payment or transaction, each of the following conditions:

 

(a)          as of the date of any such payment or transaction, and after giving effect thereto, no Default or Event of Default
shall exist or have occurred and be continuing,

 

(b)          as of the date of any such transaction or payment, and after giving effect thereto, either:

 

(i)          
the Excess Availability during the immediately preceding thirty (30) consecutive day period shall have been not less
than the greater of $13,125,000 or 17.5% of the Maximum Revolver Amount, and after giving effect to the payment or transaction,
on a pro forma basis as if such proposed payment was made, the Excess Availability shall be not less than the greater of $13,125,000
or 17.5% of the Maximum Revolver Amount, or

 

(ii)          both (A) the Excess Availability during the immediately preceding thirty (30) consecutive day period shall have been
not less than 12.5% of the Maximum Revolver Amount, and after giving effect to the payment or transaction, on a pro forma basis
as if such proposed payment was made, the Excess Availability shall be not less than 12.5% of the Maximum Revolver Amount, and
(B) as of the date of any such payment or transaction, and after giving effect thereto, on a pro forma basis as if such proposed
payment was made (including with respect to periods prior to the Closing Date), the Fixed Charge Coverage Ratio for the immediately
preceding twelve (12) consecutive month period ending on the last day of the fiscal month prior to the date of such payment or
transaction for which Agent has received financial statements shall be at least 1.05 to 1.00,

 

    	 	-28-	 

     

    

 

(c)          receipt by Agent of a certificate of an Authorized Person of Borrowers certifying as to compliance with the preceding
clauses and demonstrating (in reasonable detail) the calculations required thereby, and

 

(d)          receipt by Agent of not less than ten (10) Business Days’ prior written notice of the proposed payment or transaction
and such information with respect thereto as Agent may reasonably request, including (A) the proposed date and amount of the payment
and (B) a description of the transaction or event giving rise to such payment and the proposed date of the consummation of such.

 

“Perfection
Certificate” means a certificate in the form of Exhibit P-1 to this Agreement.

 

“Permitted Acquisition”
means any Acquisition so long as:

 

(a)          no Default or Event of Default shall have occurred and be continuing or would result from the consummation of the
proposed Acquisition and the proposed Acquisition is consensual,

 

(b)          no Indebtedness will be incurred, assumed, or would exist with respect to any Loan Party or its Subsidiaries as a
result of such Acquisition, other than Indebtedness that constitutes Permitted Indebtedness and no Liens will be incurred, assumed,
or would exist with respect to the assets of any Loan Party or its Subsidiaries as a result of such Acquisition other than Permitted
Liens,

 

(c)          Borrowers have provided Agent with written confirmation, supported by reasonably detailed calculations, that on a
pro forma basis (including pro forma adjustments arising out of events which are directly attributable to such proposed
Acquisition, are factually supportable, and are expected to have a continuing impact, in each case, determined as if the combination
had been accomplished at the beginning of the relevant period; such adjustments and inclusions to be mutually and reasonably agreed
upon by Borrowers and Agent) created by adding the historical combined financial statements of Parent (including the combined financial
statements of any other Person or assets that were the subject of a prior Permitted Acquisition during the relevant period) to
the historical consolidated financial statements of the Person to be acquired (or the historical financial statements related to
the assets to be acquired) pursuant to the proposed Acquisition, the Loan Parties and their Subsidiaries (i) would have been in
compliance with the financial covenant(s) in Section 7 of this Agreement for the fiscal month ended immediately prior
to the proposed date of consummation of such proposed Acquisition if, at the time of such Acquisition, such financial covenant(s)
are required to be tested for such fiscal month, and (ii) are projected to be in compliance with the financial covenant(s)
in Section 7 of this Agreement for each of the twelve fiscal months in the period ended one year after the proposed date
of consummation of such proposed Acquisition only if at the time of such Acquisition, such financial covenant(s) are required to
be tested for such fiscal month,

 

(d)          Borrowers have provided Agent with its due diligence package relative to the proposed Acquisition, including forecasted
balance sheets, profit and loss statements, and cash flow statements of the Person or assets to be acquired, all prepared on a
basis consistent with such Person’s (or assets’) historical financial statements, together with appropriate supporting
details and a statement of underlying assumptions for the one year period following the date of the proposed Acquisition, on a
quarter by quarter basis, in form and substance (including as to scope and underlying assumptions) reasonably satisfactory to Agent,

 

    	 	-29-	 

     

    

 

(e)          as of the date of any such Acquisition, and after giving effect thereto, each of the Payment Conditions shall have
been satisfied,

 

(f)         
the assets being acquired or the Person whose Equity Interests are being acquired did not have negative EBITDA during
the 12 consecutive month period most recently concluded prior to the date of the proposed Acquisition,

 

(g)          Borrowers have provided Agent with written notice of the proposed Acquisition at least 15 Business Days prior to
the anticipated closing date of the proposed Acquisition and, not later than 5 Business Days prior to the anticipated closing date
of the proposed Acquisition, copies of the then current drafts (along with subsequent updated drafts as they become available)
of the acquisition agreement and other material documents relative to the proposed Acquisition,

 

(h)          the assets being acquired (other than a de minimis amount of assets in relation to Borrowers’ and their
Subsidiaries’ total assets), or the Person whose Equity Interests are being acquired, are useful in or engaged in, as applicable,
the business of the Loan Parties and their Subsidiaries or a business reasonably related or ancillary thereto,

 

(i)          
the assets being acquired (other than a de minimis amount of assets in relation to the assets being acquired)
are located within the United States or Canada or the Person whose Equity Interests are being acquired is organized in a jurisdiction
located within the United States or Canada,

 

(j)          
the subject assets or Equity Interests, as applicable, are being acquired directly by a Borrower or one of its Subsidiaries
that is a Loan Party, and, in connection therewith, the applicable Loan Party shall have complied with Section 5.11 or 5.12
of this Agreement, as applicable, of this Agreement and, in the case of an acquisition of Equity Interests, the Person whose Equity
Interests are acquired shall become, to the extent required by this Agreement, a Loan Party, and

 

(k)          
the purchase consideration payable in respect of all Permitted Acquisitions (and including deferred payment obligations)
after the Closing Date shall not exceed $7,000,000 in the aggregate.

 

“Permitted Discretion”
means a determination made in the exercise of reasonable (from the perspective of a secured asset-based lender) business judgment.

 

“Permitted Dispositions”
means:

 

(a)          
sales, abandonment, or other dispositions of Equipment that is substantially worn, damaged, or obsolete or no longer used
or useful in the ordinary course of business and leases or subleases of Real Property not useful in the conduct of the business
of the Loan Parties and their Subsidiaries,

 

(b)          
sales of Inventory to buyers in the ordinary course of business,

 

(c)          
the use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of this Agreement or the
other Loan Documents,

 

(d)          
the licensing, on a non-exclusive basis, of patents, trademarks, copyrights, and other intellectual property rights in the
ordinary course of business,

 

(e)          
the granting of Permitted Liens,

 

    	 	-30-	 

     

    

 

(f)          
the sale or discount, in each case without recourse, of accounts receivable (other than Eligible Accounts) arising in the
ordinary course of business, but only in connection with the compromise or collection thereof,

 

(g)          
any involuntary loss, damage or destruction of property,

 

(h)          
any involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation
or requisition of use of property,

 

(i)          
the leasing or subleasing of assets of any Loan Party or its Subsidiaries in the ordinary course of business,

 

(j)          
the sale or issuance of Equity Interests (other than Disqualified Equity Interests) of Parent (so long as a Change of Control
does not occur as a result thereof),

 

(k)          
the lapse of registered patents, trademarks, copyrights and other intellectual property of any Loan Party or any of its
Subsidiaries to the extent not economically desirable in the conduct of its business,

 

(l)          
the making of Restricted Payments that are permitted to be made pursuant to this Agreement,

 

(m)        
the making of Permitted Investments,

 

(n)          
sales to such third party purchasers that are acceptable to the Agent in its reasonable sole discretion of Accounts of any
Borrower with respect to such Account Debtors that are acceptable to the Agent in its reasonable sole discretion in connection
with supply chain or factoring arrangements so long as the following terms and conditions are satisfied: (i) Agent shall have
received, (A) not less than five (5) Business Days prior to the consummation of such supply chain financing or factoring arrangements
(or such shorter period as the Agent may agree), written notice from Borrowers of the proposed date of the consummation of such
supply chain financing or factoring arrangements and (B) written notice from Borrowers promptly upon the consummation of such
supply chain financing or factoring arrangements; (ii) the sale or transfer of such Accounts shall be without any recourse,
offset or claim of any kind or nature to or against Borrowers, Agent or Lenders (except to the extent otherwise set forth in clause
(r) of the definition of Permitted Liens or other customary recourse provisions reasonably acceptable to the Administrative Agent),
(iii) Agent shall have received, in form and substance satisfactory to Agent, true, correct and complete copies of all of
the material agreements, documents and instruments entered into by any Borrower and such purchaser in connection with such supply
chain financing or factoring arrangements, duly authorized, executed and delivered by such purchaser or any of its Affiliates and
the applicable Borrowers; (iv) all of the proceeds of the sale or transfer of such Accounts to such purchaser (but, in any event,
proceeds of not less than the amount equal to the aggregate amount of outstanding Revolving Loans attributable to Eligible Accounts
related to such Account Debtors that are subject to any such sale) shall be remitted to the Agent’s Account for application
to payment of the Obligations in such order and manner as Agent shall determine, (v) such Accounts shall, from and after the date
of the consummation of such supply chain financing or factoring arrangements, not be considered Eligible Accounts and shall not
be included in the Borrowing Base; and (vi) further sales of such Accounts will cease upon a written notice by Agent to Borrowers
of a Default or Event of Default, and

 

(o)          
 sales or dispositions of assets (other than Accounts, intellectual property, licenses or Equity Interests of Subsidiaries
of Parent) not otherwise permitted in clauses (a) through (n) above so long as made at fair market value and the aggregate fair
market value of all assets disposed of in fiscal year (including the proposed disposition) would not exceed $2,000,000.

 

    	 	-31-	 

     

    

 

“Permitted Indebtedness”
means:

 

 

(a)          
Indebtedness in respect of the Obligations,

 

(b)          
Indebtedness as of the Closing Date set forth on Schedule 4.14 to this Agreement and any Refinancing Indebtedness
in respect of such Indebtedness,

 

(c)          
Permitted Purchase Money Indebtedness and any Refinancing Indebtedness in respect of such Indebtedness,

 

(d)          
Indebtedness arising in connection with the endorsement of instruments or other payment items for deposit,

 

(e)          
Indebtedness consisting of (i) unsecured guarantees incurred in the ordinary course of business with respect to surety and
appeal bonds, performance bonds, bid bonds, appeal bonds, completion guarantee and similar obligations; (ii) unsecured guarantees
arising with respect to customary indemnification obligations to purchasers in connection with Permitted Dispositions; and (iii)
unsecured guarantees with respect to Indebtedness of any Loan Party or one of its Subsidiaries, to the extent that the Person that
is obligated under such guaranty could have incurred such underlying Indebtedness,

 

(f)          
Indebtedness incurred in the ordinary course of business under performance, surety, statutory, or appeal bonds,

 

(g)          
Indebtedness owed to any Person providing property, casualty, liability, or other insurance to any Loan Party or any of
its Subsidiaries, so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be
incurred only to defer the cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness is
outstanding only during such year,

 

(h)          
the incurrence by any Loan Party or its Subsidiaries of Indebtedness under Hedge Agreements that is incurred for the bona
fide purpose of hedging the interest rate, commodity, or foreign currency risks associated with such Borrower’s or such Loan
Party’s operations and not for speculative purposes,

 

(i)          
Indebtedness incurred in the ordinary course of business in respect of credit cards, credit card processing services, debit
cards, stored value cards, commercial cards (including so-called “purchase cards”, “procurement cards”
or “p-cards”), or Cash Management Services,

 

(j)          
unsecured Indebtedness of any Loan Party owing to employees, former employees, former officers, directors, or former directors
(or any spouses, ex-spouses, or estates of any of the foregoing) incurred in connection with the repurchase or redemption by such
Loan Party of the Equity Interests of Parent that has been issued to such Persons, so long as (i) no Event of Default has occurred
and is continuing at the time of the incurrence of such Indebtedness or would result from the incurrence of such Indebtedness,
and (ii) the aggregate amount of all such Indebtedness outstanding at any one time does not exceed $250,000,

 

    	 	-32-	 

     

    

 

(k)          
contingent liabilities in respect of any indemnification obligation, adjustment of purchase price, non-compete, or similar
obligation of any Loan Party incurred in connection with the consummation of one or more Permitted Acquisitions,

 

(l)          
(i) Indebtedness comprising Permitted Investments and (ii) any obligations of any Loan Party or its Subsidiaries arising
under any supply chain or factoring arrangements permitted under clause (n) of the definition of Permitted Dispositions that may
be considered Indebtedness,

 

(m)         
unsecured Indebtedness incurred in respect of netting services, overdraft protection, and other like services, in each case,
incurred in the ordinary course of business,

 

(n)         
unsecured Indebtedness of any Loan Party or its Subsidiaries in respect of Earn-Outs owing to sellers of assets or Equity
Interests to such Loan Party or its Subsidiaries that is incurred in connection with the consummation of one or more Permitted
Acquisitions so long as (i) such unsecured Indebtedness is on terms and conditions reasonably acceptable to Agent and is subordinated
in right of payment to the Obligations on terms and conditions reasonably satisfactory to Agent, (ii) is otherwise on terms and
conditions (including economic terms and absence of covenants) reasonably acceptable to Agent and (ii) the aggregate amount of
such Indebtedness together with the Indebtedness permitted under clause (o) below does not exceed $500,000,

 

(o)          
unsecured Indebtedness of any Loan Party that is incurred on the date of the consummation of a Permitted Acquisition solely
for the purpose of consummating such Permitted Acquisition so long as (i) no Event of Default has occurred and is continuing on
the date of the incurrence of such unsecured Indebtedness or would result therefrom, (ii) such unsecured Indebtedness is not incurred
for working capital purposes, (iii) such unsecured Indebtedness does not mature prior to the date that is 12 months after the Maturity
Date, (iv) such unsecured Indebtedness does not amortize until 12 months after the Maturity Date, (v) such unsecured Indebtedness
does not provide for the payment of interest in cash or Cash Equivalents prior to the date that is 12 months after the Maturity
Date, (vi) such Indebtedness is subordinated in right of payment to the Obligations on terms and conditions reasonably satisfactory
to Agent and is otherwise on terms and conditions (including economic terms and absence of covenants) reasonably satisfactory to
Agent and (vii) the aggregate amount of such Indebtedness together with the Indebtedness permitted under clause (n) above does
not exceed $500,000,

 

(p)          
 Acquired Indebtedness in an amount not to exceed $2,500,000 outstanding at any one time, and

 

(q)          
any other unsecured Indebtedness incurred by any Loan Party or any of its Subsidiaries in an aggregate outstanding amount
not to exceed $1,500,000 at any one time.

 

“Permitted Intercompany
Advances” means loans made by (a) a Loan Party to another Loan Party other than Parent, (b) a Subsidiary of a Loan Party
that is not a Loan Party to another Subsidiary of a Loan Party that is not a Loan Party, (c) a Subsidiary of a Loan Party that
is not a Loan Party to a Loan Party, so long as the parties thereto are party to the Intercompany Subordination Agreement, and
(d) a Loan Party to a Subsidiary of a Loan Party that is not a Loan Party so long as (i) the aggregate amount of all such loans
(by type, not by the borrower) does not exceed $2,000,000 outstanding at any one time, (ii) as of the date of any such loan, and
after giving effect thereto, each of the Payment Conditions shall have been satisfied.

 

    	 	-33-	 

     

    

 

“Permitted Investments”
means:

 

(a)          
Investments in cash and Cash Equivalents,

 

(b)          
Investments in negotiable instruments deposited or to be deposited for collection in the ordinary course of business,

 

(c)          
advances made in connection with purchases of goods or services in the ordinary course of business,

 

(d)          
Investments received in settlement of amounts due to any Loan Party or any of its Subsidiaries effected in the ordinary
course of business or owing to any Loan Party or any of its Subsidiaries as a result of Insolvency Proceedings involving an account
debtor or upon the foreclosure or enforcement of any Lien in favor of a Loan Party or its Subsidiaries,

 

(e)          
Investments owned by any Loan Party or any of its Subsidiaries on the Closing Date and set forth on Schedule P-1
to this Agreement,

 

(f)          
guarantees permitted under the definition of Permitted Indebtedness,

 

(g)          
Permitted Intercompany Advances,

 

(h)          
Equity Interests or other securities acquired in connection with the satisfaction or enforcement of Indebtedness or claims
due or owing to a Loan Party or its Subsidiaries (in bankruptcy of customers or suppliers or otherwise outside the ordinary course
of business) or as security for any such Indebtedness or claims,

 

(i)          
deposits of cash made in the ordinary course of business to secure performance of operating leases,

 

(j)          
non-cash loans and advances to employees, officers, and directors of a Loan Party or any of its Subsidiaries for the purpose
of purchasing Equity Interests in Parent so long as the proceeds of such loans are used in their entirety to purchase such Equity
Interests in Parent, and (ii) loans and advances to employees and officers of a Loan Party or any of its Subsidiaries in the ordinary
course of business for any other business purpose and in an aggregate amount not to exceed $250,000 at any one time,

 

(k)          
Permitted Acquisitions,

 

(l)          
Investments in the form of capital contributions and the acquisition of Equity Interests made by any Loan Party in any other
Loan Party (other than capital contributions to or the acquisition of Equity Interests of Parent),

 

(m)        
Investments resulting from entering into (i) Bank Product Agreements, or (ii) agreements relative to obligations
permitted under clause (h) of the definition of Permitted Indebtedness,

 

(n)        
so long as each of the Payment Conditions shall have been satisfied after giving effect thereto, any other Investments;
provided, that, if at any time the Fixed Charge Coverage Ratio is less than 1.00:1.00, the aggregate amount of any
such Investments that may be made during the term of this Agreement shall not exceed $5,000,000 and, if at such time, the aggregate
amount of such Investments is above $5,000,000, no further Investments shall be permitted.

 

    	 	-34-	 

     

    

 

“Permitted Liens”
means:

 

(a)          
Liens granted to, or for the benefit of, Agent to secure the Obligations,

 

(b)          
Liens for unpaid taxes, assessments, or other governmental charges or levies that either (i) are not yet delinquent, or
(ii) do not have priority over Agent’s Liens and the underlying taxes, assessments, or charges or levies are the subject
of Permitted Protests,

 

(c)          
judgment Liens arising solely as a result of the existence of judgments, orders, or awards that do not constitute an Event
of Default under Section 8.3 of this Agreement,

 

(d)          
Liens set forth on Schedule P-2 to this Agreement; provided, that to qualify as a Permitted Lien, any such
Lien described on Schedule P-2 to this Agreement shall only secure the Indebtedness that it secures on the Closing Date
and any Refinancing Indebtedness in respect thereof,

 

(e)          
the interests of lessors under operating leases and non-exclusive licensors under license agreements,

 

(f)          
purchase money Liens on fixed assets or the interests of lessors under Capital Leases to the extent that such Liens or interests
secure Permitted Purchase Money Indebtedness and so long as (i) such Lien attaches only to the fixed asset purchased or acquired
and the proceeds, and any improvements, thereof, and (ii) such Lien only secures the Indebtedness that was incurred to acquire
the fixed asset or such interest of lessors under the Capital Leases purchased or acquired or any Refinancing Indebtedness in respect
thereof,

 

(g)          
Liens arising by operation of law in favor of warehousemen, landlords, carriers, mechanics, materialmen, laborers, or suppliers,
incurred in the ordinary course of business and not in connection with the borrowing of money, and which Liens either (i) are for
sums not yet delinquent, or (ii) are the subject of Permitted Protests,

 

(h)          
Liens on amounts deposited to secure any Borrower’s and its Subsidiaries’ obligations in connection with worker’s
compensation, other unemployment insurance or other social security laws,

 

(i)          
Liens on amounts deposited to secure any Borrower’s and its Subsidiaries’ obligations in connection with the
making or entering into of bids, tenders, contracts, leases, statutory obligations, performance bonds and other obligations of
a like nature in the ordinary course of business and not in connection with the borrowing of money,

 

(j)          
Liens on amounts deposited to secure any Borrower’s and its Subsidiaries’ reimbursement obligations with respect
to surety or appeal bonds obtained in the ordinary course of business,

 

(k)          
with respect to any Real Property, easements, rights of way, zoning restrictions and similar encumbrances that do not materially
interfere with or impair the use or operation thereof,

 

(l)          
non-exclusive licenses of patents, trademarks, copyrights, and other intellectual property rights in the ordinary course
of business,

 

(m)        
Liens that are replacements of Permitted Liens to the extent that the original Indebtedness is the subject of permitted
Refinancing Indebtedness and so long as the replacement Liens only encumber those assets that secured the original Indebtedness
and any additions or improvements thereto,

 

    	 	-35-	 

     

    

 

(n)          
rights of setoff or bankers’ liens upon deposits of funds in favor of banks or other depository institutions and revocation,
refund or chargeback under depository arrangements, solely to the extent incurred in connection with the maintenance of such Deposit
Accounts in the ordinary course of business,

 

(o)          
Liens granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of
insurance premiums to the extent the financing is permitted under the definition of Permitted Indebtedness,

 

(p)          
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,

 

(q)         
Liens solely on any cash earnest money deposits, cash escrow or similar arrangements made by a Loan Party or any of its
Subsidiaries in connection with any letter of intent or purchase agreement with respect to a Permitted Acquisition,

 

(r)          
Liens on the Accounts of any Borrower with respect to which such Accounts are subject to the supply chain or factoring arrangements
to the extent permitted under clause (n) of the definition of Permitted Dispositions, and

 

(s)          
other Liens as to which the aggregate amount of the obligations secured thereby does not exceed $500,000, provided,
that, such Liens do not attach to any Collateral.

 

“Permitted Protest”
means the right of any Loan Party or any of its Subsidiaries to protest any Lien (other than any Lien that secures the Obligations),
taxes, or rental payment; provided, that (a) a reserve with respect to such obligation is established on such Loan Party’s
or its Subsidiaries’ books and records in such amount as is required under GAAP, (b) any such protest is instituted promptly
and prosecuted diligently by such Loan Party or its Subsidiary, as applicable, in good faith, and (c) Agent is satisfied that,
while any such protest is pending, there will be no impairment of the enforceability, validity, or priority of any of Agent’s
Liens.

 

“Permitted Purchase
Money Indebtedness” means, as of any date of determination, Indebtedness (other than the Obligations, but including Capitalized
Lease Obligations), incurred after the Closing Date and at the time of, or within 90 days after, the acquisition of any fixed assets
for the purpose of financing all or any part of the acquisition cost thereof, in an aggregate principal amount outstanding at any
one time not in excess of $5,000,000.

 

“Person”
means natural persons, corporations, limited liability companies, limited partnerships, general partnerships, limited liability
partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal
entities, and governments and agencies and political subdivisions thereof.

 

“Platform”
has the meaning specified therefor in Section 17.9(c) of this Agreement.

 

“Post-Increase
Revolver Lenders” has the meaning specified therefor in Section 2.14 of this Agreement.

 

“Pre-Increase
Revolver Lenders” has the meaning specified therefor in Section 2.14 of this Agreement.

 

    	 	-36-	 

     

    

 

 

 

“Projections”
means Borrowers’ forecasted (a) balance sheets, (b) profit and loss statements, and (c) cash flow statements, all prepared
on a basis consistent with Borrowers’ historical financial statements, together with appropriate supporting details and a
statement of underlying assumptions.

 

“Pro Rata Share”
means, as of any date of determination:

 

(a)          with
respect to a Lender’s obligation to make all or a portion of the Revolving Loans, with respect to such Lender’s right
to receive payments of interest, fees, and principal with respect to the Revolving Loans, and with respect to all other computations
and other matters related to the Revolver Commitments or the Revolving Loans, the percentage obtained by dividing (i) the Revolving
Loan Exposure of such Lender, by (ii) the aggregate Revolving Loan Exposure of all Lenders,

 

(b)          with respect to a Lender’s obligation to participate in the Letters of Credit, with respect to such Lender’s
obligation to reimburse Issuing Bank, and with respect to such Lender’s right to receive payments of Letter of Credit Fees,
and with respect to all other computations and other matters related to the Letters of Credit, the percentage obtained by dividing
(i) the Revolving Loan Exposure of such Lender, by (ii) the aggregate Revolving Loan Exposure of all Lenders; provided,
that if all of the Revolving Loans have been repaid in full and all Revolver Commitments have been terminated, but Letters of Credit
remain outstanding, Pro Rata Share under this clause shall be the percentage obtained by dividing (A) the Letter of Credit Exposure
of such Lender, by (B) the Letter of Credit Exposure of all Lenders, and

 

(c)          with
respect to all other matters and for all other matters as to a particular Lender (including the indemnification obligations arising
under Section 15.7 of this Agreement), the percentage obtained by dividing (i) the Revolving Loan Exposure of such Lender,
by (ii) the aggregate Revolving Loan Exposure of all Lenders, in any such case as the applicable percentage may be adjusted by
assignments permitted pursuant to Section 13.1; provided, that if all of the Loans have been repaid in full and
all Commitments have been terminated, Pro Rata Share under this clause shall be the percentage obtained by dividing (A) the Letter
of Credit Exposure of such Lender, by (B) the Letter of Credit Exposure of all Lenders.

 

“Protective
Advances” has the meaning specified therefor in Section 2.3(d)(i) of this Agreement.

 

“Public Lender”
has the meaning specified therefor in Section 17.9(c) of this Agreement.

 

“Purchase Price”
means, with respect to any Acquisition, an amount equal to the aggregate consideration, whether cash, property or securities (including
the fair market value of any Equity Interests of Parent issued in connection with such Acquisition and including Earn-Outs), paid
or delivered by a Loan Party or one of its Subsidiaries in connection with such Acquisition (whether paid at the closing thereof
or payable thereafter and whether fixed or contingent), but excluding therefrom (a) any cash of the seller and its Affiliates used
to fund any portion of such consideration, and (b) any cash or Cash Equivalents acquired in connection with such Acquisition.

 

“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 specified therefor in Section 17.15 of this Agreement.

 

    -37-

     

    

 

“Qualified Cash”
means, as of any date of determination, the amount of unrestricted cash and Cash Equivalents of the Loan Parties and their Subsidiaries
that is in Deposit Accounts and which such Deposit Account is the subject of a Control Agreement and is maintained by a branch
office of the bank or securities intermediary located within the United States.

 

“Qualified Equity
Interests” means and refers to any Equity Interests issued by Parent (and not by one or more of its Subsidiaries) that
is not a Disqualified Equity Interest.

 

“Rated Account
Debtor” means, as of any determination date, any Account Debtors then having bonds issued with a rating of “BBB-“
or higher by S&P or “Baa3” or higher by Moody’s.

 

“Real Property”
means any estates or interests in real property now owned or hereafter acquired by any Loan Party or one of its Subsidiaries and
the improvements thereto.

 

“Real Property
Collateral” means any Real Property hereafter acquired by any Loan Party or one of its Subsidiaries.

 

“Receivable
Reserves” means, as of any date of determination, those reserves that Agent deems necessary or appropriate, in its Permitted
Discretion and subject to Section 2.1(c), to establish and maintain (including Landlord Reserves for books and records locations
and reserves for rebates, discounts, warranty claims, and returns) with respect to the Eligible Accounts or the Maximum Revolver
Amount.

 

“Record”
means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable
in perceivable form.

 

“Reference Period”
has the meaning set forth in the definition of EBITDA.

 

“Refinancing
Indebtedness” means refinancings, renewals, or extensions of Indebtedness so long as:

 

(a)         such
refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced,
renewed, or extended, other than by the amount of premiums paid thereon and the fees and expenses incurred in connection therewith
and by the amount of unfunded commitments with respect thereto,

 

(b)         such
refinancings, renewals, or extensions do not result in a shortening of the final stated maturity or the average weighted maturity
(measured as of the refinancing, renewal, or extension) of the Indebtedness so refinanced, renewed, or extended, nor are they
on terms or conditions that, taken as a whole, are or could reasonably be expected to be materially adverse to the interests of
the Lenders,

 

(c)          if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations,
then the terms and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are
at least as favorable to the Lender Group as those that were applicable to the refinanced, renewed, or extended Indebtedness,

 

(d)         the
Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the Obligations
other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended,

 

(e)          if
the Indebtedness that is refinanced, renewed or extended was unsecured, such refinancing, renewal or extension shall be unsecured,
and

 

    -38-

     

    

 

(f)          if the Indebtedness that is refinanced, renewed, or extended was secured (i) such refinancing, renewal, or extension
shall be secured by substantially the same or less collateral as secured such refinanced, renewed or extended Indebtedness on terms
no less favorable to Agent or the Lender Group and (ii) the Liens securing such refinancing, renewal or extension shall not have
a priority more senior than the Liens securing such Indebtedness that is refinanced, renewed or extended.

 

“Register”
has the meaning set forth in Section 13.1(h) of this Agreement.

 

“Registered
Loan” has the meaning set forth in Section 13.1(h) of this Agreement.

 

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

 

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

 

“Remedial Action”
means all actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate, or in any way address Hazardous
Materials in the indoor or outdoor environment, (b) prevent or minimize a release or threatened release of Hazardous Materials
so they do not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (c) restore
or reclaim natural resources or the environment, (d) perform any pre-remedial studies, investigations, or post-remedial operation
and maintenance activities, or (e) conduct any other actions with respect to Hazardous Materials required by Environmental Laws.

 

“Replacement
Lender” has the meaning specified therefor in Section 2.13(b) of this Agreement.

 

“Report”
has the meaning specified therefor in Section 15.16 of this Agreement.

 

“Required Lenders”
means, at any time, Lenders having or holding more than 50% of the aggregate Revolving Loan Exposure of all Lenders; provided,
that (i) the Revolving Loan Exposure of any Defaulting Lender shall be disregarded in the determination of the Required Lenders,
and (ii) at any time there are two or more Lenders (who are not Affiliates of one another or Defaulting Lenders), “Required
Lenders” must include at least two Lenders (who are not Affiliates of one another).

 

“Reserves”
means, without duplication, as of any date of determination, Inventory Reserves, Receivables Reserves, Bank Product Reserves and
those other reserves that Agent deems necessary or appropriate, in its Permitted Discretion and subject to Section 2.1(c),
to establish and maintain (including reserves with respect to (a) sums that any Loan Party or its Subsidiaries are required to
pay under any Section of this Agreement or any other Loan Document (such as taxes, assessments, insurance premiums, or, in the
case of leased assets, rents or other amounts payable under such leases) and has failed to pay, and (b) amounts owing by any Loan
Party or its Subsidiaries to any Person to the extent secured by a Lien on, or trust over, any of the Collateral (other than a
Permitted Lien), which Lien or trust, in the Permitted Discretion of Agent likely would have a priority superior to the Agent’s
Liens (such as Liens or trusts in favor of landlords, warehousemen, carriers, mechanics, materialmen, laborers, or suppliers, or
Liens or trusts for ad valorem, excise, sales, or other taxes where given priority under applicable law) in and to such item of
the Collateral) with respect to the Borrowing Base or the Maximum Revolver Amount.

 

    -39-

     

    

 

“Restricted
Payment” means (a) any payment of any dividend or the making of any other payment or distribution, directly or indirectly,
on account of Equity Interests issued by Parent or any of its Subsidiaries (including any payment in connection with any merger
or consolidation involving Parent) or to the direct or indirect holders of Equity Interests issued by Parent or any of its Subsidiaries
in their capacity as such (other than dividends or distributions payable in Qualified Equity Interests issued by Parent or any
of its Subsidiaries), or (b) any purchase, redemption, making of any sinking fund or similar payment, or other acquisition or retirement
for value (including in connection with any merger or consolidation involving Parent) any Equity Interests issued by Parent or
any of its Subsidiaries, or (c) any making of any payment to retire, or to obtain the surrender of, any outstanding warrants, options,
or other rights to acquire Equity Interests of Parent now or hereafter outstanding.

 

“Restricted
Payment Conditions” means, with respect to any applicable Restricted Payment, each of the following conditions:

 

(a)         as
of the date of the payment of any such Restricted Payment, and after giving effect thereto, no Default or Event of Default shall
exist or have occurred and be continuing,

 

(b)         as
of the date of the payment of any such Restricted Payment, and after giving effect thereto, either:

 

(i)               the average Excess Availability during the immediately preceding thirty (30) consecutive day period shall have been
not less than 25.0% of the Maximum Revolver Amount (provided, that, in no event shall Excess Availability for any
day during such thirty (30) consecutive day period have been less than the greater of (A) 16.6% of the Maximum Revolver Amount
or (B) $12,500,000), and after giving effect to the payment or transaction, on a pro forma basis as if such proposed payment was
made, the Excess Availability shall be not less than 25.0% of the Maximum Revolver Amount, or

 

(ii)              both
(A) the average Excess Availability during the immediately preceding thirty (30) consecutive day period shall have been not less
than 20.0% of the Maximum Revolver Amount (provided, that, in no event shall Excess Availability for any day during
such thirty (30) consecutive day period have been less than the greater of (A) 16.6% of the Maximum Revolver Amount or (B) $12,500,000),
and after giving effect to the payment or transaction, on a pro forma basis as if such proposed payment was made, the Excess Availability
shall be not less than 20.0% of the Maximum Revolver Amount, and (B) as of the date of any such payment or transaction, and after
giving effect thereto, on a pro forma basis as if such proposed payment was made (including with respect to periods prior to the
Closing Date), the Fixed Charge Coverage Ratio for the immediately preceding twelve (12) consecutive month period ending on the
last day of the fiscal month prior to the date of such payment or transaction for which Agent has received financial statements
shall be at least 1.10 to 1.00,

 

(c)          receipt
by Agent of a certificate of an Authorized Person of Borrowers certifying as to compliance with the preceding clauses and demonstrating
(in reasonable detail) the calculations required thereby, and

 

(d)          receipt by Agent of not less than ten (10) Business Days’ prior written notice of the proposed Restricted Payment
or transaction and such information with respect thereto as Agent may reasonably request, including (A) the proposed date and amount
of the Restricted Payment and (B) a description of the transaction or event giving rise to such Restricted Payment and the proposed
date of the making of such.

 

    -40-

     

    

 

“Revolver Commitment”
means, with respect to each Revolving Lender, its Revolver Commitment, and, with respect to all Revolving Lenders, their Revolver
Commitments, in each case as such Dollar amounts are set forth beside such Revolving Lender’s name under the applicable heading
on Schedule C-1 to this Agreement or in the Assignment and Acceptance or Increase Joinder pursuant to which such Revolving
Lender became a Revolving Lender under this Agreement, as such amounts may be reduced or increased from time to time pursuant to
assignments made in accordance with the provisions of Section 13.1 of this Agreement, and as such amounts may be decreased
by the amount of reductions in the Revolver Commitments made in accordance with Section 2.4(c) hereof.

 

“Revolver Usage”
means, as of any date of determination, the sum of (a) the amount of outstanding Revolving Loans (inclusive of Swing Loans and
Protective Advances), plus (b) the amount of the Letter of Credit Usage.

 

“Revolving Lender”
means a Lender that has a Revolving Loan Exposure or Letter of Credit Exposure.

 

“Revolving Loan
Exposure” means, with respect to any Revolving Lender, as of any date of determination (a) prior to the termination of
the Revolver Commitments, the amount of such Lender’s Revolver Commitment, and (b) after the termination of the Revolver
Commitments, the aggregate outstanding principal amount of the Revolving Loans of such Lender.

 

“Revolving Loans”
has the meaning specified therefor in Section 2.1(a) of this Agreement.

 

“Sanctioned
Entity” means (a) a country or territory or a government of a country or territory, (b) an agency of the government of
a country or territory, (c) an organization directly or indirectly controlled by a country or territory or its government, or (d)
a Person resident in or determined to be resident in a country or territory, in each case of clauses (a) through (d) that is a
target of Sanctions, including a target of any country sanctions program administered and enforced by OFAC.

 

“Sanctioned
Person” means, at any time (a) any Person named on the list of Specially Designated Nationals and Blocked Persons maintained
by OFAC, OFAC’s consolidated Non-SDN list or any other Sanctions-related list maintained by any Governmental Authority, (b)
a Person or legal entity that is a target of Sanctions, (c) any Person operating, organized or resident in a Sanctioned Entity,
or (d) any Person directly or indirectly owned or controlled (individually or in the aggregate) by or acting on behalf of any such
Person or Persons described in clauses (a) through (c) above.

 

“Sanctions”
means individually and collectively, respectively, any and all economic sanctions, trade sanctions, financial sanctions, sectoral
sanctions, secondary sanctions, trade embargoes anti-terrorism laws and other sanctions laws, regulations or embargoes, including
those imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by
OFAC, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order, (b) the
United Nations Security Council, (c) the European Union or any European Union member state, (d) Her Majesty’s Treasury of
the United Kingdom, or (d) any other Governmental Authority with jurisdiction over any member of Lender Group or any Loan Party
or any of their respective Subsidiaries or Affiliates.

 

“S&P”
has the meaning specified therefor in the definition of Cash Equivalents.

 

“SEC”
means the United States Securities and Exchange Commission and any successor thereto.

 

“Securities
Account” means a securities account (as that term is defined in the Code).

 

    -41-

     

    

 

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

 

“Settlement”
has the meaning specified therefor in Section 2.3(e)(i) of this Agreement.

 

“Settlement
Date” has the meaning specified therefor in Section 2.3(e)(i) of this Agreement.

 

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

 

“Solvent”
means, with respect to any Person as of any date of determination, that (a) at fair valuations, the sum of such Person’s
debts (including contingent liabilities) is less than all of such Person’s assets, (b) such Person is not engaged or about
to engage in a business or transaction for which the remaining assets of such Person are unreasonably small in relation to the
business or transaction or for which the property remaining with such Person is an unreasonably small capital, (c) such Person
has not incurred and does not intend to incur, or reasonably believe that it will incur, debts beyond its ability to pay such debts
as they become due (whether at maturity or otherwise), and (d) such Person is “solvent” or not “insolvent”,
as applicable within the meaning given those terms and similar terms under applicable laws relating to fraudulent transfers and
conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount
that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected
to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under
Statement of Financial Accounting Standard No. 5).

 

“Standard Letter
of Credit Practice” means, for Issuing Bank, any domestic or foreign law or letter of credit practices applicable in
the city in which Issuing Bank issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices
applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case,
(a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which
laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.

 

“Subject Holder”
has the meaning specified therefor in Section 2.4(e)(v) of this Agreement.

 

“Subsidiary”
of a Person means a corporation, partnership, limited liability company, or other entity in which that Person directly or indirectly
owns or controls the Equity Interests having ordinary voting power to elect a majority of the Board of Directors of such corporation,
partnership, limited liability company, or other entity.

 

“Supermajority
Lenders” means, at any time, Revolving Lenders having or holding more than 66 2/3% of the aggregate Revolving Loan Exposure
of all Revolving Lenders; provided, that (i) the Revolving Loan Exposure of any Defaulting Lender shall be disregarded in
the determination of the Supermajority Lenders, and (ii) at any time there are two or more Revolving Lenders (who are not Affiliates
of one another), “Supermajority Lenders” must include at least two Revolving Lenders (who are not Affiliates of one
another or Defaulting Lenders).

 

“Supported QFC”
has the meaning specified therefor in Section 17.15 of this Agreement.

 

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“Swap Obligation”
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.

 

“Swing Lender”
means Wells Fargo or any other Lender that, at the request of Borrowers and with the consent of Agent agrees, in such Lender’s
sole discretion, to become the Swing Lender under Section 2.3(b) of this Agreement.

 

“Swing Loan”
has the meaning specified therefor in Section 2.3(b) of this Agreement.

 

“Swing Loan
Exposure” means, as of any date of determination with respect to any Lender, such Lender’s Pro Rata Share of the
Swing Loans on such date.

 

“Taxes”
means any taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any
jurisdiction or by any political subdivision or taxing authority thereof or therein, and all interest, penalties or similar liabilities
with respect thereto.

 

“Tax Lender”
has the meaning specified therefor in Section 14.2(a) of this Agreement.

 

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

 

“UCP”
means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits 2007 Revision, International
Chamber of Commerce Publication No. 600 and any version or revision thereof accepted by Issuing Bank for use.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

“Unfinanced
Capital Expenditures” means Capital Expenditures (a) not financed with the proceeds of any incurrence of Indebtedness
(other than the incurrence of any Revolving Loans), the proceeds of any sale or issuance of Equity Interests or equity contributions,
the proceeds of any asset sale (other than the sale of Inventory in the ordinary course of business) or any insurance proceeds,
and (b) that are not reimbursed by a third person (excluding any Loan Party or any of its Affiliates) in the period such expenditures
are made pursuant to a written agreement.

 

“United States”
means the United States of America.

 

“Unused Line
Fee” has the meaning specified therefor in Section 2.10(b) of this Agreement.

 

“U.S. Special
Resolution Regimes” has the meaning specified therefor in Section 17.15 of this Agreement.

 

“Voidable Transfer”
has the meaning specified therefor in Section 17.8 of this Agreement.

 

“Wells Fargo”
means Wells Fargo Bank, National Association, a national banking association.

 

“Write-Down
and Conversion Powers” means, 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.

 

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1.2          Accounting
Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP; provided, that
if Administrative Borrower notifies Agent that Borrowers request an amendment to any provision hereof to eliminate the effect
of any Accounting Change occurring after the Closing Date or in the application thereof on the operation of such provision (or
if Agent notifies Administrative 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 Accounting Change or in the application thereof, then Agent
and Borrowers agree that they will negotiate in good faith amendments to the provisions of this Agreement that are directly affected
by such Accounting Change with the intent of having the respective positions of the Lenders and Borrowers after such Accounting
Change conform as nearly as possible to their respective positions immediately before such Accounting Change took effect and,
until any such amendments have been agreed upon and agreed to by the Required Lenders and the Borrowers, the provisions in this
Agreement shall be calculated as if no such Accounting Change had occurred. When used herein, the term “financial statements”
shall include the notes and schedules thereto. Whenever the term “Parent” or “Borrowers” is used in respect
of a financial covenant or a related definition, it shall be understood to mean the Loan Parties and their Subsidiaries on a consolidated
basis, unless the context clearly requires otherwise. Notwithstanding anything to the contrary contained herein, (a) all financial
statements delivered hereunder shall be prepared, and all financial covenants contained herein shall be calculated, without giving
effect to any election under the Statement of Financial Accounting Standards Board’s Accounting Standards Codification Topic
825 (or any similar accounting principle) permitting a Person to value its financial liabilities or Indebtedness at the fair value
thereof, and (b) the term “unqualified opinion” as used herein to refer to opinions or reports provided by accountants
shall mean an opinion or report that is (i) unqualified, and (ii) does not include any explanation, supplemental comment, or other
comment concerning the ability of the applicable Person to continue as a going concern or concerning the scope of the audit (other
than any qualification pertaining to the impending maturity of the Obligations occurring within twelve (12) months after such
audit) .

 

1.3          Code.
Any terms used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise
defined herein; provided, that to the extent that the Code is used to define any term herein and such term is defined differently
in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern.

 

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1.4          Construction.
Unless the context of this Agreement or any other Loan Document clearly requires otherwise, references to the plural include the
singular, references to the singular include the plural, the terms “includes” and “including” are not
limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase
 “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and
similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document, as the case may
be, as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case may be. Section,
subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in
this Agreement or in any other Loan Document to any agreement, instrument, or document shall include all alterations, amendments,
changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as
applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements,
substitutions, joinders, and supplements set forth herein). 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. Any reference
herein or in any other Loan Document to the satisfaction, repayment, or payment in full of the Obligations shall mean (a) the
payment or repayment in full in immediately available funds of (i) the principal amount of, and interest accrued and unpaid with
respect to, all outstanding Loans, together with the payment of any premium applicable to the repayment of the Loans, (ii) all
Lender Group Expenses that have accrued and are unpaid regardless of whether demand has been made therefor, and (iii) all fees
or charges that have accrued hereunder or under any other Loan Document (including the Letter of Credit Fee and the Unused Line
Fee) and are unpaid, (b) in the case of contingent reimbursement obligations with respect to Letters of Credit, providing Letter
of Credit Collateralization, (c) in the case of obligations with respect to Bank Products (other than Hedge Obligations), providing
Bank Product Collateralization, (d) the receipt by Agent of cash collateral in order to secure any other contingent Obligations
for which a claim or demand for payment has been made on or prior to such time or in respect of matters or circumstances known
to Agent or a Lender at such time that are reasonably expected to result in any loss, cost, damage, or expense (including attorneys’
fees and legal expenses), such cash collateral to be in such amount as Agent reasonably determines is appropriate to secure such
contingent Obligations, (e) the payment or repayment in full in immediately available funds of all other outstanding Obligations
(including the payment of any termination amount then applicable (or which would or could become applicable as a result of the
repayment of the other Obligations) under Hedge Agreements provided by Hedge Providers) other than (i) unasserted contingent indemnification
Obligations, (ii) any Bank Product Obligations (other than Hedge Obligations) that, at such time, are allowed by the applicable
Bank Product Provider to remain outstanding without being required to be repaid or cash collateralized, and (iii) any Hedge Obligations
that, at such time, are allowed by the applicable Hedge Provider to remain outstanding without being required to be repaid, and
(f) the termination of all of the Commitments of the Lenders. Any reference herein to any Person shall be construed to include
such Person’s successors and assigns. Any requirement of a writing contained herein or in any other Loan Document shall
be satisfied by the transmission of a Record.

 

1.5          Time
References. Unless the context of this Agreement or any other Loan Document clearly requires otherwise, all references
to time of day refer to Eastern standard time or Eastern daylight saving time, as in effect in New York, New York on such day.
For purposes of the computation of a period of time from a specified date to a later specified date, unless otherwise expressly
provided, the word “from” means “from and including” and the words “to” and “until”
each means “to and including”; provided, that with respect to a computation of fees or interest payable to Agent or
any Lender, such period shall in any event consist of at least one full day.

 

1.6          Schedules
and Exhibits. All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference.

 

1.7          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.

 

2.            LOANS
AND TERMS OF PAYMENT.

 

2.1          Revolving
Loans.

 

(a)         Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Revolving Lender
agrees (severally, not jointly or jointly and severally) to make revolving loans (“Revolving Loans”) to Borrowers
in an amount at any one time outstanding not to exceed the lesser of:

 

(i)           such
Lender’s Revolver Commitment, or

 

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(ii)          such
Lender’s Pro Rata Share of an amount equal to the lesser of:

 

(A)          the
amount equal to (1) the Maximum Revolver Amount, less (2) the sum of (y) the Letter of Credit Usage at such time,
plus (z) the principal amount of Swing Loans outstanding at such time, and

 

(B)           the
amount equal to (1) the Borrowing Base as of such date (based upon the most recent Borrowing Base Certificate delivered by Borrowers
to Agent, as adjusted for Reserves established by Agent in accordance with Section 2.1(c)), less (2) the
sum of (x) the Letter of Credit Usage at such time, plus (y) the principal amount of Swing Loans outstanding at
such time.

 

(b)         Amounts
borrowed pursuant to this Section 2.1 may be repaid and, subject to the terms and conditions of this Agreement, reborrowed
at any time during the term of this Agreement. The outstanding principal amount of the Revolving Loans, together with interest
accrued and unpaid thereon, shall constitute Obligations and shall be due and payable on the Maturity Date or, if earlier, on
the date on which they otherwise become due and payable pursuant to the terms of this Agreement.

 

(c)         Anything
to the contrary in this Section 2.1 notwithstanding, Agent shall have the right (but not the obligation) at any time, in
the exercise of its Permitted Discretion, to establish and increase or decrease Reserves against the Borrowing Base or the Maximum
Revolver Amount. The amount of any Reserve established by Agent, and any changes to the eligibility criteria set forth in the
definitions of Eligible Accounts and Eligible Inventory shall have a reasonable relationship to the event, condition, other circumstance,
or fact that is the basis for such Reserve or change in eligibility and shall not be duplicative of any other Reserve established
and currently maintained or eligibility criteria.

 

2.2          [Reserved].

 

2.3          Borrowing Procedures and Settlements.

 

(a)          Procedure
for Borrowing Revolving Loans. Each Borrowing shall be made by a written request by an Authorized Person delivered to Agent
(which may be delivered through Agent’s electronic platform or portal) and received by Agent no later than 11:00 a.m. (i)
on the Business Day that is the requested Funding Date in the case of a request for a Swing Loan, (ii) on the Business Day that
is one Business Day prior to the requested Funding Date in the case of a request for a Base Rate Loan, and (iii) on the Business
Day that is three Business Days prior to the requested Funding Date in the case of all other requests, specifying (A) the amount
of such Borrowing, and (B) the requested Funding Date (which shall be a Business Day); provided, that Agent may, in its sole discretion,
elect to accept as timely requests that are received later than 11:00 a.m. on the applicable Business Day. All Borrowing requests
which are not made on-line via Agent’s electronic platform or portal shall be subject to (and unless Agent elects otherwise
in the exercise of its sole discretion, such Borrowings shall not be made until the completion of) Agent’s authentication
process (with results satisfactory to Agent) prior to the funding of any such requested Revolving Loan.

 

(b)         Making
of Swing Loans. In the case of a Revolving Loan and so long as any of (i) the aggregate amount of Swing Loans made since the
last Settlement Date, minus all payments or other amounts applied to Swing Loans since the last Settlement Date,
plus the amount of the requested Swing Loan does not exceed $7,500,000, or (ii) Swing Lender, in its sole discretion,
agrees to make a Swing Loan notwithstanding the foregoing limitation, Swing Lender shall make a Revolving Loan (any such Revolving
Loan made by Swing Lender pursuant to this Section 2.3(b) being referred to as a “Swing Loan” and all
such Revolving Loans being referred to as “Swing Loans”) available to Borrowers on the Funding Date applicable
thereto by transferring immediately available funds in the amount of such Borrowing to the Designated Account. Each Swing Loan
shall be deemed to be a Revolving Loan hereunder and shall be subject to all the terms and conditions (including Section 3)
applicable to other Revolving Loans, except that all payments (including interest) on any Swing Loan shall be payable to Swing
Lender solely for its own account. Subject to the provisions of Section 2.3(d)(ii), Swing Lender shall not make and shall
not be obligated to make any Swing Loan if Swing Lender has actual knowledge that (i) one or more of the applicable conditions
precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing, or (ii)
the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender shall not otherwise be required to determine
whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto
prior to making any Swing Loan. The Swing Loans shall be secured by Agent’s Liens, constitute Revolving Loans and Obligations,
and bear interest at the rate applicable from time to time to Revolving Loans that are Base Rate Loans.

 

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(c)          Making
of Revolving Loans.

 

(i)           In the event that Swing Lender is not obligated to make a Swing Loan, then after receipt of a request for a Borrowing
pursuant to Section 2.3(a)(i), Agent shall notify the Lenders by telecopy, telephone, email, or other electronic form of
transmission, of the requested Borrowing; such notification to be sent on the Business Day that is (A) in the case of a Base Rate
Loan, at least one Business Day prior to the requested Funding Date, or (B) in the case of a LIBOR Rate Loan, prior to 11:00 a.m.
at least three Business Days prior to the requested Funding Date. If Agent has notified the Lenders of a requested Borrowing on
the Business Day that is one Business Day prior to the Funding Date, then each Lender shall make the amount of such Lender’s
Pro Rata Share of the requested Borrowing available to Agent in immediately available funds, to Agent’s Account, not later
than 10:00 a.m. on the Business Day that is the requested Funding Date. After Agent’s receipt of the proceeds of such Revolving
Loans from the Lenders, Agent shall make the proceeds thereof available to Borrowers on the applicable Funding Date by transferring
immediately available funds equal to such proceeds received by Agent to the Designated Account; provided, that subject to
the provisions of Section 2.3(d)(ii), no Lender shall have an obligation to make any Revolving Loan, if (1) one or more
of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the
applicable Borrowing unless such condition has been waived, or (2) the requested Borrowing would exceed the Availability on such
Funding Date.

 

(ii)          Unless
Agent receives notice from a Lender prior to 9:30 a.m. on the Business Day that is the requested Funding Date relative to a requested
Borrowing as to which Agent has notified the Lenders of a requested Borrowing that such Lender will not make available as and
when required hereunder to Agent for the account of Borrowers the amount of that Lender’s Pro Rata Share of the Borrowing,
Agent may assume that each Lender has made or will make such amount available to Agent in immediately available funds on the Funding
Date and Agent may (but shall not be so required), in reliance upon such assumption, make available to Borrowers a corresponding
amount. If, on the requested Funding Date, any Lender shall not have remitted the full amount that it is required to make available
to Agent in immediately available funds and if Agent has made available to Borrowers such amount on the requested Funding Date,
then such Lender shall make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to Agent in
immediately available funds, to Agent’s Account, no later than 10:00 a.m. on the Business Day that is the first Business
Day after the requested Funding Date (in which case, the interest accrued on such Lender’s portion of such Borrowing for
the Funding Date shall be for Agent’s separate account). If any Lender shall not remit the full amount that it is required
to make available to Agent in immediately available funds as and when required hereby and if Agent has made available to Borrowers
such amount, then that Lender shall be obligated to immediately remit such amount to Agent, together with interest at the Defaulting
Lender Rate for each day until the date on which such amount is so remitted. A notice submitted by Agent to any Lender with respect
to amounts owing under this Section 2.3(c)(ii) shall be conclusive, absent manifest error. If the amount that a Lender
is required to remit is made available to Agent, then such payment to Agent shall constitute such Lender’s Revolving Loan
for all purposes of this Agreement. If such amount is not made available to Agent on the Business Day following the Funding Date,
Agent will notify Administrative Borrower of such failure to fund and, upon demand by Agent, Borrowers shall pay such amount to
Agent for Agent’s account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate
per annum equal to the interest rate applicable at the time to the Revolving Loans composing such Borrowing.

 

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(d)         Protective Advances and Optional Overadvances.

 

(i)           Any
contrary provision of this Agreement or any other Loan Document notwithstanding (but subject to Section 2.3(d)(iv)), at
any time (A) after the occurrence and during the continuance of a Default or an Event of Default, or (B) that any of the other
applicable conditions precedent set forth in Section 3 are not satisfied, Agent hereby is authorized by Borrowers and the
Lenders, from time to time, in Agent’s sole discretion, to make Revolving Loans to, or for the benefit of, Borrowers, on
behalf of the Revolving Lenders, that Agent, in its Permitted Discretion, deems necessary or desirable (1) to preserve or protect
the Collateral, or any portion thereof, or (2) to enhance the likelihood of repayment of the Obligations (other than the Bank
Product Obligations) (the Revolving Loans described in this Section 2.3(d)(i) shall be referred to as “Protective
Advances”).

 

(ii)          Any
contrary provision of this Agreement or any other Loan Document notwithstanding, the Lenders hereby authorize Agent or Swing Lender,
as applicable, and either Agent or Swing Lender, as applicable, may, but is not obligated to, knowingly and intentionally, continue
to make Revolving Loans (including Swing Loans) to Borrowers notwithstanding that an Overadvance exists or would be created thereby,
so long as (A) after giving effect to such Revolving Loans, the outstanding Revolver Usage does not exceed the Borrowing Base
by more than 10% of the Borrowing Base, and (B) subject to Section 2.3(d)(iv) below, after giving effect to such Revolving
Loans, the outstanding Revolver Usage (except for and excluding amounts charged to the Loan Account for interest, fees, or Lender
Group Expenses) does not exceed the Maximum Revolver Amount. In the event Agent obtains actual knowledge that the Revolver Usage
exceeds the amounts permitted by this Section 2.3(d), regardless of the amount of, or reason for, such excess, Agent shall
notify the Lenders as soon as practicable (and prior to making any (or any additional) intentional Overadvances (except for and
excluding amounts charged to the Loan Account for interest, fees, or Lender Group Expenses) unless Agent determines that prior
notice would result in imminent harm to the Collateral or its value, in which case Agent may make such Overadvances and provide
notice as promptly as practicable thereafter), and the Lenders with Revolver Commitments thereupon shall, together with Agent,
jointly determine the terms of arrangements that shall be implemented with Borrowers intended to reduce, within a reasonable time,
the outstanding principal amount of the Revolving Loans to Borrowers to an amount permitted by the preceding sentence. In such
circumstances, if any Lender with a Revolver Commitment objects to the proposed terms of reduction or repayment of any Overadvance,
the terms of reduction or repayment thereof shall be implemented according to the determination of the Required Lenders.

 

(iii)         Each
Protective Advance and each Overadvance (each, an “Extraordinary Advance”) shall be deemed to be a Revolving
Loan hereunder, except that no Extraordinary Advance shall be eligible to be a LIBOR Rate Loan. Prior to Settlement of any Extraordinary
Advance, all payments with respect thereto, including interest thereon, shall be payable to Agent solely for its own account.
Each Revolving Lender shall be obligated to settle with Agent as provided in Section 2.3(e) (or Section 2.3(g),
as applicable) for the amount of such Lender’s Pro Rata Share of any Extraordinary Advance. The Extraordinary Advances shall
be repayable on demand, secured by Agent’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable
from time to time to Revolving Loans that are Base Rate Loans. The provisions of this Section 2.3(d) are for the exclusive
benefit of Agent, Swing Lender, and the Lenders and are not intended to benefit Borrowers (or any other Loan Party) in any way.

 

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(iv)         Notwithstanding
anything contained in this Agreement or any other Loan Document to the contrary, no Extraordinary Advance may be made by Agent
if such Extraordinary Advance would cause the aggregate Revolver Usage to exceed the Maximum Revolver Amount or any Lender’s
Pro Rata Share of the Revolver Usage to exceed such Lender’s Revolver Commitments; provided that Agent may make Extraordinary
Advances in excess of the foregoing limitations so long as such Extraordinary Advances that cause the aggregate Revolver Usage
to exceed the Maximum Revolver Amount or a Lender’s Pro Rata Share of the Revolver Usage to exceed such Lender’s Revolver
Commitments are for Agent’s sole and separate account and not for the account of any Lender. No Lender shall have an obligation
to settle with Agent for such Extraordinary Advances that cause the aggregate Revolver Usage to exceed the Maximum Revolver Amount
or a Lender’s Pro Rata Share of the Revolver Usage to exceed such Lender’s Revolver Commitments as provided in Section
2.3(e) (or Section 2.3(g), as applicable).

 

(e)          Settlement.
It is agreed that each Lender’s funded portion of the Revolving Loans is intended by the Lenders to equal, at all times,
such Lender’s Pro Rata Share of the outstanding Revolving Loans. Such agreement notwithstanding, Agent, Swing Lender, and
the other Lenders agree (which agreement shall not be for the benefit of Borrowers) that in order to facilitate the administration
of this Agreement and the other Loan Documents, settlement among the Lenders as to the Revolving Loans (including Swing Loans
and Extraordinary Advances) shall take place on a periodic basis in accordance with the following provisions:

 

(i)           Agent
shall request settlement (“Settlement”) with the Lenders on a weekly basis, or on a more frequent basis if
so determined by Agent in its sole discretion (1) on behalf of Swing Lender, with respect to the outstanding Swing Loans, (2)
for itself, with respect to the outstanding Extraordinary Advances, and (3) with respect to any Loan Party’s or any of their
Subsidiaries’ payments or other amounts received, as to each by notifying the Lenders by telecopy, telephone, or other similar
form of transmission, of such requested Settlement, no later than 2:00 p.m. on the Business Day immediately prior to the date
of such requested Settlement (the date of such requested Settlement being the “Settlement Date”). Such notice
of a Settlement Date shall include a summary statement of the amount of outstanding Revolving Loans (including Swing Loans and
Extraordinary Advances) for the period since the prior Settlement Date. Subject to the terms and conditions contained herein (including
Section 2.3(g)): (y) if the amount of the Revolving Loans (including Swing Loans and Extraordinary Advances) made by a
Lender that is not a Defaulting Lender exceeds such Lender’s Pro Rata Share of the Revolving Loans (including Swing Loans
and Extraordinary Advances) as of a Settlement Date, then Agent shall, by no later than 12:00 p.m. on the Settlement Date, transfer
in immediately available funds to a Deposit Account of such Lender (as such Lender may designate), an amount such that each such
Lender shall, upon receipt of such amount, have as of the Settlement Date, its Pro Rata Share of the Revolving Loans (including
Swing Loans and Extraordinary Advances), and (z) if the amount of the Revolving Loans (including Swing Loans and Extraordinary
Advances) made by a Lender is less than such Lender’s Pro Rata Share of the Revolving Loans (including Swing Loans and Extraordinary
Advances) as of a Settlement Date, such Lender shall no later than 12:00 p.m. on the Settlement Date transfer in immediately available
funds to Agent’s Account, an amount such that each such Lender shall, upon transfer of such amount, have as of the Settlement
Date, its Pro Rata Share of the Revolving Loans (including Swing Loans and Extraordinary Advances). Such amounts made available
to Agent under clause (z) of the immediately preceding sentence shall be applied against the amounts of the applicable Swing Loans
or Extraordinary Advances and, together with the portion of such Swing Loans or Extraordinary Advances representing Swing Lender’s
Pro Rata Share thereof, shall constitute Revolving Loans of such Lenders. If any such amount is not made available to Agent by
any Lender on the Settlement Date applicable thereto to the extent required by the terms hereof, Agent shall be entitled to recover
for its account such amount on demand from such Lender together with interest thereon at the Defaulting Lender Rate.

 

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(ii)          In determining whether a Lender’s balance of the Revolving Loans (including Swing Loans and Extraordinary Advances)
is less than, equal to, or greater than such Lender’s Pro Rata Share of the Revolving Loans (including Swing Loans and Extraordinary
Advances) as of a Settlement Date, Agent shall, as part of the relevant Settlement, apply to such balance the portion of payments
actually received in good funds by Agent with respect to principal, interest, fees payable by Borrowers and allocable to the Lenders
hereunder, and proceeds of Collateral.

 

(iii)         Between
Settlement Dates, Agent, to the extent Extraordinary Advances or Swing Loans are outstanding, may pay over to Agent or Swing Lender,
as applicable, any payments or other amounts received by Agent, that in accordance with the terms of this Agreement would be applied
to the reduction of the Revolving Loans, for application to the Extraordinary Advances or Swing Loans. Between Settlement Dates,
Agent, to the extent no Extraordinary Advances or Swing Loans are outstanding, may pay over to Swing Lender any payments or other
amounts received by Agent, that in accordance with the terms of this Agreement would be applied to the reduction of the Revolving
Loans, for application to Swing Lender’s Pro Rata Share of the Revolving Loans. If, as of any Settlement Date, payments
or other amounts of the Loan Parties or their Subsidiaries received since the then immediately preceding Settlement Date have
been applied to Swing Lender’s Pro Rata Share of the Revolving Loans other than to Swing Loans, as provided for in the previous
sentence, Swing Lender shall pay to Agent for the accounts of the Lenders, and Agent shall pay to the Lenders (other than a Defaulting
Lender if Agent has implemented the provisions of Section 2.3(g)), to be applied to the outstanding Revolving Loans of
such Lenders, an amount such that each such Lender shall, upon receipt of such amount, have, as of such Settlement Date, its Pro
Rata Share of the Revolving Loans. During the period between Settlement Dates, Swing Lender with respect to Swing Loans, Agent
with respect to Extraordinary Advances, and each Lender with respect to the Revolving Loans other than Swing Loans and Extraordinary
Advances, shall be entitled to interest at the applicable rate or rates payable under this Agreement on the daily amount of funds
employed by Swing Lender, Agent, or the Lenders, as applicable.

 

(iv)         Anything
in this Section 2.3(e) to the contrary notwithstanding, in the event that a Lender is a Defaulting Lender, Agent shall
be entitled to refrain from remitting settlement amounts to the Defaulting Lender and, instead, shall be entitled to elect to
implement the provisions set forth in Section 2.3(g).

 

(f)          Notation. Consistent with Section 13.1(h), Agent, as a non-fiduciary agent for Borrowers, shall maintain
a register showing the principal amount and stated interest of the Revolving Loans owing to each Lender, including the Swing Loans
owing to Swing Lender, and Extraordinary Advances owing to Agent, and the interests therein of each Lender, from time to time and
such register shall, absent manifest error, conclusively be presumed to be correct and accurate.

 

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(g)         Defaulting
Lenders.

 

(i)           Notwithstanding
the provisions of Section 2.4(b)(iii), Agent shall not be obligated to transfer to a Defaulting Lender any payments made
by Borrowers to Agent for the Defaulting Lender’s benefit or any proceeds of Collateral that would otherwise be remitted
hereunder to the Defaulting Lender, and, in the absence of such transfer to the Defaulting Lender, Agent shall transfer any such
payments (A) first, to Agent to the extent of any Extraordinary Advances that were made by Agent and that were required to be,
but were not, paid by Defaulting Lender, (B) second, to Swing Lender to the extent of any Swing Loans that were made by Swing
Lender and that were required to be, but were not, paid by the Defaulting Lender, (C) third, to Issuing Bank, to the extent of
the portion of a Letter of Credit Disbursement that was required to be, but was not, paid by the Defaulting Lender, (D) fourth,
to each Non-Defaulting Lender ratably in accordance with their Commitments (but, in each case, only to the extent that such Defaulting
Lender’s portion of a Revolving Loan (or other funding obligation) was funded by such other Non-Defaulting Lender), (E)
fifth, in Agent’s sole discretion, to a suspense account maintained by Agent, the proceeds of which shall be retained by
Agent and may be made available to be re-advanced to or for the benefit of Borrowers (upon the request of Borrowers and subject
to the conditions set forth in Section 3.2) as if such Defaulting Lender had made its portion of Revolving Loans (or other
funding obligations) hereunder, and (F) sixth, from and after the date on which all other Obligations have been paid in full,
to such Defaulting Lender in accordance with tier (L) of Section 2.4(b)(iii). Subject to the foregoing, Agent may hold
and, in its discretion, re-lend to Borrowers for the account of such Defaulting Lender the amount of all such payments received
and retained by Agent for the account of such Defaulting Lender. Solely for the purposes of voting or consenting to matters with
respect to the Loan Documents (including the calculation of Pro Rata Share in connection therewith) and for the purpose of calculating
the fee payable under Section 2.10(b), such Defaulting Lender shall be deemed not to be a “Lender” and such
Lender’s Commitment shall be deemed to be zero; provided, that the foregoing shall not apply to any of the matters
governed by Section 14.1(a)(i) through (iii). The provisions of this Section 2.3(g) shall remain effective
with respect to such Defaulting Lender until the earlier of (y) the date on which all of the Non-Defaulting Lenders, Agent, Issuing
Bank, and Borrowers shall have waived, in writing, the application of this Section 2.3(g) to such Defaulting Lender, or
(z) the date on which such Defaulting Lender makes payment of all amounts that it was obligated to fund hereunder, pays to Agent
all amounts owing by Defaulting Lender in respect of the amounts that it was obligated to fund hereunder, and, if requested by
Agent, provides adequate assurance of its ability to perform its future obligations hereunder (on which earlier date, so long
as no Event of Default has occurred and is continuing, any remaining cash collateral held by Agent pursuant to Section 2.3(g)(ii)
shall be released to Borrowers). The operation of this Section 2.3(g) shall not be construed to increase or otherwise
affect the Commitment of any Lender, to relieve or excuse the performance by such Defaulting Lender or any other Lender of its
duties and obligations hereunder, or to relieve or excuse the performance by any Borrower of its duties and obligations hereunder
to Agent, Issuing Bank, or to the Lenders other than such Defaulting Lender. Any failure by a Defaulting Lender to fund amounts
that it was obligated to fund hereunder shall constitute a material breach by such Defaulting Lender of this Agreement and shall
entitle Borrowers, at their option, upon written notice to Agent, to arrange for a substitute Lender to assume the Commitment
of such Defaulting Lender, such substitute Lender to be reasonably acceptable to Agent. In connection with the arrangement of
such a substitute Lender, the Defaulting Lender shall have no right to refuse to be replaced hereunder, and agrees to execute
and deliver a completed form of Assignment and Acceptance in favor of the substitute Lender (and agrees that it shall be deemed
to have executed and delivered such document if it fails to do so) subject only to being paid its share of the outstanding Obligations
(other than Bank Product Obligations, but including (1) all interest, fees, and other amounts that may be due and payable in respect
thereof, and (2) an assumption of its Pro Rata Share of its participation in the Letters of Credit); provided, that any
such assumption of the Commitment of such Defaulting Lender shall not be deemed to constitute a waiver of any of the Lender Groups’
or Borrowers’ rights or remedies against any such Defaulting Lender arising out of or in relation to such failure to fund.
In the event of a direct conflict between the priority provisions of this Section 2.3(g) and any other provision contained
in this Agreement or any other Loan Document, it is the intention of the parties hereto that such provisions be read together
and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict
that cannot be resolved as aforesaid, the terms and provisions of this Section 2.3(g) shall control and govern.

 

(ii)          If
any Swing Loan or Letter of Credit is outstanding at the time that a Lender becomes a Defaulting Lender then:

 

(A)           such Defaulting Lender’s Swing Loan Exposure and Letter of Credit Exposure shall be reallocated among the Non-Defaulting
Lenders in accordance with their respective Pro Rata Shares but only to the extent (x) the sum of all Non-Defaulting Lenders’
Pro Rata Share of Revolver Usage plus such Defaulting Lender’s Swing Loan Exposure and Letter of Credit Exposure does not
exceed the total of all Non-Defaulting Lenders’ Revolver Commitments and (y) the conditions set forth in Section 3.2 are
satisfied at such time;

 

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(B)           if the reallocation described in clause (A) above cannot, or can only partially, be effected, Borrowers shall within
one Business Day following notice by the Agent (x) first, prepay such Defaulting Lender’s Swing Loan Exposure (after giving
effect to any partial reallocation pursuant to clause (A) above), and (y) second, cash collateralize such Defaulting Lender’s
Letter of Credit Exposure (after giving effect to any partial reallocation pursuant to clause (A) above), pursuant to a cash collateral
agreement to be entered into in form and substance reasonably satisfactory to the Agent, for so long as such Letter of Credit Exposure
is outstanding; provided, that Borrowers shall not be obligated to cash collateralize any Defaulting Lender’s Letter
of Credit Exposure if such Defaulting Lender is also Issuing Bank;

 

(C)           if Borrowers cash collateralize any portion of such Defaulting Lender’s Letter of Credit Exposure pursuant
to this Section 2.3(g)(ii), Borrowers shall not be required to pay any Letter of Credit Fees to Agent for the account of
such Defaulting Lender pursuant to Section 2.6(b) with respect to such cash collateralized portion of such Defaulting Lender’s
Letter of Credit Exposure during the period such Letter of Credit Exposure is cash collateralized;

 

(D)           to the extent the Letter of Credit Exposure of the Non-Defaulting Lenders is reallocated pursuant to this Section
2.3(g)(ii), then the Letter of Credit Fees payable to the Non-Defaulting Lenders pursuant to Section 2.6(b) shall be
adjusted in accordance with such Non-Defaulting Lenders’ Letter of Credit Exposure;

 

(E)           to the extent any Defaulting Lender’s Letter of Credit Exposure is neither cash collateralized nor reallocated
pursuant to this Section 2.3(g)(ii), then, without prejudice to any rights or remedies of Issuing Bank or any Lender hereunder,
all Letter of Credit Fees that would have otherwise been payable to such Defaulting Lender under Section 2.6(b) with respect
to such portion of such Letter of Credit Exposure shall instead be payable to Issuing Bank until such portion of such Defaulting
Lender’s Letter of Credit Exposure is cash collateralized or reallocated;

 

(F)           so
long as any Lender is a Defaulting Lender, the Swing Lender shall not be required to make any Swing Loan and Issuing Bank shall
not be required to issue, amend, or increase any Letter of Credit, in each case, except to the extent (x) the Defaulting Lender’s
Pro Rata Share of such Swing Loans or Letter of Credit has been reallocated pursuant to this Section 2.3(g)(ii), or (y)
the Swing Lender or Issuing Bank, as applicable, has not otherwise entered into arrangements reasonably satisfactory to the Swing
Lender or Issuing Bank, as applicable, and Borrowers to eliminate the Swing Lender’s or Issuing Bank’s risk with respect
to the Defaulting Lender’s participation in Swing Loans or Letters of Credit; and

 

(G)           Agent
may release any cash collateral provided by Borrowers pursuant to this Section 2.3(g)(ii) to Issuing Bank and Issuing Bank
may apply any such cash collateral to the payment of such Defaulting Lender’s Pro Rata Share of any Letter of Credit Disbursement
that is not reimbursed by Borrowers pursuant to Section 2.11(d). Subject to Section 17.14, no reallocation hereunder
shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender
having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s
increased exposure following such reallocation.

 

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(h)          Independent
Obligations. All Revolving Loans (other than Swing Loans and Extraordinary Advances) shall be made by the Lenders contemporaneously
and in accordance with their Pro Rata Shares. It is understood that (i) no Lender shall be responsible for any failure by any
other Lender to perform its obligation to make any Revolving Loan (or other extension of credit) hereunder, nor shall any Commitment
of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligations hereunder, and
(ii) no failure by any Lender to perform its obligations hereunder shall excuse any other Lender from its obligations hereunder.

 

2.4          Payments;
Reductions of Commitments; Prepayments.

 

(a)          Payments by Borrowers.

 

(i)           Except
as otherwise expressly provided herein, all payments by Borrowers shall be made to Agent’s Account for the account of the
Lender Group and shall be made in immediately available funds, no later than 1:30 p.m. on the date specified herein; provided
that, for the avoidance of doubt, any payments deposited into a Controlled Account shall be deemed not to be received by Agent
on any Business Day unless immediately available funds have been credited to Agent’s Account prior to 1:30 p.m. on such
Business Day. Any payment received by Agent in immediately available funds in Agent’s Account later than 1:30 p.m. shall
be deemed to have been received (unless Agent, in its sole discretion, elects to credit it on the date received) on the following
Business Day and any applicable interest or fee shall continue to accrue until such following Business Day.

 

(ii)          Unless
Agent receives notice from Borrowers prior to the date on which any payment is due to the Lenders that Borrowers will not make
such payment in full as and when required, Agent may assume that Borrowers have made (or will make) such payment in full to Agent
on such date in immediately available funds and Agent may (but shall not be so required), in reliance upon such assumption, distribute
to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrowers do not make
such payment in full to Agent on the date when due, each Lender severally shall repay to Agent on demand such amount distributed
to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed
to such Lender until the date repaid.

 

(b)         Apportionment
and Application.

 

(i)           So long as no Application Event has occurred and is continuing and except as otherwise provided herein with respect
to Defaulting Lenders, all principal and interest payments received by Agent shall be apportioned ratably among the Lenders (according
to the unpaid principal balance of the Obligations to which such payments relate held by each Lender) and all payments of fees
and expenses received by Agent (other than fees or expenses that are for Agent’s separate account or for the separate account
of Issuing Bank) shall be apportioned ratably among the Lenders having a Pro Rata Share of the type of Commitment or Obligation
to which a particular fee or expense relates.

 

(ii)          Subject
to Section 2.4(b)(v) and Section 2.4(e), all payments to be made hereunder by Borrowers shall be remitted to Agent
and all such payments, and all proceeds of Collateral received by Agent, shall be applied, so long as no Application Event has
occurred and is continuing and except as otherwise provided herein with respect to Defaulting Lenders, to reduce the balance of
the Revolving Loans outstanding and, thereafter, to Borrowers (to be wired to the Designated Account) or such other Person entitled
thereto under applicable law.

 

(iii)         At
any time that an Application Event has occurred and is continuing and except as otherwise provided herein with respect to Defaulting
Lenders, all payments remitted to Agent and all proceeds of Collateral received by Agent shall be applied as follows:

 

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(A)           first,
to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due to Agent under the Loan Documents
and to pay interest and principal on Extraordinary Advances that are held solely by Agent pursuant to the terms of Section
2.4(c)(iii), until paid in full,

 

(B)           second,
to pay any fees or premiums then due to Agent under the Loan Documents, until paid in full,

 

(C)           third,
to pay interest due in respect of all Protective Advances, until paid in full,

 

(D)          
fourth, to pay the principal of all Protective Advances, until paid in full,

 

(E)            fifth,
ratably, to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due to any of the Lenders
under the Loan Documents, until paid in full,

 

(F)            sixth, ratably, to pay any fees or premiums then due to any of the Lenders under the Loan Documents, until
paid in full,

 

(G)           seventh,
to pay interest accrued in respect of the Swing Loans, until paid in full,

 

(H)           eighth,
to pay the principal of all Swing Loans, until paid in full,

 

(I)             ninth,
to pay interest accrued in respect of the Revolving Loans (other than Protective Advances and Swing Loans), until paid in full,

 

(J)            tenth, ratably

 

i.              to pay the principal of all Revolving Loans (other than Protective Advances and Swing Loans), until paid in full,

 

ii.             to Agent, to be held by Agent, for the benefit of Issuing Bank (and for the ratable benefit of each of the Lenders
that have an obligation to pay to Agent, for the account of Issuing Bank, a share of each Letter of Credit Disbursement), as cash
collateral in an amount up to 105% of the Letter of Credit Usage (to the extent permitted by applicable law, such cash collateral
shall be applied to the reimbursement of any Letter of Credit Disbursement as and when such disbursement occurs and, if a Letter
of Credit expires undrawn, the cash collateral held by Agent in respect of such Letter of Credit shall, to the extent permitted
by applicable law, be reapplied pursuant to this Section 2.4(b)(iii), beginning with tier (A) hereof),

 

iii.            ratably,
to (y) the Bank Product Providers based upon amounts then certified by each applicable Bank Product Provider to Agent (in form
and substance satisfactory to Agent) to be due and payable to such Bank Product Provider on account of Bank Product Obligations,
and (z) with any balance to be paid to Agent, to be held by Agent, for the ratable benefit of the Bank Product Providers, as cash
collateral (which cash collateral may be released by Agent to the applicable Bank Product Provider and applied by such Bank Product
Provider to the payment or reimbursement of any amounts due and payable with respect to Bank Product Obligations owed to the applicable
Bank Product Provider as and when such amounts first become due and payable and, if and at such time as all such Bank Product
Obligations are paid or otherwise satisfied in full, the cash collateral held by Agent in respect of such Bank Product Obligations
shall be reapplied pursuant to this Section 2.4(b)(iii), beginning with tier (A) hereof),

 

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(A)            eleventh,
to pay any other Obligations other than Obligations owed to Defaulting Lenders,

 

(B)            twelfth, ratably to pay any Obligations owed to Defaulting Lenders; and

 

(C)            thirteenth,
to Borrowers (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.

 

(i)           Agent
promptly shall distribute to each Lender, pursuant to the applicable wire instructions received from each Lender in writing, such
funds as it may be entitled to receive, subject to a Settlement delay as provided in Section 2.3(e).

 

(ii)          In each instance, so long as no Application Event has occurred and is continuing, Section 2.4(b)(ii) shall
not apply to any payment made by Borrowers to Agent and specified by Borrowers to be for the payment of specific Obligations then
due and payable (or prepayable) under any provision of this Agreement or any other Loan Document.

 

(iii)         For
purposes of Section 2.4(b)(iii), “paid in full” of a type of Obligation means payment in cash or immediately
available funds of all amounts owing on account of such type of Obligation, including interest accrued after the commencement
of any Insolvency Proceeding, default interest, interest on interest, and expense reimbursements, irrespective of whether any
of the foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.

 

(iv)         In the event of a direct conflict between the priority provisions of this Section 2.4 and any other provision
contained in this Agreement or any other Loan Document, it is the intention of the parties hereto that such provisions be read
together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable
conflict that cannot be resolved as aforesaid, if the conflict relates to the provisions of Section 2.3(g) and this Section
2.4, then the provisions of Section 2.3(g) shall control and govern, and if otherwise, then the terms and provisions
of this Section 2.4 shall control and govern.

 

(c)          Reduction
of Commitments. The Revolver Commitments shall terminate on the Maturity Date or earlier termination thereof pursuant to the
terms of this Agreement. Borrowers may reduce the Revolver Commitments, without premium or penalty, to an amount (which may be
zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Revolving
Loans not yet made as to which a request has been given by Borrowers under Section 2.3(a), plus (C) the amount
of all Letters of Credit not yet issued as to which a request has been given by Borrowers pursuant to Section 2.11(a).
Each such reduction shall be in an amount which is not less than $5,000,000 (unless the Revolver Commitments are being reduced
to zero and the amount of the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,000), shall
be made by providing not less than five (5) Business Days prior written notice to Agent, and shall be irrevocable; provided,
that, in the event a notice of termination of the Revolver Commitments in full is delivered to Agent by the Borrowers which
states that such notice is conditioned upon the consummation of other credit facilities or debt or equity issuances by a specified
date (which specified date shall be no later than 20 days from the date of such notice), such notice may be revoked by the Borrowers
(by notice to the Agent on or prior to such specified date) if such condition is not satisfied. Unless the Revolver Commitments
are being reduced to zero, in no event shall the Revolver Commitments be reduced pursuant to this Section 2.4(c) to an amount
less than $20,000,000. The Revolver Commitments, once reduced, may not be increased. Each such reduction of the Revolver Commitments
shall reduce the Revolver Commitments of each Lender proportionately in accordance with its ratable share thereof. In connection
with any reduction in the Revolver Commitments prior to the Maturity Date, if any Loan Party or any of its Subsidiaries owns any
Margin Stock, Borrowers shall deliver to Agent an updated Form U-1 (with sufficient additional originals thereof for each Lender),
duly executed and delivered by the Borrowers, together with such other documentation as Agent shall reasonably request, in order
to enable Agent and the Lenders to comply with any of the requirements under Regulations T, U or X of the Federal Reserve Board.

 

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(d)         Optional
Prepayments. Borrowers may prepay the principal of any Revolving Loan at any time in whole or in part, without premium or
penalty.

 

(e)         Mandatory
Prepayments.

 

(i)           Borrowing
Base. If, at any time, (A) the Revolver Usage on such date exceeds (B) the lesser of (x) the Borrowing Base reflected in the
Borrowing Base Certificate most recently delivered by Borrowers to Agent, or (y) the Maximum Revolver Amount, in all cases as
adjusted for Reserves established by Agent in accordance with Section 2.1(c), then Borrowers shall promptly, but in any
event, within one (1) Business Day prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal
to the amount of such excess.

 

(ii)          [Reserved].

 

(iii)         Dispositions. Within one (1) Business Day of the date of receipt by any Loan Party or any of its Subsidiaries
of the Net Cash Proceeds of any voluntary or involuntary sale or disposition of assets of any Loan Party or any of its Subsidiaries
(including Net Cash Proceeds of insurance or arising from casualty losses or condemnations and payments in lieu thereof, in each
case, in excess of $250,000 in any fiscal year of Parent, but excluding Net Cash Proceeds from sales or dispositions which qualify
as Permitted Dispositions under clauses (a), (b), (c), (d), (e), (f), (i), (j), (k), (l), (m), (n), or (o) of the definition of
Permitted Dispositions), Borrowers shall prepay the outstanding principal amount of the Obligations in accordance with Section
2.4(f)(ii) in an amount equal to 100% of such Net Cash Proceeds received by such Person in connection with such sales
or dispositions; provided, that so long as (A) no Default or Event of Default shall have occurred and is continuing or would
result therefrom, (B) Borrowers shall have given Agent prior written notice of Borrowers’ intention to apply such monies
to the costs of replacement of the properties or assets that are the subject of such sale or disposition or the cost of purchase
or construction of other assets useful in the business of such Loan Party or its Subsidiaries, (C) the monies are held in a Deposit
Account in which Agent has a perfected first-priority security interest, and (D) such Loan Party or its Subsidiary, as applicable,
completes such replacement, purchase, or construction within 180 days after the initial receipt of such monies, then the Loan Party
or such Loan Party’s Subsidiary whose assets were the subject of such disposition shall have the option to apply such monies
to the costs of replacement of the assets that are the subject of such sale or disposition or the costs of purchase or construction
of other assets useful in the business of such Loan Party or such Subsidiary unless and to the extent that such applicable period
shall have expired without such replacement, purchase, or construction being made or completed, in which case, any amounts remaining
in the Deposit Account referred to in clause (C) above shall be paid to Agent and applied in accordance with Section 2.4(f)(ii);
provided, that no Loan Party nor any of its Subsidiaries shall have the right to use such Net Cash Proceeds to make such
replacements, purchases, or construction in excess of $1,000,000 in any given fiscal year. Nothing contained in this Section
2.4(e)(iii) shall permit any Loan Party or any of its Subsidiaries to sell or otherwise dispose of any assets other than
in accordance with Section 6.4.

 

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(iv)           
Extraordinary Receipts. Within one (1) Business Day of the date of receipt by any Loan Party or any of its
Subsidiaries of any Extraordinary Receipts in excess of $250,000 in any fiscal year of Parent, Borrowers shall prepay the outstanding
principal amount of the Obligations in accordance with Section 2.4(f)(ii) in an amount equal to 100% of the Net Cash Proceeds
of such Extraordinary Receipts.

 

(v)            
Indebtedness. Within one (1) Business Day of the date of incurrence by any Loan Party or any of its Subsidiaries
of any Indebtedness (other than Permitted Indebtedness), Borrowers shall prepay the outstanding principal amount of the Obligations
in accordance with Section 2.4(f)(ii) in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection
with such incurrence. The provisions of this Section 2.4(e)(v) shall not be deemed to be implied consent to any such incurrence
otherwise prohibited by the terms of this Agreement.

 

(vi)           
Equity. Within one (1) Business Day of the date of the issuance by any Loan Party or any of its Subsidiaries
of any Equity Interests (other than (A) any Equity Interests issued by a Loan Party to another Loan Party, (B) the issuance of
Equity Interests by Parent to any Person that is an equity holder of Parent prior to such issuance (a “Subject Holder”)
so long as such Subject Holder did not acquire any Equity Interests of Parent so as to become a Subject Holder concurrently with,
or in contemplation of, the issuance of such Equity Interests to such Subject Holder, (C) the issuance of Equity Interests of Parent
in connection with the raising of Curative Equity, (D) the issuance of Equity Interests of Parent to directors, officers and employees
of Parent and its Subsidiaries pursuant to employee stock option plans (or other employee incentive plans or other compensation
arrangements) approved by the Board of Directors, and (E) the issuance of Equity Interests by a Subsidiary of a Loan Party to its
parent or member in connection with the contribution by such parent or member to such Subsidiary of the proceeds of an issuance
described in clauses (A) – (E) above), Borrowers shall prepay the outstanding principal amount of the Obligations in accordance
with Section 2.4(f)(ii) in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection with such
issuance. The provisions of this Section 2.4(e)(vi) shall not be deemed to be implied consent to any such issuance otherwise
prohibited by the terms of this Agreement.

 

(vii)          Curative
Equity. Within 1 Business Day of the date of receipt by Borrower of the proceeds of any Curative Equity pursuant to Section
9.3, Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(f)(ii)
in an amount equal to 100% of such proceeds.

 

(f)          
Application of Payments.

 

(i)           
Each prepayment pursuant to Section 2.4(e)(i) shall, (1) so long as no Application Event shall
have occurred and be continuing, be applied, first, to the outstanding principal amount of the Revolving Loans (without
a corresponding permanent reduction in the Maximum Revolver Amount) until paid in full, and second, to cash collateralize
the Letters of Credit in an amount equal to 103% of the then outstanding Letter of Credit Usage (without a corresponding permanent
reduction in the Maximum Revolver Amount), and (2) if an Application Event shall have occurred and be continuing, be applied
in the manner set forth in Section 2.4(b)(iii).

 

(ii)           
Each prepayment pursuant to Section 2.4(e)(iii), 2.4(e)(iv), 2.4(e)(v) or 2.4(e)(vi) shall, (A)
so long as no Application Event shall have occurred and be continuing, be applied to the outstanding principal amount of the Revolving
Loans (without a corresponding permanent reduction in the Maximum Revolver Amount), until paid in full, and (B) if an Application
Event shall have occurred and be continuing, be applied in the manner set forth in Section 2.4(b)(iii).

 

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2.5         
Promise to Pay; Promissory Notes.

 

(a)         
Borrowers agree to pay the Lender Group Expenses, on the earlier of (i) subject to Section 2.6(d), the first day
of the month following the date on which the applicable Lender Group Expenses were first incurred, or (ii) the date on which demand
therefor is made by Agent (it being acknowledged and agreed that any charging of such costs, expenses or Lender Group Expenses
to the Loan Account pursuant to the provisions of Section 2.6(d) shall be deemed to constitute a demand for payment thereof
for the purposes of this subclause (ii)). Borrowers promise to pay all of the Obligations (including principal, interest, premiums,
if any, fees, costs, and expenses (including Lender Group Expenses)) in full on the Maturity Date or, if earlier, on the date on
which the Obligations (other than the Bank Product Obligations) become due and payable pursuant to the terms of this Agreement.
Borrowers agree that their obligations contained in the first sentence of this Section 2.5(a) shall survive payment or satisfaction
in full of all other Obligations.

 

(b)         
Any Lender may request that any portion of its Commitments or the Loans made by it be evidenced by one or more promissory
notes. In such event, Borrowers shall execute and deliver to such Lender the requested promissory notes payable to the order of
such Lender in a form furnished by Agent and reasonably satisfactory to Borrowers. Thereafter, the portion of the Commitments and
Loans evidenced by such promissory notes and interest thereon shall at all times be represented by one or more promissory notes
in such form payable to the order of the payee named therein.

 

2.6         
Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations.

 

(a)         
Interest Rates. Except as provided in Section 2.6(c) and Section 2.12(d), all Obligations (except
for undrawn Letters of Credit) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest as follows:

 

(i)           
if the relevant Obligation is a LIBOR Rate Loan, at a per annum rate equal to the LIBOR Rate plus
the LIBOR Rate Margin, and

 

(ii)          
otherwise, at a per annum rate equal to the Base Rate plus the Base Rate Margin.

 

(b)         
Letter of Credit Fee. Borrowers shall pay Agent (for the ratable benefit of the Revolving Lenders), a Letter
of Credit fee (the “Letter of Credit Fee”) (which fee shall be in addition to the fronting fees and commissions,
other fees, charges and expenses set forth in Section 2.11(k)) that shall accrue at a per annum rate equal to the
LIBOR Rate Margin times the average amount of the Letter of Credit Usage during the immediately preceding month.

 

(c)         
Default Rate. (i) Automatically upon the occurrence and during the continuation of an Event of Default under
Section 8.4 or 8.5 and (ii) upon the occurrence and during the continuation of any other Event of Default (other
than an Event of Default under Section 8.4 or 8.5), at the direction of the Required Lenders, and upon written notice
by Agent to Borrowers of such direction (provided, that such notice shall not be required for any Event of Default under
Section 8.1), (A) all Loans and all Obligations (except for undrawn Letters of Credit) that have been charged to the Loan
Account pursuant to the terms hereof shall bear interest at a per annum rate equal to two percentage points above the per
annum rate otherwise applicable thereunder, and (B) the Letter of Credit Fee shall be increased to two percentage points above
the per annum rate otherwise applicable hereunder.

 

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(d)         
Payment. Except to the extent provided to the contrary in Section 2.10, Section 2.11(k) or Section
2.12(a), (i) all interest and all other fees payable hereunder or under any of the other Loan Documents (other than Letter
of Credit Fees) shall be due and payable, in arrears, on the first day of each month, (ii) all Letter of Credit Fees payable hereunder,
and all fronting fees and all commissions, other fees, charges and expenses provided for in Section 2.11(k) shall be due
and payable, in arrears, on the first Business Day of each month, and (iii) all costs and expenses payable hereunder or under any
of the other Loan Documents, and all other Lender Group Expenses shall be due and payable on (x) with respect to Lender Group Expenses
outstanding as of the Closing Date, the Closing Date, and (y) otherwise, the earlier to occur of (A) the first day of the month
following the date on which the applicable costs, expenses, or Lender Group Expenses were first incurred, or (B) five (5) Business
Days after the date on which demand therefor is made by Agent (it being acknowledged and agreed that any charging of such costs,
expenses or Lender Group Expenses to the Loan Account pursuant to the provisions of the following sentence shall be deemed to constitute
a demand for payment thereof for the purposes of this subclause (y)). Borrowers hereby authorize Agent, from time to time without
prior notice to Borrowers, to charge to the Loan Account (A) on the first day of each month, all interest accrued during the prior
month on the Revolving Loans hereunder, (B) on the first Business Day of each month, all Letter of Credit Fees accrued or chargeable
hereunder during the prior month, (C) as and when incurred or accrued, all fees and costs provided for in Section 2.10(a)
or (c), (D) on the first day of each month, the Unused Line Fee accrued during the prior month pursuant to Section 2.10(b),
(E) as and when due and payable, all other fees payable hereunder or under any of the other Loan Documents, (F) if Borrowers do
not pay any such Lender Group Expenses within five (5) Business Days of the date of Borrowers’ receipt of written notice
thereof, all out-of-pocket audit, appraisal, valuation, or other charges or fees payable hereunder pursuant to Section 2.10(c),
(G) as and when due and payable, all other fees payable hereunder or under any of the other Loan Documents, (H) with respect to
other Lender Group Expenses, on the Closing Date and thereafter if Borrowers do not pay such other Lender Group Expenses within
five (5) Business Days of the date of Borrowers’ receipt of written notice thereof, and (I) as and when due and payable all
other payment obligations payable under any Loan Document or any Bank Product Agreement (including any amounts due and payable
to the Bank Product Providers in respect of Bank Products); provided, that if such amounts are not paid and, instead, are
charged to the Loan Account, they shall be charged thereto as of the day on which the item was first due and payable without regard
to the applicable delay and such amounts shall accrue interest from such original date; provided further, that the applicable
delays set forth in the foregoing clauses (F) and (I) shall not be applicable (and Agent shall be entitled to immediately charge
to the Loan Account) at any time that an Event of Default has occurred and is continuing. All amounts (including interest, fees,
costs, expenses, Lender Group Expenses, or other amounts payable hereunder or under any other Loan Document or under any Bank Product
Agreement) charged to the Loan Account shall thereupon constitute Revolving Loans hereunder, shall constitute Obligations hereunder,
and shall initially accrue interest at the rate then applicable to Revolving Loans that are Base Rate Loans (unless and until converted
into LIBOR Rate Loans in accordance with the terms of this Agreement).

 

(e)         
Computation. All interest and fees chargeable under the Loan Documents shall be computed on the basis of a
360 day year, or, in the case of Base Rate Loans only, on the basis of a 365 or 366 day year (as the case may be), in each case,
for the actual number of days elapsed in the period during which the interest or fees accrue. In the event the Base Rate is changed
from time to time hereafter, the rates of interest hereunder based upon the Base Rate automatically and immediately shall be increased
or decreased by an amount equal to such change in the Base Rate.

 

(f)          
Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under
this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any
law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers and the Lender Group, in
executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated
within it; provided, that anything contained herein to the contrary notwithstanding, if such rate or rates of interest or
manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement,
Borrowers are and shall be liable only for the payment of such maximum amount as is allowed by law, and payment received from Borrowers
in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the
extent of such excess.

 

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2.7        
Crediting Payments. The receipt of any payment item by Agent shall not be required to be considered
a payment on account unless such payment item is a wire transfer of immediately available funds made to Agent’s Account
or unless and until such payment item is honored when presented for payment. Should any payment item not be honored when presented
for payment, then Borrowers shall be deemed not to have made such payment. Anything to the contrary contained herein notwithstanding,
any payment item shall be deemed received by Agent only if it is received into Agent’s Account on a Business Day on or before
1:00 p.m. If any payment item is received into Agent’s Account on a non-Business Day or after 1:00 p.m. on a Business Day
(unless Agent, in its sole discretion, elects to credit it on the date received), it shall be deemed to have been received by
Agent as of the opening of business on the immediately following Business Day.

 

2.8        
Designated Account. Agent is authorized to make the Revolving Loans, and Issuing Bank is authorized
to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting
to be an Authorized Person or, without instructions, if pursuant to Section 2.6(d). Borrowers agree to establish and maintain
the Designated Account with the Designated Account Bank for the purpose of receiving the proceeds of the Revolving Loans requested
by Borrowers and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and Borrowers, any Revolving Loan or
Swing Loan requested by Borrowers and made by Agent or the Lenders hereunder shall be made to the Designated Account.

 

2.9        
Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its
books in the name of Borrowers (the “Loan Account”) on which Borrowers will be charged with all Revolving Loans (including
Extraordinary Advances and Swing Loans) made by Agent, Swing Lender, or the Lenders to Borrowers or for Borrowers’ account,
the Letters of Credit issued or arranged by Issuing Bank for Borrowers’ account, and with all other payment Obligations
hereunder or under the other Loan Documents, including, accrued interest, fees and expenses, and Lender Group Expenses. In accordance
with Section 2.7, the Loan Account will be credited with all payments received by Agent from Borrowers or for Borrowers’
account. Agent shall make available to Borrowers monthly statements regarding the Loan Account, including the principal amount
of the Revolving Loans, interest accrued hereunder, fees accrued or charged hereunder or under the other Loan Documents, and a
summary itemization of all charges and expenses constituting Lender Group Expenses accrued hereunder or under the other Loan Documents,
and each such statement, absent manifest error, shall be conclusively presumed to be correct and accurate and constitute an account
stated between Borrowers and the Lender Group unless, within 30 days after Agent first makes such a statement available to Borrowers,
Borrowers shall deliver to Agent written objection thereto describing the error or errors contained in such statement.

 

2.10       
Fees.

 

(a)         
Agent Fees. Borrowers shall pay to Agent, for the account of Agent, as and when due and payable under the
terms of the Fee Letter, the fees set forth in the Fee Letter.

 

(b)        
Unused Line Fee. Borrowers shall pay to Agent, for the ratable account of the Revolving Lenders, an unused
line fee (the “Unused Line Fee”) in an amount equal to one-quarter of one percent (0.25%) per annum times
the excess, if any, of (i) the aggregate amount of the Revolver Commitments, over (ii) the Average Revolver Usage during the immediately
preceding month (or portion thereof), which Unused Line Fee shall be due and payable, in arrears, on the first day of each month
from and after the Closing Date up to the first day of the month prior to the date on which the Obligations are paid in full and
on the date on which the Obligations are paid in full.

 

     -60-

     

    

 

(c)        
Field Examination and Other Fees. Subject to any limitations set forth in Section 5.7(c), Borrowers
shall pay to Agent, field examination, appraisal, and valuation fees and charges, as and when incurred or chargeable, as follows
(i) a fee of $1,000 per day, per examiner, plus reasonable out-of-pocket expenses (including travel, meals, and lodging)
for each field examination of any Loan Party or its Subsidiaries performed by or on behalf of Agent, and (ii) the fees, charges
or expenses paid or incurred by Agent if it elects to employ the services of one or more third Persons to appraise the Collateral,
or any portion thereof.

 

2.11       
Letters of Credit.

 

(a)         
Subject to the terms and conditions of this Agreement, upon the request of Borrowers made in accordance herewith,
and prior to the Maturity Date, Issuing Bank agrees to issue a requested standby Letter of Credit or a sight commercial Letter
of Credit for the account of Borrowers. By submitting a request to Issuing Bank for the issuance of a Letter of Credit, Borrowers
shall be deemed to have requested that Issuing Bank issue the requested Letter of Credit. Each request for the issuance of a Letter
of Credit, or the amendment, renewal, or extension of any outstanding Letter of Credit, shall be (i) irrevocable and made in writing
by an Authorized Person, (ii) delivered to Agent and Issuing Bank via telefacsimile or other electronic method of transmission
reasonably acceptable to Agent and Issuing Bank and reasonably in advance of the requested date of issuance, amendment, renewal,
or extension, and (iii) subject to Issuing Bank’s authentication procedures with results satisfactory to Issuing Bank. Each
such request shall be in form and substance reasonably satisfactory to Agent and Issuing Bank and (i) shall specify (A) the amount
of such Letter of Credit, (B) the date of issuance, amendment, renewal, or extension of such Letter of Credit, (C) the proposed
expiration date of such Letter of Credit, (D) the name and address of the beneficiary of the Letter of Credit, and (E) such other
information (including, the conditions to drawing, and, in the case of an amendment, renewal, or extension, identification of the
Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such Letter
of Credit, and (ii) shall be accompanied by such Issuer Documents as Agent or Issuing Bank may request or require, to the extent
that such requests or requirements are consistent with the Issuer Documents that Issuing Bank generally requests for Letters of
Credit in similar circumstances. Issuing Bank’s records of the content of any such request will be conclusive. Anything contained
herein to the contrary notwithstanding, Issuing Bank may, but shall not be obligated to, issue a Letter of Credit that supports
the obligations of a Loan Party or one of its Subsidiaries in respect of (x) a lease of real property to the extent that the face
amount of such Letter of Credit exceeds the highest rent (including all rent-like charges) payable under such lease for a period
of one year, or (y) an employment contract.

 

(b)         
Issuing Bank shall have no obligation to issue a Letter of Credit if any of the following would result after giving
effect to the requested issuance:

 

(i)           
the Letter of Credit Usage would exceed the Letter of Credit Sublimit, or

 

(ii)         
the Letter of Credit Usage would exceed the Maximum Revolver Amount less the outstanding amount of
Revolving Loans (including Swing Loans), or

 

(iii)        
the Letter of Credit Usage would exceed the Borrowing Base at such time less the outstanding principal
balance of the Revolving Loans (inclusive of Swing Loans) at such time.

 

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(c)         
In the event there is a Defaulting Lender as of the date of any request for the issuance of a Letter of Credit, Issuing
Bank shall not be required to issue or arrange for such Letter of Credit to the extent (i) the Defaulting Lender’s Letter
of Credit Exposure with respect to such Letter of Credit may not be reallocated pursuant to Section 2.3(g)(ii), or (ii)
Issuing Bank has not otherwise entered into arrangements reasonably satisfactory to it and Borrowers to eliminate Issuing Bank’s
risk with respect to the participation in such Letter of Credit of the Defaulting Lender, which arrangements may include Borrowers
cash collateralizing such Defaulting Lender’s Letter of Credit Exposure in accordance with Section 2.3(g)(ii). Additionally,
Issuing Bank shall have no obligation to issue or extend a Letter of Credit if (A) any order, judgment, or decree of any Governmental
Authority or arbitrator shall, by its terms, purport to enjoin or restrain Issuing Bank from issuing such Letter of Credit, or
any law applicable to Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over Issuing Bank shall prohibit or request that Issuing Bank refrain from the issuance of letters of credit
generally or such Letter of Credit in particular, or (B) the issuance of such Letter of Credit would violate one or more policies
of Issuing Bank applicable to letters of credit generally, or (C) if amounts demanded to be paid under any Letter of Credit will
not or may not be in United States Dollars.

 

(d)         
Any Issuing Bank (other than Wells Fargo or any of its Affiliates) shall notify Agent in writing no later than the
Business Day prior to the Business Day on which such Issuing Bank issues any Letter of Credit. In addition, each Issuing Bank (other
than Wells Fargo or any of its Affiliates) shall, on the first Business Day of each week, submit to Agent a report detailing the
daily undrawn amount of each Letter of Credit issued by such Issuing Bank during the prior calendar week. Each Letter of Credit
shall be in form and substance reasonably acceptable to Issuing Bank, including the requirement that the amounts payable thereunder
must be payable in Dollars. If Issuing Bank makes a payment under a Letter of Credit, Borrowers shall pay to Agent an amount equal
to the applicable Letter of Credit Disbursement on the Business Day such Letter of Credit Disbursement is made and, in the absence
of such payment, the amount of the Letter of Credit Disbursement immediately and automatically shall be deemed to be a Revolving
Loan hereunder (notwithstanding any failure to satisfy any condition precedent set forth in Section 3) and, initially, shall
bear interest at the rate then applicable to Revolving Loans that are Base Rate Loans. If a Letter of Credit Disbursement is deemed
to be a Revolving Loan hereunder, Borrowers’ obligation to pay the amount of such Letter of Credit Disbursement to Issuing
Bank shall be automatically converted into an obligation to pay the resulting Revolving Loan. Promptly following receipt by Agent
of any payment from Borrowers pursuant to this paragraph, Agent shall distribute such payment to Issuing Bank or, to the extent
that Revolving Lenders have made payments pursuant to Section 2.11(e) to reimburse Issuing Bank, then to such Revolving
Lenders and Issuing Bank as their interests may appear.

 

(e)         
Promptly following receipt of a notice of a Letter of Credit Disbursement pursuant to Section 2.11(d),
each Revolving Lender agrees to fund its Pro Rata Share of any Revolving Loan deemed made pursuant to Section 2.11(d) on
the same terms and conditions as if Borrowers had requested the amount thereof as a Revolving Loan and Agent shall promptly pay
to Issuing Bank the amounts so received by it from the Revolving Lenders. By the issuance of a Letter of Credit (or an amendment,
renewal, or extension of a Letter of Credit) and without any further action on the part of Issuing Bank or the Revolving Lenders,
Issuing Bank shall be deemed to have granted to each Revolving Lender, and each Revolving Lender shall be deemed to have purchased,
a participation in each Letter of Credit issued by Issuing Bank, in an amount equal to its Pro Rata Share of such Letter of Credit,
and each such Revolving Lender agrees to pay to Agent, for the account of Issuing Bank, such Revolving Lender’s Pro Rata
Share of any Letter of Credit Disbursement made by Issuing Bank under the applicable Letter of Credit. In consideration and in
furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to Agent, for the account
of Issuing Bank, such Revolving Lender’s Pro Rata Share of each Letter of Credit Disbursement made by Issuing Bank and not
reimbursed by Borrowers on the date due as provided in Section 2.11(d), or of any reimbursement payment that is required
to be refunded (or that Agent or Issuing Bank elects, based upon the advice of counsel, to refund) to Borrowers for any reason.
Each Revolving Lender acknowledges and agrees that its obligation to deliver to Agent, for the account of Issuing Bank, an amount
equal to its respective Pro Rata Share of each Letter of Credit Disbursement pursuant to this Section 2.11(e) shall be absolute
and unconditional and such remittance shall be made notwithstanding the occurrence or continuation of an Event of Default or Default
or the failure to satisfy any condition set forth in Section 3. If any such Revolving Lender fails to make available to
Agent the amount of such Revolving Lender’s Pro Rata Share of a Letter of Credit Disbursement as provided in this Section,
such Revolving Lender shall be deemed to be a Defaulting Lender and Agent (for the account of Issuing Bank) shall be entitled to
recover such amount on demand from such Revolving Lender together with interest thereon at the Defaulting Lender Rate until paid
in full.

 

     -62-

     

    

 

(f)          
Each Borrower agrees to indemnify, defend and hold harmless each member of the Lender Group (including Issuing Bank
and its branches, Affiliates, and correspondents) and each such Person’s respective directors, officers, employees, attorneys
and agents (each, including Issuing Bank, a “Letter of Credit Related Person”) (to the fullest extent permitted
by law) from and against any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties,
and damages, and all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually
incurred in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and
irrespective of whether suit is brought), which may be incurred by or awarded against any such Letter of Credit Related Person
(other than Taxes, which shall be governed by Section 16) (the “Letter of Credit Indemnified Costs”),
and which arise out of or in connection with, or as a result of:

 

(i)           
any Letter of Credit or any pre-advice of its issuance;

 

(ii)          
any transfer, sale, delivery, surrender or endorsement (or lack thereof) of any Drawing Document at any time(s) held
by any such Letter of Credit Related Person in connection with any Letter of Credit;

 

(iii)         
any action or proceeding arising out of, or in connection with, any Letter of Credit (whether administrative, judicial
or in connection with arbitration), including any action or proceeding to compel or restrain any presentation or payment under
any Letter of Credit, or for the wrongful dishonor of, or honoring a presentation under, any Letter of Credit;

 

(iv)         
any independent undertakings issued by the beneficiary of any Letter of Credit;

 

(v)          
any unauthorized instruction or request made to Issuing Bank in connection with any Letter of Credit or requested
Letter of Credit, or any error, omission, interruption or delay in such instruction or request, whether transmitted by mail, courier,
electronic transmission, SWIFT, or any other telecommunication including communications through a correspondent;

 

(vi)         
an adviser, confirmer or other nominated person seeking to be reimbursed, indemnified or compensated;

 

(vii)        
any third party seeking to enforce the rights of an applicant, beneficiary, nominated person, transferee, assignee
of Letter of Credit proceeds or holder of an instrument or document;

 

(viii)       
the fraud, forgery or illegal action of parties other than the Letter of Credit Related Person;

 

(ix)         
any prohibition on payment or delay in payment of any amount payable by Issuing Bank to a beneficiary or transferee
beneficiary of a Letter of Credit arising out of Anti-Corruption Laws, Anti-Money Laundering Laws, or Sanctions;

 

     -63-

     

    

 

(x)          
Issuing Bank’s performance of the obligations of a confirming institution or entity that wrongfully dishonors
a confirmation;

 

(xi)         
any foreign language translation provided to Issuing Bank in connection with any Letter of Credit;

 

(xii)       
any foreign law or usage as it relates to Issuing Bank’s issuance of a Letter of Credit in support of a foreign
guaranty including the expiration of such guaranty after the related Letter of Credit expiration date and any resulting drawing
paid by Issuing Bank in connection therewith; or

 

(xiii)       
the acts or omissions, whether rightful or wrongful, of any present or future de jure or de facto governmental or
regulatory authority or cause or event beyond the control of the Letter of Credit Related Person;

 

provided, that such indemnity shall
not be available to any Letter of Credit Related Person claiming indemnification under clauses (i) through (xiii) above to the
extent that such Letter of Credit Indemnified Costs may be finally determined in a final, non-appealable judgment of a court of
competent jurisdiction to have resulted directly from the gross negligence or willful misconduct of the Letter of Credit Related
Person claiming indemnity. Borrowers hereby agree to pay the Letter of Credit Related Person claiming indemnity on demand from
time to time all amounts owing under this Section 2.11(f). If and to the extent that the obligations of Borrowers under
this Section 2.11(f) are unenforceable for any reason, Borrowers agree to make the maximum contribution to the Letter of
Credit Indemnified Costs permissible under applicable law. This indemnification provision shall survive termination of this Agreement
and all Letters of Credit.

 

(g)         
The liability of Issuing Bank (or any other Letter of Credit Related Person) under, in connection with or arising
out of any Letter of Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited
to direct damages suffered by Borrowers that are caused directly by Issuing Bank’s gross negligence or willful misconduct
in (i) honoring a presentation under a Letter of Credit that on its face does not at least substantially comply with the terms
and conditions of such Letter of Credit, (ii) failing to honor a presentation under a Letter of Credit that strictly complies with
the terms and conditions of such Letter of Credit, or (iii) retaining Drawing Documents presented under a Letter of Credit. Borrowers’
aggregate remedies against Issuing Bank and any Letter of Credit Related Person for wrongfully honoring a presentation under any
Letter of Credit or wrongfully retaining honored Drawing Documents shall in no event exceed the aggregate amount paid by Borrowers
to Issuing Bank in respect of the honored presentation in connection with such Letter of Credit under Section 2.11(d), plus
interest at the rate then applicable to Base Rate Loans hereunder. Borrowers shall take action to avoid and mitigate the amount
of any damages claimed against Issuing Bank or any other Letter of Credit Related Person, including by enforcing its rights against
the beneficiaries of the Letters of Credit. Any claim by Borrowers under or in connection with any Letter of Credit shall be reduced
by an amount equal to the sum of (x) the amount (if any) saved by Borrowers as a result of the breach or alleged wrongful conduct
complained of, and (y) the amount (if any) of the loss that would have been avoided had Borrowers taken all reasonable steps to
mitigate any loss, and in case of a claim of wrongful dishonor, by specifically and timely authorizing Issuing Bank to effect a
cure.

 

(h)         
Borrowers are responsible for the final text of the Letter of Credit as issued by Issuing Bank, irrespective of any
assistance Issuing Bank may provide such as drafting or recommending text or by Issuing Bank’s use or refusal to use text
submitted by Borrowers. Borrowers understand that the final form of any Letter of Credit may be subject to such revisions and changes
as are deemed necessary or appropriate by Issuing Bank, and Borrowers hereby consent to such revisions and changes not materially
different from the application executed in connection therewith. Borrowers are solely responsible for the suitability of the Letter
of Credit for Borrowers’ purposes. If Borrowers request Issuing Bank to issue a Letter of Credit for an affiliated or unaffiliated
third party (an “Account Party”), (i) such Account Party shall have no rights against Issuing Bank; (ii) Borrowers
shall be responsible for the application and obligations under this Agreement; and (iii) communications (including notices) related
to the respective Letter of Credit shall be among Issuing Bank and Borrowers. Borrowers will examine the copy of the Letter of
Credit and any other documents sent by Issuing Bank in connection therewith and shall promptly notify Issuing Bank (not later than
three (3) Business Days following Borrowers’ receipt of documents from Issuing Bank) of any non-compliance with Borrowers’
instructions and of any discrepancy in any document under any presentment or other irregularity. Borrowers understand and agree
that Issuing Bank is not required to extend the expiration date of any Letter of Credit for any reason. With respect to any Letter
of Credit containing an “automatic amendment” to extend the expiration date of such Letter of Credit, Issuing Bank,
in its sole and absolute discretion, may give notice of non-extension of such Letter of Credit and, if Borrowers do not at any
time want the then current expiration date of such Letter of Credit to be extended, Borrowers will so notify Agent and Issuing
Bank at least 30 calendar days before Issuing Bank is required to notify the beneficiary of such Letter of Credit or any advising
bank of such non-extension pursuant to the terms of such Letter of Credit (or such shorter period as the Issuing Bank may agree
in writing in its sole discretion).

 

     -64-

     

    

 

(i)          
Borrowers’ reimbursement and payment obligations under this Section 2.11 are absolute, unconditional
and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances
whatsoever, including:

 

(i)           
any lack of validity, enforceability or legal effect of any Letter of Credit, any Issuer Document, this Agreement,
or any Loan Document, or any term or provision therein or herein;

 

(ii)         
payment against presentation of any draft, demand or claim for payment under any Drawing Document that does not comply
in whole or in part with the terms of the applicable Letter of Credit or which proves to be fraudulent, forged or invalid in any
respect or any statement therein being untrue or inaccurate in any respect, or which is signed, issued or presented by a Person
or a transferee of such Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit;

 

(iii)         
Issuing Bank or any of its branches or Affiliates being the beneficiary of any Letter of Credit;

 

(iv)         
Issuing Bank or any correspondent honoring a drawing against a Drawing Document up to the amount available under
any Letter of Credit even if such Drawing Document claims an amount in excess of the amount available under the Letter of Credit;

 

(v)         
the existence of any claim, set-off, defense or other right that any Loan Party or any of its Subsidiaries may have
at any time against any beneficiary or transferee beneficiary, any assignee of proceeds, Issuing Bank or any other Person;

 

(vi)        
Issuing Bank or any correspondent honoring a drawing upon receipt of an electronic presentation under a Letter of
Credit requiring the same, regardless of whether the original Drawing Documents arrive at Issuing Bank’s counters or are
different from the electronic presentation;

 

(vii)       
any other event, circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but
for this Section 2.11(i), constitute a legal or equitable defense to or discharge of, or provide a right of set-off against,
any Borrower’s or any of its Subsidiaries’ reimbursement and other payment obligations and liabilities, arising under,
or in connection with, any Letter of Credit, whether against Issuing Bank, the beneficiary or any other Person; or

 

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

 

provided, that subject to Section
2.11(g) above, the foregoing shall not release Issuing Bank from such liability to Borrowers as may be finally determined in
a final, non-appealable judgment of a court of competent jurisdiction against Issuing Bank following reimbursement or payment of
the obligations and liabilities, including reimbursement and other payment obligations, of Borrowers to Issuing Bank arising under,
or in connection with, this Section 2.11 or any Letter of Credit.

 

(j)          
Without limiting any other provision of this Agreement, Issuing Bank and each other Letter of Credit Related Person
(if applicable) shall not be responsible to Borrowers for, and Issuing Bank’s rights and remedies against Borrowers and the
obligation of Borrowers to reimburse Issuing Bank for each drawing under each Letter of Credit shall not be impaired by:

 

(i)           
honor of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions
of such Letter of Credit, even if the Letter of Credit requires strict compliance by the beneficiary;

 

(ii)          
honor of a presentation of any Drawing Document that appears on its face to have been signed, presented or issued
(A) by any purported successor or transferee of any beneficiary or other Person required to sign, present or issue such Drawing
Document or (B) under a new name of the beneficiary;

 

(iii)        
acceptance as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if
nonnegotiable or not in the form of a draft or notwithstanding any requirement that such draft, demand or request bear any or adequate
reference to the Letter of Credit;

 

(iv)        
the identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or
legal effect of any Drawing Document (other than Issuing Bank’s determination that such Drawing Document appears on its face
substantially to comply with the terms and conditions of the Letter of Credit);

 

(v)         
acting upon any instruction or request relative to a Letter of Credit or requested Letter of Credit that Issuing
Bank in good faith believes to have been given by a Person authorized to give such instruction or request;

 

(vi)        
any errors, omissions, interruptions or delays in transmission or delivery of any message, advice or document (regardless
of how sent or transmitted) or for errors in interpretation of technical terms or in translation or any delay in giving or failing
to give notice to any Borrower;

 

(vii)       
any acts, omissions or fraud by, or the insolvency of, any beneficiary, any nominated person or entity or any other
Person or any breach of contract between any beneficiary and any Borrower or any of the parties to the underlying transaction to
which the Letter of Credit relates;

 

(viii)      
assertion or waiver of any provision of the ISP or UCP that primarily benefits an issuer of a letter of credit, including
any requirement that any Drawing Document be presented to it at a particular hour or place;

 

(ix)         
payment to any presenting bank (designated or permitted by the terms of the applicable Letter of Credit) claiming
that it rightfully honored or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to
it;

 

     -66-

     

    

 

(x)          
acting or failing to act as required or permitted under Standard Letter of Credit Practice applicable to where Issuing
Bank has issued, confirmed, advised or negotiated such Letter of Credit, as the case may be;

 

(xi)         
honor of a presentation after the expiration date of any Letter of Credit notwithstanding that a presentation was
made prior to such expiration date and dishonored by Issuing Bank if subsequently Issuing Bank or any court or other finder of
fact determines such presentation should have been honored;

 

(xii)        
dishonor of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled
to honor; or

 

(xiii)       
honor of a presentation that is subsequently determined by Issuing Bank to have been made in violation of international,
federal, state or local restrictions on the transaction of business with certain prohibited Persons.

 

(k)         
Borrowers shall pay immediately upon demand to Agent for the account of Issuing Bank as non-refundable fees, commissions,
and charges (it being acknowledged and agreed that any charging of such fees, commissions, and charges to the Loan Account pursuant
to the provisions of Section 2.6(d) shall be deemed to constitute a demand for payment thereof for the purposes of this
Section 2.11(k)): (i) a fronting fee which shall be imposed by Issuing Bank equal to .250% per annum times the average
amount of the Letter of Credit Usage during the immediately preceding month, plus (ii) any and all other customary
commissions, fees and charges then in effect imposed by, and any and all expenses incurred by, Issuing Bank, or by any adviser,
confirming institution or entity or other nominated person, relating to Letters of Credit, at the time of issuance of any Letter
of Credit and upon the occurrence of any other activity with respect to any Letter of Credit (including transfers, assignments
of proceeds, amendments, drawings, extensions or cancellations).

 

(l)          
If by reason of (x) any Change in Law, or (y) compliance by Issuing Bank or any other member of the Lender Group
with any direction, request, or requirement (irrespective of whether having the force of law) of any Governmental Authority or
monetary authority including, Regulation D of the Board of Governors as from time to time in effect (and any successor thereto):

 

(i)          
any reserve, deposit, or similar requirement is or shall be imposed or modified in respect of any Letter of Credit
issued or caused to be issued hereunder or hereby, or any Loans or obligations to make Loans hereunder or hereby, or

 

(ii)          
there shall be imposed on Issuing Bank or any other member of the Lender Group any other condition regarding any
Letter of Credit, Loans, or obligations to make Loans hereunder,

 

and the result of the foregoing is to increase,
directly or indirectly, the cost to Issuing Bank or any other member of the Lender Group of issuing, making, participating in,
or maintaining any Letter of Credit or to reduce the amount receivable in respect thereof, then, and in any such case, Agent may,
at any time within a reasonable period after the additional cost is incurred or the amount received is reduced, notify Borrowers,
and Borrowers shall pay within 30 days after demand therefor, such amounts as Agent may specify to be necessary to compensate Issuing
Bank or any other member of the Lender Group for such additional cost or reduced receipt, together with interest on such amount
from the date of such demand until payment in full thereof at the rate then applicable to Base Rate Loans hereunder; provided,
that (A) Borrowers shall not be required to provide any compensation pursuant to this Section 2.11(l) for any such amounts
incurred more than 180 days prior to the date on which the demand for payment of such amounts is first made to Borrowers, and (B)
if an event or circumstance giving rise to such amounts is retroactive, then the 180-day period referred to above shall be extended
to include the period of retroactive effect thereof. The determination by Agent of any amount due pursuant to this Section 2.11(l),
as set forth in a certificate setting forth the calculation thereof in reasonable detail, shall, in the absence of manifest or
demonstrable error, be final and conclusive and binding on all of the parties hereto.

 

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(m)        
Each standby Letter of Credit shall expire not later than the date that is 12 months after the date of the issuance
of such Letter of Credit; provided, that any standby Letter of Credit may provide for the automatic extension thereof for
any number of additional periods each of up to one year in duration; provided further, that with respect to any Letter of
Credit which extends beyond the Maturity Date, Letter of Credit Collateralization shall be provided therefor on or before the date
that is five Business Days prior to the Maturity Date. Each commercial Letter of Credit shall expire on the earlier of (i) 120
days after the date of the issuance of such commercial Letter of Credit and (ii) five Business Days prior to the Maturity Date.

 

(n)         
If (i) any Event of Default shall occur and be continuing, or (ii) Availability shall at any time be less than zero,
then on the Business Day following the date when the Administrative Borrower receives notice from Agent or the Required Lenders
(or, if the maturity of the Obligations has been accelerated, Revolving Lenders with Letter of Credit Exposure representing greater
than 50% of the total Letter Credit Exposure) demanding Letter of Credit Collateralization pursuant to this Section 2.11(n)
upon such demand, Borrowers shall provide Letter of Credit Collateralization with respect to the then existing Letter of Credit
Usage. If Borrowers fail to provide Letter of Credit Collateralization as required by this Section 2.11(n), the Revolving
Lenders may (and, upon direction of Agent, shall) advance, as Revolving Loans the amount of the cash collateral required pursuant
to the Letter of Credit Collateralization provision so that the then existing Letter of Credit Usage is cash collateralized in
accordance with the Letter of Credit Collateralization provision (whether or not the Revolver Commitments have terminated, an Overadvance
exists or the conditions in Section 3 are satisfied).

 

(o)         
Unless otherwise expressly agreed by Issuing Bank and Borrowers when a Letter of Credit is issued, (i) the rules
of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of
Credit.

 

(p)         
Issuing Bank shall be deemed to have acted with due diligence and reasonable care if Issuing Bank’s conduct
is in accordance with Standard Letter of Credit Practice or in accordance with this Agreement.

 

(q)         
In the event of a direct conflict between the provisions of this Section 2.11 and any provision contained
in any Issuer Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest
extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved
as aforesaid, the terms and provisions of this Section 2.11 shall control and govern.

 

(r)          
The provisions of this Section 2.11 shall survive the termination of this Agreement and the repayment in full
of the Obligations with respect to any Letters of Credit that remain outstanding.

 

(s)         
At Borrowers’ costs and expense, Borrowers shall execute and deliver to Issuing Bank such additional certificates,
instruments and/or documents and take such additional action as may be reasonably requested by Issuing Bank to enable Issuing Bank
to issue any Letter of Credit pursuant to this Agreement and related Issuer Document, to protect, exercise and/or enforce Issuing
Banks’ rights and interests under this Agreement or to give effect to the terms and provisions of this Agreement or any Issuer
Document. Each Borrower irrevocably appoints Issuing Bank as its attorney-in-fact and authorizes Issuing Bank, without notice to
Borrowers, to execute and deliver ancillary documents and letters customary in the letter of credit business that may include but
are not limited to advisements, indemnities, checks, bills of exchange and issuance documents. The power of attorney granted by
the Borrowers is limited solely to such actions related to the issuance, confirmation or amendment of any Letter of Credit and
to ancillary documents or letters customary in the letter of credit business. This appointment is coupled with an interest.

 

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2.12       
LIBOR Option.

 

(a)         
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate,
Borrowers shall have the option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest
on all or a portion of the Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion
from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest
based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period
applicable thereto; provided, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater
than three months in duration, interest shall be payable at three month intervals after the commencement of the applicable Interest
Period and on the last day of such Interest Period, (ii) the date on which all or any portion of the Obligations are accelerated
pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last
day of each applicable Interest Period, unless Borrowers have properly exercised the LIBOR Option with respect thereto, the interest
rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans
of the same type hereunder. At any time that an Event of Default has occurred and is continuing, at the written election of Agent
or the Required Lenders, Borrowers no longer shall have the option to request that Revolving Loans bear interest at a rate based
upon the LIBOR Rate.

 

(b)         
LIBOR Election.

 

(i)          
Borrowers may, at any time and from time to time, so long as no Event of Default has occurred and is continuing,
elect to exercise the LIBOR Option by notifying Agent prior to 11:00 a.m. at least three (3) Business Days prior to the commencement
of the proposed Interest Period (the “LIBOR Deadline”). Notice of Borrowers’ election of the LIBOR Option
for a permitted portion of the Revolving Loans and an Interest Period pursuant to this Section shall be made by delivery to Agent
of a LIBOR Notice received by Agent before the LIBOR Deadline. Promptly upon its receipt of each such LIBOR Notice, Agent shall
provide a copy thereof to each of the affected Lenders.

 

(ii)         
Each LIBOR Notice shall be irrevocable and binding on Borrowers. In connection with each LIBOR Rate Loan, each Borrower
shall indemnify, defend, and hold Agent and the Lenders harmless against any loss, cost, or expense actually incurred by Agent
or any Lender as a result of (A) the payment or required assignment of any principal of any LIBOR Rate Loan other than on the last
day of an Interest Period applicable thereto (including as a result of an Event of Default), (B) the conversion of any LIBOR Rate
Loan other than on the last day of the Interest Period applicable thereto, or (C) the failure to borrow, convert, continue or prepay
any LIBOR Rate Loan on the date specified in any LIBOR Notice delivered pursuant hereto (such losses, costs, or expenses, “Funding
Losses”). A certificate of Agent or a Lender delivered to Borrowers setting forth in reasonable detail any amount or
amounts that Agent or such Lender is entitled to receive pursuant to this Section 2.12 shall be conclusive absent manifest
error. Borrowers shall pay such amount to Agent or such Lender, as applicable, within 30 days of the date of its receipt of such
certificate. If a payment of a LIBOR Rate Loan on a day other than the last day of the applicable Interest Period would result
in a Funding Loss, Agent may, in its sole discretion at the request of Borrowers, hold the amount of such payment as cash collateral
in support of the Obligations until the last day of such Interest Period and apply such amounts to the payment of the applicable
LIBOR Rate Loan on such last day, it being agreed that Agent has no obligation to so defer the application of payments to any LIBOR
Rate Loan and that, in the event that Agent does not defer such application, Borrowers shall be obligated to pay any resulting
Funding Losses.

 

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(iii)         
Unless Agent, in its sole discretion, agrees otherwise, Borrowers shall have not more than five LIBOR Rate Loans
in effect at any given time. Borrowers may only exercise the LIBOR Option for proposed LIBOR Rate Loans of at least $1,000,000.

 

(c)         
Conversion; Prepayment. Borrowers may convert LIBOR Rate Loans to Base Rate Loans or prepay LIBOR Rate Loans
at any time; provided, that in the event that LIBOR Rate Loans are converted or prepaid on any date that is not the last
day of the Interest Period applicable thereto, including as a result of any prepayment through the required application by Agent
of any payments or proceeds of Collateral in accordance with Section 2.4(b) or for any other reason, including early termination
of the term of this Agreement or acceleration of all or any portion of the Obligations pursuant to the terms hereof, each Borrower
shall indemnify, defend, and hold Agent and the Lenders and their Participants harmless against any and all Funding Losses in accordance
with Section 2.12 (b)(ii)

 

(d)         
Special Provisions Applicable to LIBOR Rate.

 

(i)          
The LIBOR Rate may be adjusted by Agent with respect to any Lender on a prospective basis to take into account any
additional or increased costs to such Lender of maintaining or obtaining any eurodollar deposits or increased costs (other than
Taxes which shall be governed by Section 16), in each case, due to changes in applicable law occurring subsequent to the
commencement of the then applicable Interest Period, including any Changes in Law and changes in the reserve requirements imposed
by the Board of Governors, which additional or increased costs would increase the cost of funding or maintaining loans bearing
interest at the LIBOR Rate. In any such event, the affected Lender shall give Borrowers and Agent notice of such a determination
and adjustment and Agent promptly shall transmit the notice to each other Lender and, upon its receipt of the notice from the affected
Lender, Borrowers may, by notice to such affected Lender (A) require such Lender to furnish to Borrowers a statement setting forth
in reasonable detail the basis for adjusting such LIBOR Rate and the method for determining the amount of such adjustment, or (B)
repay the LIBOR Rate Loans of such Lender with respect to which such adjustment is made (together with any amounts due under Section
2.12(b)(ii)).

 

(ii)         
Subject to the provisions set forth in Section 2.12(d)(iii) below, in the event that any change in market
conditions or any Change in Law shall at any time after the date hereof, in the reasonable opinion of any Lender, make it unlawful
or impractical for such Lender to fund or maintain LIBOR Rate Loans or to continue such funding or maintaining, or to determine
or charge interest rates at the LIBOR Rate, such Lender shall give notice of such changed circumstances to Agent and Borrowers
and Agent promptly shall transmit the notice to each other Lender and (y) in the case of any LIBOR Rate Loans of such Lender that
are outstanding, the date specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of
such LIBOR Rate Loans of such Lender, and interest upon the LIBOR Rate Loans of such Lender thereafter shall accrue interest at
the rate then applicable to Base Rate Loans, and (z) Borrowers shall not be entitled to elect the LIBOR Option until such Lender
determines that it would no longer be unlawful or impractical to do so.

 

(iii)         
Effect of Benchmark Transition Event.

 

(A)             
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon
the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, Agent and Administrative Borrower may
amend this Agreement to replace the LIBOR Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition
Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after Agent has posted such proposed amendment to all
Lenders and Administrative Borrower so long as Agent has not received, by such time, written notice of objection to such amendment
from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in Election will become effective
on the date that Lenders comprising the Required Lenders have delivered to Agent written notice that such Required Lenders accept
such amendment. No replacement of the LIBOR Rate with a Benchmark Replacement pursuant to this Section 2.12(d)(iii) will
occur prior to the applicable Benchmark Transition Start Date.

 

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

 

(C)             
Notices; Standards for Decisions and Determinations. Agent will promptly notify Administrative Borrower and
Lenders of (1) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date and Benchmark Transition Start Date, (2) the implementation of any Benchmark Replacement, (3) the effectiveness
of any Benchmark Replacement Conforming Changes and (4) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by Agent or Lenders pursuant to this Section 2.12(d)(iii), including any
determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date
and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made
in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant
to this Section 2.12(d)(iii).

 

(D)             
Benchmark Unavailability Period. Upon Administrative Borrower’s receipt of notice of the commencement
of a Benchmark Unavailability Period, Administrative Borrower may revoke any request for a LIBOR Borrowing of, conversion to or
continuation of LIBOR Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that,
Administrative Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base
Rate Loans. During any Benchmark Unavailability Period, the component of Base Rate based upon the LIBOR Rate will not be used in
any determination of the Base Rate.

 

(e)         
No Requirement of Matched Funding. Anything to the contrary contained herein notwithstanding, neither Agent,
nor any Lender, nor any of their Participants, is required actually to acquire eurodollar deposits to fund or otherwise match fund
any Obligation as to which interest accrues at the LIBOR Rate.

 

2.13       
Capital Requirements.

 

(a)         
If, after the date hereof, Issuing Bank or any Lender determines that (i) any Change in Law regarding capital, liquidity
or reserve requirements for banks or bank holding companies, or (ii) compliance by Issuing Bank or such Lender, or their respective
parent bank holding companies, with any guideline, request or directive of any Governmental Authority regarding capital adequacy
or liquidity requirements (whether or not having the force of law), has the effect of reducing the return on Issuing Bank’s,
such Lender’s, or such holding companies’ capital or liquidity as a consequence of Issuing Bank’s or such Lender’s
commitments, Loans, participations or other obligations hereunder to a level below that which Issuing Bank, such Lender, or such
holding companies could have achieved but for such Change in Law or compliance (taking into consideration Issuing Bank’s,
such Lender’s, or such holding companies’ then existing policies with respect to capital adequacy or liquidity requirements
and assuming the full utilization of such entity’s capital) by any amount deemed by Issuing Bank or such Lender to be material,
then Issuing Bank or such Lender may notify Borrowers and Agent thereof. Following receipt of such notice, Borrowers agree to pay
Issuing Bank or such Lender on demand the amount of such reduction of return of capital as and when such reduction is determined,
payable within 30 days after presentation by Issuing Bank or such Lender of a statement in the amount and setting forth in reasonable
detail Issuing Bank’s or such Lender’s calculation thereof and the assumptions upon which such calculation was based
(which statement shall be deemed true and correct absent manifest error). In determining such amount, Issuing Bank or such Lender
may use any reasonable averaging and attribution methods. Failure or delay on the part of Issuing Bank or any Lender to demand
compensation pursuant to this Section shall not constitute a waiver of Issuing Bank’s or such Lender’s right to demand
such compensation; provided, that Borrowers shall not be required to compensate Issuing Bank or a Lender pursuant to this
Section for any reductions in return incurred more than 180 days prior to the date that Issuing Bank or such Lender notifies Borrowers
of such Change in Law giving rise to such reductions and of such Lender’s intention to claim compensation therefor; provided
further, that if such claim arises by reason of the Change in Law that is retroactive, then the 180-day period referred to
above shall be extended to include the period of retroactive effect thereof.

 

     -71-

     

    

 

(b)         
If Issuing Bank or any Lender requests additional or increased costs referred to in Section 2.11(l) or Section
2.12(d)(i) or amounts under Section 2.13(a) or sends a notice under Section 2.12(d)(ii) relative to changed circumstances
(such Issuing Bank or Lender, an “Affected Lender”), then, at the request of Administrative Borrower, such Affected
Lender shall use reasonable efforts to promptly designate a different one of its lending offices or to assign its rights and obligations
hereunder to another of its offices or branches, if (i) in the reasonable judgment of such Affected Lender, such designation or
assignment would eliminate or reduce amounts payable pursuant to Section 2.11(l), Section 2.12(d)(i) or Section
2.13(a), as applicable, or would eliminate the illegality or impracticality of funding or maintaining LIBOR Rate Loans, and
(ii) in the reasonable judgment of such Affected Lender, such designation or assignment would not subject it to any material unreimbursed
cost or expense and would not otherwise be materially disadvantageous to it. Borrowers agree to pay all reasonable out-of-pocket
costs and expenses incurred by such Affected Lender in connection with any such designation or assignment. If, after such reasonable
efforts, such Affected Lender does not so designate a different one of its lending offices or assign its rights to another of its
offices or branches so as to eliminate Borrowers’ obligation to pay any future amounts to such Affected Lender pursuant to
Section 2.11(l), Section 2.12(d)(i) or Section 2.13(a), as applicable, or to enable Borrowers to obtain LIBOR
Rate Loans, then Borrowers (without prejudice to any amounts then due to such Affected Lender under Section 2.11(l), Section
2.12(d)(i) or Section 2.13(a), as applicable) may, unless prior to the effective date of any such assignment the Affected
Lender withdraws its request for such additional amounts under Section 2.11(l), Section 2.12(d)(i) or Section
2.13(a), as applicable, or indicates that it is no longer unlawful or impractical to fund or maintain LIBOR Rate Loans, may
designate a different Issuing Bank or substitute a Lender or prospective Lender, in each case, reasonably acceptable to Agent to
purchase the Obligations owed to such Affected Lender and such Affected Lender’s commitments hereunder (a “Replacement
Lender”), and if such Replacement Lender agrees to such purchase, such Affected Lender shall assign to the Replacement
Lender its Obligations and commitments, and upon such purchase by the Replacement Lender, which such Replacement Lender shall be
deemed to be “Issuing Bank” or a “Lender” (as the case may be) for purposes of this Agreement and such
Affected Lender shall cease to be “Issuing Bank” or a “Lender” (as the case may be) for purposes of this
Agreement.

 

(c)         
Notwithstanding anything herein to the contrary, the protection of Sections 2.11(l), 2.12(d), and 2.13
shall be available to Issuing Bank and each Lender (as applicable) regardless of any possible contention of the invalidity or inapplicability
of the law, rule, regulation, judicial ruling, judgment, guideline, treaty or other change or condition which shall have occurred
or been imposed, so long as it shall be customary for issuing banks or lenders affected thereby to comply therewith. Notwithstanding
any other provision herein, neither Issuing Bank nor any Lender shall demand compensation pursuant to this Section 2.13
if it shall not at the time be the general policy or practice of Issuing Bank or such Lender (as the case may be) to demand such
compensation in similar circumstances under comparable provisions of other credit agreements, if any.

 

     -72-

     

    

 

2.14       
Incremental Facilities.

 

(a)         
At any time, at the option of Borrowers (but subject to the conditions set forth in clause (b) below), the Revolver
Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver
Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”).
Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase
its Revolver Commitments) in connection with a proposed Increase at the interest margin proposed by Borrowers, and if sufficient
Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrowers
may invite any prospective lender who is reasonably satisfactory to Agent and Borrowers to become a Lender in connection with a
proposed Increase. Any Increase shall be in an amount of at least $5,000,000 and integral multiples of $5,000,000 in excess thereof.
In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more
than one (1) occasion during any calendar quarter. Additionally, for the avoidance of doubt, it is understood and agreed that in
no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $50,000,000.

 

(b)       
 Each of the following shall be conditions precedent to any Increase of the Revolver Commitments and the Maximum
Revolver Amount in connection therewith:

 

(i)          
Agent or Borrowers have obtained the commitment of one or more Lenders (or other prospective lenders) reasonably
satisfactory to Agent and Borrowers to provide the applicable Increase and any such Lenders (or prospective lenders), Borrowers,
and Agent have signed a joinder agreement to this Agreement (an “Increase Joinder”), in form and substance reasonably
satisfactory to Agent, to which such Lenders (or prospective lenders), Borrowers, and Agent are party,

 

(ii)          
each of the conditions precedent set forth in Section 3.2 are satisfied,

 

(iii)        
in connection with any Increase, if any Loan Party or any of its Subsidiaries owns or will acquire any Margin Stock,
Borrowers shall deliver to Agent an updated Form U-1 (with sufficient additional originals thereof for each Lender), duly executed
and delivered by the Borrowers, together with such other documentation as Agent shall reasonably request, in order to enable Agent
and the Lenders to comply with any of the requirements under Regulations T, U or X of the Federal Reserve Board,

 

(iv)        
Borrowers have delivered to Agent updated pro forma Projections (after giving effect to the applicable Increase)
for the Loan Parties and their Subsidiaries evidencing compliance on a pro forma basis with Section 7 for the twelve months
(on a month-by-month basis) immediately following the proposed date of the applicable Increase (calculated as if a Covenant Testing
Period was in effect during the entire twelve month period), and

 

(v)         
Borrowers shall have reached agreement with the Lenders (or prospective lenders) agreeing to the increased Revolver
Commitments with respect to the interest margins applicable to Revolving Loans to be made pursuant to the increased Revolver Commitments
(which interest margins may be with respect to Revolving Loans made pursuant to the increased Revolver Commitments, higher than
or equal to the interest margins applicable to Revolving Loans set forth in this Agreement immediately prior to the date of the
increased Revolver Commitments (the date of the effectiveness of the increased Revolver Commitments and the Maximum Revolver Amount,
the “Increase Date”)) and shall have communicated the amount of such interest margins to Agent. Any Increase
Joinder may, with the consent of Agent, Borrowers and the Lenders or prospective lenders agreeing to the proposed Increase, effect
such amendments to this Agreement and the other Loan Documents as may be necessary to effectuate the provisions of this Section
2.14.

 

     -73-

     

    

 

(c)         
Unless otherwise specifically provided herein, all references in this Agreement and any other Loan Document to Revolving
Loans shall be deemed, unless the context otherwise requires, to include Revolving Loans made pursuant to the increased Revolver
Commitments and Maximum Revolver Amount pursuant to this Section 2.14.

 

(d)         
Each of the Lenders having a Revolver Commitment prior to the Increase Date (the “Pre-Increase Revolver
Lenders”) shall assign to any Lender which is acquiring a new or additional Revolver Commitment on the Increase Date
(the “Post-Increase Revolver Lenders”), and such Post-Increase Revolver Lenders shall purchase from each Pre-Increase
Revolver Lender, at the principal amount thereof, such interests in the Revolving Loans and participation interests in Letters
of Credit on such Increase Date as shall be necessary in order that, after giving effect to all such assignments and purchases,
such Revolving Loans and participation interests in Letters of Credit will be held by Pre-Increase Revolver Lenders and Post-Increase
Revolver Lenders ratably in accordance with their Pro Rata Share after giving effect to such increased Revolver Commitments.

 

(e)        
The Revolving Loans, Revolver Commitments, and Maximum Revolver Amount established pursuant to this Section 2.14
shall constitute Revolving Loans, Revolver Commitments, and Maximum Revolver Amount under, and shall be entitled to all the benefits
afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably
from any guarantees and the security interests created by the Loan Documents. Borrowers shall take any actions reasonably required
by Agent to ensure and demonstrate that the Liens and security interests granted by the Loan Documents continue to be perfected
under the Code or otherwise after giving effect to the establishment of any such new Revolver Commitments and Maximum Revolver
Amount.

 

2.15       
Joint and Several Liability of Borrowers.

 

(a)         
Each Borrower is accepting joint and several liability hereunder and under the other Loan Documents in consideration
of the financial accommodations to be provided by the Lender Group under this Agreement, for the mutual benefit, directly and indirectly,
of each Borrower and in consideration of the undertakings of the other Borrowers to accept joint and several liability for the
Obligations.

 

(b)         
Each Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but
also as a co-debtor, joint and several liability with the other Borrowers, with respect to the payment and performance of all of
the Obligations (including any Obligations arising under this Section 2.15), it being the intention of the parties hereto
that all the Obligations shall be the joint and several obligations of each Borrower without preferences or distinction among them.
Accordingly, each Borrower hereby waives any and all suretyship defenses that would otherwise be available to such Borrower under
applicable law.

 

(c)           If
and to the extent that any Borrower shall fail to make any payment with respect to any of the Obligations as and when due, whether
upon maturity, acceleration, or otherwise, or to perform any of the Obligations in accordance with the terms thereof, then in
each such event the other Borrowers will make such payment with respect to, or perform, such Obligations until such time as all
of the Obligations are paid in full, and without the need for demand, protest, or any other notice or formality.

 

     -74-

     

    

 

(d)         
The Obligations of each Borrower under the provisions of this Section 2.15 constitute the absolute and unconditional,
full recourse Obligations of each Borrower enforceable against each Borrower to the full extent of its properties and assets, irrespective
of the validity, regularity or enforceability of the provisions of this Agreement (other than this Section 2.15(d)) or any
other circumstances whatsoever.

 

(e)         
Without limiting the generality of the foregoing and except as otherwise expressly provided in this Agreement, each
Borrower hereby waives presentments, demands for performance, protests and notices, including notices of acceptance of its joint
and several liability, notice of any Revolving Loans or any Letters of Credit issued under or pursuant to this Agreement, notice
of the occurrence of any Default, Event of Default, notices of nonperformance, notices of protest, notices of dishonor, notices
of acceptance of this Agreement, notices of the existence, creation, or incurring of new or additional Obligations or other financial
accommodations or of any demand for any payment under this Agreement, notice of any action at any time taken or omitted by Agent
or Lenders under or in respect of any of the Obligations, any right to proceed against any other Borrower or any other Person,
to proceed against or exhaust any security held from any other Borrower or any other Person, to protect, secure, perfect, or insure
any security interest or Lien on any property subject thereto or exhaust any right to take any action against any other Borrower,
any other Person, or any collateral, to pursue any other remedy in any member of the Lender Group’s or any Bank Product Provider’s
power whatsoever, any requirement of diligence or to mitigate damages and, generally, to the extent permitted by applicable law,
all demands, notices and other formalities of every kind in connection with this Agreement (except as otherwise provided in this
Agreement), any right to assert against any member of the Lender Group or any Bank Product Provider, any defense (legal or equitable),
set-off, counterclaim, or claim which each Borrower may now or at any time hereafter have against any other Borrower or any other
party liable to any member of the Lender Group or any Bank Product Provider, any defense, set-off, counterclaim, or claim, of any
kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability
of the Obligations or any security therefor, and any right or defense arising by reason of any claim or defense based upon an election
of remedies by any member of the Lender Group or any Bank Product Provider including any defense based upon an impairment or elimination
of such Borrower’s rights of subrogation, reimbursement, contribution, or indemnity of such Borrower against any other Borrower.
Without limiting the generality of the foregoing, each Borrower hereby assents to, and waives notice of, any extension or postponement
of the time for the payment of any of the Obligations, the acceptance of any payment of any of the Obligations, the acceptance
of any partial payment thereon, any waiver, consent or other action or acquiescence by Agent or Lenders at any time or times in
respect of any default by any Borrower in the performance or satisfaction of any term, covenant, condition or provision of this
Agreement, any and all other indulgences whatsoever by Agent or Lenders in respect of any of the Obligations, and the taking, addition,
substitution or release, in whole or in part, at any time or times, of any security for any of the Obligations or the addition,
substitution or release, in whole or in part, of any Borrower. Without limiting the generality of the foregoing, each Borrower
assents to any other action or delay in acting or failure to act on the part of any Agent or Lender with respect to the failure
by any Borrower to comply with any of its respective Obligations, including any failure strictly or diligently to assert any right
or to pursue any remedy or to comply fully with applicable laws or regulations thereunder, which might, but for the provisions
of this Section 2.15 afford grounds for terminating, discharging or relieving any Borrower, in whole or in part, from any
of its Obligations under this Section 2.15, it being the intention of each Borrower that, so long as any of the Obligations
hereunder remain unsatisfied, the Obligations of each Borrower under this Section 2.15 shall not be discharged except by
performance and then only to the extent of such performance. The Obligations of each Borrower under this Section 2.15 shall
not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar
proceeding with respect to any other Borrower or any Agent or Lender. Each of the Borrowers waives, to the fullest extent permitted
by law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement hereof. Any payment by any
Borrower or other circumstance which operates to toll any statute of limitations as to any Borrower shall operate to toll the statute
of limitations as to each of the Borrowers. Each of the Borrowers waives any defense based on or arising out of any defense of
any other Borrower or any other Person, other than payment of the Obligations to the extent of such payment, based on or arising
out of the disability of any other Borrower or any other Person, or the validity, legality, or unenforceability of the Obligations
or any part thereof from any cause, or the cessation from any cause of the liability of any other Borrower other than payment of
the Obligations to the extent of such payment. Agent may, at the election of the Required Lenders, foreclose upon any Collateral
held by Agent by one or more judicial or nonjudicial sales or other dispositions, whether or not every aspect of any such sale
is commercially reasonable or otherwise fails to comply with applicable law or may exercise any other right or remedy Agent, any
other member of the Lender Group, or any Bank Product Provider may have against any Borrower or any other Person, or any security,
in each case, without affecting or impairing in any way the liability of any of the Borrowers hereunder except to the extent the
Obligations have been paid.

 

     -75-

     

    

 

(f)         
Each Borrower represents and warrants to Agent and Lenders that such Borrower is currently informed of the financial
condition of Borrowers and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment
of the Obligations. Each Borrower further represents and warrants to Agent and Lenders that such Borrower has read and understands
the terms and conditions of the Loan Documents. Each Borrower hereby covenants that such Borrower will continue to keep informed
of Borrowers’ financial condition and of all other circumstances which bear upon the risk of nonpayment or nonperformance
of the Obligations.

 

(g)         
The provisions of this Section 2.15 are made for the benefit of Agent, each member of the Lender Group, each
Bank Product Provider, and their respective successors and assigns, and may be enforced by it or them from time to time against
any or all Borrowers as often as occasion therefor may arise and without requirement on the part of Agent, any member of the Lender
Group, any Bank Product Provider, or any of their successors or assigns first to marshal any of its or their claims or to exercise
any of its or their rights against any Borrower or to exhaust any remedies available to it or them against any Borrower or to resort
to any other source or means of obtaining payment of any of the Obligations hereunder or to elect any other remedy. The provisions
of this Section 2.15 shall remain in effect until all of the Obligations shall have been paid in full or otherwise fully
satisfied. If at any time, any payment, or any part thereof, made in respect of any of the Obligations, is rescinded or must otherwise
be restored or returned by Agent or any Lender upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise,
the provisions of this Section 2.15 will forthwith be reinstated in effect, as though such payment had not been made.

 

(h)         
Each Borrower hereby agrees that it will not enforce any of its rights that arise from the existence, payment, performance
or enforcement of the provisions of this Section 2.15, including rights of subrogation, reimbursement, exoneration, contribution
or indemnification and any right to participate in any claim or remedy of Agent, any other member of the Lender Group, or any Bank
Product Provider against any Borrower, whether or not such claim, remedy or right arises in equity or under contract, statute or
common law, including the right to take or receive from any Borrower, directly or indirectly, in cash or other property or by set-off
or in any other manner, payment or security solely on account of such claim, remedy or right, unless and until such time as all
of the Obligations have been paid in full in cash. Any claim which any Borrower may have against any other Borrower with respect
to any payments to any Agent or any member of the Lender Group hereunder or under any of the Bank Product Agreements are hereby
expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder
or thereunder, to the prior payment in full in cash of the Obligations and, in the event of any insolvency, bankruptcy, receivership,
liquidation, reorganization or other similar proceeding under the laws of any jurisdiction relating to any Borrower, its debts
or its assets, whether voluntary or involuntary, all such Obligations shall be paid in full in cash before any payment or distribution
of any character, whether in cash, securities or other property, shall be made to any other Borrower therefor. If any amount shall
be paid to any Borrower in violation of the immediately preceding sentence, such amount shall be held in trust for the benefit
of Agent, for the benefit of the Lender Group and the Bank Product Providers, and shall forthwith be paid to Agent to be credited
and applied to the Obligations and all other amounts payable under this Agreement, whether matured or unmatured, in accordance
with the terms of this Agreement, or to be held as Collateral for any Obligations or other amounts payable under this Agreement
thereafter arising.  Notwithstanding anything to the contrary contained in this Agreement, no Borrower may exercise any rights
of subrogation, contribution, indemnity, reimbursement or other similar rights against, and may not proceed or seek recourse against
or with respect to any property or asset of, any other Borrower (the “Foreclosed Borrower”), including after
payment in full of the Obligations, if all or any portion of the Obligations have been satisfied in connection with an exercise
of remedies in respect of the Equity Interests of such Foreclosed Borrower whether pursuant to this Agreement or otherwise.

 

     -76-

     

    

 

 

3.          
CONDITIONS; TERM OF AGREEMENT.

 

3.1        
Conditions Precedent to the Initial Extension of Credit. The obligation of each Lender to make
the initial extensions of credit provided for hereunder is subject to the fulfillment, to the satisfaction of Agent and each Lender,
of each of the conditions precedent set forth on Schedule 3.1 to this Agreement (the making of such initial extensions of credit
by a Lender being conclusively deemed to be its satisfaction or waiver of the conditions precedent).

 

3.2        
Conditions Precedent to all Extensions of Credit. The obligation of the Lender Group (or any member
thereof) to make any Revolving Loans hereunder (or to extend any other credit hereunder) at any time shall be subject to the following
conditions precedent:

 

(a)           
the representations and warranties of each Loan Party or its Subsidiaries contained in this Agreement or in the other
Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the
date of such extension of credit, as though made on and as of such date (except to the extent that such representations and warranties
relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects
(except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof) as of such earlier date);

 

(b)           
after giving effect to the requested Revolving Loan or other extension of credit hereunder, the Revolver Usage shall
not exceed the lesser of the Maximum Revolver Amount or the Borrowing Base as then in effect; and

 

(c)           
no Default or Event of Default shall have occurred and be continuing on the date of such extension of credit, nor
shall either result from the making thereof.

 

3.3        
Maturity. The Commitments shall continue in full force and effect for a term ending on the Maturity
Date (unless terminated earlier in accordance with the terms hereof).

 

    	 	-77-	 

     

    

 

3.4        
Effect of Maturity. On the Maturity Date, all commitments of the Lender Group to provide additional
credit hereunder shall automatically be terminated and all of the Obligations (other than Hedge Obligations) immediately shall
become due and payable without notice or demand and Borrowers shall be required to repay all of the Obligations (other than Hedge
Obligations) in full. No termination of the obligations of the Lender Group (other than payment in full of the Obligations and
termination of the Commitments) shall relieve or discharge any Loan Party of its duties, obligations, or covenants hereunder or
under any other Loan Document and Agent’s Liens in the Collateral shall continue to secure the Obligations and shall remain
in effect until all Obligations have been paid in full. When all of the Obligations have been paid in full, Agent will, at Borrowers’
sole expense, execute and deliver any termination statements, lien releases, discharges of security interests, and other similar
discharge or release documents (and, if applicable, in recordable form) as are reasonably necessary to release, as of record,
Agent’s Liens and all notices of security interests and liens previously filed by Agent.

 

3.5        
Early Termination by Borrowers. Borrowers have the option, at any time upon 5 Business Days prior
written notice to Agent (or such shorter period as Agent may agree in writing in its sole discretion), to repay all of the Obligations
in full and terminate the Commitments. The foregoing notwithstanding, (a) Borrowers may rescind termination notices relative to
proposed payments in full of the Obligations with the proceeds of third party Indebtedness if the closing for such issuance or
incurrence does not happen on or before the date of the proposed termination (in which case, a new notice shall be required to
be sent in connection with any subsequent termination), and (b) Borrowers may extend the date of termination at any time with
the consent of Agent (which consent shall not be unreasonably withheld or delayed).

 

3.6        
Conditions Subsequent. The obligation of the Lender Group (or any member thereof) to continue
to make Revolving Loans (or otherwise extend credit hereunder) is subject to the fulfillment, on or before the date applicable
thereto, of the conditions subsequent set forth on Schedule 3.6 to this Agreement (the failure by Borrowers to so perform or cause
to be performed such conditions subsequent as and when required by the terms thereof (unless such date is extended, in writing,
by Agent, which Agent may do without obtaining the consent of the other members of the Lender Group), shall constitute an Event
of Default).

 

4.             REPRESENTATIONS AND WARRANTIES.

 

In order to induce the
Lender Group to enter into this Agreement, each of Parent and each Borrower makes the following representations and warranties
to the Lender Group which shall be true, correct, and complete, in all material respects (except that such materiality qualifier
shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof), as of the Closing Date, and shall be true, correct, and complete, in all material respects (except that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in
the text thereof), as of the date of the making of each Revolving Loan (or other extension of credit) made thereafter, as though
made on and as of the date of such Revolving Loan (or other extension of credit) (except to the extent that such representations
and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in
all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof) as of such earlier date), and such representations and warranties
shall survive the execution and delivery of this Agreement:

 

4.1        
Due Organization and Qualification; Subsidiaries.

 

(a)           
Each Loan Party and each of its Subsidiaries (i) is duly organized and existing and in good standing under the laws
of the jurisdiction of its organization, (ii) is qualified to do business in any state where the failure to be so qualified could
reasonably be expected to result in a Material Adverse Effect, and (iii) has all requisite power and authority to own and operate
its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Loan Documents to
which it is a party and to carry out the transactions contemplated thereby.

 

    	 	-78-	 

     

    

 

(b)           
Set forth on Schedule 4.1(b) to this Agreement (as such Schedule may be updated from time to time to reflect
changes resulting from transactions permitted under this Agreement) is a complete and accurate description of the authorized Equity
Interests of each Loan Party (other than Parent), by class, and, as of the Closing Date, a description of the number of shares
of each such class that are issued and outstanding.

 

(c)           
Set forth on Schedule 4.1(c) to this Agreement (as such Schedule may be updated from time to time to reflect
changes resulting from transactions permitted under this Agreement), is a complete and accurate list of the Loan Parties’
direct and indirect Subsidiaries, showing: (i) the number of shares of each class of common and preferred Equity Interests authorized
for each of such Subsidiaries, and (ii) the number and the percentage of the outstanding shares of each such class owned directly
or indirectly by each Loan Party. All of the outstanding Equity Interests of each such Subsidiary has been validly issued and is
fully paid and non-assessable.

 

(d)           
Except as set forth on Schedule 4.1(d) to this Agreement, as of the Closing Date, there are no subscriptions,
options, warrants, or calls relating to any shares of any Loan Party’s or any of its Subsidiaries’ Equity Interests,
including any right of conversion or exchange under any outstanding security or other instrument.

 

4.2        
Due Authorization; No Conflict.

 

(a)           
As to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which
it is a party have been duly authorized by all necessary action on the part of such Loan Party.

 

(b)           
As to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which
it is a party do not and will not (i) violate any material provision of federal, state, or local law or regulation applicable to
any Loan Party or its Subsidiaries, the Governing Documents of any Loan Party or its Subsidiaries, or any order, judgment, or decree
of any court or other Governmental Authority binding on any Loan Party or its Subsidiaries, (ii) conflict with, result in
a breach of, or constitute (with due notice or lapse of time or both) a default under any Material Contract of any Loan Party or
its Subsidiaries where any such conflict, breach or default could individually or in the aggregate reasonably be expected to have
a Material Adverse Effect, (iii) result in or require the creation or imposition of any Lien of any nature whatsoever upon
any assets of any Loan Party, other than Permitted Liens, or (iv) require any approval of any holder of Equity Interests of a Loan
Party or any approval or consent of any Person under any Material Contract of any Loan Party, other than consents or approvals
that have been obtained and that are still in force and effect and except, in the case of Material Contracts, for consents or approvals,
the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Effect.

 

4.3        
Governmental Consents. The execution, delivery, and performance by each Loan Party of the Loan
Documents to which such Loan Party is a party and the consummation of the transactions contemplated by the Loan Documents do not
and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental
Authority, other than registrations, consents, approvals, notices, or other actions that have been obtained and that are still
in force and effect and except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to
Agent for filing or recordation, as of the Closing Date.

 

    	 	-79-	 

     

    

 

4.4        
Binding Obligations; Perfected Liens.

 

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

 

(b)           
Agent’s Liens are validly created and, subject only to the filing of financing statements in the appropriate
filing offices and entering into Control Agreements, perfected, to the extent that perfection can be achieved by the filing of
financing statements and entering into Control Agreements (with respect to the deposit accounts and securities accounts which are
subject to such Control Agreements), and first priority Liens, subject only to Permitted Liens which are non-consensual Permitted
Liens, permitted purchase money Liens, or the interests of lessors under Capital Leases.

 

4.5        
Title to Assets; No Encumbrances. Each of the Loan Parties and its Subsidiaries has (a) good,
sufficient and legal title to (in the case of fee interests in Real Property), (b) valid leasehold interests in (in the case
of leasehold interests in real or personal property), and (c) good and marketable title to (in the case of all other personal
property), all of their respective assets reflected as owned in their most recent financial statements delivered pursuant to Section 5.1
to the extent material to the operation of its business, in each case except for assets disposed of since the date of such financial
statements to the extent, if the disposition occurred on and after the Closing Date, permitted hereby. All of such assets are
free and clear of Liens except for Permitted Liens.

 

4.6        
Litigation.

 

(a)           
There are no actions, suits, or proceedings pending or, to the knowledge of any Borrower, after due inquiry, threatened
in writing against a Loan Party or any of its Subsidiaries that either individually or in the aggregate could reasonably be expected
to result in a Material Adverse Effect.

 

(b)           
Schedule 4.6(b) to this Agreement sets forth a complete and accurate description of each of the actions, suits,
or proceedings with asserted liabilities in excess of, or that could reasonably be expected to result in liabilities in excess
of, $500,000 that, as of the Closing Date, is pending or, to the knowledge of any Borrower, after due inquiry, threatened in writing
against a Loan Party or any of its Subsidiaries of (i) the parties to such actions, suits or proceedings, (ii) the nature of the
dispute that is the subject of such actions, suits or proceedings, (iii) the status, as of the Closing Date, with respect to such
actions, suits or proceedings, and (iv) whether any liability of the Loan Parties’ and their Subsidiaries in connection with
such actions, suits or proceedings is covered by insurance.

 

4.7        
Compliance with Laws. No Loan Party nor any of its Subsidiaries (a) is in violation of any
applicable laws, rules, regulations, executive orders, or codes (including Environmental Laws) that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect, or (b) is subject to or in default with respect to any
final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental
department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect.

 

4.8        
No Material Adverse Effect. All historical financial statements relating to the Loan Parties and
their Subsidiaries that have been delivered by Borrowers to Agent have been prepared in accordance with GAAP (except, in the case
of unaudited financial statements, for the lack of footnotes and being subject to year-end audit adjustments) and present fairly
in all material respects, the Loan Parties’ and their Subsidiaries’ consolidated financial condition as of the date
thereof and results of operations for the period then ended. Since March 31, 2020, no event, circumstance, or change has occurred
that has or could reasonably be expected to result in a Material Adverse Effect.

 

    	 	-80-	 

     

    

 

4.9        
Solvency.

 

(a)           
The Loan Parties taken as a whole are Solvent.

 

(b)           
No transfer of property is being made by any Loan Party and no obligation is being incurred by any Loan Party in
connection with the transactions contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay, or
defraud either present or future creditors of such Loan Party.

 

4.10      
Employee Benefits. No Loan Party, none of their Subsidiaries, nor any of their ERISA Affiliates
maintains or contributes to any Benefit Plan.

 

4.11      
Environmental Condition. Except as set forth on Schedule 4.11 to this Agreement, (a) to each
Borrower’s knowledge, no Loan Party’s nor any of its Subsidiaries’ properties or assets has ever been used by
a Loan Party, its Subsidiaries, or by previous owners or operators in the disposal of, or to produce, store, handle, treat, release,
or transport, any Hazardous Materials, where such disposal, production, storage, handling, treatment, release or transport was
in violation of any applicable Environmental Law and could reasonably be expected to result in a Material Adverse Effect, (b) to
each Borrower’s knowledge, after due inquiry, no Loan Party’s nor any of its Subsidiaries’ properties or assets
has ever been designated or identified in any manner pursuant to any environmental protection statute as a Hazardous Materials
disposal site, (c) no Loan Party nor any of its Subsidiaries has received written notice that a Lien arising under any Environmental
Law has attached to any revenues or to any Real Property owned or operated by a Loan Party or its Subsidiaries, and (d) no
Loan Party nor any of its Subsidiaries nor any of their respective facilities or operations is subject to any outstanding written
order, consent decree, or settlement agreement with any Person relating to any Environmental Law or Environmental Liability that,
individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.

 

4.12      
Complete Disclosure. All factual information taken as a whole (other than forward-looking information
and projections and information of a general economic nature and general information about Borrowers’ industry) furnished
by or on behalf of a Loan Party or its Subsidiaries in writing to Agent or any Lender (including all information contained in
the Schedules hereto or in the other Loan Documents) for purposes of or in connection with this Agreement or the other Loan Documents,
and all other such factual information taken as a whole (other than forward-looking information and projections and information
of a general economic nature and general information about Borrowers’ industry) hereafter furnished by or on behalf of a
Loan Party or its Subsidiaries in writing to Agent or any Lender will be, true and accurate, in all material respects, on the
date as of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make such
information (taken as a whole) not misleading in any material respect at such time in light of the circumstances under which such
information was provided. The Projections delivered to Agent on September 9, 2020 represent, and as of the date on which any other
Projections are delivered to Agent, such additional Projections represent, Borrowers’ good faith estimate, on the date such
Projections are delivered, of the Loan Parties’ and their Subsidiaries’ future performance for the periods covered
thereby based upon assumptions believed by Borrowers to be reasonable at the time of the delivery thereof to Agent (it being understood
that such Projections are subject to significant uncertainties and contingencies, many of which are beyond the control of the
Loan Parties and their Subsidiaries, and no assurances can be given that such Projections will be realized, and although reflecting
Borrowers’ good faith estimate, projections or forecasts based on methods and assumptions which Borrowers believed to be
reasonable at the time such Projections were prepared, are not to be viewed as facts, and that actual results during the period
or periods covered by the Projections may differ materially from projected or estimated results). As of the Closing Date, the
information included in the Beneficial Ownership Certification is true and correct in all respects.

 

    	 	-81-	 

     

    

 

4.13      
Patriot Act. To the extent applicable, each Loan Party is in compliance, in all material respects,
with the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury
Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto,
and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot
Act of 2001, as amended) (the “Patriot Act”).

 

4.14      
Indebtedness. Set forth on Schedule 4.14 to this Agreement is a true and complete list of all
Indebtedness of each Loan Party and each of its Subsidiaries outstanding immediately prior to the Closing Date ‎that is to
remain outstanding immediately after giving effect to the closing hereunder on the Closing Date and such Schedule accurately sets
forth the aggregate principal amount of such Indebtedness as of the Closing Date.

 

4.15      
Payment of Taxes. Except as otherwise permitted under Section 5.5, all Tax returns and material
reports of each Loan Party and its Subsidiaries required to be filed by any of them have been timely filed, and all Taxes shown
on such Tax returns to be due and payable and all other Taxes upon a Loan Party and its Subsidiaries and upon their respective
assets, income, businesses and franchises that are due and payable have been paid when due and payable. Each Loan Party and each
of its Subsidiaries have made adequate provision in accordance with GAAP for all Taxes not yet due and payable. No Borrower knows
of any proposed Tax assessment against a Loan Party or any of its Subsidiaries that is not being actively contested by such Loan
Party or such Subsidiary diligently, in good faith, and by appropriate proceedings; provided, that such reserves or other appropriate
provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor.

 

4.16      
Margin Stock. Neither any Loan Party nor any of its Subsidiaries owns any Margin Stock or is engaged
principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying
any Margin Stock. No part of the proceeds of the Loans made to Borrowers will be used to purchase or carry any Margin Stock or
to extend credit to others for the purpose of purchasing or carrying any Margin Stock or for any purpose that violates the provisions
of Regulation T, U or X of the Board of Governors. Neither any Loan Party nor any of its Subsidiaries expects to acquire any Margin
Stock.

 

4.17      
Governmental Regulation. No Loan Party nor any of its Subsidiaries is subject to regulation under
the Federal Power Act or the Investment Company Act of 1940 or under any other federal or state statute or regulation which may
limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable. No
Loan Party nor any of its Subsidiaries is a “registered investment company” or a company “controlled”
by a “registered investment company” or a “principal underwriter” of a “registered investment company”
as such terms are defined in the Investment Company Act of 1940.

 

4.18      
OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. No Loan Party or any of its
Subsidiaries is in violation of any Sanctions. No Loan Party nor any of its Subsidiaries nor, to the knowledge of such Loan Party,
any director, officer, employee, agent or Affiliate of such Loan Party or such Subsidiary (a) is a Sanctioned Person or a Sanctioned
Entity, (b) has any assets located in Sanctioned Entities, or (c) derives revenues from investments in, or transactions with Sanctioned
Persons or Sanctioned Entities. Each of the Loan Parties and its Subsidiaries has implemented and maintains in effect policies
and procedures designed to ensure compliance with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each of
the Loan Parties and its Subsidiaries, and to the knowledge of each such Loan Party, each director, officer, employee, agent and
Affiliate of each such Loan Party and each such Subsidiary, is in compliance with all Sanctions, Anti-Corruption Laws and Anti-Money
Laundering Laws. No proceeds of any Loan made or Letter of Credit issued hereunder will be used to fund any operations in, finance
any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity, or otherwise used in any
manner that would result in a violation of any Sanction, Anti-Corruption Law or Anti-Money Laundering Law by any Person (including
any Lender, Bank Product Provider, or other individual or entity participating in any transaction).

 

    	 	-82-	 

     

    

 

4.19      
Employee and Labor Matters. There is (i) no unfair labor practice complaint pending or, to the
knowledge of any Borrower, threatened against any Loan Party or its Subsidiaries before any Governmental Authority and no grievance
or arbitration proceeding pending or threatened against any Loan Party or its Subsidiaries which arises out of or under any collective
bargaining agreement and that could reasonably be expected to result in a material liability, (ii) no strike, labor dispute, slowdown,
stoppage or similar action or grievance pending or threatened in writing against any Loan Party or its Subsidiaries that could
reasonably be expected to result in a material liability, or (iii) to the knowledge of any Borrower, after due inquiry, no union
representation question existing with respect to the employees of any Loan Party or its Subsidiaries and no union organizing activity
taking place with respect to any of the employees of any Loan Party or its Subsidiaries. None of any Loan Party or its Subsidiaries
has incurred any liability or obligation under the Worker Adjustment and Retraining Notification Act or similar state law, which
remains unpaid or unsatisfied. The hours worked and payments made to employees of each Loan Party and its Subsidiaries have not
been in violation of the Fair Labor Standards Act or any other applicable legal requirements, except to the extent such violations
could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. All material payments
due from any Loan Party or its Subsidiaries on account of wages and employee health and welfare insurance and other benefits have
been paid or accrued as a liability on the books of Borrowers, except where the failure to do so could not, individually or in
the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

4.20      
Parent as a Holding Company. Parent is a holding company and does not have any material liabilities
(other than liabilities arising, or not prohibited, under the Loan Documents), own any material assets or engage in any material
operations or business (other than in connection with or incidental to the ownership of Borrowers and their Subsidiaries or in
connection with administrative functions related to its operations as a publicly traded company).

 

4.21      
Leases. Each Loan Party and its Subsidiaries enjoy peaceful and undisturbed possession under all
leases material to their business and to which they are parties or under which they are operating, and, subject to Permitted Protests,
all of such leases are valid and subsisting and no default by the applicable Loan Party or its Subsidiaries exists under any of
them, except in each case to the extent it could not reasonably be expected to have a Material Adverse Effect.

 

4.22      
Eligible Accounts. As to each Account that is identified by Borrowers as an Eligible Account in
a Borrowing Base Certificate submitted to Agent, such Account is (a) a bona fide existing payment obligation of the applicable
Account Debtor created by the sale and delivery of Inventory or the rendition of services to such Account Debtor in the ordinary
course of a Borrower’s business, (b) owed to a Borrower without, to the knowledge of Borrowers, any known defenses, disputes,
offsets, counterclaims, or rights of return or cancellation, and (c) not excluded as ineligible by virtue of one or more of the
excluding criteria (other than any Agent-discretionary criteria) set forth in the definition of Eligible Accounts.

 

4.23        Eligible
Inventory. As to each item of Inventory that is identified by Borrowers as Eligible Inventory in a Borrowing Base Certificate
submitted to Agent, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible
by virtue of one or more of the excluding criteria (other than any Agent-discretionary criteria) set forth in the definition of
Eligible Inventory.

 

    	 	-83-	 

     

    

 

4.24      
Material Contracts. Set forth on Schedule 4.24 (as such Schedule may be updated from time to time
in accordance herewith) is a reasonably detailed description of the Material Contracts of Borrowers and their Subsidiaries as
of the most recent date on which Borrowers provided the Compliance Certificate pursuant to Section 5.1; provided, that, Borrowers
may amend Schedule 4.24 to add additional Material Contracts so long as such amendment occurs by written notice to Agent on the
date that Borrowers provide the Compliance Certificate. Except for matters which, either individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect, each Material Contract (other than those that have expired
at the end of their normal terms) (a) is in full force and effect and is binding upon and enforceable against the applicable Borrower
or its Subsidiary and, to the best of each Borrower’s knowledge, after due inquiry, each other Person that is a party thereto
in accordance with its terms, (b) has not been otherwise amended or modified (other than amendments or modifications permitted
by Section 6.6(b)), and (c) is not in default beyond any applicable notice and opportunity to cure periods due to the action or
inaction of the Borrowers or their Subsidiaries, as applicable. As of the Closing Date, except as set forth on Schedule 4.24,
Parent is not a party to any Material Contract.

 

4.25      
Location of Inventory. Except as set forth in Schedule 4.25, the Inventory of Borrowers and their
Subsidiaries is not stored with a bailee, warehouseman, or similar party and is located only at, or in-transit between or to,
the locations identified on Schedule 4.25 to this Agreement (as such Schedule may be updated pursuant to Section 5.14).

 

4.26      
Inventory Records. Each Loan Party keeps correct and accurate records in all material respects
itemizing and describing the type, quality, and quantity of its and its Subsidiaries’ Inventory and the book value thereof.

 

4.27      
Hedge Agreements. On each date that any Hedge Agreement is executed by any Hedge Provider, each
Borrower party to such Hedge Agreement satisfies all eligibility, suitability and other requirements under the Commodity Exchange
Act (7 U.S.C. § 1, et seq., as in effect from time to time) and the Commodity Futures Trading Commission regulations.

 

5.          
AFFIRMATIVE COVENANTS.

 

Each of Parent and each
Borrower covenants and agrees that, until the termination of all of the Commitments and payment in full of the Obligations:

 

5.1        
Financial Statements, Reports, Certificates. Borrowers (a) will deliver to Agent, with copies
to each Lender, each of the financial statements, reports, and other items set forth on Schedule 5.1 to this Agreement no later
than the times specified therein, (b) agree that no Subsidiary of a Loan Party will have a fiscal year different from that of
Administrative Borrower, (c) agree to maintain a system of accounting that enables Borrowers to produce financial statements in
accordance with GAAP, and (d) agree that they will, and will cause each other Loan Party to, (i) keep a reporting system that
shows all additions, sales, claims, returns, and allowances with respect to their and their Subsidiaries’ sales, and (ii)
maintain their billing systems and practices substantially as in effect as of the Closing Date and shall only make material modifications
thereto with notice to, and with the consent of, Agent.

 

    	 	-84-	 

     

    

 

5.2        
Reporting. Borrowers (a) will deliver to Agent (and if so requested by Agent, with copies for
each Lender) each of the reports set forth on Schedule 5.2 to this Agreement at the times specified therein, and (b) agree to
use commercially reasonable efforts in cooperation with Agent to facilitate and implement a system of electronic collateral reporting
in order to provide electronic reporting of each of the items set forth on such Schedule. Borrowers and Agent hereby agree that
the delivery of the Borrowing Base Certificate through the Agent’s electronic platform or portal, subject to Agent’s
authentication process, by such other electronic method as may be approved by Agent from time to time in its sole discretion,
or by such other electronic input of information necessary to calculate the Borrowing Bases as may be approved by Agent from time
to time in its sole discretion, shall in each case be deemed to satisfy the obligation of Borrowers to deliver such Borrowing
Base Certificate, with the same legal effect as if such Borrowing Base Certificate had been manually executed by Borrowers and
delivered to Agent

 

5.3        
Existence. Except as otherwise permitted under Section 6.3 or Section 6.4, each Loan Party will,
and will cause each of its Subsidiaries to, at all times preserve and keep in full force and effect such Person’s valid
existence and good standing in its jurisdiction of organization and, except as could not reasonably be expected to result in a
Material Adverse Effect, good standing with respect to all other jurisdictions in which it is qualified to do business and any
rights, franchises, permits, licenses, accreditations, authorizations, or other approvals material to their businesses.

 

5.4        
Maintenance of Properties. Each Loan Party will, and will cause each of its Subsidiaries to, maintain
and preserve all of its assets that are necessary or useful in the proper conduct of its business in good working order and condition,
ordinary wear, tear, casualty, and condemnation and Permitted Dispositions excepted (and except where the failure to so maintain
and preserve assets could not reasonably be expected to result in a Material Adverse Effect).

 

5.5        
Taxes. Each Loan Party will, and will cause each of its Subsidiaries to, pay in full before delinquency
or before the expiration of any extension period all Taxes imposed, levied, or assessed against it, or any of its assets or in
respect of any of its income, businesses, or franchises, other than Taxes not in excess of $100,000 outstanding at any time and
other than to the extent that the validity of such Tax is the subject of a Permitted Protest.

 

5.6        
Insurance.

 

(a)           
Each Loan Party will, and will cause each of its Subsidiaries to, at Borrowers’ expense, maintain insurance
respecting each Loan Party’s and its Subsidiaries’ assets wherever located, covering liabilities, losses or damages
as are customarily are insured against by other Persons engaged in same or similar businesses and similarly situated and located.
All such policies of insurance shall be with financially sound and reputable insurance companies reasonably acceptable to Agent
(it being agreed that, as of the Closing Date, the Loan Parties’ existing insurance providers as set forth in the certificates
of insurance delivered to Agent on or about the Closing Date shall be deemed to be acceptable to Agent) and in such amounts as
is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located
and, in any event, in amount, adequacy, and scope reasonably satisfactory to Agent (it being agreed that the amount, adequacy,
and scope of the policies of insurance of Borrowers in effect as of the Closing Date are acceptable to Agent). All property insurance
policies are to be made payable to Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss,
pursuant to a standard lender’s loss payable endorsement with a standard non-contributory “lender” or “secured
party” clause and are to contain such other provisions as Agent may reasonably require to fully protect the Lenders’
interest in the Collateral and to any payments to be made under such policies. All certificates of property and general liability
insurance are to be delivered to Agent, with the lender’s loss payable and additional insured endorsements in favor of Agent
and shall provide for not less than thirty days (ten days in the case of non-payment) prior written notice to Agent of the exercise
of any right of cancellation. If any Loan Party or its Subsidiaries fails to maintain such insurance, Agent, may arrange for such
insurance, but at Borrowers’ expense and without any responsibility on Agent’s part for obtaining the insurance, the
solvency of the insurance companies, the adequacy of the coverage, or the collection of claims.

 

    	 	-85-	 

     

    

 

(b)           
Borrowers shall give Agent prompt notice of any loss exceeding $250,000 covered by the casualty or business interruption
insurance of any Loan Party or its Subsidiaries. Upon the occurrence and during the continuance of an Event of Default, Agent shall
have the sole right to file claims under any property and general liability insurance policies in respect of the Collateral, to
receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements,
receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or
settlement of any claims under any such insurance policies.

 

(c)           
If at any time the area in which any Real Property that is subject to a Mortgage is located is designated a “flood
hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency),
obtain flood insurance in such total amount and on terms that are satisfactory to Agent and all Lenders from time to time, and
otherwise comply with the Flood Laws or as is otherwise satisfactory to Agent and all Lenders.

 

5.7        
Inspection.

 

(a)           
Each Loan Party will, and will cause each of its Subsidiaries to, permit Agent, any Lender, and each of their respective
duly authorized representatives or agents to visit any of its properties and inspect any of its assets or books and records, to
examine and make copies of its books and records, and to discuss its affairs, finances, and accounts with, and to be advised as
to the same by, its officers and employees (provided, that an authorized representative of a Borrower shall be allowed to
be present) at such reasonable times and intervals as Agent or any Lender, as applicable, may designate and, so long as no Default
or Event of Default has occurred and is continuing, with reasonable prior notice to Borrowers and during regular business hours,
at Borrowers’ expense, subject to the limitations set forth below in Section 5.7(c).

 

(b)           
Each Loan Party will, and will cause each of its Subsidiaries to, permit Agent and each of its duly authorized representatives
or agents to conduct field examinations, appraisals or valuations at such reasonable times and intervals as Agent may designate,
at Borrowers’ expense, subject to the limitations set forth below in Section 5.7(c).

 

(c)           
So long as no Event of Default shall have occurred and be continuing during a calendar year, Borrowers shall not
be obligated to reimburse Agent for more than two (2) field examinations in such calendar year (increasing to 3 field examinations
if an Increased Reporting Event has occurred during such calendar year) and one (1) inventory appraisal in such calendar year (increasing
to two (2) appraisals if an Increased Reporting Event has occurred during such calendar year), in each case, except for field examinations
and appraisals conducted in connection with a proposed Permitted Acquisition (whether or not consummated).

 

5.8        
Compliance with Laws. Each Loan Party will, and will cause each of its Subsidiaries to, comply
with the requirements of all applicable laws, rules, regulations, and orders of any Governmental Authority, other than laws, rules,
regulations, and orders the non-compliance with which, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect.

 

5.9        
Environmental. Each Loan Party will, and will cause each of its Subsidiaries to,

 

(a)           
Keep any property either owned or operated by any Loan Party or its Subsidiaries free of any Environmental Liens
or post bonds or other financial assurances sufficient to satisfy the obligations or liability evidenced by such Environmental
Liens, in each case other than Permitted Liens,

 

    	 	-86-	 

     

    

 

(b)           
Comply with Environmental Laws, except in each case where the failure to do so could not reasonably be expected to
result in a Material Adverse Effect, and provide to Agent documentation of such compliance which Agent reasonably requests,

 

(c)           
Promptly notify Agent of any release of which any Loan Party has knowledge of a Hazardous Material in any reportable
quantity from or onto property owned or operated by any Loan Party or its Subsidiaries and take any Remedial Actions required to
abate said release or otherwise to come into compliance with applicable Environmental Law, except in each case where the failure
to do so could not reasonably be expected to result in a Material Adverse Effect, and

 

(d)           
Promptly, but in any event within five Business Days of its receipt thereof, provide Agent with written notice of
any of the following: (i) notice that an Environmental Lien has been filed against any of the real or personal property of a Loan
Party or its Subsidiaries, (ii) commencement of any Environmental Action or written notice that an Environmental Action will be
filed against a Loan Party or its Subsidiaries, and (iii) written notice of a violation, citation, or other administrative order
under any Environmental Law from a Governmental Authority.

 

5.10      
Disclosure Updates. Each Loan Party will, promptly and in no event later than five (5) Business
Days after obtaining knowledge thereof, notify Agent if any written information, exhibit, or report furnished to Agent or the
Lenders contained, at the time it was furnished, any untrue statement of a material fact or omitted to state any material fact
necessary to make the statements contained therein not misleading in light of the circumstances in which made. The foregoing to
the contrary notwithstanding, any notification pursuant to the foregoing provision will not cure or remedy the effect of the prior
untrue statement of a material fact or omission of any material fact nor shall any such notification have the effect of amending
or modifying this Agreement or any of the Schedules hereto.

 

5.11      
Formation of Subsidiaries. Each Loan Party will, at the time that any Loan Party forms any direct
or indirect Subsidiary, acquires any direct or indirect Subsidiary after the Closing Date, within ten (10) days of such event
(or such later date as permitted by Agent in its sole discretion) (a) cause such new Subsidiary (i) if such Subsidiary is a Domestic
Subsidiary and Administrative Borrower requests, subject to the consent of Agent, that such Domestic Subsidiary be joined as a
Borrower hereunder, to provide to Agent a Joinder to this Agreement, and (ii) to provide to Agent a joinder to the Guaranty and
Security Agreement, in each case, together with such other security agreements (including Mortgages with respect to any Real Property
owned in fee of such new Subsidiary with a fair market value of greater than $2,000,000), as well as appropriate financing statements
(and with respect to all property subject to a Mortgage, fixture filings), all in form and substance reasonably satisfactory to
Agent (including being sufficient to grant Agent a first priority Lien (subject to Permitted Liens) in and to the assets of such
newly formed or acquired Subsidiary); provided, that, the Joinder and the joinder to the Guaranty and Security Agreement and such
other security agreements shall not be required to be provided to Agent with respect to any Subsidiary of any Loan Party that
is a CFC if providing such agreements would result in material adverse tax consequences or the costs to the Loan Parties of providing
such guaranty and security agreements are unreasonably excessive (as determined by Agent in consultation with Borrowers) in relation
to the benefits to Agent and the Lenders of the security or guarantee afforded thereby, and (b) provide to Agent all other documentation,
including the Governing Documents of such Subsidiary and, if requested by Agent, one or more opinions of counsel reasonably satisfactory
to Agent, which, in its opinion, is reasonably appropriate with respect to the execution and delivery of the applicable documentation
referred to above (including policies of title insurance, flood certification documentation or other documentation with respect
to all Real Property owned in fee and subject to a mortgage). Any document, agreement, or instrument executed or issued pursuant
to this Section 5.11 shall constitute a Loan Document.

 

    	 	-87-	 

     

    

 

5.12      
Further Assurances. Each Loan Party will, and will cause each of the other Loan Parties to, at
any time upon the reasonable request of Agent, execute or deliver to Agent any and all financing statements, security agreements,
pledges, assignments, opinions of counsel (and, to the extent applicable, all fixture filings, mortgages and deeds of trust),
and all other documents (the “Additional Documents”) that Agent may reasonably request in form and substance reasonably
satisfactory to Agent, to create, perfect, and continue perfected or to better perfect Agent’s Liens in the assets of each
of the Loan Parties granted under the Guaranty and Security Agreement (whether now owned or hereafter arising or acquired), upon
request of Agent, to create and perfect Liens in favor of Agent in any Real Property acquired by any other Loan Party with a fair
market value in excess of $2,000,000, and in order to fully consummate all of the transactions contemplated hereby and under the
other Loan Documents; provided, that the foregoing shall not apply to any Subsidiary of a Loan Party that is a CFC if providing
such documents would result in material adverse tax consequences or the costs to the Loan Parties of providing such documents
are unreasonably excessive (as determined by Agent in consultation with Borrowers) in relation to the benefits to Agent and the
Lenders of the security afforded thereby. To the maximum extent permitted by applicable law, if any Borrower or any other Loan
Party refuses or fails to execute or deliver any reasonably requested Additional Documents within a reasonable period of time
not to exceed ten (10) Business Days following the request to do so, each Borrower and each other Loan Party hereby authorizes
Agent to execute any such Additional Documents in the applicable Loan Party’s name and authorizes Agent to file such executed
Additional Documents in any appropriate filing office. In furtherance of, and not in limitation of, the foregoing, each Loan Party
shall take such actions as Agent may reasonably request from time to time to ensure that the Obligations are guaranteed by the
Guarantors and are secured by the assets of the Loan Parties described in Section 3 of the Guaranty and Security Agreement). Notwithstanding
anything to the contrary contained herein (including Section 5.11 hereof and this Section 5.12) or in any other Loan Document,
(x) if applicable, Agent shall not accept delivery of any Mortgage from any Loan Party unless each of the Lenders has received
45 days prior written notice thereof and Agent has received confirmation from each Lender that such Lender has completed its flood
insurance diligence, has received copies of all flood insurance documentation and has confirmed that flood insurance compliance
has been completed as required by the Flood Laws or as otherwise satisfactory to such Lender and (y) Agent shall not accept delivery
of any joinder to any Loan Document with respect to any Subsidiary of any Loan Party that is not a Loan Party, if such Subsidiary
that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation unless such Subsidiary has delivered
a Beneficial Ownership Certification in relation to such Subsidiary and Agent has completed its Patriot Act searches, OFAC/PEP
searches and customary individual background checks for such Subsidiary, the results of which shall be satisfactory to Agent.

 

5.13      
Lender Meetings. Borrowers will, within 90 days after the close of each fiscal year of Administrative
Borrower, at the request of Agent or of the Required Lenders and upon reasonable prior notice, hold a meeting (at a mutually agreeable
location and time or, at the option of Agent, by conference call) with all Lenders who choose to attend such meeting at which
meeting shall be reviewed the financial results of the previous fiscal year and the financial condition of the Loan Parties and
their Subsidiaries and the projections presented for the current fiscal year of Borrowers.

 

5.14      
Location of Inventory; Chief Executive Office. Each Loan Party will, and will cause each of its
Subsidiaries to, keep (a) their Inventory only at the locations identified on Schedule 4.25 to this Agreement (provided that (i)
Borrowers may amend Schedule 4.25 to this Agreement so long as such amendment occurs by written notice to Agent not less than
ten days prior to the date on which such Inventory is moved to such new location and so long as Agent has consented to such amendment
and such new location is within the continental United States and (ii) no such notice shall be required if the value of such inventory
at such location does not exceed $100,000 in the aggregate ), and (b) their respective chief executive offices only at the locations
identified on Schedule 7 to the Guaranty and Security Agreement (provided that Borrowers may amend Schedule 7 to the Guaranty
Agreement so long as such amendment occurs by written notice to the Administrative Agent not less than ten days prior to the date
of such change). Each Loan Party will, and will cause each of its Subsidiaries to, use their commercially reasonable efforts to
obtain Collateral Access Agreements for each of the locations identified on Schedule 7 to the Guaranty and Security Agreement
and Schedule 4.25 to this Agreement.

 

    	 	-88-	 

     

    

 

5.15      
OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. Each Loan Party will, and will
cause each of its Subsidiaries to comply with all applicable Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each
of the Loan Parties and its Subsidiaries shall implement and maintain in effect policies and procedures designed to ensure compliance
by the Loan Parties and their Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all
Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws.

 

5.16      
Material Contracts. Each Loan Party will, contemporaneously with the delivery of each Compliance
Certificate pursuant to Section 5.1, provide Agent with copies of (a) each Material Contract entered into since the delivery of
the previous Compliance Certificate, and (b) each material amendment or modification of any Material Contract entered into since
the delivery of the previous Compliance Certificate.

 

5.17      
Cash Management System. Borrowers shall (a) on or prior to March 31, 2021, establish their primary
depository and treasury management relationships with Wells Fargo Bank, National Association and will maintain such depository
and treasury management relationships at all times during the term of the Agreement and (b) on or prior to March 31, 2021, deliver
to Agent evidence satisfactory to Agent that all of Borrowers’ deposit accounts maintained at Truist Bank have been closed.

 

6.          
NEGATIVE COVENANTS.

 

Each of Parent and each
Borrower covenants and agrees that, until the termination of all of the Commitments and the payment in full of the Obligations:

 

6.1        
Indebtedness. Each Loan Party will not, and will not permit any of its Subsidiaries to, create,
incur, assume, suffer to exist, guarantee, or otherwise become or remain, directly or indirectly, liable with respect to any Indebtedness,
except for Permitted Indebtedness.

 

6.2        
Liens. Each Loan Party will not, and will not permit any of its Subsidiaries or Parent to, create,
incur, assume, or suffer to exist, directly or indirectly, any Lien on or with respect to any of its assets, of any kind, whether
now owned or hereafter acquired, or any income or profits therefrom, except for Permitted Liens.

 

6.3        
Restrictions on Fundamental Changes. Each Loan Party will not, and will not permit any of its
Subsidiaries to,

 

(a)           
Other than in order to consummate a Permitted Acquisition, enter into any merger, consolidation, reorganization,
or recapitalization, except for (i) any merger between Loan Parties; provided, that a Borrower must be the surviving entity
of any such merger to which it is a party and no merger may occur between (A) Parent and any Borrower or (B) Parent and any other
Subsidiary of Parent, (ii) any merger between a Loan Party and a Subsidiary of such Loan Party that is not a Loan Party so long
as such Loan Party is the surviving entity of any such merger, and (iii) any merger between Subsidiaries of any Loan Party that
are not Loan Parties,

 

    	 	-89-	 

     

    

 

(b)           
liquidate, wind up, or dissolve itself (or suffer any liquidation or dissolution), except for (i) the liquidation
or dissolution of non-operating Subsidiaries of any Loan Party with nominal assets and nominal liabilities, (ii) the liquidation
or dissolution of a Loan Party (other than Parent or any Borrower) or any of its wholly-owned Subsidiaries so long as all of the
assets (including any interest in any Equity Interests) of such liquidating or dissolving Loan Party or Subsidiary are transferred
to a Loan Party (other than Parent) that is not liquidating or dissolving, or (iii) the liquidation or dissolution of a Subsidiary
of any Loan Party that is not a Loan Party so long as all of the assets of such liquidating or dissolving Subsidiary are transferred
to a Subsidiary of a Loan Party that is not liquidating or dissolving,

 

(c)           
suspend or cease operating a substantial portion of its or their business, except as permitted pursuant to clauses
(a) or (b) above or in connection with a transaction permitted under Section 6.4, or

 

(d)           
change its classification/status for U.S. federal income tax purposes.

 

6.4        
Disposal of Assets. Other than Permitted Dispositions or transactions expressly permitted by Sections
6.3 or 6.9, each Loan Party will not, and will not permit any of its Subsidiaries to, convey, sell, lease, license, assign, transfer,
or otherwise dispose of any of its or their assets (including by an allocation of assets among newly divided limited liability
companies pursuant to a “plan of division”).

 

6.5        
Nature of Business. Each Loan Party will not, and will not permit any of its Subsidiaries to,
make any change in the nature of its or their business as described in Schedule 6.5 to this Agreement and activities necessary
to conduct the foregoing or acquire any material properties or assets that are not reasonably related to the conduct of such business
activities; provided, that the foregoing shall not prevent any Loan Party and its Subsidiaries from engaging in any business that
is reasonably related or ancillary to its or their business.

 

6.6        
Prepayments and Amendments. Each Loan Party will not, and will not permit any of its Subsidiaries
to,

 

(a)           
Except in connection with Refinancing Indebtedness permitted by Section 6.1,

 

(i)            
optionally prepay, redeem, defease, purchase, or otherwise acquire any Indebtedness of any Loan Party or its Subsidiaries,
other than (A) the Obligations in accordance with this Agreement, (B) Hedge Obligations, and (C) Permitted Intercompany Advances,
or

 

(ii)          
make any payment on account of Indebtedness that has been contractually subordinated in right of payment to the Obligations
if such payment is not permitted at such time under the subordination terms and conditions, or

 

(b)           
Directly or indirectly, amend, modify, or change any of the terms or provisions of:

 

(i)            
any agreement, instrument, document, indenture, or other writing evidencing or concerning Permitted Indebtedness
other than (A) the Obligations, (B) Hedge Obligations, (C) Permitted Intercompany Advances, (D) Indebtedness
permitted under clauses (b), (c), (f), (h), (i) and (j) of the definition of Permitted Indebtedness
and (E) if such amendment, modification or change could not, individually or in the aggregate, reasonably be expected to be
materially adverse to the interests of the Lenders, or

 

(ii)         
any Material Contract except to the extent that such amendment, modification, or change could not, individually or
in the aggregate, reasonably be expected to be materially adverse to the interests of the Lenders, or

 

    	 	-90-	 

     

    

 

(iii)          
the Governing Documents of any Loan Party or any of its Subsidiaries if the effect thereof, either individually or
in the aggregate, could reasonably be expected to be materially adverse to the interests of the Lenders.

 

6.7        
Restricted Payments. Each Loan Party will not, and will not permit any of its Subsidiaries to,
make any Restricted Payment; provided, that so long as it is permitted by law,

 

(a)           
Borrowers may make distributions to Parent, and Parent may use such amounts to make distributions to former employees,
officers, or directors of Parent or any of its Subsidiaries (or any spouses, ex-spouses, or estates of any of the foregoing) on
account of redemptions of Equity Interests of Parent held by such Persons, so long as no Default or Event of Default shall have
occurred or be continuing or would result therefrom; provided, that the aggregate amount of such redemptions made by Parent
during the term of this Agreement plus the amount of Indebtedness outstanding under clause (j) of the definition
of Permitted Indebtedness, does not exceed $250,000 in the aggregate,

 

(b)           
Borrowers may make distributions to Parent solely in the form of forgiveness of Indebtedness (so long as Parent contemporaneously
forgives Indebtedness in the same amount of employees or officers of Borrower (or an entity consisting solely of employees or officers
of Borrowers) owing to Parent on account of repurchases of the Equity Interests of Parent held by such Persons; provided,
that such Indebtedness was incurred by such Persons solely to acquire (i) Equity Interests of Parent or (ii) Equity Interests of
an entity that acquired Equity Interests of Parent),

 

(c)           
Parent may pay dividends solely in the form of Equity Interests of any class of the Parent’s common equity,

 

(d)           
Restricted Payments may be made by any Subsidiary to any Borrower, the Parent, or to another Subsidiary (provided,
that, if the Subsidiary making such Restricted Payment is a Loan Party, the Subsidiary receiving such Restricted Payment is also
a Loan Party), on at least a pro rata basis with any other shareholders if such Subsidiary is not wholly owned by the Parent
and other wholly owned Subsidiaries of the Parent,

 

(e)           
Parent may declare and pay Restricted Payments in the form of redemptions, repurchases, retirement, defeasance, or
other acquisition of or in respect of the common equity of the Parent in connection with the payment or exercise of, or satisfaction
of tax withholding obligations of participants on account of or relating to, awards held by or granted from time to time to participants
in equity compensation plans of the Parent not to exceed $2,000,000 in the aggregate in any period of 12 consecutive fiscal months
of the Parent, provided that no Default or Event of Default shall have occurred and be continuing at the time such redemption,
repurchase, retirement, defeasance, or other acquisition is declared or made, and

 

(f)            
Parent and its Subsidiaries may pay other Restricted Payments, provided, that, (i) as of the date of
payment of any such Restricted Payment, and after giving effect thereto, each of the Restricted Payment Conditions shall have been
satisfied, (ii) Restricted Payments made pursuant to this clause (f) during the first year after the date of this Agreement shall
not exceed (A) $2,500,000 in the aggregate and (B) $625,000 during any quarter of such year.

 

6.8        
Accounting Methods. Each Loan Party will not, and will not permit any of its Subsidiaries to,
modify or change its fiscal year or its method of accounting (other than as may be required to conform to GAAP).

 

    	 	-91-	 

     

    

 

6.9        
Investments. Each Loan Party will not, and will not permit any of its Subsidiaries to, directly
or indirectly, make or acquire any Investment except for Permitted Investments.

 

6.10      
Transactions with Affiliates. Each Loan Party will not, and will not permit any of its Subsidiaries
to, directly or indirectly, enter into or permit to exist any transaction with any Affiliate of any Loan Party or any of its Subsidiaries
except for:

 

(a)           
transactions (other than the payment of management, consulting, monitoring, or advisory fees) between such Loan Party
or its Subsidiaries, on the one hand, and any Affiliate of such Loan Party or its Subsidiaries, on the other hand, so long as such
transactions (i) are fully disclosed to Agent prior to the consummation thereof, if they involve one or more payments by such Loan
Party or its Subsidiaries in excess of $1,000,000 for any single transaction or series of related transactions, and (ii) are no
less favorable, taken as a whole, to such Loan Party or its Subsidiaries, as applicable, than would be obtained in an arm’s
length transaction with a non-Affiliate,

 

(b)           
any indemnity provided for the benefit of directors (or comparable managers) of a Loan Party or one of its Subsidiaries
so long as it has been approved by such Loan Party’s or such Subsidiary’s board of directors (or comparable governing
body) in accordance with applicable law,

 

(c)           
the payment of reasonable compensation, severance, or employee benefit arrangements to employees, officers, and outside
directors of a Loan Party or one of its Subsidiaries in the ordinary course of business and consistent with industry practice so
long as, to the extent necessary, it has been approved by such Loan Party’s or such Subsidiary’s board of directors
(or comparable governing body) in accordance with applicable law,

 

(d)           
transactions between or among the Loan Parties, and

 

(e)           
transactions permitted by Section 6.3, Section 6.7, or Section 6.9.

 

6.11      
Use of Proceeds. Each Loan Party will not, and will not permit any of its Subsidiaries to, use
the proceeds of any Loan made hereunder for any purpose other than (a) on the Closing Date, to pay the fees, costs, and expenses
incurred in connection with this Agreement, the other Loan Documents, and the transactions contemplated hereby and thereby and
as otherwise as set forth in the Flow of Funds Agreement, including paying all Indebtedness outstanding under the existing credit
facility among the Loan Parties, the Lenders party thereto and Truist Bank, as Administrative Agent, and (b) thereafter, consistent
with the terms and conditions hereof, for their lawful and permitted purposes; provided that (x) no part of the proceeds of the
Loans will be used to purchase or carry any such Margin Stock or to extend credit to others for the purpose of purchasing or carrying
any such Margin Stock or for any purpose that violates the provisions of Regulation T, U or X of the Board of Governors, (y) no
part of the proceeds of any Loan or Letter of Credit will be used, directly or indirectly, by the Loan Parties (or, to their knowledge,
any other Person) to make any payments to a Sanctioned Entity or a Sanctioned Person, to fund any investments, loans or contributions
in, or otherwise make such proceeds available to, a Sanctioned Entity or a Sanctioned Person, to fund any operations, activities
or business of a Sanctioned Entity or a Sanctioned Person, or in any other manner that would result in a violation of Sanctions
by any Person, and (z) that no part of the proceeds of any Loan or Letter of Credit will be used, directly or indirectly, in furtherance
of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person
in violation of any Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws.

 

6.12      
[Reserved].

 

    	 	-92-	 

     

    

 

6.13      
Inventory with Bailees. Each Borrower will not, and will not permit any of its Subsidiaries or
Parent to, store its Inventory at any time with a bailee, warehouseman, or similar party except as set forth on Schedule 4.25
(as such Schedule may be amended in accordance with Section 5.14 or as otherwise permitted by Section 5.14).

 

6.14      
Parent as Holding Company. Parent will not incur any liabilities (other than liabilities arising,
or not prohibited, under the Loan Documents), own or acquire any assets or engage itself in any operations or business, except
in connection with or incidental to the ownership of Borrowers and their Subsidiaries, in connection with administrative functions
related to its operations as a publicly traded company and its rights and obligations under the Loan Documents.

 

6.15      
Change of Control. Loan Parties shall not cause, permit or suffer, directly or indirectly, any
Change of Control.

 

7.          
FINANCIAL COVENANT. Each Borrower covenants and agrees that, until the termination of all of the Commitments
and the payment in full of the Obligations:

 

7.1        
Fixed Charge Coverage Ratio. Borrowers will maintain a Fixed Charge Coverage Ratio, calculated
for each 12 month period ending on the first day of any Covenant Testing Period and the last day of each fiscal month occurring
until the end of any Covenant Testing Period (including the last day thereof), in each case of at least 1.00 to 1.00.

 

8.          
EVENTS OF DEFAULT.

 

Any one or more of the
following events shall constitute an event of default (each, an “Event of Default”) under this Agreement:

 

8.1        
Payments. If Borrowers fail to pay when due and payable, or when declared due and payable, (a)
all or any portion of the Obligations consisting of interest, fees, or charges due the Lender Group, reimbursement of Lender Group
Expenses, or other amounts (other than any portion thereof constituting principal) constituting Obligations (including any portion
thereof that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or
in part as a claim in any such Insolvency Proceeding), and such failure continues for a period of three (3) Business Days, (b)
all or any portion of the principal of the Loans, or (c) any amount payable to Issuing Bank in reimbursement of any drawing under
a Letter of Credit;

 

8.2        
Covenants. If any Loan Party or any of its Subsidiaries:

 

(a)           
fails to perform or observe any covenant or other agreement contained in any of (i) Sections 3.6, 5.1,
5.3 (solely if any Borrower is not in good standing in its jurisdiction of organization), 5.6, 5.7 (solely
if any Borrower refuses to allow Agent or its representatives or agents to visit any Borrower’s properties, inspect its assets
or books or records, examine and make copies of its books and records, or discuss Borrowers’ affairs, finances, and accounts
with officers and employees of any Borrower), 5.15 or 5.17 of this Agreement, (ii) Section 6 of this Agreement,
(iii) Section 7 of this Agreement, or (iv) Sections 7(c), (k), (l), (m) and (p) of the Guaranty and Security Agreement;

 

(b)           
fails to perform or observe any covenant or other agreement contained in any of Sections 5.2, 5.3 (other
than if any Borrower is not in good standing in its jurisdiction of organization), 5.4, 5.5, 5.8, 5.10,
5.11 or 5.13 of this Agreement, or Section 7 of the Guaranty and Security Agreement (other than those sections thereof
set forth in Section 8.2(a)(iv) above), and such failure continues for a period of ten (10) days after the earlier of (i) the date
on which such failure shall first become known to any officer of any Borrower, or (ii) the date on which written notice thereof
is given to Borrowers by Agent; or

 

    	 	-93-	 

     

    

 

(c)           
fails to perform or observe any covenant or other agreement contained in this Agreement, or in any of the other Loan
Documents, in each case, other than any such covenant or agreement that is the subject of another provision of this Section
8 (in which event such other provision of this Section 8 shall govern), and such failure continues for a period of thirty
(30) days after the earlier of (i) the date on which such failure shall first become known to any officer of any Borrower, or (ii)
the date on which written notice thereof is given to Borrowers by Agent;

 

8.3        
Judgments. If one or more judgments, orders, or awards for the payment of money involving an aggregate
amount of $1,000,000 or more (except to the extent fully covered (other than to the extent of customary deductibles) by insurance
pursuant to which the insurer has not denied coverage) is entered or filed against a Loan Party or any of its Subsidiaries, or
with respect to any of their respective assets, and either (a) there is a period of thirty (30) consecutive days at any time after
the entry of any such judgment, order, or award during which (i) the same is not discharged, satisfied, vacated, or bonded pending
appeal, or (ii) a stay of enforcement thereof is not in effect, or (b) enforcement proceedings are commenced upon such judgment,
order, or award;

 

8.4        
Voluntary Bankruptcy, etc. If an Insolvency Proceeding is commenced by a Loan Party or any of
its Subsidiaries;

 

8.5        
Involuntary Bankruptcy, etc. If an Insolvency Proceeding is commenced against a Loan Party or
any of its Subsidiaries and any of the following events occur: (a) such Loan Party or such Subsidiary consents to the institution
of such Insolvency Proceeding against it, (b) the petition commencing the Insolvency Proceeding is not timely controverted, (c)
the petition commencing the Insolvency Proceeding is not dismissed within sixty (60) calendar days of the date of the filing thereof,
(d) an interim trustee is appointed to take possession of all or any substantial portion of the properties or assets of, or to
operate all or any substantial portion of the business of, such Loan Party or its Subsidiary, or (e) an order for relief shall
have been issued or entered therein;

 

8.6        
Default Under Other Agreements. If there is (a) a default in one or more agreements to which a
Loan Party or any of its Subsidiaries is a party with one or more third Persons relative to a Loan Party’s or any of its
Subsidiaries’ Indebtedness involving an aggregate amount of $1,000,000 or more, and such default (i) occurs at the final
maturity of the obligations thereunder, or (ii) results in a right by such third Person, irrespective of whether exercised, to
accelerate the maturity of such Loan Party’s or its Subsidiary’s obligations thereunder, or (b) a default in or an
involuntary early termination of one or more Hedge Agreements to which a Loan Party or any of its Subsidiaries is a party involving
an aggregate amount of $1,000,000 or more;

 

8.7        
Representations, etc. If any warranty, representation, certificate, statement, or Record on behalf
of the Parent or any of its Subsidiaries made herein or in any other Loan Document or delivered in writing to Agent or any Lender
in connection with this Agreement or any other Loan Document proves to be untrue in any material respect (except that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality
in the text thereof) as of the date of issuance or making or deemed making thereof;

 

8.8        
Guaranty. If the obligation of any Guarantor under the guaranty contained in the Guaranty and
Security Agreement is limited or terminated by operation of law or by such Guarantor (other than in accordance with the terms
of this Agreement) or if any Guarantor repudiates or revokes or purports to repudiate or revoke any such guaranty;

 

    	 	-94-	 

     

    

 

8.9        
Security Documents. If the Guaranty and Security Agreement or any other Loan Document that purports
to create a Lien, shall, for any reason, fail or cease to create a valid and perfected and, (except to the extent of Permitted
Liens which are non-consensual Permitted Liens, permitted purchase money Liens or the interests of lessors under Capital Leases)
first priority Lien on the Collateral covered thereby, except (a) as a result
of a disposition of the applicable Collateral in a transaction permitted under this Agreement,
(b) with respect to Collateral the aggregate value of which, for all such Collateral, does not exceed at any time, $250,000, or
(c) as the result of an action or failure to act on the part of Agent;

 

8.10      
Loan Documents. The validity or enforceability of any Loan Document shall at any time for any
reason (other than solely as the result of an action or failure to act on the part
of Agent) be declared to be null and void, or a proceeding shall be commenced by a Loan Party or its Subsidiaries, or by
any Governmental Authority having jurisdiction over a Loan Party or its Subsidiaries, seeking to establish the invalidity or unenforceability
thereof, or a Loan Party or its Subsidiaries shall deny that such Loan Party or its Subsidiaries has any liability or obligation
purported to be created under any Loan Document; or

 

8.11      
Change of Control. A Change of Control shall occur, whether directly or indirectly.

 

9.          
RIGHTS AND REMEDIES.

 

9.1        
Rights and Remedies. Upon the occurrence and during the continuation of an Event of Default, Agent
may, and, at the instruction of the Required Lenders, shall, in addition to any other rights or remedies provided for hereunder
or under any other Loan Document or by applicable law, do any one or more of the following:

 

(a)           
by written notice to Borrowers, (i) declare the principal of, and any and all accrued and unpaid interest and fees
in respect of, the Loans and all other Obligations (other than the Bank Product Obligations), whether evidenced by this Agreement
or by any of the other Loan Documents to be immediately due and payable, whereupon the same shall become and be immediately due
and payable and Borrowers shall be obligated to repay all of such Obligations in full, without presentment, demand, protest, or
further notice or other requirements of any kind, all of which are hereby expressly waived by each Borrower, and (ii) direct Borrowers
to provide (and Borrowers agree that upon receipt of such notice Borrowers will provide) Letter of Credit Collateralization to
Agent to be held as security for Borrowers’ reimbursement obligations for drawings that may subsequently occur under issued
and outstanding Letters of Credit;

 

(b)           
by written notice to Borrowers, declare the Commitments terminated, whereupon the Commitments shall immediately be
terminated together with (i) any obligation of any Revolving Lender to make Revolving Loans, (ii) the obligation of the Swing Lender
to make Swing Loans, and (iii) the obligation of Issuing Bank to issue Letters of Credit; and

 

(c)           
exercise all other rights and remedies available to Agent or the Lenders under the Loan Documents, under applicable
law, or in equity; provided, that, with respect to any Event of Default resulting solely from failure of Borrower to comply
with the financial covenant set forth in Section 7, neither Agent nor the Required Lenders may exercise the foregoing remedies
in this Section 9.1 until the date that is the earlier of (i) ten (10) Business Days after the day on which financial statements
are required to be delivered for the applicable month and (ii) the date that Agent receives notice that there will not be a Curative
Equity contribution made for such month.

 

    	 	-95-	 

     

    

 

The foregoing to the contrary notwithstanding,
upon the occurrence of any Event of Default described in Section 8.4 or Section 8.5, in addition to the remedies
set forth above, without any notice to Borrowers or any other Person or any act by the Lender Group, the Commitments shall automatically
terminate and the Obligations (other than the Bank Product Obligations), inclusive of the principal of, and any and all accrued
and unpaid interest and fees in respect of, the Loans and all other Obligations (other than the Bank Product Obligations), whether
evidenced by this Agreement or by any of the other Loan Documents, shall automatically become and be immediately due and payable
and Borrowers shall automatically be obligated to repay all of such Obligations in full (including Borrowers being obligated to
provide (and Borrowers agree that they will provide) (1) Letter of Credit Collateralization to Agent to be held as security for
Borrowers’ reimbursement obligations in respect of drawings that may subsequently occur under issued and outstanding Letters
of Credit and (2) Bank Product Collateralization to be held as security for Borrowers’ or their Subsidiaries’ obligations
in respect of outstanding Bank Products), without presentment, demand, protest, or notice or other requirements of any kind, all
of which are expressly waived by the Loan Parties.

 

9.2        
Remedies Cumulative. The rights and remedies of the Lender Group under this Agreement, the other
Loan Documents, and all other agreements shall be cumulative. The Lender Group shall have all other rights and remedies not inconsistent
herewith as provided under the Code, by law, or in equity. No exercise by the Lender Group of one right or remedy shall be deemed
an election, and no waiver by the Lender Group of any Default or Event of Default shall be deemed a continuing waiver. No delay
by the Lender Group shall constitute a waiver, election, or acquiescence by it.

 

9.3        
Curative Equity.

 

(a)           
Subject to the limitations set forth in clause (d) below, Borrowers may cure (and shall be deemed to have cured)
an Event of Default arising out of a breach of the financial covenant set forth in Section 7 (the “Financial Covenant”)
if they receive the cash proceeds of an investment of Curative Equity on or before the date that is ten 10 Business Days after
the date on which the Financial Covenant is first required to be tested pursuant to the terms hereof.

 

(b)           
Borrowers shall promptly notify Agent of its receipt of any proceeds of Curative Equity and shall promptly (but,
in any event, within one (1) Business Day) apply the same to the payment of the Obligations in the manner specified in Section
2.4(e)(vi).

 

(c)           
Upon delivery of a certificate by Borrowers to Agent as to the amount of the proceeds of such Curative Equity and
that such amount (i) has been applied in accordance with clause (b) above and (ii) is in an amount equal to the amount required
by clause (d)(ii) below, then any Event of Default that occurred and is continuing from a breach of the Financial Covenant shall
be deemed cured with no further action required by the Required Lenders. Prior to the date of the delivery of a certificate conforming
to the requirements of this section, any Event of Default that has occurred as a result of the breach of the Financial Covenant
shall be deemed to be continuing and, as a result, the Lenders (including Swing Lender and Issuing Bank) shall have no obligation
to make additional loans or otherwise extend additional credit hereunder. In the event Borrower does not cure the Financial Covenant
violation as provided in this Section 9.3, the existing Event of Default shall continue unless waived in writing by the
Required Lenders in accordance herewith.

 

(d)           
Notwithstanding anything to the contrary contained in the foregoing or this Agreement, (i) Borrowers’ rights
under this Section 9.3 may (A) be exercised not more than 3 times during the term of this Agreement, (B) be exercised not
more than 2 times in any fiscal year and (C) not be exercised twice within any six fiscal month period, (ii) the Curative Equity
contributed with respect to any fiscal month shall be no greater than the amount required to cause Borrowers to be in compliance
with the Financial Covenant as at the end of such fiscal month, and (iii) the Curative Equity shall be disregarded for purposes
of determining EBITDA for any financial covenant-based conditions or any baskets with respect to the covenants contained in this
Agreement and there shall be no pro forma reduction in Indebtedness with the proceeds of any Curative Equity for determining compliance
with the Financial Covenant or for determining any financial covenant-based conditions or any baskets with respect to the covenants
contained in this Agreement, in each case in the month in which such Curative Equity is used.

 

    	 	-96-	 

     

    

 

 

10.         
WAIVERS; INDEMNIFICATION.

 

10.1          Demand;
Protest; etc. Each Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment
and nonpayment, nonpayment at maturity, release, compromise, settlement, extension, or renewal of documents, instruments, chattel
paper, and guarantees at any time held by the Lender Group on which any Borrower may in any way be liable.

 

10.2          The
Lender Group’s Liability for Collateral. Each Borrower hereby agrees that: (a) so long as Agent complies with
its obligations, if any, under the Code, the Lender Group shall not in any way or manner be liable or responsible for: (i) the
safekeeping of the Collateral, (ii) any loss or damage thereto occurring or arising in any manner or fashion from any cause, (iii)
any diminution in the value thereof, or (iv) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other
Person, and (b) all risk of loss, damage, or destruction of the Collateral shall be borne by the Loan Parties.

 

10.3           Indemnification.
Each Borrower shall pay, indemnify, defend, and hold the Agent-Related Persons, the Lender-Related Persons, the Issuing Bank,
and each Participant (each, an “Indemnified Person”) harmless (to the fullest extent permitted by law) from and against
any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages, and
all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred
in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective
of whether suit is brought), at any time asserted against, imposed upon, or incurred by any of them (a) in connection with or
as a result of or related to the execution and delivery (provided, that Borrowers shall not be liable for costs and expenses (including
attorneys’ fees) of any Lender (other than Wells Fargo) incurred in advising, structuring, drafting, reviewing, administering
or syndicating the Loan Documents), enforcement, performance, or administration (including any restructuring or workout with respect
hereto) of this Agreement, any of the other Loan Documents, or the transactions contemplated hereby or thereby or the monitoring
of Parent’s and its Subsidiaries’ compliance with the terms of the Loan Documents (provided, that the indemnification
in this clause (a) shall not extend to (i) disputes solely between or among the Lenders that do not involve any acts or omissions
of any Loan Party, or (ii) disputes solely between or among the Lenders and their respective Affiliates that do not
involve any acts or omissions of any Loan Party; it being understood and agreed that the indemnification in this clause (a)
shall extend to Agent (but not the Lenders unless the dispute involves an act or omission of a Loan Party) relative to disputes
between or among Agent on the one hand, and one or more Lenders, or one or more of their Affiliates, on the other hand, or (iii)
any claims for Taxes, which shall be governed by Section 16, other than Taxes which relate to primarily non-Tax claims), (b) with
respect to any actual or prospective investigation, litigation, or proceeding related to this Agreement, any other Loan Document, the
making of any Loans or issuance of any Letters of Credit hereunder, or the use of the proceeds of the Loans or the Letters
of Credit provided hereunder (irrespective of whether any Indemnified Person is a party thereto), or any act, omission, event,
or circumstance in any manner related thereto, and (c) in connection with or arising out of any presence or release of Hazardous
Materials at, on, under, to or from any assets or properties owned, leased or operated by any Loan Party or any of its Subsidiaries
or any Environmental Actions, Environmental Liabilities or Remedial Actions related in any way to any such assets or properties
of any Loan Party or any of its Subsidiaries (each and all of the foregoing, the “Indemnified Liabilities”). The foregoing
to the contrary notwithstanding, no Borrower shall have any obligation to any Indemnified Person under this Section 10.3
with respect to any Indemnified Liability that a court of competent jurisdiction finally determines to have resulted from (w) the
gross negligence or willful misconduct of such Indemnified Person or its officers, directors, employees, attorneys, or agents;
(x) a claim brought by the Parent or any other Loan Party against an Indemnified Person for breach in bad faith of such Indemnified
Person’s obligations hereunder or under any other Loan Document; (y) disputes solely between or among the Lenders that
do not involve any acts or omissions of any Loan Party or any Affiliate thereof; or (z) disputes solely between or among
the Lenders and their respective Affiliates that do not involve any acts or omissions of any Loan Party or any Affiliate thereof
(provided, further, that such indemnification shall extend to the Administrative Agent (but not the Lenders unless the dispute
involves an act or omission of a Loan Party or an Affiliate thereof) relative to disputes between or among the Administrative
Agent on the one hand, and one or more Lenders, or one or more of their Affiliates, on the other hand). This provision shall survive
the termination of this Agreement and the repayment in full of the Obligations. If any Indemnified Person makes any payment to
any other Indemnified Person with respect to an Indemnified Liability as to which Borrowers were required to indemnify the Indemnified
Person receiving such payment, the Indemnified Person making such payment is entitled to be indemnified and reimbursed by Borrowers
with respect thereto. Notwithstanding the foregoing, legal fees and legal expenses for which the Borrowers may be liable under
this Section shall be limited to the fees and expenses of one primary legal counsel for the Administrative Agent plus, if necessary,
one special counsel for each relevant specialty and one local counsel per jurisdiction; provided, further, that in the event of
any actual or potential conflict of interest, the Borrowers shall be liable for the fees and expenses of one additional counsel
for each Person or group of Persons subject to such conflict WITHOUT LIMITATION, THE FOREGOING INDEMNITY SHALL APPLY TO EACH
INDEMNIFIED PERSON WITH RESPECT TO INDEMNIFIED LIABILITIES WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF ANY NEGLIGENT
ACT OR OMISSION OF SUCH INDEMNIFIED PERSON OR OF ANY OTHER PERSON.

 

    -97-

    

    

 

11.          
NOTICES.

 

Unless otherwise provided
in this Agreement, all notices or demands relating to this Agreement or any other Loan Document shall be in writing and (except
for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally
delivered or sent by registered or certified mail (postage prepaid, return receipt requested), overnight courier, electronic mail
(at such email addresses as a party may designate in accordance herewith), or telefacsimile. In the case of notices or demands
to any Loan Party or Agent, as the case may be, they shall be sent to the respective address set forth below:

 

	 	If to any Loan Party:	
        TESSCO Technologies Incorporated

        375 W. Padonia Road

	 	 	Timonium, MD 21093
	 	 	Attn:  Aric Spitulnik, Chief Financial Officer
	 	 	Fax No.:  410-229-1679 
	 	 	 
	 	with copies to:	Ballard Spahr LLP
	 	 	1735 Market Street, 51st Floor
	 	 	Philadelphia, PA 19103
	 	 	Attn:  Richard S. Perelman, Esq.
	 	 	Fax No.:  215-864-8999
	 	 	 
	 	If to Agent:	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	One South Broad Street, 3rd Floor

                                 Mail Code: Y1375-031

	 	 	Philadelphia, PA 19107
	 	 	Attn: Loan Portfolio Manager
	 	 	Fax No.:  267-321-6834

 

    -98-

    

    

 

	 	with copies to:	OTTERBOURG P.C.
	 	 	230 Park Avenue
	 	 	New York, NY 10169
	 	 	Attn:  Allen Cremer, Esq.
	 	 	Fax No.:  212-682-6104

 

Any party hereto may
change the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner given to the other
party. All notices or demands sent in accordance with this Section 11, shall be deemed received on the earlier of the date
of actual receipt or three Business Days after the deposit thereof in the mail; provided, that (a) notices sent by overnight
courier service shall be deemed to have been given when received, (b) notices 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) and (c) notices by electronic mail shall be deemed received upon the sender’s
receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available,
return email or other written acknowledgment).

 

12.          
CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION.

 

(a)               
THE VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER
LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, THE
RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO,
AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER,
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(b)               
THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY
OF NEW YORK, STATE OF NEW YORK; PROVIDED, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY
BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL
OR OTHER PROPERTY MAY BE FOUND. EACH LOAN PARTY AND EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE
LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING
IS BROUGHT IN ACCORDANCE WITH THIS SECTION 12(b).

 

(c)               
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH LOAN PARTY AND EACH MEMBER OF THE LENDER GROUP HEREBY WAIVE
THEIR RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED
UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A “CLAIM”). EACH LOAN PARTY AND EACH
MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

 

    -99-

    

    

 

(d)               
EACH LOAN PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL
COURTS LOCATED IN THE COUNTY OF NEW YORK AND THE STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY
LOAN DOCUMENTS, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY
SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT AGENT MAY OTHERWISE HAVE
TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES
IN THE COURTS OF ANY JURISDICTION.

 

(e)               
NO CLAIM MAY BE MADE BY ANY LOAN PARTY AGAINST THE AGENT, THE SWING LENDER, ANY OTHER LENDER, ISSUING BANK, OR ANY
AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT,
CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES OR LOSSES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY
ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY ACT, OMISSION,
OR EVENT OCCURRING IN CONNECTION THEREWITH, AND EACH LOAN PARTY HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE UPON ANY CLAIM FOR
SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.

 

13.         
ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS.

 

13.1         
Assignments and Participations.

 

(a)               
(i) Subject to the conditions set forth in clause (a)(ii) below, any Lender may assign and delegate all or any portion
of its rights and duties under the Loan Documents (including the Obligations owed to it and its Commitments) to one or more assignees
so long as such prospective assignee is an Eligible Transferee (each, an “Assignee”), with the prior written
consent (such consent not be unreasonably withheld or delayed) of:

 

(A)             
Borrowers; provided, that no consent of Borrowers shall be required (1) if a Default or an Event of Default
has occurred and is continuing, or (2) in connection with an assignment to a Person that is a Lender or an Affiliate (other than
natural persons) of a Lender; provided further, that Borrowers shall be deemed to have consented to a proposed assignment
unless they object thereto by written notice to Agent within five (5) Business Days after having received notice thereof; and

 

(B)             
Agent, Swing Lender, and Issuing Bank.

 

(ii)          
Assignments shall be subject to the following additional conditions:

 

    -100- 

    

    

 

(A)             
no assignment may be made to a natural person,

 

(B)             
no assignment may be made to a Loan Party or an Affiliate of a Loan Party,

 

(C)             
the amount of the Commitments and the other rights and obligations of the assigning Lender hereunder and under the
other Loan Documents subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such
assignment is delivered to Agent) shall be in a minimum amount (unless waived by Agent) of $5,000,000 (except such minimum amount
shall not apply to (I) an assignment or delegation by any Lender to any other Lender, an Affiliate of any Lender, or a Related
Fund of such Lender, or (II) a group of new Lenders, each of which is an Affiliate of each other or a Related Fund of such new
Lender to the extent that the aggregate amount to be assigned to all such new Lenders is at least $5,000,000),

 

(D)             
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,

 

(E)              
the parties to each assignment shall execute and deliver to Agent an Assignment and Acceptance; provided,
that Borrowers and Agent may continue to deal solely and directly with the assigning Lender in connection with the interest so
assigned to an Assignee until written notice of such assignment, together with payment instructions, addresses, and related information
with respect to the Assignee, have been given to Borrowers and Agent by such Lender and the Assignee,

 

(F)              
unless waived by Agent, the assigning Lender or Assignee has paid to Agent, for Agent’s separate account, a
processing fee in the amount of $3,500, and

 

(G)             
the assignee, if it is not a Lender, shall deliver to Agent an Administrative Questionnaire in a form approved by
Agent (the “Administrative Questionnaire”).

 

(b)               
From and after the date that Agent receives the executed Assignment and Acceptance and, if applicable, payment of
the required processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations
hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall be a “Lender” and shall have the
rights and obligations of a Lender under the Loan Documents, and (ii) the assigning Lender shall, to the extent that rights and
obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish
its rights (except with respect to Section 10.3) and be released from any future obligations under this Agreement (and in
the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations
under this Agreement and the other Loan Documents, such Lender shall cease to be a party hereto and thereto); provided,
that nothing contained herein shall release any assigning Lender from obligations that survive the termination of this Agreement,
including such assigning Lender’s obligations under Section 15 and Section 17.9(a).

 

(c)               
By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the Assignee thereunder
confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and
Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement or any other Loan Document furnished pursuant hereto, (ii) such assigning Lender
makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or
the performance or observance by any Loan Party of any of its obligations under this Agreement or any other Loan Document furnished
pursuant hereto, (iii) such Assignee confirms that it has received a copy of this Agreement, together with such other documents
and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance,
(iv) such Assignee will, independently and without reliance upon Agent, such assigning Lender or any other Lender, and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or
not taking action under this Agreement, (v) such Assignee appoints and authorizes Agent to take such actions and to exercise such
powers under this Agreement and the other Loan Documents as are delegated to Agent, by the terms hereof and thereof, together with
such powers as are reasonably incidental thereto, and (vi) such Assignee agrees that it will perform all of the obligations which
by the terms of this Agreement are required to be performed by it as a Lender.

 

    -101- 

    

    

 

(d)               
Immediately upon Agent’s receipt of the required processing fee, if applicable, and delivery of notice to the
assigning Lender pursuant to Section 13.1(b), this Agreement shall be deemed to be amended to the extent, but only to the
extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The
Commitment allocated to each Assignee shall reduce such Commitments of the assigning Lender pro tanto.

 

(e)               
Any Lender may at any time sell to one or more commercial banks, financial institutions, or other Persons (a “Participant”)
participating interests in all or any portion of its Obligations, its Commitment, and the other rights and interests of that Lender
(the “Originating Lender”) hereunder and under the other Loan Documents; provided, that (i) the Originating
Lender shall remain a “Lender” for all purposes of this Agreement and the other Loan Documents and the Participant
receiving the participating interest in the Obligations, the Commitments, and the other rights and interests of the Originating
Lender hereunder shall not constitute a “Lender” hereunder or under the other Loan Documents and the Originating Lender’s
obligations under this Agreement shall remain unchanged, (ii) the Originating Lender shall remain solely responsible for the performance
of such obligations, (iii) Borrowers, Agent, and the Lenders shall continue to deal solely and directly with the Originating Lender
in connection with the Originating Lender’s rights and obligations under this Agreement and the other Loan Documents, (iv)
no Lender shall transfer or grant any participating interest under which the Participant has the right to approve any amendment
to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment to,
or consent or waiver with respect to this Agreement or of any other Loan Document would (A) extend the final maturity date
of the Obligations hereunder in which such Participant is participating, (B) reduce the interest rate applicable to the Obligations
hereunder in which such Participant is participating, (C) release all or substantially all of the Collateral or guaranties
(except to the extent expressly provided herein or in any of the Loan Documents) supporting the Obligations hereunder in which
such Participant is participating, (D) postpone the payment of, or reduce the amount of, the interest or fees payable to such Participant
through such Lender (other than a waiver of default interest), or (E) decrease the amount or postpone the due dates of scheduled
principal repayments or prepayments or premiums payable to such Participant through such Lender, (v) no participation shall be
sold to a natural person, (vi) no participation shall be sold to a Loan Party or an Affiliate of a Loan Party, and (vii) all amounts
payable by Borrowers hereunder shall be determined as if such Lender had not sold such participation, except that, if amounts outstanding
under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of
an Event of Default, each Participant shall be deemed to have the right of set off in respect of its participating interest in
amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it
as a Lender under this Agreement. The rights of any Participant only shall be derivative through the Originating Lender with whom
such Participant participates and no Participant shall have any rights under this Agreement or the other Loan Documents or any
direct rights as to the other Lenders, Agent, Borrowers, the Collateral, or otherwise in respect of the Obligations. No Participant
shall have the right to participate directly in the making of decisions by the Lenders among themselves.

 

    -102- 

    

    

 

(f)                
In connection with any such assignment or participation or proposed assignment or participation or any grant of a
security interest in, or pledge of, its rights under and interest in this Agreement, a Lender may, subject to the provisions of
Section 17.9, disclose all documents and information which it now or hereafter may have relating to any Loan Party and its
Subsidiaries and their respective businesses.

 

(g)               
Any other provision in this Agreement notwithstanding, any Lender may at any time create a security interest in,
or pledge, all or any portion of its rights under and interest in this Agreement to secure obligations of such Lender, including
any pledge in favor of any Federal Reserve Bank in accordance with Regulation A of the Federal Reserve Bank or U.S. Treasury Regulation
31 CFR §203.24, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable
law; provided, that no such pledge shall release such Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto.

 

(h)               
[Reserved]

 

(i)                
In the event that a Lender sells participations in the Registered Loan, such Lender, as a non-fiduciary agent on
behalf of Borrowers, shall maintain (or cause to be maintained) a register on which it enters the name of all participants in the
Registered Loans held by it (and the principal amount (and stated interest thereon) of the portion of such Registered Loans that
is subject to such participations) (the “Participant Register”). A Registered Loan (and the registered note,
if any, evidencing the same) may be participated in whole or in part only by registration of such participation on the Participant
Register (and each registered note shall expressly so provide). Any participation of such Registered Loan (and the registered note,
if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register. No Lender
shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant
or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations
under any 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 United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose
name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining
a Participant Register.

 

(j)                
Agent shall make a copy of the Register (and each Lender shall make a copy of its Participant Register to the extent
it has one) available for review by Borrowers from time to time as Borrowers may reasonably request.

 

13.2         
Successors. This Agreement shall bind and inure to the benefit of the respective successors and
assigns of each of the parties; provided, that no Borrower may assign this Agreement or any rights or duties hereunder without
the Lenders’ prior written consent and any prohibited assignment shall be absolutely void ab initio. No consent to
assignment by the Lenders shall release any Borrower from its Obligations. A Lender may assign this Agreement and the other Loan
Documents and its rights and duties hereunder and thereunder pursuant to Section 13.1 and, except as expressly required pursuant
to Section 13.1, no consent or approval by any Borrower is required in connection with any such assignment.

 

    -103- 

    

    

 

14.          
AMENDMENTS; WAIVERS.

 

14.1         
Amendments and Waivers.

 

(a)           No amendment, waiver or other modification of any provision of this Agreement or any other Loan Document (other than
the Fee Letter), and no consent with respect to any departure by any Loan Party therefrom, shall be effective unless the same shall
be in writing and signed by the Required Lenders (or by Agent at the written request of the Required Lenders) and the Loan Parties
that are party thereto and then any such waiver or consent shall be effective, but only in the specific instance and for the specific
purpose for which given; provided, that no such waiver, amendment, or consent shall, unless in writing and signed by all
of the Lenders directly affected thereby and all of the Loan Parties that are party thereto, do any of the following:

 

(i)           
increase the amount of or extend the expiration date of any Commitment of any Lender or amend, modify, or eliminate
the penultimate sentence of Section 2.4(c)(i),

 

(ii)          
postpone or delay any date fixed by this Agreement or any other Loan Document for any payment of principal, interest,
fees, or other amounts due hereunder or under any other Loan Document,

 

(iii)         
reduce the principal of, or the rate of interest on, any loan or other extension of credit hereunder, or reduce any
fees or other amounts payable hereunder or under any other Loan Document (except in connection with the waiver of applicability
of Section 2.6(c) (which waiver shall be effective with the written consent of the Required Lenders)),

 

(iv)        
amend, modify, or eliminate this Section or any provision of this Agreement providing for consent or other action
by all Lenders,

 

(v)          
amend, modify, or eliminate Section 3.1 or 3.2,

 

(vi)         
amend, modify, or eliminate Section 15.11,

 

(vii)        
other than as permitted by Section 15.11, release or contractually subordinate Agent’s Lien in and to
any of the Collateral,

 

(viii)       
amend, modify, or eliminate the definitions of “Required Lenders”, Supermajority Lenders or “Pro
Rata Share”,

 

(ix)         
other than in connection with a merger, liquidation, dissolution or sale of such Person expressly permitted by the
terms hereof or the other Loan Documents, release any Borrower or any Guarantor from any obligation for the payment of money or
consent to the assignment or transfer by any Borrower or any Guarantor of any of its rights or duties under this Agreement or the
other Loan Documents,

 

(x)          
amend, modify, or eliminate any of the provisions of Section 2.4(b)(i), (ii) or (iii) or Section
2.4(e) or (f),

 

(xi)         
at any time that any Real Property is included in the Collateral, add, increase, renew or extend any Loan, Letter
of Credit or Commitment hereunder until the completion of flood due diligence, documentation and coverage as required by the Flood
Laws or as otherwise satisfactory to all Lenders, or

 

(xii)        
amend, modify, or eliminate any of the provisions of Section 13.1 with respect to assignments to, or participations
with, Persons who are Loan Parties or Affiliates of a Loan Party;

 

    -104- 

    

    

 

(b)           No amendment, waiver, modification, or consent shall amend, modify, waive, or eliminate,

 

(i)           
the definition of, or any of the terms or provisions of, the Fee Letter, without the written consent of Agent and
Borrowers (and shall not require the written consent of any of the Lenders),

 

(ii)          
any provision of Section 15 pertaining to Agent, or any other rights or duties of Agent under this Agreement
or the other Loan Documents, without the written consent of Agent, Borrowers, and the Required Lenders;

 

(c)           No amendment, waiver, modification, elimination, or consent shall amend, without written consent of Agent, Borrowers
and the Supermajority Lenders, modify, or eliminate the definition of Borrowing Base or any of the defined terms (including the
definitions of Eligible Accounts and Eligible Inventory) that are used in such definition to the extent that any such change results
in more credit being made available to Borrowers based upon the Borrowing Base, but not otherwise, or the definition of Maximum
Revolver Amount, or change Section 2.1(c);

 

(d)           No amendment, waiver, modification, elimination, or consent shall amend, modify, or waive any provision of this Agreement
or the other Loan Documents pertaining to Issuing Bank, or any other rights or duties of Issuing Bank under this Agreement or the
other Loan Documents, without the written consent of Issuing Bank, Agent, Borrowers, and the Required Lenders;

 

(e)           No amendment, waiver, modification, elimination, or consent shall amend, modify, or waive any provision of this Agreement
or the other Loan Documents pertaining to Swing Lender, or any other rights or duties of Swing Lender under this Agreement or the
other Loan Documents, without the written consent of Swing Lender, Agent, Borrowers, and the Required Lenders; and

 

(f)           Anything
in this Section 14.1 to the contrary notwithstanding, (i) any amendment, modification, elimination, waiver, consent, termination,
or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to the relationship
of the Lender Group among themselves, and that does not affect the rights or obligations of any Loan Party, shall not require
consent by or the agreement of any Loan Party, (ii) any amendment, waiver, modification, elimination, or consent of or with respect
to any provision of this Agreement or any other Loan Document may be entered into without the consent of, or over the objection
of, any Defaulting Lender other than any of the matters governed by Section 14.1(a)(i) through (iii) that directly
affects such Lender and (iii) any amendment contemplated by Section 2.12(d)(iii) of this Agreement in connection with a
Benchmark Transition Event or an Early Opt-in Election shall be effective as contemplated by such Section 2.12(d)(iii)
hereof.

 

14.2         Replacement of Certain Lenders.

 

(a)           If (i) any action to be taken by the
Lender Group or Agent hereunder requires the consent, authorization, or agreement of all Lenders or all Lenders affected thereby
and if such action has received the consent, authorization, or agreement of the Required Lenders but not of all Lenders or all
Lenders affected thereby, or (ii) any Lender makes a claim for
compensation under Section 16, then Borrowers or Agent, upon at least five Business Days prior irrevocable notice, may
permanently replace any Lender that failed to give its consent, authorization, or agreement (a “Non-Consenting Lender”)
or any Lender that made a claim for compensation (a
 “Tax Lender”) with one or more Replacement Lenders, and the Non-Consenting Lender or Tax Lender, as applicable,
shall have no right to refuse to be replaced hereunder. Such notice to replace the Non-Consenting Lender or Tax Lender, as applicable,
shall specify an effective date for such replacement, which date shall not be later than 15 Business Days after the date such notice
is given.

 

    -105- 

    

    

 

(b)           Prior to the effective date of such replacement, the Non-Consenting Lender or Tax Lender, as applicable, and each
Replacement Lender shall execute and deliver an Assignment and Acceptance, subject only to the Non-Consenting Lender or Tax Lender,
as applicable, being repaid in full its share of the outstanding Obligations (without any premium or penalty of any kind whatsoever,
but including (i) all interest, fees and other amounts that may be due in payable in respect thereof, (ii) an assumption of its
Pro Rata Share of participations in the Letters of Credit, and (iii) Funding Losses). If the Non-Consenting Lender or Tax Lender,
as applicable, shall refuse or fail to execute and deliver any such Assignment and Acceptance prior to the effective date of such
replacement, Agent may, but shall not be required to, execute and deliver such Assignment and Acceptance in the name or and on
behalf of the Non-Consenting Lender or Tax Lender, as applicable, and irrespective of whether Agent executes and delivers such
Assignment and Acceptance, the Non-Consenting Lender or Tax Lender, as applicable, shall be deemed to have executed and delivered
such Assignment and Acceptance. The replacement of any Non-Consenting Lender or Tax Lender, as applicable, shall be made in accordance
with the terms of Section 13.1. Until such time as one or more Replacement Lenders shall have acquired all of the Obligations,
the Commitments, and the other rights and obligations of the Non-Consenting Lender or Tax Lender, as applicable, hereunder and
under the other Loan Documents, the Non-Consenting Lender or Tax Lender, as applicable, shall remain obligated to make the Non-Consenting
Lender’s or Tax Lender’s, as applicable, Pro Rata Share of Revolving Loans and to purchase a participation in each
Letter of Credit, in an amount equal to its Pro Rata Share of participations in such Letters of Credit.

 

(c)           For the avoidance of doubt, the replacement provisions in this Section 14.2 are in addition to the provisions
in Section 2.13(b) regarding the replacement of Lenders.

 

14.3         No Waivers; Cumulative Remedies. No failure by Agent or any Lender to exercise any right, remedy,
or option under this Agreement or any other Loan Document, or delay by Agent or any Lender in exercising the same, will operate
as a waiver thereof. No waiver by Agent or any Lender will be effective unless it is in writing, and then only to the extent specifically
stated. No waiver by Agent or any Lender on any occasion shall affect or diminish Agent’s and each Lender’s rights
thereafter to require strict performance by Parent and Borrowers of any provision of this Agreement. Agent’s and each Lender’s
rights under this Agreement and the other Loan Documents will be cumulative and not exclusive of any other right or remedy that
Agent or any Lender may have.

 

15.          
AGENT; THE LENDER GROUP.

 

15.1         Appointment and Authorization of Agent. Each Lender hereby designates and appoints Wells Fargo
as its agent under this Agreement and the other Loan Documents and each Lender hereby irrevocably authorizes (and by entering
into a Bank Product Agreement, each Bank Product Provider shall be deemed to designate, appoint, and authorize) Agent to execute
and deliver each of the other Loan Documents on its behalf and to take such other action on its behalf under the provisions of
this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to
Agent by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto.
Agent agrees to act as agent for and on behalf of the Lenders (and the Bank Product Providers) on the conditions contained in
this Section 15. Any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document notwithstanding,
Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Loan Documents, nor
shall Agent have or be deemed to have any fiduciary relationship with any Lender (or Bank Product Provider), and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or
otherwise exist against Agent. Without limiting the generality of the foregoing, the use of the term “agent” in this
Agreement or the other Loan Documents with reference to 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 merely as a matter of market custom,
and is intended to create or reflect only a representative relationship between independent contracting parties. Each Lender hereby
further authorizes (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to authorize) Agent
to act as the secured party under each of the Loan Documents that create a Lien on any item of Collateral. Except as expressly
otherwise provided in this Agreement, Agent shall have and may use its sole discretion with respect to exercising or refraining
from exercising any discretionary rights or taking or refraining from taking any actions that Agent expressly is entitled to take
or assert under or pursuant to this Agreement and the other Loan Documents. Without limiting the generality of the foregoing,
or of any other provision of the Loan Documents that provides rights or powers to Agent, Lenders agree that Agent shall have the
right to exercise the following powers as long as this Agreement remains in effect: (a) maintain, in accordance with its customary
business practices, ledgers and records reflecting the status of the Obligations, the Collateral, payments and proceeds of Collateral,
and related matters, (b) execute or file any and all financing or similar statements or notices, amendments, renewals, supplements,
documents, instruments, proofs of claim, notices and other written agreements with respect to the Loan Documents, or to take any
other action with respect to any Collateral or Loan Documents which may be necessary to perfect, and maintain perfected, the security
interests and Liens upon Collateral pursuant to the Loan Documents, (c) make Revolving Loans, for itself or on behalf of Lenders,
as provided in the Loan Documents, (d) exclusively receive, apply, and distribute payments and proceeds of the Collateral as provided
in the Loan Documents, (e) open and maintain such bank accounts and cash management arrangements as Agent deems necessary and
appropriate in accordance with the Loan Documents for the foregoing purposes, (f) perform, exercise, and enforce any and
all other rights and remedies of the Lender Group with respect to any Loan Party or its Subsidiaries, the Obligations, the Collateral,
or otherwise related to any of same as provided in the Loan Documents, and (g) incur and pay such Lender Group Expenses as Agent
may deem necessary or appropriate for the performance and fulfillment of its functions and powers pursuant to the Loan Documents.

 

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15.2         Delegation of Duties. Agent may execute any of its duties under this Agreement or any other Loan
Document by or through agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters
pertaining to such duties. Agent shall not be responsible for the negligence or misconduct of any agent or attorney in fact that
it selects as long as such selection was made without gross negligence or willful misconduct.

 

15.3         Liability of Agent. None of the Agent-Related Persons shall (a) be liable for any action taken
or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions
contemplated hereby (except for its own gross negligence or willful misconduct), or (b) be responsible in any manner to any of
the Lenders (or Bank Product Providers) for any recital, statement, representation or warranty made by any Loan Party or any of
its Subsidiaries or Affiliates, or any officer or director thereof, contained in this Agreement or in any other Loan Document,
or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection
with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of
this Agreement or any other Loan Document, or for any failure of any Loan Party or its Subsidiaries or any other party to any
Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any
Lenders (or Bank Product Providers) to ascertain or to inquire as to the observance or performance of any of the agreements contained
in, or conditions of, this Agreement or any other Loan Document, or to inspect the books and records or properties of any Loan
Party or its Subsidiaries. No Agent-Related Person shall have any liability to any Lender, and Loan Party or any of their respective
Affiliates if any request for a Loan, Letter of Credit or other extension of credit was not authorized by the applicable Borrower.
Agent shall not be required to take any action that, in its opinion or in the opinion of its counsel, may expose it to liability
or that is contrary to any Loan Document or applicable law or regulation.

 

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15.4         Reliance by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon
any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, telefacsimile or other electronic method of
transmission, telex or telephone message, statement or other document or conversation believed by it to be genuine and correct
and to have been signed, sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel (including
counsel to Borrowers or counsel to any Lender), independent accountants and other experts selected by Agent. Agent shall be fully
justified in failing or refusing to take any action under this Agreement or any other Loan Document unless Agent shall first receive
such advice or concurrence of the Lenders as it deems appropriate and until such instructions are received, Agent shall act, or
refrain from acting, as it deems advisable. If Agent so requests, it shall first be indemnified to its reasonable satisfaction
by the Lenders (and, if it so elects, the Bank Product Providers) against any and all liability and expense that may be incurred
by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Required
Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders (and
Bank Product Providers).

 

15.5         Notice of Default or Event of Default. Agent shall not be deemed to have knowledge or notice of
the occurrence of any Default or Event of Default, except with respect to defaults in the payment of principal, interest, fees,
and expenses required to be paid to Agent for the account of the Lenders and, except with respect to Events of Default of which
Agent has actual knowledge, unless Agent shall have received written notice from a Lender or Borrowers referring to this Agreement,
describing such Default or Event of Default, and stating that such notice is a “notice of default.” Agent promptly
will notify the Lenders of its receipt of any such notice or of any Event of Default of which Agent has actual knowledge. If any
Lender obtains actual knowledge of any Event of Default, such Lender promptly shall notify the other Lenders and Agent of such
Event of Default. Each Lender shall be solely responsible for giving any notices to its Participants, if any. Subject to Section
15.4, Agent shall take such action with respect to such Default or Event of Default as may be requested by the Required Lenders
in accordance with Section 9; provided, that unless and until Agent has received any such request, Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall
deem advisable.

 

15.6         Credit Decision. Each Lender (and Bank Product Provider) acknowledges that none of the Agent-Related
Persons has made any representation or warranty to it, and that no act by Agent hereinafter taken, including any review of the
affairs of any Loan Party and its Subsidiaries or Affiliates, shall be deemed to constitute any representation or warranty by
any Agent-Related Person to any Lender (or Bank Product Provider). Each Lender represents (and by entering into a Bank Product
Agreement, each Bank Product Provider shall be deemed to represent) to Agent that it has, independently and without reliance upon
any Agent-Related Person and based on such due diligence, documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness
of each Borrower or any other Person party to a Loan Document, and all applicable bank regulatory laws relating to the transactions
contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to Borrowers. Each Lender also
represents (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to represent) that it will,
independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under
this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the
business, prospects, operations, property, financial and other condition and creditworthiness of each Borrower or any other Person
party to a Loan Document. Except for notices, reports, and other documents expressly herein required to be furnished to the Lenders
by Agent, Agent shall not have any duty or responsibility to provide any Lender (or Bank Product Provider) with any credit or
other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of any Borrower or any other Person party to a Loan Document that may come into the possession of any of the Agent-Related Persons.
Each Lender acknowledges (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge)
that Agent does not have any duty or responsibility, either initially or on a continuing basis (except to the extent, if any,
that is expressly specified herein) to provide such Lender (or Bank Product Provider) with any credit or other information with
respect to any Borrower, its Affiliates or any of their respective business, legal, financial or other affairs, and irrespective
of whether such information came into Agent’s or its Affiliates’ or representatives’ possession before or after
the date on which such Lender became a party to this Agreement (or such Bank Product Provider entered into a Bank Product Agreement).

 

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15.7         Costs and Expenses; Indemnification. Agent may incur and pay Lender Group Expenses to the extent
Agent reasonably deems necessary or appropriate for the performance and fulfillment of its functions, powers, and obligations
pursuant to the Loan Documents, including court costs, attorneys’ fees and expenses, fees and expenses of financial accountants,
advisors, consultants, and appraisers, costs of collection by outside collection agencies, auctioneer fees and expenses, and costs
of security guards or insurance premiums paid to maintain the Collateral, whether or not Borrowers are obligated to reimburse
Agent or Lenders for such expenses pursuant to this Agreement or otherwise. Agent is authorized and directed to deduct and retain
sufficient amounts from payments or proceeds of the Collateral received by Agent to reimburse Agent for such out-of-pocket costs
and expenses prior to the distribution of any amounts to Lenders (or Bank Product Providers). In the event Agent is not reimbursed
for such costs and expenses by the Loan Parties and their Subsidiaries, each Lender hereby agrees that it is and shall be obligated
to pay to Agent such Lender’s ratable share thereof. Whether or not the transactions contemplated hereby are consummated,
each of the Lenders, on a ratable basis, shall indemnify and defend the Agent-Related Persons (to the extent not reimbursed by
or on behalf of Borrowers and without limiting the obligation of Borrowers to do so) from and against any and all Indemnified
Liabilities; provided, that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified
Liabilities resulting solely from such Person’s gross negligence or willful misconduct nor shall any Lender be liable for
the obligations of any Defaulting Lender in failing to make a Revolving Loan or other extension of credit hereunder. Without limitation
of the foregoing, each Lender shall reimburse Agent upon demand for such Lender’s ratable share of any costs or out of pocket
expenses (including attorneys, accountants, advisors, and consultants fees and expenses) incurred by Agent in connection with
the preparation, execution, delivery, administration, modification, amendment, or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement or any other Loan
Document to the extent that Agent is not reimbursed for such expenses by or on behalf of Borrowers. The undertaking in this Section
shall survive the payment of all Obligations hereunder and the resignation or replacement of Agent.

 

15.8         Agent in Individual Capacity. Wells Fargo and its Affiliates may make loans to, issue letters
of credit for the account of, accept deposits from, provide Bank Products to, acquire Equity Interests in, and generally engage
in any kind of banking, trust, financial advisory, underwriting, or other business with any Loan Party and its Subsidiaries and
Affiliates and any other Person party to any Loan Document as though Wells Fargo were not Agent hereunder, and, in each case,
without notice to or consent of the other members of the Lender Group. The other members of the Lender Group acknowledge (and
by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, pursuant to such activities,
Wells Fargo or its Affiliates may receive information regarding a Loan Party or its Affiliates or any other Person party to any
Loan Documents that is subject to confidentiality obligations in favor of such Loan Party or such other Person and that prohibit
the disclosure of such information to the Lenders (or Bank Product Providers), and the Lenders acknowledge (and by entering into
a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, in such circumstances (and in the absence
of a waiver of such confidentiality obligations, which waiver Agent will use its reasonable best efforts to obtain), Agent shall
not be under any obligation to provide such information to them. The terms “Lender” and “Lenders” include
Wells Fargo in its individual capacity.

 

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15.9         Successor Agent. Agent may resign as Agent upon 30 days (ten days if an Event of Default has occurred
and is continuing) prior written notice to the Lenders (unless such notice is waived by the Required Lenders) and Borrowers (unless
such notice is waived by Borrowers or a Default or Event of Default has occurred and is continuing) and without any notice to
the Bank Product Providers. If Agent resigns under this Agreement, the Required Lenders shall be entitled, with (so long as no
Event of Default has occurred and is continuing) the consent of Borrowers (such consent not to be unreasonably withheld, delayed,
or conditioned), appoint a successor Agent for the Lenders (and the Bank Product Providers). If, at the time that Agent’s
resignation is effective, it is acting as Issuing Bank or the Swing Lender, such resignation shall also operate to effectuate
its resignation as Issuing Bank or the Swing Lender, as applicable, and it shall automatically be relieved of any further obligation
to issue Letters of Credit, or to make Swing Loans. If no successor Agent is appointed prior to the effective date of the resignation
of Agent, Agent may appoint, after consulting with the Lenders and Borrowers, a successor Agent. If Agent has materially breached
or failed to perform any material provision of this Agreement or of applicable law, the Required Lenders may agree in writing
to remove and replace Agent with a successor Agent from among the Lenders with (so long as no Event of Default has occurred and
is continuing) the consent of Borrowers (such consent not to be unreasonably withheld, delayed, or conditioned). In any such event,
upon the acceptance of its appointment as successor Agent hereunder, such successor Agent shall succeed to all the rights, powers,
and duties of the retiring Agent and the term “Agent” shall mean such successor Agent and the retiring Agent’s
appointment, powers, and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent,
the provisions of this Section 15 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was
Agent under this Agreement. If no successor Agent has accepted appointment as Agent by the date which is 30 days following a retiring
Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless thereupon become effective and
the Lenders shall perform all of the duties of Agent hereunder until such time, if any, as the Lenders appoint a successor Agent
as provided for above.

 

15.10      
Lender in Individual Capacity. Any Lender and its respective Affiliates may make loans to, issue
letters of credit for the account of, accept deposits from, provide Bank Products to, acquire Equity Interests in and generally
engage in any kind of banking, trust, financial advisory, underwriting, or other business with any Loan Party and its Subsidiaries
and Affiliates and any other Person party to any Loan Documents as though such Lender were not a Lender hereunder without notice
to or consent of the other members of the Lender Group (or the Bank Product Providers). The other members of the Lender Group
acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, pursuant
to such activities, such Lender and its respective Affiliates may receive information regarding a Loan Party or its Affiliates
or any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of such Loan Party or
such other Person and that prohibit the disclosure of such information to the Lenders, and the Lenders acknowledge (and by entering
into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, in such circumstances (and in
the absence of a waiver of such confidentiality obligations, which waiver such Lender will use its reasonable best efforts to
obtain), such Lender shall not be under any obligation to provide such information to them.

 

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15.11      
Collateral Matters.

 

(a)               
The Lenders hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider
shall be deemed to authorize) Agent to release any Lien on any Collateral (i) upon the termination of the Commitments and payment
and satisfaction in full by the Loan Parties and their Subsidiaries of all of the Obligations, (ii) constituting property being
sold or disposed of if a release is required or desirable in connection therewith (including, without limitation, if requested
by the applicable third party, typical lien release agreements in form and substance acceptable to Agent in connection with any
supply chain financing or factoring arrangements permitted under clause (n) of the definition of Permitted Dispositions) and if
Borrowers certify to Agent that the sale or disposition is permitted under Section 6.4 (and Agent may rely conclusively
on any such certificate, without further inquiry), (iii) constituting property in which no Loan Party or any of its Subsidiaries
owned any interest at the time Agent’s Lien was granted nor at any time thereafter, (iv) constituting property leased
or licensed to a Loan Party or its Subsidiaries under a lease or license that has expired or is terminated in a transaction permitted
under this Agreement or subject to a Permitted Lien securing Permitted Purchase Money Indebtedness, or (v) in connection with
a credit bid or purchase authorized under this Section 15.11. The Loan Parties and the Lenders hereby irrevocably authorize
(and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to authorize) Agent, based upon the
instruction of the Required Lenders, to (a) consent to the sale of, credit bid, or purchase (either directly or indirectly through
one or more entities) all or any portion of the Collateral at any sale thereof conducted under the provisions of the Bankruptcy
Code, including Section 363 of the Bankruptcy Code, (b) credit bid or purchase (either directly or indirectly through one or more
entities) all or any portion of the Collateral at any sale or other disposition thereof conducted under the provisions of the
Code, including pursuant to Sections 9-610 or 9-620 of the Code, or (c) credit bid or purchase (either directly or indirectly
through one or more entities) all or any portion of the Collateral at any other sale or foreclosure conducted or consented to
by Agent in accordance with applicable law in any judicial action or proceeding or by the exercise of any legal or equitable remedy.
In connection with any such credit bid or purchase, (i) the Obligations owed to the Lenders and the Bank Product Providers shall
be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims
being estimated for such purpose if the fixing or liquidation thereof would not impair or unduly delay the ability of Agent to
credit bid or purchase at such sale or other disposition of the Collateral and, if such contingent or unliquidated claims cannot
be estimated without impairing or unduly delaying the ability of Agent to credit bid at such sale or other disposition, then such
claims shall be disregarded, not credit bid, and not entitled to any interest in the Collateral that is the subject of such credit
bid or purchase) and the Lenders and the Bank Product Providers whose Obligations are credit bid shall be entitled to receive
interests (ratably based upon the proportion of their Obligations credit bid in relation to the aggregate amount of Obligations
so credit bid) in the Collateral that is the subject of such credit bid or purchase (or in the Equity Interests of the any entities
that are used to consummate such credit bid or purchase), and (ii) Agent, based upon the instruction of the Required Lenders,
may accept non-cash consideration, including debt and equity securities issued by any entities used to consummate such credit
bid or purchase and in connection therewith Agent may reduce the Obligations owed to the Lenders and the Bank Product Providers
(ratably based upon the proportion of their Obligations credit bid in relation to the aggregate amount of Obligations so credit
bid) based upon the value of such non-cash consideration; provided, that Bank Product Obligations not entitled to the application
set forth in Section 2.4(b)(iii)(J) shall not be entitled to be, and shall not be, credit bid, or used in the calculation
of the ratable interest of the Lenders and Bank Product Providers in the Obligations which are credit bid. Except as provided
above, Agent will not execute and deliver a release of any Lien on any Collateral without the prior written authorization of (y)
if the release is of all or substantially all of the Collateral, all of the Lenders (without requiring the authorization of the
Bank Product Providers), or (z) otherwise, the Required Lenders (without requiring the authorization of the Bank Product Providers).
Upon request by Agent or Borrowers at any time, the Lenders will (and if so requested, the Bank Product Providers will) confirm
in writing Agent’s authority to release any such Liens on particular types or items of Collateral pursuant to this Section
15.11; provided, that (1) anything to the contrary contained in any of the Loan Documents notwithstanding, Agent shall
not be required to execute any document or take any action necessary to evidence such release on terms that, in Agent’s
opinion, could expose Agent to liability or create any obligation or entail any consequence other than the release of such Lien
without recourse, representation, or warranty, and (2) such release shall not in any manner discharge, affect, or impair the Obligations
or any Liens (other than those expressly released) upon (or obligations of Borrowers in respect of) any and all interests retained
by any Borrower, including, the proceeds of any sale, all of which shall continue to constitute part of the Collateral. Each Lender
further hereby irrevocably authorizes (and by entering into a Bank Product Agreement, each
Bank Product Provider shall be deemed to irrevocably authorize) Agent, at its option and in its
sole discretion, to subordinate (by contract or otherwise) any Lien granted to or held by Agent on any property under any Loan
Document (a) to the holder of any Permitted Lien on such property if such Permitted Lien secures Permitted Purchase Money
Indebtedness (including Capitalized Lease Obligations) and (b) to the extent Agent has the authority under this Section
15.11 to release its Lien on such property. Notwithstanding the provisions of this Section 15.11, the Agent shall be
authorized, without the consent of any Lender and without the requirement that an asset sale consisting of the sale, transfer
or other disposition having occurred, to release any security interest in any building, structure or improvement located in an
area determined by the Federal Emergency Management Agency to have special flood hazards.

 

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(b)               
Agent shall have no obligation whatsoever to any of the Lenders (or the Bank Product Providers) (i) to verify or
assure that the Collateral exists or is owned by a Loan Party or any of its Subsidiaries or is cared for, protected, or insured
or has been encumbered, (ii) to verify or assure that Agent’s Liens have been properly or sufficiently or lawfully created,
perfected, protected, or enforced or are entitled to any particular priority, (iii) to verify or assure that any particular items
of Collateral meet the eligibility criteria applicable in respect thereof, (iv) to impose, maintain, increase, reduce, implement,
or eliminate any particular reserve hereunder or to determine whether the amount of any reserve is appropriate or not, or (v) to
exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of
the rights, authorities and powers granted or available to Agent pursuant to any of the Loan Documents, it being understood and
agreed that in respect of the Collateral, or any act, omission, or event related thereto, subject to the terms and conditions contained
herein, Agent may act in any manner it may deem appropriate, in its sole discretion given Agent’s own interest in the Collateral
in its capacity as one of the Lenders and that Agent shall have no other duty or liability whatsoever to any Lender (or Bank Product
Provider) as to any of the foregoing, except as otherwise expressly provided herein.

 

15.12      
Restrictions on Actions by Lenders; Sharing of Payments.

 

(a)               
Each of the Lenders agrees that it shall not, without the express written consent of Agent, and that it shall, to
the extent it is lawfully entitled to do so, upon the written request of Agent, set off against the Obligations, any amounts owing
by such Lender to any Loan Party or its Subsidiaries or any deposit accounts of any Loan Party or its Subsidiaries now or hereafter
maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so in writing
by Agent, take or cause to be taken any action, including, the commencement of any legal or equitable proceedings to enforce any
Loan Document against any Borrower or any Guarantor or to foreclose any Lien on, or otherwise enforce any security interest in,
any of the Collateral.

 

(b)               
If, at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, or otherwise, any proceeds
of Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received by such Lender
from Agent pursuant to the terms of this Agreement, or (ii) payments from Agent in excess of such Lender’s Pro Rata
Share of all such distributions by Agent, such Lender promptly shall (A) turn the same over to Agent, in kind, and with such endorsements
as may be required to negotiate the same to Agent, or in immediately available funds, as applicable, for the account of all of
the Lenders and for application to the Obligations in accordance with the applicable provisions of this Agreement, or (B) purchase,
without recourse or warranty, an undivided interest and participation in the Obligations owed to the other Lenders so that such
excess payment received shall be applied ratably as among the Lenders in accordance with their Pro Rata Shares; provided,
that to the extent that such excess payment received by the purchasing party is thereafter recovered from it, those purchases of
participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor
shall be returned to such purchasing party, but without interest except to the extent that such purchasing party is required to
pay interest in connection with the recovery of the excess payment.

 

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15.13      
Agency for Perfection. Agent hereby appoints each other Lender (and each Bank Product Provider)
as its agent (and each Lender hereby accepts (and by entering into a Bank Product Agreement, each Bank Product Provider shall
be deemed to accept) such appointment) for the purpose of perfecting Agent’s Liens in assets which, in accordance with Article
8 (if applicable) or Article 9, as applicable, of the Code can be perfected by possession or control. Should any Lender obtain
possession or control of any such Collateral, such Lender shall notify Agent thereof, and, promptly upon Agent’s request
therefor shall deliver possession or control of such Collateral to Agent or in accordance with Agent’s instructions.

 

15.14      
Payments by Agent to the Lenders. All payments to be made by Agent to the Lenders (or Bank Product
Providers) shall be made by bank wire transfer of immediately available funds pursuant to such wire transfer instructions as each
party may designate for itself by written notice to Agent. Concurrently with each such payment, Agent shall identify whether such
payment (or any portion thereof) represents principal, premium, fees, or interest of the Obligations.

 

15.15      
Concerning the Collateral and Related Loan Documents. Each member of the Lender Group authorizes
and directs Agent to enter into this Agreement and the other Loan Documents. Each member of the Lender Group agrees (and by entering
into a Bank Product Agreement, each Bank Product Provider shall be deemed to agree) that any action taken by Agent in accordance
with the terms of this Agreement or the other Loan Documents relating to the Collateral and the exercise by Agent of its powers
set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all
of the Lenders (and such Bank Product Provider).

 

15.16     
Field Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information.
By becoming a party to this Agreement, each Lender:

 

(a)               
is deemed to have requested that Agent furnish such Lender, promptly after it becomes available, a copy of each field
examination report respecting any Loan Party or its Subsidiaries (each, a “Report”) prepared by or at the request
of Agent, and Agent shall so furnish each Lender with such Reports,

 

(b)               
expressly agrees and acknowledges that Agent does not (i) make any representation or warranty as to the accuracy
of any Report, and (ii) shall not be liable for any information contained in any Report,

 

(c)               
expressly agrees and acknowledges that the Reports are not comprehensive audits or examinations, that Agent or other
party performing any field examination will inspect only specific information regarding the Loan Parties and their Subsidiaries
and will rely significantly upon Parent’s and its Subsidiaries’ books and records, as well as on representations of
Borrowers’ personnel,

 

(d)               
agrees to keep all Reports and other material, non-public information regarding the Loan Parties and their Subsidiaries
and their operations, assets, and existing and contemplated business plans in a confidential manner in accordance with Section
17.9, and

 

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(e)               
without limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to
hold Agent and any other Lender preparing a Report harmless from any action the indemnifying Lender may take or fail to take or
any conclusion the indemnifying Lender may reach or draw from any Report in connection with any loans or other credit accommodations
that the indemnifying Lender has made or may make to Borrowers, or the indemnifying Lender’s participation in, or the indemnifying
Lender’s purchase of, a loan or loans of Borrowers, and (ii) to pay and protect, and indemnify, defend and hold Agent, and
any such other Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses,
and other amounts (including, attorneys’ fees and costs) incurred by Agent and any such other Lender preparing a Report as
the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender.

 

In addition to the foregoing, (x) any Lender
may from time to time request of Agent in writing that Agent provide to such Lender a copy of any report or document provided by
any Loan Party or its Subsidiaries to Agent that has not been contemporaneously provided by such Loan Party or such Subsidiary
to such Lender, and, upon receipt of such request, Agent promptly shall provide a copy of same to such Lender, (y) to the extent
that Agent is entitled, under any provision of the Loan Documents, to request additional reports or information from any Loan Party
or its Subsidiaries, any Lender may, from time to time, reasonably request Agent to exercise such right as specified in such Lender’s
notice to Agent, whereupon Agent promptly shall request of Borrowers the additional reports or information reasonably specified
by such Lender, and, upon receipt thereof from such Loan Party or such Subsidiary, Agent promptly shall provide a copy of same
to such Lender, and (z) any time that Agent renders to Borrowers a statement regarding the Loan Account, Agent shall send a copy
of such statement to each Lender.

 

15.17      
Several Obligations; No Liability. Notwithstanding that certain of the Loan Documents now or hereafter
may have been or will be executed only by or in favor of Agent in its capacity as such, and not by or in favor of the Lenders,
any and all obligations on the part of Agent (if any) to make any credit available hereunder shall constitute the several (and
not joint) obligations of the respective Lenders on a ratable basis, according to their respective Commitments, to make an amount
of such credit not to exceed, in principal amount, at any one time outstanding, the amount of their respective Commitments. Nothing
contained herein shall confer upon any Lender any interest in, or subject any Lender to any liability for, or in respect of, the
business, assets, profits, losses, or liabilities of any other Lender. Each Lender shall be solely responsible for notifying its
Participants of any matters relating to the Loan Documents to the extent any such notice may be required, and no Lender shall
have any obligation, duty, or liability to any Participant of any other Lender. Except as provided in Section 15.7, no member
of the Lender Group shall have any liability for the acts of any other member of the Lender Group. No Lender shall be responsible
to any Borrower or any other Person for any failure by any other Lender (or Bank Product Provider) to fulfill its obligations
to make credit available hereunder, nor to advance for such Lender (or Bank Product Provider) or on its behalf, nor to take any
other action on behalf of such Lender (or Bank Product Provider) hereunder or in connection with the financing contemplated herein.

 

16.           
TAXES.

 

16.1       
Payments. All payments made by any Loan Party under any Loan Document will be made free and clear
of, and without deduction or withholding for, any Taxes, except as otherwise required by applicable law, and in the event any
deduction or withholding of Taxes is required, the applicable Loan Party shall make the requisite withholding, promptly pay over
to the applicable Governmental Authority the withheld tax, and furnish to Agent as promptly as possible after the date the payment
of any such Tax is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by the Loan Parties.
Furthermore, if any such Tax is an Indemnified Taxes or an Indemnified Tax is so levied or imposed, the Loan Parties agree to
pay the full amount of such Indemnified Taxes and such additional amounts as may be necessary so that every payment of all amounts
due under this Agreement, any note, or Loan Document, including any amount paid pursuant to this Section 16.1 after withholding
or deduction for or on account of any Indemnified Taxes, will not be less than the amount provided for herein. The Loan Parties
will promptly pay any Other Taxes or reimburse Agent for such Other Taxes upon Agent's demand. The Loan Parties shall jointly
and severally indemnify each Indemnified Person (as defined in Section 10.3) (collectively a "Tax Indemnitee") for the
full amount of Indemnified Taxes arising in connection with this Agreement or any other Loan Document or breach thereof by any
Loan Party (including any Indemnified Taxes imposed or asserted on, or attributable to, amounts payable under this Section 16)
imposed on, or paid by, such Tax Indemnitee and all reasonable costs and expenses related thereto (including fees and disbursements
of attorneys and other tax professionals), as and when they are incurred and irrespective of whether suit is brought, whether
or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority (other than
Indemnified Taxes and additional amounts that a court of competent jurisdiction finally determines to have resulted from the gross
negligence or willful misconduct of such Tax Indemnitee). The obligations of the Loan Parties under this Section 16 shall survive
the termination of this Agreement, the resignation and replacement of the Agent, and the repayment of the Obligations.

 

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16.2        
Exemptions.

 

(a)           If a Lender or Participant is entitled to claim an exemption or reduction from United States withholding tax, such
Lender or Participant agrees with and in favor of Agent, to deliver to Agent (or, in the case of a Participant, to the Lender granting
the participation only) and the Administrative Borrower on behalf of all Borrowers one of the following before receiving its first
payment under this Agreement:

 

(i)             if
such Lender or Participant is entitled to claim an exemption from United States withholding tax pursuant to the portfolio interest
exception, (A) a statement of the Lender or Participant, signed under penalty of perjury, that it is not a (I) a “bank”
as described in Section 881(c)(3)(A) of the IRC, (II) a 10% shareholder of any Borrower (within the meaning of Section 871(h)(3)(B)
of the IRC), or (III) a controlled foreign corporation related to Borrowers within the meaning of Section 864(d)(4) of the IRC,
and (B) a properly completed and executed IRS Form W-8BEN, Form W-8BEN-E or Form W-8IMY (with proper attachments as applicable);

 

(ii)           
if such Lender or Participant is entitled to claim an exemption from, or a reduction of, withholding tax under a
United States tax treaty, a properly completed and executed copy of IRS Form W-8BEN or Form W-8BEN-E, as applicable;

 

(iii)         
if such Lender or Participant is entitled to claim that interest paid under this Agreement is exempt from United
States withholding tax because it is effectively connected with a United States trade or business of such Lender, a properly completed
and executed copy of IRS Form W-8ECI;

 

(iv)         
if such Lender or Participant is entitled to claim that interest paid under this Agreement is exempt from United
States withholding tax because such Lender or Participant serves as an intermediary, a properly completed and executed copy of
IRS Form W-8IMY (including a withholding statement and copies of the tax certification documentation for its beneficial owner(s)
of the income paid to the intermediary, if required based on its status provided on the Form W-8IMY); or

 

(v)          
a properly completed and executed copy of any other form or forms, including IRS Form W-9, as may be required under
the IRC or other laws of the United States as a condition to exemption from, or reduction of, United States withholding or backup
withholding tax.

 

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(b)           Each Lender or Participant shall provide new forms (or successor forms) upon the expiration or obsolescence of any
previously delivered forms and promptly notify Agent and Administrative Borrower (or, in the case of a Participant, to the Lender
granting the participation only) of any change in circumstances which would modify or render invalid any claimed exemption or reduction.

 

(c)           If a Lender or Participant claims an exemption from withholding tax in a jurisdiction other than the United States,
such Lender or such Participant agrees with and in favor of Agent and Borrowers, to deliver to Agent and Administrative Borrower
(or, in the case of a Participant, to the Lender granting the participation only) any such form or forms, as may be required under
the laws of such jurisdiction as a condition to exemption from, or reduction of, foreign withholding or backup withholding tax
before receiving its first payment under this Agreement, but only if such Lender or such Participant is legally able to deliver
such forms, or the providing of or delivery of such forms in the Lender's reasonable judgment would not subject such Lender to
any material unreimbursed cost or expense or materially prejudice the legal or commercial position of such Lender (or its Affiliates);
provided, further, that nothing in this Section 16.2(c) shall require a Lender or Participant to disclose
any information that it deems to be confidential (including its tax returns). Each Lender and each Participant shall provide new
forms (or successor forms) upon the expiration or obsolescence of any previously delivered forms and promptly notify Agent and
Administrative Borrower (or, in the case of a Participant, to the Lender granting the participation only) of any change in circumstances
which would modify or render invalid any claimed exemption or reduction.

 

(d)           If a Lender or Participant claims exemption from, or reduction of, withholding tax and such Lender or Participant
sells, assigns, grants a participation in, or otherwise transfers all or part of the Obligations of Borrowers to such Lender or
Participant, such Lender or Participant agrees to notify Agent and Administrative Borrower (or, in the case of a sale of a participation
interest, to the Lender granting the participation only) of the percentage amount in which it is no longer the beneficial owner
of Obligations of Borrowers to such Lender or Participant. To the extent of such percentage amount, Agent and Administrative Borrower
will treat such Lender’s or such Participant’s documentation provided pursuant to Section 16.2(a) or 16.2(c)
as no longer valid. With respect to such percentage amount, such Participant or Assignee may provide new documentation, pursuant
to Section 16.2(a) or 16.2(c), if applicable. Borrowers agree that each Participant shall be entitled to the benefits
of this Section 16 with respect to its participation in any portion of the Commitments and the Obligations only so long
as such Participant complies with the obligations set forth in this Section 16 with respect thereto.

 

(e)           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 due diligence and reporting requirements of FATCA (including those
contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Lender shall deliver to Agent (or, in the case of a Participant,
to the Lender granting the participation only) at the time or times prescribed by law and at such time or times reasonably requested
by Agent (or, in the case of a Participant, the Lender granting the participation) such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the IRC) and such additional documentation reasonably requested by
Agent (or, in the case of a Participant, the Lender granting the participation) as may be necessary for Agent or Borrowers 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 (e), "FATCA" shall
include any amendments made to FATCA after the date of this Agreement.

 

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16.3        
Reductions.

 

(a)           If a Lender or a Participant is subject to an applicable withholding tax, Agent (or, in the case of a Participant,
the Lender granting the participation) or the Loan Parties may withhold from any payment to such Lender or such Participant an
amount equivalent to the applicable withholding tax. If the forms or other documentation required by Section 16.2(a) or
16.2(c) are not delivered to Agent (or, in the case of a Participant, to the Lender granting the participation) or the Loan
Parties, then Agent (or, in the case of a Participant, to the Lender granting the participation) or the Loan Parties may withhold
from any payment to such Lender or such Participant not providing such forms or other documentation an amount equivalent to the
applicable withholding tax.

 

(b)           If the IRS or any other Governmental Authority of the United States or other jurisdiction asserts a claim that Agent
(or, in the case of a Participant, to the Lender granting the participation) or any Loan Party did not properly withhold tax from
amounts paid to or for the account of any Lender or any Participant due to a failure on the part of the Lender or any Participant
(because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify Agent (or such
Participant failed to notify the Lender granting the participation) of a change in circumstances which rendered the exemption from,
or reduction of, withholding tax ineffective, or for any other reason) such Lender shall indemnify and hold Agent harmless (or,
in the case of a Participant, such Participant shall indemnify and hold the Lender granting the participation harmless) for all
amounts paid, directly or indirectly, by Agent (or, in the case of a Participant, to the Lender granting the participation), as
tax or otherwise, including penalties and interest, and including any taxes imposed by any jurisdiction on the amounts payable
to Agent (or, in the case of a Participant, to the Lender granting the participation only) under this Section 16, together
with all costs and expenses (including attorneys’ fees and expenses). The obligation of the Lenders and the Participants
under this subsection shall survive the payment of all Obligations and the resignation or replacement of Agent.

 

16.4        
Refunds. If Agent or a Lender determines, in its sole discretion, exercised in good faith, that
it has received a refund of any Indemnified Taxes to which the Loan Parties have paid additional amounts pursuant to this Section
16, so long as no Default or Event of Default has occurred and is continuing, it shall pay over such refund to the Administrative
Borrower on behalf of the Loan Parties (but only to the extent of payments made, or additional amounts paid, by the Loan Parties
under this Section 16 with respect to Indemnified Taxes giving rise to such a refund), net of all out-of-pocket expenses of Agent
or such Lender and without interest (other than any interest paid by the applicable Governmental Authority with respect to such
a refund); provided, that the Loan Parties, upon the request of Agent or such Lender, agrees to repay the amount paid over to
the Loan Parties (plus any penalties, interest or other charges, imposed by the applicable Governmental Authority, other than
such penalties, interest or other charges imposed as a result of the willful misconduct or gross negligence of Agent or such Lender
hereunder as finally determined by a court of competent jurisdiction) to Agent or such Lender in the event Agent or such Lender
is required to repay such refund to such Governmental Authority. Notwithstanding anything in this Agreement to the contrary, this
Section 16 shall not be construed to require Agent or any Lender to make available its tax returns (or any other information which
it deems confidential) to Loan Parties or any other Person or require Agent or any Lender to pay any amount to an indemnifying
party pursuant to Section 16.4, the payment of which would place Agent or such Lender (or their Affiliates) in a less favorable
net after-Tax position than such Person 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.

 

17.          
GENERAL PROVISIONS.

 

17.1        
Effectiveness. This Agreement shall be binding and deemed effective when executed by Parent, each
Borrower, Agent, and each Lender whose signature is provided for on the signature pages hereof.

 

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17.2        
Section Headings. Headings and numbers have been set forth herein for convenience only. Unless
the contrary is compelled by the context, everything contained in each Section applies equally to this entire Agreement.

 

17.3        
Interpretation. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed
against the Lender Group or Parent or any Borrower, whether under any rule of construction or otherwise. On the contrary, this
Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words
used so as to accomplish fairly the purposes and intentions of all parties hereto.

 

17.4        
Severability of Provisions. Each provision of this Agreement shall be severable from every other
provision of this Agreement for the purpose of determining the legal enforceability of any specific provision.

 

17.5        
Bank Product Providers. Each Bank Product Provider in its capacity as such shall be deemed a third
party beneficiary hereof and of the provisions of the other Loan Documents for purposes of any reference in a Loan Document to
the parties for whom Agent is acting. Agent hereby agrees to act as agent for such Bank Product Providers and, by virtue of entering
into a Bank Product Agreement, the applicable Bank Product Provider shall be automatically deemed to have appointed Agent as its
agent and to have accepted the benefits of the Loan Documents. It is understood and agreed that the rights and benefits of each
Bank Product Provider under the Loan Documents consist exclusively of such Bank Product Provider’s being a beneficiary of
the Liens and security interests (and, if applicable, guarantees) granted to Agent and the right to share in payments and collections
out of the Collateral as more fully set forth herein. In addition, each Bank Product Provider, by virtue of entering into a Bank
Product Agreement, shall be automatically deemed to have agreed that Agent shall have the right, but shall have no obligation,
to establish, maintain, relax, or release reserves in respect of the Bank Product Obligations and that if reserves are established
there is no obligation on the part of Agent to determine or insure whether the amount of any such reserve is appropriate or not.
In connection with any such distribution of payments or proceeds of Collateral, Agent shall be entitled to assume no amounts are
due or owing to any Bank Product Provider unless such Bank Product Provider has provided a written certification (setting forth
a reasonably detailed calculation) to Agent as to the amounts that are due and owing to it and such written certification is received
by Agent a reasonable period of time prior to the making of such distribution. Agent shall have no obligation to calculate the
amount due and payable with respect to any Bank Products, but may rely upon the written certification of the amount due and payable
from the applicable Bank Product Provider. In the absence of an updated certification, Agent shall be entitled to assume that
the amount due and payable to the applicable Bank Product Provider is the amount last certified to Agent by such Bank Product
Provider as being due and payable (less any distributions made to such Bank Product Provider on account thereof). Borrowers may
obtain Bank Products from any Bank Product Provider, although Borrowers are not required to do so. Each Borrower acknowledges
and agrees that no Bank Product Provider has committed to provide any Bank Products and that the providing of Bank Products by
any Bank Product Provider is in the sole and absolute discretion of such Bank Product Provider. Notwithstanding anything to the
contrary in this Agreement or any other Loan Document, no provider or holder of any Bank Product shall have any voting or approval
rights hereunder (or be deemed a Lender) solely by virtue of its status as the provider or holder of such agreements or products
or the Obligations owing thereunder, nor shall the consent of any such provider or holder be required (other than in their capacities
as Lenders, to the extent applicable) for any matter hereunder or under any of the other Loan Documents, including as to any matter
relating to the Collateral or the release of Collateral or Guarantors.

 

17.6        
Debtor-Creditor Relationship. The relationship between the Lenders and Agent, on the one hand,
and the Loan Parties, on the other hand, is solely that of creditor and debtor. No member of the Lender Group has (or shall be
deemed to have) any fiduciary relationship or duty to any Loan Party arising out of or in connection with the Loan Documents or
the transactions contemplated thereby, and there is no agency or joint venture relationship between the members of the Lender
Group, on the one hand, and the Loan Parties, on the other hand, by virtue of any Loan Document or any transaction contemplated
therein.

 

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17.7        
Counterparts; Electronic Execution. This Agreement may be executed in any number of counterparts
and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original,
and all of which, when taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of
this Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original
executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile or other
electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver
an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement. The foregoing
shall apply to each other Loan Document mutatis mutandis.

 

17.8       
Revival and Reinstatement of Obligations; Certain Waivers. If any member of the Lender Group or
any Bank Product Provider repays, refunds, restores, or returns in whole or in part, any payment or property (including any
proceeds of Collateral) previously paid or transferred to such member of the Lender Group or such Bank Product
Provider in full or partial satisfaction of any Obligation or on account of any other obligation of any
Loan Party under any Loan Document or any Bank Product Agreement, because the payment, transfer, or the incurrence of the
obligation so satisfied is asserted or declared to be void, voidable, or otherwise recoverable under any law relating to
creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent transfers, preferences, or other
voidable or recoverable obligations or transfers (each, a “Voidable Transfer”), or because such member
of the Lender Group or Bank Product Provider elects to do so on the reasonable advice of its counsel in connection with a claim
that the payment, transfer, or incurrence is or may be a Voidable Transfer, then, as to any such Voidable Transfer,
or the amount thereof that such member of the Lender Group or Bank Product Provider elects to repay, restore, or
return (including pursuant to a settlement of any claim in respect thereof), and as to all reasonable costs, expenses, and attorneys’
fees of such member of the Lender Group or Bank Product Provider related thereto, (i) the liability of the Loan
Parties with respect to the amount or property paid, refunded, restored, or returned will automatically and immediately be
revived, reinstated, and restored and will exist, and (ii) Agent’s Liens securing such liability shall be effective,
reinstated, and remain in full force and effect, in each case, as fully as if such Voidable Transfer had never been
made.  If, prior to any of the foregoing, (A) Agent’s Liens shall have been released or terminated, or (B) any
provision of this Agreement shall have been terminated or cancelled, Agent’s Liens, or such provision of this
Agreement, shall be reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not
diminish, release, discharge, impair or otherwise affect the obligation of any Loan Party in respect of such liability or any Collateral
securing such liability. This provision shall survive the termination of this Agreement and the repayment in full of
the Obligations.

 

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17.9        
Confidentiality.

 

(a)               
Agent and Lenders each individually (and not jointly or jointly and severally) agree that material, non-public information
regarding the Loan Parties and their Subsidiaries, their operations, assets, and existing and contemplated business plans (“Confidential
Information”) shall be treated by Agent and the Lenders in a confidential manner, and shall not be disclosed by Agent
and the Lenders to Persons who are not parties to this Agreement, except: (i) to attorneys for and other advisors, accountants,
auditors, and consultants to any member of the Lender Group and to employees, directors and officers of any member of the Lender
Group (the Persons in this clause (i), “Lender Group Representatives”) on a “need to know” basis
in connection with this Agreement and the transactions contemplated hereby and on a confidential basis, (ii) to Subsidiaries and
Affiliates of any member of the Lender Group (including the Bank Product Providers); provided, that any such Subsidiary
or Affiliate shall have agreed to receive such information hereunder subject to the terms of this Section 17.9, (iii) as
may be required by regulatory authorities so long as such authorities are informed of the confidential nature of such information,
(iv) as may be required by statute, decision, or judicial or administrative order, rule, or regulation; provided, that
(x) prior to any disclosure under this clause (iv), the disclosing party agrees to provide Borrowers with prior notice thereof,
to the extent that it is practicable to do so and to the extent that the disclosing party is permitted to provide such prior notice
to Borrowers pursuant to the terms of the applicable statute, decision, or judicial or administrative order, rule, or regulation
and (y) any disclosure under this clause (iv) shall be limited to the portion of the Confidential Information as may be required
by such statute, decision, or judicial or administrative order, rule, or regulation, (v) as may be agreed to in advance in writing
by Borrowers, (vi) as requested or required by any Governmental Authority pursuant to any subpoena or other legal process; provided,
that (x) prior to any disclosure under this clause (vi) the disclosing party agrees to provide Borrowers with prior written notice
thereof, to the extent that it is practicable to do so and to the extent that the disclosing party is permitted to provide such
prior written notice to Borrowers pursuant to the terms of the subpoena or other legal process and (y) any disclosure under this
clause (vi) shall be limited to the portion of the Confidential Information as may be required by such Governmental Authority
pursuant to such subpoena or other legal process, (vii) as to any such information that is or becomes generally available to the
public (other than as a result of prohibited disclosure by Agent or the Lenders or the Lender Group Representatives), (viii) in
connection with any assignment, participation or pledge of any Lender’s interest under this Agreement; provided,
that prior to receipt of Confidential Information any such assignee, participant, or pledgee shall have agreed in writing to receive
such Confidential Information either subject to the terms of this Section 17.9 or pursuant to confidentiality requirements
substantially similar to those contained in this Section 17.9 (and such Person may disclose such Confidential Information
to Persons employed or engaged by them as described in clause (i) above), (ix) in connection with any litigation or other adversary
proceeding involving parties hereto which such litigation or adversary proceeding involves claims related to the rights or duties
of such parties under this Agreement or the other Loan Documents; provided, that prior to any disclosure to any Person
(other than any Loan Party, Agent, any Lender, any of their respective Affiliates, or their respective counsel) under this clause
(ix) with respect to litigation involving any Person (other than any Borrower, Agent, any Lender, any of their respective Affiliates,
or their respective counsel), the disclosing party agrees to provide Borrowers with prior written notice thereof, and (x) in connection
with, and to the extent reasonably necessary for, the exercise of any secured creditor remedy under this Agreement or under any
other Loan Document.

 

(b)              
Anything in this Agreement to the contrary notwithstanding, Agent may disclose information concerning the terms and
conditions of this Agreement and the other Loan Documents to loan syndication and pricing reporting services or in its marketing
or promotional materials, with such information to consist of deal terms and other information customarily found in such publications
or marketing or promotional materials and may otherwise use the name, logos, and other insignia of any Borrower or the other Loan
Parties and the Commitments provided hereunder in any “tombstone” or other advertisements, on its website or in other
marketing materials of the Agent.

 

(c)               
Each Loan Party agrees that Agent may make materials or information provided by or on behalf of Borrowers hereunder
(collectively, “Borrower Materials”) available to the Lenders by posting the Borrower Materials on IntraLinks,
SyndTrak or a substantially similar secure electronic transmission system (the “Platform”). The Platform is
provided “as is” and “as available.” Agent does not warrant the accuracy or completeness of the Borrower
Materials, or the adequacy of the Platform and expressly disclaim liability for errors or omissions in the communications. No warranty
of any kind, express, implied or statutory, including 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 Agent in connection with the Borrower Materials
or the Platform. In no event shall Agent or any of the Agent-Related Persons have any liability to the Loan Parties, any Lender
or any other person for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses
or expenses (whether in tort, contract or otherwise) arising out of any Loan Party’s or Agent’s transmission of communications
through the Internet, except to the extent the liability of such person is found in a final non-appealable judgment by a court
of competent jurisdiction to have resulted from such person’s gross negligence or willful misconduct. Each Loan Party further
agrees that certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material
non-public information with respect to the Loan Parties or their securities) (each, a “Public Lender”). The
Loan Parties shall be deemed to have authorized Agent and its Affiliates and the Lenders to treat Borrower Materials marked “PUBLIC”
or otherwise at any time filed with the SEC as not containing any material non-public information with respect to the Loan Parties
or their securities for purposes of United States federal and state securities laws. All Borrower Materials marked “PUBLIC”
are permitted to be made available through a portion of the Platform designated as “Public Investor” (or another similar
term). Agent and its Affiliates and the Lenders shall be entitled to treat any Borrower Materials that are not marked “PUBLIC”
or that are not at any time filed with the SEC as being suitable only for posting on a portion of the Platform not marked as “Public
Investor” (or such other similar term).

 

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17.10      
Survival. All 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 Loans and issuance of any Letters of Credit, regardless of any investigation made by any such
other party or on its behalf and notwithstanding that Agent, Issuing Bank, or any Lender 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 as long as the principal of, or any accrued interest on, any Loan or any fee or any other amount payable
under this Agreement is outstanding or unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired
or been terminated.

 

17.11      
Patriot Act; Due Diligence. Each Lender that is subject to the requirements of the Patriot Act
hereby notifies the Loan Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record
information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information
that will allow such Lender to identify each Loan Party in accordance with the Patriot Act. In addition, Agent and each Lender
shall have the right to periodically conduct due diligence on all Loan Parties, their senior management and key principals and
legal and beneficial owners. Each Loan Party agrees to cooperate in respect of the conduct of such due diligence and further agrees
that the reasonable costs and charges for any such due diligence by Agent shall constitute Lender Group Expenses hereunder and
be for the account of Borrowers.

 

17.12      
Integration. This Agreement, together with the other Loan Documents, reflects the entire understanding
of the parties with respect to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement,
oral or written, before the date hereof. The foregoing to the contrary notwithstanding, all Bank Product Agreements, if any, are
independent agreements governed by the written provisions of such Bank Product Agreements, which will remain in full force and
effect, unaffected by any repayment, prepayments, acceleration, reduction, increase, or change in the terms of any credit extended
hereunder, except as otherwise expressly provided in such Bank Product Agreement.

 

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17.13     
Administrative Borrower as Agent for Borrowers. Each Borrower hereby irrevocably appoints Tessco
as the borrowing agent and attorney-in-fact for all Borrowers (the “Administrative Borrower”) which appointment shall
remain in full force and effect unless and until Agent shall have received prior written notice signed by each Borrower that such
appointment has been revoked and that another Borrower has been appointed Administrative Borrower. Each Borrower hereby irrevocably
appoints and authorizes the Administrative Borrower (a) to provide Agent with all notices with respect to Revolving Loans and
Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and the
other Loan Documents (and any notice or instruction provided by Administrative Borrower shall be deemed to be given by Borrowers
hereunder and shall bind each Borrower), (b) to receive notices and instructions from members of the Lender Group (and any notice
or instruction provided by any member of the Lender Group to the Administrative Borrower in accordance with the terms hereof shall
be deemed to have been given to each Borrower), and (c) to take such action as the Administrative Borrower deems appropriate on
its behalf to obtain Revolving Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto
to carry out the purposes of this Agreement. It is understood that the handling of the Loan Account and Collateral in a combined
fashion, as more fully set forth herein, is done solely as an accommodation to Borrowers in order to utilize the collective borrowing
powers of Borrowers in the most efficient and economical manner and at their request, and that Lender Group shall not incur liability
to any Borrower as a result hereof. Each Borrower expects to derive benefit, directly or indirectly, from the handling of the
Loan Account and the Collateral in a combined fashion since the successful operation of each Borrower is dependent on the continued
successful performance of the integrated group. To induce the Lender Group to do so, and in consideration thereof, each Borrower
hereby jointly and severally agrees to indemnify each member of the Lender Group and hold each member of the Lender Group harmless
against any and all liability, expense, loss or claim of damage or injury, made against the Lender Group by any Borrower or by
any third party whosoever, arising from or incurred by reason of (i) the handling of the Loan Account and Collateral of Borrowers
as herein provided, or (ii) the Lender Group’s relying on any instructions of the Administrative Borrower, except
that Borrowers will have no liability to the relevant Agent-Related Person or Lender-Related Person under this Section 17.13 with
respect to any liability that has been finally determined by a court of competent jurisdiction to have resulted solely from the
gross negligence or willful misconduct of such Agent-Related Person or Lender-Related Person, as the case may be.

 

17.14      
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything
to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any EEA 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 an EEA Resolution Authority and agrees and consents to,
and acknowledges and agrees to be bound by:

 

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

 

(b)           the effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)           
a reduction in full or in part or cancellation of any such liability;

 

(ii)         
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent 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 any EEA Resolution Authority.

 

    -122- 

    

    

 

17.15      
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support,
through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC
Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect
to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S.
Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable
notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of
New York and/or of the United States or any other state of the United States): 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.

 

[Signature pages to follow.]

 

    -123- 

    

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed and delivered as of the date first above written.

 

	PARENT:	TESSCO TECHNOLOGIES INCORPORATED
	 	 
	 	 
	 	By:	/s/ Sandip Mukerjee
	 	Name:	Sandip Mukerjee
	 	
        Title:
	
        President and Chief Executive
Officer

	 	 	 
	BORROWERS:	TESSCO INCORPORATED
	 	 
	 	 
	 	By:	/s/ Aric M. Spitulnik
	 	Name:	Aric M. Spitulnik
	 	Title:	Vice President, Treasurer and Secretary
	 	 
	 	GW SERVICE SOLUTIONS, INC.
	 	 
	 	 
	 	By:	/s/ Aric M. Spitulnik
	 	Name:	Aric M. Spitulnik
	 	Title:	Vice President, Treasurer and Secretary
	 	 
	 	TESSCO SERVICE SOLUTIONS, INC.
	 	 
	 	 
	 	By:	/s/ Aric M. Spitulnik
	 	Name:	Aric M. Spitulnik
	 	Title:	Vice President, Treasurer and Secretary
	 	 
	 	TCPM, Inc.
	 	 
	 	 
	 	By:	/s/ Aric M. Spitulnik
	 	Name:	Aric M. Spitulnik
	 	Title:	Vice President, Treasurer and Secretary

 

    

    

    

 

	 	
        WELLS FARGO BANK, NATIONAL ASSOCIATION,

        a national banking association, as Agent
        and as a Lender

	 	 
	 	 
	 	By:	/s/ Ernest May
	 	Name:	Ernest May
	 	 	Its Authorized Signatory

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