Document:

Document

 

    
JOBY AVIATION, INC.
                                                 
INDENTURE
Dated as of ___________, 2022
                                               
Wilmington Trust, National Association
Trustee
    

 

TABLE OF CONTENTS
Page
						
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	1

	Section 1.1.     Definitions.
	1

	Section 1.2.     Other Definitions.
	4

	Section 1.3.     Incorporation by Reference of Trust Indenture Act.
	5

	Section 1.4.     Rules of Construction.
	5

	ARTICLE II. THE SECURITIES	6

	Section 2.1.     Issuable in Series.
	6

	Section 2.2.     Establishment of Terms of Series of Securities.
	6

	Section 2.3.     Execution and Authentication.
	8

	Section 2.4.     Registrar, Paying Agent and Notice Agent.
	9

	Section 2.5.     Paying Agent to Hold Money in Trust.
	10

	Section 2.6.     Holder Lists.
	10

	Section 2.7.     Transfer and Exchange.
	11

	Section 2.8.     Mutilated, Destroyed, Lost and Stolen Securities.
	11

	Section 2.9.     Outstanding Securities.
	12

	Section 2.10.     Treasury Securities.
	13

	Section 2.11.     Temporary Securities.
	13

	Section 2.12.     Cancellation.
	13

	Section 2.13.     Defaulted Interest.
	13

	Section 2.14.     Global Securities.
	14

	Section 2.15.     CUSIP Numbers.
	16

	ARTICLE III. REDEMPTION	16

	Section 3.1.     Notice to Trustee.
	16

	Section 3.2.     Selection of Securities to be Redeemed.
	16

	Section 3.3.     Notice of Redemption.
	17

	Section 3.4.     Effect of Notice of Redemption.
	17

	Section 3.5.     Deposit of Redemption Price.
	18

	Section 3.6.     Securities Redeemed in Part.
	18

	ARTICLE IV. COVENANTS	18

	Section 4.1.     Payment of Principal and Interest.
	18

	Section 4.2.     SEC Reports.
	18

	Section 4.3.     Compliance Certificate.
	19

	Section 4.4.     Stay, Extension and Usury Laws.
	19

	ARTICLE V. SUCCESSORS	19

	Section 5.1.     When Company May Merge, Etc.
	19

	Section 5.2.     Successor Corporation Substituted.
	20

	ARTICLE VI. DEFAULTS AND REMEDIES	20

	Section 6.1.     Events of Default.
	20

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	Section 6.2.     Acceleration of Maturity; Rescission and Annulment.
	21

	Section 6.3.     Collection of Indebtedness and Suits for Enforcement by Trustee.
	22

	Section 6.4.     Trustee May File Proofs of Claim.
	23

	Section 6.5.     Trustee May Enforce Claims Without Possession of Securities.
	23

	Section 6.6.     Application of Money Collected.
	24

	Section 6.7.     Limitation on Suits.
	24

	Section 6.8.     Unconditional Right of Holders to Receive Principal and Interest.
	25

	Section 6.9.     Restoration of Rights and Remedies.
	25

	Section 6.10.     Rights and Remedies Cumulative.
	25

	Section 6.11.     Delay or Omission Not Waiver.
	25

	Section 6.12.     Control by Holders.
	26

	Section 6.13.     Waiver of Past Defaults.
	26

	Section 6.14.     Undertaking for Costs.
	26

	ARTICLE VII. TRUSTEE	27

	Section 7.1.     Duties of Trustee.
	27

	Section 7.2.     Rights of Trustee.
	28

	Section 7.3.     Individual Rights of Trustee.
	29

	Section 7.4.     Trustee’s Disclaimer.
	29

	Section 7.5.     Notice of Defaults.
	30

	Section 7.6.     Reports by Trustee to Holders.
	30

	Section 7.7.     Compensation and Indemnity.
	30

	Section 7.8.     Replacement of Trustee.
	31

	Section 7.9.     Successor Trustee by Merger, Etc.
	32

	Section 7.10.     Eligibility; Disqualification.
	32

	Section 7.11.     Preferential Collection of Claims Against Company.
	32

	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE	33

	Section 8.1.     Satisfaction and Discharge of Indenture.
	33

	Section 8.2.     Application of Trust Funds; Indemnification.
	34

	Section 8.3.     Legal Defeasance of Securities of any Series.
	34

	Section 8.4.     Covenant Defeasance.
	36

	Section 8.5.     Repayment to Company.
	37

	Section 8.6.     Reinstatement.
	37

	ARTICLE IX. AMENDMENTS AND WAIVERS	37

	Section 9.1.     Without Consent of Holders.
	37

	Section 9.2.     With Consent of Holders.
	38

	Section 9.3.     Limitations.
	39

	Section 9.4.     Compliance with Trust Indenture Act.
	39

	Section 9.5.     Revocation and Effect of Consents.
	39

	Section 9.6.     Notation on or Exchange of Securities.
	40

	Section 9.7.     Trustee Protected.
	40

	ARTICLE X. MISCELLANEOUS	40

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	Section 10.1.     Trust Indenture Act Controls.
	40

	Section 10.2.     Notices.
	40

	Section 10.3.     Communication by Holders with Other Holders.
	42

	Section 10.4.     Certificate and Opinion as to Conditions Precedent.
	42

	Section 10.5.     Statements Required in Certificate or Opinion.
	42

	Section 10.6.     Rules by Trustee and Agents.
	43

	Section 10.7.     Legal Holidays.
	43

	Section 10.8.     No Recourse Against Others.
	43

	Section 10.9.     Counterparts.
	43

	Section 10.10.     Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.
	44

	Section 10.11.     No Adverse Interpretation of Other Agreements.
	44

	Section 10.12.     Successors.
	44

	Section 10.13.     Severability.
	45

	Section 10.14.     Table of Contents, Headings, Etc.
	45

	Section 10.15.     Securities in a Foreign Currency.
	45

	Section 10.16.     Judgment Currency.
	45

	Section 10.17.     Force Majeure.
	46

	Section 10.18.     U.S.A. Patriot Act.
	46

	ARTICLE XI. SINKING FUNDS	46

	Section 11.1.     Applicability of Article.
	46

	Section 11.2.     Satisfaction of Sinking Fund Payments with Securities.
	47

	Section 11.3.     Redemption of Securities for Sinking Fund.
	47

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JOBY AVIATION, INC.
Reconciliation and tie between Trust Indenture Act of 1939 and
Indenture, dated as of ____________, 2022
															
	§ 310(a)(1)		 		7.10
	(a)(2)		 		7.10
	(a)(3)		 		Not Applicable
	(a)(4)		 		Not Applicable
	(a)(5)		 		7.10
	(b)		 		7.10
	§ 311(a)		 		7.11
	(b)		 		7.11
	(c)		 		Not Applicable
	§ 312(a)		 		2.6
	(b)		 		10.3
	(c)		 		10.3
	§ 313(a)		 		7.6
	(b)(1)		 		7.6
	(b)(2)		 		7.6
	(c)(1)		 		7.6
	(d)		 		7.6
	§ 314(a)		 		4.2, 10.5
	(b)		 		Not Applicable
	(c)(1)		 		10.4
	(c)(2)		 		10.4
	(c)(3)		 		Not Applicable
	(d)		 		Not Applicable
	(e)		 		10.5
	(f)		 		Not Applicable
	§ 315(a)		 		7.1
	(b)		 		7.5
	(c)		 		7.1
	(d)		 		7.1
	(e)		 		6.14
	§ 316(a)		 		2.10
	(a)(1)(A)		 		6.12
	(a)(1)(B)		 		6.13
	(b)		 		6.8
	§ 317(a)(1)		 		6.3
	(a)(2)		 		6.4
	(b)		 		2.5
	§ 318(a)		 		10.1

    
Note:  This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.
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Indenture dated as of __________, 2022 between Joby Aviation, Inc., a company incorporated under the laws of Delaware (“Company”), and Wilmington Trust, National Association,  a national banking association, not in its individual capacity but solely as Trustee (“Trustee”).
Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.
ARTICLE I.
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.1. Definitions.
“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.
“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under common control with such specified person.   For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise.
“Agent” means any Registrar, Paying Agent or Notice Agent.
“Board of Directors” means the board of directors of the Company or any duly authorized committee thereof.
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.
“Business Day” means any day except a Saturday, Sunday or any day which is a federal holiday in the City of New York, New York (or in connection with any payment, the Place of Payment) on which banking institutions or trust companies are authorized or required by law, regulation or executive order to close.
“Capital Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.
“Company” means the party named as such above until a successor replaces it and thereafter means the successor.
“Company Order” means a written order signed in the name of the Company by an Officer and delivered to the Trustee.
“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business related to this Indenture shall be principally administered, which 

 

office at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, DE 19890, Attention: Joby Aviation, Inc., Administrator , or such other address as the Trustee may designate from time to time by written notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by written notice to the Holders and the Company).
“Default” means any event which is, or after notice, passage of time or both would be, an Event of Default.
“Depositary” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series.
“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.
“Dollars” and “$” means the currency of the United States of America.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Foreign Currency” means any currency or currency unit issued by a government other than the government of the United States of America.
“Foreign Government Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.
“GAAP” means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination.
“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee.
“Holder” means a person in whose name a Security is registered on the Registrar’s books.
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“Indenture” means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.
“interest” with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.
 “Maturity” when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.
“Officer” means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary and any Vice President of the Company.
“Officer’s Certificate” means a certificate signed by any Officer that meets the requirements of this Indenture.
“Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee.  The counsel may be an employee of or counsel to the Company. The opinion may contain customary limitations, conditions and exceptions. 
“person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.
“Place of Payment” when used with respect to the Securities of or within any Series, means the place or places where the principal of (and premium, if any) and interest, if any, on such Securities are payable as specified and as contemplated by Section 2.1.
“principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.
“Responsible Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject and, in each case, who shall have direct responsibility for the administration of this Indenture.
“SEC” means the Securities and Exchange Commission.
“Security” or “Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.
“Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof.
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“Stated Maturity” when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable.
“Subsidiary” of any specified person means any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or a combination thereof.
“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended.
“Trustee” means the person named as the “Trustee” in the first paragraph of this instrument in its capacity as such until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.
“U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, the United States of America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depositary receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depositary receipt.
Section 1.2. Other Definitions.
TERM    DEFINED IN SECTION

“Agent Member”    2.14.6
“Bankruptcy Law”    6.1
“Custodian”    6.1
“Event of Default”    6.1
“Judgment Currency”    10.16
 “mandatory sinking fund payment”    11.1
“New York Banking Day”    10.16
“Notice Agent”    2.4
“optional sinking fund payment”    11.1
“Paying Agent”    2.4
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“Registrar”    2.4
“Required Currency”    10.16
“Specified Courts”    10.10
“successor person”    5.1
Section 1.3. Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:
“Commission” means the SEC.
“default” means Event of Default.
“indenture securities” means the Securities.
“indenture security holder” means a Holder.
“indenture to be qualified” means this Indenture.
“indenture trustee” or “institutional trustee” means the Trustee.
“obligor” on the indenture securities means the Company and any successor obligor upon the Securities.
All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined.
Section 1.4. Rules of Construction.
Unless the context otherwise requires:
(a)a term has the meaning assigned to it;
(b)an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;
(c)“or” is not exclusive;
(d)words in the singular include the plural, and in the plural include the singular; 
(e)provisions apply to successive events and transactions; 
(f)in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including,” and the words “to” and “until” each mean “to but excluding”; and
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(g)the phrase “in writing” as used herein shall be deemed to include PDFs, e-mails and other electronic means of transmission, unless otherwise indicated.
ARTICLE II.
THE SECURITIES
Section 2.1. Issuable in Series.
The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.  The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.  Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.
Section 2.2. Establishment of Terms of Series of Securities.
At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto or Officer’s Certificate:
2.2.1. the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions) of the Series;
2.2.2. the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;
2.2.3. any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);
2.2.4. the date or dates on which the principal of the Securities of the Series is payable;
2.2.5. the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates 
6

 

on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;
2.2.6. the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer, mail or other means;
2.2.7. if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company;
2.2.8. the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
2.2.9. the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;
2.2.10. if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;
2.2.11. the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;
2.2.12. if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;
2.2.13. the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;
2.2.14. the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities of the Series will be made;
2.2.15. if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;
2.2.16. the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if such amounts may be determined by reference 
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to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index;
2.2.17. the provisions, if any, relating to any security provided for the Securities of the Series;
2.2.18. any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;
2.2.19. any addition to, deletion of or change in the covenants applicable to Securities of the Series;
2.2.20. any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein;
2.2.21. the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed;
2.2.22. any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities of that Series; and
2.2.23. whether any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the terms of subordination, if any, of such guarantees.
All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above.
Section 2.3. Execution and Authentication.
An Officer shall sign the Securities for the Company by manual, facsimile or electronic signature. 
If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.
A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.  The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.
The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture 
8

 

hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order.  Each Security shall be dated the date of its authentication.
The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.
Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on:  (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate complying with Sections 10.4 and 10.5, and (c) an Opinion of Counsel complying with Sections 10.4 and 10.5.
The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may not be taken lawfully; (b) if the Trustee in good faith determines that such action may expose the Trustee to personal liability; or (c) if it will adversely affect the Trustee’s own rights, duties, immunities or indemnities under this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.
The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities.  An authenticating agent may authenticate Securities whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.
Section 2.4. Registrar, Paying Agent and Notice Agent.
The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”).  The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange.  The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent.  If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands; provided, however, that any appointment of the Trustee as the Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company.
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The Company may also from time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional notice agent.  The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice Agent” includes any additional notice agent.  The Company or any of its Affiliates may serve as Registrar or Paying Agent.
The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.  The rights, powers, duties, obligations and actions of each Agent under this Indenture are several and not joint or joint and several, and the Agents shall only be obliged to perform those duties expressly set out in this Indenture and shall have no implied duties.
Section 2.5. Paying Agent to Hold Money in Trust.
The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Holders of any Series of Securities or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities and will notify the Trustee in writing of any default by the Company in making any such payment.  While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money.  If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders of any Series of Securities all money held by it as Paying Agent.  Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Securities. For the avoidance of doubt, a Paying Agent and the Trustee shall be held harmless and have no liability with respect to payments or disbursements (including to the Holders) until they have confirmed receipt of funds sufficient to make the relevant payment.  No money held by an Agent needs to be segregated except as is required by law.
Section 2.6. Holder Lists.
If it is serving as Registrar, the Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders of each Series of Securities and shall otherwise comply with TIA  § 312(a).  If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Holders of each Series of 
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Securities. The Trustee may destroy any list furnished to it as provided in this Section 2.6 upon receipt of a new list so furnished. 
Every Holder, by receiving and holding Securities, agrees with the Company and the Trustee that neither the Company nor the Trustee or any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with TIA § 312, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under TIA § 312(b).
Section 2.7. Transfer and Exchange.
Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met.  To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.  No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).
Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of or exchange Securities of any Series for the period beginning at the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day such notice is sent, (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part or (c) to register the transfer of or exchange Securities of any Series between a record date and payment date for such Series of Securities.
Section 2.8. Mutilated, Destroyed, Lost and Stolen Securities.
If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
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In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.
Upon the issuance of any new Security under this Section 2.8, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
Every new Security of any Series issued pursuant to this Section 2.8 in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.
The provisions of this Section 2.8 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.
Section 2.9. Outstanding Securities.
The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section 2.9 as not outstanding.
If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.
If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.
The Company may purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise.  A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).
In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.
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Section 2.10. Treasury Securities.
In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.
Section 2.11. Temporary Securities.
Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order.  Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.  Without unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities.  Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.
Section 2.12. Cancellation.
The Company at any time may deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation.  The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 2.12, except as expressly permitted by this Indenture. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall dispose of such canceled Securities in accordance with its customary procedures (subject to the record retention requirements of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company.  The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.
Section 2.13. Defaulted Interest.
If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Holders of the Series on a subsequent special record date.  The Company shall fix the record date and payment date.  At least ten days before the special record date, the Company shall send to the Trustee and to each Holder of the Series a notice that states the 
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special record date, the payment date and the amount of interest to be paid.  The Company may pay defaulted interest in any other lawful manner.
Section 2.14. Global Securities.
2.14.1.Terms of Securities.  A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities.
2.14.2.Transfer and Exchange.  Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global Security shall be so exchangeable.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.
Except as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.
None of the Trustee or any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants, members or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
None of the Trustee or any Agent shall have any responsibility or obligation to any beneficial owner of a Global Security, a member of, or a participant in the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in any Security or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of optional redemption) or the payment of any amount, under or with respect to such Security.
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2.14.3.Legends.  Any Global Security issued hereunder shall bear a legend in substantially the following form:
“THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY.  THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.”
In addition, so long as the Depository Trust Company (“DTC”) is the Depositary, each Global Security registered in the name of DTC or its nominee shall bear a legend in substantially the following form:
“UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”
2.14.4.Acts of Holders.  The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.
2.14.5.Payments.  Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.
2.14.6.Agent Members.  The registered Holder of a Security will be treated as the owner of such Security for all purposes and only registered Holders shall have rights under this Indenture and the Securities.  Members of, or participants in, the Depositary (“Agent Members”) and persons who hold beneficial interests in a Global Security through an Agent Member shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary.  The Depositary may be treated by the Company, the Trustee, the Paying Agent, the Registrar and any agent of the foregoing as the absolute owner of the Global Securities for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee, the Paying Agent, the Registrar or any agent of the foregoing from giving effect to any 
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written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of a Holder of a beneficial interest in any Global Security. 
Section 2.15. CUSIP Numbers.
The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that the Trustee shall have no liability for any defect in the CUSIP number as it appears on any Security, notice or elsewhere and that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.
ARTICLE III.
REDEMPTION
Section 3.1. Notice to Trustee.
The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities.  If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of the Series of Securities to be redeemed.  The Company shall give the notice at least 15 days before the redemption date (or such shorter period as may be acceptable to the Trustee).
Section 3.2. Selection of Securities to be Redeemed.
Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows:  (a) if the Securities are in the form of Global Securities, in accordance with the procedures of the Depositary, (b) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed or (c) if not otherwise provided for under clause (a) or (b) in the manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary.  The Securities to be redeemed shall be selected from Securities of the Series outstanding not previously called for redemption.  Portions of the principal of Securities of the Series that have denominations larger than $1,000 may be selected for redemption.  Securities of the Series and portions of them it selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized 
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integral multiples thereof.  Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.  Neither the Trustee nor the Paying Agent shall be liable for any selection made by it in accordance with this paragraph (including the procedures of the Depositary).
Section 3.3. Notice of Redemption.
Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 15 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose Securities are to be redeemed.
The notice shall identify the Securities of the Series to be redeemed and shall state:
(a)the redemption date;
(b)the redemption price;
(c)the name and address of the Paying Agent;
(d)if any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original Security;
(e)that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;
(f)that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company defaults in the deposit of the redemption price;
(g)the “CUSIP” number, if any; and
(h)any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.
At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense, provided, however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice and the form of such notice.  
Section 3.4. Effect of Notice of Redemption.
Once notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price.  
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Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption may not be conditional.  Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date.
Section 3.5. Deposit of Redemption Price.
On or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.
Section 3.6. Securities Redeemed in Part.
Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.
ARTICLE IV.
COVENANTS
Section 4.1. Payment of Principal and Interest.
The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.  On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture.
Section 4.2. SEC Reports.
To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act.  The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section 4.2.
The Trustee shall have no duty to review or analyze reports delivered to it. Delivery of reports, information and documents to the Trustee under this Section 4.2 is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice or knowledge of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of the covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).  The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s compliance with the covenants with respect to any reports or other documents filed with the SEC or on EDGAR or 
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any website under the Indenture, or to participate in conference calls. All such reports, information or documents referred to in this Section 4.2 that the Company files with the SEC via the SEC’s EDGAR system shall be deemed to be filed with the Trustee and transmitted to Holders at the time such reports, information or documents are filed via the EDGAR system (or any successor system). 
Section 4.3. Compliance Certificate.
To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company (ending December 31, it being understood and agreed that the Company shall provide written notice to the Trustee of any change in its fiscal year), an Officer’s Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which the Officer may have knowledge).
Section 4.4. Stay, Extension and Usury Laws.
The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.
ARTICLE V.
SUCCESSORS
Section 5.1. When Company May Merge, Etc.
The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”) unless:
(a)   the Company is the surviving entity or the successor person (if other than the Company) is a corporation, partnership, trust or other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes by supplemental indenture the Company’s obligations on the Securities and under this Indenture; and
(b)   immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.
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The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officer’s Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.
Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.
Section 5.2. Successor Corporation Substituted.
Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities.
ARTICLE VI.
DEFAULTS AND REMEDIES
Section 6.1. Events of Default.
“Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officer’s Certificate it is provided that such Series shall not have the benefit of said Event of Default:
(a)default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New  York City time, on the 30th day of such period);
(b)default in the payment of principal of any Security of that Series at its Maturity;
(c)default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than defaults pursuant to paragraph 6.1(a) or 6.1(b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of a Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
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(d)the Company pursuant to or within the meaning of any Bankruptcy Law:
(i)commences a voluntary case,
(ii)consents to the entry of an order for relief against it in an involuntary case,
(iii)consents to the appointment of a Custodian of it or for all or substantially all of its property,
(iv)makes a general assignment for the benefit of its creditors, or
(v)generally is unable to pay its debts as the same become due;
(e)a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(i)is for relief against the Company in an involuntary case,
(ii)appoints a Custodian of the Company or for all or substantially all of its property, or
(iii)orders the liquidation of the Company,
and the order or decree remains unstayed and in effect for 60 days; or
(f)any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18. 
The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.  The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.
The Company will provide the Trustee written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking or proposes to take in respect thereof.
Section 6.2. Acceleration of Maturity; Rescission and Annulment.
If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to 
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be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable.  If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.
At any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.
No such rescission shall affect any subsequent Default or impair any right consequent thereon.
Section 6.3. Collection of Indebtedness and Suits for Enforcement by Trustee.
The Company covenants that if:
(a)default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days,
(b)default is made in the payment of principal of any Security at the Maturity thereof, or
(c)default is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,
then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel.
If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.
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If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee, subject to Article VII hereof, may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.
Section 6.4. Trustee May File Proofs of Claim.
In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,
(a)   to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and
(b)   to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 7.7.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
Section 6.5. Trustee May Enforce Claims Without Possession of Securities.
All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the compensation, reasonable expenses, disbursements and 
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advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.
Section 6.6. Application of Money Collected.
Any money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
First:    To the payment of all amounts due the Trustee under Section 7.7; and
Second:    To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and
Third:    To the Company.
Section 6.7. Limitation on Suits.
No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless
(a)such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;
(b)the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;
(c)such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request;
(d)the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and
(e)no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series;
it being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice 
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the rights of any other of such Holders (provided, however, that the Trustee shall have no affirmative obligation to determine whether any such direction disturbs or prejudices the rights of any other Holder), or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series.
Section 6.8. Unconditional Right of Holders to Receive Principal and Interest.
Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.
Section 6.9. Restoration of Rights and Remedies.
If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.
Section 6.10. Rights and Remedies Cumulative.
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.
Section 6.11. Delay or Omission Not Waiver.
No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
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Section 6.12. Control by Holders.
The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that
(a)such direction shall not be in conflict with any rule of law or with this Indenture,
(b)the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, 
(c)subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and
(d)prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.
Section 6.13. Waiver of Past Defaults.
The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration).  Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.
Section 6.14. Undertaking for Costs.
All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit 
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instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date).
ARTICLE VII.
TRUSTEE
Section 7.1. Duties of Trustee.
(a)If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.
(b)Except during the continuance of an Event of Default:
(i)The Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee.
(ii)In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or not they conform to the form requirements of this Indenture.
(c)The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:
(i)This paragraph does not limit the effect of paragraph (b) of this Section.
(ii)The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.
(iii)The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with Section 6.12.
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(d)Every provision of this Indenture that in any way relates to the Trustee is subject to this Section 7.1 and Section 7.2.
(e)The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.
(f)The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.
(g)No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured to the Trustee in its satisfaction.
(h)The Paying Agent, the Notice Agent, the Registrar, any authenticating agent and the Trustee when acting in any other capacity hereunder shall be entitled to the protections and immunities as are set forth in this Article VII.
(i)The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities under this Indenture.
Section 7.2. Rights of Trustee.
(a)The Trustee may rely on and shall be protected in acting or refraining from acting upon any resolutions, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, judgment, approval, bond, debenture, note, coupon, other evidence or indebtedness or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person.  The Trustee need not investigate any fact or matter stated in the document.
(b)Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both.  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel.
(c)The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.  No Depositary shall be deemed an agent of the Trustee, and the Trustee shall not be responsible for any act or omission by any Depositary.
(d)The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers.
(e)The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any 
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action taken, suffered or omitted by it hereunder without willful misconduct or negligence and in reliance thereon.
(f)The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.
(g)The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.
(h)The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by a Responsible Officer at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture.
(i)In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.
(j)The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do so.
(k)The Trustee will not be required to give any bond or surety in respect of the execution of this Indenture or otherwise.
Section 7.3. Individual Rights of Trustee.
The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee.  Any Agent may do the same with like rights.  The Trustee is also subject to Sections 7.10 and 7.11.
Section 7.4. Trustee’s Disclaimer.
The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities. The Trustee shall not be accountable for the Company’s use of the proceeds from the Securities and shall not be responsible for any statement in the Securities other than its certificate of authentication.
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Section 7.5. Notice of Defaults.
If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall send to each Holder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has actual knowledge of such Default or Event of Default.  Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as a Responsible Officer in good faith determines that withholding the notice is in the interests of Holders of that Series.  The Trustee will not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written notice thereof has been received by a Responsible Officer, and such notice references the applicable Series of Securities and this Indenture and states on its face that a Default or Event of Default has occurred.
Section 7.6. Reports by Trustee to Holders.
Within 60 days after each anniversary of this Indenture, the Trustee shall transmit to all Holders, as their names and addresses appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA § 313.
A copy of each report at the time of its mailing to Holders of any Series shall be filed with the SEC and each national securities exchange on which the Securities of that Series are listed.  The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange.
Section 7.7. Compensation and Indemnity.
The Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing.  The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred by it.  Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.
The Company shall indemnify and hold harmless each of the Trustee and any predecessor Trustee (including for the cost of defending itself) against any cost, expense, liability, action, claim, damage, suit or expense, including attorneys’ fees and expenses and including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it or arising out of or in connection with this Indenture (including the performance or its duties and the exercise of its powers and the enforcement of this Indenture, including enforcement of its right to indemnity hereunder), except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent, whether brought by the Company, a Holder or any third party.  The Trustee shall notify the Company promptly of any claim for which it may seek indemnity.  Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder, unless and to the extent that the Company is materially prejudiced thereby.  The Company shall defend the claim and the Trustee shall cooperate in the defense.  The Trustee may have separate counsel, and the Company shall pay the reasonable fees and expenses of such counsel.  
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The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld.  This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.
The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through willful misconduct or negligence, as determined by a final decision of a court of competent jurisdiction.  
To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.
When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.
The provisions of this Section shall survive the termination of this Indenture and  the resignation or removal of the Trustee.
Section 7.8. Replacement of Trustee.
A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.
The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation.  The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company in writing at least 30 days prior to the requested date of removal.  The Company may remove the Trustee with respect to Securities of one or more Series if:
(a)the Trustee fails to comply with Section 7.10;
(b)the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;
(c)a Custodian or public officer takes charge of the Trustee or its property; or
(d)the Trustee becomes incapable of acting.
If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.  Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.
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If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the Company’s expense), the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.
A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.  Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.  A successor Trustee shall send a notice of its succession to each Holder of each such Series.  Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement.
Section 7.9. Successor Trustee by Merger, Etc.  
Any organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such organization or entity shall be otherwise qualified and eligible under Section 7.10, without the execution or filing of any paper or any further act on the part of any of the parties hereto.
Section 7.10. Eligibility; Disqualification.
This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5).  The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition.  The Trustee shall comply with TIA § 310(b).
Section 7.11. Preferential Collection of Claims Against Company.
The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b).  A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.
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ARTICLE VIII.
SATISFACTION AND DISCHARGE; DEFEASANCE
Section 8.1. Satisfaction and Discharge of Indenture.
This Indenture shall upon Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to all Securities of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when
(a)either
(i)all Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or
(ii)all such Securities of such Series not theretofore delivered to the Trustee for cancellation:
(1)    have become due and payable by reason of sending a notice of redemption or otherwise,
(2)    will become due and payable at their Stated Maturity within one year,
(3)    have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or
(4)    are deemed paid and discharged pursuant to Section 8.3, as applicable;
and the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including mandatory sinking fund payments or analogous payments) of and interest on all the Securities of such Series on the dates such installments of principal or interest are due;
(b)the Company has paid or caused to be paid all other sums payable hereunder by the Company; and
(c)the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with.
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Notwithstanding the satisfaction and discharge of this Indenture, (x) the obligations of the Company to the Trustee under Section 7.7, (y) if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5, and (z) the rights, powers, trusts and immunities of the Trustee hereunder and the Company’s obligations in connection therewith shall survive.
Section 8.2. Application of Trust Funds; Indemnification.
(a)Subject to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.1, 8.3 or 8.4.
(b)The Company shall pay and shall indemnify the Trustee (which indemnity shall survive termination of this Indenture) against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.
(c)The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received.  This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.
Section 8.3. Legal Defeasance of Securities of any Series.
Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as to:
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(a)the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;
(b)the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and
(c)the rights, powers, trusts and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;
provided that, the following conditions shall have been satisfied:
(d)the Company shall have irrevocably deposited or caused to be deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of principal or interest and such sinking fund payments are due;
(e)such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;
(f)no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date;
(g)the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal 
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income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;
(h)the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and
(i)the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with.
Section 8.4. Covenant Defeasance.
Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified therein, any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby; provided that the following conditions shall have been satisfied:
(a)with reference to this Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund payments or analogous payments) of and interest on all the Securities of such Series on the dates such installments of principal or interest are due;
(b)such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;
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(c)no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit;
(d)the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred;
(e)The Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and
(f)The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.
Section 8.5. Repayment to Company.
Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal and interest that remains unclaimed for two years.  After that, Holders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person.
Section 8.6. Reinstatement.
If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders.
ARTICLE IX.
AMENDMENTS AND WAIVERS
Section 9.1. Without Consent of Holders.
The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Holder:
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(a)to cure any ambiguity, defect or inconsistency;
(b)to comply with Article V;
(c)to provide for uncertificated Securities in addition to or in place of certificated Securities;
(d)to add guarantees with respect to Securities of any Series or secure Securities of any Series;
(e)to surrender any of the Company’s rights or powers under this Indenture;
(f)to add covenants or events of default for the benefit of the holders of Securities of any Series;
(g)to comply with the applicable procedures of the applicable depositary;
(h)to make any change that does not adversely affect the rights of any Holder;
(i)to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;
(j)to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or
(k)to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.
Section 9.2. With Consent of Holders.
Subject to Section 9.3, the Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of each such Series.  Except as provided in Section 6.13, and subject to Section 9.3, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.
It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof.  After a supplemental indenture or waiver under this section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture or waiver.  Any failure by the 
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Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.
Section 9.3. Limitations.
Without the consent of each Holder affected, an amendment or waiver may not:
(a)reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;
(b)reduce the rate of or extend the time for payment of interest (including default interest) on any Security;
(c)reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;
(d)reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;
(e)waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);
(f)make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;
(g)make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or
(h)waive a redemption payment with respect to any Security, provided that such redemption is made at the Company’s option.
Section 9.4. Compliance with Trust Indenture Act.
Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.
Section 9.5. Revocation and Effect of Consents.
Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security.  However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective.
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Any amendment or waiver once effective shall bind every Holder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3.  In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security.
The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the second immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date.
Section 9.6. Notation on or Exchange of Securities.
The Company or the Trustee may, but shall not be obligated to, place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated.  The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in accordance with Section 2.3 new Securities of that Series that reflect the amendment or waiver.
Section 9.7. Trustee Protected.
In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, upon request, an Officer’s Certificate and/or an Opinion of Counsel complying with Sections 10.4 and 10.5 and (subject to Section 7.1) shall be fully protected in relying upon such Officer’s Certificate and/or Opinion of Counsel.  The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental indenture that adversely affects its rights, duties, liabilities or immunities under this Indenture.
ARTICLE X.
MISCELLANEOUS
Section 10.1 Trust Indenture Act Controls.
If any provision of this Indenture limits, qualifies or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.
Section 10.2 Notices.
Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed 
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by first-class mail (registered or certified, return receipt requested), email or overnight air courier guaranteeing next day delivery, to the others’ address:
if to the Company:
Joby Aviation, Inc.
2155 Delaware Ave, Suite 225
Santa Cruz, CA 95060
Attention: Legal Department
Email: legal@jobyaviation.com 
with a copy to:
Latham & Watkins LLP
140 Scott Drive
Menlo Park, CA 94025
Attention:  Brian Paulson
Telephone: (415) 395-8149
if to the Trustee:
Wilmington Trust, National Association
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Attention: Joby Aviation, Inc. Administrator
Telephone: (302) 636-6398
with a copy to:
            Alston & Bird
101 South Tryon Street, Suite 4000
Charlotte, NC 28280
            Attention:  Jason Solomon
Telephone: (704) 444-1295
The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.
Any notice or communication to a Holder shall be sent electronically or by first-class mail or overnight air courier to his, her or its address shown on the register kept by the Registrar, in accordance with the procedures of the Depositary.  Failure to send a notice or communication to a Holder of any Series or any defect in it shall not affect its sufficiency with respect to other Holders of that or any other Series.
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If a notice or communication is sent or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Holder receives it.
If the Company sends a notice or communication to Holders, it shall send a copy to the Trustee and each Agent at the same time.
The Trustee shall not have any duty to confirm that the person sending any notice, instruction or other communication by electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustee) shall be deemed original signatures for all purposes. The Company assumes all risks arising out of the use of electronic signatures and electronic methods to send communications to the Trustee, including without limitation the risk of the Trustee acting on an unauthorized communication, and the risk of interception or misuse by third parties. 
Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary. 
Section 10.3Communication by Holders with Other Holders.
Holders of any Series may communicate pursuant to TIA § 312(b) with other Holders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series.  The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).
Section 10.4Certificate and Opinion as to Conditions Precedent.
Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:
(a)an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and
(b)an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.
Section 10.5Statements Required in Certificate or Opinion.
Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:
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(a)a statement that the person making such certificate or opinion has read such covenant or condition;
(b)a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
(c)a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has been complied with; and
(d)a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.
Section 10.6Rules by Trustee and Agents.
The Trustee may make reasonable rules for action by or a meeting of Holders of one or more Series.  Any Agent may make reasonable rules and set reasonable requirements for its functions.
Section 10.7Legal Holidays.
If a payment date for any payment made under this Indenture is not a Business Day, payment may be made on the next succeeding Business Day, and no interest shall accrue for the intervening period.
Section 10.8No Recourse Against Others.
A director, officer, employee or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Holder by accepting a Security waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Securities.
Section 10.9Counterparts.
This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or electronic format (e.g., “.pdf” or “.tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (e.g., “.pdf” or “.tif”) shall be deemed to be their original signatures for all purposes.
Unless otherwise provided herein or in any other Securities, the words “execute”, “execution”, “signed” and “signature” and words of similar import used in or related to any document to be signed in connection with this Indenture, any Securities or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be 
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deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to procedures approved by the Trustee.
Section 10.10Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.
THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
THE COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding.  Service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court.  The Company, the Trustee and the Holders (by their acceptance of the Securities) each hereby irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum.
Section 10.11No Adverse Interpretation of Other Agreements.
This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company.  Any such indenture, loan or debt agreement may not be used to interpret this Indenture.
Section 10.12Successors.
All agreements of the Company in this Indenture and the Securities shall bind its successor.  All agreements of the Trustee in this Indenture shall bind its successor.
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Section 10.13Severability.
In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 10.14Table of Contents, Headings, Etc.
The Table of Contents, Cross Reference Table, headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof.
Section 10.15Securities in a Foreign Currency.
Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities.  Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate for the purchase of the designated currency as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source as may be selected in good faith by the Company) on any date of determination.  The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.
All decisions and determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders.
Section 10.16Judgment Currency.
The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in the City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, 
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unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in the City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture.  For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in the City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.
Section 10.17Force Majeure.
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, any act or provision of any present or future law or regulation or governmental authority, strikes, work stoppages, accidents, labor disputes, acts of war or terrorism, civil or military disturbances or governmental actions, riots, nuclear or natural catastrophes, pandemics, epidemics or other public health emergencies, or acts of God, earthquakes, fires, floods, sabotage and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
Section 10.18U.S.A. Patriot Act.
The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee.  The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.
ARTICLE XI.
SINKING FUNDS
Section 11.1Applicability of Article.
The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities pursuant to  
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Section 2.2, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.
The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.”  If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2.  Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.
Section 11.2Satisfaction of Sinking Fund Payments with Securities.
The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited.  Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.  If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company.
Section 11.3Redemption of Securities for Sinking Fund.
Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and 
47

 

crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.  Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Securities to be redeemed upon such sinking fund payment date will be selected in the manner specified in Section 3.2, and the Company shall send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in and in accordance with Section 3.3.  Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

48

 

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.
Joby Aviation Inc.

By:     
Name:
Its:

Wilmington Trust, National Association, as Trustee

By:    
Name:
Its:Exhibit 10.1

 

 

 

WARBY PARKER INC.

 

WARBY PARKER RETAIL, INC.

 

CREDIT AGREEMENT

DATED AS OF SEPTEMBER 30, 2022

 

COMERICA BANK

AS ADMINISTRATIVE AGENT, SOLE LEAD ARRANGER AND

 SOLE BOOKRUNNER

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	DEFINITIONS	1
	 	1.1	Certain Defined Terms	1
	 	1.2	Other Interpretive Provisions	35
	 	1.3	Rates	36
	 	 	 	 
	2.	REVOLVING CREDIT	36
	 	2.1	Commitment	36
	 	2.2	Accrual of Interest and Maturity; Evidence of Indebtedness	37
	 	2.3	Requests for and Refundings and Conversions of Advances	38
	 	2.4	Disbursement of Advances	39
	 	2.5	Swing Line	41
	 	2.6	Interest Payments; Default Interest	45
	 	2.7	Optional Prepayments	46
	 	2.8	Base Rate Advance in Absence of Election or Upon Default	46
	 	2.9	Revolving Credit Facility Fee	47
	 	2.10	Mandatory Repayment of Revolving Credit Advances	47
	 	2.11	Optional Reduction or Termination of Revolving Credit Aggregate Commitment	49
	 	2.12	Optional Increase in Revolving Credit Aggregate Commitment	50
	 	2.13	Use of Proceeds of Advances	52
	 	 	 	 
	3.	LETTERS OF CREDIT	52
	 	3.1	Letters of Credit	52
	 	3.2	Conditions to Issuance	52
	 	3.3	Notice	54
	 	3.4	Letter of Credit Fees; Increased Costs	54
	 	3.5	Other Fees	55
	 	3.6	Participation Interests in and Drawings and Demands for Payment Under Letters of Credit	55
	 	3.7	Obligations Irrevocable	57
	 	3.8	Risk Under Letters of Credit	58
	 	3.9	Exculpatory Provision	59
	 	3.10	Right of Reimbursement	60
	 	 	 	 
	4.	RESERVED	60
	 	 	 	 
	5.	CONDITIONS	60
	 	5.1	Conditions of Initial Advances	60
	 	5.2	Continuing Conditions	63
	 	 	 	 
	6.	REPRESENTATIONS AND WARRANTIES	64
	 	6.1	Corporate Authority	64

 

    i

     

    

 

	 	6.2	Due Authorization	64
	 	6.3	Good Title; Leases; Assets; No Liens	64
	 	6.4	Taxes	65
	 	6.5	No Defaults	65
	 	6.6	Enforceability of Agreement and Loan Documents	65
	 	6.7	Compliance with Laws	65
	 	6.8	Non-contravention	65
	 	6.9	Litigation	66
	 	6.10	Consents, Approvals and Filings, Etc.	66
	 	6.11	[Reserved]	66
	 	6.12	No Investment Company or Margin Stock	66
	 	6.13	ERISA Compliance	67
	 	6.14	Conditions Affecting Business or Properties	68
	 	6.15	Environmental and Safety Matters	68
	 	6.16	Subsidiaries	68
	 	6.17	Management Agreements	68
	 	6.18	Material Contracts	68
	 	6.19	Franchises, Patents, Copyrights, Tradenames, etc.	69
	 	6.20	Capital Structure	69
	 	6.21	Accuracy of Information; Beneficial Ownership	69
	 	6.22	Solvency	70
	 	6.23	Employee Matters	70
	 	6.24	No Misrepresentation	70
	 	6.25	Corporate Documents and Corporate Existence	70
	 	6.26	Anti-Money Laundering/Anti-Terrorism	70
	 	6.27	Affected Financial Institution	70
	 	6.28	Healthcare Investigations	71
	 	6.29	HIPAA/HITECH Compliance	71
	 	6.30	Program Compliance	71
	 	6.31	Licenses for Health Care Services	71
	 	 	 	 
	7.	AFFIRMATIVE COVENANTS	72
	 	7.1	Financial Statements	72
	 	7.2	Certificates; Other Information	72
	 	7.3	Payment of Obligations	73
	 	7.4	Conduct of Business and Maintenance of Existence; Compliance with Laws	74
	 	7.5	Maintenance of Property; Insurance	74
	 	7.6	Inspection of Property; Books and Records, Discussions	75
	 	7.7	Notices	75
	 	7.8	Hazardous Material Laws	76
	 	7.9	Financial Covenants	77
	 	7.10	Governmental and Other Approvals	77
	 	7.11	Compliance with ERISA	77
	 	7.12	Defense of Collateral	77
	 	7.13	Future Subsidiaries; Additional Collateral	78
	 	7.14	Accounts	80

 

    ii

     

    

 

	 	7.15	Use of Proceeds	80
	 	7.16	[Reserved]	80
	 	7.17	Further Assurances and Information	80
	 	7.18	Anti-Terrorism Laws	81
	 	7.19	Required Licenses	81
	 	7.20	Notices from Governmental Authorities	82
	 	7.21	Compliance with Healthcare Laws	82
	 	7.22	HIPAA/HITECH Compliance	82
	 	7.23	Healthcare Investigations	83
	 	7.24	Post-Closing	83
	 	 	 	 
	8.	NEGATIVE COVENANTS	83
	 	8.1	Limitation on Debt	83
	 	8.2	Limitation on Liens	84
	 	8.3	Acquisitions	85
	 	8.4	Limitation on Mergers, Dissolution or Sale of Assets	85
	 	8.5	Restricted Payments	87
	 	8.6	Limitation on Capital Expenditures	87
	 	8.7	Limitation on Investments, Loans and Advances	88
	 	8.8	Transactions with Affiliates	89
	 	8.9	Sale-Leaseback Transactions	89
	 	8.10	Limitations on Other Restrictions	90
	 	8.11	Prepayment of Debt	90
	 	8.12	Amendment of Subordinated Debt Documents	90
	 	8.13	Modification of Certain Agreements	90
	 	8.14	Management Fees	90
	 	8.15	Fiscal Year	90
	 	8.16	Limitations with Respect to Required Licenses	90
	 	 	 	 
	9.	DEFAULTS	91
	 	9.1	Events of Default	91
	 	9.2	Exercise of Remedies	93
	 	9.3	Rights Cumulative	93
	 	9.4	Waiver by the Borrowers of Certain Laws	94
	 	9.5	Waiver of Defaults	94
	 	9.6	Set Off	94
	 	 	 	 
	10.	PAYMENTS, RECOVERIES AND COLLECTIONS	95
	 	10.1	Payments Generally	95
	 	10.2	Application of Proceeds of Collateral	96
	 	10.3	Pro-rata Recovery	96
	 	10.4	Treatment of a Defaulting Lender; Reallocation of Defaulting Lender’s Fronting Exposure	96
	 	10.5	Erroneous Payments	98
	 	 	 	 
	11.	YIELD PROTECTION; INCREASED COSTS; MARGIN ADJUSTMENTS; TAXES; UNAVAILABILITY; SUCCESSOR RATE DETERMINATION	99

 

    iii

     

    

 

	 	11.1	Reimbursement of Prepayment Costs	99
	 	11.2	Inability to Determine Rates	99
	 	11.3	BSBY Unavailability; Successor Rate Determination	100
	 	11.4	Illegality	102
	 	11.5	Increased Costs	103
	 	11.6	Capital Requirements	103
	 	11.7	Certificates for Reimbursement	104
	 	11.8	Margin Adjustment	104
	 	11.9	Delay in Requests	105
	 	11.10	Taxes	105
	 	 	 	 
	12.	AGENT	108
	 	12.1	Appointment of the Agent	108
	 	12.2	Deposit Account with the Agent or any Lender	109
	 	12.3	Scope of the Agent’s Duties	109
	 	12.4	Successor Agent	110
	 	12.5	Credit Decisions	110
	 	12.6	Authority of the Agent to Enforce This Agreement	110
	 	12.7	[Reserved]	110
	 	12.8	Knowledge of Default	110
	 	12.9	The Agent’s Authorization; Action by Lenders	111
	 	12.10	Enforcement Actions by the Agent	111
	 	12.11	Collateral Matters	111
	 	12.12	The Agents in their Individual Capacities	112
	 	12.13	The Agent’s Fees	112
	 	12.14	Documentation Agent or other Titles	112
	 	12.15	Subordination Agreements	112
	 	12.16	Indebtedness in respect of Cash Management Agreements and Hedging Agreements	113
	 	12.17	No Reliance on the Agent’s Customer Identification Program	113
	 	12.18	Flood Laws	113
	 	12.19	Lenders’ Representations and Certain Other Obligations	114
	 	 	 	 
	13.	MISCELLANEOUS	114
	 	13.1	Accounting Principles; Divisions	114
	 	13.2	Consent to Jurisdiction	115
	 	13.3	Governing Law	115
	 	13.4	Interest	115
	 	13.5	Expenses; Indemnity; Damage Waiver	116
	 	13.6	Notices	117
	 	13.7	Further Action	118
	 	13.8	Successors and Assigns; Participations; Assignments	118
	 	13.9	Counterparts	121
	 	13.10	Amendment and Waiver	121
	 	13.11	Confidentiality	125
	 	13.12	Mitigation Obligations; Substitution or Removal of Lenders	126
	 	13.13	[Reserved]	127

 

    iv

     

    

 

	 	13.14	WAIVER OF JURY TRIAL / JUDICIAL REFERENCE	127
	 	13.15	USA Patriot Act Notice	130
	 	13.16	Complete Agreement; Conflicts	130
	 	13.17	Severability	130
	 	13.18	Table of Contents and Headings; Section References	130
	 	13.19	Construction of Certain Provisions	130
	 	13.20	Independence of Covenants	130
	 	13.21	Electronic Transmissions	131
	 	13.22	Advertisements	131
	 	13.23	Reliance on and Survival of Provisions	131
	 	13.24	Acknowledgment Regarding Any Supported QFCs	132
	 	13.25	Acknowledgment and Consent to Bail-In of Affected Financial Institutions	133
	 	13.26	Joint and Several Liability	133

 

    v

     

    

 

EXHIBITS

 

A FORM OF REQUEST FOR REVOLVING CREDIT ADVANCE

B FORM OF REVOLVING CREDIT NOTE

C FORM OF SWING LINE NOTE

D FORM OF REQUEST FOR SWING LINE ADVANCE

E FORM OF NOTICE OF LETTERS OF CREDIT

F FORM OF ASSIGNMENT AGREEMENT

G FORM OF COVENANT COMPLIANCE REPORT

H FORM OF SWING LINE PARTICIPATION CERTIFICATE

I-1 FORM OF U.S. TAX COMPLIANCE CERTIFICATE

I-2 FORM OF U.S. TAX COMPLIANCE CERTIFICATE

I-3 FORM OF U.S. TAX COMPLIANCE CERTIFICATE

I-4 FORM OF U.S. TAX COMPLIANCE CERTIFICATE

J FORM OF NEW LENDER ADDENDUM

 

ANNEXES

 

	I	Applicable
    Margin and Applicable Fee Percentages Grid
	II	Percentages and
    Allocations
	III	Notices
	IV	Existing
    Letters of Credit

 

SCHEDULES

 

Schedule 1.1 – Compliance Information

Schedule 1.1(a) – Affiliated Practice
Entities

Schedule 5.1(c) – Jurisdictions

Schedule 6.3(b) – Borrowers’
Locations

Schedule 6.4 – Taxes

Schedule 6.7 – Compliance with Laws

Schedule 6.9 – Litigation

Schedule 6.10 – Governmental Approval

Schedule 6.16 – Subsidiaries

Schedule 6.17 – Management Agreements

Schedule 6.18 – Material Contracts

Schedule 6.19 – Trade Names

Schedule 6.20 – Capital Structure

Schedule 6.23 – Employee Matters

Schedule 8.1 – Existing Debt

Schedule 8.2 – Existing Liens

Schedule 8.7 – Existing Investments

Schedule 8.8 – Transactions with Affiliates

 

    vi

     

    

 

CREDIT AGREEMENT

 

This Credit Agreement (this
 “Agreement”) is made as of September 30, 2022 by and among the financial institutions from time to time signatory hereto
(individually a “Lender,” and any and all such financial institutions collectively the “Lenders”), Comerica Bank,
as the Administrative Agent for the Lenders (in such capacity, the “Agent”), Sole Lead Arranger and Sole Bookrunner, and Warby
Parker Inc., a Delaware corporation, formerly known as JAND, Inc. (“Warby Parker”) and Warby Parker Retail, Inc.,
a Delaware corporation (“Warby Retail” and together with Warby Parker and each other Person that becomes a borrower hereunder
from time to time, the “Borrowers” and each, individually a “Borrower”).

 

RECITALS

 

A.           The
Borrowers have requested that the Lenders extend to them credit and letters of credit on the terms and conditions set forth herein.

 

B.           The
Lenders are prepared to extend such credit as aforesaid, but only on the terms and conditions set forth in this Agreement.

 

NOW THEREFORE, in consideration
of the covenants contained herein, the Borrowers, the Lenders, and the Agent agree as follows:

 

		1.	DEFINITIONS.

 

1.1           Certain
Defined Terms. For the purposes of this Agreement the following terms will have the following meanings:

 

“Account(s)” shall
mean any account or account receivable as defined under the UCC, including without limitation, with respect to any Person, any right of
such Person to payment for goods sold or leased or for services rendered.

 

“Account Control Agreement(s)”
shall mean those certain account control agreements, or similar agreements that are delivered pursuant to Section 7.14 of this Agreement
or otherwise, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Account Debtor”
shall mean the party who is obligated on or under any Account.

 

“Advance(s)” shall
mean, as the context may indicate, a borrowing requested by a Borrower, and made by the Revolving Credit Lenders under Section 2.1
hereof or the Swing Line Lender under Section 2.5 hereof, including without limitation any readvance, refunding or conversion of
such borrowing pursuant to Section 2.3 or 2.5 hereof, and any advance deemed to have been made in respect of a Letter of Credit under
Section 3.6(c) hereof, and shall include, as applicable, a BSBY Rate Advance, a Base Rate Advance and a Quoted Rate Advance.

 

“Affected Financial
Institution” shall mean (a) any EEA Financial Institution, or (b) any UK Financial Institution.

 

“Affected Lender”
is defined in Section 13.12(b) hereof.

 

    1

     

    

 

“Affected Tenor”
is defined in Section 11.2 hereof.

 

“Affiliate” shall
mean, with respect to any Person, any other Person directly or indirectly controlling (including but not limited to all directors and
officers of such Person), controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control
another Person for the purposes of this definition if such Person possesses, directly or indirectly, the power (i) to vote 10% or
more of the Equity Interests having ordinary voting power for the election of directors or managers of such other Person or (ii) to
direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities,
by contract or otherwise.

 

“Affiliated
Practice Entity” means, each Person identified on Schedule 1.1(a), and any other entity that provides professional medical
services and to which any Borrower or any of its Subsidiaries provides management services, administrative services or other similar services
pursuant to a Management Agreement. Notwithstanding the foregoing, “Affiliated Practice Entities” shall not include independent
doctors (or their practice entities) that only rent space to practice within Warby Parker stores.

 

“Agent” is defined
in the preamble, and includes any successor agents appointed in accordance with Section 12.4 hereof.

 

“Agent’s Office”
shall mean the Agent’s address, and as appropriate, account, as set forth on Annex III, or such other address or account as the
Agent may from time to time notify the Borrowers’ Representative and Lenders.

 

“Anti-Terrorism Laws”
shall mean any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, corruption
or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such laws, all as amended, supplemented
or replaced from time to time.

 

“Applicable Fee Percentage”
shall mean, as of any date of determination thereof, the applicable percentage used to calculate certain of the fees due and payable hereunder,
determined by reference to the appropriate columns in the Applicable Margin and Applicable Fee Percentages Grid attached to this Agreement
as Annex I, such Applicable Fee Percentage to be adjusted solely as specified in Section 11.8 hereof.

 

“Applicable Floor”
shall mean (a) as such term is used in the definitions of “BSBY Rate” and “Successor Rate” (as defined in
Section 11.3), zero percent (0.0%) per annum, and (b) as such term is used in the definition of “Base Rate”, one
percent (1.0%) per annum.

 

“Applicable Interest
Rate” shall mean, (i) with respect to each Revolving Credit Advance, the BSBY Rate or the Base Rate, plus, in each case, the
Applicable Margin, and (ii) with respect to each Swing Line Advance, the Base Rate or, if made available to the Borrowers by the
Swing Line Lender at its option, the Quoted Rate, plus, in each case, the Applicable Margin, in each case as selected by the Borrowers
from time to time subject to the terms and conditions of this Agreement.

 

    2

     

    

 

“Applicable Margin”
shall mean, as of any date of determination thereof, the applicable interest rate margin, determined by reference to the appropriate columns
in the Applicable Margin and Applicable Fee Percentages Grid attached to this Agreement as Annex I, such Applicable Margin to be adjusted
solely as specified in Section 11.8 hereof.

 

“Applicable Measuring
Period” shall mean the period of four consecutive fiscal quarters ending on the applicable date of determination.

 

“Asset Sale” shall
mean the sale, transfer or other disposition by any Credit Party of any asset (other than the sale or transfer of less than one hundred
percent (100%) of the stock or other ownership interests of any Subsidiary) to any Person (other than to a Borrower or a Guarantor), excluding
sales of assets permitted under Sections 8.4(a), (b), (f), (h) and (j).

 

“Assignment Agreement”
shall mean an Assignment Agreement substantially in the form of Exhibit F hereto.

 

“Authorized Signer”
shall mean each person who has been authorized by a Borrower to execute and deliver any requests for Advances hereunder pursuant to a
written authorization delivered to the Agent and whose signature card or incumbency certificate has been received by the Agent.

 

“Available Tenor”
means, as of any date of determination and with respect to the BSBY Rate or any Successor Rate, as applicable, (x) if such rate is
a term rate, any tenor for such rate (or component thereof) that is or may be used for determining the length of an interest period pursuant
to this Agreement, and (y) under all other circumstances, any payment period for interest calculated with reference to such rate
(or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to
such rate, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such rate that is then-removed from
the definition of “Interest Period” pursuant to Section 11.3(c).

 

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

 

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

 

“Bankruptcy Code”
shall mean Title 11 of the United States Code and the rules promulgated thereunder.

 

    3

     

    

 

“Base Rate” shall
mean for any day, that per annum rate of interest which is equal to the greatest of (a) the Prime Rate for such day, (b) the
Federal Funds Rate in effect on such day, plus one percent (1.0%) per annum, (c) the BSBY Screen Rate for a one month tenor in effect
on such day, plus one percent (1.0%) per annum, and (d) the Applicable Floor. Any change in the Base Rate due to a change in the
Prime Rate, the Federal Funds Rate, or the BSBY Rate shall be effective from and including the effective date of such change in the Prime
Rate, the Federal Funds Rate, or the BSBY Rate, respectively.

 

“Base Rate Advance”
shall mean any Advance which bears interest at the Base Rate.

 

“Benchmark” shall
mean, initially, the BSBY Screen Rate; provided, that, if the BSBY Screen Rate or any successor thereof is subsequently
replaced by a Successor Rate in accordance with 11.3, then “Benchmark” shall mean the applicable Successor Rate then in effect.

 

“Beneficial Ownership
Certification” shall mean a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership
Regulation” shall mean 31 C.F.R. § 1010.230, as amended from time to time.

 

“Borrowers” is
defined in the preamble to this Agreement.

 

“Borrowers’ Representative”
shall mean, initially, Warby Parker, or any other Borrower identified as the Borrowers' Representative in a written notice delivered to
the Agent and signed by all Borrowers.

 

“BSBY” shall mean
the Bloomberg Short-Term Bank Yield Index rate.

 

“BSBY Administrator”
shall mean Bloomberg Index Services Limited (or any successor administrator of BSBY).

 

    4

     

    

 

“BSBY Rate” shall
mean, with respect to any BSBY Rate Advance for any applicable Interest Period, the rate per annum equal to the BSBY Screen Rate at or
about 7:00 a.m. (Detroit, Michigan time) (or as soon thereafter as practical) as determined for such Interest Period, two (2) Business
Days prior to the beginning of such Interest Period with a term equivalent to such Interest Period for such BSBY Rate Advance; provided,
that, except for a determination by Agent pursuant to Section 11.2 or Section 11.3 herein, if such rate is not published for
any Business Day, then the “BSBY Rate” will be the BSBY Screen Rate for the first Business Day immediately prior thereto on
which such rate is published, rounded upwards, if necessary, to the next five decimal places and adjusted for any reserves that Agent
is required to maintain with respect to the relevant Advances, all as determined by Agent from time to time in its reasonable discretion;
provided, further, that if the BSBY Rate would otherwise be less than the Applicable Floor, then the BSBY Rate shall be deemed to be the
Applicable Floor.

 

“BSBY Rate Advance”
shall mean any Advance which bears interest at the BSBY Rate or, if applicable, the Successor Rate.

 

“BSBY Screen Rate”
means BSBY, as administered by the BSBY Administrator and published on the applicable Reuters screen page (or such other commercially
available source providing such rate as may be designated by Agent from time to time).

 

“Business Day”
shall mean any day other than a Saturday or a Sunday on which commercial banks are open for domestic and international business (including
dealings in foreign exchange) in Detroit, Michigan and New York, New York.

 

“Capital Expenditures”
shall mean, for any period, with respect to any Person (without duplication), the aggregate of all expenditures incurred by such Person
and its Subsidiaries during such period for the acquisition or leasing (pursuant to a Capitalized Lease) of fixed or capital assets or
additions to equipment, plant and property that should be capitalized under GAAP on a consolidated balance sheet of such Person and its
Subsidiaries, but excluding expenditures made in connection with the Reinvestment of Insurance Proceeds, Condemnation Proceeds or the
Net Cash Proceeds of Asset Sales.

 

“Capitalized Lease”
shall mean, as applied to any Person, any lease of any property (whether real, personal or mixed) with respect to which the discounted
present value of the rental obligations of such Person as lessee thereunder, in conformity with GAAP, is required to be capitalized on
the balance sheet of that Person. Notwithstanding any other provision contained herein, for all purposes of this Agreement (including,
without limitation, Sections 7.9 and 8.6), “Capitalized Lease” shall be defined and determined without giving effect to any
change in accounting for leases pursuant to GAAP resulting from the implementation of Financial Accounting Standards Board ASU No. 2016-02,
Leases (Topic 842) and any interpretations thereof.

 

“Cash Management Agreement”
shall mean any agreement relating to any Lender Products entered into between one or more Borrower and any Lender or an Affiliate of a
Lender.

 

“Change in Law”
shall mean the occurrence, after the Effective Date, of any of the following: (i) the adoption or taking effect of, or any change
in any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect and whether or not applicable
to any Lender or Agent on such date, or (ii) any change in interpretation, administration or implementation of any such law, treaty,
rule or regulation by any Governmental Authority, or (iii) the issuance, making or implementation by any Governmental Authority
of any interpretation, administration, request, regulation, guideline, or directive (whether or not having the force of law), including
any risk-based capital guidelines; provided that notwithstanding anything herein to the contrary, (x) a change in law, treaty,
rule, regulation, interpretation, administration or implementation shall include, without limitation, any change made or which becomes
effective on the basis of a law, treaty, rule, regulation, interpretation administration or implementation then in force, the effective
date of which change is delayed by the terms of such law, treaty, rule, regulation, interpretation, administration or implementation,
  (y) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder
or issued in connection therewith and (z) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date
enacted, adopted or issued.

 

    5

     

    

 

“Change of Control”
shall mean (a) any transaction or series of related transactions in which any “person” or “group” (within
the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner”
(as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of a sufficient number of shares of
all classes of Equity Interests then outstanding of Warby Parker ordinarily entitled to vote in the election of directors, empowering
such “person” or “group” to elect a majority of the Board of Directors of Warby Parker, who did not have such
power before such transaction, or (b) Warby Parker ceasing to own and control, directly or indirectly, one hundred percent (100%)
of all classes of Equity Interests of each other Borrower.

 

“Code” shall mean
the Internal Revenue Code of 1986 of the United States of America, as amended from time to time, and the regulations promulgated thereunder.

 

“Collateral” shall
mean all property or rights in which a security interest, mortgage, deed of trust, lien or other encumbrance for the benefit of the Lenders
is or has been granted or arises or has arisen, under or in connection with this Agreement, the other Loan Documents, or otherwise to
secure the Indebtedness.

 

“Collateral Access Agreement”
shall mean an agreement in form and substance satisfactory to the Agent in its sole discretion, pursuant to which a mortgagee or lessor
of real property on which Collateral is stored or otherwise located, or a warehouseman, processor or other bailee of inventory or other
property owned by any Credit Party (other than, for the avoidance of doubt, any HTO Inventory), that acknowledges the Liens under the
Collateral Documents and subordinates or waives any Liens held by such Person on such property and, includes such other agreements with
respect to the Collateral as the Agent may require in its sole discretion, as the same may be amended, restated or otherwise modified
from time to time.

 

“Collateral Assignment
of Management Agreement” shall mean an agreement in form and substance satisfactory to the Agent in its reasonable discretion, pursuant
to which the Borrowers and Guarantors that are party to any Management Agreement assign (or reaffirm an assignment of) such Management
Agreement in favor of the Agent, and includes such other agreements with respect to the Management Agreements as the Agent may require
in its reasonable discretion, as the same may be amended, restated or otherwise modified from time to time.

 

“Collateral Documents”
shall mean the Security Agreement, the Pledge Agreements, the Mortgages, the Account Control Agreements, each Collateral Assignment of
Management Agreement (if any), each Consent to Assignment (if any), the Collateral Access Agreements, and all other security documents
(and any joinders thereto) executed by any Credit Party in favor of the Agent on or after the Effective Date, in connection with any of
the foregoing collateral documents, in each case, as such collateral documents may be amended or otherwise modified from time to time.

 

“Comerica Bank”
shall mean Comerica Bank, its successors or assigns.

 

“Commitments”
shall mean the Revolving Credit Aggregate Commitment.

 

“Condemnation Proceeds”
shall mean the cash proceeds received by any Credit Party in respect of any condemnation proceeding net of reasonable fees and expenses
(including without limitation attorneys’ fees and expenses) incurred in connection with the collection thereof.

 

    6

     

    

 

“Conforming Changes”
means, with respect to either the use or administration of the BSBY Rate or the use, administration, adoption or implementation of any
Successor Rate, any technical, administrative or operational changes (including changes to the definition of “Base Rate,”
the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition
of “Interest Period,” or any similar or analogous definition (or the addition of a concept of “interest period”),
timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation
notices, the applicability and length of lookback periods, the applicability of Section 11.2 or Section 11.3 and other technical,
administrative or operational matters) that the Agent, in the exercise of its reasonable discretion, decides may be appropriate to reflect
the adoption and implementation of any such rate or to permit the use and administration thereof by the Agent in a manner substantially
consistent with market practice (or, if the Agent in the exercise of its reasonable discretion decides that adoption of any portion of
such market practice is not administratively feasible or if the Agent in the exercise of its reasonable discretion determines that no
market practice for the administration of any such rate exists, in such other manner of administration as the Agent decides is reasonably
necessary in connection with the administration of this Agreement and the other Loan Documents).

 

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

 

“Consent to Assignment”
shall mean an agreement in form and substance satisfactory to the Agent in its reasonable discretion pursuant to which the parties to
each Management Agreement acknowledge the Liens under the Collateral Documents and consent to the assignment of the Management Agreement
in favor of the Agent, and includes such other agreements with respect to the Management Agreements as the Agent may require in its reasonable
discretion, as the same may be amended, restated or otherwise modified from time to time.

 

“Consolidated”
(or “consolidated”) or “Consolidating” (or “consolidating”) shall mean, when used with reference to
any financial term in this Agreement, the aggregate for two or more Persons of the amounts signified by such term for all such Persons
determined on a consolidated (or consolidating) basis in accordance with GAAP, applied on a consistent basis. Unless otherwise specified
herein, “Consolidated” and “Consolidating” shall refer to the Borrowers and their respective Subsidiaries, determined
on a Consolidated or Consolidating basis.

 

“Consolidated EBITDA”
shall mean, for any Applicable Measuring Period, an amount equal to the sum of (a) Consolidated Net Income of the Credit Parties
for such Applicable Measuring Period, plus (b) in each case to the extent deducted in the calculation of the Consolidated Net Income
of the Credit Parties and without duplication, (i) depreciation and amortization for such period, plus (ii) Income Taxes for
such period, plus (iii) Consolidated Interest Expense paid during such period, plus (iv) non-cash stock compensation expense,
including expense associated with equity awards (including but not limited to stock options and restricted stock units) or resulting from
the sale of stock in Warby Parker, plus (v) non-cash rental expense relating to changes in Credit Parties’ deferred rent liabilities
(provided however, for the avoidance of doubt, there shall be no add-back for cash rent expenses paid during such period), plus (vi) all
non-cash charitable expenses (to be mutually agreed to by Agent and Borrowers during such period), plus (vii) any non-recurring costs
directly related to directly attributable to the preparation for Warby Parker’s Direct Listing and expenses incurred in connection
with the cash tender offer completed in June 2021 acceptable to the Agent, plus (viii) all extraordinary, unusual or non-recurring
charges including (1) restructuring and severance costs in an aggregate amount not to exceed $5,000,000 during the term of this Agreement,
(2) costs incurred in connection with the implementation of the Borrowers’ enterprise resources planning system in an aggregate
amount not to exceed $15,000,000 during the term of this Agreement, and (3) other customary and reasonable items as well as non-cash
impairment charges (to be mutually agreed to by Agent and Borrowers during such period), and minus, (c) to the extent added in the
calculation of Consolidated Net Income, and without duplication, (i) any non-cash income or gains relating to changes to Borrowers’
deferred rent liabilities, plus (ii) all extraordinary and non-recurring revenue and gains outside of Borrowers’ normal course
of business (including income tax benefits) for such period, all as determined in accordance with GAAP.

 

    7

     

    

 

“Consolidated Funded
Debt” shall mean at any date, the aggregate amount of all Funded Debt of the Credit Parties at such date, determined on a Consolidated
basis.

 

“Consolidated
Net Income” shall mean, without duplication, for any period, the consolidated net income (or loss) of the Credit Parties, after
deduction of all expenses, taxes, and other proper charges, all determined on a Consolidated basis in accordance with GAAP, but after
eliminating therefrom all extraordinary nonrecurring items of income otherwise included therein and subject to any adjustment that shall
be made to such calculation pursuant to Section 7.13(c) hereof.

 

“Consolidated Senior
Leverage Ratio” shall mean, at any date of determination, the ratio of (a) the sum of Consolidated Funded Debt (excluding Subordinated
Debt) as of such date, to (b) Consolidated EBITDA for the Applicable Measuring Period.

 

“Consolidated Senior
Net Leverage Ratio” shall mean, at any date of determination, the ratio of (a) the sum of the amount of Consolidated Funded
Debt (excluding Subordinated Debt) outstanding as of such date, minus the amount of unrestricted and unencumbered cash of the Credit Parties
held in an account with Agent or any Lender in excess of $20,000,000, to (b) Consolidated EBITDA for the Applicable Measuring Period.

 

“Consolidated Total
Interest Expense” shall mean with respect to any Person for any period, the aggregate amount of interest required to be paid or
accrued by such Person and its Subsidiaries during such period on all Indebtedness of such Person and its Subsidiaries outstanding during
all or any part of such period, whether such interest was or is required to be reflected as an item of expense or capitalized, including
payments consisting of interest in respect of any Capitalized Lease or any synthetic lease, and including commitment fees, agency fees,
facility fees, balance deficiency fees and similar fees or expenses in connection with the borrowing of money.

 

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

 

    8

     

    

 

“Covenant Compliance
Report” shall mean the report to be furnished by the Borrowers to the Agent pursuant to Section 7.2(a) hereof, substantially
in the form attached hereto as Exhibit G and certified by a Responsible Officer of the Borrowers, in which report the Borrowers shall
set forth the information specified therein and which shall include a statement of then applicable level for the Applicable Margin and
Applicable Fee Percentages as specified in Annex I attached to this Agreement.

 

“Covered Entity”
shall mean (a) each Credit Party, any other Persons that guaranty the Indebtedness and/or pledge collateral to secure the Indebtedness,
(b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above, and (c) all brokers
or other agents of any Credit Party acting in any capacity in connection with this Agreement. For purposes of this definition, control
of a Person shall mean the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued and outstanding equity
interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for
such Person, or (y) power to direct or cause the direction of the management and policies of such Person whether by ownership of
equity interests, contract or otherwise.

 

“Credit Parties”
shall mean the Borrowers and their respective Subsidiaries, and “Credit Party” shall mean any one of them, as the context
indicates or otherwise requires.

 

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

 

“Debt” shall mean
as to any Person, without duplication (a) all Funded Debt of a Person, (b) all Guarantee Obligations of such Person, (c) all
obligations of such Person under conditional sale or other title retention agreements relating to property or assets purchased by such
Person, (d) all indebtedness of such Person arising in connection with any Hedging Transaction entered into by such Person, (e) all
recourse Debt of any partnership of which such Person is the general partner, and (f) any Off Balance Sheet Liabilities.

 

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

 

“Default” shall
mean any event that with the giving of notice or the passage of time, or both, would constitute an Event of Default under this Agreement.

 

    9

     

    

 

“Defaulting Lender”
shall mean any Lender that (a) has failed to (i) fund all or any portion of its Advances within two (2) Business Days of
the date such Advances were required to be funded hereunder unless such Lender notifies the Agent and the Borrowers in writing that such
failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions
precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay
to the Agent, any Issuing Lender, any Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including
in respect of its participation in Letters of Credit or Swing Line Advances) within two (2) Business Days of the date when due, (b) has
notified the Borrowers, the Agent or any Issuing Lender or Swing Line Lender 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 is based on such Lender’s
good faith determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall
be specifically identified in such writing or public statement) has not been satisfied), (c) has failed, within three Business Days
after written request by the Agent or the Borrowers, to confirm in writing to the Agent and the Borrowers that it will comply with its
prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
receipt of such written confirmation by the Agent and the Borrower), or (d) has, or has a direct or indirect parent company that
has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business
or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity,
or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the
ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority,
so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the
United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority)
to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the 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 the Borrower,
each Issuing Lender, each Swing Line Lender and each Lender.

 

“Default Rate”
shall mean (before as well as after judgment) (a) when used with respect to any Indebtedness other than Letter of Credit Fees, an
interest rate per annum equal to the sum of (i) the Base Rate plus (ii) the Applicable Margin, if any, applicable to
Base Rate Advances plus (iii) 2% per annum; provided, however, that with respect to any BSBY Rate Advance (and
subject to Sections 2.8 and 4.5), the Default Rate shall be an interest rate per annum equal to the interest rate (including any
Applicable Margin) otherwise applicable to such Advance plus 2% per annum, and (b) when used with respect to Letter of Credit
Fees, a rate per annum equal to the Applicable Fee Percentage plus 2% per annum; in each case, to the fullest extent permitted
by applicable law.

 

“Distribution”
is defined in Section 8.5 hereof.

 

“Dividing Person”
is defined in the definition of “Division”.

 

“Division” shall
mean the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more Persons
(whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant
to which the Dividing Person may or may not survive.

 

    10

     

    

 

“Division Successor”
shall mean any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities
and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which
retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of
such Division.

 

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

 

“Domestic Subsidiary”
shall mean any Subsidiary of a Borrower incorporated or organized under the laws of the United States of America, or any state or other
political subdivision thereof or which is considered to be a “disregarded entity” for United States federal income tax purposes
and which is not a “controlled foreign corporation” as defined under Section 957 of the Code, in each case provided such
Subsidiary is owned by such Borrower or a Domestic Subsidiary of such Borrower, and “Domestic Subsidiaries” shall mean any
or all of them.

 

“EEA Financial Institution”
shall mean (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”
shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

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

 

“Effective Date”
shall mean the first date on which all the conditions precedent set forth in Section 5.1 have been satisfied.

 

“Electronic Transmission”
shall mean each document, instruction, authorization, file, information and any other communication transmitted, posted or otherwise made
or communicated by e-mail or E-Fax, or otherwise to or from an E-System or other equivalent service.

 

“Eligible Assignee”
shall mean (a) a Lender; (b) an Affiliate of a Lender; (c) any Person (other than a natural person) that is or will be
engaged in the business of making, purchasing, holding or otherwise investing in commercial loans or similar extensions of credit in the
ordinary course of its business, provided that such Person is administered or managed by a Lender, an Affiliate of a Lender or an entity
or Affiliate of an entity that administers or manages a Lender; or (d) any other Person (other than a natural person) approved by
the (i) the Agent (and in the case of an assignment of a commitment under the Revolving Credit, the Issuing Lender and Swing Line
Lender), and (ii) unless an Event of Default has occurred and is continuing, the Borrowers (each such approval not to be unreasonably
withheld or delayed), provided that the Borrowers shall be deemed to have consented to any such assignment unless the Borrowers
shall object thereto by written notice to the Agent within five (5) Business Days after having received notice thereof; provided
further that (x) notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrowers or any of the
Borrower’s Affiliates or Subsidiaries; and (y) no assignment shall be made to a Defaulting Lender (or any Person who would
be a Defaulting Lender if such Person was a Lender hereunder) without the consent of the Agent, and in the case of an assignment of a
commitment under the Revolving Credit, the Issuing Lender and the Swing Line Lender.

 

    	 	11	 

     

    

 

“Employee Benefit Plan”
shall mean any employee benefit plan as defined in Section 3(3) of ERISA and any other material employee benefit plan, program
or arrangement, in any case, maintained for employees of the Borrower or any Subsidiary, or with respect to which the Borrower or any
Subsidiary is required to contribute on behalf of any of its employees or with respect to which the Borrower has any liability.

 

“Employee Pension Benefit
Plan” shall have the meaning set forth in Section 3(2) of ERISA.

 

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

 

“Equity Interest”
shall mean (i) in the case of any corporation, all capital stock and any securities exchangeable for or convertible into capital
stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents
of corporate stock (however designated) in or to such association or entity, (iii) in the case of a partnership or limited liability
company, partnership or membership interests (whether general or limited) and (iv) any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distribution of assets of, the issuing Person, and including,
in all of the foregoing cases described in clauses (i), (ii), (iii) or (iv), any warrants, rights or other options to purchase or
otherwise acquire any of the interests described in any of the foregoing cases.

 

“ERISA” shall
mean the Employee Retirement Income Security Act of 1974, as amended or modified, and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate”
shall mean any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code or Section 302 of ERISA).

 

“ERISA Event”
shall mean (a) a Reportable Event with respect to a Pension Plan; (b) the failure by any Borrower or any ERISA Affiliate to
meet all applicable requirements under the Pension Funding Rules or the filing of an application for the waiver of the minimum funding
standards under the Pension Funding Rules; (c) the incurrence by any Borrower or any ERISA Affiliate of any liability pursuant to
Section 4063 or 4064 of ERISA or a cessation of operations with respect to a Pension Plan within the meaning of Section 4062(e) of
ERISA; (d) a complete or partial withdrawal by any Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that
a Multiemployer Plan is insolvent (within the meaning of Title IV of ERISA); (e) the filing of a notice of intent to terminate a
Pension Plan under, or the treatment of a Pension Plan amendment as a termination under, Section 4041 of ERISA; (f) the institution
by the PBGC of proceedings to terminate a Pension Plan; (g) any event or condition that constitutes grounds under Section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (h) the determination that any
Pension Plan is in at-risk status (within the meaning of Section 430 of the Code or Section 303 of ERISA) or that a Multiemployer
Plan is in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (i) the
imposition or incurrence of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007
of ERISA, upon any Borrower or any ERISA Affiliate; (j) the engagement by any Borrower or any ERISA Affiliate in a transaction that
could be subject to Section 4069 or Section 4212(c) of ERISA; (k) the imposition of a lien upon any Borrower pursuant
to Section 430(k) of the Code or Section 303(k) of ERISA; or (l) the making of an amendment to a Pension Plan
that could result in the posting of bond or security under Section 436(f)(1) of the Code.

 

    	 	12	 

     

    

 

“Erroneous Payments”
is defined in Section 10.5 hereof.

 

“E-System” shall
mean any electronic system and any other Internet or extranet-based site, whether such electronic system is owned, operated, hosted or
utilized by the Agent, any of its Affiliates or any other Person, providing for access to data protected by passcodes or other security
system.

 

“EU Bail-In Legislation
Schedule” shall mean 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”
shall mean each of the Events of Default specified in Section 9.1 hereof.

 

“Excluded Swap Obligation”
shall mean any obligation of any Credit Party to any Lender with respect to a “swap,” as defined in Section 1a(47) of
the Commodity Exchange Act (“CEA”), if and to the extent that such Credit Party’s guaranteeing of, or granting of a
security interest or lien to secure, such swap obligation, is or becomes illegal under the CEA, 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 Credit Party’s
failure for any reason to constitute an “eligible contract participant,” as defined in Section 1a(18) of the CEA and
the regulations thereunder, at the time such guarantee or such security interest grant becomes effective with respect to such swap obligation.
If any such swap obligation arises under a master agreement governing more than one swap, the foregoing exclusion shall apply only to
those swap obligations that are attributable to swaps in respect of which such Credit Party’s guaranteeing of, or granting of a
security interest or lien to secure, such swaps is or becomes illegal.

 

“Excluded Taxes”
shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in
the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof)
or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable
to or for the account of such Lender with respect to an applicable interest in an Advance or Commitment pursuant to a law in effect on
the date on which (i) such Lender acquires such interest in the Advance or Commitment (other than pursuant to an assignment request
by any Borrower under Section 13.12(b)) or (ii) such Lender changes its lending office, except in each case to the extent that,
pursuant to Section 11.10, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such
Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 11.10 and (d) any withholding Taxes imposed under FATCA.

 

    	 	13	 

     

    

 

“Existing Letters of
Credit” shall mean those letters of credit described on Annex IV.

 

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

 

“Federal Funds Rate”
shall mean, for any day, a fluctuating interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business
Day, for the next preceding 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 the Agent from three Federal funds brokers
of recognized standing selected by the Agent, all as conclusively determined by the Agent, such sum to be rounded upward, if necessary,
in the discretion of the Agent, to the nearest whole multiple of 1/100th of 1%; provided that if the Federal Funds Rate as so determined
would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

 

“Fee Letter” shall
mean the fee letter by and between Borrowers’ Representative and Comerica Bank dated as of July 12, 2022 relating to the Indebtedness
hereunder, as amended, restated, replaced or otherwise modified from time to time.

 

“Fees” shall mean
the Revolving Credit Facility Fee, the Letter of Credit Fees and the other fees and charges (including any agency fees) payable by the
Borrowers to the Lenders, the Issuing Lender or the Agent hereunder or under the Fee Letter.

 

“Fiscal Year”
shall mean the twelve-month period ending on each December 31.

 

“Flood Hazard Zone”
shall mean an area designated by the Federal Emergency Management Agency as having special flood or mudslide hazards.

 

“Flood Laws” shall
mean collectively, (i) the National Flood Insurance Reform Act of 1994 (which comprehensively revised the National Flood Insurance
Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, (ii) the
Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (iii) the Biggert-Waters Flood
Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

  

    	 	14	 

     

    

 

“Foreign Lender”
shall mean (a) if a Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if a Borrower is not a U.S. Person,
a Lender that is resident or organized under the laws of a jurisdiction other than that in which such Borrower is resident for tax purposes.

 

“Foreign Plan”
shall mean any employee pension benefit plan, program, policy, arrangement or agreement maintained or contributed to by any Credit Party
with respect to employees employed outside the United States (other than any governmental arrangement).

 

“Foreign Subsidiary”
shall mean any Subsidiary, other than a Domestic Subsidiary, and “Foreign Subsidiaries” shall mean any or all of them.

 

“Fronting Exposure”
shall mean, at any time there is a Defaulting Lender, (a) with respect to the Issuing Lender, such Defaulting Lender’s Percentage
of the outstanding Letter of Credit Obligations with respect to Letters of Credit issued by such Issuing Lender, and (b) with respect
to the Swing Line Lender, such Defaulting Lender’s Percentage of outstanding Swing Line Advances made by the Swing Line Lender.

 

“Funded Debt”
of any Person shall mean, without duplication, (a) all indebtedness of such Person for borrowed money or for the deferred purchase
price of property or services as of such date (other than operating leases and trade liabilities incurred in the ordinary course of business
and payable in accordance with customary practices) or which is evidenced by a note, bond, debenture or similar instrument, (b) the
principal component of all obligations of such Person under Capitalized Leases, (c) all reimbursement obligations (actual, contingent
or otherwise) of such Person in respect of letters of credit, bankers acceptances or similar obligations issued or created for the account
of such Person, (d) all liabilities of the type described in (a), (b) and (c) above that are secured by any Liens on any
property owned by such Person as of such date even though such Person has not assumed or otherwise become liable for the payment thereof,
the amount of which is determined in accordance with GAAP; provided however that so long as such Person is not personally liable for any
such liability, the amount of such liability shall be deemed to be the lesser of the fair market value at such date of the property subject
to the Lien securing such liability and the amount of the liability secured, and (e) all Guarantee Obligations in respect of any
liability which constitutes Funded Debt; provided, however that Funded Debt shall not include any indebtedness under any Hedging Transaction
prior to the occurrence of a termination event with respect thereto.

 

“GAAP” shall mean,
subject to Section 13.1(a), as of any applicable date of determination, generally accepted accounting principles in the United States
of America, as applicable on such date, consistently applied, as in effect from time to time in the United States of America.

 

“Governmental Authority”
shall mean the government of the United States of America or any other nation, or of any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including without limitation any supranational
bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory
capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements
or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).

 

    	 	15	 

     

    

 

“Governmental Obligations”
shall mean noncallable direct general obligations of the United States of America or obligations the payment of principal of and interest
on which is unconditionally guaranteed by the United States of America.

 

“Guarantee Obligation”
shall mean as to any Person (the “guaranteeing person”) any obligation of the guaranteeing Person in respect of any obligation
of another Person (the “primary obligor”) (including, without limitation, any bank under any letter of credit), the creation
of which was induced by a reimbursement agreement, guaranty agreement, keepwell agreement, purchase agreement, counterindemnity or similar
obligation issued by the guaranteeing person, in either case guaranteeing or in effect guaranteeing any Debt, leases, dividends or other
obligations (the “primary obligations”) of the primary obligor in any manner, whether directly or indirectly, including, without
limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or
any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment
of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of
assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or
(iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however,
that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business.
The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated
or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount
for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such
primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case
the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect
thereof as determined by the applicable Person in good faith.

 

“Governmental
Requirements” shall mean all statutes, codes, ordinances, directives, decrees, rules, regulations, orders or other laws (including
without limit Healthcare Laws) of any Governmental Authority applicable to any Credit Party, any of the Indebtedness or any Collateral.

 

“Guarantor(s)”
shall mean each Subsidiary of a Borrower which has executed and delivered to the Agent a Guaranty (or a joinder to a Guaranty), and a
Security Agreement (or a joinder to the Security Agreement); provided, however, WPCA Holdings, Inc. and WPVA Real Estate LLC shall
not be “Guarantors”.

 

    	 	16	 

     

    

 

“Guaranty” shall
mean, collectively, the guaranty agreements executed and delivered by the applicable Guarantors on the Effective Date pursuant to Section 5.1
hereof and those guaranty agreements executed and delivered from time to time after the Effective Date (whether by execution of joinder
agreements or otherwise) pursuant to Section 7.13 hereof or otherwise, in each case in form and substance satisfactory to the Agent,
as amended, restated, supplemented or otherwise modified from time to time.

 

“Hazardous Material”
shall mean any hazardous or toxic waste, substance or material defined or regulated as such in or for purposes of the Hazardous Material
Laws.

 

“Hazardous Material
Law(s)” shall mean all laws, codes, ordinances, rules, regulations and other governmental restrictions and requirements issued by
any federal, state, local or other governmental or quasi-Governmental Authority or body (or any agency, instrumentality or political subdivision
thereof) pertaining to any substance or material which is regulated for reasons of health, safety or the environment and which is present
or alleged to be present on or about or used in any facilities owned, leased or operated by any Credit Party, or any portion thereof including,
without limitation, those relating to soil, surface, subsurface ground water conditions and the condition of the indoor and outdoor ambient
air; any so-called “superfund” or “superlien” law; and any other United States federal, state or local statute,
law, ordinance, code, rule, regulation, order or decree regulating, relating to, or imposing liability or standards of conduct concerning,
any Hazardous Material, as now or at any time during the term of the Agreement in effect.

 

“Healthcare Investigation”
shall mean any inquiry, investigation, probe, audit, inspection, or proceeding by any Governmental Authority concerning the business affairs,
practices, licensure, registration, quality of care, or reimbursement entitlements concerning any of the Credit Parties or any Affiliated
Practice Entity and includes any preliminary notices of intent to initiate a Healthcare Investigation, audit engagement letters, requests
for the production of records, search and arrest warrant, subpoena, written discovery request, or civil investigative demands.

 

“Healthcare Laws”
shall mean any and all applicable Requirements of Law relating to any Credit Party’s or any Affiliated Practice Entity’s operations
and the Healthcare Services provided by any Credit Party or any Affiliated Practice Entity, including the attendant marketing, patient
healthcare, patient healthcare information, patient abuse, the quality and adequacy of medical care, rate setting, equipment, personnel,
operating policies, fee splitting, including, without limitation, (a) all federal and state fraud and abuse laws, including, without
limitation, the federal Anti-Kickback Statute (42 U.S.C. § 1320a-7b(6)), the Stark Law (42 U.S.C. § 1395nn), and the civil False
Claims Act (31 U.S.C. § 3729 et seq.), (b) HIPAA/HITECH, (c) Medicare, (d) Medicaid, (e) quality of medical care
and accreditation standards and requirements of all applicable state laws or regulatory bodies, (f) the practice of medicine and
other health care professions or the organization of medical or professional entities, including without limitation all applicable state
corporate practice of medicine requirements, and (g) any and all other applicable health care laws and regulations, including manual
provisions, published policies and published administrative guidance, in each case, that have the force of law, each of (a) through
(g) as it may be amended from time to time.

 

    	 	17	 

     

    

 

“Healthcare Services”
shall mean providing community-based medical screening and health and wellness services in the United States of America, including (i) providing
health screening services directly to individual consumers at screening events, through live, in-person events or through the use of technological
services, (ii) facilitating clinical trials and research, including recruiting study candidates, (iii) offering a fully-reimbursed
health and wellness service to Medicare-eligible consumers, and/or (iv) any business or activity that is reasonably similar thereto
or a reasonable extension, development or expansion thereof or ancillary to such services.

 

“Hedging Agreement”
shall mean any agreement relating to a Hedging Transaction entered into between the Borrowers and any Lender or an Affiliate of a Lender.

 

“Hedging Transaction”
shall mean each interest rate swap transaction, basis swap transaction, forward rate transaction, equity transaction, equity index transaction,
foreign exchange transaction, cap transaction, floor transaction (including any option with respect to any of these transactions and any
combination of any of the foregoing).

 

“HIPAA/HITECH”
shall mean individually or collectively, the Health Insurance Portability and Accountability Act of 1996, commonly referred to as “HIPAA”,
and the Health Information Technology for Economic and Clinical Health Act, commonly referred to as “HITECH”, as the same
may be amended, modified or supplemented from time to time, and any successor statute thereto, and any and all rules or regulations
promulgated from time to time thereunder.

 

“HIPAA/HITECH Compliance
Date” is defined in the definition of HIPAA/HITECH Compliant.

 

“HIPAA/HITECH Compliance
Plan” is defined in Section 7.22.

 

“HIPAA/HITECH Compliant”
shall mean with respect to any Person, such Person (i) is or will be in compliance in all material respects with each of the applicable
requirements of the “Administrative Simplification” provisions of HIPAA/HITECH on and as of each date that any part thereof,
or any final rule or regulation thereunder, becomes effective in accordance with it or their terms, as the case may be (each such
date, a “HIPAA/HITECH Compliance Date”) and (y) is not and could not reasonably be expected to become, as of any date
following any such HIPAA/HITECH Compliance Date, the subject of any civil or criminal penalty, process, claim, action or proceeding, or
any administrative or other regulatory review, survey, process or proceeding (other than routine surveys or reviews conducted by any government
health plan or other accreditation entity) that could reasonably be expected to result in a Material Adverse Effect, in connection with
any actual or potential violation by such Person of the then effective provisions of HIPAA/HITECH.

 

“HTO Inventory”
shall mean Inventory shipped to a Borrower’s customers for a period not to exceed 180 days under its “home-try-on” program
in the ordinary course of business and consistent with past practice, including Borrowers holding the unqualified right to charge a valid
customer credit card for the purchase price for such Inventory if it is not returned as required under such program.

 

    	 	18	 

     

    

 

“Immaterial Subsidiary”
shall mean a Subsidiary that, as of the date of the financial statements most recently delivered pursuant to Sections 7.1(a) or (b),
(a) generates annual revenue less than 5.0% of the consolidated annual revenue of the Credit Parties or (b) owns assets the
book value of which is less than 5.0% of the consolidated book value of the total assets of the Credit Parties; provided, that (i) no
Subsidiary shall be an Immaterial Subsidiary if the consolidated total assets or consolidated revenue of such Subsidiary, taken together
with the consolidated total assets and consolidated revenue of all other Subsidiaries that are Immaterial Subsidiaries at such time exceeds
10.0% of consolidated total assets or consolidated revenue, as the case may be, of the Credit Parties, (ii) no Borrower shall be
an Immaterial Subsidiary by operation of this definition, (iii) no Subsidiary that is a Guarantor shall be an Immaterial Subsidiary
by operation of this definition without the prior written consent of the Agent, (iv) no Immaterial Subsidiary may hold Equity Interests
in any Credit Party and (v) no Immaterial Subsidiary may hold any material Intellectual Property or other material assets.

 

“Income Taxes”
shall mean for any period the aggregate amount of taxes based on income or profits for such period with respect to the operations of the
Borrowers and their respective Subsidiaries (including, without limitation, all corporate franchise, capital stock, net worth and value-added
taxes assessed by state and local governments) determined in accordance with GAAP on a Consolidated basis (to the extent such income and
profits were included in computing Consolidated Net Income).

 

“Indebtedness”
shall mean all indebtedness and liabilities (including without limitation principal, interest (including without limitation interest accruing
at the then applicable rate provided in this Agreement or any other applicable Loan Document after an applicable maturity date and interest
accruing at the then applicable rate provided in this Agreement or any other applicable Loan Document after the filing of any petition
in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Credit Parties whether or not
a claim for post-filing or post-petition interest is allowed in such proceeding), fees, expenses and other charges) arising under this
Agreement or any of the other Loan Documents, any Cash Management Agreement or any Hedging Agreement, whether direct or indirect, absolute
or contingent, of any Credit Party to any of the Lenders or Affiliates thereof or to the Agent, in any manner and at any time, whether
due or hereafter to become due, now owing or that may hereafter be incurred by any Credit Party to any of the Lenders or Affiliates thereof
or to the Agent, and which shall be deemed to include protective advances made by the Agent with respect to the Collateral under or pursuant
to the terms of any Loan Document, in each case whether or not reduced to judgment, with interest according to the rates and terms specified,
and any and all consolidations, amendments, renewals, replacements, substitutions or extensions of any of the foregoing; provided, however
that for purposes of calculating the Indebtedness outstanding under this Agreement, any of the other Loan Documents, any Cash Management
Agreement or any Hedging Agreement, the direct and indirect and absolute and contingent obligations of the Credit Parties (whether direct
or contingent) shall be determined without duplication. Notwithstanding the foregoing, the term “Indebtedness” shall not be
deemed to include any Excluded Swap Obligation.

 

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

 

    	 	19	 

     

    

 

“Indemnitee” is
defined in Section 13.5(b) hereof.

  

“Initial Reinvestment
Period” shall mean a 180-day period during which Reinvestment must be commenced under Section 2.10(b) and (d) of
this Agreement.

 

“Insurance Proceeds”
shall mean the cash proceeds received by any Credit Party from any insurer in respect of any damage or destruction of any property or
asset net of reasonable fees and expenses (including without limitation attorneys’ fees and expenses) incurred solely in connection
with the recovery thereof.

 

“Intercompany Note”
shall mean any promissory note issued or to be issued by any Credit Party to evidence an intercompany loan in form and substance satisfactory
to the Agent.

 

“Interest Payment Date”
shall mean (a) with respect to any Base Rate Advance, the first day of each calendar quarter and the applicable Maturity Date, (b) with
respect to any BSBY Rate Advance, the last day of each Interest Period therefor and the applicable Maturity Date and, in the case of any
Interest Period of more than three months’ duration (if applicable), each day prior to the last day of such Interest Period that
occurs at three month intervals after the first day of such Interest Period, and the applicable Maturity Date, and (c) with respect
to any Quoted Rate Advance, the last day of each Interest Period therefor and the applicable Maturity Date, and, in the case of any Interest
Period of more than three months’ duration (if applicable), each day prior to the last day of such Interest Period that occurs at
three month intervals after the first day of such Interest Period, and the applicable Maturity Date.

 

“Interest Period”
shall mean (a) with respect to a BSBY Rate Advance, an interest period of one or three months (or, with the consent of all affected
Lenders, any shorter or longer periods (in each case subject to availability thereof) as selected by the Borrowers in any request for,
conversion to, or continuation of, such BSBY Rate Advance, and (b) with respect to a Swing Line Advance carried at the Quoted Rate,
an interest period of 30 days (or any lesser number of days agreed to in advance by the Borrowers, the Agent and the Swing Line Lender);
provided, however, in each case, that (i) any Interest Period which would otherwise end on a day which is not a Business Day shall
end on the next succeeding Business Day, except that as to an Interest Period in respect of a BSBY Rate Advance, if the next succeeding
Business Day falls in another calendar month, such Interest Period shall end on the next preceding Business Day, (ii) when an Interest
Period in respect of a BSBY Rate Advance begins on the last Business Day of a calendar month (or on a day which has no numerically corresponding
day in the calendar month during which such Interest Period is to end), it shall end on the last Business Day of the calendar month during
which such Interest Period ends, (iii) no Interest Period in respect of any Advance shall extend beyond the Revolving Credit Maturity
Date, and (iv) no tenor that has been removed from this definition pursuant to Section 11.3(c) shall be available for election
in any Request for Advance.

 

“Inventory” shall
mean any inventory as defined under the UCC.

 

“Investment” shall
mean, when used with respect to any Person, (a) any loan, investment or advance made by such Person to any other Person (including,
without limitation, any Guarantee Obligation) in respect of any Equity Interest, Debt, obligation or liability of such other Person and
(b) any other investment made by such Person (however acquired) in Equity Interests in any other Person, including, without limitation,
any investment made in exchange for the issuance of Equity Interest of such Person and any investment made as a capital contribution to
such other Person.

  

    	 	20	 

     

    

 

“Issuing Lender”
shall mean Comerica Bank in its capacity as issuer of one or more Letters of Credit hereunder, or another Lender designated as its successor
by the Borrowers and the Revolving Credit Lenders.

 

“Issuing Office”
shall mean such office as Issuing Lender shall designate as its Issuing Office.

 

“Lender Products”
shall mean any one or more of the following types of services or facilities extended to the Credit Parties by any Lender: (i) credit
cards, (ii) credit card processing services, (iii) debit cards, (iv) purchase cards, (v) Automated Clearing House
(ACH) transactions, (vi) cash management, including controlled disbursement services, and (vii) establishing and maintaining
deposit accounts.

 

“Lenders” is defined
in the preamble, and shall include the Revolving Credit Lenders, the Swing Line Lender and any assignee which becomes a Lender pursuant
to Section 13.8 hereof.

 

“Letter of Credit Agreement”
shall mean, collectively, the letter of credit application and related documentation executed and/or delivered by the Borrowers in respect
of each Letter of Credit, in each case satisfactory to the Issuing Lender, as amended, restated, supplemented or otherwise modified from
time to time.

 

“Letter of Credit Documents”
shall have the meaning ascribed to such term in Section 3.7(a) hereof.

 

“Letter of Credit Fees”
shall mean the fees payable in connection with Letters of Credit pursuant to Section 3.4(a) and (b) hereof.

 

“Letter of Credit Maximum
Amount” shall mean Fifteen Million Dollars ($15,000,000).

 

“Letter of Credit Obligations”
shall mean at any date of determination, the sum of (a) the aggregate undrawn amount of all Letters of Credit then outstanding, and
(b) the aggregate amount of Reimbursement Obligations which remain unpaid as of such date.

 

“Letter of Credit Payment”
shall mean any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a
result of a draft or other demand for payment under any Letter of Credit.

 

“Letter(s) of Credit”
shall mean any standby letters of credit issued by Issuing Lender at the request of or for the account of the Borrowers pursuant to Section 3
hereof. “Letters of Credit” hereunder shall be deemed to include the Existing Letters of Credit.

 

“Lien” shall mean
any security interest in or lien on or against any property arising from any pledge, assignment, hypothecation, mortgage, deed of trust,
security interest, deposit arrangement, trust receipt, conditional sale or title retaining contract, sale and leaseback transaction, Capitalized
Lease, consignment or bailment for security, or any other type of lien, charge, encumbrance, title exception, preferential or priority
arrangement affecting property (including with respect to stock, any stockholder agreements, voting rights agreements, buy-back agreements
and all similar arrangements), whether based on common law or statute.

 

    	 	21	 

     

    

 

“Loan Documents”
shall mean, collectively, this Agreement, the Notes (if issued), the Letter of Credit Agreements, the Letters of Credit, the Guaranty,
the Subordination Agreements, the Collateral Documents, and any other documents, certificates or agreements that are executed and required
to be delivered pursuant to any of the foregoing documents, as such documents may be amended, restated, supplemented or otherwise modified
from time to time. Notwithstanding the foregoing, neither any Cash Management Agreement nor any Hedging Agreement shall be deemed to be
a Loan Document.

 

“Majority Lenders”
shall mean at any time, Lenders holding more than 50.0% of the Revolving Credit Aggregate Commitment (or, if the Revolving Credit Aggregate
Commitment has been terminated (whether by maturity, acceleration or otherwise), the aggregate principal amount outstanding under the
Revolving Credit); provided that, for purposes of determining Majority Lenders hereunder, the Letter of Credit Obligations and principal
amount outstanding under the Swing Line shall be allocated among the Revolving Credit Lenders based on their respective Revolving Credit
Percentages; provided further that so long as there are fewer than three Lenders, considering any Lender and its Affiliates as
a single Lender, “Majority Lenders” shall mean all Lenders. The Commitments of, and portion of the Indebtedness attributable
to, any Defaulting Lender shall be excluded for purposes of making a determination of “Majority Lenders”; provided that the
amount of any participation in any Swing Line Advance and any Letter of Credit Obligations that a Defaulting Lender has failed to fund
that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender that is the Swing Line Lender
or Issuing Lender, as the case may be, in making a determination under this definition.

 

“Management Agreement”
shall mean each management services agreement, deficit funding loan agreement, administrative services agreement, or similar agreement
by and between an Affiliated Practice Entity and a Borrower, pursuant to which Borrower, as applicable, provides management or administrative
services to such Affiliated Practice Entity.

 

“Material Adverse Effect”
shall mean a material adverse effect on (a) the condition (financial or otherwise), business, performance, operations, or properties
of the Credit Parties taken as a whole, (b) the ability of any Credit Party to perform its obligations under this Agreement, the
Notes (if issued) or any other Loan Document to which it is a party, (c) the validity or enforceability of this Agreement, any of
the Notes (if issued) or any of the other Loan Documents or the rights or remedies of the Agent or the Lenders hereunder or thereunder,
or (d) a material impairment in the perfection, value or priority of the Liens established under the Collateral Documents.

 

“Material Contract”
shall mean any agreement or contract the loss of which could be reasonably likely to result in a Material Adverse Effect; provided that
Material Contracts shall not be deemed to include any Pension Plans, collective bargaining agreements, or casualty or liability or other
insurance policies maintained in the ordinary course of business.

 

“Maturity Date”
shall mean the Revolving Credit Maturity Date.

 

    	 	22	 

     

    

 

“Medicaid” shall
mean collectively, the healthcare assistance program established by Title XIX of the Social Security Act (42 U.S.C. §§ 1396
et seq.) and any statutes succeeding thereto, and all laws, rules, regulations, manuals, orders, guidelines or requirements (whether or
not having the force of law) pertaining to such program, in each case as the same may be amended, supplemented or otherwise modified from
time to time.

  

“Medicare” shall
mean, collectively, the health insurance program for the aged and disabled established by Title XVIII of the Social Security Act (42 U.S.C.
 §§ 1395 et seq.) and any statutes succeeding thereto, and all laws, rules, regulations, manuals, orders or guidelines (whether
or not having the force of law) pertaining to such program, in each case as the same may be amended, supplemented or otherwise modified
from time to time.

 

“MIRE Event” shall
mean, if there are any Mortgaged Properties at such time, any increase, extension or renewal of any of the Commitments or Advances (excluding
(i) any continuation or conversion of Advances, (ii) the making of any Advance or (iii) the issuance, renewal or extension
of Letters of Credit).

 

“Mortgages” shall
mean the mortgages, deeds of trust and any other similar documents related thereto or required thereby executed and delivered by a Credit
Party on the Effective Date pursuant to Section 5.1 hereof, if any, and executed and delivered after the Effective Date by a Credit
Party pursuant to Section 7.13 hereof or otherwise, and “Mortgage” shall mean any such document, as such documents may
be amended, restated, supplemented or otherwise modified from time to time.

 

“Mortgaged Property”
shall mean the real properties from time to time subject to a Mortgage.

 

“Multiemployer Plan”
shall mean any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any Borrower or any ERISA
Affiliate makes or is obligated to make contributions, during the preceding five plan years has made or been obligated to make contributions,
or has any liability.

 

“Multiple Employer Plan”
shall mean an Employee Pension Benefit Plan with respect to which any Borrower or any ERISA Affiliate is a contributing sponsor, and that
has two or more contributing sponsors at least two of whom are not under common control, as such a plan is described in Section 4064
of ERISA.

 

“Net Cash” shall
mean, as of any date of determination, the amount equal to (a) Borrowers’ and Guarantors’ unrestricted and unencumbered
cash on deposit with Agent or any Lender, minus (b) the aggregate outstanding amount of the Advances (including amounts outstanding
under the Swing Line and Letter of Credit sublimits under the Revolving Credit) on such date.

 

“Net Cash Proceeds”
shall mean the aggregate cash payments received by any Credit Party from any Asset Sale, the issuance of Equity Interests or the issuance
of Subordinated Debt, as the case may be, net of the ordinary and customary direct costs incurred in connection with such sale or issuance,
as the case may be, such as legal, accounting and investment banking fees, sales commissions, and other third party charges, and net of
property taxes, transfer taxes and any other taxes paid or payable by such Credit Party in respect of any sale or issuance.

 

    	 	23	 

     

    

 

“New Lender Addendum”
shall mean an addendum substantially in the form of Exhibit J attached hereto, to be executed and delivered by any Lender becoming
a party to this Agreement pursuant to Section 2.12 hereof.

 

“New Revolving Credit
Lender(s)” is defined in Section 2.12(b) hereof.

 

“Non-Defaulting Lender”
shall mean any Lender that is not, as of the date of relevance, a Defaulting Lender.

 

“Notes” shall
mean the Revolving Credit Notes and the Swing Line Note.

 

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

 

“Off Balance Sheet Liability(ies)”
of a Person shall mean (i) any repurchase obligation or liability of such Person with respect to accounts or notes receivables sold
by such Person, (ii) any liability under any sale and leaseback transaction which is not a Capitalized Lease, (iii) any liability
under any so-called “synthetic lease” transaction entered into by such Person, or (iv) any obligation arising with respect
to any other transaction which is the functional equivalent of Debt or any of the liabilities set forth in subsections (i)-(iii) of
this definition, but which does not constitute a liability on the balance sheets of such Person.

 

“Optional Increase Amount”
shall mean Seventy Five Million Dollars ($75,000,000).

 

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

 

“Other Taxes”
shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 13.12(b)).

 

“Paid in Full”
or “Payment in Full” shall mean (i) the indefeasible payment in full in cash of all outstanding Advances and Reimbursement
Obligations, together with accrued and unpaid interest thereon, (ii) the termination, expiration, or cancellation and return of all
outstanding Letters of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Agent of a cash deposit,
or at the discretion of the Agent a back up standby letter of credit satisfactory to the Agent and the Issuing Lender, in an amount equal
to 105% of the Letter of Credit Obligations as of the date of such payment), (iii) the indefeasible payment in full in cash of the
accrued and unpaid fees, (iv) the indefeasible payment in full in cash of all reimbursable expenses and other Indebtedness (other
than contingent obligations or expense reimbursement obligations to the extent no claim giving rise thereto has been asserted and other
obligations expressly stated to survive such payment and termination of this Agreement), together with accrued and unpaid interest thereon,
(v) the termination of all Commitments, and (vi) the termination of the Hedging Agreements and Cash Management Agreements or
entering into other arrangements satisfactory to the Lenders or their affiliates that are counterparties thereto.

 

    	 	24	 

     

    

 

“Participant Register”
is defined in Section 13.8(f).

 

“PBGC” shall mean
the Pension Benefit Guaranty Corporation.

 

“Pension Funding Rules”
shall mean the rules of the Code and ERISA regarding minimum funding standards and minimum required contributions (including any
installment payment thereof) to Pension Plans and Multiemployer Plans and set forth in Sections 412, 430, 431, 432 and 436 of the Code
and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension Plan”
shall mean any Employee Pension Benefit Plan (including a Multiple Employer Plan, but excluding a Multiemployer Plan) that is maintained
or is contributed to by any Borrower or any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding
standards under Section 412 of the Code.

 

“Percentage” shall
mean the Revolving Credit Percentage.

 

“Periodic Term SOFR
Determination Day” shall have the meaning specified in the definition of “Term SOFR”.

 

“Permitted Acquisition”
shall mean any acquisition by any Borrower or any Guarantor of all or substantially all of the assets of another Person, or of a division
or line of business of another Person, or any Equity Interests of another Person which satisfies and/or is conducted in accordance with
the following requirements:

 

(a)            Such
acquisition is of a business or Person engaged in a line of business which is compatible with, or complementary to, the business of such
Borrower or such Guarantor;

 

(b)            If
such acquisition is structured as an acquisition of the Equity Interests of any Person, then the Person so acquired shall (X) become
a wholly-owned direct or indirect Domestic Subsidiary of a Borrower or of a Guarantor and the applicable Borrower or the applicable Guarantor
shall cause such acquired Person to comply with Section 7.13 hereof or (Y) provided that the Credit Parties continue to comply
with Section 7.4(a) hereof, be merged with and into such Borrower or such Guarantor (and, in the case of a Borrower, with such
Borrower being the surviving entity);

 

(c)            If
such acquisition is structured as the acquisition of assets, such assets shall be acquired directly by the Borrowers or any of them or
a Guarantor (subject to compliance with Section 7.4(a) hereof);

 

(d)            The
applicable Borrowers shall have delivered to the Agent not less than ten (10) (or such shorter period of time agreed to by the Agent)
nor more than ninety (90) days prior to the date of such acquisition, notice of such acquisition together with Pro Forma Projected Financial
Information, copies of all material documents relating to such acquisition (including the acquisition agreement and any related document),
and historical financial information (including income statements, balance sheets and cash flows) covering at least three (3) complete
Fiscal Years of the acquisition target, if available, prior to the effective date of the acquisition or the entire credit history of the
acquisition target, whichever period is shorter, in each case in form and substance reasonably satisfactory to the Agent;

  

    	 	25	 

     

    

 

(e)            Both
immediately before and after the consummation of such acquisition and after giving effect to the Pro Forma Projected Financial Information,
no Default or Event of Default shall have occurred and be continuing;

 

(f)            The
Agent shall have received satisfactory evidence showing that the business or Person being acquired has positive EBITDA;

 

(g)            The
Agent shall have received satisfactory evidence showing that on and immediately after the date such acquisition is consummated (and taking
into account any Advances or Letters of Credit to be made or issued, as the case may be, in connection with the proposed acquisition),
(i) the Credit Parties are in compliance with any of the covenants set forth in Section 7.9 hereof on a pro forma basis, (ii) the
Consolidated Senior Leverage Ratio of the Credit Parties is not greater than 3.00 to 1.00, as determined on a pro forma basis, and (iii) the
Net Cash of the Borrowers and Guarantors is at least $20,000,000, as determined on a pro forma basis.

 

(h)            The
board of directors (or other Person(s) exercising similar functions) of the seller of the assets or issuer of the Equity Interests
being acquired shall not have disapproved such transaction or recommended that such transaction be disapproved;

 

(i)            All
governmental, quasi-governmental, agency, regulatory or similar licenses, authorizations, exemptions, qualifications, consents and approvals
necessary under any laws applicable to such Borrower or such Guarantor making the acquisition, or the acquisition target (if applicable)
for or in connection with the proposed acquisition and all necessary non-governmental and other third-party approvals which, in each case,
are material to such acquisition shall have been obtained, and all necessary or appropriate declarations, registrations or other filings
with any court, governmental or regulatory authority, securities exchange or any other Person, which in each case, are material to the
consummation of such acquisition or to the acquisition target, if applicable, have been made, and evidence thereof reasonably satisfactory
in form and substance to the Agent shall have been delivered, or caused to have been delivered, by such Borrower to the Agent;

 

(j)            There
shall be no actions, suits or proceedings pending or, to the knowledge of any Credit Party threatened against or affecting the acquisition
target in any court or before or by any governmental department, agency or instrumentality, which could reasonably be expected to be decided
adversely to the acquisition target and which, if decided adversely, could reasonably be expected to have a material adverse effect on
the business, operations, properties or financial condition of the acquisition target and its subsidiaries (taken as a whole) or would
materially adversely affect the ability of the acquisition target to enter into or perform its obligations in connection with the proposed
acquisition, nor shall there be any actions, suits, or proceedings pending, or to the knowledge of any Credit Party threatened against
the Credit Party that is making the acquisition which would materially adversely affect the ability of such Credit Party to enter into
or perform its obligations in connection with the proposed acquisition; and

 

    	 	26	 

     

    

 

(k)            The
purchase price of such proposed new acquisition, computed on the basis of total acquisition consideration paid or incurred, or required
to be paid or incurred, with respect thereto, including the amount of Debt (such Debt being otherwise permitted under this Agreement)
assumed or to which such assets, businesses or business or Equity Interests, or any Person so acquired is subject and including any portion
of the purchase price allocated to any non-compete agreements, (X) when added to the purchase price for each other acquisition consummated
hereunder as a Permitted Acquisition during the same Fiscal Year as the applicable acquisition (not including acquisitions specifically
consented to which fall outside of the terms of this definition), does not exceed Fifty Million Dollars ($50,000,000) and (Y) when
added to the purchase price for each other acquisition consummated hereunder as a Permitted Acquisition during the term of this agreement
(not including acquisitions specifically consented to which fall outside the terms of this definition), does not exceed One Hundred Fifty
Million Dollars ($150,000,000).

 

“Permitted Investments”
shall mean with respect to any Person:

 

(a)            Governmental
Obligations;

 

(b)            Obligations
of a state or commonwealth of the United States or the obligations of the District of Columbia or any possession of the United States,
or any political subdivision of any of the foregoing, which are described in Section 103(a) of the Code and are graded in any
of the highest three (3) major grades as determined by at least one Rating Agency; or secured, as to payments of principal and interest,
by a letter of credit provided by a financial institution or insurance provided by a bond insurance company which in each case is itself
or its debt is rated in one of the highest three (3) major grades as determined by at least one Rating Agency;

 

(c)            Banker’s
acceptances, commercial accounts, demand deposit accounts, certificates of deposit, other time deposits or depository receipts issued
by or maintained with any Lender or any Affiliate thereof, or any bank, trust company, savings and loan association, savings bank or other
financial institution whose deposits are insured by the Federal Deposit Insurance Corporation and whose reported capital and surplus equal
at least $250,000,000, provided that such minimum capital and surplus requirement shall not apply to demand deposit accounts maintained
by any Credit Party in the ordinary course of business;

 

(d)            Commercial
paper rated at the time of purchase within the two highest classifications established by not less than two Rating Agencies, and which
matures within 270 days after the date of issue;

 

(e)            Secured
repurchase agreements against obligations itemized in clause (a) above, and executed by a bank or trust company or by members of
the association of primary dealers or other recognized dealers in United States government securities, the market value of which must
be maintained at levels at least equal to the amounts advanced; and

 

(f)            Any
fund or other pooling arrangement which exclusively purchases and holds the investments itemized in (a) through (e) above.

 

    	 	27	 

     

    

 

“Permitted Liens”
shall mean with respect to any Person:

 

(a)            Liens
for (i) taxes or governmental assessments or charges or (ii) customs duties in connection with the importation of goods to the
extent such Liens attach to the imported goods that are the subject of the duties, in each case (x) to the extent not yet due, (y) as
to which the period of grace, if any, related thereto has not expired or (z) which are being contested in good faith by appropriate
proceedings, provided that in the case of any such contest, any proceedings for the enforcement of such liens have been suspended and
adequate reserves with respect thereto are maintained on the books of such Person in conformity with GAAP;

 

(b)            carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, processor’s, landlord’s liens or other like
liens arising in the ordinary course of business which secure obligations that are not overdue for a period of more than 30 days or which
are being contested in good faith by appropriate proceedings, provided that in the case of any such contest, (x) any proceedings
commenced for the enforcement of such Liens have been suspended and (y) appropriate reserves with respect thereto are maintained
on the books of such Person as may be required by GAAP;

 

(c)            (i) Liens
incurred in the ordinary course of business to secure the performance of statutory obligations arising in connection with progress payments
or advance payments due under contracts with the United States government or any agency thereof entered into in the ordinary course of
business and (ii) Liens incurred or deposits made in the ordinary course of business to secure the performance of statutory obligations
(not otherwise permitted under subsection (g) of this definition), bids, leases, fee and expense arrangements with trustees and fiscal
agents, trade contracts, surety and appeal bonds, performance bonds and other similar obligations (exclusive of obligations incurred in
connection with the borrowing of money, any lease-purchase arrangements or the payment of the deferred purchase price of property), provided,
that in each case full provision for the payment of all such obligations has been made on the books of such Person as may be required
by GAAP;

 

(d)            Liens
arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Section 9.1(g);

 

(e)            minor
survey exceptions or minor encumbrances, easements or reservations, or rights of others for rights-of-way, utilities and other similar
purposes, or zoning or other restrictions as to the use of real properties, or any interest of any lessor, sublessor, licensor or sublicensor
under any lease or license permitted hereunder which, in each case, does not materially interfere with the business of such Person;

 

(f)            Liens
arising in connection with worker’s compensation, unemployment insurance, old age pensions and social security benefits and similar
statutory obligations (excluding Liens arising under ERISA), provided that no enforcement proceedings in respect of such Liens are pending
and provisions have been made for the payment of such liens on the books of such Person as may be required by GAAP;

 

    	 	28	 

     

    

 

(g)            leases,
licenses, subleases or sublicenses granted to others in the ordinary course of business provided that such matters do not (i) interfere
in any material respect with the ordinary conduct of the business of the Credit Parties and their Subsidiaries, and (ii) secure any
Debt; and

 

(h)            continuations
of Liens that are permitted under subsections (a)-(g) hereof, provided such continuations do not violate the specific time periods
set forth in subsections (b) and (d) and provided further that such Liens do not extend to any additional property or assets
of any Credit Party or secure any additional obligations of any Credit Party.

 

Regardless of the language set forth in this definition,
and except with respect to Warby Parker, no Lien over the Equity Interests of any Credit Party granted to any Person other than to the
Agent for the benefit of the Lenders shall be deemed a “Permitted Lien” under the terms of this Agreement.

 

“Person” shall
mean a natural person, corporation, limited liability company, partnership, limited liability partnership, trust, incorporated or unincorporated
organization, joint venture, joint stock company, firm or association or a government or any agency or political subdivision thereof or
other entity of any kind.

 

“Pledge Agreement(s)”
shall mean any pledge agreement executed and delivered by a Credit Party on the Effective Date pursuant to Section 5.1 hereof, if
any, and executed and delivered from time to time after the Effective Date by any Credit Party pursuant to Section 7.13 hereof or
otherwise, and any agreements, instruments or documents related thereto, in each case in form and substance satisfactory to the Agent
amended, restated, supplemented or otherwise modified from time to time.

 

“Prime Rate” shall
mean the per annum rate of interest announced by the Agent, at its main office from time to time as its “prime rate” (it being
acknowledged that such announced rate may not necessarily be the lowest rate charged by the Agent to any of its customers), which Prime
Rate shall change simultaneously with any change in such announced rate.

 

“Pro Forma Balance Sheet”
shall mean the pro forma consolidated balance sheet of the Borrowers which has been certified by a Responsible Officer of the Borrowers
that it fairly presents in all material respects the pro forma adjustments reflecting the transactions (including payment of all fees
and expenses in connection therewith) contemplated by this Agreement and the other Loan Documents.

 

“Pro Forma Projected
Financial Information” shall mean, as to any proposed acquisition, a statement executed by the Borrowers (supported by reasonable
detail) setting forth the total consideration to be paid or incurred in connection with the proposed acquisition, and pro forma combined
projected financial information for the Credit Parties and the acquisition target (if applicable), consisting of projected balance sheets
as of the proposed effective date of the acquisition and as of the end of at least the next succeeding three (3) Fiscal Years following
the acquisition and projected statements of income and cash flows for each of those years, including sufficient detail to permit calculation
of the ratio described in Section 7.9 hereof, as projected as of the effective date of the acquisition and as of the ends of those
Fiscal Years and accompanied by (i) a statement setting forth a calculation of the ratio so described, (ii) a statement in reasonable
detail specifying all material assumptions underlying the projections and (iii) such other information as the Agent or the Lenders
shall reasonably request.

 

    	 	29	 

     

    

 

“Purchasing Lender”
is defined in Section 13.12(b).

 

“Quoted Rate”
shall mean the rate of interest per annum offered by the Swing Line Lender in its sole discretion with respect to a Swing Line Advance
and accepted by the Borrowers.

 

“Quoted Rate Advance”
shall mean any Swing Line Advance which bears interest at the Quoted Rate.

 

“Rating Agency”
shall mean Moody’s Investors Service, Inc., Standard and Poor’s Ratings Services, their respective successors or any
other nationally recognized statistical rating organization which is acceptable to the Agent.

 

“Recipient” shall
mean (a) the Agent, (b) any Lender, and (c) any Issuing Lender.

 

“Register” is
defined in Section 13.8(h) hereof.

 

“Reimbursement Obligation(s)”
shall mean the aggregate amount of all unreimbursed drawings under all Letters of Credit (excluding for the avoidance of doubt, reimbursement
obligations that are deemed satisfied pursuant to a deemed disbursement under Section 3.6(c)).

 

“Reinvest” or
 “Reinvestment” shall mean, with respect to any Net Cash Proceeds, Insurance Proceeds or Condemnation Proceeds received
by any Person, the application of such monies to (i) repair, improve or replace any tangible personal (excluding Inventory) or real
property of the Credit Parties or any intellectual property reasonably necessary in order to use or benefit from any property or (ii) acquire
any such property (excluding Inventory) to be used in the business of such Person.

 

“Reinvestment Certificate”
is defined in Section 2.10(b) hereof.

 

“Reinvestment Period”
shall mean a 180-day period during which Reinvestment must be completed under Section 2.10(b) and (d) of this Agreement.

 

“Related Parties”
shall mean with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

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

 

“Replacement Date”
is defined in Section 11.3 hereof.

 

“Reportable Event”
shall mean any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30-day notice period has
been waived.

 

    	 	30	 

     

    

 

“Request for Advance”
shall mean a Request for Revolving Credit Advance or a Request for Swing Line Advance, as the context may indicate or otherwise require.

 

“Request for Revolving
Credit Advance” shall mean a request for a Revolving Credit Advance issued by a Borrower under Section 2.3 of this Agreement
in the form attached hereto as Exhibit A.

 

“Request for Revolving
Credit Increase” is defined in Section 2.12(a) hereof.

 

“Request for Swing Line
Advance” shall mean a request for a Swing Line Advance issued by a Borrower under Section 2.5(c) of this Agreement in
the form attached hereto as Exhibit D.

 

“Required Licenses”
shall mean all licenses and permits, including without limitation, certificates of need or the equivalent, that are required under applicable
Governmental Requirements to be obtained and maintained by any Credit Party or Affiliated Practice Entity in order to provide Healthcare
Services.

 

“Requirement of Law”
shall mean as to any Person, the certificate of incorporation and bylaws, the partnership agreement or other organizational or governing
documents of such Person and any law, treaty, rule or regulation or determination of an arbitration or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property
is subject.

 

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

 

“Responsible Officer”
shall mean, with respect to any Person, the chief executive officer, chief financial officer, treasurer, president or controller of such
Person, or with respect to compliance with financial covenants, the chief financial officer or the treasurer of such Person, or any other
officer of such Person having substantially the same authority and responsibility.

 

“Revolving Credit”
shall mean the revolving credit loans to be advanced to the Borrowers by the applicable Revolving Credit Lenders pursuant to Section 2
hereof, in an aggregate amount (subject to the terms hereof), not to exceed, at any one time outstanding, the Revolving Credit Aggregate
Commitment.

 

“Revolving Credit Advance”
shall mean a borrowing requested by a Borrower and made by the Revolving Credit Lenders under Section 2.1 of this Agreement, including
without limitation any readvance, refunding or conversion of such borrowing pursuant to Section 2.3 hereof and any deemed disbursement
of an Advance in respect of a Letter of Credit under Section 3.6(c) hereof, and may include, subject to the terms hereof, BSBY
Rate Advances and Base Rate Advances.

 

“Revolving Credit Aggregate
Commitment” shall mean One Hundred Million Dollars ($100,000,000), subject to increases pursuant to Section 2.12 hereof by
an amount not to exceed the Optional Increase Amount and subject to reduction or termination under Section 2.10, 2.11 or 9.2 hereof.

 

    	 	31	 

     

    

 

“Revolving Credit Commitment
Amount” shall mean with respect to any Revolving Credit Lender, (i) if the Revolving Credit Aggregate Commitment has not been
terminated, the amount specified opposite such Revolving Credit Lender’s name in the column entitled “Revolving Credit Commitment
Amount” on Annex II, as adjusted from time to time in accordance with the terms hereof; and (ii) if the Revolving Credit Aggregate
Commitment has been terminated (whether by maturity, acceleration or otherwise), the amount equal to its Percentage of the aggregate principal
amount outstanding under the Revolving Credit (including the outstanding Letter of Credit Obligations and any outstanding Swing Line Advances).

 

“Revolving Credit Facility
Fee” shall mean the fee payable to the Agent for distribution to the Revolving Credit Lenders in accordance with Section 2.9
hereof.

 

“Revolving Credit Increase”
is defined in Section 2.12(a) hereof.

 

“Revolving Credit Lenders”
shall mean the financial institutions from time to time parties hereto as lenders of the Revolving Credit.

 

“Revolving Credit Maturity
Date” shall mean the earlier to occur of (i) September 30, 2027, and (ii) the date on which the Revolving Credit
Aggregate Commitment shall terminate in accordance with the provisions of this Agreement.

 

“Revolving Credit Notes”
shall mean the revolving credit notes described in Section 2.2 hereof, made by the Borrowers to each of the Revolving Credit Lenders
in the form attached hereto as Exhibit B, as such notes may be amended or supplemented from time to time, and any other notes issued
in substitution, replacement or renewal thereof from time to time.

 

“Revolving Credit Percentage”
shall mean, with respect to any Revolving Credit Lender, the percentage specified opposite such Revolving Credit Lender’s name in
the column entitled “Revolving Credit Percentage” on Annex II, as adjusted from time to time in accordance with the terms
hereof.

 

“Sanctioned Country”
shall mean a country subject to a Sanctions program maintained under any Anti-Terrorism Law.

 

“Sanctioned Person”
shall mean any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited,
sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions (including but not limited
to the blocking of property or rejection of transactions), under any Anti-Terrorism Law.

 

“Sanction(s)”
shall mean any sanction administered or enforced by the United States Government (including, without limitation, OFAC), the United Nations
Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.

 

“Security Agreement”
shall mean, collectively, the security agreement(s) executed and delivered by the Borrowers and the Guarantors on the Effective Date
pursuant to Section 5.1 hereof, and any such agreements executed and delivered after the Effective Date (whether by execution of
a joinder agreement to any existing security agreement or otherwise) pursuant to Section 7.13 hereof or otherwise, in form and substance
satisfactory to Agent, as amended, restated, supplemented or otherwise modified from time to time.

  

    	 	32	 

     

    

 

“SOFR” shall mean
a rate per annum equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor
administrator of the secured overnight financing rate).

 

“SOFR
Adjustment” shall mean (a) with respect to Daily Simple SOFR, 0.11448% (11.448 basis points) per annum; and (b) with
respect to Term SOFR, 0.11448% (11.448 basis points) per annum for an Interest Period of one-month’s duration, 0.26161% (26.161
basis points) per annum for an Interest Period of three-month’s duration and for any other Interest Period, such other adjustment
as established by Agent from time to time in accordance with current market standards.

 

“Subordinated Debt”
shall mean any unsecured Funded Debt of any Credit Party and other obligations under the Subordinated Debt Documents and any other Funded
Debt of any Credit Party which has been subordinated in right of payment and priority to the Indebtedness, all on terms and conditions
satisfactory to the Agent.

 

“Subordinated Debt Documents”
shall mean and include any documents evidencing any Subordinated Debt, in each case, as the same may be amended, modified, supplemented
or otherwise modified from time to time in compliance with the terms of this Agreement.

 

“Subordination Agreements”
shall mean, collectively, any subordination agreements entered into by any Person from time to time in favor of the Agent in connection
with any Subordinated Debt, the terms of which are acceptable to the Agent, in each case as the same may be amended, restated, supplemented
or otherwise modified from time to time, and “Subordination Agreement” shall mean any one of them.

 

“Subsidiary(ies)”
shall mean any other corporation, association, joint stock company, business trust, limited liability company, partnership or any other
business entity (a) of which more than fifty percent (50%) of the outstanding voting stock, share capital, membership, partnership
or other interests, as the case may be, is owned either directly or indirectly by any Person or one or more of its Subsidiaries, or, (b) other
than in the case of any Affiliated Practice Entities, the management of which is otherwise controlled, directly, or indirectly through
one or more intermediaries, or both, by any Person and/or its Subsidiaries. Unless otherwise specified to the contrary herein or the context
otherwise requires, Subsidiary(ies) shall refer to the Subsidiary(ies) of the Borrowers. For the avoidance of doubt, Affiliated Practice
Entities shall not be deemed “Subsidiaries” of any Credit Party unless they meet the criteria in clause (a) of the foregoing
definition.

 

“Successor Rate”
is defined in Section 11.3 hereof.

 

“Sweep Agreement”
shall mean any agreement relating to the “Sweep to Loan” automated system of the Agent or any other cash management arrangement
which the Borrowers and the Agent have executed for the purposes of effecting the borrowing and repayment of Swing Line Advances.

 

    	 	33	 

     

    

 

“Swing Line” shall
mean the revolving credit loans to be advanced to the Borrowers by the Swing Line Lender pursuant to Section 2.5 hereof, in an aggregate
amount (subject to the terms hereof), not to exceed, at any one time outstanding, the Swing Line Maximum Amount.

  

“Swing Line Advance”
shall mean a borrowing requested by the Borrowers and made by Swing Line Lender pursuant to Section 2.5 hereof and may include, subject
to the terms hereof, Quoted Rate Advances and Base Rate Advances.

 

“Swing Line Lender”
shall mean Comerica Bank in its capacity as lender of the Swing Line under Section 2.5 of this Agreement, or its successor as subsequently
designated hereunder.

 

“Swing Line Maximum
Amount” shall mean Five Million Dollars ($5,000,000).

 

“Swing Line Note”
shall mean the swing line note which may be issued by the Borrowers to Swing Line Lender pursuant to Section 2.5(b)(ii) hereof
in the form attached hereto as Exhibit C, as such note may be amended or supplemented from time to time, and any note or notes issued
in substitution, replacement or renewal thereof from time to time.

 

“Swing Line Participation
Certificate” shall mean the Swing Line Participation Certificate delivered by the Agent to each Revolving Credit Lender pursuant
to Section 2.5(e)(ii) hereof in the form attached hereto as Exhibit H.

 

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

 

“Term SOFR” shall
mean, for any applicable interest period, the Term SOFR Reference Rate for such interest period on the day (such day, the “Periodic
Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such interest
period for such Advance, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (Detroit
time) on any Periodic Term SOFR Determination Day, the Term SOFR Reference Rate for such interest period has not been published by the
Term SOFR Administrator, then “Term SOFR” will be the Term SOFR Reference Rate for such interest period (for such Advance)
as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day on which such rate is published
by the Term SOFR Administrator so long as the first preceding U.S. Government Securities Business Day is not more than three (3) U.S.
Government Securities Business Days prior to such periodic Term SOFR Determination Day.

 

“Term SOFR Administrator”
shall mean the CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected
by the Agent in its reasonable discretion).

 

“Term SOFR Reference
Rate” shall mean the forward-looking term rate based on SOFR.

 

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

 

    	 	34	 

     

    

 

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

 

“Uniform Commercial
Code” or “UCC” shall mean the Uniform Commercial Code as in effect in any applicable state; provided that, unless specified
otherwise or the context otherwise requires, such terms shall refer to the Uniform Commercial Code as in effect in the State of California.

 

“U.S. Borrower”
is any Borrower that is a U.S. Person.

 

“U.S. Government
Securities Business Day” shall mean any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities.

 

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

 

“U.S. Tax Compliance
Certificate” is defined in Section 11.10.

 

“USA Patriot Act”
is defined in Section 6.7.

 

“Withholding Agent”
shall mean any Credit Party and the Agent.

 

“Write-Down and Conversion
Powers” shall mean (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution
Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or
any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related
to or ancillary to any of those powers.

 

1.2            Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such
other Loan Document or unless the context requires otherwise, (a) the definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined, (b) any pronoun shall include the corresponding masculine, feminine and neuter forms, (c) the
words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”, (d) the word “will” shall be construed to have the same meaning and effect as the word “shall”,
(e) any definition of or reference to any agreement, instrument or other document (including Loan Documents) shall be construed as
referring to such agreement, instrument or other document as amended, supplemented or otherwise modified from time to time (subject to
any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (f) any reference
herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignment
set forth herein or in any other Loan Document), (g) the words “herein”, “hereof”, “hereto”,
 “hereunder” and similar terms shall refer to this Agreement or any other Loan Document and not to any particular section or
provision of this Agreement or such other Loan Document, (h) all references to “articles”, “sections,” “clauses,”
 “exhibits” and “schedules” in this Agreement or any other Loan Document shall be to articles, sections, clauses,
exhibits and schedules, respectively, of this Agreement or such other Loan Agreement, (i) any reference to any law or applicable
law shall include any Requirement of Law, and any reference to any law or regulation shall refer to such law or regulation as amended,
modified or supplemented from time to time, (j) the words “asset” and “property” shall be construed to have
the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts
and contract rights, and (k) in the computation of periods of time from a specified date to a later specified date, the word “from”
means “from and including;” the words “to” and “until” each mean “to but excluding;” and
the word “through” means “to and including”. All references in this Agreement to “Lenders” or “the
Lenders” shall refer to all Lenders, unless expressly stated to refer to Majority Lenders (or the like).

 

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1.3            Rates.
The Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of,
administration of, submission of, calculation of or any other matter related to the Base Rate, the BSBY Rate, or any component definition
thereof or any rates referred to in the definition thereof, or any Successor Rate, including whether the composition or characteristics
of any such Successor Rate will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity
as, the Base Rate, the BSBY Rate, or any other Successor Rate, prior to its discontinuance or unavailability, or (b) the effect,
implementation or composition of any Conforming Changes. The Agent, the Lenders, and their respective affiliates or other related entities
may engage in transactions that affect the calculation of the Base Rate, the BSBY Rate, any Successor Rate or any relevant adjustments
thereto, in each case, in a manner adverse to any Borrower. The Agent may select information sources or services in its reasonable discretion
to ascertain the Base Rate, the BSBY Rate or any Successor Rate, in each case pursuant to the terms of this Agreement, and shall have
no liability to any Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special,
punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or
in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

 

		2.	REVOLVING CREDIT.

 

2.1            Commitment.
Subject to the terms and conditions of this Agreement (including without limitation Section 2.3 hereof), each Revolving Credit Lender
severally and for itself alone agrees to make Advances of the Revolving Credit in Dollars to the Borrowers from time to time on any Business
Day during the period from the Effective Date hereof until (but excluding) the Revolving Credit Maturity Date in an aggregate amount,
not to exceed at any one time outstanding such Lender’s Revolving Credit Percentage of the Revolving Credit Aggregate Commitment.
Subject to the terms and conditions set forth herein, advances, repayments and readvances may be made under the Revolving Credit.

 

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2.2            Accrual
of Interest and Maturity; Evidence of Indebtedness.

 

(a)            The
Borrowers hereby jointly and severally and unconditionally promise to pay to the Agent for the account of each Revolving Credit Lender
the then unpaid principal amount of each Revolving Credit Advance (plus all accrued and unpaid interest) of such Revolving Credit Lender
to the Borrowers on the Revolving Credit Maturity Date and on such other dates and in such other amounts as may be required from time
to time pursuant to this Agreement. Subject to the terms and conditions hereof, each Revolving Credit Advance shall, from time to time
from and after the date of such Advance (until paid), bear interest at its Applicable Interest Rate.

 

(b)            Each
Revolving Credit Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrowers
to the appropriate lending office of such Revolving Credit Lender resulting from each Revolving Credit Advance made by such lending office
of such Revolving Credit Lender from time to time, including the amounts of principal and interest payable thereon and paid to such Revolving
Credit Lender from time to time under this Agreement.

 

(c)            The
Agent shall maintain the Register pursuant to Section 13.8(h), and a subaccount therein for each Revolving Credit Lender, in which
Register and subaccounts (taken together) shall be recorded (i) the amount of each Revolving Credit Advance made hereunder, the type
thereof and each Interest Period applicable to any BSBY Rate Advance, (ii) the amount of any principal or interest due and payable
or to become due and payable from the Borrowers to each Revolving Credit Lender hereunder in respect of the Revolving Credit Advances
and (iii) both the amount of any sum received by the Agent hereunder from the Borrowers in respect of the Revolving Credit Advances
and each Revolving Credit Lender’s share thereof.

 

(d)            The
entries made in the Register maintained pursuant to clause (c) of this Section 2.2 and Section 13.8(h) shall, absent
manifest error, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of
the Borrowers therein recorded; provided, however, that the failure of any Revolving Credit Lender or the Agent to maintain the Register
or any account, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrowers to repay the Revolving
Credit Advances (and all other amounts owing with respect thereto) made to the Borrowers by the Revolving Credit Lenders in accordance
with the terms of this Agreement.

 

(e)            The
Borrowers agree that, upon written request to the Agent by any Revolving Credit Lender, the Borrowers will execute and deliver, to such
Revolving Credit Lender, at the Borrowers’ own expense, a Revolving Credit Note evidencing the outstanding Revolving Credit Advances
owing to such Revolving Credit Lender.

 

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2.3            Requests
for and Refundings and Conversions of Advances. The Borrowers may request an Advance of the Revolving Credit, a refund of any Revolving
Credit Advance in the same type of Advance or to convert any Revolving Credit Advance to any other type of Revolving Credit Advance only
by delivery to the Agent of a Request for Revolving Credit Advance executed by an Authorized Signer for the Borrowers, subject to the
following:

 

(a)            each
such Request for Revolving Credit Advance shall set forth the information required on the Request for Revolving Credit Advance, including
without limitation:

 

(i)            the
proposed date of such Revolving Credit Advance (or the refunding or conversion of an outstanding Revolving Credit Advance), which must
be a Business Day;

 

(ii)            whether
such Advance is a new Revolving Credit Advance or a refunding or conversion of an outstanding Revolving Credit Advance; and

 

(iii)            whether
such Revolving Credit Advance is to be a Base Rate Advance or a BSBY Rate Advance, and, with respect to each BSBY Rate Advance, the first
Interest Period applicable thereto, provided, however, that the initial Revolving Credit Advance made under this Agreement shall be a
Base Rate Advance, which may then be converted into a BSBY Rate Advance in compliance with this Agreement.

 

(b)            each
such Request for Revolving Credit Advance shall be delivered to the Agent by 12:00 p.m. (Detroit time) three (3) Business Days
prior to the proposed date of the Revolving Credit Advance, except in the case of a Base Rate Advance, for which the Request for Revolving
Credit Advance must be delivered by 12:00 p.m. (Detroit time) on the proposed date for such Revolving Credit Advance;

 

(c)            on
the proposed date of such Revolving Credit Advance, the sum of (x) the aggregate principal amount of all Revolving Credit Advances
and Swing Line Advances outstanding on such date (including, without duplication, the Advances that are deemed to be disbursed by the
Agent under Section 3.6(c) hereof in respect of the Borrowers’ Reimbursement Obligations hereunder), plus (y) the
Letter of Credit Obligations as of such date, in each case after giving effect to all outstanding requests for Revolving Credit Advances
and Swing Line Advances and for the issuance of any Letters of Credit, shall not exceed the Revolving Credit Aggregate Commitment;

 

(d)            in
the case of a Base Rate Advance, the principal amount of the initial funding of such Advance, as opposed to any refunding or conversion
thereof, shall be at least $750,000 or the remainder available under the Revolving Credit Aggregate Commitment if less than $750,000;

 

(e)            in
the case of a BSBY Rate Advance, the principal amount of such Advance, plus the amount of any other outstanding Revolving Credit Advance
to be then combined therewith having the same Interest Period, if any, shall be at least $1,000,000 (or a larger integral multiple of
$100,000) or the remainder available under the Revolving Credit Aggregate Commitment if less than $1,000,000 and there shall not be more
than a total of five (5) different Interest Periods with respect to the Revolving Credit outstanding at any time;

 

    	 	38	 

     

    

 

(f)            a
Request for Revolving Credit Advance, once delivered to the Agent, shall not be revocable by the Borrowers and shall constitute a certification
by the Borrowers as of the date thereof that:

 

(i)            all
conditions to the making of Revolving Credit Advances set forth in this Agreement have been satisfied, and shall remain satisfied to the
date of such Revolving Credit Advance (both before and immediately after giving effect to such Revolving Credit Advance);

 

(ii)            there
is no Default or Event of Default in existence, and none will exist upon the making of such Revolving Credit Advance (both before and
immediately after giving effect to such Revolving Credit Advance); and

 

(iii)            the
representations and warranties of the Credit Parties contained in this Agreement and the other Loan Documents are true and correct in
all material respects and shall be true and correct in all material respects as of the date of the making of such Revolving Credit Advance
(both before and immediately after giving effect to such Revolving Credit Advance), other than any representation or warranty that expressly
speaks only as of a different date;

 

The Agent, acting on behalf of the Revolving Credit
Lenders, may also, at its option, lend under this Section 2.3 upon the telephone or email request of an Authorized Signer of the
Borrowers to make such requests and, in the event the Agent, acting on behalf of the Revolving Credit Lenders, makes any such Advance
upon a telephone or email request, an Authorized Signer shall fax or deliver by electronic file to the Agent, on the same day as such
telephone or email request, an executed Request for Revolving Credit Advance. The Borrowers hereby authorize the Agent to disburse Advances
under this Section 2.3 pursuant to the telephone or email instructions of any person purporting to be an Authorized Signer. Notwithstanding
the foregoing, the Borrowers acknowledge that the Borrowers shall bear all risk of loss resulting from disbursements made upon any telephone
or email request. Each telephone or email request for an Advance from an Authorized Signer for the Borrowers shall constitute a certification
of the matters set forth in the Request for Revolving Credit Advance form as of the date of such requested Advance.

 

2.4            Disbursement
of Advances.

 

(a)            Upon
receiving any Request for Revolving Credit Advance from a Borrower under Section 2.3 hereof, the Agent shall promptly notify each
Revolving Credit Lender by wire, telex or telephone (confirmed by wire, telecopy or telex) of the amount of such Advance being requested
and the date such Revolving Credit Advance is to be made by each Revolving Credit Lender in an amount equal to its Revolving Credit Percentage
of such Advance. Unless such Revolving Credit Lender’s commitment to make Revolving Credit Advances hereunder shall have been suspended
or terminated in accordance with this Agreement, each such Revolving Credit Lender shall make available the amount of its Revolving Credit
Percentage of each Revolving Credit Advance in immediately available funds to the Agent at the Agent’s Office not later than 1:00
p.m. (Detroit time) on the proposed date of such Advance.

 

(b)            Subject
to submission of an executed Request for Revolving Credit Advance by a Borrower without exceptions noted in the compliance certification
therein, the Agent shall make available to the Borrowers the aggregate of the amounts so received by it from the Revolving Credit Lenders
in like funds and currencies by credit to an account of the Borrowers maintained with the Agent or, if approved in advance by the Agent
in its sole discretion, to such other account or third party as such Borrower may request in writing.

 

    	 	39	 

     

    

 

(c)            The
Agent shall deliver the documents and papers received by it for the account of each Revolving Credit Lender to such Revolving Credit Lender.
Unless the Agent shall have been notified by any Revolving Credit Lender prior to the date of any proposed Revolving Credit Advance that
such Revolving Credit Lender does not intend to make available to the Agent such Revolving Credit Lender’s Percentage of such Advance,
the Agent may assume that such Revolving Credit Lender has made such amount available to the Agent on such date, as aforesaid. The Agent
may, but shall not be obligated to, make available to the Borrowers the amount of such payment in reliance on such assumption. If such
amount is not in fact made available to the Agent by such Revolving Credit Lender, as aforesaid, the Agent shall be entitled to recover
such amount on demand from such Revolving Credit Lender. If such Revolving Credit Lender does not pay such amount forthwith upon the Agent’s
demand therefor and the Agent has in fact made a corresponding amount available to the Borrowers, the Agent shall promptly notify the
Borrowers and the Borrowers shall pay such amount to the Agent, if such notice is delivered to the Borrowers prior to 1:00 p.m. (Detroit
time) on a Business Day, on the day such notice is received, and otherwise on the next Business Day, and such amount paid by the Borrowers
shall be applied as a prepayment of the Revolving Credit (without any corresponding reduction in the Revolving Credit Aggregate Commitment),
reimbursing the Agent for having funded said amounts on behalf of such Revolving Credit Lender. The Borrowers shall retain their claim
against such Revolving Credit Lender with respect to the amounts repaid by them to the Agent and, if such Revolving Credit Lender subsequently
makes such amounts available to the Agent, the Agent shall promptly make such amounts available to the Borrowers as a Revolving Credit
Advance. The Agent shall also be entitled to recover from such Revolving Credit Lender or the Borrowers, as the case may be, but without
duplication, interest on such amount in respect of each day from the date such amount was made available by the Agent to the Borrowers,
to the date such amount is recovered by the Agent, at a rate per annum equal to:

 

(i)            in
the case of such Revolving Credit Lender, the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with
banking industry rules on interbank compensation (plus any administrative, processing or similar fees assessed by Agent in connection
with the foregoing); and

 

(ii)              in
the case of the Borrowers, the rate of interest then applicable to such Advance of the Revolving Credit.

 

Until such Revolving Credit Lender has paid the
Agent such amount, such Revolving Credit Lender shall have no interest in or rights with respect to such Advance for any purpose whatsoever.
The obligation of any Revolving Credit Lender to make any Revolving Credit Advance hereunder shall not be affected by the failure of any
other Revolving Credit Lender to make any Advance hereunder, and no Revolving Credit Lender shall have any liability to the Borrowers
or any of its Subsidiaries, the Agent, any other Revolving Credit Lender, or any other party for another Revolving Credit Lender’s
failure to make any loan or Advance hereunder.

 

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2.5           Swing
Line.

 

(a)           Swing
Line Advances. The Swing Line Lender may, on the terms and subject to the conditions hereinafter set forth (including without limitation
Section 2.5(c) hereof), but shall not be required to, make one or more Advances to the Borrowers from time to time on any Business
Day during the period from the Effective Date hereof until (but excluding) the Revolving Credit Maturity Date in an aggregate amount not
to exceed at any one time outstanding the Swing Line Maximum Amount. Subject to the terms set forth herein, advances, repayments and readvances
may be made under the Swing Line.

 

(b)           Accrual
of Interest and Maturity; Evidence of Indebtedness.

 

(i)            Swing
Line Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrowers to Swing
Line Lender resulting from each Swing Line Advance from time to time, including the amount and date of each Swing Line Advance, its Applicable
Interest Rate, its Interest Period, if any, and the amount and date of any repayment made on any Swing Line Advance from time to time.
The entries made in such account or accounts of Swing Line Lender shall be prima facie evidence, absent manifest error, of the existence
and amounts of the obligations of the Borrowers therein recorded; provided, however, that the failure of Swing Line Lender to maintain
such account, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrowers to repay the Swing Line
Advances (and all other amounts owing with respect thereto) in accordance with the terms of this Agreement.

 

(ii)           The
Borrowers agree that, upon the written request of Swing Line Lender, the Borrowers will execute and deliver to Swing Line Lender a Swing
Line Note.

 

(iii)          The
Borrowers jointly and severally and unconditionally promise to pay to the Swing Line Lender the then unpaid principal amount of such
Swing Line Advance (plus all accrued and unpaid interest) on the Revolving Credit Maturity Date and on such other dates and in such other
amounts as may be required from time to time pursuant to this Agreement. Subject to the terms and conditions hereof, each Swing Line
Advance shall, from time to time after the date of such Advance (until paid), bear interest at its Applicable Interest Rate.

 

(c)           Requests
for Swing Line Advances. A Borrower may request a Swing Line Advance by the delivery to Swing Line Lender of a Request for Swing Line
Advance executed by an Authorized Signer for such Borrower, subject to the following:

 

(i)            each
such Request for Swing Line Advance shall set forth the information required on the Request for Advance, including without limitation,
(A) the proposed date of such Swing Line Advance, which must be a Business Day, (B) whether such Swing Line Advance is to be
a Base Rate Advance or a Quoted Rate Advance, and (C) in the case of a Quoted Rate Advance, the duration of the Interest Period applicable
thereto;

 

(ii)           on
the proposed date of such Swing Line Advance, after giving effect to all outstanding requests for Swing Line Advances made by the Borrowers
as of the date of determination, the aggregate principal amount of all Swing Line Advances outstanding on such date shall not exceed the
Swing Line Maximum Amount;

 

    41

     

    

 

(iii)          on
the proposed date of such Swing Line Advance, after giving effect to all outstanding requests for Revolving Credit Advances and Swing
Line Advances and Letters of Credit requested by the Borrowers on such date of determination (including, without duplication, Advances
that are deemed disbursed pursuant to Section 3.6(c) hereof in respect of the Borrowers’ Reimbursement Obligations hereunder),
the sum of (x) the aggregate principal amount of all Revolving Credit Advances and the Swing Line Advances outstanding on such date
plus (y) the Letter of Credit Obligations on such date shall not exceed the Revolving Credit Aggregate Commitment;

 

(iv)          (A) in
the case of a Swing Line Advance that is a Base Rate Advance, the principal amount of the initial funding of such Advance, as opposed
to any refunding or conversion thereof, shall be at least Two Hundred Fifty Thousand Dollars ($250,000) or such lesser amount as may
be agreed to by the Swing Line Lender, and (B) in the case of a Swing Line Advance that is a Quoted Rate Advance, the principal
amount of such Advance, plus any other outstanding Swing Line Advances to be then combined therewith having the same Interest Period,
if any, shall be at least Two Hundred Fifty Thousand Dollars ($250,000) or such lesser amount as may be agreed to by the Swing Line Lender,
and at any time there shall not be in effect more than five (5) interest rates and Interest Periods;

 

(v)           each
such Request for Swing Line Advance shall be delivered to the Swing Line Lender by 3:00 p.m. (Detroit time) on the proposed date
of the Swing Line Advance;

 

(vi)          each
Request for Swing Line Advance, once delivered to Swing Line Lender, shall not be revocable by the Borrowers, and shall constitute and
include a certification by the Borrowers as of the date thereof that:

 

(A)          all
conditions to the making of Swing Line Advances set forth in this Agreement shall have been satisfied and shall remain satisfied to the
date of such Swing Line Advance (both before and immediately after giving effect to such Swing Line Advance);

 

(B)           there
is no Default or Event of Default in existence, and none will exist upon the making of such Swing Line Advance (both before and immediately
after giving effect to such Swing Line Advance); and

 

(C)           the
representations and warranties of the Credit Parties contained in this Agreement and the other Loan Documents are true and correct in
all material respects and shall be true and correct in all material respect as of the date of the making of such Swing Line Advance (both
before and immediately after giving effect to such Swing Line Advance), other than any representation or warranty that expressly speaks
only as of a different date;

 

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(vii)        At
the option of the Agent, subject to revocation by the Agent at any time and from time to time and so long as the Agent is the Swing Line
Lender, the Borrowers may utilize the Agent’s “Sweep to Loan” automated system for obtaining Swing Line Advances and
making periodic repayments. At any time during which the “Sweep to Loan” system is in effect, Swing Line Advances shall be
advanced to fund borrowing needs pursuant to the terms of the Sweep Agreement. Each time a Swing Line Advance is made using the “Sweep
to Loan” system, the Borrowers shall be deemed to have certified to the Agent and the Lenders each of the matters set forth in
clause (vi) of this Section 2.5(c). Principal and interest on Swing Line Advances requested, or deemed requested, pursuant
to this Section shall be paid pursuant to the terms and conditions of the Sweep Agreement without any deduction, setoff or counterclaim
whatsoever. Unless sooner paid pursuant to the provisions hereof or the provisions of the Sweep Agreement, the principal amount of the
Swing Line Advances shall be paid in full, together with accrued interest thereon, on the Revolving Credit Maturity Date. The Agent may
suspend or revoke the Borrowers’ privilege to use the “Sweep to Loan” system at any time and from time to time for
any reason and, immediately upon any such revocation, the “Sweep to Loan” system shall no longer be available to the Borrowers
for the funding of Swing Line Advances hereunder (or otherwise), and the regular procedures set forth in this Section 2.5 for the
making of Swing Line Advances shall be deemed immediately to apply. The Agent may, at its option, also elect to make Swing Line Advances
upon the Borrowers’ telephone requests on the basis set forth in the last paragraph of Section 2.3, provided that the Borrowers
comply with the provisions set forth in this Section 2.5.

 

(d)           Disbursement
of Swing Line Advances. Upon receiving any executed Request for Swing Line Advance from the Borrowers and the satisfaction of the
conditions set forth in Section 2.5(c) hereof, Swing Line Lender shall, at its option, make available to the Borrowers the amount
so requested in Dollars not later than 4:00 p.m. (Detroit time) on the date of such Advance, by credit to an account of the Borrowers
maintained with the Agent or, if approved in advance by the Agent in its sole discretion, to such other account or third party as such
Borrower may request in writing. Swing Line Lender shall promptly notify the Agent of any Swing Line Advance by telephone, telex or telecopier.

 

(e)           Refunding
of or Participation Interest in Swing Line Advances.

 

(i)           The
Agent, at any time in its sole and absolute discretion, may, in each case on behalf of the Borrowers (which hereby irrevocably direct
the Agent to act on their behalf) request each of the Revolving Credit Lenders (including the Swing Line Lender in its capacity as a Revolving
Credit Lender) to make an Advance of the Revolving Credit to the Borrowers, in an amount equal to such Revolving Credit Lender’s
Revolving Credit Percentage of the aggregate principal amount of the Swing Line Advances outstanding on the date such notice is given
(the “Refunded Swing Line Advances”); provided however that the Swing Line Advances carried at the Quoted Rate which are refunded
with Revolving Credit Advances at the request of the Swing Line Lender at a time when no Default or Event of Default has occurred and
is continuing shall not be subject to Section 11.1 and no losses, costs or expenses may be assessed by the Swing Line Lender against
the Borrowers or the Revolving Credit Lenders as a consequence of such refunding. The applicable Revolving Credit Advances used to refund
any Swing Line Advances shall be Base Rate Advances. In connection with the making of any such Refunded Swing Line Advances or the purchase
of a participation interest in Swing Line Advances under Section 2.5(e)(ii) hereof, the Swing Line Lender shall retain its claim
against the Borrowers for any unpaid interest or fees in respect thereof accrued to the date of such refunding. Unless any of the events
described in Section 9.1(i) hereof shall have occurred (in which event the procedures of Section 2.5(e)(ii) shall
apply) and regardless of whether the conditions precedent set forth in this Agreement to the making of a Revolving Credit Advance are
then satisfied (but subject to Section 2.5(e)(iii)), each Revolving Credit Lender shall make the proceeds of its Revolving Credit
Advance available to the Agent for the benefit of the Swing Line Lender at the office of the Agent specified in Section 2.4(a) hereof
prior to 11:00 a.m. Detroit time on the Business Day next succeeding the date such notice is given, in immediately available funds.
The proceeds of such Revolving Credit Advances shall be immediately applied to repay the Refunded Swing Line Advances, subject to Section 11.1
hereof.

 

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(ii)           If,
prior to the making of an Advance of the Revolving Credit pursuant to Section 2.5(e)(i) hereof, one of the events described
in Section 9.1(i) hereof shall have occurred, each Revolving Credit Lender will, on the date such Advance of the Revolving Credit
was to have been made, purchase from the Swing Line Lender an undivided participating interest in each Swing Line Advance that was to
have been refunded in an amount equal to its Revolving Credit Percentage of such Swing Line Advance. Each Revolving Credit Lender within
the time periods specified in Section 2.5(e)(i) hereof, as applicable, shall immediately transfer to the Agent, for the benefit
of the Swing Line Lender, in immediately available funds, an amount equal to its Revolving Credit Percentage of the aggregate principal
amount of all Swing Line Advances outstanding as of such date. Upon receipt thereof, the Agent will deliver to such Revolving Credit Lender
a Swing Line Participation Certificate evidencing such participation.

 

(iii)          Each
Revolving Credit Lender’s obligation to make Revolving Credit Advances to refund Swing Line Advances, and to purchase participation
interests, in accordance with Section 2.5(e)(i) and (ii), respectively, shall be absolute and unconditional and shall not be
affected by any circumstance, including, without limitation, (A) any set-off, counterclaim, recoupment, defense or other right which
such Revolving Credit Lender may have against Swing Line Lender, the Borrowers or any other Person for any reason whatsoever; (B) the
occurrence or continuance of any Default or Event of Default; (C) any adverse change in the condition (financial or otherwise) of
any Borrower or any other Person; (D) any breach of this Agreement or any other Loan Document by any Borrower or any other Person;
(E) any inability of any Borrower to satisfy the conditions precedent to borrowing set forth in this Agreement on the date upon
which such Revolving Credit Advance is to be made or such participating interest is to be purchased; (F) the termination of the
Revolving Credit Aggregate Commitment hereunder; or (G) any other circumstance, happening or event whatsoever, whether or not similar
to any of the foregoing. If any Revolving Credit Lender does not make available to the Agent the amount required pursuant to Section 2.5(e)(i) or
(ii) hereof, as the case may be, the Agent on behalf of the Swing Line Lender, shall be entitled to recover such amount on demand
from such Revolving Credit Lender, together with interest thereon for each day from the date of non-payment until such amount is paid
in full (x) for the first two (2) Business Days such amount remains unpaid, at the greater of the Federal Funds Rate and a
rate determined by the Agent in accordance with banking industry rules on interbank compensation and (y) thereafter, at the
rate of interest then applicable to such Swing Line Advances. The obligation of any Revolving Credit Lender to make available its pro
rata portion of the amounts required pursuant to Section 2.5(e)(i) or (ii) hereof shall not be affected by the failure
of any other Revolving Credit Lender to make such amounts available, and no Revolving Credit Lender shall have any liability to any Credit
Party, the Agent, the Swing Line Lender, or any other Revolving Credit Lender or any other party for another Revolving Credit Lender’s
failure to make available the amounts required under Section 2.5(e)(i) or (ii) hereof.

 

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(iv)          Notwithstanding
the foregoing, no Revolving Credit Lender shall be required to make any Revolving Credit Advance to refund a Swing Line Advance or to
purchase a participation in a Swing Line Advance if at least two (2) Business Days prior to the making of such Swing Line Advance
by the Swing Line Lender, the officers of the Swing Line Lender immediately responsible for matters concerning this Agreement shall have
received written notice from the Agent or any Lender that Swing Line Advances should be suspended based on the occurrence and continuance
of a Default or Event of Default and stating that such notice is a “notice of default”; provided, however that the obligation
of the Revolving Credit Lenders to make or refund such Swing Line Advance or purchase a participation in such Swing Line Advance shall
be reinstated upon the date on which such Default or Event of Default has been waived by the requisite Lenders.

 

2.6           Interest
Payments; Default Interest.

 

(a)           Subject
to clause (d) of this Section 2.6, (i) all Base Rate Advances of the Revolving Credit and Swing Line shall bear interest
at a per annum interest rate equal to the Base Rate plus the Applicable Margin, (ii) all BSBY Rate Advances of the Revolving Credit
shall bear interest for each Interest Period at a per annum interest rate equal to the BSBY Rate for such Interest Period plus the Applicable
Margin and (iii) all Quoted Rate Advances of the Swing Line shall bear interest at a per annum interest rate equal to the Quoted
Rate plus the Applicable Margin, if any.

 

(b)           Accrued
interest on each Revolving Credit Advance and Swing Line Advance shall be payable in arrears on each Interest Payment Date applicable
thereto and at such other times as may be specified herein; provided that (i) interest accrued pursuant to clause (d) of
this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Revolving Credit Advance or
Swing Line Advance (other than a prepayment of a Base Rate Advance prior to the Revolving Credit Maturity Date), accrued interest on the
principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion
of any BSBY Rate Advance prior to the end of the Interest Period therefor, accrued interest on such Advance shall be payable on the effective
date of such conversion.

 

(c)           Interest
accruing at the Base Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed, and in
such computation effect shall be given to any change in the interest rate resulting from a change in the Base Rate on the date of such
change in the Base Rate. Interest accruing at the BSBY Rate shall be computed on the basis of a 360-day year and assessed for the actual
number of days elapsed from the first day of the Interest Period applicable thereto to but not including the last day thereof. Interest
accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the
first day of the Interest Period applicable thereto to but not including the last day thereof.

 

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(d)           In
the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event
of Default, immediately upon receipt by the Agent of notice from the Majority Lenders, interest shall be payable on demand on all Revolving
Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the applicable Default Rate.

 

2.7           Optional
Prepayments.

 

(a)           (i) The
Borrowers may prepay all or part of the outstanding principal of any Base Rate Advance(s) of the Revolving Credit at any time, provided
that, unless the “Sweep to Loan” system shall be in effect in respect of the Revolving Credit, after giving effect to any
partial prepayment, the aggregate balance of Base Rate Advance(s) of the Revolving Credit remaining outstanding shall be at least
Seven Hundred Fifty Thousand Dollars ($750,000), and (ii) the Borrowers may prepay all or part of the outstanding principal of any
BSBY Rate Advance of the Revolving Credit at any time (subject to not less than five (5) Business Days’ notice to the Agent)
provided that, after giving effect to any partial prepayment, the unpaid portion of such Advance which is to be refunded or converted
under Section 2.3 hereof shall be at least One Million Dollars ($1,000,000).

 

(b)           (i) The
Borrowers may prepay all or part of the outstanding principal of any Swing Line Advance carried at the Base Rate at any time, provided
that after giving effect to any partial prepayment, the aggregate balance of such Base Rate Advances remaining outstanding shall be at
least Two Hundred Fifty Thousand Dollars ($250,000) and (ii) the Borrowers may prepay all or part of the outstanding principal of
any Swing Line Advance carried at the Quoted Rate at any time (subject to not less than one (1) day’s notice to the Swing Line
Lender) provided that after giving effect to any partial prepayment, the aggregate balance of Swing Line Advances remaining outstanding
shall be at least Two Hundred Fifty Thousand Dollars ($250,000).

 

(c)           Any
prepayment of a Base Rate Advance made in accordance with this Section shall be without premium or penalty and any prepayment of
any other type of Advance shall be subject to the provisions of Section 11.1 hereof, but otherwise without premium or penalty.

 

2.8           Base
Rate Advance in Absence of Election or Upon Default. If, (a) as to any outstanding BSBY Rate Advance of the Revolving Credit
or any outstanding Quoted Rate Advance of the Swing Line, the Agent has not received payment of all outstanding principal and accrued
interest on the last day of the Interest Period applicable thereto, or does not receive a timely Request for Advance meeting the requirements
of Section 2.3 or 2.5 hereof with respect to the refunding or conversion of such Advance, or (b) if on the last day of the applicable
Interest Period a Default or an Event of Default shall have occurred and be continuing, then, on the last day of the applicable Interest
Period the principal amount of any BSBY Rate Advance or Quoted Rate Advance, as the case may be, which has not been prepaid shall, absent
a contrary election of the Majority Lenders, be converted automatically to a Base Rate Advance and the Agent shall thereafter promptly
notify the Borrowers of said action. All accrued and unpaid interest on any Advance converted to a Base Rate Advance under this Section 2.8
shall be due and payable in full on the date such Advance is converted.

 

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2.9           Revolving
Credit Facility Fee. From the Effective Date to the Revolving Credit Maturity Date, the Borrowers shall pay to the Agent for distribution
to the Revolving Credit Lenders pro-rata in accordance with their respective Revolving Credit Percentages, a Revolving Credit Facility
Fee quarterly in arrears on the first day of each calendar quarter, commencing January 1, 2023, and on the applicable Maturity Date
(in respect of the prior calendar quarter or any portion thereof). The Revolving Credit Facility Fee payable to each Revolving Credit
Lender shall be determined by multiplying the Applicable Fee Percentage times the Revolving Credit Aggregate Commitment then in effect
(whether used or unused). The Revolving Credit Facility Fee shall be computed on the basis of a year of three hundred sixty (360) days
and assessed for the actual number of days elapsed. Upon receipt of such payment, the Agent shall make prompt payment to each Revolving
Credit Lender of its share of the Revolving Credit Facility Fee based upon its respective Revolving Credit Percentage. Borrowers acknowledge
that the Revolving Credit Facility Fees described in this Section are not refundable and shall accrue at all times from the Effective
Date to the Revolving Credit Maturity Date, whether or not one or more of the conditions in Section 5 is not satisfied.

 

2.10         Mandatory
Repayment of Revolving Credit Advances.

 

(a)           If
at any time and for any reason (i) the sum of the aggregate outstanding principal amount of Revolving Credit Advances plus Swing
Line Advances, plus the outstanding Letter of Credit Obligations, shall exceed the Revolving Credit Aggregate Commitment, the Borrowers
shall immediately reduce any pending request for a Revolving Credit Advance on such day by the amount of such excess and, to the extent
any excess remains thereafter, repay any Revolving Credit Advances and Swing Line Advances in an amount equal to the lesser of the outstanding
amount of such Advances and the amount of such remaining excess, with such amounts to be applied between the Revolving Credit Advances
and Swing Line Advances as determined by the Agent and then, to the extent that any excess remains after payment in full of all Revolving
Credit Advances and Swing Line Advances, to provide cash collateral in support of any Letter of Credit Obligations in an amount equal
to the lesser of (x) 105% of the amount of such Letter of Credit Obligations and (y) the amount of such remaining excess, with
such cash collateral to be provided on terms satisfactory to the Agent. The Borrowers acknowledge that, in connection with any repayment
required hereunder, it shall also be responsible for the reimbursement of any prepayment or other costs required under Section 11.1
hereof. Any payments made pursuant to this Section shall be applied first to outstanding Base Rate Advances under the Revolving Credit,
next to Swing Line Advances carried at the Base Rate and then to BSBY Rate Advances of the Revolving Credit, and then to Swing Line Advances
carried at the Quoted Rate.

 

(b)           Subject
to clauses (e) and (f) hereof, immediately upon receipt by any Credit Party of any Net Cash Proceeds from any Asset Sales which
are not Reinvested as described in the following sentence, the Borrowers shall prepay the Revolving Credit Advances by an amount equal
to one hundred percent (100%) of such Net Cash Proceeds provided, however that the Borrowers shall not be obligated to prepay the Revolving
Credit Advances with such Net Cash Proceeds if the following conditions are satisfied: (i) promptly following the sale, the Borrowers
provide to the Agent a certificate executed by a Responsible Officer of the Borrowers (“Reinvestment Certificate”) stating
(x) that the sale has occurred, (y) that no Default or Event of Default has occurred and is continuing either as of the date
of the sale or as of the date of the Reinvestment Certificate, and (z) a description of the planned Reinvestment of the proceeds
thereof, (ii) the Reinvestment of such Net Cash Proceeds is commenced within the Initial Reinvestment Period and completed within
the Reinvestment Period, and (iii) no Default or Event of Default has occurred and is continuing at the time of the sale and at the
time of the application of such proceeds to Reinvestment. If any such proceeds have not been Reinvested at the end of the Reinvestment
Period, the Borrowers shall promptly pay such proceeds to the Agent, to be applied to repay the Revolving Credit Advances in accordance
with clauses (e) and (f) hereof.

 

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(c)           Subject
to clauses (e) and (f) hereof, immediately upon receipt by any Credit Party (other than Warby Parker) of Net Cash Proceeds from
the issuance of any Equity Interests of such Person (other than Equity Interests under any stock option or employee incentive plans listed
on Schedule 6.13 hereto (or any successor plans) or Net Cash Proceeds from the issuance of any Subordinated Debt after the Effective Date,
the Borrowers shall prepay the Revolving Credit Advances by an amount equal to one hundred percent (100%) of such Net Cash Proceeds.

 

(d)           Subject
to clauses (e) and (f) hereof, immediately upon receipt by any Credit Party of any Insurance Proceeds or Condemnation Proceeds,
the Borrowers shall be obligated to prepay the Revolving Credit Advances by an amount equal to one hundred percent (100%) of such Insurance
Proceeds or Condemnation Proceeds, as the case may be; provided, however, that any Insurance Proceeds or Condemnation Proceeds, as the
case may be, may be Reinvested by the applicable Credit Party if the following conditions are satisfied: (i) promptly following the
receipt of such Insurance Proceeds or Condemnation Proceeds, as the case may be, the Borrowers provide to the Agent a Reinvestment Certificate
stating (x) that no Default or Event of Default has occurred and is continuing either as of the date of the receipt of such proceeds
or as of the date of the Reinvestment Certificate, (y) that such Insurance Proceeds or Condemnation Proceeds have been received,
and (z) a description of the planned Reinvestment of such Insurance Proceeds or Condemnation Proceeds, as the case may be), (ii) the
Reinvestment of such proceeds is commenced within the Initial Reinvestment Period and completed within the Reinvestment Period, and (iii) no
Default or Event of Default shall have occurred and be continuing at the time of the receipt of such proceeds and at the time of the application
of such proceeds to Reinvestment. If any such proceeds have not been Reinvested at the end of the Reinvestment Period, the Borrowers shall
promptly pay such proceeds to the Agent, to be applied to repay the Revolving Credit Advances in accordance with clauses (e) and
(f) hereof.

 

(e)           Subject
to clause (f) hereof, each mandatory prepayment under this Section 2.10 or any other mandatory or optional prepayment under
this Agreement shall be in addition to any scheduled installments or optional prepayments made prior thereto and shall be subject to Section 11.1.
Each mandatory prepayment of the Revolving Credit Advances hereunder shall not result in a permanent reduction in the Revolving Credit
Aggregate Commitment. Subject to Section 10.2 hereof, any payments made pursuant to this Section shall be applied first to outstanding
Base Rate Advances under the Revolving Credit, next to Swing Line Advances carried at the Base Rate, next to BSBY Rate Advances under
the Revolving Credit, and then to Swing Line Advances carried at the Quoted Rate. If any amounts remain thereafter, a portion of such
prepayment equivalent to the undrawn amount of any outstanding Letters of Credit shall be held by Issuing Lender as cash collateral for
the Reimbursement Obligations, with any additional prepayment monies being applied to any Fees, costs or expenses due and outstanding
under this Agreement, and with the remainder of such prepayment thereafter being returned to the Borrowers.

 

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(f)           To
the extent that, on the date any mandatory repayment of the Revolving Credit Advances under this Section 2.10 or payment pursuant
to the terms of any of the Loan Documents is due, the Indebtedness under the Revolving Credit or any other Indebtedness to be prepaid
is being carried, in whole or in part, at the BSBY Rate and no Default or Event of Default has occurred and is continuing, the Borrowers
may deposit the amount of such mandatory prepayment in a cash collateral account to be held by the Agent, for and on behalf of the Revolving
Credit Lenders, on such terms and conditions as are reasonably acceptable to the Agent and upon such deposit the obligation of the Borrowers
to make such mandatory prepayment shall be deemed satisfied. Subject to the terms and conditions of said cash collateral account, sums
on deposit in said cash collateral account shall be applied (until exhausted) to reduce the principal balance of the Revolving Credit
on the last day of each Interest Period attributable to the BSBY Rate Advances of such Revolving Credit Advance, thereby avoiding costs
and expenses under Section 11.1 hereof; provided, however, that if a Default or Event of Default shall have occurred at any time
while sums are on deposit in the cash collateral account, the Agent may, in its sole discretion, elect to apply such sums to reduce the
principal balance of such BSBY Rate Advances prior to the last day of the applicable Interest Period, and the Borrowers will be obligated
to pay any resulting costs and expenses under Section 11.1.

 

2.11         Optional
Reduction or Termination of Revolving Credit Aggregate Commitment. The Borrowers may, upon at least five (5) Business Days’
prior written notice to the Agent, permanently reduce the Revolving Credit Aggregate Commitment in whole at any time, or in part from
time to time, without premium or penalty, provided that: (i) each partial reduction of the Revolving Credit Aggregate Commitment
shall be in an aggregate amount equal to Five Million Dollars ($5,000,000) or a larger integral multiple of One Hundred Thousand Dollars
($100,000); (ii) each reduction shall be accompanied by the payment of the Revolving Credit Facility Fee, if any, accrued and unpaid
to the date of such reduction; (iii) the Borrowers shall prepay in accordance with the terms hereof the amount, if any, by which
the aggregate unpaid principal amount of Revolving Credit Advances and Swing Line Advances (including, without duplication, any deemed
Advances made under Section 3.6 hereof) outstanding hereunder, plus the Letter of Credit Obligations, exceeds the amount of the then
applicable Revolving Credit Aggregate Commitment as so reduced, together with interest thereon to the date of prepayment; (iv) no
reduction shall reduce the Letter of Credit Maximum Amount unless the Borrowers so elect, provided that the Letter of Credit Maximum Amount
shall at no time be greater than the Revolving Credit Aggregate Commitment; and (v) no reduction shall reduce the Swing Line Maximum
Amount unless the Borrowers so elect, provided that the Swing Line Maximum Amount shall at no time be greater than the Revolving Credit
Aggregate Commitment; provided, however that if the termination or reduction of the Revolving Credit Aggregate Commitment requires the
prepayment of a BSBY Rate Advance or a Quoted Rate Advance and such termination or reduction is made on a day other than the last Business
Day of the then current Interest Period applicable to such BSBY Rate Advance or such Quoted Rate Advance, then, pursuant to Section 11.1,
the Borrowers shall compensate the Revolving Credit Lenders and/or the Swing Line Lender for any losses or, so long as no Default or Event
of Default has occurred and is continuing, the Borrowers may deposit the amount of such prepayment in a collateral account as provided
in Section 2.10(c). Reductions of the Revolving Credit Aggregate Commitment and any accompanying prepayments of Advances of the Revolving
Credit shall be distributed by the Agent to each Revolving Credit Lender in accordance with such Revolving Credit Lender’s Revolving
Credit Percentage thereof, and will not be available for reinstatement by or readvance to the Borrowers, and any accompanying prepayments
of Advances of the Swing Line shall be distributed by the Agent to the Swing Line Lender and will not be available for reinstatement by
or readvance to the Borrowers. Any reductions of the Revolving Credit Aggregate Commitment hereunder shall reduce each Revolving Credit
Lender’s portion thereof proportionately (based on the applicable Percentages), and shall be permanent and irrevocable. Any payments
made pursuant to this Section shall be applied first to outstanding Base Rate Advances under the Revolving Credit, next to Swing
Line Advances carried at the Base Rate and then to BSBY Rate Advances of the Revolving Credit, and then to Swing Line Advances carried
at the Quoted Rate.

 

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2.12         Optional
Increase in Revolving Credit Aggregate Commitment. Borrowers may request that the Revolving Credit Aggregate Commitment be increased
in an aggregate amount (for all such requests under this Section 2.12) not to exceed the Optional Increase Amount, subject, in each
case, to the satisfaction concurrently with or prior to the date of each such request of the following conditions (each such increase,
a “Revolving Credit Optional Increase”):

 

(a)           Borrowers
shall have delivered to the Agent a written request for such increase, specifying the amount of the requested increase (each such request,
a “Request for Revolving Credit Increase”); provided, however, that in the event Borrowers previously delivered a Request
for Revolving Credit Increase pursuant to this Section 2.12, Borrowers may not deliver a subsequent Request for Revolving Credit
Increase until all the conditions to effectiveness of such first Request for Revolving Credit Increase have been fully satisfied (or such
Request for Revolving Credit Increase has been withdrawn); and provided further that Borrowers may make no more than two (2) Requests
for Revolving Credit Increase and no Request for Increase may be made on or after the date that is twelve (12) months prior to the Revolving
Credit Maturity Date without the consent of the Agent;

 

(b)           within
three (3) Business Days after the Agent’s receipt of the Request for Revolving Credit Increase, the Agent shall inform each
Revolving Credit Lender of the requested increase in the Revolving Credit Aggregate Commitment, offer each Revolving Credit Lender the
opportunity to increase its Commitment in an amount equal to its applicable Revolving Credit Percentage of the requested increase in the
Revolving Credit Aggregate Commitment, and request each such Revolving Credit Lender to notify the Agent in writing whether such Revolving
Credit Lender desires to increase its applicable commitment by the requested amount. Each Revolving Credit Lender approving an increase
in its applicable commitment by the requested amount shall deliver its written consent thereto no later than ten (10) Business Days
of the Agent’s informing such Revolving Credit Lender of the Request for Revolving Credit Increase; if the Agent shall not have
received a written consent from a Revolving Credit Lender within such time period, such Revolving Credit Lender shall be deemed to have
elected not to increase its applicable Commitment. If any one or more Revolving Credit Lenders shall elect not to increase its commitment,
then the Agent may offer the remaining increase amount to each other Revolving Credit Lender hereunder on a non-pro rata basis, or to
(A) any other Lender hereunder, or (B) any other Person meeting the requirements of Section 13.8 hereof (including, for
the purposes of this Section 2.12, any existing Revolving Credit Lender which agrees to increase its commitment hereunder, the “New
Revolving Credit Lender(s)”), to increase their respective applicable commitments (or to provide a commitment);

 

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(c)           the
New Revolving Credit Lenders shall have become a party to this Agreement by executing and delivering a New Lender Addendum for a minimum
amount for each such New Revolving Credit Lender that was not an existing Revolving Credit Lender of $5,000,000 and an aggregate amount
for all such New Revolving Credit Lenders of that portion of the Revolving Credit Optional Increase, taking into account the amount of
any prior increase in the Revolving Credit Aggregate Commitment (pursuant to this Section 2.12) covered by the applicable Request;
provided, however, that each New Revolving Credit Lender shall remit to the Agent funds in an amount equal to its Percentage (after giving
effect to this Section 2.12) of all Advances of the Revolving Credit then outstanding, such sums to be reallocated among and paid
to the existing Revolving Credit Lenders based upon the new Percentages as determined below;

 

(d)           no
New Revolving Credit Lender shall receive compensation (whether in the form of a fee, original issue discount or interest rate pricing)
for its commitment under the Revolving Credit, except as set forth in this Agreement;

 

(e)           Borrowers
shall have paid to the Agent for distribution to the existing Revolving Credit Lenders, as applicable, all interest, fees (including the
Revolving Credit Facility Fee, which shall not be duplicative) and other amounts, if any, accrued to the effective date of such increase
and any costs or fees attributable to the reduction (prior to the last day of the applicable Interest Period) of any outstanding BSBY
Rate Advances, calculated on the basis set forth in Section 11.1 hereof as though Borrowers had prepaid such Advances;

 

(f)            if
requested, Borrowers shall have executed and delivered to the Agent new Revolving Credit Notes payable to each of the New Revolving Credit
Lenders in the face amount of each such New Revolving Credit Lender’s Percentage of the Revolving Credit Aggregate Commitment (after
giving effect to this Section 2.12) and, if applicable, renewal and replacement Revolving Credit Notes payable to each of the existing
Revolving Credit Lenders in the face amount of each such Revolving Credit Lender’s Revolving Credit Percentage of the Revolving
Credit Aggregate Commitment (after giving effect to this Section 2.12), dated as of the effective date of such increase (with appropriate
insertions relevant to such Notes and acceptable to the applicable Revolving Credit Lenders, including the New Revolving Credit Lenders);

 

(g)           prior
to the date the increased commitment becomes available, the Borrowers shall have delivered to the Agent, in each case dated as of the
date of the applicable increase:

 

(i)             a
pro forma Covenant Compliance Report demonstrating that, upon giving effect to the applicable increase, each of the financial covenants
set forth in Section 7.9 (to the extent such covenants are applicable on such date of determination) would be satisfied on a pro
forma basis on such date and for the most recent determination period for which the Borrowers have delivered or are required to have delivered
financial statements pursuant to Section 7.1(a) or (b); and

 

(ii)           a
certificate signed by a Responsible Officer of Borrowers’ Representative (A) certifying and attaching the resolutions adopted
by Borrowers approving or consenting to such increase, and (B) certifying that, before and after giving effect to such increase,
(1) the representations and warranties contained in this Agreement and the other Loan Documents are true and correct in all material
respects on and as of the date such increase becomes available, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and (2) no Default
or Event of Default shall have occurred and be continuing;

 

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(h)           any
Revolving Credit Optional Increase made pursuant to this Section 2.12, and any Advances made in respect thereof, shall be subject
to the same terms as are applicable to the existing Revolving Credit Aggregate Commitment and any Advances made in respect thereof;

 

(i)            such
amendments, acknowledgments, consents, documents, instruments, any registrations, if any, shall have been executed and delivered and/or
obtained by Borrower as required by the Agent, in its reasonable discretion; and

 

(j)            prior
to the date the increased commitment becomes available, each Lender shall have completed its flood insurance due diligence and flood insurance
compliance as required as a result of such increase.

 

2.13         Use
of Proceeds of Advances. Advances of the Revolving Credit shall be used to finance working capital and other lawful corporate purposes.

 

		3.	LETTERS OF CREDIT.

 

3.1           Letters
of Credit. Subject to the terms and conditions of this Agreement, Issuing Lender shall, through the Issuing Office, at any time
and from time to time from and after the date hereof until thirty (30) days prior to the Revolving Credit Maturity Date, upon the written
request of the Borrowers accompanied by a duly executed Letter of Credit Agreement and such other documentation related to the requested
Letter of Credit as the Issuing Lender may require, issue Letters of Credit in Dollars for the account of the Borrowers, in an aggregate
amount for all Letters of Credit issued hereunder (including the Existing Letters of Credit) at any one time outstanding not to exceed
the Letter of Credit Maximum Amount. Each Letter of Credit shall be in a minimum face amount of One Hundred Thousand Dollars ($100,000)
(or such lesser amount as may be agreed to by Issuing Lender) and each Letter of Credit (including any renewal thereof) shall expire not
later than the first to occur of (i) twelve (12) months after the date of issuance thereof and (ii) ten (10) Business Days
prior to the Revolving Credit Maturity Date in effect on the date of issuance thereof. The submission of all applications in respect of
and the issuance of each Letter of Credit hereunder shall be subject in all respects to such industry rules and governing law as
are acceptable to the Issuing Lender. In the event of any conflict between this Agreement and any Letter of Credit Document other than
any Letter of Credit, this Agreement shall control.

 

3.2           Conditions
to Issuance. No Letter of Credit shall be issued (including the renewal or extension of any Letter of Credit previously issued) at
the request and for the account of the Borrowers unless, as of the date of issuance (or renewal or extension) of such Letter of Credit:

 

(a)           (i) after
giving effect to the Letter of Credit requested, the Letter of Credit Obligations do not exceed the Letter of Credit Maximum Amount; and
(ii) after giving effect to the Letter of Credit requested, the Letter of Credit Obligations on such date plus the aggregate amount
of all Revolving Credit Advances and Swing Line Advances (including all Advances deemed disbursed by the Agent under Section 3.6(c) hereof
in respect of the Borrowers’ Reimbursement Obligations) hereunder requested or outstanding on such date do not exceed the Revolving
Credit Aggregate Commitment;

 

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(b)           the
representations and warranties of the Credit Parties contained in this Agreement and the other Loan Documents are true and correct in
all material respects and shall be true and correct in all material respects as of date of the issuance of such Letter of Credit (both
before and immediately after the issuance of such Letter of Credit), other than any representation or warranty that expressly speaks only
as of a different date;

 

(c)           there
is no Default or Event of Default in existence, and none will exist upon the issuance of such Letter of Credit;

 

(d)           the
Borrowers shall have delivered to Issuing Lender at its Issuing Office, not less than three (3) Business Days prior to the requested
date for issuance (or such shorter time as the Issuing Lender, in its sole discretion, may permit), the Letter of Credit Agreement related
thereto, together with such other documents and materials as may be required pursuant to the terms thereof, and the terms of the proposed
Letter of Credit shall be reasonably satisfactory to Issuing Lender;

 

(e)           no
order, judgment or decree of any court, arbitrator or Governmental Authority shall purport by its terms to enjoin or restrain Issuing
Lender from issuing the Letter of Credit requested, or any Revolving Credit Lender from taking an assignment of its Revolving Credit Percentage
thereof pursuant to Section 3.6 hereof, and no law, rule, regulation, request or directive (whether or not having the force of law)
shall prohibit the Issuing Lender from issuing, or any Revolving Credit Lender from taking an assignment of its Revolving Credit Percentage
of, the Letter of Credit requested or letters of credit generally;

 

(f)            there
shall have been (i) no introduction of or change in the interpretation of any law or regulation, (ii) no declaration of a general
banking moratorium by banking authorities in the United States, California or the respective jurisdictions in which the Revolving Credit
Lenders, the Borrowers and the beneficiary of the requested Letter of Credit are located, and (iii) no establishment of any new restrictions
by any central bank or other governmental agency or authority on transactions involving letters of credit or on banks generally that,
in any case described in this clause (e), would make it unlawful or unduly burdensome for the Issuing Lender to issue or any Revolving
Credit Lender to take an assignment of its Revolving Credit Percentage of the requested Letter of Credit or letters of credit generally;

 

(g)           if
any Revolving Credit Lender is a Defaulting Lender, the Issuing Lender has entered into arrangements satisfactory to it to eliminate the
Fronting Exposure with respect to the participation in the Letter of Credit Obligations by such Defaulting Lender, including creation
of a cash collateral account on terms satisfactory to the Agent or delivery of other security to assure payment of such Defaulting Lender’s
Percentage of all outstanding Letter of Credit Obligations; and

 

(h)           Issuing
Lender shall have received the issuance fees required in connection with the issuance of such Letter of Credit pursuant to Section 3.4
hereof.

 

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Each Letter of Credit Agreement
submitted to Issuing Lender pursuant hereto shall constitute the certification by the Borrowers of the matters set forth in Sections 5.2
hereof. The Agent shall be entitled to rely on such certification without any duty of inquiry.

 

3.3           Notice.
The Issuing Lender shall deliver to the Agent, concurrently with or promptly following its issuance of any Letter of Credit, a true and
complete copy of each Letter of Credit. Promptly upon its receipt thereof, the Agent shall give notice, substantially in the form attached
as Exhibit E, to each Revolving Credit Lender of the issuance of each Letter of Credit, specifying the amount thereof and the amount
of such Revolving Credit Lender’s Percentage thereof.

 

3.4           Letter
of Credit Fees; Increased Costs.

 

(a)           The
Borrowers shall pay letter of credit fees as follows:

 

(i)            A
per annum letter of credit fee with respect to the undrawn amount of each Letter of Credit issued pursuant hereto (based on the amount
of each Letter of Credit) in the amount of the Applicable Fee Percentage (determined with reference to Annex I to this Agreement) shall
be paid to the Agent for distribution to the Revolving Credit Lenders in accordance with their Revolving Credit Percentages.

 

(ii)           If
required by the terms of the Fee Letter, a letter of credit facing fee on the face amount of each Letter of Credit shall be paid to the
Agent for distribution to the Issuing Lender for its own account, in accordance with the terms of the Fee Letter.

 

(b)           All
payments by the Borrowers to the Agent for distribution to the Issuing Lender or the Revolving Credit Lenders under this Section 3.4
shall be made in Dollars in immediately available funds at the Issuing Office or such other office of the Agent as may be designated from
time to time by written notice to the Borrowers by the Agent. The fees described in clauses (a)(i) and (ii) above (i) shall
be nonrefundable under all circumstances, (ii) in the case of fees due under clause (a)(i) above, shall be payable quarterly
in advance on the first day of each calendar quarter, commencing January 1, 2023, and on the applicable Maturity Date and (iii) in
the case of fees due under clause (a)(ii) above, shall be payable upon the issuance of such Letter of Credit and quarterly in advance
thereafter. The fees due under clause (a)(i) above shall be determined by multiplying the Applicable Fee Percentage times the undrawn
amount of the face amount of each such Letter of Credit on the date of determination, and shall be calculated on the basis of a 360 day
year and assessed for the actual number of days from the date of the issuance thereof to the stated expiration thereof. The parties hereto
acknowledge that, unless the Issuing Lender otherwise agrees, any material amendment and any extension to a Letter of Credit issued hereunder
shall be treated as a new Letter of Credit for the purposes of the letter of credit facing fee.

 

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(c)           If
any Change in Law shall either (i) impose, modify or cause to be deemed applicable any reserve, special deposit, limitation or similar
requirement against letters of credit issued or participated in by, or assets held by, or deposits in or for the account of, Issuing
Lender or any Revolving Credit Lender or (ii) impose on Issuing Lender or any Revolving Credit Lender any other condition regarding
this Agreement, the Letters of Credit or any participations in such Letters of Credit, and the result of any event referred to in clause
(i) or (ii) above shall be to increase the cost or expense to Issuing Lender or such Revolving Credit Lender of issuing or maintaining
or participating in any of the Letters of Credit (which increase in cost or expense shall be determined by the Issuing Lender’s
or such Revolving Credit Lender’s reasonable allocation of the aggregate of such cost increases and expenses resulting from such
events), then, upon demand by the Issuing Lender or such Revolving Credit Lender, as the case may be, the Borrowers shall, within thirty
(30) days following demand for payment, pay to Issuing Lender or such Revolving Credit Lender, as the case may be, from time to time as
specified by the Issuing Lender or such Revolving Credit Lender, additional amounts which shall be sufficient to compensate the Issuing
Lender or such Revolving Credit Lender for such increased cost and expense (together with interest on each such amount from ten days after
the date such payment is due until payment in full thereof at the Base Rate), provided that if the Issuing Lender or such Revolving Credit
Lender could take any reasonable action, without cost or administrative or other burden or restriction to such Lender, to mitigate or
eliminate such cost or expense, it agrees to do so within a reasonable time after becoming aware of the foregoing matters. Each demand
for payment under this Section 3.4(c) shall be accompanied by a certificate of Issuing Lender or the applicable Revolving Credit
Lender setting forth the amount of such increased cost or expense incurred by the Issuing Lender or such Revolving Credit Lender, as the
case may be, as a result of any event mentioned in clause (i) or (ii) above, and in reasonable detail, the methodology for calculating
and the calculation of such amount, which certificate shall be prepared in good faith and shall be conclusive evidence, absent manifest
error, as to the amount thereof.

 

3.5           Other
Fees. In connection with the Letters of Credit, and in addition to the Letter of Credit Fees, the Borrowers shall pay, for the sole
account of the Issuing Lender, standard documentation, administration, payment and cancellation charges assessed by Issuing Lender or
the Issuing Office, at the times, in the amounts and on the terms set forth or to be set forth from time to time in the standard fee schedule
of the Issuing Office in effect from time to time.

 

3.6           Participation
Interests in and Drawings and Demands for Payment Under Letters of Credit.

 

(a)           Upon
issuance by the Issuing Lender of each Letter of Credit hereunder (and on the Effective Date with respect to each Existing Letter of Credit),
each Revolving Credit Lender shall automatically acquire a pro rata participation interest in such Letter of Credit and each related Letter
of Credit Payment based on its respective Revolving Credit Percentage.

 

(b)           If
the Issuing Lender shall honor a draft or other demand for payment presented or made under any Letter of Credit, the Borrowers agree to
pay to the Issuing Lender an amount equal to the amount paid by the Issuing Lender in respect of such draft or other demand under such
Letter of Credit and all reasonable expenses paid or incurred by the Agent relative thereto not later than 1:00 p.m. (Detroit time),
in Dollars, on (i) the Business Day that the Borrowers received notice of such presentment and honor, if such notice is received
prior to 11:00 a.m. (Detroit time) or (ii) the Business Day immediately following the day that the Borrowers received such notice,
if such notice is received after 11:00 a.m. (Detroit time).

 

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(c)           If
the Issuing Lender shall honor a draft or other demand for payment presented or made under any Letter of Credit, but the Borrowers do
not reimburse the Issuing Lender as required under clause (b) above and the Revolving Credit Aggregate Commitment has not been terminated
(whether by maturity, acceleration or otherwise), the Borrowers shall be deemed to have immediately requested that the Revolving Credit
Lenders make a Base Rate Advance of the Revolving Credit (which Advance may be subsequently converted at any time into a BSBY Rate Advance
pursuant to Section 2.3 hereof) in the principal amount equal to the amount paid by the Issuing Lender in respect of such draft or
other demand under such Letter of Credit and all reasonable expenses paid or incurred by the Agent relative thereto. The Agent will promptly
notify the Revolving Credit Lenders of such deemed request, and each such Lender shall make available to the Agent an amount equal to
its pro rata share (based on its Revolving Credit Percentage) of the amount of such Advance.

 

(d)           If
the Issuing Lender shall honor a draft or other demand for payment presented or made under any Letter of Credit, but the Borrowers do
not reimburse the Issuing Lender as required under clause (b) above, and (i) the Revolving Credit Aggregate Commitment has been
terminated (whether by maturity, acceleration or otherwise), or (ii) any reimbursement received by the Issuing Lender from the Borrowers
is or must be returned or rescinded upon or during any bankruptcy or reorganization of any Credit Party or otherwise, then the Agent shall
notify each Revolving Credit Lender, and each Revolving Credit Lender will be obligated to pay the Agent for the account of the Issuing
Lender its pro rata share (based on its Revolving Credit Percentage) of the amount paid by the Issuing Lender in respect of such draft
or other demand under such Letter of Credit and all reasonable expenses paid or incurred by the Agent relative thereto (but no such payment
shall diminish the obligations of the Borrowers hereunder). Upon receipt thereof, the Agent will deliver to such Revolving Credit Lender
a participation certificate evidencing its participation interest in respect of such payment and expenses. To the extent that a Revolving
Credit Lender fails to make such amount available to the Agent by 11:00 am Detroit time on the Business Day next succeeding the date such
notice is given, such Revolving Credit Lender shall pay interest on such amount in respect of each day from the date such amount was required
to be paid, to the date paid to the Agent, at the rate applicable under Section 2.4(c)(i) in respect of Revolving Credit Advances.
The failure of any Revolving Credit Lender to make its pro rata portion of any such amount available under to the Agent shall not relieve
any other Revolving Credit Lender of its obligation to make available its pro rata portion of such amount, but no Revolving Credit Lender
shall be responsible for failure of any other Revolving Credit Lender to make such pro rata portion available to the Agent.

 

(e)           In
the case of any Advance made under this Section 3.6, each such Advance shall be disbursed notwithstanding any failure to satisfy
any conditions for disbursement of any Advance set forth in Section 2 hereof or Section 5 hereof, and, to the extent of the
Advance so disbursed, the Reimbursement Obligation of the Borrowers to the Agent under this Section 3.6 shall be deemed satisfied
(unless, in each case, taking into account any such deemed Advances, the aggregate outstanding principal amount of Advances of the Revolving
Credit and the Swing Line, plus the Letter of Credit Obligations (other than the Reimbursement Obligations to be reimbursed by this Advance)
on such date exceed the then applicable Revolving Credit Aggregate Commitment).

 

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(f)            If
the Issuing Lender shall honor a draft or other demand for payment presented or made under any Letter of Credit, the Issuing Lender shall
provide notice thereof to the Borrowers on the date such draft or demand is honored, and to each Revolving Credit Lender on such date
unless the Borrowers shall have satisfied its reimbursement obligations by payment to the Agent (for the benefit of the Issuing Lender)
as required under this Section 3.6. The Issuing Lender shall further use reasonable efforts to provide notice to the Borrowers prior
to honoring any such draft or other demand for payment, but such notice, or the failure to provide such notice, shall not affect the rights
or obligations of the Issuing Lender with respect to any Letter of Credit or the rights and obligations of the parties hereto, including
without limitation the obligations of the Borrowers under this Section 3.6.

 

(g)           Notwithstanding
the foregoing however no Revolving Credit Lender shall be deemed to have acquired a participation in a Letter of Credit if the officers
of the Issuing Lender immediately responsible for matters concerning this Agreement shall have received written notice from the Agent
or any Lender at least two (2) Business Days prior to the date of the issuance or extension of such Letter of Credit or, with respect
to any Letter of Credit subject to automatic extension, at least five (5) Business Days prior to the date that the beneficiary under
such Letter of Credit must be notified that such Letter of Credit will not be renewed, that the issuance or extension of Letters of Credit
should be suspended based on the occurrence and continuance of a Default or Event of Default and stating that such notice is a “notice
of default”; provided, however that the Revolving Credit Lenders shall be deemed to have acquired such a participation upon the
date on which such Default or Event of Default has been waived by the requisite Revolving Credit Lenders, as applicable. In the
event that the Issuing Lender receives such a notice, the Issuing Lender shall have no obligation to issue any Letter of Credit until
such notice is withdrawn by the Agent or such Lender or until the requisite Lenders have waived such Default or Event of Default in accordance
with the terms of this Agreement.

 

(h)           Nothing
in this Agreement shall be construed to require or authorize any Revolving Credit Lender to issue any Letter of Credit, it being recognized
that the Issuing Lender shall be the sole issuer of Letters of Credit under this Agreement.

 

(i)            In
the event that any Revolving Credit Lender becomes a Defaulting Lender, the Issuing Lender may, at its option, require that the Borrowers
enter into arrangements satisfactory to Issuing Lender to eliminate the Fronting Exposure with respect to the participation in the Letter
of Credit Obligations by such Defaulting Lender, including creation of a cash collateral account on terms satisfactory to the Agent or
delivery of other security to assure payment of such Defaulting Lender's Percentage of all outstanding Letter of Credit Obligations.

 

3.7           Obligations
Irrevocable. The obligations of the Borrowers to make payments to the Agent for the account of Issuing Lender or the Revolving Credit
Lenders with respect to Letter of Credit Obligations under Section 3.6 hereof, shall be unconditional and irrevocable and not subject
to any qualification or exception whatsoever, including, without limitation:

 

(a)           Any
lack of validity or enforceability of any Letter of Credit, any Letter of Credit Agreement, any other documentation relating to any Letter
of Credit, this Agreement or any of the other Loan Documents (the “Letter of Credit Documents”);

 

(b)           Any
amendment, modification, waiver, consent, or any substitution, exchange or release of or failure to perfect any interest in collateral
or security, with respect to or under any Letter of Credit Document;

 

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(c)           The
existence of any claim, setoff, defense or other right which the Borrowers may have at any time against any beneficiary or any transferee
of any Letter of Credit (or any persons or entities for whom any such beneficiary or any such transferee may be acting), the Agent, the
Issuing Lender or any Revolving Credit Lender or any other Person, whether in connection with this Agreement, any of the Letter of Credit
Documents, the transactions contemplated herein or therein or any unrelated transactions;

 

(d)           Any
draft or other statement or document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in
any respect or any statement therein being untrue or inaccurate in any respect;

 

(e)           Payment
by the Issuing Lender to the beneficiary under any Letter of Credit against presentation of documents which do not comply with the terms
of such Letter of Credit, including failure of any documents to bear any reference or adequate reference to such Letter of Credit;

 

(f)            Any
failure, omission, delay or lack on the part of the Agent, Issuing Lender or any Revolving Credit Lender or any party to any of the
Letter of Credit Documents or any other Loan Document to enforce, assert or exercise any right, power or remedy conferred upon the Agent, Issuing
Lender, any Revolving Credit Lender or any such party under this Agreement, any of the other Loan Documents or any of the Letter of Credit
Documents, or any other acts or omissions on the part of the Agent, Issuing Lender, any Revolving Credit Lender or any such party;
or

 

(g)          Any
other event or circumstance that would, in the absence of this Section 3.7, result in the release or discharge by operation of law
or otherwise of the Borrowers from the performance or observance of any obligation, covenant or agreement contained in Section 3.6
hereof.

 

No setoff, counterclaim, reduction or diminution
of any obligation or any defense of any kind or nature which the Borrowers have or may have against the beneficiary of any Letter of Credit
shall be available hereunder to the Borrowers against the Agent, Issuing Lender or any Revolving Credit Lender. With respect to any
Letter of Credit, nothing contained in this Section 3.7 shall be deemed to prevent the Borrowers, after satisfaction in full of the
absolute and unconditional obligations of the Borrowers hereunder with respect to such Letter of Credit, from asserting in a separate
action any claim, defense, set off or other right which they (or any of them) may have against the Agent, Issuing Lender or any Revolving
Credit Lender in connection with such Letter of Credit.

 

3.8           Risk
Under Letters of Credit.

 

(a)           In
the administration and handling of Letters of Credit and any security therefor, or any documents or instruments given in connection therewith, Issuing
Lender shall have the sole right to take or refrain from taking any and all actions under or upon the Letters of Credit.

 

(b)           Subject
to other terms and conditions of this Agreement, Issuing Lender shall issue the Letters of Credit and shall hold the documents related
thereto in its own name and shall make all collections thereunder and otherwise administer the Letters of Credit in accordance with Issuing
Lender’s regularly established practices and procedures and will have no further obligation with respect thereto. In the administration
of Letters of Credit, Issuing Lender shall not be liable for any action taken or omitted on the advice of counsel, accountants, appraisers
or other experts selected by Issuing Lender with due care and Issuing Lender may rely upon any notice, communication, certificate or other
statement from the Borrowers, beneficiaries of Letters of Credit, or any other Person which Issuing Lender believes to be authentic. Issuing
Lender will, upon request, furnish the Revolving Credit Lenders with copies of Letter of Credit Documents related thereto.

 

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(c)           In
connection with the issuance and administration of Letters of Credit and the assignments hereunder, Issuing Lender makes no representation
and shall have no responsibility with respect to (i) the obligations of the Borrowers or the validity, sufficiency or enforceability
of any document or instrument given in connection therewith, or the taking of any action with respect to same, (ii) the financial
condition of, any representations made by, or any act or omission of the Borrowers or any other Person, or (iii) any failure or delay
in exercising any rights or powers possessed by Issuing Lender in its capacity as issuer of Letters of Credit in the absence of its gross
negligence or willful misconduct. Each of the Revolving Credit Lenders expressly acknowledges that it has made and will continue to make
its own evaluations of the Borrowers’ creditworthiness without reliance on any representation of Issuing Lender or Issuing Lender’s
officers, agents and employees.

 

(d)           If
at any time Issuing Lender shall recover any part of any unreimbursed amount for any draw or other demand for payment under a Letter of
Credit, or any interest thereon, the Agent or Issuing Lender, as the case may be, shall receive same for the pro rata benefit of the Revolving
Credit Lenders in accordance with their respective Percentages and shall promptly deliver to each Revolving Credit Lender its share thereof,
less such Revolving Credit Lender’s pro rata share of the costs of such recovery, including court costs and attorney’s fees.
If at any time any Revolving Credit Lender shall receive from any source whatsoever any payment on any such unreimbursed amount or interest
thereon in excess of such Revolving Credit Lender’s Percentage of such payment, such Revolving Credit Lender will promptly pay over
such excess to the Agent, for redistribution in accordance with this Agreement.

 

3.9           Exculpatory
Provision. None of the Issuing Lender, any Revolving Credit Lender or the Agent or any of their respective officers, directors, employees
or agents shall be liable or responsible for:

 

(a)           the
use which may be made of any Letter of Credit or for any acts or omissions of any beneficiary in connection therewith;

 

(b)           the
validity, sufficiency or genuineness of documents or of any endorsement thereon, even if such documents should in fact prove to be in
any or all respects invalid, insufficient, fraudulent or forged;

 

(c)           payment
by the Issuing Lender to the beneficiary under any Letter of Credit against presentation of documents which do not strictly comply with
the terms of any Letter of Credit (unless such payment resulted from the gross negligence or willful misconduct of the Issuing Lender),
including failure of any documents to bear any reference or adequate reference to such Letter of Credit;

 

(d)           any
error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection
with any Letter of Credit (except to the extent such error, omission, interruption or delay resulted from the gross negligence or willful
misconduct of the Issuing Lender); or

 

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(e)           any
other event or circumstance whatsoever arising in connection with any Letter of Credit.

 

It is understood that in making any payment under
a Letter of Credit the Issuing Lender will rely on documents presented to it under such Letter of Credit as to any and all matters set
forth therein without further investigation and regardless of any notice or information to the contrary.

 

3.10         Right
of Reimbursement. Each Revolving Credit Lender agrees to reimburse the Issuing Lender on demand, pro rata in accordance with its
respective Revolving Credit Percentage, for (i) the reasonable out-of-pocket costs and expenses of the Issuing Lender to be reimbursed
by the Borrowers pursuant to any Letter of Credit Agreement or any Letter of Credit, to the extent not reimbursed by the Borrowers or
any other Credit Party and (ii) any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
fees, reasonable out-of-pocket expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted
against Issuing Lender in any way relating to or arising out of this Agreement (including Section 3.6(c) hereof), any Letter
of Credit, any documentation or any transaction relating thereto, or any Letter of Credit Agreement, to the extent not reimbursed by
the Borrowers, except to the extent that such liabilities, losses, costs or expenses were incurred by Issuing Lender as a result of Issuing
Lender’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable
judgment) or by the Issuing Lender’s wrongful dishonor of any Letter of Credit after the presentation to it by the beneficiary
thereunder of a draft or other demand for payment and other documentation strictly complying with the terms and conditions of such Letter
of Credit.

 

		4.	RESERVED.

 

		5.	CONDITIONS.

 

The obligations of the Lenders
to make Advances or loans pursuant to this Agreement and the obligation of the Issuing Lender to issue Letters of Credit are subject to
the following conditions:

 

5.1           Conditions
of Initial Advances. The obligations of the Lenders to make initial Advances or loans pursuant to this Agreement and the obligation
of the Issuing Lender to issue initial Letters of Credit, in each case, on the Effective Date only, are subject to the following conditions:

 

(a)           Notes,
this Agreement and the other Loan Documents. The Borrowers shall have executed and delivered to the Agent for the account of each
Lender requesting Notes, the Notes, as applicable; the Borrowers shall have executed and delivered this Agreement; and each Credit Party
shall have executed and delivered the other Loan Documents to which such Credit Party is required to be a party (including all schedules
and other documents to be delivered pursuant hereto); and such Notes (if any), this Agreement and the other Loan Documents shall be in
full force and effect.

 

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(b)           Corporate
Authority. The Agent shall have received, with a counterpart thereof for each Lender, from each Borrower and each Guarantor, a certificate
of its Secretary or Assistant Secretary dated as of the Effective Date as to:

 

(i)            corporate
resolutions (or the equivalent) of such Borrower or Guarantor authorizing the transactions contemplated by this Agreement and the other
Loan Documents approval of this Agreement and the other Loan Documents, in each case to which such Borrower or Guarantor is party, and
authorizing the execution and delivery of this Agreement and the other Loan Documents, and in the case of the Borrowers, authorizing the
execution and delivery of requests for Advances and the issuance of Letters of Credit hereunder,

 

(ii)           the
incumbency and signature of the officers or other authorized persons of such Borrower or Guarantor executing any Loan Document and in
the case of the Borrowers, the officers who are authorized to execute any Requests for Advance, or requests for the issuance of Letters
of Credit,

 

(iii)          a
certificate of good standing or continued existence (or the equivalent thereof) from the state of its incorporation or formation, and
from every state or other jurisdiction where such Borrower or Guarantor is qualified to do business and such qualification is material
to the conduct of such Borrower’s or Guarantor’s business, which jurisdictions are listed on Schedule 5.1(c) attached
hereto, and

 

(iv)          copies
of such Borrower’s or Guarantor’s articles of incorporation and bylaws or other constitutional documents, as in effect on
the Effective Date.

 

(c)           Collateral
Documents, Guaranties and other Loan Documents. The Agent shall have received the following documents, each in form and substance
satisfactory to the Agent and fully executed by each party thereto:

 

(i)            The
following Collateral Documents, each in form and substance acceptable to the Agent and fully executed by each party thereto and dated
as of the Effective Date:

 

(A)           the
Security Agreement, executed and delivered by the Credit Parties;

 

(B)           Subject
to Section 7.14, an Account Control Agreement with respect to any deposit or securities accounts not maintained with Agent as of
the Effective Date; and

 

(C)           an
executed Collateral Assignment of Management Agreement with respect to each Management Agreement.

 

(ii)           [Reserved].

 

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(iii)          (A) Certified
copies of uniform commercial code requests for information, or a similar search report certified by a party acceptable to the Agent, dated
a date reasonably prior to the Effective Date, listing all effective financing statements in the jurisdiction noted on Schedule 5.1(c) which
name any Credit Party (under their present names or under any previous names used within five (5) years prior to the date hereof)
as debtors, together with (x) copies of such financing statements, and (y) authorized Uniform Commercial Code (Form UCC-3)
Termination Statements, if any, necessary to release all Liens and other rights of any Person in any Collateral described in the Collateral
Documents previously granted by any Person (other than Liens permitted by Section 8.2 of this Agreement) and (B) intellectual
property search reports results from the United States Patent and Trademark Office and the United States Copyright Office for the Credit
Parties dated a date reasonably prior to the Effective Date.

 

(iv)          Any
documents (including, without limitation, financing statements, amendments to financing statements and assignments of financing statements,
stock powers executed in blank and any endorsements) requested by the Agent and reasonably required to be provided in connection with
the Collateral Documents to create, in favor of the Agent (for and on behalf of the Lenders), a first priority perfected security interest
in the Collateral thereunder shall have been filed, registered or recorded, or shall have been delivered to the Agent in proper form
for filing, registration or recordation.

 

(d)           Insurance.
The Agent shall have received evidence reasonably satisfactory to it that the Credit Parties have obtained the insurance policies required
by Section 7.5 hereof and that such insurance policies are in full force and effect.

 

(e)           Compliance
with Certain Documents and Agreements. Each Credit Party shall have each performed and complied in all material respects with all
agreements and conditions contained in this Agreement and the other Loan Documents, to the extent required to be performed or complied
with by such Credit Party. No Person (other than the Agent, Lenders and Issuing Lender) party to this Agreement or any other Loan Document
shall be in material default in the performance or compliance with any of the terms or provisions of this Agreement or the other Loan
Documents or shall be in material default in the performance or compliance with any of the material terms or material provisions of, in
each case to which such Person is a party.

 

(f)            Opinions
of Counsel. The Credit Parties shall furnish the Agent prior to the initial Advance under this Agreement, with signed copies for each
Lender, opinions of counsel to the Credit Parties, including opinions of local counsel to the extent deemed necessary by the Agent, in
each case dated the Effective Date and covering such matters as reasonably required by and otherwise reasonably satisfactory in form and
substance to the Agent and each of the Lenders.

 

(g)           Payment
of Fees. The Borrowers shall have paid to Comerica Bank any fees due under the terms of the Fee Letter, along with any other fees,
costs or expenses due and outstanding to the Agent or the Lenders as of the Effective Date (including reasonable fees, disbursements and
other charges of counsel to the Agent).

 

(h)           Pro
Forma Balance Sheet and Financial Statements. The Borrowers shall have delivered to the Lenders and the Agent, in form and substance
satisfactory to the Agent: (a) the Pro Forma Balance Sheet, (b) audited financial statements of the Borrowers for the Fiscal
Year ending December 31, 2021, and presented in accordance with GAAP, and the quarterly financial statements prepared by the Borrowers
for the quarter ending June 30, 2022 and (c) quarterly projections of the Borrowers through December 31, 2023, in form
acceptable to the Agent.

 

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(i)            Audits;
Due Diligence. The Agent and Lenders shall have received, in each case in form and substance satisfactory to the Agent, an audit of
all accounts receivable and inventory of the Borrowers and their respective Subsidiaries.

 

(j)            Management
Agreement and Employment Agreements. The Agent shall have received copies of the Management Agreement and all employment agreements
of the Credit Parties which shall remain in effect following the Effective Date as set forth on Schedule 6.17 hereof, the terms of which
are reasonably acceptable to the Agent and the Majority Lenders.

 

(k)           Material
Contracts. The Agent shall have received copies of all Material Contracts described on Schedule 6.18 hereof.

 

(l)            Governmental
and Other Approvals. The Agent shall have received copies of all authorizations, consents, approvals, licenses, qualifications or
formal exemptions, filings, declarations and registrations with, any court, governmental agency or regulatory authority or any securities
exchange or any other person or party (whether or not governmental) received by any Credit Party in connection with the transactions contemplated
by the Loan Documents to occur on the Effective Date.

 

(m)          Closing
Certificate. The Agent shall have received, with a signed counterpart for each Lender, a certificate of a Responsible Officer of
the Borrowers’ Representative dated the Effective Date (or, if different, the date of the initial Advance hereunder), stating that
to the best of his or her respective knowledge after due inquiry, (a) the conditions set forth in this Section 5 have been
satisfied to the extent required to be satisfied by any Credit Party; (b) the representations and warranties made by the Credit
Parties in this Agreement or any of the other Loan Documents, as applicable, are true and correct in all material respects; (c) no
Default or Event of Default shall have occurred and be continuing; (d) since December 31, 2021, nothing shall have occurred
which has had, or could reasonably be expected to have, a material adverse change on the business, results of operations, conditions,
or property (financial or otherwise) of the Borrowers or any other Credit Party; and (e) there shall have been no material adverse
change to the Pro Forma Balance Sheet.

 

(n)           Customer
Identification Forms. The Agent shall have received (i) the completed Beneficial Ownership Certification from the Borrowers and
each Guarantor and (ii) all other documentation and other information required by bank regulatory authorities under applicable “know
your customer” and anti-money laundering rules and regulations, including USA Patriot Act, and a properly completed and signed
IRS Form W-8 or W-9, as applicable, for each Borrower, Guarantor and any other Person who provides guaranty or collateral support
for all or any of the Indebtedness.

 

5.2           Continuing
Conditions. The obligations of each Lender to make Advances (including the initial Advance) or to provide other credit accommodations
and the obligation of the Issuing Lender to issue any Letters of Credit shall be subject to the continuing conditions that:

 

(a)           No
Default or Event of Default shall exist as of the date of the Advance or the request for the Letter of Credit, as the case may be; and

 

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(b)           Each
of the representations and warranties contained in this Agreement and in each of the other Loan Documents shall be true and correct in
all material respects as of the date of the Advance or Letter of Credit (as the case may be) as if made on and as of such date (other
than any representation or warranty that expressly speaks only as of a different date).

 

		6.	REPRESENTATIONS AND WARRANTIES.

 

The Borrowers represent and
warrant to the Agent, the Lenders, the Swing Line Lender and the Issuing Lender as follows:

 

6.1           Corporate
Authority. Each Credit Party and each Affiliated Practice Entity is a corporation (or other business entity) duly organized and existing
in good standing under the laws of the state or jurisdiction of its incorporation or formation, as applicable, and each Credit Party and
each Affiliated Practice Entity is duly qualified and authorized to do business as a foreign corporation in each jurisdiction where the
character of its assets or the nature of its activities makes such qualification and authorization necessary except where failure to be
so qualified or be in good standing could not reasonably be expected to have a Material Adverse Effect. Each Credit Party and each Affiliated
Practice Entity has all requisite corporate, limited liability or partnership power and authority to own all its property (whether real,
personal, tangible or intangible or of any kind whatsoever) and to carry on its business.

 

6.2           Due
Authorization. Execution, delivery and performance of this Agreement, and the other Loan Documents, to which each Credit Party is
party, and the issuance of the Notes by the Borrowers (if requested) are within such Person’s corporate, limited liability or partnership
power, have been duly authorized, are not in material contravention of any law applicable to such Credit Party or the terms of such Credit
Party’s organizational documents and, except as have been previously obtained or as referred to in Section 6.10, below, do
not require the consent or approval of any governmental body, agency or authority or any other third party except to the extent that such
consent or approval is not material to the transactions contemplated by the Loan Documents.

 

6.3           Good
Title; Leases; Assets; No Liens.

 

(a)           Each
Credit Party, to the extent applicable, has good and valid title (or, in the case of real property, good and marketable title) to all
assets owned by it, subject only to the Liens permitted under section 8.2 hereof, and each Credit Party has a valid leasehold or interest
as a lessee or a licensee in all of its leased real property;

 

(b)           Schedule
6.3(b) hereof identifies all of the real property owned or leased, as lessee thereunder, by the Credit Parties on the Effective Date,
including all warehouse or bailee locations;

 

(c)           The
Credit Parties will collectively own or collectively have a valid leasehold interest in all assets that were owned or leased (as lessee)
by the Credit Parties immediately prior to the Effective Date to the extent that such assets are necessary for the continued operation
of the Credit Parties’ businesses in substantially the manner as such businesses were operated immediately prior to the Effective
Date;

 

(d)           Each
Credit Party owns or has a valid leasehold interest in all real property necessary for its continued operations and, to the best knowledge
of the Borrowers, no material condemnation, eminent domain or expropriation action has been commenced or threatened against any such owned
or leased real property; and

 

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(e)           There
are no Liens on and no financing statements on file with respect to any of the assets owned by the Credit Parties, except for the Liens
permitted pursuant to Section 8.2 of this Agreement.

 

6.4           Taxes.
Except as set forth on Schedule 6.4 hereof, each Credit Party has filed on or before their respective due dates or within the applicable
grace periods, all United States federal, state, local income and other material tax returns which are required to be filed or has obtained
extensions for filing such tax returns and is not delinquent in filing such returns in accordance with such extensions and has paid all
material taxes which have become due pursuant to those returns or pursuant to any assessments received by any such Credit Party, as the
case may be, to the extent such taxes have become due, except to the extent such taxes are being contested in good faith by appropriate
proceedings diligently conducted and with respect to which adequate provision has been made on the books of such Credit Party as may be
required by GAAP.

 

6.5           No
Defaults. No Credit Party is in default under or with respect to any agreement, instrument or undertaking to which is a party or by
which it or any of its property is bound which would cause or would reasonably be expected to cause a Material Adverse Effect.

 

6.6           Enforceability
of Agreement and Loan Documents. This Agreement and each of the other Loan Documents to which any Credit Party is a party (including
without limitation, each Request for Advance), have each been duly executed and delivered by its duly authorized officers and constitute
the valid and binding obligations of such Credit Party, enforceable against such Credit Party in accordance with their respective terms,
except as enforcement thereof may be limited by applicable bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or
similar laws affecting the enforcement of creditor’s rights, generally and by general principles of equity (regardless of whether
enforcement is considered in a proceeding in law or equity).

 

6.7           Compliance
with Laws. (a) Except as disclosed on Schedule 6.7, each Credit Party and each Affiliated Practice Entity has complied with all
applicable federal, state and local laws, ordinances, codes, rules, regulations and guidelines (including consent decrees and administrative
orders) including but not limited to Hazardous Material Laws, and is in compliance with any Requirement of Law, except to the extent that
failure to comply therewith could not reasonably be expected to have a Material Adverse Effect; and (b) neither the extension of
credit made pursuant to this Agreement or the use of the proceeds thereof by the Credit Parties will violate the Trading with the Enemy
Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter
V, as amended) or any enabling legislation or executive order relating thereto, or The United and Strengthening America by providing appropriate
Tools Required to Intercept and Obstruct Terrorism (“USA Patriot Act”) Act of 2001, Public Law 10756, October 26, 2001
or Executive Order 13224 of September 23, 2001 issued by the President of the United States (66 Fed. Reg. 49049 (2001).

 

6.8           Non-contravention.
The execution, delivery and performance of this Agreement and the other Loan Documents (including each Request for Advance) to which each
Credit Party is a party are not in contravention of the terms of any indenture, agreement or undertaking to which such Credit Party is
a party or by which it or its properties are bound where such violation could reasonably be expected to have a Material Adverse Effect.

 

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6.9           Litigation.
Except as set forth on Schedule 6.9 hereof, there is no suit, action, proceeding, including, without limitation, any bankruptcy proceeding
or governmental investigation pending against or to the knowledge of the Borrowers, threatened against any Credit Party or any Affiliated
Practice Entity (other than any suit, action or proceeding in which a Credit Party is the plaintiff and in which no counterclaim or cross-claim
against such Credit Party or such Affiliated Practice Entity has been filed), or any judgment, decree, injunction, rule, or order of any
court, government, department, commission, agency, instrumentality or arbitrator outstanding against any Credit Party or any Affiliated
Practice Entity, nor is any Credit Party or any Affiliated Practice Entity in violation of any applicable law, regulation, ordinance,
order, injunction, decree or requirement of any governmental body or court, which could in any of the foregoing events reasonably be expected
to have a Material Adverse Effect.

 

6.10         Consents,
Approvals and Filings, Etc. Except as set forth on Schedule 6.10 hereof, no material authorization, consent, approval, license, qualification
or formal exemption from, nor any filing, declaration or registration with, any court, governmental agency or regulatory authority or
any securities exchange or any other Person (whether or not governmental) is required in connection with (a) the execution, delivery
and performance: (i) by any Credit Party of this Agreement and any of the other Loan Documents to which such Credit Party is a party
or (ii) by the Credit Parties of the grant of Liens granted, conveyed or otherwise established (or to be granted, conveyed or otherwise
established) by or under this Agreement or the other Loan Documents, as applicable, and (b) the operation of any Credit Party’s
business, except in each case for (x) such matters which have been previously obtained, and (y) such filings to be made concurrently
herewith or promptly following the Effective Date as are required by the Collateral Documents to perfect Liens in favor of the Agent.
All such material authorizations, consents, approvals, licenses, qualifications, exemptions, filings, declarations and registrations which
have previously been obtained or made, as the case may be, are in full force and effect and, to the best knowledge of the Borrowers, are
not the subject of any attack or threatened attack (in each case in any material respect) by appeal or direct proceeding or otherwise.

 

6.11         [Reserved].

 

6.12         No
Investment Company or Margin Stock. No Credit Party is an “investment company” within the meaning of the Investment Company
Act of 1940, as amended. No Credit Party is engaged principally, or as one of its important activities, directly or indirectly, in the
business of extending credit for the purpose of purchasing or carrying margin stock. None of the proceeds of any of the Advances will
be used by any Credit Party to purchase or carry margin stock. Terms for which meanings are provided in Regulation U of the Board of
Governors of the Federal Reserve System or any regulations substituted therefore, as from time to time in effect, are used in this paragraph
with such meanings.

 

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6.13         ERISA
Compliance.

 

(a)           Except
as could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, (i) each Employee
Benefit Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state laws and (ii) each Employee
Pension Benefit Plan that is maintained for employees of any Borrower or any Subsidiary, or with respect to which any Borrower or any
Subsidiary is required to contribute on behalf of any of its employees or with respect to which any Borrower has any liability, and that
is intended to be a qualified plan under Section 401(a) of the Code is either maintained under a prototype or volume submitter
plan and such Borrower or Subsidiary is entitled to rely upon a favorable opinion or advisory letter from the IRS, or has received a favorable
determination letter from the IRS to the effect that the form of such Employee Pension Benefit Plan is qualified under Section 401(a) of
the Code and the trust related thereto has been determined by the IRS to be exempt from federal income tax under Section 501(a) of
the Code, or an application for such a letter is currently being processed by the IRS, and, to the knowledge of the Borrowers, nothing
has occurred that would prevent or cause the loss of such tax-qualified status.

 

(b)           There
are no pending or, to the knowledge of the Borrowers, threatened or contemplated claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Employee Benefit Plan that, either individually or in the aggregate, could reasonably be expected to have
a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect
to any Employee Benefit Plan that, either individually or in the aggregate, has had or could reasonably be expected to have a Material
Adverse Effect.

 

(c)           No
ERISA Event has occurred, and neither Borrower nor any ERISA Affiliate is aware of any fact, event or circumstance that, either individually
or in the aggregate, could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan that, either
individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect.

 

(d)           The
present value of all accrued benefits under each Pension Plan (based on those assumptions used to fund such Pension Plan) did not, as
of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets
of such Pension Plan allocable to such accrued benefits by a material amount. As of the most recent valuation date for each Multiemployer
Plan, the potential liability of any Borrower or any ERISA Affiliate for a complete withdrawal from such Multiemployer Plan (within the
meaning of Section 4203 or Section 4205 of ERISA), when aggregated with such potential liability for a complete withdrawal from
all Multiemployer Plans, is zero.

 

(e)           To
the extent applicable, each Foreign Plan has been maintained in compliance with its terms and with the requirements of any and all applicable
Requirements of Law and has been maintained, where required, in good standing with applicable regulatory authorities, except to the extent
that the failure so to comply could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect.
No Borrower nor any Subsidiary has incurred any material obligation in connection with the termination of or withdrawal from any Foreign
Plan. The present value of the accrued benefit liabilities (whether or not vested) under each Foreign Plan that is funded, determined
as of the end of the most recently ended fiscal year of any Borrower or Subsidiary, as applicable, on the basis of actuarial assumptions,
each of which is reasonable, did not exceed the current value of the property of such Foreign Plan by a material amount, and for each
Foreign Plan that is not funded, the obligations of such Foreign Plan are properly accrued.

 

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(f)            None
of the Credit Parties is (1) an employee benefit plan subject to Title I of ERISA, (2) a plan or account subject to Section 4975
of the Code, (3) an entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Code,
or (4) a “governmental plan” within the meaning of ERISA.

 

6.14         Conditions
Affecting Business or Properties. Neither the respective businesses nor the properties of any Credit Party is affected by any fire,
explosion, accident, strike, lockout or other dispute, drought, storm, hail, earthquake, embargo, Act of God, or other casualty (except
to the extent such event is covered by insurance sufficient to ensure that upon application of the proceeds thereof, no Material Adverse
Effect could reasonably be expected to occur) which could reasonably be expected to have a Material Adverse Effect.

 

6.15         Environmental
and Safety Matters. Except as set forth in Schedules 6.9, 6.10 and 6.15:

 

(a)           all
facilities and property owned or leased by the Credit Parties are in compliance with all Hazardous Material Laws, except where such non-compliance
could not reasonably be expected to have a Material Adverse Effect;

 

(b)           to
the best knowledge of the Borrowers, there have been no unresolved and outstanding past, and there are no pending or threatened, except
where such matters could not reasonably be expected to have a Material Adverse Effect:

 

(i)            claims,
complaints, notices or requests for information received by any Credit Party with respect to any alleged violation of any Hazardous Material
Law, or

 

(ii)           written
complaints, notices or inquiries to any Credit Party regarding potential liability of any Credit Parties under any Hazardous Material
Law; and

 

(c)           to
the best knowledge of the Borrowers, no conditions exist at, on or under any property now or previously owned or leased by any Credit
Party which, with the passage of time, or the giving of notice or both, are reasonably likely to give rise to liability under any Hazardous
Material Law or create a significant adverse effect on the value of the property, except where such matters could not reasonably be expected
to have a Material Adverse Effect.

 

6.16         Subsidiaries.
Except as disclosed on Schedule 6.16 hereto as of the Effective Date, and thereafter, except as disclosed to the Agent in writing from
time to time, no Credit Party has any Subsidiaries.

 

6.17         Management
Agreements. Schedule 6.17 attached hereto is an accurate and complete list of all management and significant employment agreements
in effect on or as of the Effective Date to which any Credit Party or any Affiliated Practice Entity is a party or is bound.

 

6.18         Material
Contracts. Schedule 6.18 attached hereto is an accurate and complete list of all Material Contracts in effect on or as of the Effective
Date to which any Credit Party is a party or is bound.

 

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6.19         Franchises,
Patents, Copyrights, Tradenames, etc. The Credit Parties possess all franchises, patents, copyrights, trademarks, trade names,
licenses and permits, and rights in respect of the foregoing, adequate for the conduct of their business substantially as now conducted
without known conflict with any rights of others, except where the lack of any such item could not reasonably be expected to have a Material
Adverse Effect. Schedule 6.19 contains a true and accurate list of all trade names and any and all other names used by any Credit Party
during the five-year period ending as of the Effective Date.

 

6.20         Capital
Structure. Schedule 6.20 attached hereto sets forth all issued and outstanding Equity Interests of each Credit Party (other than
Warby Parker), including the number of authorized, issued and outstanding Equity Interests of each Credit Party (other than Warby Parker),
the par value of such Equity Interests and the holders of such Equity Interests, all on and as of the Effective Date. All issued and
outstanding Equity Interests of each Credit Party are duly authorized and validly issued, fully paid, nonassessable, free and clear of
all Liens (except for the benefit of the Agent) and such Equity Interests were issued in compliance with all applicable state, federal
and foreign laws concerning the issuance of securities. Except as disclosed on Schedule 6.20, there are no preemptive or other outstanding
rights, options, warrants, conversion rights or similar agreements or understandings for the purchase or acquisition from any Credit
Party, of any Equity Interests of any Credit Party.

 

6.21         Accuracy
of Information; Beneficial Ownership.

 

(a)           The
audited financial statements for the Fiscal Year ended December 31, 2021, furnished to the Agent and the Lenders prior to the Effective
Date fairly present in all material respects the financial condition of the Borrowers and their respective Subsidiaries and the results
of their operations for the periods covered thereby, and have been prepared in accordance with GAAP. The projections, the Pro Forma Balance
Sheet and the other pro forma financial information delivered to the Agent prior to the Effective Date are based upon good faith estimates
and assumptions believed by management of each Borrower to be accurate and reasonable at the time made, it being recognized by the Lenders
that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or
periods covered by such financial information may differ from the projected results set forth therein.

 

(b)           Since
December 31, 2022, there has been no material adverse change in the business, operations, condition, or property (financial or otherwise)
of the Credit Parties, taken as a whole.

 

(c)           To
the best knowledge of the Credit Parties, as of the Effective Date, (i) the Credit Parties do not have any material contingent obligations
(including any liability for taxes) not disclosed by or reserved against in the opening balance sheet to be delivered hereunder and (ii) there
are no unrealized or anticipated losses from any present commitment of the Credit Parties which contingent obligations and losses in the
aggregate could reasonably be expected to have a Material Adverse Effect.

 

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

 

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6.22         Solvency.
After giving effect to the consummation of the transactions contemplated by this Agreement and other Loan Documents, each Credit Party
will be solvent, able to pay its indebtedness as it matures and will have capital sufficient to carry on its businesses and all business
in which it is about to engage. This Agreement is being executed and delivered by the Borrowers to the Agent and the Lenders in good
faith and in exchange for fair, equivalent consideration. The Credit Parties do not intend to, nor (to the best of their knowledge) do
the Credit Parties believe the Credit Parties will incur debts beyond their ability to pay as they mature. The Credit Parties do not
contemplate filing a petition in bankruptcy or for an arrangement or reorganization under the Bankruptcy Code or any similar law of any
jurisdiction now or hereafter in effect relating to any Credit Party, nor does any Credit Party have actual knowledge of any threatened
bankruptcy or insolvency proceedings against a Credit Party.

 

6.23         Employee
Matters. There are no strikes, slowdowns, work stoppages, unfair labor practice complaints, grievances, arbitration proceedings or
controversies pending or, to the best knowledge of the Borrowers, threatened against any Credit Party by any employees of any Credit
Party, other than non-material employee grievances or controversies arising in the ordinary course of business, except to the extent
any such matters could not reasonably be expected to have a Material Adverse Effect. Set forth on Schedule 6.23 are all union contracts
or agreements to which any Credit Party is party as of the Effective Date and the related expiration dates of each such contract.

 

6.24         No
Misrepresentation. Neither this Agreement nor any other Loan Document, certificate, information or report furnished or to be furnished
by or on behalf of a Credit Party to the Agent or any Lender in connection with any of the transactions contemplated hereby or thereby,
contains a misstatement of material fact, or omits to state a material fact required to be stated in order to make the statements contained
herein or therein, taken as a whole, not misleading in the light of the circumstances under which such statements were made. There is
no fact, other than information known to the public generally, known to any Credit Party after diligent inquiry, that could reasonably
be expected to have a Material Adverse Effect that has not expressly been disclosed to the Agent in writing.

 

6.25         Corporate
Documents and Corporate Existence. As to each Credit Party, (a) it is an organization as described on Schedule 1.1 hereto and
has provided the Agent and the Lenders with complete and correct copies of its articles of incorporation, by-laws and all other applicable
charter and other organizational documents, and, if applicable, a good standing certificate and (b) its correct legal name, business
address, type of organization and jurisdiction of organization, tax identification number and other relevant identification numbers are
set forth on Schedule 1.1 hereto.

 

6.26         Anti-Money
Laundering/Anti-Terrorism. No Covered Entity (A) is a Sanctioned Person; or (B), either in its own right or through any third
party, (1) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person; (2) does
business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person
in violation of any Anti-Terrorism Law; or (3) engages in any dealings or transactions prohibited by, any Anti-Terrorism Laws.

 

6.27         Affected
Financial Institution. No Credit Party is an Affected Financial Institution.

 

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6.28             Healthcare
Investigations. Except as could not reasonably be expected to cause a Material Adverse Effect, no Credit Party or Affiliated Practice
Entity has received any notice in writing of any Healthcare Investigation by any Governmental Authority that is reasonably likely, or
with the passage of time is reasonably likely, (i) to have an adverse impact on such Credit Party’s or such Affiliated Practice
Entity’s ability to accept and/or retain patients or result in the imposition of a fine, a sanction, or a lower rate certification,
(ii) to modify, limit or result in the transfer, suspension, revocation or imposition of probationary use of any of the Required
Licenses, or (iii) result in any other criminal or civil penalty, sanction, or remedy, or which could result in the appointment of
a receiver.

 

6.29             HIPAA/HITECH
Compliance. As of the Effective Date, each Credit Party and each Affiliated Practice Entity that are “covered entities”
or “business associates” as either such term is defined under HIPAA/HITECH, are HIPAA/HITECH Compliant.

 

6.30             Program
Compliance. To the extent it participates in a particular Program, except as could not reasonably be expected to cause a Material
Adverse Effect, each Credit Party and each Affiliated Practice Entity meets all requirements of participation and payment of Medicare,
Medicaid, any other state or federal government health care programs, and any other public or private third party payor programs (each,
a “Program” and, collectively, “Programs”) and is a party to valid participation agreements for payment by such
Programs. Except as could not reasonably be expected to cause a Material Adverse Effect, there is no investigation, audit, claim review,
or other action pending or, to the knowledge of the Borrowers, threatened which could result in a revocation, suspension, termination,
probation, restriction, limitation, or non-renewal of a Credit Party’s or an Affiliated Practice Entity’s Program participation
agreement or result in a Credit Party’s or an Affiliated Practice Entity’s exclusion from any Program, each to the extent
applicable. Except as could not reasonably be expected to cause a Material Adverse Effect, no Credit Party and no Affiliated Practice
Entity has retained an overpayment received from, or failed to refund any amount due to, any Program in violation of any Health Care Law
or Program requirement. In addition, no Credit Party and no Affiliated Practice Entity, nor any of their respective officers, members,
managers or directors have been or are currently excluded from participation in any Program.

 

6.31             Licenses
for Health Care Services. Except as could not reasonably be expected to cause a Material Adverse Effect, each Person providing Health
Care Services for or on behalf of any Borrower or Affiliated Practice Entity (either as an employee or independent contractor): (x) is
appropriately licensed in every jurisdiction in which such Person provides Health Care Services for or on behalf of such Borrower or Affiliated
Practice Entity; and (y) does not have privileges at any licensed health care facility revoked, suspended or limited.

 

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		7.	AFFIRMATIVE COVENANTS.

 

Each Borrower covenants and
agrees that, until the Payment in Full of all of the Indebtedness, it will, and, as applicable, it will cause each of its Subsidiaries
to:

 

7.1              Financial
Statements. Furnish to the Agent, in form and detail satisfactory to the Agent, with sufficient copies for each Lender, the following
documents:

 

(a)              as
soon as available, but in any event within ninety (90) days after the end of each Fiscal Year, a copy of the audited Consolidated financial
statements of the Borrowers and their Consolidated Subsidiaries and the Affiliated Practice Entities as at the end of such Fiscal Year
and the related audited Consolidated statements of income, stockholders equity, and cash flows of the Borrowers and its Consolidated Subsidiaries
and the Affiliated Practice Entities for such Fiscal Year or partial Fiscal Year and underlying assumptions, setting forth in each case
in comparative form the figures for the previous Fiscal Year, certified as being fairly stated in all material respects and reported upon
without being subject to any “going concern” or like qualification, exception or explanatory paragraph or any qualification,
exception or explanatory paragraph as to the scope of such audit by an independent, nationally recognized certified public accounting
firm reasonably satisfactory to the Agent; and

 

(b)              as
soon as available, but in any event within forty five (45) days after the end of each of the first three fiscal quarters of each Fiscal
Year of the Credit Parties, the Borrowers prepared unaudited Consolidated balance sheets of the Borrowers and their Consolidated Subsidiaries
and the Affiliated Practice Entities as at the end of such quarter and the related unaudited statements of income, stockholders equity
and cash flows of the Borrowers and their Consolidated Subsidiaries and the Affiliated Practice Entities for the portion of the Fiscal
Year through the end of such quarter, setting forth in each case in comparative form the figures for the corresponding periods in the
previous Fiscal Year, and certified by a Responsible Officer of the Borrowers as being fairly stated in all material respects; and

 

all such financial statements to be complete and
correct in all material respects and to be prepared in reasonable detail and in accordance with GAAP throughout the periods reflected
therein and with prior periods (except as approved by a Responsible Officer and disclosed therein), provided however that the financial
statements delivered pursuant to clauses (b) hereof will not be required to include footnotes and will be subject to change from
audit and year-end adjustments.

 

Notwithstanding the foregoing, information required
to be delivered pursuant to Section 7.1(a) and Section 7.1(b) above shall be deemed to have been delivered if such
information, or a copy of a Form 10-K or Form 10-Q, as applicable, filed with the SEC containing such information shall have
been delivered to Agent.

 

7.2             Certificates;
Other Information. Furnish to the Agent, in form and detail acceptable to the Agent, with sufficient copies for each Lender, the following
documents:

 

(a)             Concurrently
with the delivery of the financial statements described in Sections 7.1(a) for each Fiscal Year end, and 7.1(b) for each fiscal
quarter end, a Covenant Compliance Report (or, in the case of the Borrowers’ prepared financial statements for the last fiscal quarter
of each Fiscal Year, a draft Covenant Compliance Report) duly executed by a Responsible Officer of the Borrowers’ Representative;

 

(b)             [Reserved];

 

(c)             Promptly
upon receipt thereof, copies of all significant reports submitted by the Credit Parties’ firm(s) of certified public accountants
in connection with each annual, interim or special audit or review of any type of the financial statements or related internal control
systems of the Credit Parties made by such accountants, including any comment letter submitted by such accountants to management in connection
with their services;

 

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(d)             Any
financial reports, statements, press releases, other material information or written notices delivered to the holders of the Subordinated
Debt pursuant to any applicable Subordinated Debt Documents (to the extent not otherwise required hereunder), as and when delivered to
such Persons;

 

(e)             Not
later than March 15 of each Fiscal Year, projections for the Credit Parties for the then current Fiscal Year, on a quarterly basis
and for the following Fiscal Year on an annual basis, including a balance sheet, as at the end of each relevant period and for the period
commencing at the beginning of the Fiscal Year and ending on the last day of such relevant period, such projections certified by a Responsible
Officer of the Borrowers as being based on reasonable estimates and assumptions taking into account all facts and information known (or
reasonably available to any Credit Party) by a Responsible Officer of the Borrowers;

 

(f)             Promptly
after the same are publicly available, copies of each annual report, proxy or financial statement or other report or communication sent
to the shareholders of the Parent, and copies of all annual, regular, periodic and special reports and registration statements that any
Credit Party may file or be required to file with the SEC or any Governmental Authority succeeding to any or all of the functions of the
SEC, or with any national securities exchange, and not otherwise required to be delivered pursuant hereto;

 

(g)             Promptly
after receipt thereof by Credit Party, copies of each material notice or other correspondence received from the SEC (or comparable agency
in any applicable non-U.S. jurisdiction) resulting in an investigation or possible investigation by such agency regarding financial or
other operational results of Credit Party;

 

(h)             Any
additional information as required by any Loan Document, and such additional schedules, certificates and reports respecting all or any
of the Collateral, the items or amounts received by the Credit Parties in full or partial payment thereof, and any goods (the sale or
lease of which shall have given rise to any of the Collateral) possession of which has been obtained by the Credit Parties, all to such
extent as the Agent may reasonably request from time to time, any such schedule, certificate or report to be certified as true and correct
in all material respects by a Responsible Officer of the applicable Credit Party and shall be in such form and detail as the Agent may
reasonably specify; and

 

(i)              Such
additional financial and/or other information as the Agent or any Lender may from time to time reasonably request, promptly following
such request.

 

7.3             Payment
of Obligations. Pay, discharge or otherwise satisfy, at or before maturity or before they become delinquent, as the case may be, all
of its material obligations of whatever nature, including without limitation all assessments, governmental charges, claims for labor,
supplies, rent or other obligations, except where the amount or validity thereof is currently being appropriately contested in good faith
and reserves in conformity with GAAP with respect thereto have been provided on the books of the Credit Parties.

 

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7.4             Conduct
of Business and Maintenance of Existence; Compliance with Laws.

 

(a)             Continue
to engage in their respective business and operations substantially as conducted immediately prior to the Effective Date;

 

(b)             Preserve,
renew and keep in full force and effect its existence and maintain its qualifications to do business in each jurisdiction where such qualifications
are necessary for its operations, except (i) as otherwise permitted pursuant to Section 8.4 or (ii) where the failure to
so maintain such existence or qualifications could not, either singly or in the aggregate, reasonably be expected to have a Material Adverse
Effect;

 

(c)             Take
all action it deems necessary in its reasonable business judgment to maintain all rights, privileges, licenses and franchises necessary
for the normal conduct of its business except where the failure to so maintain such rights, privileges or franchises could not, either
singly or in the aggregate, reasonably be expected to have a Material Adverse Effect;

 

(d)             Comply
with all Contractual Obligations and Requirements of Law, except to the extent that failure to comply therewith could not, either singly
or in the aggregate, reasonably be expected to have a Material Adverse Effect; and

 

(e)             (i) Continue
to be a Person whose property or interests in property is not blocked or subject to blocking pursuant to Section 1 of Executive Order
13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit or Support
Terrorism (66 Fed. Reg. 49079 (2001)) (the “Order”), (ii) not engage in the transactions prohibited by Section 2
of that Order or become associated with Persons such that a violation of Section 2 of the Order would arise, and (iii) not become
a Person on the list of Specially Designated National and Blocked Persons, or (iv) otherwise not become subject to the limitation
of any OFAC regulation or executive order.

 

7.5             Maintenance
of Property; Insurance. (a)  Keep all material property it deems, in its reasonable business judgment, useful and necessary in
its business in working order (ordinary wear and tear excepted); (b) maintain insurance coverage with financially sound and reputable
insurance companies on physical assets and against other business risks in such amounts and of such types as are customarily carried by
companies similar in size and nature (including without limitation casualty and public liability and property damage insurance), and in
the event of acquisition of additional property, real or personal, or of the incurrence of additional risks of any nature, increase such
insurance coverage in such manner and to such extent as prudent business judgment and present practice or any applicable Requirements
of Law would dictate and in the event of any Mortgaged Property located in a Flood Hazard Zone, maintain at all times flood insurance
on such property from such insurance providers, on such terms and in such amounts as required under the Flood Laws or as otherwise required
by any Lender; (c) in the case of all insurance policies covering any Collateral, such insurance policies shall provide that the
loss payable thereunder shall be payable to the applicable Credit Party, and to the Agent (as mortgagee, or, in the case of personal property
interests, lender loss payee) as their respective interests may appear; (d) in the case of all public liability insurance policies,
such policies shall list the Agent as an additional insured, as the Agent may reasonably request; and (e) if requested by the Agent,
certificates evidencing such policies, including all endorsements thereto, to be deposited with the Agent, such certificates being in
form and substance reasonably acceptable to the Agent; provided that if any Credit Party fails to insure or fails to pay the premiums
on any required insurance (including, without limitation, flood insurance), Agent may (but is not obligated to), and, with respect to
flood insurance only, any Lender may (but shall not be obligated to), following five (5) Business Days’ notice to Agent, have
the insurance issued or renewed (and pay the premiums on it for the account of the applicable Credit Party) in amounts and with companies
and at premiums as Agent or such Lender deems appropriate or, with respect to flood insurance, as required by the Flood Laws. If Agent
or any Lender elects to have insurance issued or renewed to insure the interests of the applicable Credit Party, Agent or such Lender
shall have no obligation to also insure such Credit Party’s interest or to notify such Credit Party of its actions. Any sums paid
by Agent or any Lender for insurance as provided above shall be added to the Indebtedness.

 

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7.6             Inspection
of Property; Books and Records, Discussions. Permit the Agent and each Lender, through their authorized attorneys, accountants and
representatives (a) at all reasonable times during normal business hours, upon reasonable prior notice from the Agent or such Lender,
to examine each Credit Party’s books, accounts, records, ledgers and assets and properties; (b) from time to time, during normal
business hours, upon reasonable prior notice from the Agent, to conduct full or partial collateral audits of the Accounts and Inventory
of the Credit Parties and appraisals of all or a portion of the fixed assets (including real property) of the Credit Parties, such audits
and appraisals to be completed by an appraiser as may be selected by the Agent and consented to by the Borrowers (such consent not to
be unreasonably withheld), with all reasonable costs and expenses of such audits to be reimbursed by the Credit Parties, provided that
so long as no Event of Default or Default exists at the time any such audit or appraisal is commenced, the Borrowers shall not be required
to reimburse the Agent for such audits or appraisals more frequently than once each Fiscal Year; (c) during normal business hours
and at their own risk, upon reasonable prior notice from Agent and subject to such additional requirements as may be imposed by any applicable
landlord, to enter onto the real property owned or leased by any Credit Party to conduct inspections, investigations or other reviews
of such real property; and (d) at reasonable times during normal business hours and at reasonable intervals, upon reasonable prior
notice from Agent, to visit all of the Credit Parties’ offices, discuss each Credit Party’s respective financial matters with
their respective officers, as applicable, and, by this provision, the Borrowers authorize, and will cause each of their respective Subsidiaries
to authorize, its independent certified or chartered public accountants to discuss the finances and affairs of any Credit Party and examine
any of such Credit Party’s books, reports or records held by such accountants.

 

7.7             Notices.
Promptly give written notice to the Agent of:

 

(a)             As
soon as possible, and in any event within two (2) Business Days, the occurrence of any Default or Event of Default of which any Credit
Party has knowledge;

 

(b)             any
(i) litigation or proceeding existing at any time between any Credit Party and any Governmental Authority or other third party, or
any investigation of any Credit Party conducted by any Governmental Authority, which in any case if adversely determined would have a
Material Adverse Effect or (ii) any material adverse change in the financial condition of any Credit Party since the date of the
last audited financial statements delivered pursuant to Section 7.1(a) hereof;

 

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(c)             the
occurrence of any event which any Credit Party believes could reasonably be expected to have a Material Adverse Effect, promptly after
concluding that such event could reasonably be expected to have such a Material Adverse Effect;

 

(d)             promptly
after becoming aware thereof, the taking by the Internal Revenue Service or any foreign taxing jurisdiction of a written tax position
(or any such tax position taken by any Credit Party in a filing with the Internal Revenue Service or any foreign taxing jurisdiction)
which could reasonably be expected to have a Material Adverse Effect, setting forth the details of such position and the financial impact
thereof;

 

(e)             (i) the
acquisition or creation of any new Subsidiaries, and (ii) any material change after the Effective Date in the authorized and issued
Equity Interests of any Credit Party (other than Warby Parker) or any other material amendment to any Credit Party’s charter, by-laws
or other organizational documents, such notice, in each case, to identify the capital structures or amendments as applicable, provided
that such notice shall be given not less than ten (10) Business Days prior to the proposed effectiveness of such changes, acquisition
or creation, as the case may be (or such shorter period to which the Agent may consent);

 

(f)              upon
request of Agent at any time, a current list of all jurisdictions in which any Credit Party is qualified to transact business in;

 

(g)             not
less than fifteen (15) Business Days (or such other shorter period to which the Agent may agree) prior to the proposed effective date
thereof, any proposed material amendments, restatements or other modifications to any Subordinated Debt Documents;

 

(h)             promptly
notify the Agent of the occurrence of any ERISA Event that, either individually or together with any other ERISA Events, could reasonably
be expected to have a Material Adverse Effect; and

 

(i)              any
default or event of default by any Person under any Subordinated Debt Document, concurrently with delivery or promptly after receipt (as
the case may be) of any notice of default or event of default under the applicable document, as the case may be.

 

Each notice pursuant to this
Section shall be accompanied by a statement of a Responsible Officer of the Borrowers’ Representative setting forth details
of the occurrence referred to therein and, in the case of notices referred to in clauses (a), (b), (c), (d), (g), and (h) hereof
stating what action the applicable Credit Party has taken or proposes to take with respect thereto.

 

7.8             Hazardous
Material Laws.

 

(a)             Use
and operate all of its facilities and properties in material compliance with all applicable Hazardous Material Laws, keep all material
required permits, approvals, certificates, licenses and other authorizations required under such Hazardous Material Laws in effect and
remain in compliance therewith, and handle all Hazardous Materials in material compliance with all applicable Hazardous Material Laws;

 

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(b)             (i) Promptly
notify the Agent and provide copies upon receipt of all written claims, complaints, notices or inquiries received by any Credit Party
relating to its facilities and properties or compliance with Hazardous Material Laws which, if adversely determined, could reasonably
be expected to have a Material Adverse Effect and (ii) promptly cure and have dismissed with prejudice to the reasonable satisfaction
of the Agent and the Majority Lenders any material actions and proceedings relating to compliance with Hazardous Material Laws to which
any Credit Party is named a party, other than such actions or proceedings being contested in good faith and with the establishment of
reasonable reserves;

 

(c)             To
the extent necessary to comply in all material respects with Hazardous Material Laws, remediate or monitor contamination arising from
a release or disposal of Hazardous Material, which solely, or together with other releases or disposals of Hazardous Materials could reasonably
be expected to have a Material Adverse Effect;

 

(d)             Provide
such information and certifications which the Agent or any Lender may reasonably request from time to time to evidence compliance with
this Section 7.8.

 

7.9             Financial
Covenants.

 

(a)             Consolidated
Senior Net Leverage Ratio. At all times following the date on which the aggregate outstanding amount of all Advances hereunder first
exceeds $60,000,000 (including amounts outstanding under the Swing Line or Letter of Credit sublimits of the Revolving Credit) maintain
a Consolidated Senior Net Leverage Ratio of not more than 3.00 to 1.00, tested as of the end of each fiscal quarter, for the twelve month
period ending on such date. For the avoidance of doubt, no financial covenants under this Section 7.9 shall apply at any time prior
to the date on which the aggregate outstanding amount of the Advances first exceeds $60,000,000 (including amounts outstanding under any
sublimit of the Revolving Credit), but such financial covenants shall continue to apply even though the outstanding Advances are thereafter
reduced to an amount less than $60,000,000.

 

7.10           Governmental
and Other Approvals. Apply for, obtain and/or maintain in effect, as applicable, all authorizations, consents, approvals, licenses,
qualifications, exemptions, filings, declarations and registrations (whether with any court, governmental agency, regulatory authority,
securities exchange or otherwise) which are necessary or reasonably requested by the Agent in connection with the execution, delivery
and performance by any Credit Party of, as applicable, this Agreement, the other Loan Documents, the Subordinated Debt Documents, or any
other documents or instruments to be executed and/or delivered by any Credit Party, as applicable in connection therewith or herewith,
except where the failure to so apply for, obtain or maintain could not reasonably be expected to have a Material Adverse Effect.

 

7.11           Compliance
with ERISA. Comply in all material respects with all material requirements imposed by ERISA and the Code, including, but not limited
to, the minimum funding requirements for any Pension Plan, except to the extent that any noncompliance could not reasonably be expected
to have a Material Adverse Effect.

 

7.12           Defense
of Collateral. Defend the Collateral from any Liens other than Liens permitted by Section 8.2.

 

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7.13         Future
Subsidiaries; Additional Collateral.

 

(a)           With
respect to each Person which becomes a Domestic Subsidiary (other than any Immaterial Subsidiary) of any Borrower (directly or indirectly)
subsequent to the Effective Date, whether by Permitted Acquisition, Division or otherwise, cause such new Domestic Subsidiary to execute
and deliver to the Agent, for and on behalf of each of the Lenders (unless waived by the Agent):

 

(i)             within
thirty (30) days after the date such Person becomes a Domestic Subsidiary (other than any Immaterial Subsidiary) (or such longer time
period as the Agent may determine), a Guaranty, or in the event that a Guaranty already exists, a joinder agreement to the Guaranty whereby
such Domestic Subsidiary becomes obligated as a Guarantor under the Guaranty; and

 

(ii)            within
thirty (30) days after the date such Person becomes a Domestic Subsidiary (other than any Immaterial Subsidiary) (or such longer time
period as the Agent may determine), a joinder agreement to the Security Agreement whereby such Domestic Subsidiary grants a Lien over
its assets (other than Equity Interests which should be governed by (b) of this Section 7.13) as set forth in the Security Agreement,
and such Domestic Subsidiary shall take such additional actions as may be necessary to ensure a valid first priority perfected Lien over
such assets of such Domestic Subsidiary, subject only to the other Liens permitted pursuant to Section 8.2 of this Agreement;

 

(iii)           within
the time period specified in and to the extent required under clause (d) of this Section 7.13, a Mortgage, Collateral Access
Agreements and/or other documents required to be delivered in connection therewith;

 

(b)             With
respect to the Equity Interests of each Person which becomes (whether by Permitted Acquisition, Division or otherwise) (i) a Domestic
Subsidiary subsequent to the Effective Date, cause the Credit Party that holds such Equity Interests to execute and deliver such Pledge
Agreements, and take such actions as may be necessary to ensure a valid first priority perfected Lien over one hundred percent (100%)
of the Equity Interests of such Domestic Subsidiary held by a Credit Party, such Pledge Agreements to be executed and delivered (unless
waived by the Agent) within thirty (30) days after the date such Person becomes a Domestic Subsidiary (or such longer time period as the
Agent may determine); and (ii) a Foreign Subsidiary subsequent to the Effective Date, the Equity Interests of which is held directly
by a Borrower or one of its Domestic Subsidiaries, cause the Credit Party that holds such Equity Interests to execute and deliver such
Pledge Agreements and take such actions as may be necessary to ensure a valid first priority perfected Lien over sixty-five percent (65%)
of the Equity Interests of such Subsidiary, such Pledge Agreements to be executed and delivered (unless waived by the Agent) within thirty
(30) days after the date such Person becomes a Foreign Subsidiary (or such longer time period as the Agent may determine);

 

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(c)             At
any time that (x) the aggregate revenues derived by the Credit Parties from the Affiliated Practice Entities (individually or collectively)
exceeds 10% of the total revenues of the Credit Parties or (y) a Default or Event of Default has occurred and is continuing, the
Borrowers shall elect one of the following options and notify the Agent in writing of such election within ten (10) Business Days
after the occurrence of the events described in the foregoing (x) or (y): (1) within thirty (30) days after such event (or such
longer time period as the Agent may determine), deliver to the Agent (or, in the case of the foregoing clause (y), use commercially reasonable
efforts to deliver) a Consent to Assignment executed by each Affiliated Practice Entity in respect of each Management Agreement in form
and substance reasonably satisfactory to Agent, together with such other documentation and related deliveries and actions as requested
by Agent in its reasonable discretion, including without limitation, such amendments or amendments and restatements of any Management
Agreement, as reasonably requested by the Agent (in each of the foregoing cases, except to the extent that any term of such Consent to
Assignment or requested actions or deliveries is in violation of applicable Healthcare Laws, as reasonably determined by Borrowers) or
(2) deduct all such revenues derived by the Credit Parties from the Affiliated Practice Entities from the calculation of Consolidated
Net Income and any other applicable covenant calculation (but without adding back any expenses related to the Affiliated Practice Entities
for purposes of any covenant calculation hereunder), in each case, as determined at any time thereafter;

 

(d)             (i) With
respect to the acquisition of a fee interest in real property by any Credit Party (other than an Immaterial Subsidiary) after the Effective
Date (whether by Permitted Acquisition or otherwise), not later than thirty (30) days after the acquisition is consummated or the owner
of such property becomes a Domestic Subsidiary (or such longer time period as the Agent may determine), if reasonably requested by the
Agent, such Credit Party shall execute or cause to be executed, a Mortgage (or an amendment to an existing mortgage, where appropriate)
covering such real property, together with such additional real estate documentation, environmental reports, title policies and surveys
as may be reasonably required by the Agent and all flood hazard determination certifications, acknowledgments and evidence of flood insurance
and other flood-related documentation with respect to such real property as required by Flood Laws and as otherwise reasonably required
by the Agent; and (ii) with respect to the acquisition of any leasehold interest in real property by any Credit Party after the Effective
Date (whether by Permitted Acquisition or otherwise), not later than thirty (30) days after the acquisition is consummated or the owner
of the applicable leasehold interest becomes a Domestic Subsidiary (or such longer time period as the Agent may determine), if reasonably
requested by the Agent, the applicable Credit Party shall deliver to the Agent a copy of the applicable lease agreement and shall execute
or cause to be executed, at the Agent’s option, a Collateral Access Agreement in form and substance reasonably acceptable to the
Agent together with such other documentation as may be reasonably required by the Agent;

 

in each case in form reasonably satisfactory to
the Agent, in its reasonable discretion, together with such supporting documentation, including without limitation corporate authority
items, certificates and opinions of counsel, as reasonably required by the Agent. Upon the Agent’s request, Credit Parties shall
take, or cause to be taken, such additional steps as are necessary or advisable under applicable law to perfect and ensure the validity
and priority of the Liens granted under this Section 7.13.

 

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Notwithstanding the foregoing, (y) the Agent
shall not enter into any Mortgage in respect of any real property acquired by a Credit Party after the Effective Date until sixty (60)
days after the Agent or the Borrowers have delivered to the Lenders (which may be delivered electronically) the following documents in
respect of such real property: (i) sufficient information to allow each Lender to conduct flood insurance due diligence and flood
insurance compliance with respect to such property (such information to include without limitation such property’s street address
that will be used in the Mortgage with respect to such property and in the mortgage title insurance policy and any other Loan Documents
to be delivered in connection with such Mortgage), (ii) a completed flood hazard determination from a third party vendor; (iii) if
any part of such property is located in a Flood Hazard Zone, a notification to the applicable Credit Parties of that fact and, if applicable,
notification to the applicable Credit Parties that flood insurance coverage is not available and evidence of the receipt by the applicable
Credit Parties of such notice; provided that (subject to clause (z) below) the Agent may enter into such Mortgage prior to the end
of such sixty (60) day period if the Agent shall have received confirmation from each applicable Lender that such Lender has completed
any necessary flood insurance due diligence to its reasonable satisfaction; and (z) if any part of such property is located in a
Flood Hazard Zone and flood insurance coverage is not available, no party shall enter into a Mortgage with respect to such property.

 

7.14           Accounts.
Maintain all primary deposit accounts, securities accounts, operating accounts and cash management accounts of any Credit Party with the
Agent or a Lender, provided that, (a) so long as Borrowers and Guarantors at all times maintain at least $10,000,000 in the aggregate
in Net Cash in deposit accounts with Agent or a Lender or with Agent’s or a Lender’s Affiliates (and in the case of such accounts
with a Lender or Agent’s or a Lender’s Affiliates, covered by Account Control Agreements), Credit Parties may maintain up
to $30,000,000 in the aggregate in deposit and investment balances in accounts outside of Agent and Lenders, and so long as no Event of
Default exists, no Account Control Agreements shall be required with respect to such accounts and (b) with respect to any such accounts
maintained with any Lender (other than the Agent), such Credit Party that is a Borrower or a Guarantor (i) shall cause to be executed
and delivered an Account Control Agreement in form and substance satisfactory to the Agent and (ii) has taken all other steps necessary,
or in the opinion of the Agent, desirable to ensure that the Agent has a perfected security interest in such account. Upon request of
Agent from time to time, Borrowers shall promptly, and in any event within two (2) Business Days of request by Agent, provide Agent
with a true, correct and complete listing of all deposit and securities accounts maintained outside of Agent by any Credit Party or any
of its Subsidiaries.

 

7.15           Use
of Proceeds. Use all Advances of the Revolving Credit as set forth in Section 2.13 hereof. The Borrowers shall not use any portion
of the proceeds of any such advances for the purpose of purchasing or carrying any “margin stock” (as defined in Regulation
U of the Board of Governors of the Federal Reserve System) in any manner which violates the provisions of Regulation T, U or X of said
Board of Governors or for any other purpose in violation of any applicable statute or regulation and not use the Advances to fund any
operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation
of any Anti-Terrorism Law.

 

7.16           [Reserved].

 

7.17           Further
Assurances and Information.

 

(a)             Take
such actions as the Agent or Majority Lenders may from time to time reasonably request to establish and maintain first priority perfected
security interests in and Liens on all of the Collateral, subject only to those Liens permitted under Section 8.2 hereof, including
executing and delivering such additional pledges, assignments, mortgages, lien instruments or other security instruments covering any
or all of the Credit Parties’ assets as the Agent may reasonably require, such documentation to be in form and substance reasonably
acceptable to the Agent, and prepared at the expense of the Borrowers.

 

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(b)             Execute
and deliver or cause to be executed and delivered to the Agent within a reasonable time following the Agent’s request, and at the
expense of the Borrowers, such other documents or instruments as the Agent may reasonably require to effectuate more fully the purposes
of this Agreement or the other Loan Documents.

 

(c)             Promptly
provide Agent and the Lenders with any information and documentation reasonably requested by the Agent or any Lender for purposes of compliance
with applicable “know your customer” anti-money laundering rules and regulations, including under the USA Patriot Act
and any the Beneficial Ownership Regulation.

 

(d)             With
respect to all or any portion of a Mortgaged Property (a) at any time upon the Agent’s or any Lender’s request, provide
the Agent and each Lender with sufficient information to allow the Agent and each Lender to conduct flood insurance due diligence and
flood insurance compliance with respect to such property (such information to include without limitation such property’s street
address that is used in the Mortgage with respect to such property and in the mortgage title insurance policy and any other Loan Documents
delivered in connection with such Mortgage), and (b) if any part of such Mortgaged Property is determined to be in a Flood Hazard
Zone, deliver or cause to be delivered to Agent and the Lenders, within forty five (45) days after receipt by the applicable Credit Party
of notice from the Agent or a Lender that any part of such Mortgaged Property is located in a Flood Hazard Zone, evidence of flood insurance
on such property from such insurance providers on such terms and in such amounts as required under the Flood Laws or as otherwise required
by any Lender.

 

7.18           Anti-Terrorism
Laws. Not permit (i) any Covered Entity to become a Sanctioned Person, (ii) any Covered Entity, either in its own right
or through any third party, to (A) have any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned
Person in violation of any Anti-Terrorism Law; (B) do business in or with, or derive any of its income from investments in or transactions
with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (C) engage in any dealings or transactions
prohibited by any Anti-Terrorism Law; or (D) use the Advances to fund any operations in, finance any investments or activities in,
or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law, (iii) the funds used
to repay the Indebtedness to be derived from any unlawful activity, and (iv) any Covered Entity to fail to comply with all Anti-Terrorism
Laws.

 

7.19           Required
Licenses.

 

(a)             Maintain
(and use commercially reasonable efforts to cause all Affiliated Practice Entities to maintain) all Required Licenses free and clear from
Liens (except Permitted Liens), material restrictions, probations and conditions; and maintain (and use commercially reasonable efforts
to cause all Affiliated Practice Entities to maintain) all other permits, licenses, approvals and agreements which it is required to maintain
or comply with, in each case, where the failure to do so could reasonably be expected to result in a Material Adverse Effect.

 

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(b)             Provide
Agent with a copy of any Required License of any Credit Party or any Affiliated Practice Entity (other than any professional license of
any individual doctors) issued or renewed in the future by a Governmental Authority within thirty (30) days after its issuance or renewal.
To the extent that any such Required License is assignable, each Credit Party will collaterally assign it to Agent as additional security
for the Indebtedness, using a form of assignment reasonably acceptable to Agent in its discretion.

 

7.20           Notices
from Governmental Authorities. Furnish to Agent (or use commercially reasonable efforts to cause each Affiliated Practice Entity to
furnish to Agent, as applicable), within ten (10) days after receipt by any Credit Party or any Affiliated Practice Entity, (i) if
applicable, a copy of any written inquiry by any Governmental Authority concerning the business affairs, practices, licensure, registration,
quality of care, or reimbursement entitlements concerning any Credit Party’s or any Affiliated Practice Entity’s operations,
that, if adversely determined, could reasonably be expected to cause a Material Adverse Effect, and (ii) any and all written notices
from any Governmental Authority to any Credit Party or any Affiliated Practice Entity that any Required License is being revoked, terminated,
suspended, restricted or conditioned or may not be renewed or reissued or that action is pending or being considered to revoke, terminate,
suspend, restrict or condition (or not renew or reissue) any such Required License, in each case, that, if adversely determined, could
reasonably be expected to cause a Material Adverse Effect.

 

7.21           Compliance
with Healthcare Laws. Be, and use commercially reasonable efforts to cause each Affiliated Practice Entity to be (and make commercially
reasonable efforts to cause its and each Affiliated Practice Entity’s employees, contractors (other than contracted agencies) to
be), in the exercise of their duties on behalf of such Credit Party and such Affiliated Practice Entity, in material compliance with
all Healthcare Laws, and any Requirements of Laws with respect to the collections on accounts, any contracts relating thereto or any
other Collateral, or otherwise applicable to the business and property of such Credit Party or such Affiliated Practice Entity (excluding,
for the avoidance of doubt, the quality and adequacy of medical care provided to patients and any issues or claims arising from or in
connection therewith, which shall in each such case, be the responsibility of each Affiliated Practice Entity in its professional judgment).

 

7.22           HIPAA/HITECH
Compliance. To the extent that and for so long as such Credit Party or an Affiliated Practice Entity is a “covered entity”
or “business associate” as either such term is defined under HIPAA/HITECH, (a) promptly undertake (or cause to be undertaken)
all necessary surveys, audits, inventories, reviews, analyses and/or assessments (including any necessary risk assessments) of all areas
of their or such Affiliated Practice Entity’s business and operations required by HIPAA/HITECH and/or that could be adversely affected
by the failure of such Credit Party or such Affiliated Practice Entity to be HIPAA/HITECH Compliant (as defined below); (b) if applicable,
develop a detailed plan and time line for becoming HIPAA/HITECH Compliant (a “HIPAA/HITECH Compliance Plan”); and (c) implement
(or cause to be implemented) those provisions of such HIPAA/HITECH Compliance Plan necessary to ensure that such Credit Party or such
Affiliated Practice Entity become HIPAA/HITECH Compliant.

 

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7.23           Healthcare
Investigations. Within then (10) Business Days’ of each Credit Party’s or an Affiliated Practice Entity’s
receipt thereof, furnish Agent (or use commercially reasonable efforts to cause each such Affiliate Practice Entity to furnish to Agent)
with a copy of any written notice of any Healthcare Investigation by any Governmental Authority that is reasonably likely, or with the
passage of time is reasonably likely, to: (i) have an adverse impact on such Credit Party’s or such Affiliated Practice Entity’s
ability to accept and/or retain patients or result in the imposition of a fine, a sanction, a lower rate certification or, as applicable,
a lower reimbursement rate for services rendered to eligible patients, (ii) modify, limit or result in the transfer, suspension,
revocation or imposition of probationary use of any of the Required Licenses, or (iii) result in any other criminal or civil penalty,
sanction, or remedy, or which could reasonably be expected to result in the appointment of a receiver, in each of clauses (i), (ii) or
(iii), that could reasonably be expected to cause a Material Adverse Effect.

 

7.24           Post-Closing.
The Borrowers agree as follows with respect to the period following the Effective Date:

 

(a)             On
or before forty five (45) days after the Effective Date (or such later date as agreed by Agent), Borrowers shall use commercially reasonable
efforts to deliver to the Agent a duly executed Consent to Assignment in respect of each Management Agreement that does not, by its terms,
permit assignments to the Agent (for and on behalf of the Lenders) (or, alternatively, provide Agent with a copy of an executed amendment
to each such Management Agreement to expressly permit a collateral assignment to Agent).

 

		8.	NEGATIVE COVENANTS.

 

Each Borrower covenants and
agrees that, until the Payment in Full of all Indebtedness, it will not, and, as applicable, it will not permit any of its Subsidiaries
to:

 

8.1             Limitation
on Debt. Create, incur, assume or suffer to exist any Debt, except:

 

(a)             Indebtedness
of any Credit Party to the Agent or any Lender;

 

(b)             any
Debt existing on the Effective Date and set forth in Schedule 8.1 attached hereto and any renewals or refinancing of such Debt, provided
that (i) the aggregate principal amount of such renewed or refinanced Debt shall not exceed the aggregate principal amount of the
original Debt outstanding on the Effective Date (less any principal payments and the amount of any commitment reductions made thereon
on or prior to such renewal or refinancing), (ii) the renewal or refinancing of such Debt shall be on substantially the same or better
terms as in effect with respect to such Debt on the Effective Date, and shall otherwise be in compliance with this Agreement, and (iii) at
the time of such renewal or refinancing no Event of Default has occurred and is continuing or would result from the renewal or refinancing
of such Debt;

 

(c)             any
Debt of such Borrower or any of its Subsidiaries incurred to finance the acquisition of fixed or capital assets, whether pursuant to a
loan or a Capitalized Lease provided that both at the time of and immediately after giving effect to the incurrence thereof (i) no
Default or Event of Default shall have occurred and be continuing, and (ii) the aggregate amount of all such Debt at any one time
outstanding (including, without limitation, any Debt of the type described in this clause (c) which is set forth on Schedule 8.1
hereof) shall not exceed $10,000,000, and any renewals or refinancings of such Debt on terms substantially the same or better than those
in effect at the time of the original incurrence of such Debt;

 

(d)             Subordinated
Debt;

 

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(e)              Debt
under any Hedging Transactions, provided that such transaction is entered into for risk management purposes and not for speculative purposes;

 

(f)              Debt
arising from judgments or decrees not deemed to be a Default or Event of Default under subsection (g) of Section 9.1;

 

(g)             Debt
owing to a Person that is a Credit Party, but only to the extent evidenced by an Intercompany Note and permitted under Section 8.7
hereof;

 

(h)             Debt
of the Credit Parties not to exceed $1,000,000 in the aggregate outstanding at any time to financial institutions in connection with the
provision of merchant services by such financial institutions to the Credit Parties;

 

(i)              Debt
of Credit Parties owing to trade creditors, provided that such Debt is incurred in the ordinary course of business of the Credit Parties;

 

(j)              Guarantee
Obligations incurred in the ordinary course of business in respect of Debt otherwise permitted hereunder;

 

(k)             Debt
of any Person that becomes a Subsidiary after the date hereof; provided that such Debt exists at the time such Person becomes a Subsidiary
and is not created in contemplation of or in connection with such Person becoming a Subsidiary;

 

(l)              Debt
in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations not in connection
with money borrowed, in each case provided in the ordinary course of business, including those incurred to secure health, safety and environmental
obligations in the ordinary course of business;

 

(m)             Debt
(i) resulting from a bank or other financial institution honoring a check, draft or similar instrument in the ordinary course of
business or (ii) arising under or in connection with cash management services in the ordinary course of business;

 

(n)             additional
unsecured Debt not otherwise described above, provided that both at the time of and immediately after giving effect to the incurrence
thereof (i) no Default or Event of Default shall have occurred and be continuing or result therefrom and (ii) the aggregate
amount of all such Debt shall not exceed $3,000,000 at any one time outstanding.

 

8.2             Limitation
on Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter
acquired, except for:

 

(a)             Permitted
Liens;

 

(b)             Liens
securing Debt permitted by Section 8.1(c), provided that (i) such Liens are created upon fixed or capital assets acquired by
the applicable Credit Party after the date of this Agreement (including without limitation by virtue of a loan or a Capitalized Lease),
(ii) any such Lien is created solely for the purpose of securing indebtedness representing or incurred to finance the cost of the
acquisition of the item of property subject thereto, (iii) the principal amount of the Debt secured by any such Lien shall at no
time exceed 100% of the sum of the purchase price or cost of the applicable property, equipment or improvements and the related costs
and charges imposed by the vendors thereof and (iv) the Lien does not cover any property other than the fixed or capital asset acquired;
provided, however, that no such Lien shall be created over any owned real property of any Credit Party for which the Agent has received
a Mortgage or for which such Credit Party is required to execute a Mortgage pursuant to the terms of this Agreement;

 

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(c)             Liens
created pursuant to the Loan Documents;

 

(d)             Liens
on cash collateral or letters of credit in respect of Debt permitted by, and in favor of financial institutions referenced in, Section 8.1(h),
in an amount not to exceed the amount of such Debt at any time;

 

(e)             Liens
in favor of other financial institutions arising in connection with Credit Parties’ deposit accounts held at such institutions to
secure standard fees for deposit services charged by, but not to secure any financing made available by such institutions, provided that
in the case of a Borrower or Guarantor, Agent has a perfected, first-priority security interest in the amounts held in such deposit accounts
(except as otherwise permitted under Section 7.14) and each Borrower and each Guarantor is in compliance with the requirements of
Section 7.14 with respect to such accounts; and

 

(f)              other
Liens, existing on the Effective Date, set forth on Schedule 8.2 and renewals, refinancings and extensions thereof on substantially the
same or better terms as in effect on the Effective Date and otherwise in compliance with this Agreement.

 

Regardless of the provisions of this Section 8.2,
and except with respect to the Equity Interests in Warby Parker, no Lien over the Equity Interests of any Borrower or any Subsidiary of
any Borrower (except for those Liens for the benefit of the Agent and the Lenders) shall be permitted under the terms of this Agreement.

 

8.3             Acquisitions.
Except for Permitted Acquisitions, purchase or otherwise acquire (including pursuant to any merger with or as a Division Successor pursuant
to the Division of, any Person that was not a Credit Party prior to such merger or Division) or become obligated for the purchase of all
or substantially all or any material portion of the assets or business interests or a division or other business unit of any Person, or
any Equity Interest of any Person, or any business or going concern.

 

8.4             Limitation
on Mergers, Dissolution or Sale of Assets. Enter into any merger or consolidation, or consummate a Division as the Dividing Person,
or convey, sell, lease, assign, transfer or otherwise dispose of any of its property, business or assets (including, without limitation,
Equity Interests, receivables and leasehold interests), whether now owned or hereafter acquired or liquidate, wind up or dissolve, except:

 

(a)             Inventory
leased or sold in the ordinary course of business;

 

(b)             obsolete,
damaged, uneconomic or worn out machinery or equipment, or machinery or equipment no longer used or useful in the conduct of the applicable
Credit Party’s business;

 

(c)             Permitted
Acquisitions;

 

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(d)             mergers
or consolidations of any Subsidiary of a Borrower with or into any Borrower or any Guarantor so long as such Borrower or such Guarantor
shall be the continuing or surviving entity; provided that at the time of each such merger or consolidation, both before and after giving
effect thereto, no Default or Event of Default shall have occurred and be continuing or result from such merger or consolidation;

 

(e)             any
Subsidiary of a Borrower may liquidate or dissolve into a Borrower or a Guarantor if the Borrowers determine in good faith that such liquidation
or dissolution is in the best interests of the Borrowers, so long as no Default or Event of Default has occurred and is continuing or
would result therefrom;

 

(f)              sales
or transfers, including without limitation upon voluntary liquidation from any Credit Party to a Borrower or a Guarantor, provided that
the applicable Borrower or Guarantor takes such actions as the Agent may reasonably request to ensure the perfection and priority of the
Liens in favor of the Lenders over such transferred assets;

 

(g)             subject
to Section 2.10(b) hereof, (i) Asset Sales (exclusive of asset sales permitted pursuant to all other subsections of this
Section 8.4 and other than Asset Sales or other transfers consisting of intellectual property) in which the sales price is at least
equal to the fair market value of the assets sold and the consideration received is cash or cash equivalents or Debt of any Credit Party
being assumed by the purchaser, provided that the aggregate amount of such Asset Sales does not exceed $2,500,000 in any Fiscal Year and
no Default or Event of Default has occurred and is continuing at the time of each such sale (both before and after giving effect to such
Asset Sale), and (ii) other Asset Sales approved by the Majority Lenders in their sole discretion;

 

(h)             the
sale or disposition of Permitted Investments and other cash equivalents in the ordinary course of business;

 

(i)              any
Credit Party (other than a Borrower) that is a limited liability company may consummate a Division as the Dividing Person provided that,
if the Credit Party is a Guarantor, then immediately upon the consummation of the Division, the assets of the applicable Dividing Person
are held by one or more Borrowers or Guarantors at such time; provided further that if the foregoing requirements are not satisfied, such
Division shall be permitted if such Division, in the aggregate, would otherwise result in an Asset Sale permitted by clause (g) above;

 

(j)              dispositions
of owned or leased vehicles in the ordinary course of business;

 

(k)             leases
and subleases, in each case, in the ordinary course of business and which do not interfere in any material respect with the business of
the Credit Parties, taken as a whole; and

 

(l)              non-exclusive
licenses for the use of the intellectual property of a Borrower or its Subsidiaries in the ordinary course of business which do not interfere
in any material respect with the business of a Borrower and its Subsidiaries taken as a whole.

 

The Lenders hereby consent and agree to the release
by the Agent of any and all Liens on the property sold or otherwise disposed of in compliance with this Section 8.4.

 

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8.5             Restricted
Payments. Declare or make any distributions, dividend, payment or other distribution of assets, properties, cash, rights, obligations
or securities (collectively, “Distributions”) on account of any of its Equity Interests, as applicable, or purchase, redeem
or otherwise acquire for value any of its Equity Interests, as applicable, or any warrants, rights or options to acquire any of its Equity
Interests, now or hereafter outstanding (collectively, “Purchases”), except that:

 

(a)             each
Credit Party may pay cash Distributions to any Borrower;

 

(b)             each
Credit Party may (i) declare and make Distributions payable in the Equity Interests of such Credit Party and (ii) issue Equity
Interests of such Credit Party to employees and service providers of such Credit Party, provided that (x) in each case, the issuance
of such Equity Interests does not otherwise violate the terms of this Agreement and (y) in the case of the foregoing clause (i),
no Default or Event of Default has occurred and is continuing at the time of making such Distribution or would result from the making
of such Distribution;

 

(c)             Warby
Parker may pay up to $50,000,000 in the aggregate in each Fiscal Year to repurchase Equity Interests issued by Warby Parker, so long as
Agent shall have received evidence satisfactory to Agent that any such repurchase has been duly authorized and approved by Warby Parker’s
board of directors and provided that, at the time of such repurchase and immediately after giving effect thereto, (i) no Default
or Event of Default exists or could reasonably be expected to occur, (ii) each Borrower is solvent, (iii) the aggregate amount
of Net Cash of Borrowers and Guarantors on deposit with Agent or any Lender is not less than Twenty Million Dollars ($20,000,000) in the
aggregate, (iv) such repurchase would not trigger a Change in Control, (v) such repurchase is permitted under and is made in
compliance with applicable law, including Sections 170 and 173 of the Delaware General Corporation Law, (vi) the Consolidated Senior
Leverage Ratio of the Credit Parties, determined on a pro forma basis, is not greater than 3.00 to 1.00; and

 

(d)             Warby
Parker may make charitable grants of Equity Interests in Warby Parker to Warby Parker Impact Foundation or similar charities, provided
that the Equity Interests granted after the Effective Date under this clause shall not exceed 892,860 shares of Warby Parker in the aggregate.

 

8.6             Limitation
on Capital Expenditures. Make or commit to make (by way of the acquisition of securities of a Person or otherwise) any expenditure
in respect of the purchase or other acquisition of fixed or capital assets (excluding any such asset acquired in connection with normal
replacement and maintenance programs properly charged to current operations) except for (a) Reinvestments of Net Cash Proceeds from
Asset Sales, Insurance Proceeds or Condemnation Proceeds to the extent permitted under Section 2.10 hereof and (b) Capital
Expenditures the amount of which in any Fiscal Year shall not exceed $100,000,000.

 

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8.7             Limitation
on Investments, Loans and Advances. Make or allow to remain outstanding any Investment (whether such investment shall be of the character
of investment in shares of stock, evidences of indebtedness or other securities or otherwise) in, or any loans or advances to, any Person
other than:

 

(a)             Permitted
Investments;

 

(b)             Investments
existing on the Effective Date and listed on Schedule 8.7 hereof;

 

(c)             sales
on open account in the ordinary course of business;

 

(d)             intercompany
loans or intercompany Investments made by any Credit Party to or in any Guarantor or any Borrower; provided that, in each case, no Default
or Event of Default shall have occurred and be continuing at the time of making such intercompany loan or intercompany Investment or result
from such intercompany loan or intercompany Investment being made and that any intercompany loans shall be evidenced by and funded under
an Intercompany Note pledged to the Agent under the appropriate Collateral Documents;

 

(e)             Investments
in respect of Hedging Transactions provided that such transaction is entered into for risk management purposes and not for speculative
purposes;

 

(f)             Investments
consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business
not to exceed Two Million Dollars ($2,000,000) in the aggregate in any Fiscal Year, and (ii) loans to employees, officers or directors
relating to the purchase of Equity Interests of Warby Parker pursuant to employee stock purchase plan agreements approved by Warby Parker’s
board of directors or any committee thereof provided that such loans are cashless (other than cash payments to Warby Parker by the obligor
in repayment of such loans);

 

(g)             Permitted
Acquisitions;

 

(h)             Investments
constituting deposits made in connection with the purchase of goods or services in the ordinary course of business in an aggregate amount
for such deposits not to exceed $2,000,000 at any one time outstanding;

 

(i)               repurchases
of Equity Interests of Warby Parker as approved by Warby Parker’s board of directors but only to the extent permitted under Section 8.5;
and

 

(j)               Investments
accepted in connection with Asset Sales permitted under Section 8.4;

 

(k)             Intercompany
loans or intercompany Investments made by any Credit Party to or in any other Credit Party that is not a Borrower or Guarantor, provided
that the aggregate amount of all such Investments (other than any intercompany account payable made in the ordinary course of business)
shall not exceed $1,000,000 in any Fiscal Year; and provided, further, that, in each case, no Default or Event of Default shall have occurred
and be continuing at the time of making such intercompany loan or intercompany Investment or result from such intercompany loan or intercompany
Investment being made and that any intercompany loans made by a Borrower or Guarantor shall be evidenced by and funded under an Intercompany
Note pledged to the Agent under the appropriate Collateral Documents;

 

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(l)               Investments
(including Debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement
of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrowers’ business;

 

(m)             Investments
consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates,
in the ordinary course of business, provided that this clause (m) shall not apply to Investments of any Borrower in any Subsidiary;

 

(n)             Joint
ventures or strategic alliances with non-Affiliated third parties in the ordinary course of Borrowers’ business consisting of the
non-exclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash Investments
by Borrowers do not exceed Ten Million Dollars ($10,000,000) in the aggregate in any Fiscal Year;

 

(o)             Investments
in or to any Affiliated Practice Entity provided that (i) no Default or Event of Default shall have occurred and be continuing or
shall result from the making of such Investment and (ii) the aggregate amount of all such Investments outstanding at any time shall
not exceed $1,000,000; and

 

(p)             other
Investments not described above provided that both at the time of and immediately after giving effect to any such Investment (i) no
Default or Event of Default shall have occurred and be continuing or shall result from the making of such Investment and (ii) the
aggregate amount of all such Investments shall not exceed $10,000,000 in any Fiscal Year.

 

In valuing any Investments for the purpose of
applying the limitations set forth in this Section 8.7 (except as otherwise expressly provided herein), such Investment shall be
taken at the original cost thereof, without allowance for any subsequent write-offs or appreciation or depreciation, but less any amount
repaid or recovered on account of capital or principal.

 

8.8             Transactions
with Affiliates. Except as set forth in Schedule 8.8, enter into any transaction, including, without limitation, any purchase, sale,
lease or exchange of property or the rendering of any service, with any Affiliates of the Credit Parties except: (a) transactions
with Affiliates that are the Borrowers or Guarantors; (b) transactions otherwise permitted under this Agreement; and (c) transactions
in the ordinary course of a Credit Party’s business and upon fair and reasonable terms no less favorable to such Credit Party than
it would obtain in a comparable arms length transaction from unrelated third parties.

 

8.9             Sale-Leaseback
Transactions. Enter into any arrangement with any Person providing for the leasing by a Credit Party of real or personal property
which has been or is to be sold or transferred by such Credit Party to such Person or to any other Person to whom funds have been or are
to be advanced by such Person on the security of such property or rental obligations of such Credit Party, as the case may be, provided
that if, at the time that a Credit Party acquires fixed or capital assets, such Credit Party intends to sell to and then lease such assets
from another Person pursuant to a financing arrangement that would be permitted under Section 8.1(c), such transaction will not constitute
a violation of this Section 8.9 so long as such transaction is consummated within sixty (60) days following the acquisition of such
assets.

 

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8.10           Limitations
on Other Restrictions. Except for this Agreement, any other Loan Document, enter into any agreement, document or instrument which
would (i) restrict the ability of any Subsidiary of a Borrower to pay or make dividends or distributions in cash or kind to any Borrower
or any Guarantor, to make loans, advances or other payments of whatever nature to any Credit Party, or to make transfers or distributions
of all or any part of its assets to any Credit Party; or (ii) restrict or prevent any Credit Party from granting the Agent, for the
benefit of the Lenders, Liens upon, security interests in and pledges of their respective assets, except to the extent (i) and for
so long as such assets constitute Excluded Property (as defined in the Security Agreement), and (ii) such restrictions exist in documents
creating Liens permitted by Section 9.2(b) hereunder.

 

8.11           Prepayment
of Debt. Make any prepayment (whether optional or mandatory), repurchase, redemption, defeasance or any other payment in respect of
any Subordinated Debt, provided, however, that the applicable Credit Party may make certain payments in respect of the Subordinated Debt
but only to the extent permitted under the Subordinated Debt Documents and the applicable Subordination Agreement.

 

8.12           Amendment
of Subordinated Debt Documents. Amend, modify or otherwise alter (or suffer to be amended, modified or altered) the Subordinated Debt
Documents except as permitted in the applicable Subordinated Debt Documents and Subordination Agreements, or if no such restrictions exist
in the applicable Subordinated Debt Documents or Subordination Agreements, without the prior written consent of the Agent.

 

8.13           Modification
of Certain Agreements. Make, permit or consent to any amendment or other modification to the constitutional documents of any Credit
Party or any Material Contract except to the extent that any such amendment or modification (i) does not violate the terms and conditions
of this Agreement or any of the other Loan Documents, (ii) does not materially adversely affect the interest of the Lenders as creditors
and/or secured parties under any Loan Document and (iii) could not reasonably be expected to have a Material Adverse Effect.

 

8.14           Management
Fees. Pay or otherwise advance, directly or indirectly, any management, consulting or other fees to an Affiliate.

 

8.15           Fiscal
Year. Permit the Fiscal Year of any Credit Party to end on a day other than December 31.

 

8.16           Limitations
with Respect to Required Licenses. Do any of the following (nor permit any Affiliated Practice Entity to do any of the following):

 

(a)             transfer
a Required License (other than any professional license of any individual doctors) or rights thereunder to any Person (other than to a
Borrower or Agent);

 

(b)             pledge
or hypothecate any Required Licenses (other than any professional license of any individual doctors) as collateral security for any indebtedness
other than Indebtedness; or

 

(c)             materially
amend, modify, alter the nature, tenor or scope of any Required Licenses or allow any Required License (other than any professional license
of any individual doctors) to be rescinded, withdrawn or revoked without the Agent’s prior written consent, except to the extent
such amendment, modification, alteration, rescission, withdrawal or revocation (i) does not violate the terms and conditions of this
Agreement or any of the other Loan Documents, (ii) does not materially adversely affect the interest of the Lenders as creditors
and/or secured parties under any Loan Document and (iii) could not reasonably be expected to have a Material Adverse Effect.

 

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		9.	DEFAULTS.

 

9.1             Events
of Default. The occurrence of any of the following events shall constitute an Event of Default hereunder:

 

(a)             non-payment
when due of (i) the principal of any Indebtedness, (ii) interest on any Advance within three (3) Business Days after the
same shall be due, (iii) any Reimbursement Obligation, or (iv) any Fees within three (3) Business Days after the same shall
be due;

 

(b)             non-payment
of any other amounts due and owing by a Borrower under this Agreement or by any Credit Party under any of the other Loan Documents to
which it is a party, other than as set forth in subsection (a) above, within three (3) Business Days after the same is due and
payable;

 

(c)             default
in the observance or performance of any of the conditions, covenants or agreements of the Borrowers set forth in Sections 7.1, 7.2, 7.4(a) and
(e), 7.5, 7.6, 7.7, 7.9, 7.13, 7.14, 7.15, 7.16, 7.17 or Section 8 in its entirety, provided that an Event of Default arising from
a breach of Sections 7.1 or 7.2 shall be deemed to have been cured upon delivery of the required item; and provided further that any Event
of Default arising solely due to a breach of Section 7.7(a) shall be deemed cured upon the earlier of (x) the giving of
the notice required by Section 7.7(a) and (y) the date upon which the Default or Event of Default giving rise to the notice
obligation is cured or waived;

 

(d)             default
in the observance or performance of any of the other conditions, covenants or agreements set forth in this Agreement or any of the other
Loan Documents by any Credit Party and continuance thereof for a period of thirty (30) consecutive days after (i) the Agent provides
notice of such default or (ii) any Credit Parties becomes aware or reasonably should have known of the existence of such default,
whichever shall occur first;

 

(e)             any
representation or warranty made by any Credit Party herein or in any certificate, instrument or other document submitted pursuant hereto
proves untrue or misleading in any material adverse respect when made;

 

(f)             (i) default
by any Credit Party in the payment of any indebtedness for borrowed money, whether under a direct obligation or guaranty (other than Indebtedness
hereunder) of any Credit Party in excess of Five Million Dollars ($5,000,000) (or the equivalent thereof in any currency other than Dollars)
individually or in the aggregate when due and continuance thereof beyond any applicable period of cure, (ii) failure to comply with
the terms of any other obligation of any Credit Party with respect to any indebtedness for borrowed money (other than Indebtedness hereunder)
in excess of Five Million Dollars ($5,000,000) (or the equivalent thereof in any currency other than Dollars) individually or in the aggregate,
which continues beyond any applicable period of cure and which would permit the holder or holders thereto to accelerate such other indebtedness
for borrowed money, or require the prepayment, repurchase, redemption or defeasance of such indebtedness, or (iii) any default by
any Credit Party under any Hedging Agreement which continues beyond any applicable period of cure;

 

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(g)             the
rendering of any judgment(s) (not covered by adequate insurance from a solvent carrier which is defending such action without reservation
of rights) for the payment of money in excess of the sum of Five Million Dollars ($5,000,000) (or the equivalent thereof in any currency
other than Dollars) individually or in the aggregate against any Credit Party, and such judgments shall remain unpaid, unvacated, unbonded
or unstayed by appeal or otherwise for a period of thirty (30) consecutive days from the date of its entry;

 

(h)             an
ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could reasonably be expected to result in
liability of the Borrowers under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount that could
reasonably be expected to have a Material Adverse Effect;

 

(i)              except
as expressly permitted under this Agreement, any Credit Party shall be dissolved (other than a dissolution of a Subsidiary of a Borrower
which is not a Guarantor or a Borrower) or liquidated (or any judgment, order or decree therefor shall be entered) except as otherwise
permitted herein; or if a creditors’ committee shall have been appointed for the business of any Credit Party; or if any Credit
Party shall have made a general assignment for the benefit of creditors or shall have been adjudicated bankrupt and if not an adjudication
based on a filing by a Credit Party, it shall not have been dismissed within sixty (60) days, or shall have filed a voluntary petition
in bankruptcy or for reorganization or to effect a plan or arrangement with creditors or shall fail to pay its debts generally as such
debts become due in the ordinary course of business (except as contested in good faith and for which adequate reserves are made in such
party’s financial statements); or shall file an answer to a creditor’s petition or other petition filed against it, admitting
the material allegations thereof for an adjudication in bankruptcy or for reorganization; or shall have applied for or permitted the appointment
of a receiver or trustee or custodian for any of its property or assets; or such receiver, trustee or custodian shall have been appointed
for any of its property or assets (otherwise than upon application or consent of a Credit Party ) and shall not have been removed within
sixty (60) days; or if an order shall be entered approving any petition for reorganization of any Credit Party and shall not have been
reversed or dismissed within sixty (60) days;

 

(j)              a
Change of Control;

 

(k)             [reserved];

 

(l)              to
the extent that and for so long as any Credit Party or any Affiliated Practice Entity is a “covered entity” within the meaning
of HIPAA/HITECH, if such Credit Party or such Affiliated Practice Entity shall fail, at any time, to be HIPAA/HITECH Compliant and continuance
thereof for a period of fifteen (15) consecutive days after any of the Credit Parties first becomes aware or reasonably should have known
of the existence of such occurrence;

 

(m)             the
revocation or suspension by a Governmental Authority of any Required License of any Credit Party or any Affiliated Practice Entity (other
than any professional license of any individual doctors) that could reasonably be expected to result in a Material Adverse Effect and
continuance thereof for a period of fifteen (15) consecutive days after any of the Credit Parties first becomes aware or reasonably should
have known of the existence of such occurrence;

 

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(n)             the
validity, binding effect or enforceability of any subordination provisions relating to any Subordinated Debt shall be contested by any
Person party thereto (other than any Lender, the Agent, Issuing Lender or Swing Line Lender), or such subordination provisions shall
fail to be enforceable by the Agent and the Lenders in accordance with the terms thereof, or the Indebtedness shall for any reason not
have the priority contemplated by this Agreement or such subordination provisions; or

 

(o)             any
Loan Document shall at any time for any reason cease to be in full force and effect (other than in accordance with the terms thereof or
the terms of any other Loan Document), as applicable, or the validity, binding effect or enforceability thereof shall be contested by
any party thereto (other than any Lender, the Agent, Issuing Lender or Swing Line Lender), or any Person shall deny that it has any
or further liability or obligation under any Loan Document, or any such Loan Document shall be terminated (other than in accordance with
the terms thereof or the terms of any other Loan Document), invalidated, revoked or set aside or in any way cease to give or provide to
the Lenders and the Agent the benefits purported to be created thereby, or, except as may result solely and directly from any action or
inaction of Agent, (i) any Loan Document purporting to grant a Lien to secure any Indebtedness shall, at any time after the delivery
of such Loan Document, fail to create a valid and enforceable Lien on any Collateral purported to be covered thereby or (ii) such
Lien shall fail to cease to be a perfected Lien with the priority required in the relevant Loan Document.

 

9.2             Exercise
of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed
to do so by the Majority Lenders, declare the Revolving Credit Aggregate Commitment terminated; (b) the Agent may, and shall, upon
being directed to do so by the Majority Lenders, declare the entire unpaid principal Indebtedness, including the Notes, immediately due
and payable, without presentment, notice or demand, all of which are hereby expressly waived by the Borrowers; (c) upon the occurrence
of any Event of Default specified in Section 9.1(i) and notwithstanding the lack of any declaration by the Agent under preceding
clauses (a) or (b), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the
Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed
to do so by the Majority Lenders, demand immediate delivery of cash collateral, and each Borrower agrees to deliver such cash collateral
upon demand, in an amount equal to 105% of the maximum amount that may be available to be drawn at any time prior to the stated expiry
of all outstanding Letters of Credit, for deposit into an account controlled by the Agent; (e) the Agent may, and shall, upon being
directed to do so by the Majority Lenders, notify the Borrowers or any Credit Party that interest shall be payable on demand on all Indebtedness
(other than Advances with respect to which Sections 2.6, 4.6 and other applicable provisions shall expressly govern) at a per annum rate
equal to the Default Rate applicable to such Indebtedness; and (f) the Agent may, and shall, upon being directed to do so by the
Majority Lenders or the Lenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other
Loan Documents or law.

 

9.3             Rights
Cumulative. No delay or failure of the Agent and/or Lenders in exercising any right, power or privilege hereunder shall affect such
right, power or privilege, nor shall any single or partial exercise thereof preclude any further exercise thereof, or the exercise of
any other power, right or privilege. The rights of the Agent and Lenders under this Agreement are cumulative and not exclusive of any
right or remedies which Lenders would otherwise have.

 

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9.4             Waiver
by the Borrowers of Certain Laws. To the extent permitted by applicable law, each Borrower hereby agrees to waive, and does hereby
absolutely and irrevocably waive and relinquish the benefit and advantage of any valuation, stay, appraisement, extension or redemption
laws now existing or which may hereafter exist, which, but for this provision, might be applicable to any sale made under the judgment,
order or decree of any court, on any claim for interest on the Notes, or any security interest or mortgage contemplated by or granted
under or in connection with this Agreement. These waivers have been voluntarily given, with full knowledge of the consequences thereof.

 

9.5             Waiver
of Defaults. No Event of Default shall be waived by the Lenders except in a writing signed by an officer of the Agent in accordance
with Section 13.10 hereof. Without limiting the foregoing, payment or acceptance of any Indebtedness at the Default Rate is not a
permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any
rights or remedies of the Agent or any Lender. No single or partial exercise of any right, power or privilege hereunder, nor any delay
in the exercise thereof, shall preclude other or further exercise of their rights by the Agent or the Lenders. No waiver of any Event
of Default shall extend to any other or further Event of Default. No forbearance on the part of the Agent or the Lenders in enforcing
any of their rights shall constitute a waiver of any of their rights. Each Borrower expressly agrees that this Section may not be
waived or modified by the Lenders or the Agent by course of performance, estoppel or otherwise.

 

9.6             Set
Off. Upon the occurrence and during the continuance of any Event of Default, each Lender may at any time and from time to time, without
notice to the Borrowers but subject to the provisions of Section 10.3 hereof (any requirement for such notice being expressly waived
by the Borrowers), setoff and apply against any and all of the obligations of the Borrowers now or hereafter existing under this Agreement,
whether owing to such Lender, any Affiliate of such Lender or any other Lender or the Agent, any and all deposits (general or special,
time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to or for the credit or
the account of the Borrowers and any property of the Borrowers from time to time in possession of such Lender, irrespective of whether
or not such deposits held or indebtedness owing by such Lender may be contingent and unmatured and regardless of whether any Collateral
then held by the Agent or any Lender is adequate to cover the Indebtedness. Promptly following any such setoff, such Lender shall give
written notice to the Agent and the Borrowers of the occurrence thereof; provided that in the event that any Defaulting Lender shall exercise
any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Agent for further application in accordance
with the provisions of Section 10.4 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds
and deemed held for the benefit of the Agent, the Issuing Lender and the Lenders, and (y) the Defaulting Lender shall provide promptly
to the Agent a statement describing in reasonable detail the Indebtedness owing to such Defaulting Lender as to which it exercised such
right of setoff. The Borrowers hereby grant to the Lenders and the Agent a lien on and security interest in all such deposits, indebtedness
and property as collateral security for the payment and performance of all of the obligations of the Borrowers under this Agreement. The
rights of each Lender under this Section 9.6 are in addition to the other rights and remedies (including, without limitation, other
rights of setoff) which such Lender may have.

 

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		10.	PAYMENTS, RECOVERIES AND COLLECTIONS.

 

10.1           Payments
Generally.

 

(a)             All
payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise provided herein, all payments of principal, interest or fees hereunder shall be made by the Borrowers to the Agent,
for the account of the respective Lenders to which such payment is owed, without setoff or counterclaim on the date specified for payment
under this Agreement and must be received by the Agent not later than 1:00 p.m. (Detroit time) (or such later time on such date as
agreed to by Agent) on the date such payment is required or intended to be made in Dollars in immediately available funds to the Agent
at the Agent’s Office. Any payment received by the Agent after 1:00 p.m. (Detroit time) (or such later time on such date as
agreed to by Agent) shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to
accrue. The Agent will promptly distribute to each Lender its ratable share (or other applicable share as provided herein) of such payment
in like funds as received by wire transfer to such Lender’s applicable lending office (or otherwise distribute such payment in like
funds as received to the Person or Persons entitled thereto as provided herein).

 

(b)             Unless
the Agent shall have been notified in writing by the Borrowers at least two (2) Business Days prior to the date on which any payment
to be made by the Borrowers is due that the Borrowers do not intend to remit such payment, the Agent may, in its sole discretion and without
obligation to do so, assume that the Borrowers have remitted such payment when so due and the Agent may, in reliance upon such assumption,
make available to each Revolving Credit Lender, on such payment date an amount equal to such Lender’s share of such assumed payment.
If the Borrowers have not in fact remitted such payment to the Agent, each Lender shall forthwith on demand repay to the Agent the amount
of such assumed payment made available or transferred to such Lender, together with the interest thereon, in respect of each day from
and including the date such amount was made available by the Agent to such Lender to the date such amount is repaid to the Agent at a
rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on
interbank compensation for the first two (2) Business Days that such amount remains unpaid, and thereafter at a rate of interest
then applicable to such Revolving Credit Advances.

 

(c)             Subject
to the definition of “Interest Period” in Section 1 of this Agreement, whenever any payment to be made hereunder shall
otherwise be due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension
of time shall be included in computing interest, if any, in connection with such payment; provided that, if such next succeeding
Business Day would fall after any applicable Maturity Date, payment shall be made on the immediately preceding Business Day.

 

(d)             The
obligations of the Lenders hereunder to make Advances, to fund participations in Letters of Credit and Swing Line Advances, as applicable,
and to make payments pursuant to Section 13.5 or otherwise hereunder are several and not joint. The failure of any Lender to make
any Advance or, as applicable, to fund any such participation or to make any such payment on any date required hereunder shall not relieve
any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other
Lender to so make its applicable Advance, to purchase its participations, as applicable, or to make any payment hereunder.

 

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10.2           Application
of Proceeds of Collateral. Notwithstanding anything to the contrary in this Agreement, in the case of any Event of Default under Section 9.1(i),
immediately following the occurrence thereof, and in the case of any other Event of Default: (a) upon the termination of the Revolving
Credit Aggregate Commitment, (b) the acceleration of any Indebtedness arising under this Agreement, (c) at the Agent’s
option, or (d) upon the request of the Majority Lenders after the commencement of any remedies hereunder, the Agent shall apply the
proceeds of any Collateral, together with any offsets, voluntary payments by any Credit Party or others and any other sums received or
collected in respect of the Indebtedness first, to pay all incurred and unpaid fees and expenses of the Agent under the
Loan Documents and any protective advances made by the Agent with respect to the Collateral under or pursuant to the terms of any Loan
Document, next, to pay any fees and expenses owed to the Issuing Lender hereunder, next, to pay principal and interest due
with respect to any Advances and any Reimbursement Obligations, and to cash collateralize all outstanding Letters of Credit in an amount
equal to 105% of the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters
of Credit and to pay any obligations owing by any Credit Party under any Hedging Agreements, on a pro rata basis, next,
to pay any other Indebtedness on a pro rata basis, and then, if there is any excess, to the Credit Parties, as the case may be.

 

10.3           Pro-rata
Recovery. If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of setoff or otherwise)
on account of principal of, or interest on, any of the Advances made by it, or the participations in Letter of Credit Obligations or Swing
Line Advances held by it in excess of its pro rata share of payments then or thereafter obtained by all Lenders upon principal of and
interest on all such Indebtedness, such Lender shall purchase from the other Lenders such participations in the Advances and such other
obligations held by them as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably in
accordance with the applicable Percentages of the Lenders; provided, however, that if all or any portion of the excess payment or other
recovery is thereafter recovered from such purchasing holder, the purchase shall be rescinded and the purchase price restored to the extent
of such recovery, but without interest.

 

10.4           Treatment
of a Defaulting Lender; Reallocation of Defaulting Lender’s Fronting Exposure.

 

(a)             The
obligation of any Lender to make any Advance hereunder shall not be affected by the failure of any other Lender to make any Advance under
this Agreement, and no Lender shall have any liability to the Borrowers or any of their Subsidiaries, the Agent, any other Lender, or
any other Person for another Lender’s failure to make any loan or Advance hereunder.

 

(b)             If
any Lender shall become a Defaulting Lender, then such Defaulting Lender’s right to vote in respect of any amendment, consent or
waiver of the terms of this Agreement or such other Loan Documents, or to direct or approve any action or inaction by the Agent shall
be subject to the restrictions set forth in Section 13.10.

 

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(c)             Any
payment of principal, interest, fees or other amounts received by the Agent for the account of such Defaulting Lender (whether voluntary
or mandatory, at maturity, pursuant to Section 9 or otherwise) or received by the Agent from a Defaulting Lender pursuant to Section 9.6
shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by such
Defaulting Lender to the Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to
any Issuing Lender or Swing Line Lender hereunder; third, to cash collateralize the Issuing Lenders’ Fronting Exposure with respect
to such Defaulting Lender in accordance with clause (g) below; fourth, as the Borrowers may request (so long as no Default or Event
of Default exists), to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as
required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and the Borrowers, to be held in a deposit
account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect
to Advances under this Agreement and (y) cash collateralize the Issuing Lenders’ future Fronting Exposure with respect to such
Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with clause (g) below; sixth,
to the payment of any amounts owing to the Lenders, the Issuing Lenders or Swing Line Lenders as a result of any judgment of a court of
competent jurisdiction obtained by any Lender, the Issuing Lenders or Swing Line Lenders against such Defaulting Lender as a result of
such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists,
to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the
Borrowers against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and eighth,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment
of the principal amount of any Advances or Letter of Credit Obligations in respect of which such Defaulting Lender has not fully funded
its appropriate share, and (y) such Advances were made or the related Letters of Credit were issued at a time when the conditions
set forth in Section 5.2 were satisfied or waived, such payment shall be applied solely to pay the Advances of, and Letter of Credit
Obligations to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of, or Letter of
Credit Obligations owed to, such Defaulting Lender until such time as all Advances and funded and unfunded participations in Letter of
Credit Obligations and Swing Line Advances are held by the Lenders pro rata in accordance with their respective Revolving Credit Percentages
without giving effect to Section clause (d) below. Any payments, prepayments or other amounts paid or payable to a Defaulting
Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this clause (c) shall
be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(d)             Each
Defaulting Lender shall be entitled to receive a Revolving Credit Facility Fee for any period during which that Lender is a Defaulting
Lender only to extent allocable to the sum of (1) the outstanding principal amount of the Revolving Credit Advances funded by it,
and (2) its Revolving Credit Percentage of the stated amount of Letters of Credit for which it has provided cash collateral pursuant
to clause (g) below.

 

(e)             Each
Defaulting Lender shall be entitled to receive the Letter of Credit Fees described in Section 3.4(a) for any period during which
that Lender is a Defaulting Lender only to the extent allocable to its Revolving Credit Percentage of the stated amount of Letters of
Credit for which it has provided cash collateral in accordance with clause (g) below. With respect to any Revolving Credit Facility
Fee or Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrowers
shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect
to such Defaulting Lender’s participation in Letter of Credit Obligations or Swing Line Advances that has been reallocated to such
Non-Defaulting Lender pursuant to clause f below, (y) pay to each Issuing Lender and Swing Line Lender, as applicable, the amount
of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s and Swing Line Lender’s
Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

 

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(f)              If
any Lender shall become a Defaulting Lender, then, for so long as such Lender remains a Defaulting Lender, any Fronting Exposure shall
be reallocated by the Agent at the request of the Swing Line Lender and/or the Issuing Lender among the Non-Defaulting Lenders in accordance
with their respective Percentages of the Revolving Credit, but only to the extent that the sum of the aggregate principal amount of all
Revolving Credit Advances made by each Non-Defaulting Lender, plus such Non-Defaulting Lender’s Percentage of the aggregate outstanding
principal amount of Swing Line Advances and Letter of Credit Obligations prior to giving effect to such reallocation plus such Non-Defaulting
Lender’s Percentage of the Fronting Exposure to be reallocated does not exceed such Non- Defaulting Lender’s Percentage of
the Revolving Credit Aggregate Commitment, and only so long as no Default or Event of Default has occurred and is continuing on the date
of such reallocation.

 

(g)             At
any time that there shall exist a Defaulting Lender, within one (1) Business Day following the written request of the Agent, the
Swing Line Lender or the Issuing Lender (with a copy to the Agent), the Borrowers shall cash collateralize the Swing Line Lender’s
and Issuing Lender’s Fronting Exposure, as applicable, with respect to such Defaulting Lender (determined after giving effect to
any cash collateral provided by such Defaulting Lender) in an amount not less than an amount determined by the Agent, the Swing Line Lender
and the Issuing Lender in their sole discretion, by depositing such amounts into an account controlled by the Agent.

 

10.5           Erroneous
Payments.

 

(a)             If
the Agent determines (which determination shall be conclusive and binding, absent manifest error) that the Agent or any of its Affiliates
has erroneously, mistakenly or inadvertently transmitted any funds to any Lender (whether or not such transmittal was known by such Lender)
(any such funds, whether received as a payment, prepayment, or repayment of principal, interest, fees, distributions, or otherwise, individually
and collectively, an “Erroneous Payment”) and the Agent subsequently demands the return of such Erroneous Payment (or
any portion thereof), then such Lender shall promptly, but in no event later than two (2) Business Days after such demand, return
to the Agent the amount of any such Erroneous Payment (or portion thereof) as to which such demand was made by the Agent, in same day
funds (in the currency so received), together with interest thereon in respect of each day from and including the date such amount was
received by such Lender to the date such amount is repaid to the Agent in same day funds at the greater of the Federal Funds Rate and
a rate determined by the Agent in accordance with banking industry rules on interbank compensation.

 

(b)             To
the extent permitted by applicable law, each Lender agrees not to assert any right or claim to any Erroneous Payment (or any portion thereof)
and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim
by the Agent for the return of any Erroneous Payment (or any portion thereof) (including, without limitation, any defense based on “discharge
for value” or any similar doctrine).

 

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(c)             This
Section 10.5 shall survive the resignation or replacement of the Agent, any transfer of rights or obligations by, or the replacement
of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Indebtedness (or any portion thereof)
under any Loan Document.

 

(d)             For
purposes of this Section 10.5, the term “Lender” includes each Issuing Lender.

 

		11.	YIELD PROTECTION; INCREASED COSTS; MARGIN ADJUSTMENTS; TAXES; UNAVAILABILITY; SUCCESSOR
RATE DETERMINATION.

 

11.1           Reimbursement
of Prepayment Costs. In the event of (a)  the payment of any principal of any Advance other than a Base Rate Advance other than
on the last day of the Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any
Advance other than a Base Rate Advance other than on the last day of the Interest Period applicable thereto (including as a result of
an Event of Default), (c) the failure to borrow, convert, continue or prepay any Advance other than a Base Rate Advance on the date
specified in any notice delivered pursuant hereto, or (d)  the assignment of any BSBY Rate Advance or Quoted Rate Advance other than
on the last day of the Interest Period applicable thereto as a result of a request by the Borrowers pursuant to Section 13.12) then,
in any such event, the Borrowers shall compensate each Lender for any funding or other loss, cost or expense attributable to such event,
including any funding or other loss, cost or expense arising from the liquidation or redeployment of funds. A certificate of any Lender
setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrowers’
Representative and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such
certificate within 10 days after receipt thereof.

 

11.2           Inability
to Determine Rates.

 

Subject to Section 11.3,
below, if, on or prior to the first day of any Interest Period or other applicable tenor for any Advance, the Agent shall determine (which
determination shall be conclusive and binding absent manifest error) or, in the case of clause (b) below, the Majority Lenders
shall determine (which determinations shall be conclusive and binding absent manifest error) and notify Agent, that:

 

(a)             the
Benchmark (or any component thereof) cannot be determined pursuant to the definition thereof, or

 

(b)             the
Benchmark for such Interest Period or other applicable tenor (collectively, the “Affected Tenor”) does not adequately and
fairly reflect the cost to such Lenders of funding or maintaining such Advance, or

 

(c)             the
making or funding of any Advance that accrues interest at or by reference to the Benchmark has become impracticable or not administratively
feasible,

 

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the
Agent will promptly so notify the Borrowers’ Representative and each Lender. Upon notice thereof by the Agent to the Borrowers’
Representative, (i) any obligation of the Lenders to make Advances that accrue interest at or by reference to such Benchmark, and
any right of the Borrowers to continue Advances that accrue interest at or by reference to such Benchmark, or to convert Base Rate Advances
to Advances that accrue interest at or by reference to such Benchmark, shall be suspended (in each case, to the extent of the affected
Advances or Affected Tenors) until the Agent (with respect to clause (b) of this Section 11.2, at the instruction of the Majority
Lenders) revokes such notice, (ii) the Borrowers may revoke any pending request for a borrowing of, conversion to or continuation
of any Advances that accrue interest at or by reference to such Benchmark (to the extent of the affected Advances or Affected Tenors)
or, failing that, the Borrowers will be deemed to have converted any such request into a request for a borrowing of or conversion to Base
Rate Advances in the amount specified therein and (iii) any outstanding affected Advances will be deemed to have been converted into
Base Rate Advances at the end of the applicable Interest Period or other applicable tenor. Upon any such conversion, the Borrowers shall
also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to Section 11.1. Subject
to Section 11.3, if the Agent determines (which determination shall be conclusive and binding absent manifest error) that the Benchmark
cannot be determined pursuant to the definition thereof on any given day, the interest rate on Base Rate Advances shall be determined
by the Agent without reference to clause (c) of the definition of “Base Rate” until the Agent revokes such determination.

 

11.3           BSBY
Unavailability; Successor Rate Determination.

 

(a)             Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, but without limiting Section 11.2 above, if:

 

(i)             adequate
and reasonable means do not exist for ascertaining all Available Tenors of the BSBY Rate (or any component thereof, and including, without
limitation, because the BSBY Screen Rate is not available or published on a current basis), and such circumstances are unlikely to be
temporary, as determined by the Agent (which determination shall be conclusive and binding absent manifest error), or Majority Lenders
pursuant to, in the case of the Majority Lenders, delivery of notice to the Agent with a copy to the Borrowers’ Representative that
Majority Lenders have so determined (which determination likewise shall be conclusive and binding absent manifest error); or

 

(ii)             the
BSBY Administrator or a Governmental Authority having or purporting to have jurisdiction over the Agent or the BSBY Administrator with
respect to its publication of BSBY, in each case acting in such capacity, has made a public statement (A) identifying a specific
date after which all Available Tenors of the BSBY Rate shall or will no longer be representative or made available, or used or permitted
to be used for determining the interest rate of Dollar-denominated syndicated loans, or shall or will otherwise cease, provided that,
at the time of such statement, there is no successor administrator that is satisfactory to the Agent, that will continue to provide such
representative tenors of the BSBY Rate (or any component thereof) after the latest date on which all Available Tenors of the BSBY Rate
(or any component thereof) are no longer representative or available permanently or indefinitely, or (B) that the BSBY Rate (or any
component thereof) fails to comply with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks;
or

 

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(iii)             all
Available Tenors of BSBY are not newly published (e.g., are carried over) by the BSBY Administrator for five (5) consecutive Business
Days and such failure is not the result of a temporary moratorium, embargo, or disruption declared by the BSBY Administrator or by the
regulatory supervisor for the BSBY Administrator;

 

then, on a date and time determined by the Agent
(any such date, a “Replacement Date”), which date shall be at the end of an Interest Period or on the relevant Interest Payment
Date, as applicable, for interest calculated and, solely with respect to clause (ii) above, no later than the latest date determined
under clause (ii), the BSBY Rate will be replaced hereunder and under any Loan Document with the first available alternative set forth
in the order below for any payment period for interest calculated that can be determined by the Agent, in each case, without any amendment
to, or further action or consent of any other party to, this Agreement or any other Loan Document (such rate, and any subsequent successor
rate so determined, the “Successor Rate”):

 

(x)             Term
SOFR, plus the SOFR Adjustment; and

 

(y)             Daily
Simple SOFR, plus the SOFR Adjustment.

 

In the event that the Successor Rate is Daily
Simple SOFR (plus the SOFR Adjustment), all interest payments will be payable on a monthly basis.

 

(b)             Notwithstanding
anything to the contrary herein, (i) if the Agent determines that neither of the alternatives set forth in clauses (x) and
(y) of Section 11.3(a) above is available on or prior to the Replacement Date or (ii) if events or circumstances
comparable to those described in Section 11.3(a)(i) or Section 11.3(a)(ii) have occurred with respect to the Successor
Rate then in effect, then in each case, the Agent and the Borrowers may amend this Agreement solely for purpose of replacing the BSBY
Rate or any then current Successor Rate in accordance with this Section 11.3 at the end of any Interest Period or other applicable
tenor, relevant Interest Payment Date or payment period for interest calculated, as applicable, with another alternate benchmark rate
giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities
for such alternative benchmark rate and, in each case, including any mathematical or other adjustments to such benchmark rate giving
due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such
benchmark rate, which adjustment or method for calculating such adjustment shall be published on an information service as selected by
the Agent from time to time in its reasonable discretion and may be periodically updated. For the avoidance of doubt, any such proposed
rate and adjustments shall constitute a “Successor Rate”. Any such amendment shall become effective at 5:00 p.m. on
the fifth Business Day after the Agent shall have posted such proposed amendment to all Lenders and the Borrowers unless, prior to such
time, Lenders comprising the Majority Lenders have delivered to the Agent written notice that such Majority Lenders object to such amendment.

 

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The Agent will promptly (in one or more notices)
notify the Borrowers’ Representative and each Lender of the implementation of any Successor Rate. Any Successor Rate shall be applied
in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the
Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Agent. In connection with the implementation
of any Successor Rate, the Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the
contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any
further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Agent
shall post each such amendment implementing such Conforming Changes to the Borrowers and the Lenders reasonably promptly after such amendment
becomes effective.

 

Notwithstanding anything else herein, if at any time any Successor
Rate as so determined would otherwise be less than the Applicable Floor, the Successor Rate will be deemed to be the Applicable Floor
for the purposes of this Agreement and the other Loan Documents.

 

(c)             Notwithstanding
anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of this Section 11.3),
(i) if the BSBY Rate or the then-current Successor Rate is a term rate (including Term SOFR) and either (A) any tenor for such
benchmark rate is not displayed on a screen or other information service that publishes such rate from time to time as selected by the
Agent in its reasonable discretion, or (B) the administrator of such benchmark rate or the regulatory supervisor for the administrator
of such benchmark rate has provided a public statement or publication of information announcing that any tenor for such benchmark rate
is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO)
Principles for Financial Benchmarks, then the Agent may modify the definition of “Interest Period” (or any similar or analogous
definition) for any benchmark rate settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned
tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen
or information service for a benchmark rate (including any Successor Rate), or (B) is not, or is no longer, subject to an announcement
that it is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions
(IOSCO) Principles for Financial Benchmarks for a Benchmark (including any Successor Rate), then the Agent may modify the definition
of “Interest Period” (or any similar or analogous definition) for all benchmark rate settings at or after such time to reinstate
such previously removed tenor.

 

11.4           Illegality.
If any Lender determines (which determination shall be conclusive and binding absent manifest error) that any applicable law has made
it unlawful, or that any Governmental Authority has asserted that it is unlawful, it would create safety and soundness risks, or it would
not be consistent with sound banking practices, for any Lender or its applicable lending office to make, maintain or fund Advances whose
interest is determined by reference to the BSBY Rate, or to determine or charge interest rates based upon the BSBY Rate, then, upon notice
thereof by such Lender to the Borrowers (through the Agent), (a) any obligation of the Lenders to make BSBY Rate Advances, and any
right of the Borrowers to continue BSBY Rate Advances or to convert Base Rate Advances to BSBY Rate Advances, shall be suspended, (b) the
interest rate on Base Rate Advances shall, if necessary to avoid such illegality, be determined by the Agent without reference to clause
(c) of the definition of “Base Rate”, in each case until such Lender notifies the Agent and the Borrowers that the circumstances
giving rise to such determination no longer exist and (c) the Borrowers shall, if necessary to avoid such illegality, upon demand
from any Lender (with a copy to the Agent), prepay or, if applicable, convert all BSBY Rate Advances to Base Rate Advances (subject to
clause (b) of this Section 11.4) on the last day of the Interest Period therefor, if all affected Lenders may lawfully continue
to maintain such BSBY Rate Advances to such day, or immediately, if any Lender may not lawfully continue to maintain such BSBY Rate Advances
to such day. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so converted, together
with any additional amounts required pursuant to Section 11.1.

 

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11.5          Increased
Costs. If any Change in Law shall:

 

(a)             impose,
modify or deem applicable any reserve (including pursuant to regulations issued from time to time by the Federal Reserve Board for determining
the maximum reserve requirements (including any emergency, special, supplemental or other marginal reserve requirement), special deposit,
compulsory loan, insurance charge or any similar requirement against assets of, deposits with or for the account of, or credit extended
or participated in by, any Lender; or

 

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

 

(c)             impose
on any Lender any other condition, cost or expense (other than Taxes) affecting this Agreement or Advances made by such Lender;

 

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

 

11.6          Capital
Requirements. If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender or such
Lender’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate
of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement,
the Commitments of such Lender or the Advances made by such Lender to a level below that which such Lender or such Lender’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such
Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrowers will pay to such
Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction
suffered.

 

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11.7         Certificates
for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding
company, as the case may be, as specified in Section 11.5 or 11.6 of this Section and delivered to the Borrowers, shall be
conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within ten (10) days
after receipt thereof.

 

11.8         Margin
Adjustment. Adjustments to the Applicable Margins and the Applicable Fee Percentages, based on Annex I, shall be implemented on a
quarterly basis as follows:

 

(a)             Such
adjustments shall be given prospective effect only, effective as to all Advances outstanding hereunder, the Applicable Fee Percentage
and the Letter of Credit Fee, upon the date of delivery of the financial statements under Sections 7.1(a) and 7.1(b) hereunder
and the Covenant Compliance Report under Section 7.2(a) hereof, in each case establishing applicability of the appropriate
adjustment and in each case with no retroactivity or claw-back. In the event the Borrowers shall fail timely to deliver such financial
statements or the Covenant Compliance Report and such failure continues for three (3) days, then (but without affecting the Event
of Default resulting therefrom) from the date delivery of such financial statements and report was required until such financial statements
and report are delivered, the Applicable Margins and Applicable Fee Percentages shall be at the highest level on the Applicable Margin
and Applicable Fee Percentages Grid attached to this Agreement as Annex I.

 

(b)             From
the Effective Date until the required date of delivery (or, if earlier, delivery) of the financial statements under Section 7.1(a) or
7.1(b) hereof, as applicable, and the Covenant Compliance Report under Section 7.2(a) hereof, for the fiscal quarter ending
September 30, 2022, the Applicable Margins and Applicable Fee Percentages shall be those set forth under the Level I column of the
pricing matrix attached to this Agreement as Annex I. Thereafter, Applicable Margins and Applicable Fee Percentages shall be based upon
the quarterly financial statements and Covenant Compliance Reports, subject to recalculation as provided in Section 11.8(a) above.

 

(c)             Notwithstanding
the foregoing, if as a result of any restatement of or adjustment to the financial statements of a Borrower or any of its Subsidiaries
(relating to the current or any prior fiscal period) or for any other reason, the Agent determines (which may be at the direction of
the Majority Lenders) that the Applicable Margin and/or the Applicable Fee Percentages as calculated by the Borrowers as of any applicable
date of determination were inaccurate in any respect and a proper calculation thereof would have resulted in different pricing for any
fiscal period, then (x) if the proper calculation thereof would have resulted in higher pricing for any such period, the Borrowers
shall automatically and retroactively be obligated to pay to the Agent, promptly upon demand by the Agent or the Majority Lenders (or,
after the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under any Debtor Relief Laws, automatically
and without further action by the Agent, any Lender or the Issuing Lender), an amount equal to the excess of the amount of interest and
fees that should have been paid for such period over the amount of interest and fees actually paid for such period and, if the current
fiscal period is affected thereby, the Applicable Margin and/or the Applicable Fee Percentages for the current period shall be adjusted
based on such recalculation; and (y) if the proper calculation thereof would have resulted in lower pricing for such period, the
Agent and Lenders shall have no obligation to recalculate such interest or fees or to repay any interest or fees to the Borrowers.

 

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11.9         Delay
in Requests. Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant to Sections 11.5, 11.6
or 3.4(c) shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation,
provided that the Borrowers shall not be required to compensate a Lender or the Issuing Lender pursuant to Sections 11.5, 11.6 or 3.4(c),
for any increased costs incurred or reductions suffered more than 270 days prior to the date that such Lender or the Issuing Lender,
as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s
or the Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the 270 day period referred to above shall be extended to include the period of retroactive
effect thereof).

 

11.10       Taxes.

 

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

 

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

 

(c)             As
soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this Section 11.10, such
Credit Party shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Agent.

 

(d)             If
any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been
indemnified pursuant to this Section 11.10, (including by payment of additional amounts pursuant to this Section 11.10), it
shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 11.10
with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party
and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this clause
(d) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified
party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this clause (d), in
no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (d) the payment
of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if
the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified
party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying
party or any other Person.

 

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

 

(f)             Each
Lender shall severally indemnify the Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable
to such Lender (but only to the extent the Borrowers have not already indemnified the Agent for such Indemnified Taxes and without limiting
the obligation of the Borrowers to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions
of Section 13.8 hereof relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such
Lender, in each case, that are payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent
manifest error. Each Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender under
any Loan Document or otherwise payable by the Agent to the Lender from any other source against any amount due to the Agent under this
clause (f).

 

(g)             (i) Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall
deliver to the Borrowers and the Agent, at the time or times reasonably requested by the Borrowers or the Agent, such properly completed
and executed documentation reasonably requested by the Borrowers or the Agent as will permit such payments to be made without withholding
or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrowers or the Agent, shall deliver such
other documentation prescribed by applicable law or reasonably requested by the Borrowers or the Agent as will enable the Borrowers or
the Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such
documentation set forth in clauses (A), (B) and (D) of Section 11.10(g)(ii)) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or
would materially prejudice the legal or commercial position of such Lender.

 

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

 

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

 

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

 

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

 

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

 

(iii)           in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of any Borrower within
the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to the Borrowers
as described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or

 

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

 

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

 

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

 

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

 

(h)           For
purposes of this Section 11.10, the term “Lender” includes any Issuing Lender and the term “applicable law”
includes FATCA.

 

(i)             Each
party’s obligations under this Section 11.10 shall survive the resignation or replacement of the Agent or any assignment of
rights by, or the replacement of a Lender, the termination of Commitments and the repayment, satisfaction or discharge of all obligations
under any Loan Document.

 

		12.	AGENT.

 

12.1         Appointment
of the Agent. Each Lender and the holder of each Note (if issued) irrevocably appoints and authorizes the Agent to act on behalf
of such Lender or holder under this Agreement and the other Loan Documents and to exercise such powers hereunder and thereunder as are
specifically delegated to the Agent by the terms hereof and thereof, together with such powers as may be reasonably incidental thereto,
including without limitation the power to execute or authorize the execution of financing or similar statements or notices, and other
documents. In performing its functions and duties under this Agreement, the Agent shall act solely as agent of the Lenders and does not
assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for any Credit Party.

 

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12.2         Deposit
Account with the Agent or any Lender. Each Borrower authorizes the Agent, in the Agent’s sole discretion, upon notice to the
Borrowers to charge its general deposit account(s), if any, maintained with the Agent for the amount of any principal, interest, or other
amounts or costs due under this Agreement when the same become due and payable under the terms of this Agreement or the Notes.

 

12.3         Scope
of the Agent’s Duties. The Agent shall have no duties or responsibilities except those expressly set forth herein, and shall
not, by reason of this Agreement or otherwise, have a fiduciary relationship with any Lender (and no implied covenants or other obligations
shall be read into this Agreement against the Agent). None of the Agent, its Affiliates nor any of their respective directors, officers,
employees or agents shall be liable to any Lender for any action taken or omitted to be taken by it or them under this Agreement or any
document executed pursuant hereto, or in connection herewith or therewith with the consent or at the request of the Majority Lenders
(or all of the Lenders for those acts requiring consent of all of the Lenders) (except for its or their own willful misconduct or gross
negligence (as determined by a court of competent jurisdiction in a final and non-appealable judgment)), nor be responsible for or have
any duties to ascertain, inquire into or verify (a) any recitals or warranties made by the Credit Parties or any Affiliate of the
Credit Parties, or any officer thereof contained herein or therein, (b) the effectiveness, enforceability, validity or due execution
of this Agreement or any document executed pursuant hereto or any security thereunder, (c) the performance by the Credit Parties
of their respective obligations hereunder or thereunder, or (d) the satisfaction of any condition hereunder or thereunder, including
without limitation in connection with the making of any Advance or the issuance of any Letter of Credit. The Agent and its Affiliates
shall be entitled to rely upon any certificate, notice, document or other communication (including any cable, telegraph, telex, facsimile
transmission or oral communication) believed by it to be genuine and correct and to have been sent or given by or on behalf of a proper
person. The Agent may treat the payee of any Note as the holder thereof. The Agent may employ agents and may consult with legal counsel,
independent public accountants and other experts selected by it and shall not be liable to the Lenders (except as to money or property
received by them or their authorized agents), for the negligence or misconduct of any such agent selected by it with reasonable care
or for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts.

 

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12.4         Successor
Agent. The Agent may resign as such at any time upon at least thirty (30) days prior notice to the Borrowers and each of the Lenders.
If the Agent at any time shall resign or if the office of the Agent shall become vacant for any other reason, Majority Lenders shall,
by written instrument, appoint successor agent(s) (“Successor Agent”) satisfactory to such Majority Lenders and, so
long as no Default or Event of Default has occurred and is continuing, to the Borrowers (which approval shall not be unreasonably withheld
or delayed); provided, however that any such successor Agent shall be a bank or a trust company or other financial institution which
maintains an office in the United States, or a commercial bank organized under the laws of the United States or any state thereof, or
any Affiliate of such bank or trust company or other financial institution which is engaged in the banking business, and shall have a
combined capital and surplus of at least $500,000,000. Such Successor Agent shall thereupon become the Agent hereunder, as applicable,
and the Agent shall deliver or cause to be delivered to any successor agent such documents of transfer and assignment as such Successor
Agent may reasonably request. If a Successor Agent is not so appointed or does not accept such appointment before the resigning Agent’s
resignation becomes effective, the resigning Agent may appoint a temporary successor to act until such appointment by the Majority Lenders
and, if applicable, the Borrowers, is made and accepted, or if no such temporary successor is appointed as provided above by the resigning
the Agent, the Majority Lenders shall thereafter perform all of the duties of the resigning the Agent hereunder until such appointment
by the Majority Lenders and, if applicable, the Borrowers, is made and accepted. Such Successor Agent shall succeed to all of the rights
and obligations of the resigning Agent as if originally named. The resigning Agent shall duly assign, transfer and deliver to such Successor
Agent all moneys at the time held by the resigning Agent hereunder after deducting therefrom its expenses for which it is entitled to
be reimbursed hereunder. Upon such succession of any such Successor Agent, the resigning Agent shall be discharged from its duties and
obligations, in its capacity as the Agent hereunder, and the provisions of this Section 12 shall continue in effect for the benefit
of the resigning Agent in respect of any actions taken or omitted to be taken by it while it was acting as the Agent.

 

12.5         Credit
Decisions. Each Lender acknowledges that it has, independently of the Agent and each other Lender and based on the financial statements
of the Borrowers and such other documents, information and investigations as it has deemed appropriate, made its own credit decision
to extend credit hereunder from time to time. Each Lender also acknowledges that it will, independently of the Agent and each other Lender
and based on such other documents, information and investigations as it shall deem appropriate at any time, continue to make its own
credit decisions as to exercising or not exercising from time to time any rights and privileges available to it under this Agreement,
any Loan Document or any other document executed pursuant hereto.

 

12.6         Authority
of the Agent to Enforce This Agreement. Each Lender, subject to the terms and conditions of this Agreement, grants the Agent full
power and authority as attorney-in-fact to institute and maintain actions, suits or proceedings for the collection and enforcement of
any Indebtedness outstanding under this Agreement or any other Loan Document and to file such proofs of debt or other documents as may
be necessary to have the claims of the Lenders allowed in any proceeding relative to any Credit Party, or their respective creditors
or affecting their respective properties, and to take such other actions which the Agent considers to be necessary or desirable for the
protection, collection and enforcement of the Notes, this Agreement or the other Loan Documents.

 

12.7         [Reserved].

 

12.8         Knowledge
of Default. It is expressly understood and agreed that the Agent shall be entitled to assume that no Default or Event of Default
has occurred and is continuing, unless the officers of the Agent immediately responsible for matters concerning this Agreement shall
have received a written notice from a Lender or a Borrower specifying such Default or Event of Default and stating that such notice is
a “notice of default”. Upon receiving such a notice, the Agent shall promptly notify each Lender of such Default or Event
of Default and provide each Lender with a copy of such notice and shall endeavor to provide such notice to the Lenders within three (3) Business
Days (but without any liability whatsoever in the event of its failure to do so). The Agent shall also furnish the Lenders, promptly
upon receipt, with copies of all other notices or other information required to be provided by the Borrowers hereunder.

 

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12.9         The
Agent’s Authorization; Action by Lenders. Except as otherwise expressly provided herein, whenever the Agent is authorized and
empowered hereunder on behalf of the Lenders to give any approval or consent, or to make any request, or to take any other action on
behalf of the Lenders (including without limitation the exercise of any right or remedy hereunder or under the other Loan Documents),
the Agent shall be required to give such approval or consent, or to make such request or to take such other action only when so requested
in writing by the Majority Lenders or the Lenders, as applicable hereunder. Action that may be taken by the Majority Lenders, any other
specified Percentage of the Lenders or all of the Lenders, as the case may be (as provided for hereunder) may be taken (i) pursuant
to a vote of the requisite percentages of the Lenders as required hereunder at a meeting (which may be held by telephone conference call),
provided that the Agent exercises good faith, diligent efforts to give all of the Lenders reasonable advance notice of the meeting, or
(ii) pursuant to the written consent of the requisite percentages of the Lenders as required hereunder, provided that all of the
Lenders are given reasonable advance notice of the requests for such consent.

 

12.10        Enforcement
Actions by the Agent. Except as otherwise expressly provided under this Agreement or in any of the other Loan Documents and subject
to the terms hereof, the Agent will take such action, assert such rights and pursue such remedies under this Agreement and the other
Loan Documents as the Majority Lenders or all of the Lenders, as the case may be (as provided for hereunder), shall direct; provided,
however, that the Agent shall not be required to act or omit to act if, in the reasonable judgment of the Agent, such action or omission
may expose the Agent to personal liability for which the Agent has not been satisfactorily indemnified hereunder or is contrary to this
Agreement, any of the Loan Documents or applicable law. Except as expressly provided above or elsewhere in this Agreement or the other
Loan Documents, no Lender (other than the Agent, acting in its capacity as agent) shall be entitled to take any enforcement action of
any kind under this Agreement or any of the other Loan Documents.

 

12.11       Collateral
Matters.

 

(a)            The
Agent is authorized on behalf of all the Lenders, without the necessity of any notice to or further consent from the Lenders, from time
to time to take any action with respect to any Collateral or the Collateral Documents which may be necessary to perfect and maintain
a perfected security interest in and Liens upon the Collateral granted pursuant to the Loan Documents.

 

(b)            The
Lenders irrevocably authorize the Agent, in its reasonable discretion, (1) to release or terminate any Lien granted to or held by
the Agent upon any Collateral (a) upon the Payment in Full of all Indebtedness; (b) constituting property (including, without
limitation, Equity Interests in any Person) sold or to be sold or disposed of as part of or in connection with any disposition (whether
by sale, by merger or by any other form of transaction and including the property of any Subsidiary that is disposed of as permitted
hereby) permitted in accordance with the terms of this Agreement; (c) constituting property in which a Credit Party owned no interest
at the time the Lien was granted or at any time thereafter; or (d) if approved, authorized or ratified in writing by the Majority
Lenders, or all the Lenders, as the case may be, as provided in Section 13.10; (2) to subordinate the Lien granted to or held
by the Agent on any Collateral to any other holder of a Lien on such Collateral which is permitted by Section 8.2(b) hereof;
and (3) if all of the Equity Interests held by the Credit Parties in any Person are sold or otherwise transferred to any transferee
other than a Borrower or a Subsidiary of a Borrower as part of or in connection with any disposition (whether by sale, by merger or by
any other form of transaction) permitted in accordance with the terms of this Agreement, to release such Person from all of its obligations
under the Loan Documents (including, without limitation, under any Guaranty). Upon request by the Agent at any time, the Lenders will
confirm in writing the Agent’s authority to release particular types or items of Collateral pursuant to this Section 12.11(b).

 

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12.12        The
Agents in their Individual Capacities. Comerica Bank and its Affiliates, successors and assigns shall each have the same rights and
powers hereunder as any other Lender and may exercise or refrain from exercising the same as though such Lender were not the Agent. Comerica
Bank and its Affiliates may (without having to account therefor to any Lender) accept deposits from, lend money to, and generally engage
in any kind of banking, trust, financial advisory or other business with the Credit Parties as if such Lender were not acting as the
Agent hereunder, and may accept fees and other consideration therefor without having to account for the same to the Lenders.

 

12.13        The
Agent’s Fees. Until the Indebtedness has been repaid and discharged in full and no commitment to extend any credit hereunder
is outstanding, the Borrowers shall pay to the Agent, as applicable, any agency or other fee(s) set forth (or to be set forth from
time to time) in the applicable Fee Letter on the terms set forth therein. The agency fees referred to in this Section 12.13 shall
not be refundable under any circumstances.

 

12.14        Documentation
Agent or other Titles. Any Lender identified on the facing page or signature page of this Agreement or in any amendment
hereto or as designated with consent of the Agent in any assignment agreement as Lead Arranger, Documentation Agent, Syndications Agent
or any similar titles, shall not have any right, power, obligation, liability, responsibility or duty under this Agreement as a result
of such title other than those applicable to all Lenders as such. Without limiting the foregoing, the Lenders so identified shall not
have or be deemed to have any fiduciary relationship with any Lender as a result of such title. Each Lender acknowledges that it has
not relied, and will not rely, on the Lender so identified in deciding to enter into this Agreement or in taking or not taking action
hereunder.

 

12.15        Subordination
Agreements. Each Lender hereby irrevocably appoints, designates and authorizes Agent to enter into any subordination or intercreditor
agreement pertaining to any Subordinated Debt, on its behalf and to take such action on its behalf under the provisions of any such agreement
(subject to the last sentence of this Section 12.15). Each Lender further agrees to be bound by the terms and conditions of each
subordination or intercreditor agreement pertaining to any Subordinated Debt. Each Lender hereby authorizes Agent to issue blockages
notices in connection with any Subordinated Debt at the direction of Majority Lenders (it being agreed and understood that Agent will
not act unilaterally to issue such blockage notices).

 

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12.16       Indebtedness
in respect of Cash Management Agreements and Hedging Agreements. Except as otherwise expressly set forth herein, no Lender that obtains
the benefits of the provisions of Section 10.2, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty
or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or
under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or to
notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty or any Collateral Document)
other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding
any other provision of this Section 12 to the contrary, the Agent shall not be required to verify the payment of, or that other
satisfactory arrangements have been made with respect to, Indebtedness arising under Cash Management Agreements and Hedging Agreements
unless the Agent has received written notice of such Indebtedness, together with such supporting documentation as the Agent may request,
from the applicable Lender.

 

12.17       No
Reliance on the Agent’s Customer Identification Program.

 

(a)             Each
Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on the Agent
to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer identification program, or other
obligations required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations contained
in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism Law, including any
programs involving any of the following items relating to or in connection with a Borrower or any of its Subsidiaries, any of their respective
Affiliates or agents, the Loan Documents or the transactions hereunder: (i) any identify verification procedures, (ii) any
record keeping, (iii) any comparisons with government lists, (iv) any customer notices or (v) any other procedures required
under the CIP Regulations or such other laws.

 

(b)            Each
Lender or assignee or participant of a Lender that is not organized under the laws of the United States or a state thereof (and is not
excepted from the certification requirement contained in Section 313 of the USA Patriot Act and the applicable regulations because
it is both (i) an affiliate of a depository institution or foreign bank that maintains a physical presence in the United States
or foreign country, and (ii) subject to supervision by a banking authority regulating such affiliated depository institution or
foreign bank) shall deliver to the Agent the certification, or, if applicable, recertification, certifying that such Lender is not a
 “shell” and certifying to other matters as required by Section 313 of the USA Patriot Act and the applicable regulations:
(x) within 10 days after the Effective Date, and (y) at such other times as are required under the USA Patriot Act.

 

12.18        Flood
Laws. Comerica Bank has adopted internal policies and procedures that address requirements placed on federally regulated lenders
under the Flood Laws. Comerica Bank, as administrative agent or collateral agent on a syndicated facility, will post on the applicable
electronic platform (or otherwise distribute to each Lender in the syndicate) documents that it receives in connection with the Flood
Laws. However, Comerica Bank reminds each Lender and each participant in the facility that, pursuant to the Flood Laws, each federally
regulated Lender (whether acting as a Lender or participant in the facility) is responsible for assuring its own compliance with the
flood insurance requirements.

 

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12.19      Lenders’
Representations and Certain Other Obligations.

 

(a)            Each
Lender as of the Effective Date represents and warrants as of the Effective Date to the Agent and its Affiliates, and not, for the avoidance
of doubt, for the benefit of any Borrower or any other Credit Party, that such Lender is not and will not be (i) an employee benefit
plan subject to Title I of ERISA, (ii) a plan or account subject to Section 4975 of the Code, (iii) an entity deemed to
hold “plan assets” of any such plans or accounts for the purposes of ERISA or the Code, or (iv) a “governmental
plan” within the meaning of ERISA. For the avoidance of doubt, a Lender may act as a service provider to or with respect to an
ERISA plan and/or a plan or account subject to Section 4975 of the Code; provided, however, that such Lender shall not exercise
any discretion or authority to utilize the assets of such plans or accounts to fund any loans or other credit extended hereunder.

 

(b)            Each
Lender (which includes, for purposes of this clause (b), the Issuing Lender) represents and warrants that (i) the Loan Documents
set forth the terms of a commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in
the ordinary course and is entering into this Agreement as a Lender for the purpose of making, acquiring or holding commercial loans
and providing other facilities set forth herein as may be applicable to such Lender, and not for the purpose of purchasing, acquiring
or holding any other type of financial instrument, and each Lender agrees not to assert a claim in contravention of the foregoing.

 

(c)            Each
Lender (which includes, for purposes of this clause (c), the Issuing Lender) represents and warrants that it is sophisticated with
respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable
to such Lender, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial
loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other
facilities.

 

(d)            Each
Lender severally agrees to pay to the Agent and its Affiliates any and all costs, expenses, losses and other damages suffered or incurred
by the Agent and its Affiliates as a result of such Lender’s failure to obtain, maintain and/or hold any license required in connection
with the use of BSBY.

 

		13.	MISCELLANEOUS.

 

13.1         Accounting
Principles; Divisions.  All accounting terms not specifically or completely defined herein shall be construed in conformity
with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this
Agreement shall be prepared in conformity with, GAAP, except as otherwise specifically prescribed herein. If at any time any change (or
implementation of a previously agreed upon change) in GAAP would affect the computation of any financial ratio or requirement (including
any negative covenant “basket”) set forth in any Loan Document, and either Borrowers or the Majority Lenders shall so request,
the Agent, the Lenders and Borrowers shall negotiate in good faith to amend such ratio or requirement to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of the Majority Lenders); provided, that until so amended, (i) such
ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) Borrowers shall
provide to the Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested
hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such
change in GAAP.

 

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(b)           For
all purposes under the Loan Documents, in connection with any Division, (a) if any asset, right, obligation or liability of any
Dividing Person becomes the asset, right, obligation or liability of a Division Successor, then it shall be deemed to have been transferred
from the Dividing Person to the Division Successor, and (b) any Division Successor shall be deemed to have been organized on the
first date of its existence by the holders of its Equity Interests at such time.

 

13.2         Consent
to Jurisdiction. 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 FEDERAL COURTS LOCATED IN THE COUNTY OF LOS ANGELES, STATE OF CALIFORNIA,
PROVIDED, HOWEVER, 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.
THE BORROWERS, THE AGENT AND THE LENDERS 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 13.2.

 

13.3         Governing
Law. 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, AND THE RIGHTS OF
THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED
UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD FOR PRINCIPLES OF CONFLICTS
OF LAWS.

 

13.4         Interest.
Notwithstanding anything to the contrary contained in any Loan Document, in the event the obligation of the Borrowers to pay interest
on the principal balance of the Notes or on any other amounts outstanding hereunder or under the other Loan Documents is or becomes in
excess of the maximum interest rate which the Borrowers are permitted by law to contract or agree to pay, giving due consideration to
the execution date of this Agreement, then, in that event, the rate of interest applicable thereto with respect to such Lender’s
applicable Percentages shall be deemed to be immediately reduced to such maximum rate and all previous payments in excess of the maximum
rate shall be deemed to have been payments in reduction of principal and not of interest.

 

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13.5        Expenses;
Indemnity; Damage Waiver.

 

(a)           The
Borrowers shall pay (i) all reasonable out of pocket expenses incurred by the Agent and its Affiliates (including the reasonable
fees, charges and disbursements of counsel for the Agent), in connection with the syndication of the facilities hereunder, the preparation,
negotiation, execution, delivery and administration of this Agreement and the other Loan Documents, or any amendments, modifications
or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated),
(ii) all reasonable, out of pocket expenses incurred by the Issuing Lender in connection with the issuance, amendment, extension,
reinstatement or renewal of any Letter of Credit or any demand for payment thereunder, and (iii) all reasonable out of pocket expenses
incurred by the Agent, any Lender or the Issuing Lender (including the reasonable fees, charges and disbursements of any counsel for
the Agent, any Lender or the Issuing Lender), in connection with the enforcement or protection of its rights (A) in connection with
this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Advances made
or Letters of Credit issued hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations
in respect of such Advances or Letters of Credit.

 

(b)            The
Borrowers shall indemnify the Agent (and any sub-agent thereof), each Lender and the Issuing Lender, and each Related Party of any of
the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from,
any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for
any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including any Borrower) arising out of,
in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement
or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder
or the consummation of the transactions contemplated hereby or thereby, (ii) any Advance or Letter of Credit or the use or proposed
use of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if
the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any
actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Borrower or any of its
Subsidiaries, or any Environmental Liability related in any way to any Borrower or any of its Subsidiaries, or (iv) any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other
theory, whether brought by a third party or by any Borrower, and regardless of whether any Indemnitee is a party thereto; provided that
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses (A) are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the
gross negligence or willful misconduct of such Indemnitee, or (B) result from a claim not involving an act or omission of any Borrower
and that is brought by an Indemnitee against another Indemnitee (other than against the Agent in its capacity as such and other than
claims with respect to a Letter of Credit brought by one Indemnitee against another Indemnitee acting in a different capacity or role
with respect to such Letter of Credit such as an issuing bank as opposed to an advising bank, confirming bank, negotiating bank or transferring
bank). This Section 13.5(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc.
arising from any non-Tax claim. The obligations of the Borrowers under this Section 13.5(b) shall be in addition to any and
all other obligations and liabilities the Borrowers may have to the Agent, any of the Lenders or the Issuing Lender at common law or
pursuant to any other agreement.

 

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(c)            To
the extent that the Borrowers for any reason fail to indefeasibly pay any amount required under clause (a) or (b) of this
Section 13.5 to be paid by the Borrowers to the Agent (or any sub-agent thereof), the Issuing Lender, the Swing Line Lender or any
Related Party of any of the foregoing, each Lender severally agrees to pay to the Agent (or any such sub-agent), the Issuing Lender,
the Swing Line Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought based on each Lender’s Percentage at such time) of such unpaid amount
(including any such unpaid amount in respect of a claim asserted by such Lender); provided that the unreimbursed expense or indemnified
loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Agent (or any such sub-agent),
the Issuing Lender or the Swing Line Lender in its capacity as such, or against any Related Party of any of the foregoing acting for
the Agent (or any such sub-agent), the Issuing Lender or any the Swing Line Lender in connection with such capacity. The obligations
of the Lenders under this Section 13.5(c) are subject to the provisions of Section 10.1(d).

 

(d)            To
the fullest extent permitted by applicable law, each Borrower shall not assert, and each Borrower hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Advance or Letter of Credit, or the use of the proceeds thereof. No Indemnitee
referred to in Section 13.5(b) shall be liable for any damages arising from the use by unintended recipients of any information
or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with
this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

 

(e)            All
amounts due under this Section 13.5 shall be payable not later than ten (10) days after demand therefor.

 

(f)            Each
party’s obligations under this Section 13.5 shall survive the termination of the Loan Documents and payment of the obligations
hereunder.

 

13.6         Notices.

 

(a)            Except
as expressly provided otherwise in this Agreement (and except as provided in clause (b) below), all notices and other communications
provided to any party hereto under this Agreement or any other Loan Document shall be in writing and shall be given by personal delivery,
by mail, by reputable overnight courier or by facsimile and addressed or delivered to it at its address set forth on Annex III or at
such other address as may be designated by such party in a notice to the other parties that complies as to delivery with the terms of
this Section 13.6 or posted to an E-System set up by or at the direction of the Agent (as set forth below). Any notice, if personally
delivered or if mailed and properly addressed with postage prepaid and sent by registered or certified mail, shall be deemed given when
received or when delivery is refused; any notice, if given to a reputable overnight courier and properly addressed, shall be deemed given
two (2) Business Days after the date on which it was sent, unless it is actually received sooner by the named addressee; and any
notice, if transmitted by facsimile, shall be deemed given when received. The Agent may, but, except as specifically provided herein,
shall not be required to, take any action on the basis of any notice given to it by telephone, but the giver of any such notice shall
promptly confirm such notice in writing or by facsimile, and such notice will not be deemed to have been received until such confirmation
is deemed received in accordance with the provisions of this Section set forth above. If such telephonic notice conflicts with any
such confirmation, the terms of such telephonic notice shall control. Any notice given by the Agent or any Lender to any Borrower shall
be deemed to be a notice to all of the Credit Parties.

 

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(b)           Notices
and other communications provided to the Agent and the Lenders party hereto under this Agreement or any other Loan Document may be delivered
or furnished by electronic communication (including email and Internet or intranet websites) pursuant to procedures approved by the Agent.
The Agent or the Borrowers may, in their respective discretion, agree to accept notices and other communications to it hereunder by electronic
communications (including email and any E-System) pursuant to procedures approved by it. Unless otherwise agreed to in a writing by and
among the parties to a particular communication, (i) notices and other communications sent to an email address shall be deemed received
upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested”
function, return email, or other written acknowledgment) and (ii) notices and other communications posted to any E-System shall
be deemed received upon the deemed receipt by the intended recipient at its email address as described in the foregoing clause (i) of
notification that such notice or other communication is available and identifying the website address therefore.

 

13.7        Further
Action. The Borrowers, from time to time, upon written request of the Agent will make, execute, acknowledge and deliver or cause
to be made, executed, acknowledged and delivered, all such further and additional instruments, and take all such further action as may
reasonably be required to carry out the intent and purpose of this Agreement or the Loan Documents, and to provide for Advances under
and payment of the Notes, according to the intent and purpose herein and therein expressed.

 

13.8        Successors
and Assigns; Participations; Assignments.

 

(a)           This
Agreement shall be binding upon and shall inure to the benefit of the Borrowers and the Lenders and their respective successors and assigns.

 

(b)           The
foregoing shall not authorize any assignment by the Borrowers of its rights or duties hereunder, and, except as otherwise provided herein,
no such assignment shall be made (or be effective) without the prior written approval of the Lenders.

 

(c)            No
Lenders may at any time assign or grant participations in such Lender’s rights and obligations hereunder and under the other Loan
Documents except (i) by way of assignment to any Eligible Assignee in accordance with clause (d) of this Section, (ii) by
way of a participation in accordance with the provisions of clause (e) of this Section 13.8 or (iii) by way of a pledge
or assignment of a security interest subject to the restrictions of clause (g) of this Section 13.8 (and any other attempted
assignment or transfer by any Lender shall be deemed to be null and void).

 

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(d)           Each
assignment by a Lender of all or any portion of its rights and obligations hereunder and under the other Loan Documents, shall be subject
to the following terms and conditions:

 

(i)             each
such assignment shall be made on a pro rata basis, and shall be in a minimum amount of the lesser of (x) Five Million Dollars ($5,000,000)
or such lesser amount as the Agent shall agree and (y) the entire remaining amount of assigning Lender’s Commitment or Advances
at the time owing to it (and participations in any Swing Line Advances and outstanding Letters of Credit); provided however that, after
giving effect to such assignment, in no event shall the entire remaining amount (if any) of assigning Lender’s Commitment and Advances
owing to it be less than $5,000,000; and

 

(ii)            the
parties to any assignment shall execute and deliver to the Agent an Assignment Agreement substantially (as determined by the Agent) in
the form attached hereto as Exhibit H (with appropriate insertions acceptable to the Agent), together with a processing and recordation
fee in the amount, if any, required as set forth in the Assignment Agreement.

 

Until the Assignment Agreement becomes effective
in accordance with its terms and is recorded in the Register maintained by the Agent under clause (h) of this Section 13.8,
and the Agent has confirmed that the assignment satisfies the requirements of this Section 13.8, the Borrowers and the Agent shall
be entitled to continue to deal solely and directly with the assigning Lender in connection with the interest so assigned. From and after
the effective date of each Assignment Agreement that satisfies the requirements of this Section 13.8, the assignee thereunder shall
be deemed to be a party to this Agreement, such assignee shall have the rights and obligations of a Lender under this Agreement and the
other Loan Documents (including without limitation the right to receive fees payable hereunder in respect of the period following such
assignment) and the assigning Lender shall relinquish its rights and be released from its obligations under this Agreement and the other
Loan Documents.

 

Upon request, the Borrowers
shall execute and deliver to the Agent, new Note(s) payable to the order of the assignee in an amount equal to the amount assigned
to the assigning Lender pursuant to such Assignment Agreement, and with respect to the portion of the Indebtedness retained by the assigning
Lender, to the extent applicable, new Note(s) payable to the order of the assigning Lender in an amount equal to the amount retained
by such Lender hereunder. The Agent, the Lenders and the Borrowers acknowledge and agree that any such new Note(s) shall be given
in renewal and replacement of the Notes issued to the assigning lender prior to such assignment and shall not effect or constitute a
novation or discharge of the Indebtedness evidenced by such prior Note, and each such new Note may contain a provision confirming such
agreement.

 

(e)            The
Borrowers and the Agent acknowledge that each of the Lenders may at any time and from time to time, subject to the terms and conditions
hereof, grant participations in such Lender’s rights and obligations hereunder (on a pro rata basis only) and under the other Loan
Documents to any Person (other than a natural person or to a Borrower or any of such Borrower’s Affiliates or Subsidiaries); provided
that any participation permitted hereunder shall comply with all applicable laws and shall be subject to a participation agreement that
incorporates the following restrictions:

 

(i)             such
Lender shall remain the holder of its Notes hereunder (if such Notes are issued), notwithstanding any such participation;

 

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(ii)            a
participant shall not reassign or transfer, or grant any sub-participations in its participation interest hereunder or any part thereof;

 

(iii)           such
Lender shall retain the sole right and responsibility to enforce the obligations of the Credit Parties relating to the Notes and the
other Loan Documents, including, without limitation, the right to proceed against any Guarantors, or cause the Agent to do so (subject
to the terms and conditions hereof), and the right to approve any amendment, modification or waiver of any provision of this Agreement
without the consent of the participant (unless such participant is an Affiliate of such Lender), except for those matters requiring the
consent of each of the Lenders under Section 13.10(b) (provided that a participant may exercise approval rights over such matters
only on an indirect basis, acting through such Lender and the Credit Parties, the Agent and the other Lenders may continue to deal directly
with such Lender in connection with such Lender’s rights and duties hereunder). Notwithstanding the foregoing, however, in the
case of any participation granted by any Lender hereunder, the participant shall not have any rights under this Agreement or any of the
other Loan Documents against the Agent, any other Lender or any Credit Party; provided, however that the participant may have rights
against such Lender in respect of such participation as may be set forth in the applicable participation agreement and all amounts payable
by the Credit Parties hereunder shall be determined as if such Lender had not sold such participation. Each such participant shall be
entitled to the benefits of Section 11 of this Agreement to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to clause (d) of this Section, provided that no participant shall be entitled to receive any greater amount
pursuant to such the provisions of Section 11 than the issuing Lender would have been entitled to receive in respect of the amount
of the participation transferred by such issuing Lender to such participant had no such transfer occurred and each such participant shall
also be entitled to the benefits of Section 9.6 hereof as though it were a Lender, provided that such participant agrees to be subject
to Section 10.3 hereof as though it were a Lender; and

 

(iv)           each
participant shall provide the relevant tax form required under Section 13.11.

 

(f)             Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain a register on which it
enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest
in the Advances or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall
have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information
relating to a participant's interest in any commitments, loans, 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.

 

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(g)            Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including its Notes,
if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledge or assignee
for such Lender as a party hereto.

  

(h)            The
Borrowers hereby designate the Agent, and Agent agrees to serve, as the Borrowers’ non-fiduciary agent solely for purposes of this
Section 13.8(h) to maintain at its principal office in the United States a copy of each Assignment Agreement delivered to
it and a register (the “Register”) for the recordation of the names and addresses of the Lenders, the Percentages of such
Lenders and the principal amount (and stated interest) of each type of Advance owing to each such Lender from time to time. The entries
in the Register shall be conclusive evidence, absent manifest error, and the Borrowers, the Agent, and the Lenders may treat each Person
whose name is recorded in the Register as the owner of the Advances recorded therein for all purposes of this Agreement. The Register
shall be available for inspection by the Borrowers or any Lender (but only with respect to any entry relating to such Lender’s
Percentages and the principal amounts owing to such Lender) upon reasonable notice to the Agent and a copy of such information shall
be provided to any such party on their prior written request. The Agent shall give prompt written notice to the Borrowers of the making
of any entry in the Register or any change in such entry.

 

(i)            The
Borrowers authorize each Lender to disclose to any prospective assignee or participant which has satisfied the requirements hereunder,
any and all financial information in such Lender’s possession concerning the Credit Parties which has been delivered to such Lender
pursuant to this Agreement, provided that each such prospective assignee or participant shall execute a confidentiality agreement consistent
with the terms of Section 13.11 hereof or shall otherwise agree to be bound by the terms thereof.

 

(j)            Nothing
in this Agreement, the Notes or the other Loan Documents, expressed or implied, is intended to or shall confer on any Person other than
the respective parties hereto and thereto and their successors and assignees and participants permitted hereunder and thereunder any
benefit or any legal or equitable right, remedy or other claim under this Agreement, the Notes or the other Loan Documents.

 

13.9          Counterparts.
This Agreement may be executed in several counterparts, and each executed copy shall constitute an original instrument, but such counterparts
shall together constitute but one and the same instrument.

 

13.10        Amendment
and Waiver.

 

(a)            Except
as otherwise expressly provided in Section 2.12, no amendment or waiver of any provision of this Agreement or any other Loan Document,
and no consent to any departure by any Credit Party therefrom, shall in any event be effective unless the same shall be in writing and
signed by the Agent and the Majority Lenders (or by the Agent at the written request of the Majority Lenders) or, if this Agreement expressly
so requires with respect to the subject matter thereof, by all Lenders (and, with respect to any amendments to this Agreement or the
other Loan Documents, by any Credit Party or the Guarantors that are signatories thereto), and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent
shall:

 

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(i)            increase
the stated amount of, or extend the termination date of (or, if terminated, reinstate), any Lender’s commitment hereunder without
such Lender’s written consent; provided, that any waiver of, or any consent to a departure from, a condition precedent, a Default
or an Event of Default, a mandatory prepayment or a mandatory reduction of Commitments shall not constitute an increase or extension
of any Commitment of any Lender;

 

(ii)            without
the written consent of each Lender holding Indebtedness directly affected thereby, do any of the following:

 

(A)            reduce
(including any waiver or forgiveness of) the principal of, or interest on, any outstanding Indebtedness or any Fees or other amounts
payable hereunder; provided, that (I) only the written consent of the Majority Lenders shall be necessary to amend Section 9.2(e) or
to waive any obligation of the Borrowers to pay interest at the rate set forth therein, in each case, in respect of the Indebtedness
subject thereto, and (II) only the written consent of the Majority Lenders shall be necessary to amend any financial covenant hereunder
(or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest or to reduce any Fee;

 

(B)            postpone
any date fixed for any payment of principal of, or interest on, any outstanding Indebtedness or any Fees or other amounts payable hereunder
(except with respect to the payments required under Section 2.10(b));

 

(C)            change
any of the provisions of this Section 13.10 or the definitions of “Majority Lenders” or any other provision of any
Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination
or grant any consent thereunder; or

 

(iii)            Without
the written consent of all Lenders, do any of the following:

 

(A)            except
as expressly permitted in Section 12.11(b), (I) , release all or substantially all of the Collateral in any transaction or
series of related transactions (provided that neither the Agent nor any Lender shall be prohibited thereby from proposing or participating
in a consensual or nonconsensual debtor-in-possession or similar financing in the context of a bankruptcy or insolvency proceeding),
or (II) release any material guaranty provided by any Person in favor of the Agent and the Lenders in any transaction or series
of transactions;

 

(B)            modify
Sections 10.2 or 10.3 hereof in a manner that would have the effect of altering the pro rata sharing of payments or other pro rata treatment
of the Lenders or the order of application of payments, in each case, otherwise required hereunder;

 

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(C)            (I) contractually
subordinate any Indebtedness (including any guaranty thereof) to any other Debt (whether under this Agreement or otherwise); or (II) contractually
subordinate the Agent’s Lien (on behalf of the holders of the Indebtedness) on all or substantially all of the Collateral granted
under the Loan Documents to any other Lien, unless each adversely affected Lender has received a bona fide written offer (disclosing
all material terms) to fund or otherwise provide its pro rata portion (based on the amount of the Indebtedness adversely affected thereby
held by each such Lender) of such senior Lien financing, on substantially the same terms (including, without limitation, interest and
fees, other than any reasonable and customary arrangement or similar fees or third party expense reimbursements) as offered to the other
providers of such senior Lien financing; provided that, notwithstanding subclauses (I) and (II) of this clause (C), neither
the Agent nor any Lender shall be prohibited from proposing or participating in a consensual or nonconsensual debtor-in-possession or
similar financing in a bankruptcy or insolvency proceeding if an opportunity to participate in such financing is offered to each of the
Lenders; or

  

(D)            release
any Borrower or permit any Borrower to assign or transfer any of its rights or obligations under this Agreement or any other Loan Document;

 

(iv)          without
the written consent of the Swing Line Lender, (A) reduce the principal of, or interest on, the Swing Line Note, (B) postpone
any date fixed for any payment of principal of, or interest on, the Swing Line Note or (C) amend, modify or otherwise affect the
rights and duties of the Swing Line Lender under this Agreement or any other Loan Document;

 

(v)            without
the written consent of the Issuing Lender, amend, modify or otherwise affect the rights or duties of Issuing Lender under this Agreement
or any of the other Loan Documents; or

 

(vi)           without
the written consent of the Agent, amend, modify or otherwise affect the rights or duties of the Agent under this Agreement or any other
Loan Document.

 

(b)            Notwithstanding
anything to the contrary herein,

 

(i)            no
Defaulting Lender shall have any right to approve or disapprove of any amendment, consent, or waiver with respect to any Loan Document
(and all amendments, consents, and waivers with respect thereto may be effected without the consent of the Defaulting Lenders), except
that the foregoing shall not permit, in each case without such Defaulting Lender’s written consent, (A) an increase in such
Defaulting Lender’s stated commitment amounts, (B) the waiver, forgiveness or reduction of the principal amount of any Indebtedness
owing to such Defaulting Lender (unless all other Lenders affected thereby are treated proportionately), (C) the extension of the
final maturity date(s) of such Defaulting Lender’s portion of any of the Indebtedness or the extension of any commitment
to extend credit of such Defaulting Lender, or (D) any other modification which requires the consent of all Lenders or the Lender(s) affected
thereby which affects such Defaulting Lender disproportionately adversely relative to the other affected Lenders (other than a modification
which results in a reduction of such Defaulting Lender’s Percentage of any Commitments or repayment of any amounts owing to such
Defaulting Lender on a non pro-rata basis);

 

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(ii)            the
Agent may, with the consent of the Borrowers only, amend, modify or supplement this Agreement or any of the other Loan Documents to cure
any ambiguity, omission, mistake, defect or inconsistency;

 

(iii)           (A) the
Agent may determine a Successor Rate and the Agent may make Conforming Changes, in each case, in accordance with Section 11.3;
and (B) in connection with the use or administration of BSBY, the Agent will have the right to make Conforming Changes from time
to time, and any amendments implementing such Conforming Changes will become effective without any further action or consent of any other
party to this Agreement or any other Loan Document (provided that the Agent will promptly notify the Borrowers and the Lenders of the
effectiveness of any Conforming Changes in connection with the use or administration of BSBY);

 

(iv)           no
amendment of this Agreement which is in all other respects approved by the requisite Lenders in accordance with this Section 13.10
shall require the consent or approval of any Lender (A) which immediately after giving effect to such amendment, shall have no
commitment or other obligation to maintain or extend credit under this Agreement (as so amended), including, without limitation, any
obligation to participate in any Letter of Credit and (B) which, substantially contemporaneously with the effectiveness of such
amendment, shall have received payment in full of all Indebtedness owing to such Lender under the Loan Documents (other than any Indebtedness
owing to such Lender under any Cash Management Agreement or any Hedging Agreements). From and after the effectiveness of any such amendment,
any such Lender shall be deemed to no longer be a "Lender" hereunder or a party hereto, except that any such Lender shall retain
the benefits of indemnification provisions hereof which, by the terms hereof would survive the termination of this Agreement;

 

(v)            any
amendment or waiver of, or consent to any departure from, any provision of the Sweep Agreement and the Fee Letter requires only the consent
of the parties thereto;

 

(vi)           this
Agreement may be amended with the written consent of the Majority Lenders, the Agent and the Borrowers (A) to add one or more additional
revolving credit or term loan facilities to this Agreement and to permit the extensions of credit and all related obligations and liabilities
arising in connection therewith from time to time outstanding to share ratably (or on a basis subordinated to the existing facilities
hereunder) in the benefits of this Agreement and the other Loan Documents with the obligations and liabilities from time to time outstanding
in respect of the existing facilities hereunder, and (B) in connection with the foregoing, to permit, as deemed appropriate by
the Agent and approved by the Majority Lenders, the Lenders providing such additional credit facilities to participate in any required
vote or action required to be approved by the Majority Lenders or by any other number, percentage or class of Lenders hereunder; provided,
however, that this Agreement may be amended in accordance with the requirements set forth in Section 2.12 with only the approval
of the parties as required thereunder; and

 

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(vii)            (A) each
Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Indebtedness, and each Lender
acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersede the unanimous consent provisions set
forth herein and (B) the Majority Lenders shall determine whether or not to allow a Credit Party to use cash collateral in the
context of a bankruptcy or insolvency proceeding and such determination shall be binding on all of the Lenders.

 

(c)            Each
of the parties hereto acknowledges and agrees that notwithstanding anything to the contrary set forth herein, no MIRE Event may be closed
(x) until the date that is (i) if there are no Mortgaged Properties in a Flood Hazard Zone, ten (10) Business Days
or (ii) if there are any Mortgaged Properties in a “special flood hazard area”, thirty (30) days, in each case, after
the Agent or Borrowers have delivered to the Lenders the following documents in respect of such real property: (A) a completed
flood hazard determination from a third party vendor; (B) if such real property is located in a “special flood hazard area”,
(1) a notification to the applicable Credit Parties of that fact and, if applicable, notification to the applicable Credit Parties
that flood insurance coverage is not available and (2) evidence of the receipt by the applicable Credit Parties of such notice;
and (3) if required by applicable Flood Laws, evidence of required flood insurance with respect to which flood insurance has been
made available under applicable Flood Laws; provided that any such MIRE Event may be closed prior to the expiration of such period if
the Agent shall have received confirmation from each Lender that such Lender has completed any necessary flood insurance due diligence
to its reasonable satisfaction.

 

13.11        Confidentiality.
Each of the Agent, the Lenders, the Swing Line Lender and the Issuing Lender agree to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep
such Information confidential); (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction
over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners);
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process; (d) to any other
party hereto; (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder; (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i) any assignee of or participant in, or any prospective
assignee of or participant in, any of its rights and obligations under this Agreement, or (ii) any actual or prospective party
(or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrowers
and their obligations, this Agreement or payments hereunder; (g) on a confidential basis to (i) any rating agency in connection
with rating the Borrowers or their respective Subsidiaries or the credit facilities hereunder or (ii) the CUSIP Service Bureau
or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the credit facilities hereunder;
(h) with the consent of the Borrowers; or (i) to the extent such Information (x) becomes publicly available other than
as a result of a breach of this Section, or (y) becomes available to the Agent, any Lender, Swing Line Lender, Issuing Lender
or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrowers who did not acquire such information
as a result of a breach of this Section. In addition, the Agent and the Lenders may disclose the existence of this Agreement and information
about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Agents
or any Lender in connection with the administration of this Agreement, the other Loan Documents, and the Commitments.

 

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For
purposes of this Section, “Information” means all information received from any Credit Party relating to any Credit Party
or any of their respective businesses, other than any such information that is available to the Agent, any Lender, Swing Line Lender
or Issuing Lender on a nonconfidential basis prior to disclosure by any Credit Party; provided that, in the case of information received
from any Credit Party after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information.

 

13.12        Mitigation
Obligations; Substitution or Removal of Lenders.

 

(a)            If
any Lender has demanded compensation under Sections 3.4(c), 11.5 or 11.6, then such Lender shall (at the request of the Borrowers) use
reasonable efforts to designate a different lending office for funding or booking its Advances hereunder (or issuing or maintaining,
or participating in, any Letters of Credit hereunder) or to assign its rights and obligations hereunder to another of its offices, branches
or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Sections 3.4(c), 11.5 or 11.6, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay all reasonable costs and
expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)            With
respect to any Lender (i) that has demanded compensation under Sections 3.4(c), 11.5 or 11.6 and has declined or is unable to designate
a different lending office in accordance with Section 13.12(a), (ii) that has become a Defaulting Lender or (iii) that
has failed to consent to a requested amendment, waiver or modification to any Loan Document that requires the consent of all Lenders
or all affected Lenders in accordance with Section 13.10 and as to which the Majority Lenders have already consented (in each case,
an “Affected Lender”), then the Agent or (upon notice to the Agent) the Borrowers may, at the Borrowers’ sole expense,
require the Affected Lender to sell and assign all of its interests, rights and obligations under this Agreement and the other Loan Documents,
including, without limitation, its Commitments, to an Eligible Assignee (which may be one or more of the Lenders) (such Eligible Assignee
shall be referred to herein as the “Purchasing Lender” or “Purchasing Lenders”) within two (2) Business
Days after receiving notice from the Borrowers requiring it to do so, for an aggregate price equal to the sum of the outstanding principal
amount of all Advances made by it, interest and fees accrued for its account through but excluding the date of such payment, and all
other amounts payable to it hereunder, from the Purchasing Lender(s) (to the extent of such outstanding principal and accrued interest
and fees) or the Borrowers (in the case of all other amounts, including without limitation, if demanded by the Affected Lender, the amount
of any compensation then due to the Affected Lender under Sections 3.4(c), 11.1, 11.5 and 11.6 to but excluding said date), payable (in
immediately available funds) in cash. The Affected Lender, as assignor, such Purchasing Lender, as assignee, the Borrowers and the Agent,
shall enter into an Assignment Agreement pursuant to Section 13.8 hereof, whereupon such Purchasing Lender shall be a Lender party
to this Agreement, shall be deemed to be an assignee hereunder and shall have all the rights and obligations of the assigning Lender
to the extent of assigning Lender’s applicable Percentages, provided, however, that if the Affected Lender does not execute such
Assignment Agreement within (2) Business Days of receipt thereof, the Agent may execute the Assignment Agreement as the Affected
Lender’s attorney-in-fact. Each of the Lenders hereby irrevocably constitutes and appoints the Agent and any officer or agent thereof,
with full power of substitution, as its true and lawful attorney-in-fact with full power and authority in the name of such Lender or
in its own name to execute and deliver the Assignment Agreement while such Lender is an Affected Lender hereunder (such power of attorney
to be deemed coupled with an interest and irrevocable). In connection with any assignment pursuant to this Section 13.12(b), (I) the
Borrowers or the Purchasing Lender shall pay to the Agent the administrative fee for processing such assignment referred to in Section 13.8,
(II) in the case of any such assignment resulting from a demand for compensation under clause (i) above, such assignment
will result in a reduction in such compensation or payments thereafter, and (III) in the case of any assignment resulting from
a Lender failing to consent under clause (iii) above, the applicable assignee shall have consented to the applicable amendment,
waiver or modification. A Lender shall not be required to make any such assignment pursuant to this Section 13.12(b) if ,
prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment
cease to apply.

 

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Notwithstanding
anything in this Section 13.12(b) to the contrary, (i) any Lender that acts as an Issuing Lender may not be replaced
hereunder at any time it has any Letter of Credit outstanding hereunder unless arrangements satisfactory to such Lender (including the
furnishing of a backstop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to such Issuing
Lender or the depositing of cash collateral into a cash collateral account in amounts and pursuant to arrangements reasonably satisfactory
to such Issuing Lender) have been made with respect to such outstanding Letter of Credit and (ii) the Lender that acts as the Agent
may not be replaced hereunder.

 

13.13        [Reserved].

 

13.14        WAIVER
OF JURY TRIAL / JUDICIAL REFERENCE.

 

(a)            JURY
TRIAL WAIVER. TO THE EXTENT PERMITTED BY LAW, THE BORROWERS, THE LENDERS AND THE AGENT HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREIN OR THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY
CLAIMS. THE BORROWERS, THE LENDERS AND THE AGENT 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.

 

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(b)            Judicial
Reference.

 

(i)            In
the event the jury trial waiver set forth above is not enforceable, the parties elect to proceed under this judicial reference provision.

 

(ii)            With
the exception of the items specified in clause (iii), below, any controversy, dispute or claim (each, a “Claim”) between
the parties arising out of or relating to this Agreement, the Notes or the other Loan Documents will be resolved by a reference proceeding
in California in accordance with the provisions of Sections 638 et seq. of the California Code of Civil Procedure (“CCP”),
or their successor sections, which shall constitute the exclusive remedy for the resolution of any Claim, including whether the Claim
is subject to the reference proceeding. Except as otherwise provided in this Agreement, the Notes or the other Loan Documents, venue
for the reference proceeding will be in the state or federal court in the county or district where the real property involved in the
action, if any, is located or in the state or federal court in the county or district where venue is otherwise appropriate under applicable
law (the “Court”).

 

(iii)          The
matters that shall not be subject to a judicial reference proceeding are the following: (a) foreclosure of any security interests
in real or personal property, (b) exercise of self-help remedies (including, without limitation, set-off), (c) appointment
of a receiver and (d) temporary, provisional or ancillary remedies (including, without limitation, writs of attachment, writs of
possession, temporary restraining orders or preliminary injunctions). This reference provision does not limit the right of any party
to exercise or oppose any of the rights and remedies described in clauses (a) and (b) or to seek or oppose from a court of
competent jurisdiction any of the items described in clauses (c) and (d). The exercise of, or opposition to, any of those items
does not waive the right of any party to a reference pursuant to this reference provision as provided herein.

 

(iv)          The
referee shall be a retired judge or justice selected by mutual written agreement of the parties. If the parties do not agree within ten
(10) days of a written request to do so by any party, then, upon request of any party, the referee shall be selected by the Presiding
Judge of the Court (or his or her representative). A request for appointment of a referee may be heard on an ex parte or expedited basis,
and the parties agree that irreparable harm would result if ex parte relief is not granted. Pursuant to CCP § 170.6, each party
shall have one peremptory challenge to the referee selected by the Presiding Judge of the Court (or his or her representative).

 

(v)           The
parties agree that time is of the essence in conducting the reference proceedings. Accordingly, the referee shall be requested, subject
to change in the time periods specified herein for good cause shown, to (a) set the matter for a status and trial-setting conference
within fifteen (15) days after the date of selection of the referee, (b) if practicable, try all issues of law or fact within one
hundred twenty (120) days after the date of the conference and (c) report a statement of decision within twenty (20) days after
the matter has been submitted for decision.

 

(vi)          The
referee will have power to expand or limit the amount and duration of discovery. The referee may set or extend discovery deadlines or
cutoffs for good cause, including a party’s failure to provide requested discovery for any reason whatsoever. Unless otherwise
ordered based upon good cause shown, no party shall be entitled to “priority” in conducting discovery, depositions may be
taken by either party upon seven (7) days written notice, and all other discovery shall be responded to within fifteen (15) days
after service. All disputes relating to discovery which cannot be resolved by the parties shall be submitted to the referee whose decision
shall be final and binding.

 

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(vii)         Except
as expressly set forth herein, the referee shall determine the manner in which the reference proceeding is conducted including the time
and place of hearings, the order of presentation of evidence, and all other questions that arise with respect to the course of the reference
proceeding. All proceedings and hearings conducted before the referee, except for trial, shall be conducted without a court reporter,
except that when any party so requests, a court reporter will be used at any hearing conducted before the referee, and the referee will
be provided a courtesy copy of the transcript. The party making such a request shall have the obligation to arrange for and pay the court
reporter. Subject to the referee’s power to award costs to the prevailing party, the parties will equally share the cost of the
referee and the court reporter at trial.

 

(viii)        The
referee shall be required to determine all issues in accordance with existing case law and the statutory laws of the State of California.
The rules of evidence applicable to proceedings at law in the State of California will be applicable to the reference proceeding.
The referee shall be empowered to enter equitable as well as legal relief, enter equitable orders that will be binding on the parties
and rule on any motion which would be authorized in a court proceeding, including without limitation motions for summary judgment
or summary adjudication. The referee shall issue a decision at the close of the reference proceeding which disposes of all claims of
the parties that are the subject of the reference. Pursuant to CCP § 644, such decision shall be entered by the Court as a judgment
or an order in the same manner as if the action had been tried by the Court and any such decision will be final, binding and conclusive.
The parties reserve the right to appeal from the final judgment or order or from any appealable decision or order entered by the referee.
The parties reserve the right to findings of fact, conclusions of laws, a written statement of decision, and the right to move for a
new trial or a different judgment, which new trial, if granted, is also to be a reference proceeding under this provision.

 

(ix)           If
the enabling legislation which provides for appointment of a referee is repealed (and no successor statute is enacted), any dispute between
the parties that would otherwise be determined by reference procedure will be resolved and determined by arbitration. The arbitration
will be conducted by a retired judge or justice, in accordance with the California Arbitration Act §1280 through §1294.2 of
the CCP as amended from time to time. The limitations with respect to discovery set forth above shall apply to any such arbitration proceeding.

 

(x)            THE
PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND CLAIMS RESOLVED UNDER THIS REFERENCE PROVISION WILL BE DECIDED BY A
REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER OWN CHOICE, EACH
PARTY KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS REFERENCE PROVISION WILL APPLY TO ANY CONTROVERSY,
DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO, THIS AGREEMENT, THE NOTES OR THE OTHER LOAN DOCUMENTS.

 

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13.15        USA
Patriot Act Notice. Pursuant to Section 326 of the USA Patriot Act, the Agent and the Lenders hereby notify the Credit Parties
that if they or any of their Subsidiaries open an account, including any loan, deposit account, treasury management account, or other
extension of credit with the Agent or any Lender, the Agent or the applicable Lender will request the applicable Person’s name,
tax identification number, business address and other information necessary to identify such Person (and may request such Person’s
organizational documents or other identifying documents) to the extent necessary for the Agent and the applicable Lender to comply with
the USA Patriot Act.

 

13.16        Complete
Agreement; Conflicts. This Agreement, the Notes (if issued), any Requests for Advances, and the Loan Documents contain the entire
agreement of the parties hereto, superseding all prior agreements, discussions and understandings relating to the subject matter hereof,
and none of the parties shall be bound by anything not expressed in writing. In the event of any conflict between the terms of this Agreement
and the other Loan Documents, this Agreement shall govern.

 

13.17        Severability.
In case any one or more of the obligations of the Credit Parties under this Agreement, the Notes or any of the other Loan Documents shall
be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining obligations of the
Credit Parties shall not in any way be affected or impaired thereby, and such invalidity, illegality or unenforceability in one jurisdiction
shall not affect the validity, legality or enforceability of the obligations of the Credit Parties under this Agreement, the Notes or
any of the other Loan Documents in any other jurisdiction.

 

13.18        Table
of Contents and Headings; Section References. The table of contents and the headings of the various subdivisions hereof are
for convenience of reference only and shall in no way modify or affect any of the terms or provisions hereof and references herein to
 “sections,” “subsections,” “clauses,” “paragraphs,” “subparagraphs,” “exhibits”
and “schedules” shall be to sections, subsections, clauses, paragraphs, subparagraphs, exhibits and schedules, respectively,
of this Agreement unless otherwise specifically provided herein or unless the context otherwise clearly indicates.

 

13.19        Construction
of Certain Provisions. If any provision of this Agreement or any of the Loan Documents refers to any action to be taken by any Person,
or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly
by such Person, whether or not expressly specified in such provision.

 

13.20        Independence
of Covenants. Each covenant hereunder shall be given independent effect (subject to any exceptions stated in such covenant) so that
if a particular action or condition is not permitted by any such covenant (taking into account any such stated exception), the fact that
it would be permitted by an exception to, or would be otherwise within the limitations of, another covenant shall not avoid the occurrence
of a Default or an Event of Default.

 

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13.21        Electronic
Transmissions.

 

(a)            Each
of the Agent, the Credit Parties, the Lenders, and each of their Affiliates is authorized (but not required) to transmit, post or otherwise
make or communicate, in its sole discretion, Electronic Transmissions in connection with any Loan Document and the transactions contemplated
therein. The Borrowers and each other Credit Party hereby acknowledges and agrees that the use of Electronic Transmissions is not necessarily
secure and that there are risks associated with such use, including risks of interception, disclosure and abuse and each indicates it
assumes and accepts such risks by hereby authorizing the transmission of Electronic Transmissions.

 

(b)            All
uses of an E-System shall be governed by and subject to, in addition to Section 13.6 and this Section 13.22, separate terms
and conditions posted or referenced in such E-System and related contractual obligations executed by the Agent, the Credit Parties and
the Lenders in connection with the use of such E-System.

 

(c)            All
E-Systems and Electronic Transmissions shall be provided “as is” and “as available”. None of the Agent or any
of its Affiliates, nor any Borrower or any of their respective Affiliates warrants the accuracy, adequacy or completeness of any E-Systems
or Electronic Transmission, and each disclaims all liability for errors or omissions therein. No warranty of any kind is made by the
Agent or any of its Affiliates, or any Borrower or any of their respective Affiliates in connection with any E-Systems or Electronic
Transmission, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or
freedom from viruses or other code defects. The Agent, the Borrowers and their Subsidiaries, and the Lenders agree that the Agent has
no responsibility for maintaining or providing any equipment, software, services or any testing required in connection with any Electronic
Transmission or otherwise required for any E-System. The Agent and the Lenders agree that the Borrowers have no responsibility for maintaining
or providing any equipment, software, services or any testing required in connection with any Electronic Transmission or otherwise required
for any E-System.

 

13.22        Advertisements.
The Agent and the Lenders may disclose the names of the Credit Parties and the existence of the Indebtedness in general advertisements
and trade publications.

 

13.23        Reliance
on and Survival of Provisions. All terms, covenants, agreements, representations and warranties of the Credit Parties to any of the
Loan Documents made herein or in any of the Loan Documents or in any certificate, report, financial statement or other document furnished
by or on behalf of any Credit Party in connection with this Agreement or any of the Loan Documents shall be deemed to have been relied
upon by the Lenders, notwithstanding any investigation heretofore or hereafter made by any Lender or on such Lender’s behalf, and
those covenants and agreements of the Borrowers and the Lenders, as applicable, set forth in Sections 3.9, 3.10, 10.5, 11.8(c), 11.10,
and 13.5 hereof (together with any other indemnities of any Credit Party or Lender contained elsewhere in this Agreement or in any of
the other Loan Documents) shall survive the Payment in Full of the Indebtedness and the termination of this Agreement and the other Loan
Documents, including any commitment to extend credit thereunder.

 

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13.24        Acknowledgment
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Hedging
Agreement or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation
under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with
the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit
Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to
be governed by the laws of the State of California and/or of the United States or any other state of the United States):

  

(a)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under
a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and
obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise
apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the
Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it
is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights
of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)            As
used in this Section 13.24, the following terms have the following meanings:

 

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

 

“Covered
Entity” shall mean any of the following: (i) a “covered entity” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2
or 382.1, as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

    	 	132	 

     

    

 

13.25        Acknowledgment
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected
Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and
conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

  

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

 

(b)            the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)      
       a reduction in full or in part or cancellation of any such liability;

 

(ii)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any
other Loan Document; or

 

(iii)           the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution
Authority.

 

13.26        Joint
and Several Liability.

 

Each
Borrower agrees as follows:

 

(a)            It
is jointly and severally, directly, and primarily liable to Lenders for payment in full of the Indebtedness and that such liability is
independent of the duties, obligations and liabilities of each Borrower. This Agreement, the Notes and each other Loan Document are a
primary and original obligation of each Borrower, are not the creation of a surety relationship, and are an absolute, unconditional,
and continuing promise of payment and performance which shall remain in full force and effect without respect to future changes in conditions,
including any change of law or any invalidity or irregularity with respect to the Loan Documents. Each Borrower acknowledges that the
obligations of such Borrower undertaken herein might be construed to consist, at least in part, of the guaranty of obligations of persons
or entities other than such Borrower (including any other Borrower party hereto) and, in full recognition of that fact, each Borrower
consents and agrees that Lenders may, at any time and from time to time, without notice or demand, whether before or after any actual
or purported termination, repudiation, or revocation of this Agreement, the Notes and the other Loan Documents by any one or more Borrowers,
and without affecting the enforceability or continuing effectiveness hereof as to each Borrower in any such capacity as a guarantor:
(a) supplement, restate, modify, amend, increase, decrease, extend, renew, accelerate, or otherwise change the time for payment
or the terms of the Indebtedness or any part thereof, including any increase or decrease of the rate(s) of interest thereon; (b) supplement,
restate, modify, amend, increase, decrease or waive, or enter into or give any agreement, approval, or consent with respect to, the Indebtedness
or any part thereof, or any of the Loan Documents or any additional security or guaranties, or any condition, covenant, default, remedy,
right, representation or term thereof or thereunder; (c) accept new or additional instruments, documents or agreements in exchange
for or relative to any of the Loan Documents or the Indebtedness or any part thereof; (d) accept partial payments on the Indebtedness;
(e) receive and hold additional security or guaranties for the Indebtedness or any part thereof; (f) release, reconvey, terminate,
waive, abandon, fail to perfect, subordinate, exchange, substitute, transfer, or enforce any security or guaranties, and apply any security
and direct the order or manner of sale thereof as Lenders in their sole and absolute discretion may determine; (g) release any
Person from any personal liability with respect to the Indebtedness or any part thereof; (h) settle, release on terms satisfactory
to Lenders or by operation of applicable laws, or otherwise liquidate or enforce any Indebtedness and any security therefor or guaranty
thereof in any manner, consent to the transfer of any security and bid and purchase at any sale; or (i) consent to the merger,
change, or any other restructuring or termination of the corporate or partnership existence of any Borrower or any other Person, and
correspondingly restructure the Indebtedness, and any such merger, change, restructuring, or termination shall not affect the liability
of any Borrower or the continuing effectiveness hereof, or the enforceability hereof with respect to all or any part of the Indebtedness.

 

    	 	133	 

     

    

 

(b)            Upon
the occurrence and during the continuance of any Event of Default, Lenders may enforce this Agreement, the Notes and the other Loan Documents
independently as to each Borrower and independently of any other remedy or security Lenders at any time may have or hold in connection
with the Indebtedness, and it shall not be necessary for Agent, or any Lender, to marshal assets in favor of any Borrower or any other
Person or to proceed upon or against or exhaust any security or remedy before proceeding to enforce this Agreement, the Notes and the
other Loan Documents. Each Borrower expressly waives any right to require Agent, or any Lender, to marshal assets in favor of any Borrower
or any other Person or to proceed against any other Borrower or any Collateral provided by any Person, and agrees that Agent, on behalf
of the Lenders, may proceed against Borrowers or any Collateral in such order as it shall determine in its sole and absolute discretion.

 

(c)            Agent
may file a separate action or actions against any Borrower, whether action is brought or prosecuted with respect to any security or against
any other person, or whether any other person is joined in any such action or actions. Each Borrower agrees that Agent and any Borrower
and any affiliate of any Borrower may deal with each other in connection with the Indebtedness or otherwise, or alter any contracts or
agreements now or hereafter existing between any of them, in any manner whatsoever, all without in any way altering or affecting the
continuing efficacy of this Agreement, the Notes or the other Loan Documents.

 

(d)            To
the maximum extent permitted by applicable law and to the extent that a Borrower is deemed a guarantor, each Borrower expressly waives
any and all defenses now or hereafter arising or asserted by reason of (a) any disability or other defense of any other Borrower
with respect to the Indebtedness, (b) the unenforceability or invalidity of any security or guaranty for the Indebtedness or lack
of perfection or continuing perfection or failure of priority of any security for the Indebtedness, (c) the cessation for any cause
whatsoever of the liability of any other Borrower (other than by reason of the full payment and performance of all Indebtedness), (d) any
failure of the Agent to marshal assets in favor of Agent, on behalf of the Lenders, or any Borrower or any other person, (e) any
failure of Agent to give notice of sale or other disposition of collateral to any Borrower or any other Person or any defect in any notice
that may be given in connection with any sale or disposition of collateral, (f) any failure of Lenders to comply with applicable
law in connection with the sale or other disposition of any collateral or other security for any Indebtedness, including any failure
of Agent to conduct a commercially reasonable sale or other disposition of any collateral or other security for any Indebtedness, (g) any
act or omission of Agent or others that directly or indirectly results in or aids the discharge or release of any Borrower or the Indebtedness
or any security or guaranty therefor by operation of law or otherwise, (h) any law which provides that the obligation of a surety
or guarantor must neither be larger in amount nor in other respects more burdensome than that of the principal or which reduces a surety’s
or guarantor’s obligation in proportion to the principal obligation, (i) any failure of Agent to file or enforce a claim
in any bankruptcy or other proceeding with respect to any Person, (j) the election by Agent of the application or non-application
of Section 1111(b)(2) of the United States Bankruptcy Code, (k) any extension of credit or the grant of any lien under
Section 364 of the United States Bankruptcy Code, (l) any use of cash collateral under Section 363 of the United States
Bankruptcy Code, (m) any agreement or stipulation with respect to the provision of adequate protection in any bankruptcy proceeding
of any Person, (n) the avoidance of any lien in favor of Agent or any Lender for any reason, or (o) any action taken by Agent
or any Lender that is authorized by this Agreement or any other provision of any Loan Document. Until such time as all of the Indebtedness
have been fully, finally, and indefeasibly paid in full in cash: (i) each Borrower hereby waives and postpones any right of subrogation
it has or may have as against any other Borrower with respect to the Indebtedness; and (ii) in addition, each Borrower also hereby
waives and postpones any right to proceed or to seek recourse against or with respect to any property or asset of any other Borrower.
Except with respect to notices otherwise expressly required to be given hereunder or in any of the other Loan Documents, each Borrower
expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance,
protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the
Indebtedness, and all notices of acceptance of this Agreement or the other Loan Documents or of the existence, creation or incurring
of new or additional Indebtedness.

 

    	 	134	 

     

    

 

(e)            In
the event that all or any part of the Indebtedness at any time are secured by any one or more deeds of trust or mortgages or other instruments
creating or granting liens on any interests in real property, each Borrower authorizes Agent, on behalf of the Lenders, upon the occurrence
of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting the obligations
of any Borrower, the enforceability of this Agreement and the other Loan Documents, or the validity or enforceability of any liens of
Lenders, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale.

 

(f)            Without
limiting the generality of any other waiver or other provision set forth in this Agreement, each Borrower waives all rights and defenses
that such Borrower may have because the Indebtedness is secured by real property. This means, among other things:

 

(i)            Agent,
on behalf of the Lenders, may collect from any Borrower without first foreclosing on any real or personal property pledged as Collateral
by any other Borrower to secure the Indebtedness.

 

    	 	135	 

     

    

 

(ii)            If
Agent, on behalf of the Lenders, forecloses on any real property pledged as Collateral by any Borrower:

 

(A)            the
amount of the debt may be reduced only by the price for which that Collateral is sold at the foreclosure sale, even if the collateral
is worth more than the sale price; and

  

(B)            Agent,
on behalf of the Lenders, may collect from any Borrower even if Agent, on behalf of Lenders, by foreclosing on the real property pledged
as Collateral, has destroyed any right that Borrower may have to collect from any other Borrower.

 

This is an unconditional
and irrevocable waiver of any rights and defenses each Borrower may have because the Indebtedness is secured by real property. These
rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the
California Code of Civil Procedure.

 

(g)            To
the fullest extent permitted by applicable law, to the extent that a Borrower is deemed a guarantor, each Borrower expressly waives any
defenses to the enforcement of this Agreement and the other Loan Documents or any rights of Lenders created or granted hereby or to the
recovery by Lenders against any Borrower or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure
or sale, even though such a foreclosure or sale may impair the subrogation rights of Borrowers and may preclude Borrowers from obtaining
reimbursement or contribution from other Borrowers. To the fullest extent permitted by applicable law, each Borrower expressly waives
any suretyship defenses or benefits that it otherwise might or would have under applicable law. WITHOUT LIMITING THE GENERALITY OF ANY
OTHER WAIVER OR OTHER PROVISION SET FORTH IN THIS AGREEMENT, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH BORROWER WAIVES
ALL RIGHTS AND DEFENSES ARISING OUT OF AN ELECTION OF REMEDIES BY LENDERS, EVEN THOUGH THAT ELECTION OF REMEDIES, SUCH AS A NONJUDICIAL
FORECLOSURE WITH RESPECT TO SECURITY FOR THE INDEBTEDNESS, HAS DESTROYED SUCH BORROWER’S RIGHTS OF SUBROGATION AND REIMBURSEMENT
AGAINST THE OTHER BORROWERS BY OPERATION OF LAW, INCLUDING BUT NOT LIMITED TO SECTION 580d OF THE CALIFORNIA CODE OF CIVIL
PROCEDURE, OR OTHERWISE.

 

[Signatures Follow
On Succeeding Page]

 

    	 	136	 

     

    

 

WITNESS the due
execution hereof as of the day and year first above written.

 

	COMERICA BANK,	 
	as Administrative
    Agent	 
	 	 	 
	 	 	 
	By: 	/s/
    Bryan Kana	 
	Name: 	Bryan
    Kana	 
	Title: 	Senior
    Vice President	 
	 	 	 
	 	 	 
	COMERICA BANK,	 
	as a Lender, as
    Issuing Lender	 
	and as Swing Line
    Lender	 
	 	 	 
	 	 	 
	By: 	/s/
    Bryan Kana	 
	Name: 	Bryan
    Kana	 
	Title: 	Senior
    Vice President	 

 

Signature Page to
Credit Agreement

 

    	 	 	 

     

    

 

	WARBY PARKER
    INC.	 
	 	 	 
	 	 	 
	By: 	/s/
    Steven Miller	 
	Name: 	Steven
    Miller	 
	Its: 	CFO	 
	 	 	 
	 	 	 
	WARBY PARKER
    RETAIL, INC.	 
	 	 	 
	 	 	 
	By: 	/s/
    Steven Miller	 
	Name: 	Steven
    Miller	 
	Its: 	CFO	 

 

Signature Page to
Credit Agreement

  

    	 	 	 

     

    

 

Annex I

Applicable Margin and Applicable Fee Percentages Grid

Credit Facilities

(basis points per annum)

 

	Basis
    for Pricing	Level
    I	Level
    II
	Consolidated
    Senior Net Leverage Ratio*	<
    2.00 : 1.00	>
    2.00 : 1.00
	Revolving
    Credit BSBY Rate Margin	150	180
	Revolving
    Credit Base Rate Margin	50	80
	Revolving
    Credit Facility Fee	15	15
	Letter
    of Credit Fees (exclusive of facing fees)	150	180

 

* Definitions as
set forth in the Credit Agreement.

** Level I pricing
shall be in effect until the delivery of the financial statements for the quarter ending September 30, 2022, after which time the
pricing grid shall govern.

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