Document:

Exhibit 10.1

 

EXECUTION VERSION 

 

LOAN AND SECURITY AGREEMENT 

 

Dated as of January 10, 2020

 

by and among

 

EXELA
RECEIVABLES 1, LLC,

as Borrower,

 

THE PERSONS FROM TIME TO TIME PARTY HERETO,

as Lenders,

 

TPG SPECIALTY LENDING, INC.,

as Administrative Agent,

 

PNC BANK, NATIONAL ASSOCIATION,

as LC Bank and Syndication Agent

 

and

 

EXELA
TECHNOLOGIES, INC.,

as Initial Servicer

 

     

     

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I           DEFINITIONS	1
	 	 	 
	SECTION 1.01.	Certain Defined Terms	1
	 	 	 
	SECTION 1.02.	Other Interpretative Matters	35
	 	 	 
	SECTION 1.03.	LIBOR Rate Notification	36
	 	 	 
	ARTICLE II           TERMS OF THE LOANS	36
	 	 	 
	SECTION 2.01.	Loan Facility	36
	 	 	 
	SECTION 2.02.	Making Loans; Repayment of Loans	37
	 	 	 
	SECTION 2.03.	Interest and Fees	41
	 	 	 
	ARTICLE III           LETTER OF CREDIT FACILITY	43
	 	 	 
	SECTION 3.01.	Letters of Credit	43
	 	 	 
	SECTION 3.02.	Issuance of Letters of Credit; Revolving A Participations	44
	 	 	 
	SECTION 3.03.	Requirements For Issuance of Letters of Credit	46
	 	 	 
	SECTION 3.04.	Disbursements, Reimbursement	46
	 	 	 
	SECTION 3.05.	Repayment of Revolving A Participation Advances	47
	 	 	 
	SECTION 3.06.	Documentation; Documentary and Processing Charges	47
	 	 	 
	SECTION 3.07.	Determination to Honor Drawing Request	48
	 	 	 
	SECTION 3.08.	Nature of Revolving A Participation and Reimbursement Obligations	48
	 	 	 
	SECTION 3.09.	Indemnity	49
	 	 	 
	SECTION 3.10.	Liability for Acts and Omissions	50
	 	 	 
	ARTICLE IV           SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS	51
	 	 	 
	SECTION 4.01.	Settlement Procedures	51
	 	 	 
	SECTION 4.02.	Payments and Computations, Etc.	54
	 	 	 
	ARTICLE V           INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST	55
	 	 	 
	SECTION 5.01.	Increased Costs	55
	 	 	 
	SECTION 5.02.	Funding Losses	57
	 	 	 
	SECTION 5.03.	Taxes	57
	 	 	 
	SECTION 5.04.	Making or Maintaining LIBOR Rate Loans	61
	 	 	 
	SECTION 5.05.	Security Interest	65

 

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TABLE OF CONTENTS―continued

 

	 	 	Page
	 	 
	ARTICLE VI           CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS	66
	 	 	 
	SECTION 6.01.	Conditions Precedent to Effectiveness and the Initial Credit Extension	66
	 	 	 
	SECTION 6.02.	Conditions Precedent to All Credit Extensions	66
	 	 	 
	SECTION 6.03.	Conditions Precedent to All Releases	67
	 	 	 
	ARTICLE VII           REPRESENTATIONS AND WARRANTIES	68
	 	 	 
	SECTION 7.01.	Representations and Warranties of the Borrower	68
	 	 	 
	SECTION 7.02.	Representations and Warranties of the Initial Servicer	76
	 	 	 
	ARTICLE VIII           COVENANTS	82
	 	 	 
	SECTION 8.01.	Affirmative Covenants of the Borrower	82
	 	 	 
	SECTION 8.02.	Reporting Requirements of the Borrower	85
	 	 	 
	SECTION 8.03.	Negative Covenants of the Borrower	89
	 	 	 
	SECTION 8.04.	Affirmative Covenants of the Initial Servicer	91
	 	 	 
	SECTION 8.05.	Reporting Requirements of the Initial Servicer	95
	 	 	 
	SECTION 8.06.	Negative Covenants of the Initial Servicer	99
	 	 	 
	SECTION 8.07.	Full Recourse	102
	 	 	 
	SECTION 8.08.	Separate Existence of Bankruptcy Remote Entities	102
	 	 	 
	ARTICLE IX           ADMINISTRATION AND COLLECTION OF RECEIVABLES	106
	 	 	 
	SECTION 9.01.	Appointment of the Servicer	106
	 	 	 
	SECTION 9.02.	Duties of the Servicer	107
	 	 	 
	SECTION 9.03.	Collection Account Arrangements	108
	 	 	 
	SECTION 9.04.	Initial Servicer Default; Enforcement Rights	109
	 	 	 
	SECTION 9.05.	Responsibilities of the Borrower	111
	 	 	 
	SECTION 9.06.	Further Actions	111
	 	 	 
	SECTION 9.07.	Servicing Fee	111
	 	 	 
	SECTION 9.08.	Backup Servicer	112
	 	 	 
	ARTICLE X           EVENTS OF DEFAULT	112
	 	 	 
	SECTION 10.01.	Events of Default	112
	 	 	 
	ARTICLE XI           THE ADMINISTRATIVE AGENT	117
	 	 	 
	SECTION 11.01.	Appointment of Administrative Agent	117
	 	 	 
	SECTION 11.02.	Powers and Duties	117
	 	 	 
	SECTION 11.03.	General Immunity	118
	 	 	 
	SECTION 11.04.	Administrative Agent Entitled to Act as Lender	119

 

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TABLE OF CONTENTS―continued

 

	 	 	Page
	 	 	 
	SECTION 11.05.	Credit Parties’ Representations, Warranties and Acknowledgment	119
	 	 	 
	SECTION 11.06.	Right to Indemnity	120
	 	 	 
	SECTION 11.07.	Successor Administrative Agent	121
	 	 	 
	SECTION 11.08.	Transaction Documents	122
	 	 	 
	SECTION 11.09.	Agency for Perfection	123
	 	 	 
	SECTION 11.10.	Reports and Other Information; Confidentiality; Disclaimers	123
	 	 	 
	ARTICLE XII           [RESERVED]	125
	 	 	 
	ARTICLE XIII           INDEMNIFICATION	125
	 	 	 
	SECTION 13.01.	Indemnities by the Borrower	125
	 	 	 
	SECTION 13.02.	Indemnification by the Initial Servicer	128
	 	 	 
	ARTICLE XIV           MISCELLANEOUS	130
	 	 	 
	SECTION 14.01.	Amendments, Etc.	130
	 	 	 
	SECTION 14.02.	Notices, Etc.	131
	 	 	 
	SECTION 14.03.	Successors and Assigns; Participations	131
	 	 	 
	SECTION 14.04.	Costs and Expenses	135
	 	 	 
	SECTION 14.05.	No Proceedings	136
	 	 	 
	SECTION 14.06.	Confidentiality	136
	 	 	 
	SECTION 14.07.	GOVERNING LAW	137
	 	 	 
	SECTION 14.08.	Execution in Counterparts	137
	 	 	 
	SECTION 14.09.	Integration; Binding Effect; Survival of Termination	137
	 	 	 
	SECTION 14.10.	CONSENT TO JURISDICTION.	138
	 	 	 
	SECTION 14.11.	WAIVER OF JURY TRIAL	138
	 	 	 
	SECTION 14.12.	Ratable Sharing	139
	 	 	 
	SECTION 14.13.	Limitation of Liability	139
	 	 	 
	SECTION 14.14.	Intent of the Parties	140
	 	 	 
	SECTION 14.15.	USA Patriot Act	140
	 	 	 
	SECTION 14.16.	Right of Setoff	140
	 	 	 
	SECTION 14.17.	Severability	140
	 	 	 
	SECTION 14.18.	Mutual Negotiations	140
	 	 	 
	SECTION 14.19.	Captions and Cross References	141

 

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TABLE OF CONTENTS―continued

 

	 	 	Page
	 	 	 
	SECTION 14.20.	Judgment Currency	141
	 	 	 
	SECTION 14.21.	No Fiduciary Duty	141

  

	EXHIBITS	 	 
	 	 	 
	EXHIBIT A	–	Form of [Loan Request] [LC Request]
	EXHIBIT B	–	Form of Assignment and Acceptance Agreement
	EXHIBIT C	–	Form of Letter of Credit Application
	EXHIBIT D	–	Credit and Collection Policy
	EXHIBIT E	–	Form of Information Package
	EXHIBIT F	–	Form of Compliance Certificate
	EXHIBIT G	–	Closing Memorandum
	EXHIBIT H	–	Form of Interim Report
	EXHIBIT I	–	Parent Change in Control
	EXHIBIT J	 	Scheduled Contracts
	 	 	 
	SCHEDULES	 	 
	SCHEDULE I	–	Commitments
	SCHEDULE II	–	Collection Accounts
	SCHEDULE III	–	Notice Addresses
	SCHEDULE 7.01(l)	–	UCC Details
	SCHEDULE 8.04(f)	–	Location of Records

 

    iv

     

    

 

This LOAN AND SECURITY
AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”) is
entered into as of January 10, 2020 by and among the following parties:

 

(i)            EXELA RECEIVABLES 1, LLC, a Delaware limited liability company, as Borrower
(together with its successors and assigns, the “Borrower”);

 

(ii)           the
Persons from time to time party hereto as Lenders;

 

(iii)          TPG
SPECIALTY LENDING, INC. (“TSL”), as Administrative Agent;

 

(iv)          PNC
BANK, NATIONAL ASSOCIATION (“PNC”), as LC Bank (in such capacity, together with its successors and assigns in
such capacity, the “LC Bank”); and

 

(v)           EXELA
TECHNOLOGIES, INC., a Delaware corporation, in its individual capacity (“Exela”) and as initial servicer
(in such capacity, the “Initial Servicer”).

 

PRELIMINARY STATEMENTS

 

The Borrower has acquired,
and will acquire from time to time, Receivables from the Pledgor pursuant to the Second Tier Purchase and Sale Agreement. The Borrower
has requested (a) that the Lenders make Loans from time to time to the Borrower and (b) the LC Bank issue Letters of Credit for
the account of the Borrower from time to time, in each case, on the terms, and subject to the conditions set forth herein, secured
by, among other things, the Receivables.

 

In consideration of the
mutual agreements, provisions and covenants contained herein, the sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

SECTION 1.01.                   
Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such meanings
to be equally applicable to both the singular and plural forms of the terms defined):

 

“Account Control
Agreement” means a valid and enforceable agreement in form and substance satisfactory to the Administrative Agent, among
the Borrower, the Initial Servicer, the Administrative Agent and any Collection Account Bank, whereupon the Borrower, as sole owner
of the related Collection Account(s) and the customer of the related Collection Account Bank in respect of such Collection Account(s),
shall transfer to the Administrative Agent exclusive dominion and control over and otherwise perfect a first-priority security
interest in, such Collection Account(s) and the cash, instruments or other property on deposit or held therein.

 

    	 	1	 

     

    

 

“Adjusted
LIBOR Rate” means, for any Interest Rate Determination Date with respect to an Interest Period for a LIBOR Rate
Loan, the greater of (a) the rate per annum obtained by dividing (i) (A) the rate per annum equal to the Intercontinental
Exchange Benchmark Administration Ltd. (or such other Person that takes over the administration of such rate) LIBOR Rate
(“ICE LIBOR”), as published by a nationally recognized service such as the Dow Jones Market Service
(Telerate), Reuters or Bloomberg (or such other commercially available source providing quotations of ICE LIBOR as may be
designated by the Administrative Agent from time to time), or a comparable or successor rate that has been approved by the
Administrative Agent, at approximately 11:00 a.m., London time on the Interest Rate Determination Date, for U.S. Dollar
deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period or (B) if
such rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the
rate at which deposits in U.S. Dollars for delivery on the first day of such Interest Period in same day funds in the
approximate amount of the LIBOR Rate Loan being made, continued or converted and with a term equivalent to such Interest
Period would be offered to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m.
(London time) on the Interest Rate Determination Date, by (ii) an amount equal to (A) one, minus (B) the Applicable Reserve
Requirement, and (b) 1.00% per annum. Any determination of LIBOR shall be conclusive absent manifest error.

 

“Adjusted Revolving
A LC Participation Amount” means, at any time of determination, the greater of (i) the Revolving A LC Participation Amount
less the amount of cash collateral held in the LC Collateral Account at such time and (ii) zero ($0).

 

“Administrative
Agent” means TSL, in its capacity as contractual representative for the Credit Parties, and any successor thereto in
such capacity appointed pursuant to Section 11.07 or Section 14.03(h).

 

“Administrative
Agent’s Account” means the account(s) from time to time designated in writing by the Administrative Agent to the
Borrower and Servicer for purposes of receiving payments hereunder.

 

“Adverse Claim”
means any claim of ownership or any Lien; it being understood that any such claim or Lien in favor of, or assigned to, the Administrative
Agent (for the benefit of the Secured Parties) under the Transaction Documents shall not constitute an Adverse Claim.

 

“Affected Lender”
has the meaning assigned thereto in Section 5.04(a).

 

“Affected Person”
means each Credit Party, the Backup Servicer and each of their respective Affiliates.

 

“Affiliate”
means, as applied to any Person, any other Person directly or indirectly controlling (including any member of the senior
management group of such Person), controlled by, or under common control with, that Person. For the purposes of this
definition, “control” (including, with correlative meanings, the terms “controlling,”
 “controlled by” and “under common control with”), as applied to any Person, means the possession,
directly or indirectly, of the power (a) to vote 10.00% or more of the Capital Stock having ordinary voting power for the
election of directors of such Person, or (b) to direct or cause the direction of the management and policies of that Person,
whether through the ownership of voting securities or by contract or otherwise. Notwithstanding anything herein to the
contrary, in no event shall Administrative Agent or any Lender or any of their Affiliates be considered an
 “Affiliate” of any Exela Party.

 

    	 	2	 

     

    

 

“Aggregate Interest”
means, at any time of determination, the aggregate accrued and unpaid Interest on the Loans of all Lenders at such time.

 

“Aggregate Loan
Amount” means, at any time, the aggregate outstanding principal amounts of all Revolving A Loans and Revolving B Loans
of each lender.

 

“Agreement”
has the meaning set forth in the preamble to this Agreement.

 

“Alternative
Currency” means any currency other than U.S. Dollars.

 

“Anti-Terrorism Laws”
means any Applicable Law relating to terrorism or money laundering, including, without limitation, (a) the Money Laundering Control
Act of 1986 (i.e., 18 U.S.C. §§ 1956 and 1957), (b) the Currency and Foreign Transactions Reporting Act (31
U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959) (the “Bank Secrecy Act”),
(c) the PATRIOT Act, (d) the laws, regulations and Executive Orders administered by the United States Department of the Treasury’s
Office of Foreign Assets Control (“OFAC”), (e) the Comprehensive Iran Sanctions, Accountability, and Divestment
Act of 2010 and implementing regulations by the United States Department of the Treasury, (f) any law prohibiting or directed against
terrorist activities or the financing of terrorist activities (e.g., 18 U.S.C. §§ 2339A and 2339B), or (g)
any similar laws enacted in the United States or any other jurisdictions in which the parties to this Agreement operate, as any
of the foregoing laws may from time to time be amended, renewed, extended, or replaced and all other present and future legal requirements
of any Governmental Authority governing, addressing, relating to, or attempting to eliminate, terrorist acts and acts of war and
any regulations promulgated pursuant thereto.

 

“Applicable Class
Order” means, with respect to any reduction in the Aggregate Loan Amount in accordance with Section 2.02(g), Section
4.01(a) or otherwise:

 

(i)             first,
ratably to each Revolving B Lender based on Percentages (calculated in accordance with clause (b) of the definition thereof)
to repay the principal of the Revolving B Loans until the aggregate principal amount of the Revolving B Loans equals the Revolving
B Minimum Funding Amount;

 

(ii)            second,
ratably to each Revolving A Lender based on Percentages (calculated in accordance with clause (a) of the definition thereof)
to repay the principal of the Revolving A Loans until the aggregate principal amount of the Revolving A Loans plus the Revolving
A LC Participation Amount equals the Revolving A Minimum Funding Amount;

 

(iii)           third, ratably to each Lender based on Percentages (calculated in accordance with clause (c) of the definition
thereof);

 

provided, that after the
Revolving Commitment Termination Date, reductions in principal on the Loans shall be applied ratably to each Revolving A
Lender based on Percentages (calculated in accordance with clause (a) of the definition thereof) until paid in full and then
to each Revolving B Lender based on Percentages (calculated in accordance with clause (b) of the definition thereof).

 

    	 	3	 

     

    

 

“Applicable Law”
means, with respect to any Person, (x) all provisions of law, statute, treaty, constitution, ordinance, rule, regulation, ordinance,
requirement, restriction, permit, executive order, certificate, decision, directive or order of any Governmental Authority applicable
to such Person or any of its property and (y) all judgments, injunctions, orders, writs, decrees and awards of all courts and arbitrators
in proceedings or actions in which such Person is a party or by which any of its property is bound. For the avoidance of doubt,
FATCA shall constitute an “Applicable Law” for all purposes of this Agreement.

 

“Applicable Margin”
means (a) with respect to LIBOR Rate Loans, 4.75%, and (b) with respect to Base Rate Loans, 3.75%.

 

“Applicable Reserve
Requirement” means, at any time, for any LIBOR Rate Loan, the maximum rate, expressed as a decimal, at which reserves
(including, without limitation, any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained
with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D) under regulations
issued from time to time by the Board of Governors of the Federal Reserve System or other applicable banking regulator. Without
limiting the effect of the foregoing, the Applicable Reserve Requirement shall reflect any other reserves required to be maintained
by such member banks with respect to (a) any category of liabilities which includes deposits by reference to which the applicable
Adjusted LIBOR Rate or any other interest rate of a Loan is to be determined, or (b) any category of extensions of credit or other
assets which include LIBOR Rate Loans. A LIBOR Rate Loan shall be deemed to constitute Eurocurrency liabilities and as such shall
be deemed subject to reserve requirements without benefits of credit for proration, exceptions or offsets that may be available
from time to time to the applicable Lender. The rate of interest on LIBOR Rate Loans shall be adjusted automatically on and as
of the effective date of any change in the Applicable Reserve Requirement.

 

“Approved Alternative
Currency” means (i) CAD and (ii) such other Alternative Currency consented to in writing from time to time by the Required
Lenders in writing.

 

“Assignment and
Acceptance Agreement” means an assignment and acceptance agreement entered into by a Lender, an Eligible Assignee and
the Administrative Agent, and, if required, the Borrower, pursuant to which such Eligible Assignee may become a party to this Agreement,
in substantially the form of Exhibit B hereto.

 

“Attorney Costs”
means and includes all fees, costs, expenses and disbursements of any law firm or other external counsel.

 

“Backup Servicer”
means Finacity Corporation or such other Person selected by the Administrative Agent.

 

“Backup Servicing
Agreement” means each agreement, in form and substance satisfactory to the Administrative Agent, among the Borrower,
the Initial Servicer, the Administrative Agent and the Backup Servicer, governing the roles and responsibilities to be provided
by the Backup Servicer.

 

    	 	4	 

     

    

 

“Bankruptcy Code”
means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to time.

 

“Bankruptcy Remote
Entity” means each of the Borrower and the Pledgor.

 

“Base Rate”
means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective
Rate in effect on such day plus 0.50%, (c) the Adjusted LIBOR Rate (which rate shall be calculated based upon an Interest
Period of one month and determined on a daily basis) plus 1.00%, and (d) 4.50% per annum. Any change in the Prime Rate,
the Federal Funds Effective Rate or the Adjusted LIBOR Rate shall be effective on the effective day of such change in the Prime
Rate, the Federal Funds Effective Rate or the Adjusted LIBOR Rate, respectively.

 

“Base Rate Loan”
means a Loan bearing interest at a rate determined by reference to the Base Rate.

 

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

 

“Blocked Person”
means any Person:

 

(a)            that is publicly identified (i) on the most current list of “Specially Designated Nationals and Blocked Persons”
published by OFAC or resides, is organized or chartered, or has a place of business in a country or territory subject to OFAC sanctions
or embargo program or (ii) as prohibited from doing business with the United States under the International Emergency Economic
Powers Act, the Trading With the Enemy Act, or any other Anti-Terrorism Law;

 

(b)            that is owned or controlled by, or that owns or controls, or that is acting for or on behalf of, any Person described in
clause (a) above;

 

(c)            which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; or

 

(d)            that is affiliated or associated with a Person described in clauses (a), (b) or (c) above.

 

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

 

“Borrower Indemnified
Amounts” has the meaning set forth in Section 13.01(a).

 

“Borrower Indemnified
Party” has the meaning set forth in Section 13.01(a).

 

“Borrower
Obligations” means all present and future indebtedness, reimbursement obligations, and other liabilities and
obligations (howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become
due) of the Borrower to any Credit Party, Borrower Indemnified Party and/or any Affected Person, arising under or in
connection with this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby, and
shall include, without limitation, all outstanding principal and Interest on the Loans, reimbursement for drawings under the
Letters of Credit, all Fees, Early Commitment Termination Premium and all other amounts due or to become due under the
Transaction Documents (whether in respect of fees, costs, expenses, indemnifications or otherwise), including interest, fees
and other obligations that accrue after the commencement of any Event of Bankruptcy with respect to the Borrower (in each
case whether or not allowed as a claim in such proceeding).

 

    	 	5	 

     

    

 

“Borrowing Base”
means, at any time of determination, the amount equal to (a) the Net Pool Balance at such time, minus (b) the Required Reserves
at such time, minus (c) at all times prior to the Contract Evaluation End Date, an amount equal to (i) 1.50% times
(ii) an amount equal to (x) the Net Pool Balance at such time, minus (y) the Required Reserves at such time.

 

“Borrowing Base
Deficit” means, at any time of determination, the amount, if any, by which (a) the Aggregate Loan Amount plus the Adjusted
Revolving A LC Participation Amount at such time, exceeds (b) the Borrowing Base at such time.

 

“Breakage Amount”
has the meaning assigned thereto in Section 5.02(a).

 

“Business Day”
means (a) any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or the
State of Texas or is a day on which banking institutions located in either such state are authorized or required by law or other
governmental action to close, and (b) with respect to all notices, determinations, fundings and payments in connection with the
Adjusted LIBOR Rate, the term “Business Day” shall mean any day which is a Business Day described in clause (a)
and which is also a day for trading by and between banks in U.S. Dollar deposits in the London interbank market.

 

“CAD”
or “Canadian Dollars” means dollars in lawful money of Canada.

 

“Capital Stock”
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation,
any and all equivalent ownership interests in a Person (other than a corporation), including, without limitation, partnership interests
and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any
of the foregoing.

 

“Cash Collateralization
Period” means a period beginning on the date, if any, that the LC Bank shall become an Exiting Lender and ending on the
date on which amounts are on deposit in the LC Collateral Account equal to the sum of (a) the amount necessary to reduce the Adjusted
Revolving A LC Participation Amount to zero ($0), plus (b) an amount equal to the LC Fee Expectation at such time.

 

“Certificate
of Beneficial Ownership” shall mean, for the Borrower, a certificate in form and substance acceptable to the Administrative
Agent (as amended or modified by the Administrative Agent from time to time in its sole discretion), certifying, among other things,
the beneficial owner of the Borrower.

 

“Change in Control”
means the occurrence of any of the following:

 

    	 	6	 

     

    

 

(a)            The Originators cease to own, directly, 100% of the issued and outstanding Capital Stock and all other equity interests
of the Pledgor free and clear of all Adverse Claims;

 

(b)            The Pledgor ceases to own, directly, 100% of the issued and outstanding Capital Stock and all other equity interests of
the Borrower free and clear of all Adverse Claims;

 

(c)             Parent ceases to own, directly or indirectly, 100% of the issued and outstanding Capital Stock of any Originator (other
than any Originator removed pursuant to Section 9.02 of the First Tier Purchase and Sale Agreement), Initial Servicer or Borrower;

 

(d)             Any Parent Change of Control.

 

“Change in Law”
means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation
or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline, requirement or directive (whether
or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder
or issued in connection therewith and (y) all reports, notes, 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 the agreements reached by the Basel Committee on Banking Supervision
in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” (as amended, supplemented
or otherwise modified or replaced from time to time), shall in each case be deemed to be a “Change in Law”, regardless
of the date enacted, adopted, issued or implemented.

 

“Class”
means (a) with respect to Lenders, each of the following classes of Lenders: (i) Lenders having Revolving A Exposure, and (ii)
Lenders having Revolving B Exposure, and (b) with respect to Loans, each of the following classes of Loans: (i) Revolving A Loans
and (ii) Revolving B Loans.

 

“Closing Date”
means January 10, 2020.

 

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

 

“Collateral”
has the meaning set forth in Section 5.05(a).

 

“Collection Account”
means each Interim Collection Account and each Continuing Collection Account.

 

“Collection Account
Bank” means any bank at which the Borrower maintains one or more Collection Accounts.

 

    	 	7	 

     

    

 

“Collections”
means, with respect to any Pool Receivable: (a) all funds that are received by any Originator, the Borrower, the Servicer or any
other Person on their behalf in payment of any amounts owed or payable in respect of such Pool Receivable (including purchase price,
service charges, finance charges, interest fees and all other charges), or applied to amounts owed or payable in respect of such
Pool Receivable (including insurance payments, proceeds of drawings under supporting letters of credit and net proceeds of the
sale or other disposition of repossessed goods or other collateral or property of the related Obligor or any other Person directly
or indirectly liable for the payment of such Pool Receivable and available to be applied thereon), (b) all Deemed Collections,
(c) all proceeds of all Related Security with respect to such Pool Receivable and (d) all other proceeds of such Pool Receivable.

 

“Collections
Control Agreement” means a valid and enforceable agreement in form and substance satisfactory to the Administrative Agent,
among the applicable Originator, the Administrative Agent and any Collection Account Bank, whereupon the applicable Originator,
as sole owner of the related Interim Collection Account(s) and the customer of the related Collection Account Bank in respect of
such Interim Collection Account(s), shall transfer to the Administrative Agent exclusive dominion and control over all cash proceeds
of the Pool Receivables credited to the Interim Collection Account.

 

“Commitment”
means, with respect to each Lender, such Lender’s Revolving A Commitment and Revolving B Commitment.

 

“Commitment Confirmation
Request” means a request to each Revolving A Lender requesting that such Revolving A Lender elect to extend its Revolving
A Commitment or assign its Revolving A Commitment to the Revolving B Lenders.

 

“Concentration
Percentage” means (a) except as provided in clause (b) below, (i) for any Investment Grade Obligor, 10.00%, and
(ii) for any other Obligor, 5.00% and (b) for each of the Obligors listed in the chart below (each, a “Special Obligor”),
the percentage specified in the chart below for such Special Obligor (the applicable “Special Concentration Limit”);
provided, however, that the Administrative Agent (with the prior written consent of the Required Lenders) may approve
higher “Concentration Percentages” for selected Obligors; provided, further, that the Administrative
Agent may (and at the direction of the Required Class Lenders of any Class, shall), upon not less than ten (10) days’ notice
to the Borrower, cancel or reduce the Special Concentration Limit with respect to any or all Special Obligors, in which case the
Concentration Percentage for such Special Obligor(s) shall be determined pursuant to clause (a) above. In the event that
any other Obligor is or becomes an Affiliate of a Special Obligor, the Special Concentration Limit shall apply to both such Obligor
and such Special Obligor and shall be calculated as if such Obligor and such Special Obligor were a single Obligor.

 

	Special Obligor	Special Concentration Limit
	Bank of America, N.A.	12.00%
	 	 
	 	 

 

    	 	8	 

     

    

 

“Continuing Collection
Account” means each account at any time designated as a “Continuing Collection Account” by the Administrative
Agent in consultation with the Required Lenders, which accounts shall initially be maintained by the Borrower at PNC.

 

“Contract”
means, with respect to any Receivable, the contract or contracts (including any purchase order or invoice), between an Originator
and an Obligor, pursuant to which such Receivable arises or which evidences such Receivable and, for purposes of this Agreement
only, which has been sold or contributed to Borrower pursuant to the Second Tier Purchase and Sale Agreement. A “related”
Contract with respect to a Pool Receivable means a Contract under which such Pool Receivable arises or which is relevant to the
collection or enforcement of such Receivable.

 

“Contract Evaluation
End Date” means the earlier of (x) the 60th day after the Closing Date and (y) the date on which the Borrower
reports in writing to the Administrative Agent that it has satisfactorily completed its due diligence of the Contracts.

 

“Credit Agreement”
means that certain First Lien Credit Agreement, dated as of July 12, 2017, by and among Exela Intermediate Holdings LLC, a Delaware
limited liability company, Exela Intermediate LLC, a Delaware limited liability company, as the borrower, each “Subsidiary
Loan Party” from time to time party thereto and Royal Bank of Canada, as administrative agent, as such agreement may be amended,
restated, supplemented or otherwise modified from time to time.

 

“Credit and Collection
Policy” means the credit and collection policies and practices of the Originators in effect on the Closing Date and described
in Exhibit D, as modified in compliance with this Agreement.

 

“Credit Extension”
means the making of any Loan or the issuance of any Letter of Credit or any modification, extension or renewal of any Letter of
Credit.

 

“Credit Party”
means each Lender, the LC Bank and the Administrative Agent.

 

“Days’
Sales Outstanding” means, with respect to any Settlement Period, the number of days equal to: (a) the average of the
Unpaid Balance of the Pool Receivables (other than Unbilled Receivables) on the last day of each of the three most recently ended
Settlement Periods, divided by (b) the amount obtained by dividing (i) the aggregate initial Unpaid Balance of Pool Receivables
(other than Unbilled Receivables) which were originated during the three mostly recently ended Settlement Periods by (ii)
90.

 

    	 	9	 

     

    

 

“Debt”
means, as applied to any Person, without duplication, (a) all indebtedness for borrowed money; (b) that portion of
obligations with respect to capital leases that is properly classified as a liability on a balance sheet in conformity with
GAAP; (c) all obligations of such Person evidenced by notes, bonds or similar instruments or upon which interest payments are
customarily paid and all obligations in respect of notes payable and drafts accepted representing extensions of credit
whether or not representing obligations for borrowed money; (d) any obligation owed for all or any part of the deferred
purchase price of property or services, including any earn-outs or other deferred payment obligations in connection with an
acquisition to the extent such earn-outs and deferred payment obligations are fixed and non-contingent (excluding any such
obligations incurred under ERISA and excluding trade payables incurred in the ordinary course of business and repayable in
accordance with customary trade terms); (e) all obligations created or arising under any conditional sale or other title
retention agreement with respect to property acquired by such Person; (f) all indebtedness secured by any Adverse Claim on
any property or asset owned or held by that Person regardless of whether the indebtedness secured thereby shall have been
assumed by that Person or is non-recourse to the credit of that Person; (g) the face amount of any letter of credit or letter
of guaranty issued, bankers’ acceptances facilities, surety bonds and similar credit transactions issued for the
account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (h) the direct or
indirect guaranty, endorsement (otherwise than for collection or deposit in the ordinary course of business), co-making,
discounting with recourse or sale with recourse by such Person of the obligation of another; (i) any obligation of such
Person the primary purpose or intent of which is to provide assurance to an obligee that the obligation of the
obligor thereof will be paid or discharged, or any agreement relating thereto will be complied with, or the holders thereof
will be protected (in whole or in part) against loss in respect thereof; (j) any liability of such Person for an obligation
of another through any agreement (contingent or otherwise) (i) to purchase, repurchase or otherwise acquire such obligation
or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans,
advances, stock purchases, capital contributions or otherwise) or (ii) to maintain the solvency or any balance sheet item,
level of income or financial condition of another if, in the case of any agreement described under subclauses (i) or (ii)
of this clause (j), the primary purpose or intent thereof is as described in clause (i) above; (k) all
obligations of such Person in respect of any exchange traded or over the counter derivative transaction, including, without
limitation, any interest rate agreement and currency agreement, whether entered into for hedging or speculative purposes and
(l) disqualified Capital Stock. The Debt of any Person shall include the Debt of any partnership or joint venture in which
such Person is a general partner or joint venturer, unless such Debt is expressly non-recourse to such Person

 

“Deemed Collections”
has the meaning set forth in Section 4.01(d)(ii).

 

“Default Ratio”
means, for any Settlement Period, a fraction (expressed as a percentage), (a) the numerator of which is the aggregate Unpaid Balance
of all Pool Receivables that first became Defaulted Receivables during such Settlement Period, and (b) the denominator of which
is the aggregate initial Unpaid Balance of all Pool Receivables that were originated by the Originators during the calendar month
that is three calendar months before such Settlement Period.

 

“Defaulted Receivable”
means a Pool Receivable: (a) as to which any payment, or part thereof, remains unpaid for more than 60 days from the original due
date for such payment with respect to such Pool Receivable, (b) as to which any Obligor thereof is subject to an Event of Bankruptcy
that has occurred and is continuing and the Borrower or the Servicer has received written notice or has actual knowledge of such
proceeding or (c) which, consistent with the Credit and Collection Policy, would be or should have been written off as uncollectible.

 

“Delinquency
Ratio” means, with respect to any Settlement Period, a fraction (expressed as a percentage), (a) the numerator of
which is the aggregate Unpaid Balance of all Pool Receivables that are Delinquent Receivables, and (b) the denominator of
which is the aggregate Unpaid Balance of all Pool Receivables.

 

    	 	10	 

     

    

 

“Delinquent Receivable”
means a Pool Receivable (a) as to which any payment, or part thereof, remains unpaid for more than 60 days from the original due
date for such payment or (b) which, consistent with the Credit and Collection Policy, is or should have been classified as past
due by the applicable Originator or Servicer.

 

“Diluted Receivable”
means a Pool Receivable the entire or partial Unpaid Balance of which is reduced or cancelled due to Dilution.

 

“Dilution”
means the amount by which the Unpaid Balance of a Diluted Receivable is reduced or cancelled due to returns, defect, refunds, allowances,
cash discounts, rebates, disputes, rejections, set off, netting, deficit, failure to perform on the part of the related Originator
or Servicer, adjustment or any other similar reason other than with respect to the credit-worthiness of any related Obligor.

 

“Dilution Horizon
Ratio” means, as of any date of determination, a fraction (expressed as a percentage) (a) the numerator of which is equal
to the aggregate initial Unpaid Balance of all Receivables originated by the Originators during the most recently ended Settlement
Period and (b) the denominator of which is the Net Pool Balance as of the last day of the most recently ended Settlement Period.

 

“Dilution Ratio”
means, with respect to any Settlement Period, a fraction (expressed as a percentage), (a) the numerator of which is the aggregate
amount of all Dilutions in respect of Pool Receivables which occurred during such Settlement Period and (b) the denominator of
which is the aggregate initial Unpaid Balance of all Pool Receivables which were originated by the Originators during the calendar
month that is one calendar month prior to such Settlement Period.

 

“Dilution Reserve
Amount” means an amount equal to the product of (i) the greater of (x) the Dilution Reserve Floor Percentage and
(y) the Dilution Reserve Percentage, times (ii) the Net Pool Balance.

 

“Dilution Reserve
Floor Percentage” means 4.00%; provided, that the Administrative Agent may increase such percentage from time
to time in its Permitted Discretion with notice to the Lenders upon its completion of any inspections or audits pursuant to Sections
8.01(c) and 8.04(c) or receipt of any agreed upon procedures report pursuant to Sections 8.02(f) or 8.05(g).

 

“Dilution Reserve
Percentage” means, on any day, a percentage determined as follows:

 

(ADR + DVC) x DHR

 

		where:	

 

		ADR	=	the simple average of the Dilution Ratios observed in each of the preceding twelve Settlement Periods;

 

    	 	11	 

     

    

 

		DVC	= 	the Dilution Volatility Ratio on such day; and

 

		DHR	= 	the Dilution Horizon Ratio on such day.

 

“Dilution Volatility
Ratio” means, on any day, a percentage determined as follows:

 

(HDR - ADR) x (HDR
/ ADR)

 

		where:	

 

		HDR	=	the highest Dilution Ratio for any Settlement Period observed over the preceding twelve Settlement Periods; and

 

		ADR	=	the simple average of the Dilution Ratios observed in each of the preceding twelve Settlement Periods.

 

“Discretionary
Reserve Amount” means any such amount from time to time so designated in writing by the Administrative Agent to the Servicer
in the Permitted Discretion of the Administrative Agent with notice to the Lenders. The Discretionary Reserve Amount on the Closing
Date is $0.

 

“Drawing Date”
has the meaning set forth in Section 3.04(a).

 

“Early Commitment
Termination Premium” has the meaning set forth in the Fee Letter.

 

“Eligible Assignee”
means (i) any Lender or any Affiliate (other than a natural person) of a Lender, (ii) a commercial bank organized under the laws
of the United States, or any state thereof, and having total assets or net worth in excess of $100,000,000, (iii) a commercial
bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development
or a political subdivision of any such country and which has total assets or net worth in excess of $100,000,000, provided that
such bank is acting through a branch or agency located in the United States, (iv) a finance company, insurance company, or other
financial institution or fund that is engaged in making, purchasing, or otherwise investing in commercial loans in the ordinary
course of its business and having (together with its Affiliates) total assets or net worth in excess of $100,000,000, and (v) any
other Person (other than a natural Person) approved by the Administrative Agent and, to the extent that (x) the LC Facility Sublimit
is greater than $0 (zero) or (y) the amount of cash collateral held in the LC Collateral Account is less than the sum of the Adjusted
Revolving A LC Participation Amount plus an amount equal to the LC Fee Expectation at such time, the LC Bank; provided,
(i) neither Parent nor any Affiliate of Parent shall, in any event, be an Eligible Assignee, and (ii) no Person owning or controlling
any trade debt or Debt of any Exela Party other than the Borrower Obligations or any Capital Stock of any Exela Party (in each
case, unless approved by Administrative Agent) shall, in any event, be an Eligible Assignee.

 

“Eligible Foreign
Obligor” means an Obligor that is organized in and that has a head office (domicile), registered office and chief executive
office that is located in Canada or such other jurisdictions outside of the United States and Canada as may be approved in writing
by the Administrative Agent and Required Lenders from time to time.

 

    	 	12	 

     

    

 

“Eligible Receivable”
means, as of any date of determination, each Pool Receivable, except:

 

(a)           subject to clause (p) of this definition, any Pool Receivable that (i) does not arise from the sale of goods or the
performance of services by the related Originator in the ordinary course of its business and in accordance with its Credit and
Collection Policy or (ii) constitutes a loan or other similar financial accommodation being provided by the applicable Originator;

 

(b)          any Pool Receivable (i) for which the right to receive payment thereon is contingent upon the fulfillment of any condition
whatsoever (including “guaranteed” or “conditional” sales), (ii) the related Contract for which is an executory
contract within the meaning of Section 365 of the Bankruptcy Code or (iii) with respect to which the related Originator is
not able to bring suit or otherwise enforce the Contract in accordance with its terms against the Obligor thereof;

 

(c)          any Pool Receivable (i) that is subject to any defense, counterclaim, setoff or dispute or (ii) the Contract for which expressly
permits the Obligor thereof to withhold or reduce some or all of the amount of its payments owing on any Receivable in respect
of any claim or set-off. For the avoidance of doubt, the contracts listed in Exhibit J, and contracts with consistent
terms thereto, but without language expressly permitting the Obligor thereof to withhold or reduce some or all of the amount of
its payments owing on any Receivable in respect of any claim or set-off, shall not be excluded from the definition of Eligible
Receivable due to this clause (c);

 

(d)          any Pool Receivable that is not an Eligible Unbilled Receivable, for which an invoice has not been sent to the applicable
Obligor of such Receivable;

 

(e)          any Pool Receivable that is subject to any Adverse Claim or any Pool Receivable to which the Borrower (or immediately prior
to its transfer to the Borrower, the related Originator) does not have good and marketable title;

 

(f)           any Pool Receivable that is subject to a payment plan;

 

(g)          any Pool Receivable that has a due date that is more than sixty (60) days after its original invoice date;

 

(h)          any Pool Receivable:

 

(i)            that is a Delinquent Receivable or otherwise remains unpaid on the one-hundred-twentieth (120th) day following
its original invoice date; or

 

(ii)           the Obligor of which is (A) subject to an Event of Bankruptcy, (B) a natural Person, (C) a Blocked Person, (D) an Affiliate
of any Exela Party or (E) a material supplier to any Originator or an Affiliate of a material supplier;

 

    	 	13	 

     

    

 

(i)            any Pool Receivable for which the Obligor thereof is the Obligor with respect to other Pool Receivables 50.00% or more of
which (based on Unpaid Balance) are not Eligible Receivables;

 

(j)            any Pool Receivable that is not an “account” or “payment intangible” or is evidenced by “instruments”
or “chattel paper” within the meaning of Article 9 of the UCC;

 

(k)           any Pool Receivable (i) that is payable in any currency other than U.S. Dollars or an Approved Alternative Currency, (ii)
the Obligor of which is not a U.S. Obligor or an Eligible Foreign Obligor, (iii) the Originator thereof is organized in a jurisdiction
other than (x) a State of the United States of America or (y) subject to the approval of the Administrative Agent and each Lender,
Canada (or a subdivision thereof), or (iv) the Contract for which is not governed by the law of the United States of America or
of any state thereof;

 

(l)            except with the prior written consent of the Administrative Agent and the Required Lenders, any Pool Receivable the Obligor
of which is a Governmental Authority;

 

(m)          any Pool Receivable for which payments thereunder are subject to any withholding Tax;

 

(n)           any Pool Receivable that has been re-dated, extended, compromised, settled, adjusted or otherwise modified, discounted or
subject to any Dilution unless (i) such action is permitted by Section 9.02 and (ii) a corresponding Deemed Collection payment
in respect of the related Pool Receivable has been made, in full, in connection therewith;

 

(o)           any Pool Receivable the Obligor of which is located in a jurisdiction requiring the filing of a notice of business activities
report or similar report in order to permit any Exela Party to seek judicial enforcement in such jurisdiction of payment of such
Receivable, unless the related Exela Party has qualified to do business in such state, has filed a notice of business activities
report or equivalent report for the then-current year or if such failure to file and inability to seek judicial enforcement is
capable of being remedied without any material delay or material cost;

 

(p)           any Pool Receivable acquired or originated in a permitted acquisition (unless the Administrative Agent and the Required
Lenders have given the Servicer its prior written consent following completion of a customary due diligence investigation as to
such Receivables and such acquired person, which investigation may, at the sole discretion of the Administrative Agent and the
Required Lenders, include a field examination);

 

(q)           any Pool Receivable is subject to a credit that has been earned but not taken, subject to reduction as a result of an deferred
revenue account, or a chargeback, to the extent of such rebate, deferred revenue account or chargeback;

 

    	 	14	 

     

    

 

(r)           any Pool Receivable (or its related Contract) that contravenes any Applicable Law (including, without limitation, laws,
rules and regulations relating to usury, consumer protection, truth in lending, fair credit billing, fair credit reporting, equal
credit opportunity, fair debt collection practices and privacy);

 

(s)           any Pool Receivable the Contract which (A)  unless any such consent by the Obligor has been obtained in writing, (x)
requires the Obligor thereunder to consent to any transfer, sale or assignment of any rights and duties thereunder and (y) either
(1) by its terms restricts any assignment of any rights to payment thereunder or (2) or the related Obligor (or any of its Affiliates)
is not then withholding or then threatening to withhold any payments under such Contract in connection with any breach of any anti-assignment
provision set forth therein (B)  contains a confidentiality provision that purports to restrict the ability of the Borrower
or the Secured Parties to exercise rights with respect to any Contract, including their right to review the Contract;

 

(t)           any Pool Receivable the transfer, sale or assignment of which contravenes any Applicable Law;

 

(u)          any Pool Receivable the Obligor of which has (i) not been directed and required to remit Collections in respect thereof
directly to a Continuing Collection Account after the date that such initial instruction is to be delivered pursuant to Sections
8.01(h) and 8.04(h) or (ii) at any time after the 90th day after the Closing Date, remitted Collections to
an account other than a Continuing Collection Account;

 

(v)          any Pool Receivable that does not (A) satisfy all applicable requirements of the Credit and Collection Policy or (B) comply
with such other criteria and requirements (other than those relating to the collectability of such Receivable) as the Administrative
Agent and the Secured Parties may from time to time specify;

 

(w)         any Pool Receivable that has not been transferred by an Originator to the Pledgor and subsequently by the Pledgor to the
Borrower pursuant to the Purchase and Sale Agreements or, with respect to which transfer, any conditions precedent to such transfer
under any Purchase and Sale Agreement have not been met;

 

(x)          any Pool Receivable which (i) arises from a sale of accounts made as part of a sale of a business or constitutes an assignment
for the purpose of collection only, (ii) is a transfer of a single account made in whole or partial satisfaction of a preexisting
indebtedness or an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the
contract or (iii) is a transfer of an interest in or an assignment of a claim under a policy of insurance;

 

(y)          any Pool Receivable which relates to the sale of any consigned goods or finished goods which have incorporated any consigned
goods into such finished goods;

 

(z)          any Pool Receivable for which the related Originator has not recognized the related revenue on its financial books and records
in accordance with GAAP;

 

    	 	15	 

     

    

 

(aa)          any Pool Receivable with respect to which not all consents, licenses, approvals or authorizations of, or registrations or
declarations with or notices to, any Governmental Authority or other Person required to be obtained, effected or given by an Originator
in connection with the creation of such Receivable, the execution, delivery and performance by such Originator of the related Contract
or the assignment thereof under the Purchase and Sale Agreements have been duly obtained, effected or given and are in full force
and effect;

 

(bb)          any Pool Receivable the purchase of which is not a “current transaction” within Section 3(a)(3) of the Securities
Act;

 

(cc)          any Pool Receivable which does not represent all or a part of the sale of “merchandise,” “insurance”
or “services” within the meaning of Section 3(c)(5) of the Investment Company Act or which is not an “eligible
asset” as defined in Rule 3a-7 under the Investment Company Act;

 

(dd)          any Pool Receivable the purchase of which by the Borrower under the Second Tier Purchase and Sale Agreement, or the transactions
contemplated hereby, constitutes a Security;

 

(ee)          any Pool Receivable which is supported by the actual or inchoate mechanics, supplier, materialmen, laborers, employees or
repairman liens or other rights to file of assert any of the foregoing;

 

(ff)           any Pool Receivable that is an Unbilled Receivable unless such Receivable is an Eligible Unbilled Receivable; or

 

(gg)          any Pool Receivable that is, or the related Obligor thereof is, otherwise unacceptable to the Administrative Agent and the
Required Lenders in their Permitted Discretion and is so designated in a written notice to the Servicer.

 

“Eligible Unbilled
Receivable” means, at any time, any Unbilled Receivable if (a) the related Originator has recognized the related revenue
on its financial books and records under GAAP, and (b) not more than thirty (30) days have expired since the date such Unbilled
Receivable arose.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any final rule or regulation issued
thereunder and in effect.

 

“ERISA Affiliate”
means, with respect to any Person, any corporation, trade or business which together with the Person is a member of a controlled
group of corporations or a controlled group of trades or businesses and would be deemed a “single employer” within
the meaning of Sections 414(b), (c) or (m) of the Code or Section 4001 of ERISA.

 

“Estimated
Monthly Program Fees” means, at any time of determination, (a) subject to clause (b), the total amount of
Undrawn Fees reasonably estimated by the Administrative Agent to be due and payable on the following Settlement Date or (b)
if the Administrative Agent (acting in its sole discretion) elects to not estimate such an amount, the total amount of
Undrawn Fees paid on the most recent Settlement Date for the preceding Settlement Period.

 

    	 	16	 

     

    

 

“Event of Bankruptcy”
shall be deemed to have occurred with respect to a Person if either:

 

(a)            (i) a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking
the liquidation, examinership, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts
of such Person, the appointment of a trustee, receiver, custodian, liquidator, examiner, assignee, sequestrator (or other similar
official) for such Person or all or substantially all of its assets, or any similar action with respect to such Person under any
Applicable Law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts; or (ii) an
order for relief in respect of such Person shall be entered in an involuntary case under federal bankruptcy laws or other similar
Applicable Laws now or hereafter in effect; or

 

(b)            such Person (i) shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization,
debt arrangement, dissolution or other similar law now or hereafter in effect, (ii) shall consent to the appointment of or taking
possession by a receiver, liquidator, examiner, assignee, trustee, custodian, sequestrator (or other similar official) for, such
Person or for any substantial part of its property, or (iii) shall make any general assignment for the benefit of creditors, or
shall fail to, or admit its potential inability to, pay its debts generally as they become due, or, if a corporation or similar
entity, its board of directors (or any board or Person holding similar rights to control the activities of such Person) shall vote
to implement any of the foregoing.

 

“Event of Default”
has the meaning specified in Section 10.01. For the avoidance of doubt, any Event of Default that occurs shall be deemed
to be continuing at all times thereafter unless and until waived in accordance with Section 14.01.

 

“Excess Concentration
Amount” means the sum of the following amounts, without duplication:

 

(a)            the sum of the amounts calculated for each of the Obligors equal to the excess (if any) of (i) the aggregate Unpaid Balance
of the Eligible Receivables of such Obligor, over (ii) the product of (x) such Obligor’s Concentration Percentage,
multiplied by (y) the aggregate Unpaid Balance of all Eligible Receivables then in the Receivables Pool; plus

 

(b)            the excess (if any) of (i) the aggregate Unpaid Balance of all Eligible Receivables denominated in an Approved Alternative
Currency, over $2,500,000; plus

 

(c)            the excess (if any) of (i) the aggregate Unpaid Balance of all Eligible Receivables, the Obligors of which are Eligible
Foreign Obligors, over (ii) the product of (x) 7.50%, multiplied by (y) the aggregate Unpaid Balance
of all Eligible Receivables then in the Receivables Pool; plus

 

    	 	17	 

     

    

 

(d)            the excess (if any) of (i)  the aggregate Unpaid Balance of all Eligible Receivables that are Unbilled Receivables,
over (ii) the Unbilled Receivable Concentration Limit; plus

 

(e)            the aggregate amount of customer deposits or advance payments held by any Exela Party (or an Affiliate thereof) on behalf
of each Person (or any Affiliate thereof) that is an Obligor with respect to any Eligible Receivables then in the Receivables Pool
to the extent of such Eligible Receivables.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended or otherwise modified from time to time.

 

“Excluded Receivable”
means any Receivable (as defined without giving effect to the proviso in the definition thereof) owed to Exela Enterprise
Solutions, Inc. by Energizer Holdings, Inc., which has been or is required to be sold, transferred or pledged by Exela Enterprise
Solutions, Inc. pursuant to that certain Supplier Agreement, between Exela Enterprise Solutions, Inc. and Citibank, N.A., as amended
and described on that certain Delaware financing statement, file number 20152826468, filed on June 30, 2015.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Lender or required to be withheld or deducted from a payment to
a Lender: (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 Affected Person 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) U.S. federal withholding Taxes imposed on amounts payable to or for the account
of such Lender with respect to an applicable interest in the Loans or Commitment pursuant to a law in effect on the date on which
(i) such Lender makes a Loan or its Commitment or (ii) such Lender changes its lending office, except in each case to the extent
that 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) any U.S. federal withholding Taxes imposed
pursuant to FATCA and (d) Taxes imposed as a result of the failure of any Lender or Affected Person failing to satisfy the requirements
of Section 5.03(f) hereof.

 

“Exela” has the meaning
set forth in the preamble to this Agreement.

 

“Exela Parties”
means Exela, the Initial Servicer, the Borrower, the Pledgor, the Parent, each Originator and the Performance Guarantor.

 

“Extension Failure”
means on and after January 10, 2023, the Revolving A Scheduled Termination Date is not extended to the Revolving B Scheduled Termination
Date pursuant to Section 2.02(i).

 

“Existing Specified
Secured Debt” means any Debt evidenced by the Credit Agreement or the Notes Indenture.

 

    	 	18	 

     

    

 

“Existing Specified
Secured Debt Documents” means the Credit Agreement, Notes Indenture, Existing Specified Secured Debt Security Agreement
and any other “Credit Agreement Documents” and “Notes Indenture Documents” (each as defined in the Existing
Specified Secured Debt Security Agreement).

 

“Existing Specified
Secured Debt Security Agreement” means the Collateral Agency and Security Agreement (First Lien), dates as of July 12,
2017, among Exela Intermediate LLC, the subsidiary borrowers party thereto, and Royal Bank of Canada, as collateral agent, as such
agreement may be amended, restated, supplemented or otherwise modified from time to time.

 

“Exiting Lender”
has the meaning set forth in Section 2.02(j).

 

“Exiting Lender
Shortfall Amount” has the meaning set forth in Section 2.02(j).

 

“Facility Limit”
means $160,000,000 as increased from time to time pursuant to Section 2.02(i). References to the unused portion of the Facility
Limit shall mean, at any time of determination, an amount equal to (x) the Facility Limit at such time, minus (y) the sum
of the Aggregate Loan Amount plus the Revolving A LC Participation Amount.

 

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

 

“FCPA”
has the meaning assigned thereto in Section 7.01(bb).

 

“Federal Funds
Effective Rate” means for any day, the rate per annum (expressed, as a decimal, rounded upwards, if necessary, to the
next higher 1/100 of 1%) 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 on such day, as published by the Federal Reserve Bank of New York on the
Business Day next succeeding such day; provided, if such day is not a Business Day, the Federal Funds Rate for such day
shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day.

 

“Federal Reserve
Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions.

 

“Fee Letter”
has the meaning specified in Section 2.03(a).

 

“Fees”
has the meaning specified in Section 2.03(a).

 

    	 	19	 

     

    

 

“Final
Payout Date” means the date on or after the Revolving Commitment Termination Date when (i) the Aggregate Loan
Amount and Aggregate Interest have been paid in full, (ii) the Revolving A LC Participation Amount has been reduced to zero
($0) and no Letters of Credit issued hereunder remain outstanding and undrawn, (iii) all Borrower Obligations shall have been
paid in full, (iv) all other amounts owing to the Credit Parties and any other Borrower Indemnified Party or Affected Person
hereunder and under the other Transaction Documents have been paid in full and (v) all accrued Servicing Fees have been paid
in full.

 

“Financial Officer”
of any Person means, the chief executive officer, the chief financial officer, the chief accounting officer, the principal accounting
officer, the controller, the treasurer or the assistant treasurer of such Person.

 

“First Tier Purchase
and Sale Agreement” means the First Tier Purchase and Sale Agreement, dated as of the Closing Date, among the Initial
Servicer, the Originators, as sellers, and the Pledgor, as buyer, as such agreement may be amended, supplemented or otherwise modified
from time to time.

 

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

 

“Governmental
Acts” has the meaning set forth in Section 3.09.

 

“Governmental
Authority” means any federal, state, municipal, national or other government, governmental department, commission, board,
bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated
with a state of the United States, the United States, or a foreign entity or government.

 

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

 

“Independent
Manager” means a person selected by such Bankruptcy Remote Entity (a) with prior experience as an independent
director, independent manager or independent member, (b) with at least three (3) years of employment experience, (c) who is
either (a) Bernard J. Angelo or (b) an individual provided by Global Securitization Services, LLC, Corporation Service
Company, CT Corporation, Lord Securities Corporation, National Registered Agents, Inc., Stewart Management Company,
Wilmington Trust Company, or, if none of those companies is then providing professional independent managers, another
nationally-recognized company, (d) who is duly appointed as an Independent Manager and is not, will not be while serving as
Independent Manager (except as provided herein) and shall not have been at any time during the preceding five (5) years, any
of the following: (i) a stockholder, director (other than as an independent director), officer, employee, partner, attorney
or counsel of such Bankruptcy Remote Entity, any Affiliate of such Bankruptcy Remote Entity or any direct or indirect parent
of such Bankruptcy Remote Entity; (ii) a customer, supplier or other Person who derives any of its purchases or revenues from
its activities with such Bankruptcy Remote Entity or any Affiliate of such Bankruptcy Remote Entity; (iii) a Person or other
entity Controlling or under common control with any such stockholder, partner, customer, supplier or other Person; or (iv) a
member of the immediate family of any such stockholder, director, officer, employee, partner, customer, supplier or other
Person. A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph (i) by reason of being
the independent director or independent manager of a “special purpose entity” affiliated with such Bankruptcy
Remote Entity shall be qualified to serve as an Independent Manager, provided that the fees that such individual earns from
serving as independent manager of Affiliates of such Bankruptcy Remote Entity in any given year constitute in the
aggregate less than five percent (5%) of such individual’s annual income for that year. A natural person who satisfies
the foregoing definition other than clause (ii) shall not be disqualified from serving as an Independent Manager of such
Bankruptcy Remote Entity if such individual is an independent director, independent manager or special manager provided by a
nationally recognized service company that provides professional independent directors, independent managers and special
managers and also provides other corporate services in the ordinary course of its business.

 

    	 	20	 

     

    

 

“Information
Package” means a report, in substantially the form of Exhibit E.

 

“Initial Servicer
Default” has the meaning set forth in Section 9.04(a).

 

“Initial Servicer
Indemnified Amounts” has the meaning set forth in Section 13.02(a).

 

“Initial Servicer
Indemnified Party” has the meaning set forth in Section 13.02(a).

 

“Intended Tax
Treatment” has the meaning set forth in Section 14.14.

 

“Interest”
means, for each Loan for any day during any Interest Period (or portion thereof), the amount of interest accrued on the outstanding
principal of such Loan during such Interest Period (or portion thereof) in accordance with Section 2.03.

 

“Interest Period”
means, with respect to each Loan, (a) before the Revolving Commitment Termination Date: (i) initially, the period commencing on
the date such Loan is made pursuant to Section 2.01 (or in the case of any fees payable hereunder, commencing on the Closing
Date) and ending on (but not including) the end of such Settlement Period and (ii) thereafter, each Settlement Period and (b) on
and after the Revolving Commitment Termination Date, such period (including a period of one day) as shall be selected from time
to time by the Administrative Agent (with the consent or at the direction of the Required Lenders) or, in the absence of any such
selection, each Settlement Period.

 

“Interest Rate”
means the applicable rate of interest set forth in Section 2.03.

 

“Interest Rate
Determination Date” means, with respect to any Interest Period, the date that is two Business Days prior to the first
day of such Interest Period.

 

“Interim Collection
Account” means any of the accounts (and any related lock-box or post office box) so specified in Schedule II maintained
at a Collection Account Bank in the name of an Originator.

 

“Interim Report”
means a report, in substantially the form of Exhibit H.

 

    	 	21	 

     

    

 

“Investment Company
Act” means the Investment Company Act of 1940, as amended or otherwise modified from time to time.

 

“Investment Grade
Obligor” means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) with a rating
of “BBB-” or better by S&P on such Obligor’s or its parent’s long-term senior unsecured and uncredit-enhanced
debt securities, and (b) “Baa3” or better by Moody’s on such Obligor’s or its parent’s long-term
senior unsecured and uncredit-enhanced debt securities. Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor
that satisfies the definition of “Investment Grade Obligor” shall be deemed to be an Investment Grade Obligor and shall
be aggregated with the Obligor that satisfies such definition for the purposes of determining clause (a) of the definition
of “Excess Concentration Amount” for such Obligors.

 

“LC Bank”
has the meaning set forth in the preamble to this Agreement.

 

“LC Collateral
Account” means the account at any time designated as the LC Collateral Account established and maintained by the Administrative
Agent (for the benefit of the LC Bank and the Lenders), or such other account as may be so designated as such by the Administrative
Agent.

 

“LC Facility
Sublimit” means, subject to Section 2.02(j), an amount equal to $25,000,000.

 

“LC Fee Expectation”
has the meaning set forth in Section 3.05(c).

 

“LC Fee Rate”
means the Applicable Margin with respect to LIBOR Rate Loans; provided, that, if the default rate of interest has
been implemented pursuant to Section 2.03(f), the LC Fee Rate shall increase by 2.00% per annum.

 

“LC Request”
means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to the Administrative
Agent, the LC Bank and the Lenders pursuant to Section 3.02(a).

 

“Lenders”
means each Person that is or becomes a party to this Agreement in the capacity of a Revolving A Lender or Revolving B Lender.

 

“Lender’s
Account” means, with respect to any Lender, the account(s) from time to time designated in writing by the applicable
Lender to the Administrative Agent for purposes of receiving payments to or for the account of the members of such Lender hereunder.

 

“Letter of Credit”
or “Letters of Credit” means any stand-by letter of credit (and not a commercial or trade letter of credit)
issued by the LC Bank at the request of the Borrower pursuant to this Agreement.

 

“Letter of Credit
Application” has the meaning set forth in Section 3.02(a).

 

“LIBOR Rate Loan”
means a Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate.

 

    	 	22	 

     

    

 

“Lien”
means (a) any lien, mortgage, pledge, assignment, hypothec, deed of trust, security interest, charge or encumbrance of any kind
(including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in
the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing,
and (b) in the case of Capital Stock, any purchase option, call or similar right of a third party with respect to such Capital
Stock.

 

“Liquidity”
means, at any time, the sum of (a) the domestic Unrestricted Cash held by the Parent and its Subsidiaries at such time (excluding,
for the avoidance of doubt, any amounts then on deposit in any Collection Account, which shall be considered “restricted”
for such purpose), plus (b) the aggregate amount of cash then available to be borrowed (but which has not been borrowed)
by the Parent and its Subsidiaries under their respective committed credit facilities (excluding, for the avoidance of doubt, the
transactions contemplated by this Agreement) and which may be drawn within not more than three (3) Business Days subject only to
satisfaction of customary conditions precedent (such as delivery of a borrowing request) that do not include (i) the counterparty
thereunder having any discretion to approve such borrowing or having to waive any conditions precedent to such borrowing or (ii)
the satisfaction of any borrowing base or similar collateral tests that are not then satisfied, plus (c) the excess of (i)
lesser of (A) the Facility Limit and (B) the Borrowing Base over (ii) the Aggregate Loan Amount plus the Revolving A LC Participation
Amount; provided, that at any time on or after the Revolving Commitment Termination Date, the amount determined pursuant
this clause (c) shall be zero ($0), minus (d) the aggregate amount of accounts payable owing by Parent and its Subsidiaries
that are outstanding more than 90 days past the stated due date thereof.

 

“Loan”
means a Revolving A Loan and a Revolving B Loan.

 

“Loan Request”
means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to the Administrative
Agent pursuant to Section 2.02(b).

 

“Loss Reserve
Amount” means, on any day, the sum of (a) the product of (i) 10.00% times (ii) the Net Pool Balance, plus
(b) the Unbilled Receivable Step-Up Amount.

 

“Material Action”
is defined in the Borrower’s limited liability company agreement.

 

“Material Adverse
Effect” means, with respect to any event or circumstance, a material adverse effect on:

 

(a)            (i) if a particular Person is specified, the ability of such Person to perform its obligations under this Agreement or any
other Transaction Document or (ii) if a particular Person is not specified, the ability of any Exela Party to perform its obligations
under this Agreement or any other Transaction Document;

 

(b)            (i) the validity or enforceability against any Exela Party of any Transaction Document or (ii) the value, validity, enforceability
or collectibility of the Pool Receivables, the Related Security with respect thereto or, in each case, any non-de minimis portion
thereof, including if such event or circumstance would increase the days to pay or Dilution with respect to the Pool Receivables
or any portion thereof;

 

    	 	23	 

     

    

 

(c)            the status, existence, perfection, priority, enforceability or other rights and remedies of any Credit Party under the Transaction
Documents or associated with its respective interest in the Collateral; or

 

(d)            (i) if a particular Person is specified, the business, assets, liabilities, property, operations, financial condition, results
of operations or cash flows of such Person or (ii) if a particular Person is not specified, the business, assets, liabilities,
properties, operations, financial condition results of operations or cash flows of any Exela Party.

 

“Monthly Settlement
Date” means the fifteenth (15th) day of each calendar month (or if such day is not a Business Day, the next
occurring Business Day); provided, however, that the initial Monthly Settlement Date shall be January 20, 2020.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized statistical rating organization.

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which any Exela Party or any of their respective
ERISA Affiliates is making or accruing an obligation to make contributions, or has within any of the preceding five plan years
made or accrued an obligation to make contributions.

 

“Net Pool Balance”
means, at any time, an amount equal to the aggregate Unpaid Balance of all Pool Receivables that are Eligible Receivables determined
at such time, minus the Excess Concentration Amount at such time.

 

“Notes Indenture”
means the indenture governing the 10.00% first-priority senior secured notes due 2023, dated as of July 12, 2017, among Exela Intermediate
LLC and Exela Finance Inc., as issuers, and Wilmington Trust, National Association, as trustee, as such agreement may be amended,
restated, supplemented or otherwise modified from time to time.

 

“Notice Date”
has the meaning set forth in Section 3.02(b).

 

“Obligor”
means any Person obligated to make payments with respect to a Receivable, including any guarantor thereof or co-obligor.

 

“OFAC”
has the meaning set forth in the definition of Anti-Terrorism Laws.

 

“OFAC Sanctions
Programs” means (a) the Requirements of Law and Executive Orders administered by OFAC, including but not limited to,
Executive Order No. 13224, and (b) the list of Specially Designated Nationals and Blocked Persons administered by OFAC, in each
case, as renewed, extended, amended, or replaced.

 

“Originator”
has the meaning set forth in the First Tier Purchase and Sale Agreement, as the same may be modified from time to time by adding
new Originators or removing Originators in accordance with the terms of the First Tier Purchase and Sale Agreement.

 

    	 	24	 

     

    

 

“Other Connection
Taxes” means, with respect to any Affected Person, Taxes imposed as a result of a present or former connection between
such Affected Person and the jurisdiction imposing such Tax (other than connections arising from such Affected Person 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 Transaction Document, or sold or assigned an interest in any
Loan or Transaction Document).

 

“Other Taxes”
means any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes arising from any
payment made hereunder or from the execution, delivery, performance, filing, registration or enforcement of, from the receipt or
perfection of a security interest under, or otherwise in respect of, this Agreement, the other Transaction Documents and the other
documents or agreements to be delivered hereunder or thereunder, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment.

 

“Parent”
means Exela Technologies, Inc., a Delaware corporation.

 

“Parent Change
of Control” has the meaning set forth on Exhibit I.

 

“Participant
Register” has the meaning set forth in Section 14.03(g).

 

“PATRIOT Act”
means the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001).

 

“PBGC”
means the Pension Benefit Guaranty Corporation, or any successor thereto.

 

“Pension Plan”
means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer
Plan, that is subject to Title IV of ERISA or Section 412 of the Code, and that is maintained by or contributed to by any Exela
Party or any of their respective ERISA Affiliates, or to which any such entity is obligated to contribute.

 

“Percentage”
means (a) with respect to all payments, computations and other matters relating to the Revolving A Commitment or Revolving A Loans
of any Lender or any Letters of Credit issued or participations purchased therein by any Lender, the percentage obtained by dividing
(i) the Revolving A Exposure of that Lender, by (ii) the aggregate Revolving A Exposure of all Lenders; (b) with respect to all
payments, computations and other matters relating to the Revolving B Commitment or Revolving B Loans of any Lender, the percentage
obtained by dividing (i) the Revolving B Exposure of that Lender, by (ii) the aggregate Revolving B Exposure of all Lenders and
(c) for all other purposes with respect to each Lender, the percentage obtained by dividing (i) an amount equal to the sum of the
Revolving A Exposure and the Revolving B Exposure of that Lender, by (ii) an amount equal to the sum of the aggregate Revolving
A Exposure and the aggregate Revolving B Exposure of all Lenders.

 

“Performance
Guarantor” means the Parent.

 

“Performance
Guaranty” means the Performance Guaranty, dated as of the Closing Date, by the Performance Guarantor in favor of
the Administrative Agent for the benefit of the Secured Parties, as such agreement may be amended, restated, supplemented or
otherwise modified from time to time.

 

    	 	25	 

     

    

 

“Permitted Discretion”
means the Administrative Agent’s judgment as to any factor, event, condition or other circumstance arising after the Closing
Date or based on facts not known to the Administrative Agent as of the Closing Date which the Administrative Agent reasonably determines
(a) with respect to Receivables, will or could be expected to adversely affect in any material respect the value or collectability
of any Eligible Receivables, the enforceability or priority of the Administrative Agent’s interest therein or the amount
which the Administrative Agent or the Lenders would be likely to timely receive in the collection or liquidation of such Eligible
Receivables or (b) with respect to any Exela Party, will or could be expected to adversely affect in any material respect such
Exela Party’s ability to perform its duties with the appropriate standard of care, including without limitation, if such
factors, events, conditions or other circumstances suggest any report or financial information delivered to the Administrative
Agent by any Exela Party is incomplete, inaccurate or misleading in any material respect. In exercising such judgment, the Administrative
Agent may consider, without duplication, factors already included in or tested by the definition of Eligible Receivables, and any
other factors arising after the Closing Date that may change the creditworthiness of the transaction.

 

“Person”
means a natural individual, partnership, sole proprietorship, corporation (including a business trust), joint stock company, trust,
unincorporated association, joint venture, limited liability company, any Governmental Authority or any other entity of whatever
nature.

 

“Pledge and Guaranty
Agreement” means that certain Pledge and Guaranty Agreement, dated as of the Closing Date, by the Pledgor in favor of
the Administrative Agent for the benefit of the Secured Parties, as such agreement may be amended, restated, supplemented or otherwise
modified from time to time.

 

“Pledgor”
means Exela Receivables Holdco, LLC.

 

“PNC”
has the meaning set forth in the preamble.

 

“Pool Receivable”
means a Receivable in the Receivables Pool.

 

“Prime Rate”
means the rate of interest quoted in The Wall Street Journal, Money Rates Section as the Prime Rate (currently defined as
the base rate on corporate loans posted by at least 75% of the nation’s thirty (30) largest banks), as in effect from time
to time. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any
customer. The Administrative Agent or any other Lender may make commercial loans or other loans at rates of interest at, above
or below the Prime Rate.

 

“Purchase and
Sale Agreement” means each of the First Tier Purchase and Sale Agreement and the Second Tier Purchase and Sale Agreement.

 

“Purchase and
Sale Termination Event” has the meaning set forth in the applicable Purchase and Sale Agreement.

 

    	 	26	 

     

    

 

“Receivable”
means any account receivable or other right to payment from a Person, whether constituting an account, chattel paper, payment intangible,
instrument or a general intangible, in each case, including the right to payment of any interest, finance charges, fees and other
payment obligations of such Person with respect thereto; provided, however, that Excluded Receivables shall not constitute
Receivables.

 

“Receivables
Pool” means at any time all then outstanding Receivables sold or contributed or purported to be sold or contributed to
Borrower pursuant to the Second Tier Purchase and Sale Agreement.

 

“Records”
means all Contracts and other documents, instruments, books, records, purchase orders, agreements, reports and other information
(including computer programs, tapes, disks, other information storage media, data processing software and related property and
rights) prepared or maintained by any Exela Party with respect to, or that evidence or relate to, the Pool Receivables, the Obligors
of such Pool Receivables, any Related Security or the origination, collection or servicing of any of the foregoing.

 

“Register”
has the meaning set forth in Section 14.03(b).

 

“Reimbursement
Obligation” has the meaning set forth in Section 3.04(a).

 

“Related Security”
means, with respect to any Receivable:

 

(a)            all of the Borrower’s and each Originator’s interest in any goods (including returned goods), and documentation
of title evidencing the shipment or storage of any goods (including returned goods), the sale of which gave rise to such Receivable;

 

(b)            all instruments and chattel paper that may evidence such Receivable;

 

(c)            all other security interests or liens and property subject thereto from time to time purporting to secure payment of such
Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all UCC financing statements
or similar filings relating thereto;

 

(d)            all of the Borrower’s and each Originator’s rights, interests and claims under all insurance contracts and insurance
payments with respect to, or otherwise allocable to, such Receivable or any property that generated such Receivable;

 

(e)            all of the Borrower’s and each Originator’s rights, interests and claims under the related Contracts and all
guaranties, indemnities, insurance, letter of credit rights and other agreements (including the related Contract) or arrangements
of whatever character from time to time supporting or securing payment of such Receivable or otherwise relating to such Receivable,
whether pursuant to the Contract related to such Receivable or otherwise;

 

(f)            all books and records of the Borrower and each Originator to the extent related to any of the foregoing, including all Records
related to the foregoing; and

 

(g)           all of the Borrower’s rights, interests and claims under any Purchase and Sale Agreement and the other Transaction
Documents.

 

    	 	27	 

     

    

 

“Release”
has the meaning set forth in Section 4.01(a).

 

“Reportable Event”
means any reportable event as defined in Section 4043(c) of ERISA or the regulations issued thereunder with respect to a Pension
Plan, other than an event for which the 30-day notice period is waived.

 

“Required Class
Lenders” means, at any time of determination (a) for the Class of Lenders having Revolving A Exposure, Lenders whose
Percentage (calculated in accordance with clause (a) of the definition thereof), aggregate more than 50%; and (b) for the
Class of Lenders having Revolving B Exposure, Lenders whose Percentage (calculated in accordance with clause (b) of the
definition thereof), aggregate more than 50%.

 

“Required Lenders”
means both of (a) the Required Revolving A Lenders and (b) the Required Revolving B Lenders.

 

“Required Reserves”
means, on any day, the sum of (a) the Loss Reserve Amount, plus (b) the Dilution Reserve Amount, plus (c) the Yield
Reserve Amount, plus (d) the Discretionary Reserve Amount.

 

“Required Revolving
A Lenders” means, at any time of determination, for the Class of Lenders having Revolving A Exposure, Lenders whose Percentage
(calculated in accordance with clause (a) of the definition thereof), aggregate more than 50%.

 

“Required Revolving
B Lenders” means, at any time of determination, for the Class of Lenders having Revolving B Exposure, Lenders whose Percentage
(calculated in accordance with clause (b) of the definition thereof), aggregate more than 50%.

 

“Responsible
Officer” means the chief executive officer, president, general counsel, any vice president, the chief financial officer,
the controller, the treasurer or the assistant treasurer or other similar officer of the applicable Exela Party or any employee
of any Exela Party responsible for the administration of the obligations of any Exela Party under this Agreement or any other Transaction
Document.

 

“Revolving A
Commitment” means the commitment of a Lender to make or otherwise fund any Revolving A Loan and to acquire participations
in Letters of Credit and “Revolving A Commitments” means such commitments of all Lenders in the aggregate. The amount
of each Lender’s Revolving A Commitment, if any, is set forth on Schedule I or in the applicable Assignment and Acceptance
Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof.

 

“Revolving A
Commitment Period” means the period from the Closing Date to but excluding the Revolving A Commitment Termination Date.

 

“Revolving
A Commitment Termination Date” means the earliest to occur of (a) the Revolving A Scheduled Termination Date, (b)
the date on which the “Revolving Commitment Termination Date” is declared or deemed to have occurred under Section
10.01 and (c) the date selected by the Borrower on which all Commitments have been reduced to zero pursuant to Section
2.02(g).

 

    	 	28	 

     

    

 

“Revolving A
Exposure” means, with respect to any Lender as of any date of determination, (a) prior to the termination of the Revolving
A Commitments, that Lender’s Revolving A Commitment; and (b) after the termination of the Revolving A Commitments, the sum
of (i) the aggregate outstanding principal amount of the Revolving A Loans of that Lender, and (ii) such Lender’s Percentage
of the Revolving A LC Participation Amount at such time.

 

“Revolving A
Final Maturity Date” means (i) the Revolving A Commitment Termination Date, or if extended pursuant to Section 2.02(i),
the date that is 180 days after the Revolving A Scheduled Termination Date or (ii) such earlier date on which the Loans become
due and payable pursuant to Section 10.01.

 

“Revolving A
LC Participation Amount” means at any time of determination, the sum of the amounts then available to be drawn under
all outstanding Letters of Credit.

 

“Revolving A
Lender” means a Lender with a Revolving A Commitment, a Revolving A Loan or a Percentage of the Revolving A LC Participation
Amount at such time.

 

“Revolving A
Loan” means a Loan made by a Lender to Company pursuant to Section 2.01(a) or deemed made by a Revolving A Lender
in connection with Revolving A Participation Advance.

 

“Revolving A
Minimum Funding Amount” means $40,000,000.

 

“Revolving A
Participation Advance” has the meaning set forth in Section 3.04(b).

 

“Revolving A
Scheduled Termination Date” means January 10, 2023, as such date may be extended pursuant to Section 2.02(i).

 

“Revolving B
Commitment” means the commitment of a Lender to make or otherwise fund any Revolving B Loan and “Revolving B Commitments”
means such commitments of all Lenders in the aggregate. The amount of each Lender’s Revolving B Commitment, if any, is set
forth on Schedule I or in the applicable Assignment and Acceptance Agreement, subject to any adjustment or reduction pursuant
to the terms and conditions hereof.

 

“Revolving B
Commitment Period” means the period from the Closing Date to but excluding the Revolving B Commitment Termination Date.

 

“Revolving B
Commitment Termination Date” means the earliest to occur of (a) the Revolving B Scheduled Termination Date, (b) the date
on which the “Revolving Commitment Termination Date” is declared or deemed to have occurred under Section 10.01
and (c) the date selected by the Borrower on which all Commitments have been reduced to zero pursuant to Section 2.02(g).

 

    	 	29	 

     

    

 

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

 

“Revolving B
Final Maturity Date” means (i) the date that is 180 days after the Revolving B Scheduled Termination Date or (ii) such
earlier date on which the Loans become due and payable pursuant to Section 10.01.

 

“Revolving B
Lender” means a Lender with a Revolving B Commitment or a Revolving B Loan.

 

“Revolving B
Loan” means a Loan made by a Lender to Company pursuant to Section 2.01(b).

 

“Revolving B
Minimum Funding Amount” means $40,000,000.

 

“Revolving B
Scheduled Termination Date” means July 10, 2024.

 

“Revolving Commitment”
means, with respect to each Lender, such Lender’s Revolving A Commitment and Revolving B Commitment.

 

“Revolving Commitment
Termination Date” means the later of the Revolving A Commitment Termination Date and the Revolving B Commitment Termination
Date.

 

“S&P”
means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, and any successor
thereto that is a nationally recognized statistical rating organization.

 

“SEC”
means the U.S. Securities and Exchange Commission or any successor governmental agencies.

 

“Second Tier
Purchase and Sale Agreement” means the Second Tier Purchase and Sale Agreement, dated as of the Closing Date, among the
Initial Servicer, the Pledgor, as seller, and the Borrower, as buyer, as such agreement may be amended, supplemented or otherwise
modified from time to time.

 

“Secured Parties”
means each Credit Party, each Borrower Indemnified Party and each Affected Person.

 

“Securities Act”
means the Securities Act of 1933, as amended or otherwise modified from time to time.

 

“Security”
is defined in Section 2(a)(1) of the Securities Act.

 

“Servicer”
means (a) at any time prior to the Servicing Transfer Date, the Initial Servicer and (b) thereafter, the Successor Servicer.

 

    	 	30	 

     

    

 

 

“Servicing Fee” means
the fee referred to in Section 9.07(a) of this Agreement.

 

“Servicing Fee Rate”
means the rate referred to in Section 9.07(a) of this Agreement.

 

“Servicing Transfer
Date” means (a) any date following the occurrence of an Initial Servicer Default designated as such by the Administrative
Agent in a written notice to the Borrower, Successor Servicer, Backup Servicer and each Lender or (b) the expiration date of any
Short-Term Servicing Arrangement.

 

“Servicing Transition
Expenses” means reasonable costs and expenses (including Attorney Costs) incurred by or payable to a Successor Servicer
in connection with the transfer of servicing to a Successor Servicer following the Servicing Transfer Date, including, without
limitation, costs and expenses incurred in connection with transferring all necessary servicing files and records relating to the
Contracts, Receivables and Related Security and amending this Agreement to reflect the transfer of servicing, which shall be approved
in writing by the Administrative Agent.

 

“Settlement Date”
means with respect to any Loan for any Interest Period or any Interest or Fees, (i) the Monthly Settlement Date and (ii) each day
selected from time to time by the Administrative Agent (with the consent or at the direction of the Required Lenders) (it being
understood that the Administrative Agent (with the consent or at the direction of the Required Lenders) may select such Settlement
Date to occur as frequently as daily).

 

“Settlement Period”
means (a) the period from the Closing Date to the end of the next calendar month thereafter and (b) thereafter, each subsequent
calendar month; provided, that the last Settlement Period shall end on the Final Payout Date.

 

“Short-Term Servicing
Arrangement” has the meaning set forth in Section 9.04.

 

“Solvent”
means, with respect to any Person, that as of the date of determination, both (a)(i) the sum of such Person’s debt (including
contingent liabilities) does not exceed the present fair saleable value of such Person’s present assets; (ii) such Person’s
capital is not unreasonably small in relation to its business as contemplated on the Closing Date and reflected in any projections
or with respect to any transaction contemplated or undertaken after the Closing Date; and (iii) such Person has not incurred and
does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such
debts as they become due (whether at maturity or otherwise); and (b) such Person is “solvent” within the meaning given
that term and similar terms under applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition,
the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective
of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No.5).

 

“Special Concentration
Limit” has the meaning set forth in the definition of Concentration Percentage.

 

    31

     

    

 

“Special Obligor”
has the meaning set forth in the definition of Concentration Percentage.

 

“Spot Rate”
means, on any day, (i) for the purpose of exchanging U.S. Dollars to Alternative Currency or Alternative Currency to U.S. Dollars
in connection with applying funds to pay amounts owing hereunder or under the Transaction Documents in accordance with this Agreement,
the actual rate used by the Administrative Agent’s principal foreign exchange trading office for the purchase by the Administrative
Agent of the applicable currency with the other currency through its principal foreign exchange trading office, and (ii) for the
purpose of making any calculation hereunder that does not require the actual exchange of U.S. Dollars for Alternative Currency
or Alternative Currency for U.S. Dollars to make a payment of amounts owing hereunder or under the Transaction Documents or, (a)
with respect to the determination of the U.S. Dollar Equivalent of any amount denominated in Alternative Currency, the exchange
rate at which such Alternative Currency may be exchanged into U.S. Dollars as set forth at approximately 11:00 a.m. New York
City time, on such day as published on the Bloomberg Key Cross-Currency Rates Page for such Alternative Currency and (b) with respect
to the determination of the Alternative Currency equivalent of any amount denominated in U.S. Dollars, the exchange rate at which
U.S. Dollars may be exchanged into Alternative Currency as set forth at approximately 11:00 a.m. New York City time, on such
day as published on the Bloomberg Key Cross-Currency Rates Page for U.S. Dollars. In the event that such rate does not appear on
any Bloomberg Key Cross Currency Rates Page, the Spot Rate shall be determined by reference to such other publicly available service
for displaying exchange rates as may be selected by the Administrative Agent or, in the absence of such an agreement, such Spot
Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market where its
foreign currency exchange operations in respect of such currency are then being conducted, at or about 11:00 a.m. New York
City time, on such date for the purchase of U.S. Dollars with the applicable Alternative Currency for delivery two (2) Business
Days later; provided that if at the time of any such determination, for any reason, no such spot rate is being quoted, the
Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be
conclusive absent manifest error.

 

“Subject Appraisal
Action” means that certain petition for appraisal pursuant to 8 Del. C. § 262 filed on September 21, 2017
in the Delaware Court of Chancery, captioned Manichaean Capital, LLC, et al. v. SourceHOV Holdings, Inc., C.A. No. 2017-0673-JRS.

 

“Sub-Servicer”
has the meaning set forth in Section 9.01(d).

 

“Sub-Servicing
Agreement” means the Sub-Servicing Agreement, dated as of the Closing Date, among Exela Technologies, Inc., as servicer,
and the Originators from time to time party thereto as sub-servicers.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other
business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without
regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees
or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies
thereof is at the time owned or controlled, directly or indirectly, by that
Person or one or more of the other Subsidiaries of that Person or a combination thereof.

 

    32

     

    

 

“Successor Servicer”
means such Person as may be appointed by the Administrative Agent in accordance with Article IX.

 

“Sweep Instructions”
means irrevocable instructions issued by the applicable Originator to each Collection Account Bank with respect to any Interim
Collection Account stating that (i) such Interim Collection Account shall be a zero balance account and all funds therein shall
be automatically transferred to a Continuing Collection Account and (ii) no amounts on deposit therein may be withdrawn by any
Person other than the Administrative Agent other than pursuant to the automatic transfer pursuant to clause (i) to a Continuing
Collection Account, which instructions shall consist of (x) an instruction letter from the applicable Originator to the Collection
Account Bank on the Closing Date in a form acceptable to the Administrative Agent and (y) not later than the 45th day
after the Closing Date, a Collections Control Agreement provided that the Initial Servicer shall exercise its best efforts
to cause each applicable Originator to deliver such Collections Control Agreements on as soon as possible after the Closing Date.

 

“Targeted Interim
Collection Account Deposit Amount” means, (a) during the period beginning on the 60th day after the Closing
Date through the 120th day after the Closing Date, an amount equal to 10% of all Collections received during such Settlement
Period and (b) thereafter, 5% of all Collections received during such Settlement Period.

 

“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, assessments, fees, charges or withholdings (including
backup withholding) imposed by any Governmental Authority and all interest, penalties, additions to tax and any similar liabilities
with respect thereto.

 

“Top 100 Customer
Contract” means any of the contracts for delivery of services entered into by the Parent or any of its Affiliates with
any of the Parent’s and its Affiliates’ top 100 North American customers (based on the annualized revenue for such
customers for the ten months ended October 31, 2019).

 

“Total Revolving
A Usage” means, as at any date of determination, the sum of (a) the aggregate principal amount of all outstanding Revolving
A Loans (other than Revolving A Participation Advances made for the purpose of reimbursing the LC Bank for any amount drawn under
any Letter of Credit, but not yet so applied), and (b) the Revolving A LC Participation Amount.

 

“Total Revolving
B Usage” means, as at any date of determination, the aggregate principal amount of all outstanding Revolving B Loans.

 

“Transaction
Documents” means this Agreement, each Purchase and Sale Agreement, the Account Control Agreements, Sweep Instructions,
the Fee Letter, the Backup Servicing Agreement, Sub-Servicing Agreement, the Performance Guaranty, the Pledge and Guaranty Agreement
and all other certificates, instruments, UCC financing statements, reports, notices, agreements and documents executed or delivered
under or in connection with this Agreement, in each case as the same may be amended, supplemented
or otherwise modified from time to time in accordance with this Agreement.

 

    33

     

    

 

“TSL”
has the meaning set forth in the preamble.

 

“Type of Loan”
means a Base Rate Loan or a LIBOR Rate Loan.

 

“UCC”
means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

 

“Unbilled Receivable”
means, at any time, any Receivable as to which the invoice or bill with respect thereto has not yet been sent to the Obligor thereof.

 

“Unbilled Receivable
Concentration Limit” means, at any time of determination, an amount equal to the product of (x) 7.50%, multiplied
by (y)  the aggregate Unpaid Balance of all Eligible Receivables then in the Receivables Pool.

 

“Unbilled Receivable
Step-Up Amount” means, at any time of determination, an amount equal to the product of (i) 10.00% times (ii) the
lesser of (x) the Unbilled Receivable Concentration Limit and (y) the aggregate Unpaid Balance of Unbilled Receivables that are
Eligible Receivables.

 

“Undrawn Fee”
has the meaning set forth in the Fee Letter.

 

“Unmatured Event
of Default” means any event which, with the giving of notice or lapse of time, or both, would become an Event of Default.

 

“Unmatured Initial
Servicer Default” means any event which, with the giving of notice or lapse of time, or both, would become an Initial
Servicer Default.

 

“Unpaid Balance”
means, at any time of determination, with respect to any Receivable, the then outstanding principal balance thereof. The Unpaid
Balance (or any portion thereof) of any Receivable (or portion thereof) denominated or payable in a currency other than U.S. Dollars
shall be expressed as the applicable U.S. Dollar Equivalent thereof in accordance with Section 4.02(f).

 

“Unrestricted
Cash” shall mean cash or cash equivalents of the Parent or any of its Subsidiaries organized under the laws of the United
States, or any state thereof, that would not appear as “restricted” on a consolidated balance sheet of the Parent or
any of such Subsidiaries.

 

“U.S. Dollar
Equivalent” means, on any date on which a determination thereof is to be made, with respect to (a) any amount denominated
in U.S. Dollars, such amount and (b) any amount denominated in an Alternative Currency, the U.S. Dollar equivalent of such amount
of such Alternative Currency determined by reference to the Spot Rate determined as of such determination date.

 

“U.S. Dollars”
means dollars in lawful money of the United States of America.

 

    34

     

    

 

“U.S. Obligor”
means an Obligor of that is organized under the laws of the United States of America, any state thereof or the District of Columbia.

 

“U.S. Tax Compliance
Certificate” has the meaning set forth in Section 5.03(f)(ii)(B)(3).

 

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

 

“Withholding
Agent” means the Borrower, the Performance Guarantor, and the Administrative Agent.

 

“Yield Reserve Amount”
means an amount equal to the sum of: (a) the product of (i) 6.00, times (ii) the Estimated Monthly Program Fees, plus
(b) the then-current Early Commitment Termination Premium that would be come due and payable upon any termination of the Commitments,
plus (c) the product of (i) the Yield Reserve Percentage, times (ii) the Facility Limit.

 

“Yield Reserve Percentage”
means on any day an amount determined as follows:

 

180 x (IR + SFR)

360

 

		where:	 	 

 

		IR	=	the Interest Rate on such day; and

 

		SFR	=	the Servicing Fee Rate.

 

SECTION
1.02.             Other
Interpretative Matters. All accounting terms not specifically defined herein shall be construed in accordance with GAAP.
All terms used in Article 9 of the UCC in the State of New York and not specifically defined herein, are used herein as
defined in such Article 9. Unless otherwise expressly indicated, all references herein to “Article,”
 “Section,” “Schedule”, “Exhibit” or “Annex” shall mean articles and sections
of, and schedules, exhibits and annexes to, this Agreement. For purposes of this Agreement, the other Transaction Documents
and all such certificates and other documents, unless the context otherwise requires: (a) references to any amount as on
deposit or outstanding on any particular date means such amount at the close of business on such day; (b) the words
 “hereof,” “herein” and “hereunder” and words of similar import refer to such agreement
(or the certificate or other document in which they are used) as a whole and not to any particular provision of such
agreement (or such certificate or document); (c) references to any Section, Schedule or Exhibit are references to Sections,
Schedules and Exhibits in or to such agreement (or the certificate or other document in which the reference is made), and
references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such
paragraph, subsection, clause or other subdivision of such Section or definition; (d) the term “including” means
 “including without limitation”; (e) references to any Applicable Law refer to that Applicable Law as amended from
time to time and include any successor Applicable Law; (f) references to any agreement refer to that agreement as from
time to time amended, restated or supplemented or as the terms of such agreement are waived or modified in accordance with
its terms; (g) references to any Person include that Person’s permitted successors and assigns; (h) headings are for
purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof; (i) unless
otherwise provided, in the calculation of time from a specified date to a later specified date, the term “from”
means “from and including”, and the terms “to” and “until” each means “to but
excluding”; (j) terms in one gender include the parallel terms in the neuter and opposite gender; (k) references to any
amount as on deposit or outstanding on any particular date means such amount at the close of business on such day; (l) if any
calculation to be made hereunder refers to a Settlement Period (or any portion thereof) that would have occurred prior to the
Closing Date, such reference shall be deemed to be a reference to a calendar month; and (m) the term “or” is not
exclusive.

 

    35

     

    

 

SECTION 1.03.             
LIBOR
Rate Notification. Section 5.04(b) of this Agreement provides a mechanism for determining an alternative rate of interest
in the event that the London interbank offered rate is no longer available or in certain other circumstances. No Credit Party
warrants or accepts any responsibility for and shall not have any liability with respect to, the administration, submission or
any other matter related to the London interbank offered rate or other rates in the definition of "LIBOR Rate" or with
respect to any alternative or successor rate thereto, or replacement rate therefor.

 

ARTICLE
II

TERMS OF THE LOANS

 

SECTION 2.01.             
Loan Facility.

 

(a)          
During the Revolving A Commitment Period, subject to the funding allocation requirements of Section 2.02(e)
and the other terms and conditions hereof, each Lender severally agrees to make Revolving A Loans to the Borrower in an aggregate
amount up to but not exceeding such Lender’s Revolving A Commitment; provided, that after giving effect to the making
of any Revolving A Loans in no event shall the Total Revolving A Usage exceed the Revolving A Commitments then in effect. Amounts
borrowed pursuant to this Section 2.01(a) may be repaid and reborrowed during the Revolving A Commitment Period. Each
Lender’s Revolving A Commitment shall expire on the Revolving A Commitment Termination Date and all Revolving A Loans and
all other amounts owed hereunder with respect to the Revolving A Loans and the Revolving A Commitments shall become due and payable
on the Revolving A Final Maturity Date.

 

(b)           During
the Revolving B Commitment Period, subject to the funding allocation requirements of Section 2.02(e) and the other
terms and conditions hereof, each Lender severally agrees to make Revolving B Loans to the Borrower in an aggregate amount up
to but not exceeding such Lender’s Revolving B Commitment; provided, that after giving effect to the making of
any Revolving B Loans in no event shall the Total Revolving B Usage exceed the Revolving B Commitments then in effect.
Amounts borrowed pursuant to this Section 2.01(b) may be repaid and reborrowed during the Revolving B Commitment
Period. Each Lender’s Revolving B Commitment shall expire on the Revolving B Commitment Termination Date and all
Revolving B Loans and all other amounts owed hereunder with
respect to the Revolving B Loans and the Revolving B Commitments shall become due and payable on the Revolving B Final Maturity
Date.

 

    36

     

    

 

SECTION 2.02.            
Making Loans; Repayment of Loans.

 

(a)         
Loans shall
be made in an aggregate minimum amount of the lesser of (A) $5,000,000 and integral multiples of $1,000,000 in excess of
that amount and (B) in the case of Revolving A Loans, the unused Revolving A Commitment and, in the case of Revolving B Loans,
the unused Revolving B Commitment. Loans may only be requested in U.S. Dollars and the Lenders are only obligated to fund Loans
in U.S. Dollars. For the avoidance of doubt, no Loans may be requested in, nor shall any Loan be funded in, an Alternative Currency.

 

(b)         
Whenever the Borrower desires that Lenders make Loans, the Borrower shall deliver to the Administrative Agent a fully executed
Loan Request no later than 10:00 a.m. (New York City time) at least three (3) Business Days in advance of the proposed Loan.

 

(c)         
Notice of receipt of each Loan Request in respect of any Loan, together with the amount of each Lender’s Percentage
thereof, if any, shall be provided by the Administrative Agent to each applicable Lender by email or facsimile with reasonable
promptness, but (provided the Administrative Agent shall have received such notice by 10:00 a.m. (New York City time)) not later
than 2:00 p.m. (New York City time) on the same day as the Administrative Agent’s receipt of such Loan Request from Borrower.

 

(d)         
Each Lender shall make the amount of its Loan, if any, available to the Administrative Agent not later than 12:00 p.m. (New
York City time) on the date of the applicable Credit Extension by wire transfer of same day funds in U.S. Dollars, to the Administrative
Agent’s Account. Except as provided herein, upon satisfaction or waiver of the conditions precedent specified in this Article
II or Article VI, the Administrative Agent shall make the proceeds of such Loans available to the Borrower on date of
the applicable Credit Extension by causing an amount of same day funds in U.S. Dollars equal to the proceeds of all such Loans
received by Administrative Agent from the Lenders to be credited to the account set forth in the related Loan Request.

 

(e)        
 The initial Loan Request hereunder (x) shall be in an amount equaling or exceeding the aggregate of the Revolving A Minimum
Funding Amount plus the Revolving B Minimum Funding Amount and (y) notwithstanding Section 2.02(a) hereof, may be delivered
on the Closing Date. All Loans shall be funded as follows:

 

(i)           
first, solely to the extent that the aggregate principal amount of the Revolving B Loans is less than the Revolving
B Minimum Funding Amount, by the Revolving B Lenders ratably (based on Percentages) making Revolving B Loans to the Borrower in
an amount sufficient to cause the aggregate principal amount of the Revolving B Loans to equal the Revolving B Minimum Funding
Amount;

 

(ii)          
second, solely to the extent that the Revolving A Commitment Termination Date has not occurred, by the Revolving
A Lenders ratably (based on Percentages) making Revolving A Loans until the aggregate
principal amount of the Revolving A Loans plus the Revolving A LC Participation Amount equals the Revolving A Commitment;

 

    37

     

    

 

(iii)          
third, by the Revolving B Lenders ratably (based on Percentages) making Revolving B Loans until the aggregate principal
amount of the Revolving B Loans equals the Revolving B Commitment.

 

(f)          
Unless the Administrative Agent shall have been notified by any Lender prior to the date of the applicable Credit Extension
that such Lender does not intend to make available to the Administrative Agent the amount of such Lender’s Loan requested
on the date of such Credit Extension, the Administrative Agent may assume that such Lender has made such amount available to the
Administrative Agent on such date and the Administrative Agent may, in its sole discretion, but shall not be obligated to, make
available to Borrower a corresponding amount on such date. If such corresponding amount is not in fact made available to the Administrative
Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender
together with interest thereon, for each day from the date of such Credit Extension until the date such amount is paid to the Administrative
Agent, at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and
thereafter at the Base Rate. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s
demand therefor, the Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding
amount to the Administrative Agent together with interest thereon, for each day from the date of such Credit Extension until the
date such amount is paid to the Administrative Agent, at the Base Rate. Nothing in this Section 2.02(f) shall be deemed
to relieve any Lender from its obligation to fulfill its Commitment hereunder or to prejudice any rights that the Borrower may
have against any Lender as a result of any default by such Lender hereunder.

 

(g)         
Voluntary Prepayments; Commitment Reductions.

 

(i)          
Any time after the Closing Date, the Borrower may prepay any such Loans on any Business Day in whole or in part (together
with any Breakage Amounts) in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess of that amount;
provided, that:

 

(A)           
no request for prepayment shall be effective if it shall request a prepayment in an amount that would cause the Aggregate
Loan Amount to be an amount less than the sum of the Revolving A Minimum Funding Amount plus the Revolving B Minimum Funding Amount.

 

(B)           
all such prepayments shall be made, upon not less than three Business Days’ (given by 3:00 pm New York time) prior
written or telephonic notice given to Administrative Agent, by 10:00 a.m. (New York City time) on the date required and, if given
by telephone, promptly confirmed in writing to Administrative Agent (and Administrative Agent will promptly transmit such telephonic or original notice by facsimile
or telephone to each Lender). Upon the giving of any such notice, the principal amount of the Loans specified in such notice shall
become due and payable on the prepayment date specified therein;

 

    38

     

    

 

(C)           
any such voluntary prepayment hereunder shall be applied to the Loans and Lenders in Applicable Class Order; and

 

(D)          
any accrued Interest and Fees and any associated Breakage Amount in respect of such prepaid Loans shall be paid on the immediately
following Settlement Date (to the extent such prepayment date is not a Settlement Date).

 

(ii)          
The Borrower may, upon not less than thirty days’ prior written or telephonic notice confirmed in writing to Administrative
Agent (which original written or telephonic notice Administrative Agent will promptly transmit by facsimile or telephone to each
applicable Lender) terminate in whole or permanently reduce in part the Facility Limit in an amount up to the amount by which the
Facility Limit exceeds the Aggregate Loan Amount plus the Adjusted Revolving A LC Participation Amount at the time of such
proposed termination or reduction; provided, that (x) any such partial reduction of the Facility Limit shall be in an aggregate
minimum amount of $10,000,000 and integral multiples of $5,000,000 in excess of that amount and (y) no such reduction shall reduce
the Facility Limit below $100,000,000. The Borrower’s notice to Administrative Agent shall designate the date (which shall
be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction
of the Facility Limit shall be effective on the date specified in the Borrower’s notice and shall reduce the Revolving A
Commitment and Revolving B Commitment proportionately and reduce the Commitment of each Lender proportionately to its Percentage
thereof. In connection with any such reduction in whole or in part of the Facility Limit, the Borrower shall pay the Early Commitment
Termination Premium in accordance with the Fee Letter.

 

(h)         
Provided that no Unmatured Initial Servicer Default, Initial Servicer Default, Event of Default or Unmatured Event of Default
has occurred and is continuing, upon notice to the Administrative Agent and each Lender, the Borrower may from time to time request
an increase in the Commitments of Lenders, at any time following the Closing Date and prior to the Revolving Commitment Termination
Date, such aggregate increase in such Lender’s Commitments. At the time of sending such notice, the Borrower (in consultation
with the Administrative Agent) shall specify the time period within which such Lenders and the Administrative Agent are requested
to respond to the Borrower’s request (which shall in no event be less than ten (10) Business Days from the date of delivery
of such notice to the Administrative Agent and the Lenders). In respect of any Lender, each of such Lenders and the Administrative
Agent shall notify the Borrower within the applicable time period whether or not such Person agrees, in its respective sole discretion,
to the increase to such Lender’s Commitment. Any such Person not responding within such time period shall be deemed to have
declined to consent to an increase in such Lender’s Commitment. For the avoidance of doubt, only the consent of the Lenders
increasing its Commitment and the Administrative Agent shall be required in order to approve
any such request. If the Commitment of the Lenders is increased in accordance with this clause (i), the Administrative Agent,
the Lenders and the Borrower shall determine the effective date with respect to such increase and shall enter into such documents
as agreed to by such parties to document such increase; it being understood and agreed that the Administrative Agent or any Lender
increasing its Commitment pursuant to this clause (i) may request any of (x) resolutions of the Board of Directors of the
Borrower approving or consenting to such Commitment increase and authorizing the execution, delivery and performance of any amendment
to this Agreement, (y) a corporate and enforceability opinion of counsel of the Borrower and (z) such other documents, agreements
and opinions reasonably requested by any Lender or the Administrative Agent.

 

    39

     

    

 

(i)          
Extension of Revolving A Scheduled Termination Date.

 

(i)            
At any time during the 180-day period prior to the Revolving A Scheduled Termination Date, the Borrower or Administrative
Agent shall deliver to each Revolving A Lender (with a copy to each other Credit Party) a Commitment Confirmation Request. Within
30 days after the Borrower’s or the Administrative Agent’s delivery of the Commitment Confirmation Request, the Revolving
A Lenders shall provide written notice (a “Confirmation Response”) to the Administrative Agent, the Borrower
and each other Credit Party whether such Revolving A Lender (x) consents (in its sole and absolute discretion) to the extension
of such Revolving A Lender’s Commitment to the Revolving B Scheduled Termination Date or (y) desires to assign its Revolving
A Loans and Revolving A Commitment to the Revolving B Lenders in accordance with clause (iii) below; provided, however,
that (x) any such election shall be irrevocable and (y) any Revolving A Lender that fails to deliver such Confirmation Response
on or prior to the 30th day following the Borrower’s or the Administrative Agent’s delivery of the Commitment
Confirmation Request shall be deemed to have elected to assign its Revolving A Loans and Revolving A Commitment to the Revolving
B Lenders in accordance with clause (iii) below. In the event any Revolving A Lender fails to deliver such Confirmation Response
within 30 days following the Borrower’s or the Administrative Agent’s delivery of the Commitment Confirmation Request,
Revolving B Lenders shall provide written confirmation (a “Purchase Affirmation”) to the Borrower within 30
days after such failure that Revolving B Lenders will perform the Revolving B Lenders’ obligation to purchase and take assignment
of the Revolving A Loans and Revolving A Commitment in accordance with clause (iii) below. In the event any Revolving B Lender
fails to timely provide such Purchase Affirmation, the Borrower may but shall have not obligation to identify an Eligible Assignee
and the Revolving A Lenders shall assign the Revolving A Commitment to such designated Eligible Assignee pursuant to Section 14.03
and such designated Eligible Assignee shall purchase the Revolving A Loans at par from the Revolving A Lenders, and, upon such
assignment and payment, such Revolving A Lender’s Revolving A Commitment shall be automatically extended to the Revolving
B Scheduled Termination Date. For the avoidance of doubt, neither the Borrower’s failure to identify an Eligible Assignee
nor any Revolving B Lender’s failure to timely deliver the Purchase Affirmation shall release any Revolving B Lender from
its obligations under this Agreement, including, without limitation, the Revolving B Lender’s obligation to purchase and
take assignment of the Revolving A Loans and Revolving A Commitment. In connection with any such assignment, (i) the availability
of the letter of credit sub-facility contemplated by Article III shall remain subject to clause (v) below and (ii)
if any Exela Party (or Affiliate thereof) shall make any payments to any such assignee in connection with such assignment or such
assignees other than payments made by the Borrower pursuant to the terms of this Agreement, external counsel to the Borrower shall
deliver a bring-down opinion on true sale and non-consolidation matters if requested by any Credit Party.

 

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(ii)           
If a Revolving A Lender shall timely elect to make an extension of the Revolving A Scheduled Termination Date, then, effective
on the original Revolving A Scheduled Termination Date, such Revolving A Lender’s Revolving A Commitment shall be automatically
extended to the Revolving B Scheduled Termination Date.

 

(iii)          
If a Revolving A Lender shall not timely elect to make an extension of the Revolving A Scheduled Termination Date and no
assignment of such Revolving A Lender’s Revolving A Commitment has been made pursuant to Section 2.02(i)(i) (such Lender,
an “Exiting Lender”), then, effective on the original Revolving A Scheduled Termination Date, (A) such Exiting
Lender’s Revolving A Commitment shall be automatically assigned to the Revolving B Lenders (ratably based on Percentages)
and the Revolving B Lenders shall be unconditionally bound to accept such Revolving A Commitment, (B) so long as such date is not
a Revolving Commitment Termination Date, such Exiting Lender’s Revolving A Loans shall be automatically assigned to the Revolving
B Lenders (ratably based on Percentages) and the Revolving B Lenders shall purchase such Revolving A Loans at par from the Exiting
Lenders on the Revolving A Scheduled Termination Date and (C) any accrued Interest and Fees on the assigned Revolving A Loans and
any other Borrower Obligations owing to the Exiting Lenders shall be paid pursuant to Section 4.01 on the subsequent Settlement
Date(s).

 

(iv)          
If any Revolving B Lender(s) shall fail to purchase its Percentage of the Revolving A Loans of any Exiting Lender(s) on
the Revolving A Scheduled Termination Date and such date is not a Revolving Commitment Termination Date and the Revolving A Commitment
has not been assigned pursuant to 2.02(i)(i), an “Exiting Lender Shortfall Amount” shall exist in an amount
equal to such shortfall amount.

 

(v)          
If any Exiting Lender shall be the LC Bank, then a Cash Collateralization Period shall commence and the LC Facility Sublimit
shall be reduced to $0 (zero).

 

SECTION 2.03.             
Interest and Fees.

 

(a)          
On each Settlement Date, the Borrower shall, in accordance with the terms and priorities for payment set forth in Section
4.01, pay to each Lender, the LC Bank and the Administrative Agent, as applicable, certain fees, including with respect to
the LC Bank all Letter of Credit fronting fees and other applicable Letter of Credit fees (collectively, the “Fees”)
in the amounts set forth below and in any fee letter agreements from time to time entered into, among the Borrower, the Lenders
and/or the Administrative Agent (each such fee letter agreement, as amended, restated, supplemented or otherwise modified
from time to time, collectively being referred to herein as the “Fee Letter”).

 

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(b)          
Except as otherwise set forth herein, each Loan shall bear Interest on the unpaid principal amount thereof from the date
made through repayment (whether by acceleration or otherwise) thereof as follows: (i) if a Base Rate Loan, at the Base Rate plus
the Applicable Margin applicable to Base Rate Loans; or (ii) if a LIBOR Rate Loan, at the Adjusted LIBOR Rate plus the Applicable
Margin applicable to LIBOR Rate Loans; provided, that, if the Total Revolving A Usage is less than the Revolving A Minimum
Funding Amount or the Total Revolving B Usage is less than the Revolving B Minimum Funding Amount, Interest shall accrue on an
amount equal to (x) in the case of the Revolving A Lenders, the Revolving A Minimum Funding Amount minus the Adjusted Revolving
A LC Participation Amount and (y) in the case of the Revolving B Lenders, the Revolving B Minimum Funding Amount. The Borrower
shall pay all Interest, Fees and Breakage Amounts accrued during each Interest Period on each Settlement Date in accordance with
the terms and priorities for payment set forth in Section 4.01.

 

(c)           
The Borrower shall pay to each Revolving A Lender, Fees for each day in an amount equal to the product of (i) LC Fee Rate,
times (ii) such Revolving A Lender’s Revolving A LC Participation Amount on such day, times (iii) 1/360.

 

(d)          
The Borrower shall pay to the LC Bank, fronting fees for each day in an amount equal to the product of (i) 0.20%, times
(ii) the Revolving A LC Participation Amount on such day, times (iii) 1/360.

 

(e)          
Conversion/Continuation.

 

(i)          
The Borrower shall have the option:

 

(A)          
to convert at any time all or any part of any Loan equal to $1,000,000 and integral multiples of $500,000 in excess of that
amount from one Type of Loan to another Type of Loan; provided, that a LIBOR Rate Loan may only be converted on the expiration
of the Interest Period applicable to such LIBOR Rate Loan unless Borrower shall pay all amounts due under Section 5.02 in
connection with any such conversion, no Base Rate Loan may be converted into a LIBOR Rate Loan when an Unmatured Event of Default
or Event of Default exists and no LIBOR Rate Loan may be continued as a LIBOR Rate Loan when an Unmatured Event of Default or Event
of Default exists; or

 

(B)           
upon the expiration of any Interest Period applicable to any LIBOR Rate Loan, to continue all or any portion of such Loan
equal to $1,000,000 and integral multiples of $500,000 in excess of that amount as a LIBOR Rate Loan.

 

(ii)         
The Borrower shall deliver a notice of conversion or continuation to Administrative Agent no later than 10:00 a.m. (New
York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate
Loan) and at least three Business Days in advance of the proposed conversion/continuation date (in the case of a conversion to,
or a continuation of, a LIBOR Rate Loan). Except as otherwise provided herein, a notice for conversion to, or continuation of,
any LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination
Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith.

 

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(f)           
Upon the occurrence and during the continuance of an Event of Default, the principal amount of all Loans outstanding and,
to the extent permitted by Applicable Law, any interest payments on the Loans or fees or other amounts owed hereunder (including
any Early Commitment Termination Premium, if applicable), shall thereafter bear Interest (including post-petition interest in any
proceeding under the Bankruptcy Code or other applicable bankruptcy laws) payable on demand at a rate that is 2.00% per annum in
excess of the Interest Rate otherwise payable hereunder with respect to the applicable Loans (or, in the case of any such fees
and other amounts, at a rate which is 2.00% per annum in excess of the interest rate otherwise payable hereunder for Base Rate
Loans); provided, any LIBOR Rate Loans shall immediately become Base Rate Loans and shall thereafter bear Interest payable
upon demand at a rate which is 2.00% per annum in excess of the interest rate otherwise payable hereunder for Base Rate Loans. 
Payment or acceptance of the increased rates of Interest provided for in this Section 2.03(f) 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 Administrative Agent or any Lender.

 

ARTICLE
III

Letter of credit facility

 

SECTION 3.01.            
Letters of Credit.

 

(a)           
Subject to the terms and conditions hereof and the satisfaction of the applicable conditions set forth in Article VI,
at any time prior to the Revolving A Commitment Terminations Date the LC Bank shall issue or cause the issuance of Letters
of Credit on behalf of the Borrower (and, if applicable, on behalf of, or for the account of, an Originator or an Affiliate of
such Originator in favor of such beneficiaries as such Originator or an Affiliate of such Originator may elect with the consent
of the Borrower); provided, however, that the LC Bank will not be required to issue or cause to be issued any Letters
of Credit:

 

(i)          
to the extent that after giving effect thereto:

 

(A)          
the Aggregate Loan Amount plus the Adjusted Revolving A LC Participation Amount would exceed the Borrowing Base at
such time;

 

(B)           
the Total Revolving A Usage would exceed the aggregate of the Commitments of the Revolving A Lenders at such time; or

 

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(C)           
the Revolving A LC Participation Amount would exceed the Revolving A LC Facility Sublimit; or

 

(ii)           
if the LC Bank has received notice from any Credit Party or the Administrative Agent, at least one (1) day prior to the
requested date of issuance, amendment or extension of the applicable Letter of Credit, that one or more applicable conditions in
Article VI is not satisfied; or

 

(iii)          
if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain
the LC Bank from issuing the Letter of Credit, or any Applicable Law or any request or directive (whether or not having the force
of law) from any Governmental Authority with jurisdiction over the LC Bank shall prohibit, or request that the LC Bank refrain
from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the Issuing Lender
with respect to the Letter of Credit any restriction, reserve or capital requirement (for which the LC Bank is not otherwise compensated
hereunder) not in effect on the Closing Date, or shall impose upon the LC Bank any unreimbursed loss, cost or expense which was
not applicable on the Closing Date and which the LC Bank in good faith deems material to it; or

 

(iv)          
if the issuance of the Letter of Credit would violate one or more policies of the LC Bank applicable to letters of credit
generally.

 

(b)          
Interest shall accrue on all amounts drawn under Letters of Credit for each day on and after the applicable Drawing Date
so long as such drawn amounts shall have not been reimbursed to the LC Bank pursuant to the terms hereof.

 

(c)          
Each request by the Borrower for the issuance, amendment or extension of a Letter of Credit shall be deemed to be a representation
by the Borrower that it shall be in compliance with the provisions of Section 3.01(a)(i) and with Article VI
after giving effect to the requested issuance, amendment or extension of such Letter of Credit.

 

SECTION 3.02.            
Issuance of Letters of Credit; Revolving A Participations.

 

(a)           
The Borrower may request the LC Bank, upon two (2) Business Days’ prior written notice submitted on or before 11:00
a.m. (New York City time), to issue a Letter of Credit (or amend or extend an existing Letter of Credit) by delivering or transmitting
electronically to the Administrative Agent, each Revolving A Lender and the LC Bank, the LC Bank’s form of Letter of Credit
Application (the “Letter of Credit Application”), substantially in the form of Exhibit C attached hereto
and an LC Request, in each case completed to the satisfaction of the Administrative Agent and the LC Bank; and such other certificates,
documents and other papers and information as the Administrative Agent or the LC Bank may reasonably request. Letters of Credit
may only be requested to be denominated in U.S. Dollars and the LC Bank is only obligated to issue Letters of Credit denominated
in U.S. Dollars. For the avoidance of doubt, no Letter of Credit may be requested in, nor shall any Letter of Credit be denominated
in, an Alternative Currency.

 

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(b)           
Each Letter of Credit shall, among other things, (i) provide for the payment of sight drafts or other written demands for
payment when presented for honor thereunder in accordance with the terms thereof and when accompanied by the documents described
therein and (ii) have an expiry date not later than twelve (12) months after such Letter of Credit’s date of issuance, extension
or renewal, as the case may be, and in no event later than the Revolving A Final Maturity Date. The terms of each Letter of Credit
may include customary “evergreen” provisions providing that such Letter of Credit’s expiry date shall automatically
be extended for additional periods not to exceed twelve (12) months unless, not less than thirty (30) days (or such longer period
as may be specified in such Letter of Credit) (the “Notice Date”) prior to the applicable expiry date, the LC
Bank delivers written notice to the beneficiary thereof declining such extension; provided, however, that if (x)
any such extension would cause the expiry date of such Letter of Credit to occur after the date that is twelve (12) months after
the Revolving A Final Maturity Date or (y) the LC Bank determines that any condition precedent (including, without limitation,
those set forth in Sections 3.01 and Article VI) to issuing such Letter of Credit hereunder are not satisfied (other
than any such condition requiring the Borrower to submit an LC Request or Letter of Credit Application in respect thereof), then
the LC Bank, in the case of clause (x) above, may (or, at the written direction of any Revolving A Lender, shall) or, in
the case of clause (y) above, shall, use reasonable efforts in accordance with (and to the extent permitted by) the terms
of such Letter of Credit to prevent the extension of such expiry date (including notifying the Borrower and the beneficiary of
such Letter of Credit in writing prior to the Notice Date that such expiry date will not be so extended). Each Letter of Credit
shall be subject either to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce
Publication No. 600, and any amendments or revisions thereof adhered to by the LC Bank, as determined by the LC Bank, or the International
Standby Practices (ISP98-International Chamber of Commerce Publication Number 590), and any amendments or revisions thereof adhered
to by the LC Bank, as determined by the LC Bank.

 

(c)           
Immediately upon the issuance by the LC Bank of any Letter of Credit (or any amendment to a Letter of Credit increasing
the amount thereof), the LC Bank shall be deemed to have sold and transferred to each Revolving A Lender, and each Revolving A
Lender shall be deemed irrevocably and unconditionally to have purchased and received from the LC Bank, without recourse or warranty,
an undivided interest and participation, to the extent of such Revolving A Lender’s Percentage, in such Letter of Credit,
each drawing made thereunder and the obligations of the Borrower hereunder with respect thereto, and any security therefor or guaranty
pertaining thereto. Upon any change in the Revolving A Commitments or Percentages of the Revolving A Lenders pursuant to this Agreement,
it is hereby agreed that, with respect to all outstanding Letters of Credit and unreimbursed drawings thereunder, there shall be
an automatic adjustment to the participations pursuant to this clause (c) to reflect the new Percentages of the assignor
and assignee Revolving A Lender or of all Revolving A Lenders with Revolving A Commitments, as the case may be. In the event that
the LC Bank makes any payment under any Letter of Credit and the Borrower shall not have reimbursed such amount in full to the
LC Bank pursuant to Section 3.04(a), each Revolving A Lender shall be obligated to make Revolving A Participation
Advances with respect to such Letter of Credit in accordance with Section 3.04(b).

 

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SECTION 3.03.            
Requirements For Issuance of Letters of Credit. The Borrower shall authorize and direct the LC Bank to name the Borrower,
an Originator or an Affiliate of an Originator as the “Applicant” or “Account Party” of each Letter of
Credit.

 

SECTION 3.04.            
Disbursements, Reimbursement.

 

(a)           
In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the LC Bank
will promptly notify the Administrative Agent and the Borrower of such request. The Borrower shall reimburse (such obligation to
reimburse the LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the LC Bank prior to noon
(New York City time), on the next Business Day following each date that an amount is paid by the LC Bank under any Letter of Credit
(each such date, a “Drawing Date”) in an amount equal to the amount so paid by the LC Bank. Such Reimbursement
Obligation shall be satisfied by the Borrower (i) first, by the remittance by the Administrative Agent to the LC Bank of any available
amounts then on deposit in the LC Collateral Account and (ii) second, by the remittance by or on behalf of the Borrower to the
LC Bank of any other funds of the Borrower then available for disbursement. In the event the Borrower fails to reimburse the LC
Bank for the full amount of any drawing under any Letter of Credit by noon (New York City time) on the next Business Day following
the Drawing Date (including because the conditions precedent to a Loan requested by the Borrower pursuant to Section 2.01
shall not have been satisfied), the LC Bank will promptly notify each Revolving A Lender thereof. Any notice given by the LC Bank
pursuant to this Section may be oral if promptly confirmed in writing; provided that the lack of such a prompt written confirmation
shall not affect the conclusiveness or binding effect of such oral notice.

 

(b)           Each
Revolving A Lender shall upon any notice pursuant to clause (a) above make available to the LC Bank an amount in
immediately available funds equal to its Percentage of the amount of the drawing (a “Revolving A Participation
Advance”), whereupon the Revolving A Lenders shall each be deemed to have made a Revolving A Loan to the Borrower
in that amount. If any Revolving A Lender so notified fails to make available to the LC Bank the amount of such Revolving A
Lender’s Percentage of such amount by 2:00 p.m. (New York City time) on the Drawing Date, then interest shall accrue on
such Revolving A Lender’s obligation to make such payment, from the Drawing Date to the date on which such Revolving A
Lender makes such payment (i) at a rate per annum equal to the Federal Funds Rate during the first three days following the
Drawing Date and (ii) at a rate per annum equal to the Base Rate on and after the fourth day following the Drawing Date;
provided that such interest shall in no way be deemed to form part of the Borrower Obligations under this Agreement. The LC
Bank will promptly give notice to each Revolving A Lender of the occurrence of the Drawing Date, but failure of the LC Bank
to give any such notice on the Drawing Date or in sufficient time to enable any Revolving A Lender to effect such payment on
such date shall not relieve such Revolving A Lender from its obligation under this clause (b). Each Revolving A
Lender’s obligation to make Revolving A Participation Advances shall continue until the last to occur
of any of the following events: (A) the LC Bank ceases to be obligated to issue or cause to be issued Letters of Credit hereunder,
(B) no Letter of Credit issued hereunder remains outstanding and uncancelled or (C) all Credit Parties have been fully reimbursed
for all payments made under or relating to Letters of Credit.

 

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SECTION 3.05.            
Repayment of Revolving A Participation Advances.

 

(a)           
Upon (and only upon) receipt by the LC Bank for its account of immediately available funds from or for the account of the
Borrower (i) in reimbursement of any payment made by the LC Bank under a Letter of Credit with respect to which any Revolving A
Lender has made a Revolving A Participation Advance to the LC Bank or (ii) in payment of Interest on the Loans made or deemed to
have been made in connection with any such draw, the LC Bank will pay to each Revolving A Lender, ratably (based on the outstanding
drawn amounts funded by each such Revolving A Lender in respect of such Letter of Credit), in the same funds as those received
by the LC Bank; it being understood, that the LC Bank shall retain a ratable amount of such funds that were not the subject
of any payment in respect of such Letter of Credit by any Revolving A Lender.

 

(b)          
If the LC Bank is required at any time to return to the Borrower, or to a trustee, receiver, liquidator, custodian, or any
official in any insolvency proceeding, any portion of the payments made by the Borrower to the LC Bank pursuant to this Agreement
in reimbursement of a payment made under a Letter of Credit or interest or fee thereon, each Revolving A Lender shall, on demand
of the LC Bank, forthwith return to the LC Bank the amount of its Percentage of any amounts so returned by the LC Bank plus
interest at the Federal Funds Rate, from the date the payment was first made to such Revolving A Lender through, but not including,
the date the payment is returned by such Revolving A Lender.

 

(c)           
If any Letters of Credit are outstanding and undrawn on the Revolving A Commitment Termination Date, then on such date,
the LC Collateral Account shall be fully funded from Collections (or, in the Borrower’s sole discretion, by other funds available
to the Borrower) in an amount equal to sum of (i) the aggregate undrawn face amount of such Letters of Credit plus (ii) all
related fees to accrue through the stated expiration dates thereof (such fees to accrue, as reasonably estimated by the LC Bank,
the “LC Fee Expectation”).

 

SECTION 3.06.            
Documentation; Documentary and Processing Charges. The Borrower agrees to be bound by the terms of the Letter of
Credit Application and by the LC Bank’s interpretations of any Letter of Credit issued for the Borrower and by the LC Bank’s
written regulations and customary practices relating to letters of credit, though the LC Bank’s interpretation of such regulations
and practices may be different from the Borrower’s own. In the event of a conflict between the Letter of Credit Application
and this Agreement, this Agreement shall govern. The LC Bank shall not be liable for any error, negligence and/or mistakes, whether
of omission or commission, in following the Borrower’s instructions or those contained in the Letters of Credit or any modifications,
amendments or supplements thereto. In addition to any other fees or expenses owing under the Fee Letter or any other Transaction
Document or otherwise pursuant to any Letter of Credit Application, the Borrower shall pay to the LC Bank for its own account any customary
issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the LC Bank relating to letters
of credit as from time to time in effect. Such customary fees shall be due and payable upon demand and shall be nonrefundable.

 

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SECTION 3.07.            
Determination to Honor Drawing Request. In determining whether to honor any request for drawing under any Letter
of Credit by the beneficiary thereof, the LC Bank shall be responsible only to determine that the documents and certificates required
to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such
Letter of Credit and that any other drawing condition appearing on the face of such Letter of Credit has been satisfied in the
manner so set forth.

 

SECTION 3.08.            
Nature of Revolving A Participation and Reimbursement Obligations. Each Revolving A Lender’s obligation in
accordance with this Agreement to make Revolving A Participation Advances as a result of a drawing under a Letter of Credit, and
the obligations of the Borrower to reimburse the LC Bank upon a draw under a Letter of Credit, shall be absolute, unconditional
and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement and under all circumstances, including
the following circumstances:

 

(i)            
any set-off, counterclaim, recoupment, defense or other right which such Revolving A Lender may have against the LC Bank,
the other Credit Parties, the Borrower, the Servicer, an Originator, the Performance Guarantor or any other Person for any reason
whatsoever;

 

(ii)           
the failure of the Borrower or any other Person to comply with the conditions set forth in this Agreement for the making
of a purchase, reinvestments, requests for Letters of Credit or otherwise, it being acknowledged that such conditions are not required
for the making of Revolving A Participation Advances hereunder;

 

(iii)          
any lack of validity or enforceability of any Letter of Credit or any set-off, counterclaim, recoupment, defense or other
right which the Borrower, the Performance Guarantor, the Servicer, an Originator or any Affiliate thereof on behalf of which a
Letter of Credit has been issued may have against the LC Bank, or any other Credit Party or any other Person for any reason whatsoever;

 

(iv)          
any claim of breach of warranty that might be made by the Borrower, an Originator or any Affiliate thereof, the LC Bank,
or any Revolving A Lender against the beneficiary of a Letter of Credit, or the existence of any claim, set-off, defense or other
right which the Borrower, the Servicer, the LC Bank or any Revolving A Lender may have at any time against a beneficiary, any successor
beneficiary or any transferee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee may
be acting), the LC Bank, any other Credit Party or any other Person, whether in connection with this Agreement, the transactions
contemplated herein or any unrelated transaction (including any underlying transaction between the Borrower or any Affiliates of
the Borrower and the beneficiary for which any Letter of Credit was procured);

 

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(v)           
the lack of power or authority of any signer of, or lack of validity, sufficiency, accuracy, enforceability or genuineness
of, any draft, demand, instrument, certificate or other document presented under any Letter of Credit, or any such draft, demand,
instrument, certificate or other document proving to be forged, fraudulent, invalid, defective or insufficient in any respect or
any statement therein being untrue or inaccurate in any respect, even if the Administrative Agent or the LC Bank has been notified
thereof;

 

(vi)          
payment by the LC Bank under any Letter of Credit against presentation of a demand, draft or certificate or other document
which does not comply with the terms of such Letter of Credit;

 

(vii)         
the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role
in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value
or other characteristic of any property or services relating to a Letter of Credit;

 

(viii)       
any failure by the LC Bank or any of the LC Bank’s Affiliates to issue any Letter of Credit in the form requested
by the Borrower;

 

(ix)          
any Material Adverse Effect;

 

(x)           
any breach of this Agreement or any other Transaction Document by any party thereto;

 

(xi)          
the occurrence or continuance of an Event of Bankruptcy with respect to the Borrower, the Performance Guarantor, any Originator
or any Affiliate thereof;

 

(xii)         
the fact that an Unmatured Initial Servicer Default, Initial Servicer Default, an Event of Default or an Unmatured Event
of Default shall have occurred and be continuing;

 

(xiii)        
the fact that this Agreement or the obligations of the Borrower or the Servicer hereunder shall have been terminated; and

 

(xiv)        
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing.

 

SECTION 3.09.                     
Indemnity. In addition to other amounts payable hereunder, the Borrower hereby agrees to protect, indemnify, pay
and save harmless the Administrative Agent, the LC Bank, each Revolving A Lender, each other related Credit Party and each of the
LC Bank’s Affiliates that have issued a Letter of Credit from and against any and all claims, demands, liabilities, damages,
taxes, penalties, interest, judgments, losses, costs, charges and expenses (including Attorney Costs) which the Administrative
Agent, the LC Bank, any Revolving A Lender, any other related Credit Party or any of their respective Affiliates may incur or be
subject to as a consequence, direct or indirect, of the issuance of any Letter of Credit, except to the extent resulting from (a)
the gross negligence or willful misconduct of the party to be indemnified as determined by a final non-appealable
judgment of a court of competent jurisdiction or (b) the wrongful dishonor by the LC Bank of a proper demand for payment made under
any Letter of Credit, except if such dishonor resulted from any act or omission, whether rightful or wrongful, of any present or
future de jure or de facto Governmental Authority (all such acts or omissions herein called “Governmental Acts”).

 

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SECTION 3.10.                     
Liability for Acts and Omissions. As between the Borrower, on the one hand, and the Administrative Agent, the LC
Bank, the Revolving A Lenders, and the other Credit Parties, on the other, the Borrower assumes all risks of the acts and omissions
of, or misuse of any Letter of Credit by, the respective beneficiaries of such Letter of Credit. In furtherance and not in limitation
of the foregoing, none of the Administrative Agent, the LC Bank, the Revolving A Lenders, or any other Credit Party shall be responsible
for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection
with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects
invalid, insufficient, inaccurate, fraudulent or forged (even if the LC Bank, any Revolving A Lender or any other Credit Party
shall have been notified thereof); (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to
transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which
may prove to be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any
other party to which such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon
such Letter of Credit or any other claim of the Borrower against any beneficiary of such Letter of Credit, or any such transferee,
or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions,
interruptions or delays in transmission or delivery of any messages, by mail, electronic mail, cable, telegraph, telex, facsimile
or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds
thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter
of Credit; or (viii) any consequences arising from causes beyond the control of the Administrative Agent, the LC Bank, the Revolving
A Lenders, and the other Credit Parties, including any Governmental Acts, and none of the above shall affect or impair, or prevent
the vesting of, any of the LC Bank’s rights or powers hereunder. In no event shall the Administrative Agent, the LC Bank,
the Revolving A Lenders, or the other Credit Parties or their respective Affiliates, be liable to the Borrower or any other Person
for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including without limitation Attorney
Costs), or for any damages resulting from any change in the value of any property relating to a Letter of Credit.

 

Without limiting the generality
of the foregoing, the Administrative Agent, the LC Bank, the Revolving A Lenders, and the other Credit Parties and each of their
respective Affiliates (i) may rely on any written communication believed in good faith by such Person to have been authorized or
given by or on behalf of the applicant for a Letter of Credit; (ii) may honor any presentation if the documents presented appear
on their face to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored
presentation under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of
wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such
presentation had initially been honored, together with any interest paid by the LC Bank or its Affiliates; (iv) may honor any drawing
that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such
statement indicates that a draft or other document is being delivered separately), and shall not be liable for any failure of any
such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or
negotiating bank claiming that it rightfully honored under the laws or practices of the place where such bank is located; and (vi)
may settle or adjust any claim or demand made on the Administrative Agent, the LC Bank, the Revolving A Lenders, or the other Credit
Parties or their respective Affiliates, in any way related to any order issued at the applicant’s request to an air carrier,
a letter of guarantee or of indemnity issued to a carrier or any similar document (each an “Order”) and may
honor any drawing in connection with any Letter of Credit that is the subject of such Order, notwithstanding that any drafts or
other documents presented in connection with such Letter of Credit fail to conform in any way with such Letter of Credit.

 

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In furtherance and extension
and not in limitation of the specific provisions set forth above, any action taken or omitted by the LC Bank under or in connection
with any Letter of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith
and without gross negligence or willful misconduct, as determined by a final non-appealable judgment of a court of competent jurisdiction,
shall not put the LC Bank under any resulting liability to the Borrower, any Credit Party or any other Person.

 

ARTICLE
IV

SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS

 

SECTION 4.01.                     
Settlement Procedures.

 

(a)           
All Collections on Pool Receivables shall be held in the Continuing Collection Accounts until their application in accordance
with the priority of payments set forth below; provided, however, that so long as each of the conditions precedent
set forth in Section 6.03 and Section 9.03(c) are satisfied on such date, the Administrative Agent may release to
the Borrower from such Collections the amount (if any) necessary to (i) pay the purchase price for Receivables purchased by the
Borrower on such date in accordance with the terms of the Second Tier Purchase and Sale Agreement or (ii) for distribution to the
Pledgor as a return on the Pledgor’s equity interest in the Borrower (each such release, a “Release”).
On each Settlement Date, the Administrative Agent shall, distribute such Collections in the following order of priority:

 

(i)            
first, to the Servicer for the payment of the accrued Servicing Fees payable for the immediately preceding Interest
Period (plus, if applicable, the amount of Servicing Fees payable for any prior Interest Period to the extent such amount has not
been distributed to the Servicer);

 

(ii)           second,
(A) expenses (excluding Servicing Transition Expenses) and indemnities then due to the Backup Servicer (up an amount not to
exceed $150,000 per calendar year) and (B) if the Backup Servicer has succeeded the Initial Servicer as Servicer and the Initial Servicer has not timely paid
the Servicing Transition Expenses, Servicing Transition Expenses (up to an amount not to exceed $300,000);

 

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(iii)          
third, to each Lender and other Credit Party (ratably, based on the amount then due and owing to such Credit Party),
all accrued and unpaid Interest, Fees and Breakage Amount due to such Lender and other Credit Party for the immediately preceding
Interest Period (including any additional amounts or indemnified amounts payable under Sections 5.03 and 13.01 in
respect of such payments), plus, if applicable, the amount of any such Interest, Fees and Breakage Amounts (including any additional
amounts or indemnified amounts payable under Sections 5.03 and 13.01 in respect of such payments) payable for any
prior Interest Period to the extent such amount has not been distributed to such Lender or Credit Party;

 

(iv)          
fourth, as set forth in clause (x) or (y) below, as applicable:

 

(x)          prior
to the occurrence of the Revolving Commitment Termination Date, to the extent that a Borrowing Base Deficit exists on such date:
(I) first, to the Lenders (in Applicable Class Order) for the payment of a portion of the outstanding principal amount of
the Loans at such time, in an aggregate amount equal to the amount necessary to reduce the Borrowing Base Deficit to zero ($0),
(II) second, to the LC Collateral Account, in reduction of the Adjusted Revolving A LC Participation Amount, in an amount
equal to the amount necessary (after giving effect to clause (I) above) to reduce the Borrowing Base Deficit to zero ($0),
(III) third, pro rata to (A) each Exiting Lender (ratably, based on the aggregate outstanding Revolving A Loans of
each Exiting Lender at such time) the amount necessary to reduce the Exiting Lender Shortfall Amount, if any, to zero and (B) during
any Cash Collateralization Period, to the LC Collateral Account, the amount necessary to reduce the Adjusted Revolving A LC Participation
Amount to zero ($0) plus an amount equal to the LC Fee Expectation at such time; or

 

(y)          on
and after the occurrence of the Revolving Commitment Termination Date: (I) first, to the Revolving A Lenders (ratably
by Percentages) for payment in full of the aggregate principal amount of the Revolving A Loans, (II) second, to
the LC Collateral Account (A) the amount necessary to reduce the Adjusted Revolving A LC Participation Amount to zero ($0)
plus (B) an amount equal to the LC Fee Expectation at such time and (III) third, to each Revolving B
Lenders (ratably by Percentages) for the payment in full of the aggregate outstanding principal amount of the Revolving B
Loans;

 

(v)          
fifth, to the Backup Servicer, for the payment of all amounts due to the Backup Servicer to the extent not paid under
clause (ii) on that Settlement Date;

 

(vi)         
sixth, to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties (ratably, based on the amount
due and owing at such time), for the payment of all other Borrower Obligations then due
and owing by the Borrower to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties; and

 

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(vii)         
seventh, the balance, if any, to be paid to, or at the direction of, the Borrower for its own account.

 

(b)          
All payments or distributions to be made to the Lenders (or their respective related Affected Persons and the Borrower Indemnified
Parties), the LC Bank and the LC Bank hereunder shall be paid or distributed to the Administrative Agent’s Account for distribution
by the Administrative Agent to the related Lender at its Lender’s Account. Each Lender, upon its receipt in the applicable
Lender’s Account of any such payments or distributions, shall distribute such amounts to its applicable related Affected
Persons and the Borrower Indemnified Parties. Notwithstanding anything to the contrary set forth in this Section 4.01, the
Administrative Agent shall have no obligation to distribute or pay any amount under this Section 4.01 except to the extent
actually received by the Administrative Agent. Each payment by the Servicer or the Borrower to the Administrative Agent for the
account of any Credit Party hereunder shall be deemed to constitute payment by the Servicer or the Borrower directly to such Credit
Party, provided, however, that in the event any such payment by the Servicer or Borrower is required to be returned
to the Servicer or Borrower for any reason whatsoever, then the Servicer’s or Borrower’s obligation to such Lender
with respect to such payment shall be deemed to be automatically reinstated. Additionally, each Lender hereby covenants and agrees
to provide timely and accurate responses to each of the Administrative Agent’s requests for information necessary for the
Administrative Agent to make the allocations to the Lenders required to be made by the Administrative Agent hereunder, including
the applicable account of each Lender for which amounts should be distributed.

 

(c)           
If and to the extent the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party shall
be required for any reason to pay over to any Person any amount received on its behalf hereunder, such amount shall be deemed not
to have been so received but rather to have been retained by the Borrower and, accordingly, the Administrative Agent, such Credit
Party, such Affected Person or such Borrower Indemnified Party, as the case may be, shall have a claim against the Borrower for
such amount.

 

(d)          
For the purposes of this Section 4.01:

 

(i)            
if on any day the Unpaid Balance of any Pool Receivable is reduced or adjusted as a result of any defective, rejected, returned,
repossessed or foreclosed goods or services, or any revision, cancellation, allowance, rebate, credit memo, discount or other adjustment
made by the Borrower, any Originator, the Servicer or any Affiliate of the Servicer, or any setoff, counterclaim or dispute between
the Borrower or any Affiliate of the Borrower, an Originator or any Affiliate of an Originator, or the Servicer or the Parent or
any Affiliate thereof, and an Obligor, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable
in the amount of such reduction or adjustment and shall immediately pay any and all such amounts in respect thereof to a Continuing
Collection Account (or as otherwise directed by the Administrative Agent at
such time) for the benefit of the Credit Parties for application pursuant to Section 4.01(a);

 

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(ii)           
if on any day any of the representations or warranties in Section 7.01 is not true with respect to any Pool
Receivable, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in full and shall immediately
pay the amount of such deemed Collection to a Continuing Collection Account (or as otherwise directed by the Administrative Agent
at such time) for the benefit of the Credit Parties for application pursuant to Section 4.01(a) (Collections deemed to have
been received pursuant to this Section 4.01(d) are hereinafter sometimes referred to as “Deemed Collections”);

 

(iii)          
except as provided in clauses (i) or (ii) above or otherwise required by Applicable Law or the relevant Contract,
all Collections received from an Obligor of any Receivable shall be applied to the Receivables of such Obligor in the order of
the age of such Receivables, starting with the oldest such Receivable, unless such Obligor designates in writing its payment for
application to specific Receivables; and

 

(iv)         
if and to the extent the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party
shall be required for any reason to pay over to an Obligor (or any trustee, receiver, custodian or similar official in any insolvency
proceeding) any amount received by it hereunder, such amount shall be deemed not to have been so received by such Person but rather
to have been retained by the Borrower and, accordingly, such Person shall have a claim against the Borrower for such amount, payable
when and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof.

 

SECTION 4.02.                     
Payments and Computations, Etc. (a) All amounts to be paid by the Borrower or the Servicer to the Administrative
Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party hereunder shall be paid in U.S. Dollars no later
than noon (New York City time) on the day when due in same day funds to the applicable Lender’s Account.

 

(b)          
Each of the Borrower and the Servicer shall, to the extent permitted by Applicable Law, pay interest on any amount not paid
or deposited by it when due hereunder, at an interest rate per annum equal to 2.00% per annum above the Base Rate, payable
on demand.

 

(c)          
All computations of interest under subsection (b) above and all computations of Interest, Fees and other amounts
hereunder shall be made on the basis of a year of 360 days for the actual number of days (including the first but excluding the
last day) elapsed. Whenever any payment or deposit to be made hereunder shall be due on a day other than a Business Day, such payment
or deposit shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of
such payment or deposit.

  

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(d)          In
making the distributions and payments out of Collections hereunder and in setting aside and reserving Collections for future distributions
and payments hereunder (including, without limitation, distributions and payments in respect of Releases, principal, Interest
and fees), to the extent Collections are available therefor and subject to any applicable priorities of payment set forth herein,
(i) first, Collections received in a particular currency shall be applied to amounts distributable or payable in such currency,
and (ii) second, to the extent that Collections received in a particular currency are not sufficient to distribute, pay, set aside
or reserve for amounts distributable or payable in such currency, any excess Collections received in another currency shall be
applied to such amounts.

 

(e)           If on any Settlement Date or any other day a payment is due and payable hereunder it is necessary for funds in one currency
to be converted into any other currency in order to make any payment required to be made hereunder, the Administrative Agent shall
effect such exchange on such Settlement Date or other day, as the case may be.

 

(f)            On
any day when any computation or calculation hereunder requires the aggregation of amounts denominated in more than one currency,
all amounts that are denominated in an Alternative Currency shall be deemed to be the U.S. Dollar Equivalent thereof on such day
for purposes of such computation or calculation.

 

ARTICLE
V

 

INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST

 

SECTION 5.01.             Increased
Costs.

 

(a)           Increased
Costs Generally. If any Change in Law shall:

 

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

 

(ii)           subject
any Affected Person to any Taxes (except to the extent such Taxes are Indemnified Taxes for which relief is sought under Section
5.03) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other
liabilities or capital attributable thereto; or

 

(iii)          impose
on any Affected Person or any other condition, cost or expense (other than Taxes) (A) affecting the Collateral, this Agreement,
any other Transaction Document, any Loan or any Letter of Credit or participation therein or (B) affecting its obligations or
rights to make Loans or issue or participate in Letters of Credit;

 

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and the result of any of the foregoing shall be to increase
the cost to such Affected Person of (A) acting as the Administrative Agent or a Lender hereunder with respect to the transactions
contemplated hereby, (B) funding or maintaining any Loan or issuing or participating in, any Letter of Credit (or interests therein)
or (C) maintaining its obligation to fund or maintain any Loan or issuing or participating in, any Letter of Credit, or to reduce
the amount of any sum received or receivable by such Affected Person hereunder, then, upon request of such Affected Person, the
Borrower shall pay to such Affected Person such additional amount or amounts as will compensate such Affected Person for such additional
costs incurred or reduction suffered.

 

(b)           Capital and Liquidity Requirements. If any Affected
Person determines that any Change in Law affecting such Affected Person or any lending office of such Affected Person or such Affected
Person’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of (x) increasing
the amount of capital required to be maintained by such Affected Person or Affected Person’s holding company, if any, (y)
reducing the rate of return on such Affected Person’s capital or on the capital of such Affected Person’s holding company,
if any, or (z) causing an internal capital or liquidity charge or other imputed cost to be assessed upon such Affected Person or
Affected Person’s holding company, if any, in each case, as a consequence of (A) this Agreement or any other Transaction
Document, (B) the commitments of such Affected Person hereunder or under any other Transaction Document, (C) the Loans,
Letters of Credit or participations in Letters of Credit, made or issued by such Affected Person, or (D) any Capital, to a
level below that which such Affected Person or such Affected Person’s holding company could have achieved but for such Change
in Law (taking into consideration such Affected Person’s policies and the policies of such Affected Person’s holding
company with respect to capital adequacy and liquidity), then from time to time, upon request of such Affected Person, the Borrower
will pay to such Affected Person such additional amount or amounts as will compensate such Affected Person or such Affected Person’s
holding company for any such increase, reduction or charge.

 

(c)           Adoption
of Changes in Law. The Borrower acknowledges that any Affected Person may institute measures in anticipation of a Change in
Law (including, without limitation, the imposition of internal charges on such Affected Person’s interests or obligations
under any Transaction Document), and may commence allocating charges to or seeking compensation from the Borrower under this Section
5.01 in connection with such measures, in advance of the effective date of such Change in Law, and the Borrower agrees to
pay such charges or compensation to such Affected Person, following demand therefor in accordance with the terms of this Section
5.01, without regard to whether such effective date has occurred.

 

(d)           Certificates
for Reimbursement. A certificate of an Affected Person setting forth the amount or amounts necessary to compensate such Affected
Person or its holding company, as the case may be, as specified in clause (a) or (b) of this Section and delivered
to the Borrower, shall be conclusive absent manifest error. The Borrower shall, subject to the priorities of payment set forth
in Section 4.01, pay such Affected Person the amount shown as due on any such certificate on the first Settlement Date
occurring after the Borrower’s receipt of such certificate.

 

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(e)           Delay
in Requests. Failure or delay on the part of any Affected Person to demand compensation pursuant to this Section shall not
constitute a waiver of such Affected Person’s right to demand such compensation.

 

SECTION 5.02.             Funding
Losses.

 

(a)          The
Borrower shall compensate each Lender, upon written request by such Lender (which request shall set forth the basis for requesting
such amounts), for all reasonable losses, expenses and liabilities (including any interest paid or calculated to be due and payable
by such Lender to lenders of funds borrowed by it to make or carry its LIBOR Rate Loans and any loss, expense or liability sustained
by such Lender in connection with the liquidation or re-employment of such funds but excluding loss of anticipated profits) which
such Lender may sustain (any such amount, a “Breakage Amount”): (i) if for any reason (other than a default
by such Lender) a borrowing of any LIBOR Rate Loan does not occur on a date specified therefor in a Loan Request or a telephonic
request for borrowing; (ii) if any prepayment or other principal payment of, or any conversion of, any of its LIBOR Rate Loans
occurs on any day other than the last day of an Interest Period applicable to that Loan (whether voluntary, mandatory, automatic,
by reason of acceleration, or otherwise); or (iii) if any prepayment of any of its LIBOR Rate Loans is not made on any date specified
in a notice of prepayment given by the Borrower.

 

(b)           A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender, as specified in clause
(a) above and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall, subject to the priorities
of payment set forth in Section 4.01, pay such Lender the amount shown as due on any such certificate on the first Settlement
Date occurring after the Borrower’s receipt of such certificate. Any Breakage Amounts that are not paid on such first Settlement
Date shall continue to be owing under this Agreement until paid in full.

 

SECTION 5.03.             Taxes.

 

(a)           Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Transaction
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 the applicable Withholding Agent) requires the deduction or withholding of any
Tax from any such payment to a Credit Party, Affected Person or Borrower Indemnified Party, 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 Borrower
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 Credit Party, Affected Person or Borrower Indemnified
Party receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

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(b)           Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance
with Applicable Law, or, at the option of the Administrative Agent, timely reimburse it for the payment of, any Other Taxes.

 

(c)           Indemnification
by the Borrower. The Borrower shall indemnify each Affected Person, within ten days after demand therefor, for the full amount
of any (i) Indemnified Taxes (including Taxes imposed or asserted on or attributable to amounts payable under this clause (i))
payable or paid by such Affected Person or required to be withheld or deducted from a payment to such Affected Person and any
penalties, interest and 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 and (ii) Taxes that arise because a Loan is not
treated in a manner consistent with the Intended Tax Treatment (including Taxes imposed or asserted on or attributable to amounts
payable under this clause (ii)). Promptly upon having knowledge that any such Indemnified Taxes have been levied, imposed
or assessed, and promptly upon notice by the Administrative Agent or any Affected Person, the Borrower shall pay such Indemnified
Taxes directly to the relevant taxing authority or Governmental Authority; provided that neither the Administrative Agent
nor any Affected Person shall be under any obligation to provide any such notice to the Borrower. A certificate as to the amount
of such payment or liability delivered to the Borrower by an Affected Person (with a copy to the Administrative Agent), or by
the Administrative Agent on its own behalf or on behalf of an Affected Person, shall be conclusive absent manifest error. Notwithstanding
anything to the contrary herein, the Initial Servicer shall indemnify each Affected Person for the full amount of any Taxes described
in clause (i) or clause (ii) of this Section 5.03(c) to the extent that the Borrower has not already indemnified
such Affected Person for such Taxes and without limiting any obligation of the Borrower to do so.

 

(d)           Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten days after demand therefor,
for (i) any Indemnified Taxes attributable to such Lender or any of its respective Affiliates that are Affected Persons (but
only to the extent that the Borrower and its Affiliates have not already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting any obligation of the Borrower, the Initial Servicer or their Affiliates to do so),
(ii) any Taxes attributable to the failure of such Lender or any of its respective Affiliates that are Affected Persons to
comply with Section 14.03(g) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes
attributable to such Lender or any of its respective Affiliates that are Affected Persons, in each case, that are payable or
paid by the Administrative Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent
shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any
and all amounts at any time owing to such Lender or any of its Affiliates that are Affected Persons under any Transaction
Document or otherwise payable by the Administrative Agent to such Lender or any of its Affiliates that are Affected Persons
from any other source against any amount due to the Administrative Agent under this clause (d).

 

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(e)           Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this
Section 5.03, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent.

 

(f)            Status
of Lenders. (i) Any Lenders that is entitled to an exemption from or reduction of withholding Tax with respect to payments
made under any Transaction Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably
requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested
by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such
other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and
submission of such documentation (other than such documentation set forth in Sections 5.03(f)(ii)(A), 5.03(f)(ii)(B)
and 5.03(g)) shall not be required if, in the Lender’s reasonable judgment, such completion, execution or submission
would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position
of such Lender.

 

(ii)           Without limiting the generality of the foregoing:

 

(A)          a Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent from time to time upon the reasonable
request of the Borrower or the Administrative Agent, executed originals of Internal Revenue Service Form W-9 certifying that such
Lender is exempt from U.S. federal backup withholding tax; and

 

(B)          any
Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) from time to time upon the reasonable request of the Borrower
or the Administrative Agent, whichever of the following is applicable:

 

(1)           in
the case of such a 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 Transaction Document, executed originals of Internal Revenue Service Form W-8BEN or
Internal Revenue Service Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other
applicable payments under any Transaction Document, Internal Revenue Service Form W-8BEN or Internal Revenue Service Form
W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
 “business profits” or “other income” article of such tax treaty;

 

    		59	 

     

    

 

(2)           executed
originals of Internal Revenue Service Form W-8ECI;

 

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

 

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

 

(g)           Documentation
Required by FATCA. If a payment made to a Lender under any Transaction Document would be subject to U.S. federal
withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA
(including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the
Borrower and the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably
requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or
the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine
the amount to deduct and withhold from such payment. Solely for purposes of this clause (g),
 “FATCA” shall include any amendments made to FATCA after the date of this Agreement and any fiscal or
regulatory legislation, rules or practices adopted after the date of this Agreement pursuant to any
intergovernmental agreement entered into in connection with FATCA.

 

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(h)           Survival. Each party’s obligations under this Section 5.03 shall survive the resignation or replacement
of the Administrative Agent or any assignment of rights by, or the replacement of, a Credit Party or any other Affected Person,
the termination of the Commitments and the repayment, satisfaction or discharge of all the Borrower Obligations and the Servicer’s
obligations hereunder.

 

(i)            Updates.
Each Affected Person agrees that if any form or certification it previously delivered pursuant to this Section 5.03 expires
or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and
the Administrative Agent in writing of its legal inability to do so.

 

SECTION 5.04.             Making
or Maintaining LIBOR Rate Loans.

 

(a)           Interest
Rate Inadequate or Unfair. In the event that Administrative Agent, the LC Bank or any Lender (an “Affected Lender”)
shall have determined that:

 

(i)            reasonable means do not exist for ascertaining the Adjusted LIBOR Rate applicable pursuant to Section 2.03 hereof
for any Interest Period;

 

(ii)           Dollar deposits in the relevant amount and for the relevant maturity are not available in the London interbank LIBOR market,
with respect to an outstanding or proposed Loan accruing interest by reference to the Adjusted LIBOR Rate;

 

(iii)          the
making, maintenance or funding of any Loan accruing interest by reference to the Adjusted LIBOR Rate has been made impracticable
or unlawful by compliance by Administrative Agent or such Affected Lender in good faith with any Applicable Law or any interpretation
or application thereof by any Governmental Authority or with any request or directive of any such Governmental Authority (whether
or not having the force of Law); or

 

(iv)          the
Adjusted LIBOR Rate will not adequately and fairly reflect the cost to such Lender of the establishment or maintenance of any
Loan accruing interest by reference to the Adjusted LIBOR Rate,

 

then Administrative Agent, LC Bank or such Lender, as applicable,
shall give the Borrower and Administrative Agent, LC Bank or each Lender, as applicable, prompt written or telephonic notice of
such determination. If such notice is given prior to a LIBOR Termination Date (as defined in clause (b) below) or prior
to the date on which Section 5.04(b) applies, then any outstanding or requested LIBOR Rate Loan shall begin accruing interest
by reference to the Base Rate. Until such notice has been withdrawn, neither Administrative Agent nor Lenders shall have any obligation
to make any Loan accruing interest by reference to the Adjusted LIBOR Rate or maintain outstanding affected LIBOR Rate Loans.

 

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(b)           Successor LIBOR Rate Index.

 

(i)            Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Transaction Document, if the
Administrative Agent determines that a Benchmark Transition Event or an Early Opt-in Event has occurred, Administrative Agent and
the Borrower may amend this Agreement to replace the Adjusted LIBOR Rate with a Benchmark Replacement; and any such amendment will
become effective at 5:00 p.m. New York City time on the fifth (5th) Business Day after the Administrative Agent has provided such
proposed amendment to all Lenders, so long as the Administrative Agent has not received, by such time, written notice of objection
to such amendment from Lenders comprising the Required Class Lenders of any Class. Until the Benchmark Replacement is effective,
each advance, conversion and renewal of a Loan accruing interest by reference to the Adjusted LIBOR Rate will continue to bear
interest with reference to the Adjusted LIBOR Rate; provided however, during a Benchmark Unavailability Period (i) any pending
selection of, conversion to or renewal of a Loan bearing interest at the Adjusted LIBOR Rate that has not yet gone into effect
shall be deemed to be a selection of, conversion to or renewal of the Loan accruing interest by reference to the Base Rate with
respect to such Loan, (ii) all outstanding Loans bearing interest at the Adjusted LIBOR Rate shall automatically be converted to
a Loan accruing interest by reference to the Base Rate at the expiration of the existing Interest Period (or sooner, if Administrative
Agent cannot continue to lawfully maintain such affected Loan accruing interest by reference to the Adjusted LIBOR Rate) and (iii)
the component of the Base Rate based upon the Adjusted LIBOR Rate will not be used in any determination of the Base Rate.

 

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

 

(iii)          Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of
(i) the implementation of any Benchmark Replacement, (ii) the effectiveness of any Benchmark Replacement Conforming Changes and
(iii) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by Administrative
Agent or the Lenders pursuant to this Section 5.04(b) including any determination with respect to a tenor, rate or adjustment
or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action,
will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from
any other party hereto, except, in each case, as expressly required pursuant to this Section 5.04(b).

 

(iv)          Certain Defined Terms. As used in this Section 5.04(b):

 

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

 

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“Benchmark
Replacement Adjustment” means, with respect to any replacement of the Adjusted LIBOR Rate with an alternate benchmark
rate for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment,
(which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower (a) giving
due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of the Adjusted LIBOR Rate with the applicable Benchmark Replacement (excluding such spread
adjustment) by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread
adjustment, or method for calculating or determining such spread adjustment, for such replacement of the Adjusted LIBOR Rate for
U.S. dollar-denominated credit facilities at such time and (b) which may also reflect adjustments to account for (i) the effects
of the transition from the Adjusted LIBOR Rate to the Benchmark Replacement and (ii) yield- or risk-based differences between the
Adjusted LIBOR Rate and the Benchmark Replacement.

 

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

 

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

 

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

 

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

 

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

 

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

 

(2)           a
public statement or publication of information by a Governmental Authority having jurisdiction over the Administrative Agent, the
regulatory supervisor for the administrator of the Adjusted LIBOR Rate, the U.S. Federal Reserve System, an insolvency official
with jurisdiction over the administrator for the Adjusted LIBOR Rate, a resolution authority with jurisdiction over the administrator
for the Adjusted LIBOR Rate or a court or an entity with similar insolvency or resolution authority over the administrator for
the Adjusted LIBOR Rate, which states that the administrator of the Adjusted LIBOR Rate has ceased or will cease to provide the
Adjusted LIBOR Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the Adjusted LIBOR Rate; or

 

(3)           a
public statement or publication of information by the regulatory supervisor for the administrator of the Adjusted LIBOR Rate or
a Governmental Authority having jurisdiction over the Administrative Agent announcing that the Adjusted LIBOR Rate is no longer
representative.

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to the Adjusted LIBOR Rate and solely to the extent that the Adjusted LIBOR Rate has not been replaced with a Benchmark
Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark
Replacement has replaced the Adjusted LIBOR Rate for all purposes hereunder in accordance with Section 5.04(b) and (y) ending at
the time that a Benchmark Replacement has replaced the Adjusted LIBOR Rate for all purposes hereunder pursuant to Section 5.04(b).

 

“Early
Opt-in Event” means a determination by the Administrative Agent that U.S. dollar-denominated credit facilities being
executed at such time, or that include language similar to that contained in this Section 5.04(b), are being executed or amended,
as applicable, to incorporate or adopt a new benchmark interest rate to replace the Adjusted LIBOR Rate for loans in Dollars.

 

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

 

(c)           Booking of Loans. Any Lender may make, carry or transfer LIBOR Rate Loans at, to, or for the account of any of its
branch offices or the office of an Affiliate of such Lender.

 

(d)          Assumptions
Concerning Funding of LIBOR Rate Loans. Calculation of all amounts payable to a Lender under Section 5.02 shall be
made as though such Lender had actually funded each of its relevant Loans through the purchase of a LIBOR deposit bearing interest
at the rate obtained pursuant to clause (a)(i) of the definition of Adjusted LIBOR Rate in an amount equal to the amount
of such Loan and having a maturity comparable to the relevant Interest Period and through the transfer of such LIBOR deposit from
an offshore office of such Lender to a domestic office of such Lender in the United States of America; provided, however,
each Lender may fund each of its Loans in any manner it sees fit and the foregoing assumptions shall be utilized only for the
purposes of calculating amounts payable under Section 5.02.

 

SECTION 5.05.              Security
Interest.

 

(a)           As security for the performance by the Borrower of all the terms, covenants and agreements on the part of the Borrower to
be performed under this Agreement or any other Transaction Document, including the punctual payment when due of the principal amount
of the Loans and all Interest in respect of the Loans and all other Borrower Obligations, the Borrower hereby grants to the Administrative
Agent for its benefit and the ratable benefit of the Secured Parties, a continuing security interest in, all of the Borrower’s
right, title and interest in, to and under all of the following, whether now or hereafter owned, existing or arising (collectively,
the “Collateral”): (i) all Pool Receivables, (ii) all Related Security with respect to such Pool Receivables,
(iii) all Collections with respect to such Pool Receivables, (iv) the Continuing Collection Accounts and all amounts on deposit
therein, and all certificates and instruments, if any, from time to time evidencing the Continuing Collection Accounts and amounts
on deposit therein, (v) all Collections on deposit in any Interim Collection Account, and all certificates and instruments, if
any, from time to time evidencing the Collections on deposit therein, (vi) all rights (but none of the obligations) of the Borrower
under the Purchase and Sale Agreements, (vii) all other personal and fixture property or assets of the Borrower of every kind and
nature, including all goods (including inventory, equipment and any accessions thereto), instruments (including promissory notes),
documents, accounts, chattel paper (whether tangible or electronic), deposit accounts, securities accounts, securities entitlements,
letter-of-credit rights, commercial tort claims, securities and all other investment property, supporting obligations, money, any
other contract rights or rights to the payment of money, insurance claims and proceeds, and all general intangibles (including
all payment intangibles) (each as defined in the UCC) and (viii) all proceeds of, and all amounts received or receivable under
any or all of, the foregoing.

 

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(b)          The
Administrative Agent (for the benefit of the Secured Parties) shall have, with respect to all the Collateral, and in addition
to all the other rights and remedies available to the Administrative Agent (for the benefit of the Secured Parties), all the rights
and remedies of a secured party under any applicable UCC. The Borrower hereby authorizes the Administrative Agent to file financing
statements describing as the collateral covered thereby as “all of the debtor’s personal property or assets”
or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in this Agreement.

 

(c)           Immediately upon the occurrence of the Final Payout Date, the Collateral shall be automatically released from the lien created
hereby, and this Agreement and all rights and obligations (other than those expressly stated to survive such termination) of the
Administrative Agent, the Lenders and the other Credit Parties hereunder shall terminate, all without delivery of any instrument
or performance of any act by any party, and all rights to the Collateral shall revert to the Borrower; provided, however,
that promptly following written request therefor by the Borrower delivered to the Administrative Agent following any such termination,
and at the expense of the Borrower, the Administrative Agent shall execute and deliver to the Borrower UCC-3 termination statements
and such other documents as the Borrower shall reasonably request to evidence such termination.

 

ARTICLE
VI

 

CONDITIONS to Effectiveness and CREDIT EXTENSIONS

 

SECTION 6.01.              Conditions
Precedent to Effectiveness and the Initial Credit Extension. This Agreement shall become effective as of the Closing Date
when (a) the Administrative Agent shall have received each of the documents, agreements (in fully executed form), opinions of
counsel, lien search results, UCC filings, certificates and other deliverables listed on the closing memorandum attached as Exhibit
G hereto, in each case, in form and substance acceptable to the Administrative Agent and (b) all fees and expenses payable
by the Borrower on the Closing Date to the Credit Parties have been paid in full in accordance with the terms of the Transaction
Documents.

 

SECTION 6.02.             Conditions Precedent to All Credit Extensions. Each Credit Extension hereunder on or after the Closing Date shall
be subject to the conditions precedent that:

 

(a)           in the case of a Loan, the Borrower shall have delivered to the Administrative Agent and each Lender a Loan Request for
such Loan, and in the case of a Letter of Credit, the Borrower shall have delivered to the Administrative Agent, each Lender and
the LC Bank, a Letter of Credit Application and an LC Request, in each case, in accordance with Section 2.02(b) or Section
3.02(a), as applicable;

 

(b)           the
Servicer shall have delivered to the Administrative Agent and each Lender all Information Packages and Interim Reports required
to be delivered hereunder;

 

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(c)           in
the case of a Revolving A Loan or a Letter of Credit, after making the Credit Extensions requested on such date, the Total Revolving
A Usage shall not exceed the Revolving A Commitments then in effect;

 

(d)           in the case of a Revolving B Loan, after making the Credit Extensions requested on such Credit Date, the Total Revolving
B Usage shall not exceed the Revolving B Commitments then in effect;

 

(e)           on
the date of such Credit Extension the following statements shall be true and correct (and upon the occurrence of such Credit Extension,
the Borrower and the Initial Servicer shall be deemed to have represented and warranted that such statements are then true and
correct):

 

(i)            the representations and warranties of the Borrower and the Initial Servicer contained in Sections 7.01 and 7.02
are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date
unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct
in all material respects on and as of such earlier date;

 

(ii)           no
Event of Default or Unmatured Event of Default has occurred and is continuing, and no Unmatured Initial Servicer Default, Initial
Servicer Default, Event of Default or Unmatured Event of Default would result from such Credit Extension;

 

(iii)          no
Borrowing Base Deficit exists or would exist after giving effect to such Credit Extension;

 

(iv)          the Aggregate Loan Amount plus the Revolving A LC Participation Amount does not exceed the Facility Limit;

 

(v)           the
Revolving A LC Participation Amount does not exceed the LC Facility Sublimit; and

 

(vi)          the
Revolving A Commitment Termination Date or Revolving B Commitment Termination Date, as applicable, has not occurred.

 

SECTION 6.03.             Conditions
Precedent to All Releases. Each Release hereunder on or after the Closing Date shall be subject to the conditions precedent
that:

 

(a)           after
giving effect to such Release, the Continuing Collection Accounts shall have on deposit an amount of Collections sufficient to
pay the sum of (x) all accrued and unpaid Servicing Fees, Interest, Fees and Breakage Amounts, in each case, through the date
of such Release (as reasonably estimated by the Administrative Agent), (y) the amount of any Borrowing Base Deficit and (z) the
amount of all other unpaid Borrower Obligations then due and owing through the date of such Release (as reasonably estimated by
the Administrative Agent), in each case, as demonstrated in a Qualifying Release Report delivered pursuant to Section 9.03(c);

 

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(b)           the
Borrower shall use the proceeds of such Release (i) solely to pay the purchase price for Receivables purchased by the Borrower
in accordance with the terms of the Second Tier Purchase and Sale Agreement or (ii) for distribution to the Pledgor as a return
on the Pledgor’s equity interest in the Borrower; and

 

(c)           on the date of such Release the following statements shall be true and correct (and upon the occurrence of such Release,
the Borrower and the Initial Servicer shall be deemed to have represented and warranted that such statements are then true and
correct):

 

(i)            the
representations and warranties of the Borrower and the Initial Servicer contained in Sections 7.01 and 7.02 are
true and correct in all material respects on and as of the date of such Release as though made on and as of such date unless such
representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material
respects on and as of such earlier date;

 

(ii)           no Event of Default has occurred and is continuing, and no Event of Default would result from such Release;

 

(iii)          no
Borrowing Base Deficit exists or would exist after giving effect to such Release; and

 

(iv)          the
Revolving Commitment Termination Date has not occurred.

 

ARTICLE
VII

 

REPRESENTATIONS AND WARRANTIES

 

SECTION 7.01.             Representations
and Warranties of the Borrower. The Borrower represents and warrants to each Credit Party, as of the Closing Date, on each
Settlement Date, on the date of each Release and on each day on which a Credit Extension shall have occurred, as follows:

 

(a)           Organization and Good Standing. It has been duly and solely organized in, and is validly existing as a limited liability
company in good standing under the laws of the State of Delaware, with limited liability company power and authority to own its
properties and to conduct its business as such properties are presently owned and such business is presently conducted and will
be conducted as contemplated herein, and had at all relevant times, and now has, all necessary power, authority, and legal right
to acquire and own the Pool Receivables.

 

(b)          Due Qualification. It is in good standing in the State of Delaware, and has obtained all necessary licenses, approvals
and qualifications, if any, in connection with its execution and delivery of the Transaction Documents to which it is a party,
the purchase of the Receivables pursuant to the Second Tier Purchase and Sale Agreement and the performance by it of its obligations
contemplated in the Transaction Documents.

 

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(c)           Power and Authority; Due Authorization. It (i) has all necessary limited liability company power, authority and legal
right to (A) execute and deliver this Agreement and the other Transaction Documents to which it is a party, (B) carry out the terms
of and perform its obligations under the Transaction Documents to which it is a party, (C) acquire the Pool Receivables and Related
Security pursuant to the Second Tier Purchase and Sale Agreement and own, sell, pledge, hold, maintain, collect and service the
Pool Receivables and Related Security and (D) grant a security interest in the Collateral on the terms and conditions herein provided
and (ii) has duly authorized by all necessary action the execution, delivery and performance of this Agreement and the other Transaction
Documents to which it is a party in any capacity and the grant of a security interest in the Collateral on the terms and conditions
herein provided.

 

(d)           Valid Security; Binding Obligations. This Agreement constitutes a granting of a valid security interest in the Collateral
to the Administrative Agent (on behalf of the Secured Parties), enforceable against creditors of, and purchasers from, the Borrower;
and this Agreement constitutes, and each other Transaction Document to be signed by the Borrower when duly executed and delivered
by it will constitute, a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with
its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar Applicable Laws
affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether such
enforceability is considered in a proceeding in equity or at law.

 

(e)           No Violation. The consummation of the transactions contemplated by this Agreement and the other Transaction Documents
and the fulfillment of the terms hereof and thereof by it will not, (i) conflict with, result in any breach or (without notice
or lapse of time or both) a default under, (A) its certificate of formation or limited liability company agreement, or (B) any
Debt, (ii) result in the creation or imposition of any Adverse Claim upon any of the Borrower’s properties pursuant to the
terms of any such Debt, other than any Adverse Claim created in connection with this Agreement and the other Transaction Documents,
(iii) conflict with, result in any breach or (without notice or lapse of time or both) a default under any other agreement or instrument
to which the Borrower is a party or by which it or any of its properties is bound, (iv) result in the creation or imposition of
any Adverse Claim upon any of the Borrower’s properties pursuant to the terms of any such other agreement or instrument to
which it is a party or by which it or any of its properties is bound, other than any Adverse Claim created in connection with this
Agreement and the other Transaction Documents, or (v) violate any Applicable Law applicable to it or any of its properties except,
in the cases of clauses (iii), (iv) and (v) to the extent that any such conflict or violation could not reasonably
be specified to have a Material Adverse Effect.

 

(f)            No
Proceedings. There are no actions, suits, proceedings or investigations pending, or to its knowledge threatened, before
any Governmental Authority (i) asserting the invalidity of this Agreement or any other Transaction Document, (ii) seeking to
prevent the grant of a security interest in any portion of the Collateral or the consummation of the purposes of this
Agreement or of any of the other Transaction Documents, (iii) seeking any determination or ruling that has had or could
reasonably be expected to have a Material Adverse Effect or (iv) seeking to adversely affect, or in which there is a
reasonable likelihood of a determination adversely affecting, in either case, the federal income tax attributes of the Loans
or Releases hereunder.

 

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(g)           Governmental
Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is
required for the due execution, delivery and performance by it of this Agreement or any other Transaction Document to which it
is a party, except for (i) the filing of the UCC financing statements referred to in Article VI, all of which, at the time
required in Article VI, shall have been duly filed and shall be in full force and effect, (ii) those that have been made
or obtained and are in full force and effect, (iii) any registrations, notices, consents or approvals the failure of which to
send or obtain would not reasonably be expected to have a Material Adverse Effect or (iv) those that are not currently required.

 

(h)           Litigation. No injunction, decree or other decision has been issued or made by any Governmental Authority against
the Borrower or any material portion of the Collateral, and, to its knowledge, no threat by any Person has been made to attempt
to obtain any such decision against it or its properties.

 

(i)            Use
of Proceeds. The use of all funds obtained by the Borrower under this Agreement will not conflict with or contravene any of
Regulations T, U and X promulgated by the Federal Reserve Board.

 

(j)            Quality of Title. The Borrower has acquired, for fair consideration and reasonably equivalent value, all of the right,
title and interest of the applicable Originator in each Pool Receivable and the Related Security. Each Pool Receivable and the
Related Security is owned by Borrower free and clear of any Adverse Claim; the Administrative Agent shall have acquired and shall
at all times thereafter continuously maintain a valid and perfected first priority perfected security interest in each Pool Receivable
and Collections and proceeds of any of the foregoing, free and clear of any Adverse Claim; and no financing statement or other
instrument similar in effect covering any Pool Receivable and any interest therein is on file in any recording office except such
as may be filed (i) in favor of the Borrower in accordance with any Transaction Document (and assigned to the Administrative Agent),
(ii) in favor of the Administrative Agent in accordance with this Agreement or any Transaction Document or (iii) an (x) “all
asset” financing statements filed in connection with the Existing Specified Secured Debt or (y) with respect to HOV Services,
Inc. during the ten (10) days following the Closing Date, the state tax lien, file number L53008 P427, recorded in Oakland County,
Michigan.

 

(k)           Accurate
Information. No Information Package, Interim Report or any other information, exhibit, financial statement, document,
book, record or report furnished or to be furnished by or on behalf of any Exela Party or any of their respective Affiliates
to Administrative Agent, any Lender or any other Secured Party in connection with the Collateral, this Agreement or the other
Transaction Documents, whether before or after the date of this Agreement: (i) was or will be untrue or inaccurate in any
material respect as of the date it was or will be dated or as of the date so furnished; or (ii) contained or will
contain when furnished any material misstatement of fact or omitted or will omit to state a material fact or any fact
necessary to make the statements contained therein not misleading; provided, however, that with respect to
projected financial information and information of a general economic or industry specific nature, the Borrower represents
only that such information has been prepared in good faith based on assumptions believed by the Borrower to be reasonable at
the time such information was delivered; and provided, further, that such information are not to be viewed as
facts, are subject to significant uncertainties and contingencies beyond the control of the Borrower, no assurance can be
given that any particular projection or other information will be realized and actual results during the period or periods
covered by such information may differ from such projections and that the differences may be material.

 

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(l)            UCC Details. The Borrower’s true legal name as registered in the sole jurisdiction in which it is organized,
the jurisdiction of such organization, its organizational identification number, if any, as designated by the jurisdiction of its
organization, its federal employer identification number, if any, and the location of its chief executive office and principal
place of business are specified in Schedule 7.01(l) and the offices where the Borrower keeps all its Records are located
at the addresses specified in Schedule 7.01(l) (or at such other locations, notified to the Administrative Agent in accordance
with Section 8.01(f)), in jurisdictions where all actions required under Section 9.06 have been taken and completed.
Except as described in Schedule 7.01(l), the Borrower has no, and has never had any, trade names, fictitious names,
assumed names or “doing business as” names and the Borrower has never changed the location of its chief executive office
or its true legal name, identity or corporate structure. The Borrower is organized only in a single jurisdiction.

 

(m)          Collection Accounts. The account numbers of the Collection Accounts and related Collection Account Banks are specified
in Schedule II.

 

(n)           Eligible
Receivables. Each Receivable included in the Net Pool Balance as an Eligible Receivable on the date of any Credit Extension
or on the date of any Information Package or Interim Report constitutes an Eligible Receivable on such date; provided,
that at any time prior to the Contract Evaluation End Date, none of the following events shall be a breach of this representation:
(i) clause (c) of “Eligible Receivable” shall not be satisfied with respect to any Receivable that otherwise
satisfies each of the following conditions: (x) its related Contract is not one of the Top 100 Customer Contracts and (y) the
Unpaid Balance for such Receivable and each other Receivable (taken in the aggregate) relating to such Contract does not exceed
0.50% of the aggregate Unpaid Balance of all Eligible Receivables at any time this representation is made and (ii) clause (s)(A)
of “Eligible Receivable” shall not be satisfied with respect to any Receivable that otherwise satisfies each of
the following conditions: (x) its related Contract is not one of the Top 100 Customer Contracts, (y) the Unpaid Balance for such
Receivable and each other Receivable relating to such Contract does not exceed 0.50% of the aggregate Unpaid Balance of all Eligible
Receivables at any time this representation is made and (z) the related Obligor (or any of its Affiliates) is not then withholding
or then threatening to withhold any payments under such Contract in connection with any breach of any anti-assignment provision
set forth therein.

 

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(o)           No
Disclosure Required. Under Applicable Law, the Borrower is not required to file a copy of this Agreement or any other Transaction
Document with the SEC or any other Governmental Authority, except for the filing of the UCC financing statements referred to in
Article VI, all of which, at the time required in Article VI, shall have been duly filed and shall be in full force
and effect and any filings with the SEC to be made by Parent.

 

(p)           Security.
The Loans being provided for hereunder do not constitute a Security.

 

(q)           Adverse
Change. Since the date of its formation, no event or occurrence exists that has caused, or could reasonably be expected to
cause, a Material Adverse Effect.

 

(r)            Credit
and Collection Policies. It has complied with the Credit and Collection Policies in all material respects and it has engaged
Servicer to service the Pool Receivables in accordance with the Credit and Collection Policies and all Applicable Law, and such
policies have not changed since the Closing Date, except in accordance with this Agreement.

 

(s)           Compliance
with Law. It has complied in all material respects with all Applicable Laws to which it may be subject.

 

(t)            Financial
Information. All financial statements of the Borrower delivered to Administrative Agent in accordance with Section 8.02(a)
were prepared in accordance with GAAP in effect on such date such statements were prepared and fairly present in all material
respects the financial position of the Borrower and its results of operations as of the date and for the period presented or provided
(other than in the case of annual financial statements, subject to the absence of footnotes and year-end audit adjustments), as
applicable.

 

(u)           Investment Company Act. The Borrower is not (i) required to register as an “Investment Company” or (ii)
 “controlled” by an “Investment Company”, under (and as to each such term, as defined in) the Investment
Company Act.

 

(v)           Covered
Fund. The Borrower is not a “covered fund” under Section 13 of the U.S. Bank Holding Company Act of 1956, as amended,
and the applicable rules and regulations thereunder (the “Volcker Rule”).  In determining that the Borrower
is not a “covered fund” under the Volcker Rule, Borrower is entitled to rely on the exemption from the definition
of “investment company” set forth in Section 3(c)(5)(A) or (B) of the Investment Company Act.

 

(w)          No Other Obligations. The Borrower does not have outstanding any Security of any kind, except membership interests
issued to Pledgor in connection with its organization and has not incurred, assumed, guaranteed or otherwise become directly or
indirectly liable for, or in respect of, any Debt and no Person has any commitment or other arrangement to extend credit to the
Borrower, in each case, other than as will occur in accordance with the Transaction Documents.

 

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(x)            Representations
and Warranties in Other Transaction Documents. The Borrower hereby makes for the benefit of the Administrative Agent and each
Credit Party all of the representations and warranties it makes, in any capacity, in the other Transaction Documents to which
it is a party as if such representations and warranties (together with the related and ancillary provisions) were set forth in
full herein.

 

(y)           Ordinary
Course of Business. Each remittance of Collections by or on behalf of the Borrower pursuant to the Transaction Documents and
any related accounts of amounts owing hereunder in respect of the Loans will have been (i) in payment of a debt incurred by the
Borrower in the ordinary course of business or financial affairs of the Borrower and (ii) made in the ordinary course of business
or financial affairs of the Borrower.

 

(z)           Tax
Status. The Borrower (i) has timely filed all material Tax returns required to be filed by it and (ii) has paid, or caused
to be paid, all material Taxes, assessments and other governmental charges, other than Taxes, assessments and other governmental
charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance
with GAAP.

 

(aa)         Disregarded
Entity. The Borrower is, and shall at all relevant times continue to be, a “disregarded entity” within the meaning
of U.S. Treasury Regulation § 301.7701-3 that is disregarded as separate from a United States person within the meaning
of Section 7701(a)(30) of the Code and is not and will at all relevant times not be required to withhold from any (direct or indirect)
equity owner(s) under Sections 1441, 1445, 1446 and 1461 of the Code.

 

(bb)        PATRIOT ACT and FCPA(cc). To the extent applicable, each Exela Party is in compliance with (a) the laws, regulations
and Executive Orders administered by OFAC, and (b) the Bank Secrecy Act, as amended by the PATRIOT Act. Neither the Exela Parties
nor any of their officers, directors, employees, agents or shareholders acting on the Exela Parties’ behalf shall use the
proceeds of the Loans to make any payments, directly or indirectly (including through any third party intermediary), to any Foreign
Official in violation of the United States Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”). None
of the Exela Parties nor any Affiliates of any Exela Parties, is in violation of any Anti-Terrorism Law or engages in or conspires
to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the
Anti-Terrorism Laws. None of the Exela Parties, nor any Affiliates of any Exela Parties, or their respective agents acting or benefiting
in any capacity in connection with any Credit Extension or other transactions hereunder, is a Blocked Person. None of the Exela
Parties, nor any of their agents acting in any capacity in connection with the Credit Extensions or other transactions hereunder
(A) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit
of any Blocked Person, or (B) deals in, or otherwise engages in any transaction relating to, any property or interests in property
blocked pursuant to any OFAC Sanctions Programs.

 

(dd)        Solvency.
The Borrower is Solvent.

 

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(ee)         Opinions.
The facts regarding each Exela Party, the Receivables, the Related Security, the transactions contemplated by the Transaction
Documents and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with this Agreement
and the Transaction Documents are true and correct in all material respects.

 

(ff)          Perfection
Representations.

 

(i)           This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Borrower’s
right, title and interest in, to and under the Collateral which, (A) security interest has been perfected and is enforceable against
creditors of and purchasers from the Borrower and (B) will be free of all Adverse Claims in such Collateral.

 

(ii)          The Receivables constitute “accounts” or “general intangibles” within the meaning of Section 9-102
of the UCC.

 

(iii)         The Borrower owns and has good and marketable title to the Collateral free and clear of any Adverse Claim of any Person.

 

(iv)          All
appropriate UCC financing statements, UCC financing statement amendments, and UCC continuation statements have been filed in the
proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect (and continue the perfection of)
the sale and contribution of the Receivables and Related Security from each Originator to the Pledgor pursuant to the First Tier
Purchase and Sale Agreement, the sale and contribution of the Receivables and Related Security from the Pledgor to the Borrower
pursuant to the Second Tier Purchase and Sale Agreement and the grant by the Borrower of a security interest in the Collateral
to the Administrative Agent pursuant to this Agreement, in each case.

 

(v)           Other
than the security interest granted to the Administrative Agent pursuant to this Agreement, the Borrower has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the Collateral except as permitted by this Agreement and the
other Transaction Documents. The Borrower has not authorized the filing of and is not aware of any financing statements or other
lien filing filed against the Borrower that include a description of collateral covering the Collateral other than any financing
statement (i) in favor of the Administrative Agent or (ii) that has been terminated. The Borrower is not aware of any judgment
lien, ERISA lien or tax lien filings against the Borrower.

 

(gg)         Collection Accounts.

 

(i)            Nature of Collection Accounts. Each Collection Account constitutes a “deposit account” within the meaning
of the applicable UCC.

 

(ii)           Ownership.
Each Continuing Collection Account is in the name of the Borrower, and the Borrower owns and has good and marketable title
to each Continuing Collection Account free and clear of any Adverse Claim. Each Interim Collection Account is in the name of
the applicable Originator and no Interim Collection Account is subject to the “control” (as defined in Section
9-104 of the UCC) of any other Person.

 

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(iii)          Perfection.
The Borrower has delivered to the Administrative Agent (x) with respect to any Continuing Collection Account, a fully executed
Account Control Agreement and (y) with respect to any Interim Collection Account, Sweep Instructions, in each case, pursuant to
which each applicable Collection Account Bank has been instructed to comply with the instructions originated by the Administrative
Agent directing the disposition of funds in such Collection Account without further consent by the Borrower, the Servicer or any
other Person. The Administrative Agent has “control” (as defined in Section 9-104 of the UCC) over each Continuing
Collection Account and each Continuing Collection Account is subject to an Account Control Agreement.

 

(iv)          Instructions. None of the Continuing Collection Accounts is in the name of any Person other than the Borrower. None
of the Interim Collection Accounts is in the name of any Person other than the applicable Originator. No Exela Party has consented
to the applicable Collection Account Bank complying with instructions of any Person other than the Administrative Agent.

 

(hh)        [Reserved].

 

(ii)           No
Default. No event has occurred and is continuing and no condition exists, or would result from any Loan or Release or from
the application of proceeds therefrom, that constitutes or may reasonably be expected to constitute an Unmatured Initial Servicer
Default, Initial Servicer Default, Event of Default or Unmatured Event of Default.

 

(jj)           Certificate
of Beneficial Ownership. As of the Closing Date, the Borrower is an entity that is organized under the laws of the United
States or of any state and at least 51% of whose common stock or analogous equity interest is owned directly or indirectly by
a company listed on the New York Stock Exchange or the American Stock Exchange or designated as a NASDAQ National Market Security
listed on the NASDAQ stock exchange and is excluded on that basis from the definition of “Legal Entity Customer” as
defined in the Beneficial Ownership Regulation.

 

(kk)         ERISA.
Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect,
each Exela Party and their respective ERISA Affiliates (i) have fulfilled their obligations under the minimum funding
standards of ERISA and the Code with respect to each Pension Plan; (ii) are in compliance in all material respects with the
applicable provisions of ERISA and the Code with respect to each Pension Plan and Multiemployer Plan; (iii) have not incurred
any liability to the PBGC or to any Pension Plan or Multiemployer Plan under Title IV of ERISA, other than a liability to the
PBGC for premiums under Section 4007 of ERISA already paid or not yet due; (iv) have not incurred any liability to the PBGC
or to any Pension Plan under Title IV of ERISA with respect to a plan termination under Section 4041 of ERISA; and (v) have
not incurred any Withdrawal Liability to a Multiemployer Plan. No steps have been taken by any Person to terminate any
Pension Plan the assets of which are not sufficient to satisfy all of its benefit liabilities under Title IV of ERISA.

 

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(ll)           Securitization Assets.

 

(i)            None of the Collateral is subject to any Lien of any Debt of Exela or any of its Affiliates other than the Lien of the Administrative
Agent under this Agreement. Without limiting the foregoing, all of the Collateral satisfies the definition of “Securitization
Assets” sold to a “Special Purpose Securitization Subsidiary” in connection with a “Permitted Securitization
Financing,” and therefore is “Excluded Property” that is free and clear of any Adverse Claim of any Existing
Specified Secured Debt.

 

(ii)           As
of the Closing Date, the Exela Parties are not obligated (whether as a borrower, guarantor or otherwise) under any secured Debt
outstanding in an aggregate amount exceeding $75,000,000 other than the Existing Specified Secured Debt and this Agreement.

 

SECTION 7.02.             Representations and Warranties of the Initial Servicer. The Initial Servicer represents and warrants to each Credit
Party, as of the Closing Date, on each Settlement Date, on the date of each Release and on each day on which a Credit Extension
shall have occurred, as follows:

 

(a)           Organization and Good Standing. It has been duly organized and is validly existing and in good standing under the
Applicable Laws of its jurisdiction of organization, with power and authority to own its properties and to conduct its business
as such properties are presently owned and such business is presently conducted.

 

(b)           Due Qualification. It is duly qualified to do business, is in good standing, and has obtained all necessary qualifications,
licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including
the servicing of the Pool Receivables) requires such qualifications, licenses or approvals, except where the failure to be in good
standing or to hold any such qualifications, licenses and approvals could not reasonably be expected to have a Material Adverse
Effect.

 

(c)           Power
and Authority; Due Authorization. It (i) has all necessary power, authority and legal right to (A) execute and deliver this
Agreement and the other Transaction Documents to which it is a party, (B) carry out the terms of and perform its obligations under
the Transaction Documents to which it is a party, and (C) service the Pool Receivables and Related Security in accordance with
the provisions hereof and (ii) has duly authorized by all necessary corporate action the execution, delivery and performance of
this Agreement and the other Transaction Documents to which it is a party and the servicing of the Pool Receivables in accordance
with the provisions hereof.

 

(d)           Binding
Obligations. This Agreement constitutes, and each other Transaction Document to be signed by it when duly executed and
delivered by it will constitute, a legal, valid and binding obligation of it, enforceable against it in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar Applicable Laws
affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether
such enforceability is considered in a proceeding in equity or at law.

 

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(e)           No
Violation. The consummation of the transactions contemplated by this Agreement and the other Transaction Documents and the
fulfillment of the terms hereof and thereof by it will not, (i) conflict with, result in any breach or (without notice or lapse
of time or both) a default under, (A) its certificate of formation or limited liability company agreement, as applicable, or (B)
any indenture, loan agreement, asset purchase agreement, mortgage, deed of trust, or other agreement or instrument to which it
is a party or by which it or any of its properties is bound if such conflict, breach or default could reasonably be expected to
have a Material Adverse Effect, (ii) result in the creation or imposition of any Adverse Claim upon any of its properties pursuant
to the terms of any such indenture, loan agreement, asset purchase agreement, mortgage, deed of trust, or other agreement or instrument
to which it is a party or by which it or any of its properties is bound, other than any Adverse Claim created in connection with
this Agreement and the other Transaction Documents or otherwise permitted by this Agreement or other Transaction Documents, or
(iii) violate any Applicable Law applicable to it or any of its properties if such violation of Applicable Law could reasonably
be expected to have a Material Adverse Effect.

 

(f)            No
Proceedings. There are no actions, suits, proceedings or investigations pending, or to its knowledge threatened, before any
Governmental Authority (i) asserting the invalidity of this Agreement or any other Transaction Document, (ii) seeking to prevent
the servicing of the Receivables or the consummation of the purposes of this Agreement or of any of the other Transaction Documents,
(iii) seeking any determination or ruling that has had or could reasonably be expected to have a Material Adverse Effect or (iv)
seeking to adversely affect, or in which there is a reasonable likelihood of a determination adversely affecting, in either case,
the federal income tax attributes of the Loans or Releases hereunder.

 

(g)           Governmental
Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is
required for the due execution, delivery and performance by it of this Agreement or any other Transaction Document to which it
is a party, except for (i) the filing of the UCC financing statements referred to in Article VI, all of which, at the time
required in Article VI, shall have been duly filed and shall be in full force and effect, (ii) those that have been made
or obtained and are in full force and effect, or (iii) those that are not currently required.

 

(h)           Financial
Condition. It has furnished to the Administrative Agent the consolidated balance sheet and statements of income,
stockholders equity and cash flows of the Parent as of and for the fiscal year ended December 31, 2018, reported on by its
independent public accountants. All financial statements of the Parent and its consolidated Subsidiaries referenced above or
delivered to the Administrative Agent pursuant to Section 8.05(a) were prepared in accordance with GAAP in effect on
the date such statements were prepared and fairly present in all material respects the consolidated financial condition,
business, and operations of the Parent and its consolidated Subsidiaries as of the date and for the period presented or
provided (other than in the case of annual financial statements, subject to the absence of footnotes and year-end audit
adjustments). Since December 31, 2018, there has been no change in the business, property, operation or condition of the
Parent and its Subsidiaries, taken as a whole, which could reasonably be expected to have a Material Adverse Effect.

 

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(i)            Litigation.
There are no actions, suits, proceedings, claims or disputes pending or, to its knowledge, threatened in writing or contemplated,
at law, in equity, in arbitration or before any Governmental Authority, by or against any Exela Party or any of their Subsidiaries
or against any material portion of their properties that, either individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect.

 

(j)            Accurate
Information. No Information Package, Interim Report or any other information, exhibit, financial statement, document, book,
record or report furnished by any Exela Party or any of their respective Affiliates to Administrative Agent, any Lender or any
other Secured Party in connection with the Collateral, this Agreement or the other Transaction Documents, whether before or after
the date of this Agreement: (i) was or will be untrue or inaccurate in any material respect as of the date it was or will be dated
or as of the date so furnished or (ii) contained or will contain when furnished any material misstatement of fact or omitted
or will omit to state a material fact or any fact necessary to make the statements contained therein not misleading; provided,
however, that with respect to projected financial information and information of a general economic or industry specific
nature, it represents only that such information has been prepared in good faith based on assumptions believed by it to be reasonable
at the time such information was delivered; and provided, further, that such information are not to be viewed as
facts, are subject to significant uncertainties and contingencies beyond the control of the Borrower, no assurance can be given
that any particular projection or other information will be realized and actual results during the period or periods covered by
such information may differ from such projections and that the differences may be material.

 

(k)           Collection Accounts.

 

(i)            Nature of Collection Accounts. Each Collection Account constitutes a “deposit account” within the meaning
of the applicable UCC.

 

(ii)           Ownership.
Each Continuing Collection Account is in the name of the Borrower, and the Borrower owns and has good and marketable title to
each Continuing Collection Account free and clear of any Adverse Claim. Each Interim Collection Account is in the name of the
applicable Originator and no Interim Collection Account is subject to the “control” (as defined in Section 9-104 of
the UCC) of any other Person.

 

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(iii)          Perfection.
The Borrower has delivered to the Administrative Agent (x) with respect to any Continuing Collection Account, a fully executed
Account Control Agreement and (y) with respect to any Interim Collection Account, Sweep Instructions, in each case, pursuant to
which each applicable Collection Account Bank has been instructed to comply with the instructions originated by the Administrative
Agent directing the disposition of funds in such Collection Account without further consent by the Borrower, the Servicer or any
other Person. The Administrative Agent has “control” (as defined in Section 9-104 of the UCC) over each Continuing
Collection Account and each Continuing Collection Account is subject to an Account Control Agreement.

 

(iv)          Instructions.
None of the Continuing Collection Accounts is in the name of any Person other than the Borrower. None of the Interim Collection
Accounts is in the name of any Person other than the applicable Originator. No Exela Party has consented to the applicable Collection
Account Bank complying with instructions of any Person other than the Administrative Agent.

 

(v)          The
account numbers of the Collection Accounts and related Collection Account Banks are specified in Schedule II.

 

(l)            Servicing Programs. No license or approval is required for the Administrative Agent’s use of any software or
other computer program used by it, any Originator or any Sub-Servicer in the servicing of the Receivables, other than those which
have been obtained and are in full force and effect.

 

(m)          Eligible
Receivables. Each Receivable included in the Net Pool Balance as an Eligible Receivable on the date of any Credit Extension
or on the date of any Information Package or Interim Report constitutes an Eligible Receivable on such date; provided,
that at any time prior to the Contract Evaluation End Date, none of the following events shall be a breach of this representation:
(i) clause (c) of “Eligible Receivable” shall not be satisfied with respect to any Receivable that otherwise
satisfies each of the following conditions: (x) its related Contract is not one of the Top 100 Customer Contracts and (y) the
Unpaid Balance for such Receivable and each other Receivable (taken in the aggregate) relating to such Contract does not exceed
0.50% of the aggregate Unpaid Balance of all Eligible Receivables at any time this representation is made and (ii) clause (s)(A)
of “Eligible Receivable” shall not be satisfied with respect to any Receivable that otherwise satisfies each of
the following conditions: (x) its related Contract is not one of the Top 100 Customer Contracts, (y) the Unpaid Balance for such
Receivable and each other Receivable relating to such Contract does not exceed 0.50% of the aggregate Unpaid Balance of all Eligible
Receivables at any time this representation is made and (z) the related Obligor (or any of its Affiliates) is not then withholding
or then threatening to withhold any payments under such Contract in connection with any breach of any anti-assignment provision
set forth therein.

 

(n)           Servicing
of Pool Receivables. Since the Closing Date there has been no material adverse change in the ability of it or any Sub-Servicer
to service and collect the Pool Receivables and the Related Security.

 

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(o)           Credit
and Collection Policies. It has complied with the Credit and Collection Policies in all material respects and such policies
have not changed in any material respect since the Closing Date except as permitted under Sections 8.03(c) and 8.06(c).

 

(p)          Adverse Change. Since December 31, 2018, no event or occurrence exists that has caused, or could reasonably be expected
to cause, a Material Adverse Effect.

 

(q)           Compliance with Law. It has complied in all material respects with all Applicable Law.

 

(r)            Investment
Company Act. It is not (i) required to register as an “investment company” or (ii) “controlled” by
an “investment company”, under (and as to each such term, as defined in) the Investment Company Act.

 

(s)           ERISA.
Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each
Exela Party and their respective ERISA Affiliates (i) have fulfilled their obligations under the minimum funding standards of
ERISA and the Code with respect to each Pension Plan; (ii) are in compliance in all material respects with the applicable provisions
of ERISA and the Code with respect to each Pension Plan or Multiemployer Plan; (iii) have not incurred any liability to the PBGC
or to any Pension Plan or Multiemployer Plan under Title IV of ERISA, other than a liability to the PBGC for premiums under Section
4007 of ERISA already paid or not yet due; (iv) have not incurred any liability to the PBGC or to any Pension Plan under Title
IV of ERISA with respect to a plan termination under Section 4041 of ERISA; and (v) have not incurred any Withdrawal Liability
to a Multiemployer Plan. No steps have been taken by any Person to terminate any Pension Plan the assets of which are not sufficient
to satisfy all of its benefit liabilities under Title IV of ERISA.

 

(t)            Adverse
Change in Receivables. Since December 31, 2018, there has been no material adverse change in the value, validity, enforceability,
collectability or payment of its receivable or of all or a material portion of the Pool Receivables.

 

(u)          Tax Status. It (i) has timely filed all material Tax returns required to be filed by it and (ii) has paid or caused
to be paid all material Taxes, assessments and other governmental charges, other than Taxes, assessments and other governmental
charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance
with GAAP.

 

(v)           PATRIOT
ACT and FCPA. To the extent applicable, each Exela Party is in compliance with (a) the laws, regulations and Executive
Orders administered by OFAC, and (b) the Bank Secrecy Act, as amended by the PATRIOT Act. Neither the Exela Parties nor any
of their officers, directors, employees, agents or shareholders acting on the Exela Parties’ behalf shall use the
proceeds of the Loans to make any payments, directly or indirectly (including through any third party intermediary), to any
Foreign Official in violation of the FCPA. None of the Exela Parties nor any Affiliates of any Exela Parties, is in violation
of any Anti-Terrorism Law or engages in or conspires to engage in any transaction that evades or avoids, or has the purpose
of evading or avoiding, or attempts to violate, any of the Anti-Terrorism Laws. None of the Exela Parties, nor any Affiliates
of any Exela Parties, or their respective agents acting or benefiting in any capacity in connection with any Credit Extension
or other transactions hereunder, is a Blocked Person. None of the Exela Parties, nor any of their agents acting in any
capacity in connection with the Credit Extensions or other transactions hereunder (A) conducts any business or engages in
making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or (B) deals
in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to any OFAC
Sanctions Programs.

 

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(w)          Opinions.
The facts regarding each Exela Party, the Receivables, the Related Security, the transactions contemplated by the Transaction
Documents and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with this Agreement
and the Transaction Documents are true and correct in all material respects.

 

(x)           [Reserved].

 

(y)           No
Default. No event has occurred and is continuing and no condition exists, or would result from any Loan or Release or from
the application of proceeds therefrom, that constitutes or may reasonably be expected to constitute an Unmatured Initial Servicer
Default, Initial Servicer Default, Event of Default or Unmatured Event of Default.

 

(z)            Securitization
Assets.

 

(i)            None
of the Collateral is subject to any Lien of any Debt of Exela or any of its Affiliates other than the Lien of the Administrative
Agent under this Agreement. Without limiting the foregoing, all of the Collateral satisfies the definition of “Securitization
Assets” sold to a “Special Purpose Securitization Subsidiary” in connection with a “Permitted Securitization
Financing,” and therefore is “Excluded Property” that is free and clear of any Adverse Claim of any Existing
Specified Secured Debt.

 

(ii)           As of the Closing Date, the Exela Parties are not obligated (whether as a borrower, guarantor or otherwise) under any secured
Debt outstanding in an aggregate amount exceeding $75,000,000 other than the Existing Specified Secured Debt and this Agreement.

 

(aa)         Representations
and Warranties in Other Transaction Documents. It hereby makes for the benefit of the Administrative Agent and each Credit
Party all of the representations and warranties it makes, in any capacity, in the other Transaction Documents to which it is a
party as if such representations and warranties (together with the related and ancillary provisions) were set forth in full herein.

 

(bb)        Margin
Stock. None of the Exela Parties or any Subsidiaries thereof engages or intends to engage principally, or as one of its
important activities, in the business of extending credit for the purpose, immediately, incidentally or ultimately, of
purchasing or carrying margin stock (within the meaning of Regulation U, T or X as promulgated by the Board of Governors
of the Federal Reserve System). No part of the proceeds of any Credit Extension has been or will be used, immediately,
incidentally or ultimately, to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing
or carrying any margin stock or which is inconsistent with the provisions of the regulations of the Board of Governors of the
Federal Reserve System. None of the Exela Parties or any Subsidiaries thereof holds or intends to hold margin stock in such
amounts that more than 25% of the reasonable value of the assets of any Exela Party or any Subsidiaries thereof are or will
be represented by margin stock.

 

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ARTICLE
VIII

 

COVENANTS

 

SECTION 8.01.             Affirmative Covenants of the Borrower. At all times from the Closing Date until the Final Payout Date, the Borrower
shall, unless Administrative Agent and the Required Lenders shall otherwise consent in writing:

 

(a)           Compliance
with Laws, Etc. Comply in all material respects with all Applicable Laws with respect to it, the Pool Receivables and each
of the related Contracts.

 

(b)           Preservation
of Existence. Preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its organization,
and qualify and remain qualified in good standing as a foreign company in each jurisdiction except where the failure to qualify
or preserve or maintain such existence, rights, franchises or privileges or to be so qualified could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

(c)           Inspections.
(i) From time to time, upon reasonable notice and during regular business hours permit each Lender, the Administrative
Agent, the LC Bank or any of their respective agents, regulators or representatives including certified public accountants or
other auditors or consultants acceptable to the Administrative Agent, the LC Bank or such Lender, as applicable (at the sole
cost and expense of the Borrower), (A) to examine and make copies of and abstracts from all Records in the possession or
under the control of the Borrower or its Affiliates or agents, and (B) to visit the offices and properties of the Borrower or
its agents for the purpose of examining such materials described in clause (A) above, and to discuss matters relating
to the Pool Receivables, the Borrower’s performance hereunder or the Borrower’s financial condition and results
of operations with any of the officers or employees of the Borrower or its Affiliates having knowledge of such matters; and
(ii) without limiting the provisions of clause (i) above, from time to time on request of the Administrative Agent,
the LC Bank or such Lender with reasonable notice and during reasonable business hours, permit certified public accountants
or other consultants or auditors acceptable to Administrative Agent, the LC Bank or such Lender to conduct, at
Borrower’s expense, a review of Borrower’s books and records relating to Pool Receivables; provided that,
unless an Unmatured Initial Servicer Default, Initial Servicer Default, Unmatured Event of Default or Event of Default shall
have occurred and be continuing at the time any such audit/inspection is requested, the Borrower shall only be required to
reimburse any Person for reasonable, documented costs and expenses related to two such audit/inspections during any calendar
year.

 

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(d)           Keeping
of Records and Books of Account; Delivery; Location of Records. Maintain and implement, or cause to be maintained and implemented,
administrative and operating procedures (including an ability to recreate records evidencing the Pool Receivables and Related
Security in the event of the destruction of the originals thereof, backing up on at least a daily basis on a separate backup computer
from which electronic file copies can be readily produced and distributed to third parties being agreed to suffice for this purpose),
and keep and maintain, or cause to be kept and maintained (or transferred to Servicer), all documents, books, records and other
information necessary or advisable for the collection of all Pool Receivables and Related Security (including records adequate
to permit the daily identification of each new Pool Receivable and all Collections of and adjustments to each existing Pool Receivable
received, made or otherwise processed on that day). At any time during the continuation of an Initial Servicer Default or an Event
of Default, upon request of the Administrative Agent, deliver or cause the Servicer to deliver the originals of all Contracts
to the Administrative Agent or its designee, together with electronic and other files applicable thereto, and other Records necessary
to enforce the related Receivable against any Obligor thereof.

 

(e)           Performance
and Compliance with Pool Receivables and Contracts. At its expense, timely and fully perform and comply in all material respects
with all provisions, covenants and promises required to be observed by it under the Contracts and the Pool Receivables, unless
an Originator or the Borrower makes a Deemed Collection in respect of the entire Unpaid Balance thereof in accordance with Section
3.2 of the Second Tier Purchase and Sale Agreement.

 

(f)            Location
of Records. Keep its principal place of business and chief executive office, and the offices where it keeps its Records (and
all original documents relating thereto), at the address(es) of the Borrower referred to in Section 7.01(l) or, upon ten
(10) days’ prior written notice to the Administrative Agent, at such other locations in jurisdictions where all action required
by Section 9.06 shall have been taken and completed.

 

(g)           Credit
and Collection Policies. Cause the Servicer to service the Pool Receivables in accordance with the Credit and Collection Policies
in all material respects and not agree to any material changes thereto except as permitted under Sections 8.03(c)
and 8.06(c).

 

(h)           Collections.
Within seven (7) Business Days of the Closing Date, deliver written instructions to all Obligors to remit Collections of
existing and newly generated Pool Receivables and the Related Security to a Continuing Collection Account. At all times after
the Closing Date, (i) on the related invoice, instruct all Obligors to remit Collections of Pool Receivables and the Related
Security to a Continuing Collection Account and (ii) to the extent that any Obligor remits any Collections to an Interim
Collection Account, promptly (within four (4) Business Days) notify such Obligor in writing and by telephone to remit any
future Collections to a Continuing Collection Account. In the event any Exela Party receives any Collections, any such
Collections shall be held in trust by such Exela Party and such Exela Party shall deposit such Collections in a Continuing
Collection Account within four (4) Business Days of such receipt thereof. In the event that any funds other than Collections
are deposited into any Collection Account, the Borrower (or the Initial Servicer on its behalf) shall within four (4)
Business Days of receipt thereof identify such funds and provide instructions to the Administrative Agent to transfer such
funds to the appropriate Person entitled to such funds. The Borrower shall at all times maintain or cause to be maintained
such documents, books, records and other information necessary or advisable to (i) on a daily basis identify Collections of
Pool Receivables received from time to time and (ii) segregate within four (4) Business Days Collections of Pool Receivables
from property of any Exela Party and their respective Affiliates other than the Borrower. The Borrower shall ensure that no
disbursements are made from any Collection Account, other than such disbursements that are made in connection with any Sweep
Instructions or in accordance with this Section or Section 4.01.

 

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(i)            Right and Title. Hold all right, title and interest in each Pool Receivable, except to the extent that any such right,
title or interest has been transferred or granted to the Administrative Agent (on behalf of the Secured Parties).

 

(j)           Transaction Documents. Comply with each of its covenants and agreements under each Transaction Document to which
it is a party in any capacity and its certificate of formation and limited liability company agreement.

 

(k)           Enforcement of Second Tier Purchase and Sale Agreement. On its own behalf and on behalf of the Credit Parties and
the Administrative Agent, (x) promptly enforce all covenants and obligations of Pledgor contained in the Second Tier Purchase and
Sale Agreement and (y) deliver to the Administrative Agent all consents, approvals, directions, notices and waivers and take other
actions under the Second Tier Purchase and Sale Agreement as may be reasonably directed by the Administrative Agent.

 

(l)            Filing
of Financing Statements; Etc. (i) On the date hereof, the Borrower shall cause the financing statements and other lien filings
described in Section 6.01 to be duly filed in the appropriate jurisdictions and (ii) it shall promptly provide the Administrative
Agent with acknowledgment copies of all financing statements and other filings described in Section 6.01 and the officer’s
certificate described in Section 8.02(o).

 

(m)          Anti-Terrorism
Laws. None of the Exela Parties, nor any of their Affiliates or agents shall:

 

(i)            conduct any business or engage in any transaction or dealing with any Blocked Person, including the making or receiving
any contribution of funds, goods or services to or for the benefit of any Blocked Person,

 

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(ii)           deal
in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the OFAC Sanctions
Programs or

 

(iii)          engage
in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate,
any of the prohibitions set forth in the OFAC Sanctions Programs, the PATRIOT Act or any other Anti-Terrorism Law.

 

The Borrower shall deliver
to the Lenders any certification or other evidence requested from time to time by any Lender in its sole discretion, confirming
the Borrower’s compliance herewith.

 

(n)           Assignment of Claims Act; Etc. If requested by the Administrative Agent, the Borrower shall prepare and make any
filings under the Federal Assignment of Claims Act (or any other similar state and local Applicable Law) with respect to Receivables
from Obligors that are Governmental Authorities, that are necessary or desirable in order for the Administrative Agent to enforce
such Receivable against the Obligor thereof.

 

(o)           Disregarded
Entity. The Borrower will at all relevant times continue to be, a “disregarded entity” within the meaning of U.S.
Treasury Regulation § 301.7701-3 that is disregarded as separate from a United States person within the meaning of Section
7701(a)(30) of the Code and is not and will at all relevant times not be required to withhold from any (direct or indirect) equity
owner(s) under Sections 1441, 1445, 1446 and 1461 of the Code.

 

(p)           Minimum
Funding Threshold. On each day, the Borrower shall cause (i) the Total Revolving A Usage to exceed the lesser of (x) the Revolving
A Minimum Funding Amount and (y) the Revolving A Lenders’ Percentage of the Borrowing Base and (ii) the Total Revolving
B Usage to exceed the lesser of (x) the Revolving B Minimum Funding Amount and (y) the Revolving B Lenders’ Percentage of
the Borrowing Base.

 

(q)           Exchange
Act Disclosure. The Borrower will file a Current Report on Form 8-K under the Exchange Act to report the transactions contemplated
by this Agreement and in its future Forms 10-K and 10-Q until the Final Payout Date. The disclosure in each of such Exchange Act
filings shall include an explicit statement that any amendment or modification to any Existing Specified Secured Debt Documents
is prohibited if such amendment or modification could: (i) by its terms cause any Exela Party to be unable to perform its obligations
under the Transaction Documents, (ii) cause any inaccuracy or breach of any representation, warranty or covenant of any Exela
Party (iii) could subject any existing or subsequently arising Collateral to an Adverse Claim or (iv) adversely affect any rights
or remedies of the Credit Parties under the Transaction Documents.

 

SECTION 8.02.              Reporting Requirements of the Borrower. From the date hereof until the Final Payout Date, the Borrower shall furnish
or cause to be furnished to the Administrative Agent and each Lender:

 

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(a)           Financial Statements. As soon as available and in any event within ninety (90) days after the end of each fiscal
year of the Borrower, copies of the annual income statement and balance sheet of the Borrower, prepared in conformity with GAAP,
duly certified by a Financial Officer of the Borrower with respect to such fiscal year.

 

(b)           Information
Packages and Interim Reports. (i) As soon as available and in any event not later than two (2) Business Days prior to each
Settlement Date, an Information Package signed by the Servicer and for the most recently completed Settlement Period and (ii)
at the request of the Administrative Agent or the Required Class Lenders of any Class, an Interim Report current as of the preceding
Business Day; provided, that the Administrative Agent, acting with the consent of the Required Lenders, may (and at the
direction of the Required Class Lenders of any Class, shall) modify, in any reasonable respect, the information required to be
provided by Servicer in, or the form of, the Information Package or the Interim Report upon reasonable prior notice to the Borrower.

 

(c)           ERISA. (i) (i) Promptly after the filing or receiving thereof, copies of (I) all reports and notices with respect
to any Reportable Event with respect to any Pension Plan, which any Exela Party or any of their respective ERISA Affiliates files
under ERISA with the Internal Revenue Service, the PBGC or the U.S. Department of Labor or which any Exela Party or any of their
respective ERISA Affiliates receives from the Internal Revenue Service, the PBGC or the U.S. Department of Labor, and (II) all
reports and documents which it files under any other applicable pension benefits legislation that relate to matters concerning,
or that would or could individually or in the aggregate reasonably be expected to affect, the Receivables (including the value,
the validity, the collectability, or the enforceability thereof), the transactions contemplated by the Transaction Documents, or
the performance of the Borrower (or any of its Affiliates), or the ability of the Borrower (or any of its Affiliates) to perform,
thereunder.

 

(ii)           Promptly after the Borrower becomes aware of the occurrence of any of the events listed in clauses (1) through (6)
below, a notice indicating that such event has occurred:

 

(1)           the Secretary of the Treasury issues a notice to any Exela Party that a Pension Plan has ceased to be a plan described in
Section 4021(a)(2) of Title IV of ERISA or when the Secretary of Labor determines that any such plan is not in compliance with
Title I of ERISA;

 

(2)           the
Secretary of the Treasury determines that there has been a termination or a partial termination within the meaning of Section
411(d)(3) of the Code of any Pension Plan; or there has been a termination, or notice of a termination, of any Pension Plan under
Section 4041 or Section 4042 of ERISA;

 

(3)           any
Pension Plan fails to meet the minimum funding standards under Section 412 of the Code or Section 302 of ERISA;

 

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(4)           any
Pension Plan is unable to pay benefits thereunder when due;

 

(5)           any
Exela Party or any of their respective ERISA Affiliates liquidates in a case under the Bankruptcy Code, or under any similar law
as now or hereafter in effect; or

 

(6)           any
Exela Party or any of their respective ERISA Affiliates incurs Withdrawal Liability.

 

(d)           Defaults.
Notice of the occurrence of any Unmatured Initial Servicer Default, Initial Servicer Default, Event of Default or Unmatured Event
of Default, accompanied by a written statement of a Responsible Officer of the Borrower setting forth details of such event and
the action that the Borrower proposes to take with respect thereto, such notice to be provided promptly (but not later than two
(2) Business Days) after the Borrower obtains knowledge of any such event.

 

(e)           Litigation. Promptly, and in any event within three (3) Business Days after the Borrower obtains knowledge thereof,
notice of (i) any litigation, investigation or proceeding (including a contingency thereof) initiated against any Exela Party and
(ii) any development in litigation previously disclosed by it, in each case, relates to an amount in controversy in excess of $10,000,000
or that could otherwise reasonably be expected to have a Material Adverse Effect.

 

(f)            Agreed
Upon Procedures Report. Not later than the last day of each fiscal year of the Initial Servicer (at the sole cost and expense
of the Borrower), a report of an accounting firm or consulting firm reasonably acceptable to the Administrative Agent and the
Required Lenders, addressed to the Administrative Agent, the LC Bank and each Lender and setting forth the results of such firm’s
performance of agreed upon procedures with respect to the performance of Initial Servicer for the prior fiscal year. The scope
of the above agreed upon procedures report or other reports shall be as reasonably requested by the Administrative Agent, the
LC Bank or any Lender.

 

(g)           Change
in Credit and Collection Policies or Business. At least thirty (30) days prior to (i) the effectiveness of any change in or
amendment to the Credit and Collection Policy that could be adverse to the interests of the Credit Parties, a description or,
if available, a copy of the Credit and Collection Policy then in effect and a written notice (A) indicating such change or amendment
and (B) requesting the Administrative Agent’s and the Required Lenders’ consent thereto and (ii) any change in the
character of the Borrower’s business, a written notice indicating such change and requesting the Administrative Agent’s
and the Required Lenders’ consent thereto.

 

(h)           Change
in Accountants or Accounting Policy. Promptly notify the Administrative Agent and each Lender of any change in (i) the
external accountants of any Exela Party or (ii) any material accounting policy of the Borrower or any Originator (it being
understood that any change to the manner in which the Borrower or any Originator accounts for the Pool Receivables or the
transactions contemplated under the Transaction Documents shall be deemed “material” for such purpose).

 

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(i)            Other
Information. Promptly, from time to time, such Records or other information, documents, records or reports respecting the
condition or operations, financial or otherwise, of the Borrower or any other Exela Party as the Administrative Agent or any Lender
may from time to time reasonably request in order to protect the interests of the Administrative Agent or any Credit Party under
or as contemplated by this Agreement or any other Transaction Document or to comply with any Applicable Law or any Governmental
Authority.

 

(j)            Notices
Under any Purchase and Sale Agreement. A copy of each notice received by the Borrower pursuant to any provision of any Purchase
and Sale Agreement.

 

(k)           Purchase
and Sale Agreements. The occurrence of a Purchase and Sale Termination Event under any Purchase and Sale Agreement.

 

(l)            Agreed
Upon Procedures. In addition, the Borrower shall cooperate with the Initial Servicer and the designated accountants or consultants
for each annual agreed upon procedures report required pursuant to Sections 8.02(f) and 8.05(g).

 

(m)          Notice
of Change in Board of Directors. With reasonable promptness, written notice of any change in the Board of Directors (or similar
governing body) of Parent or any of its Subsidiaries.

 

(n)           Notice
Regarding Material Contracts. Promptly (but in any event within fifteen (15) Business Days) (i) after any material contract
of Parent or any of its Subsidiaries is terminated or amended in a manner that is materially adverse to Parent or such Subsidiary,
as the case may be, or (ii) any new material contract is entered into, a written statement describing such event, with copies
of such material amendments or new contracts, delivered to the Administrative Agent, and an explanation of any actions being taken
with respect thereto.

 

(o)           Annual
Collateral Verification. Within 21 days after the Closing Date and, each year, at the time of delivery of annual financial
statements with respect to the preceding fiscal year pursuant to Section 8.02(a), Borrower shall deliver to the Administrative
Agent an officer’s certificate (a) either confirming that there has been no change in such information since the date of
the most recent certificate delivered pursuant to this Section 8.02(o) and/or identifying such changes, or (b) certifying
that all UCC financing statements (including fixtures filings, as applicable) or other appropriate filings, recordings or registrations,
have been filed of record in each governmental, municipal or other appropriate office in each jurisdiction identified in such
certificate or pursuant to clause (a) above to the extent necessary to protect and perfect the security interests under
the Transaction Documents for a period of not less than 18 months after the date of such certificate (except as noted therein
with respect to any continuation statements to be filed within such period).

 

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(p)           Beneficial
Ownership Regulation.  Promptly following any change that would result in a change to the status as an excluded “Legal
Entity Customer” under (and as defined in) the Beneficial Ownership Regulation, the Borrower shall execute and deliver to
the Administrative Agent a Certification of Beneficial Owner(s) complying with the Beneficial Ownership Regulation, in form and
substance reasonably acceptable to the Administrative Agent.

 

(q)           Excluded Receivables. With reasonable promptness, written notice if the total amount of Excluded Receivables originated
in any calendar month exceeds $150,000.

 

SECTION 8.03.             Negative Covenants of the Borrower. From the date hereof until the Final Payout Date, the Borrower shall not, without
the prior written consent of the Administrative Agent and the Required Lenders, do or permit to occur any act or circumstance with
which it has covenanted not to do or permit to occur in any Transaction Document to which it is a party in any capacity, or:

 

(a)           Sales,
Adverse Claims, Etc. Except as otherwise expressly provided herein or in the other Transaction Documents, sell, assign (by
operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon or with respect to,
any of its assets, including any Pool Receivable, any Related Security or any proceeds of any of the foregoing, or any interest
therein, or any Continuing Collection Account to which any Collections of any of the foregoing are sent, or any right to receive
income or proceeds from or in respect of any of the foregoing or purport to do any of the foregoing.

 

(b)           Extension or Amendment of Receivables. Except as permitted under Section 9.02(a), extend, amend or otherwise
modify the payment terms of any Pool Receivable or amend, modify or waive any payment term or condition of any related Contract,
in each case unless a corresponding Deemed Collection payment in respect of the related Pool Receivable is made, in full, in connection
therewith.

 

(c)           Change
in Credit and Collection Policies, Business or Organizational Documents. (i) Make or consent to any change in, or waive any
of the provisions of, the Credit and Collection Policies in a manner that could be adverse to the interests of the Credit Parties
without the prior written consent of the Administrative Agent and the Required Lenders, (ii) make any change in the character
of its business or amend, waive or otherwise modify its limited liability company agreement or certificate of formation without
the prior written consent of Administrative Agent and the Required Lenders or (iii) amend, waive or otherwise modify any other
Transaction Document to which the Borrower is a party or consent to any amendment, waiver or modification of any Transaction Document,
in each case, without the prior written consent of the Administrative Agent and the Required Lenders.

 

(d)           Change
in Collection Account Banks. (i) Add any bank account not listed on Schedule II as a Collection Account unless
the Administrative Agent and the Required Lenders shall have previously approved and received duly executed copies of all
Account Control Agreements and/or amendments thereto covering each such new account, (ii) terminate any Collection Account or
related Account Control Agreement or Sweep Instructions without the prior written consent of the Administrative Agent and the
Required Lenders and, in each case, only if all of the payments from Obligors that were being sent to such Collection Account
will, upon termination of such Collection Account and at all times thereafter, be deposited in a Continuing Collection
Account covered by an Account Control Agreement or (iii) amend, supplement or otherwise modify any Account Control Agreement
or Sweep Instructions without the prior written consent of Administrative Agent and the Required Lenders.

 

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(e)           Subsidiaries.
Without the prior written consent of the Administrative Agent and the Required Lenders, have any Subsidiaries.

 

(f)            Deposits
to Accounts. (i) Deposit or otherwise credit, or cause or permit to be so deposited or credited, or direct any Obligor
to deposit or remit, any Collection or proceeds thereof to any account other than a Continuing Collection Account or (ii) except
as remitted from an Interim Collection Account pursuant to Sweep Instructions, permit funds other than Collections to be deposited
into any Continuing Collection Account.

 

(g)           Debt and Business Activity. (i) Incur, assume, guarantee or otherwise become directly or indirectly liable for or
in respect of any Debt or other obligation, (ii) purchase any asset, (iii) make any investment by share purchase loan or otherwise
or (iv) engage in any other activity (whether or not pursued for gain or other pecuniary advantage), in any case, other than as
will occur in accordance with this Agreement or the other Transaction Documents and as is permitted by its certificate of formation
and limited liability company agreement.

 

(h)           Name
Change, Mergers, Acquisitions, Sales, etc. Without the prior written consent of the Administrative Agent and the Required
Lenders, (i) change its jurisdiction of organization or its name, identity or corporate structure or undertake any division of
its rights, assets, obligations, or liabilities pursuant to a plan of division or otherwise pursuant to Applicable Law, (ii) merge
or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of
transactions) all or substantially all of its assets (whether now owned or hereafter acquired) or (iii) make any other change
such that any financing statement or other lien filing filed or other action taken to perfect Administrative Agent’s interests
under this Agreement would become seriously misleading or would otherwise be rendered ineffective. The Borrower shall not amend
or otherwise modify or waive its limited liability company agreement or certificate of formation or any provision thereof without
the prior written consent of Administrative Agent and the Required Lenders. Any termination or alteration of any arrangements
with respect to the Collection Accounts shall be a Material Action requiring the consent of all its members and Independent Manager.
Borrower shall at all times maintain its jurisdiction of organization in the State of Delaware.

 

(i)            Actions
Impairing Quality of Title. Take any action that could cause any Pool Receivable, together with the Related Security,
not to be owned by it free and clear of any Adverse Claim; or take any action that could reasonably be expected to cause
Administrative Agent not to have a valid ownership interest or first priority perfected security interest in the Pool
Receivables and Continuing Collection Accounts and, to the extent such security interest can be perfected by filing a
financing statement or the execution of an account control agreement, any Related Security (or any portion thereof) and all
cash proceeds of any of the foregoing, in each case, free and clear of any Adverse Claim; or suffer the existence of any
financing statement or other instrument similar in effect covering any Pool Receivable on file in any recording office except
such as may be filed (i) in favor of the Borrower in accordance with any Transaction Document or (ii) in favor of
Administrative Agent in accordance with this Agreement or any Transaction Document or (iii) an (x) “all asset”
financing statements filed in connection with the Existing Specified Secured Debt or (y) with respect to HOV Services, Inc.
during the ten (10) days following the Closing Date, the state tax lien, file number L53008 P427, recorded in Oakland County,
Michigan.

 

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(j)            Actions
by Originators. Notwithstanding anything to the contrary set forth in any Purchase and Sale Agreement, the Borrower will not
consent to (i) any change or removal of any notation required to be made by any Originator pursuant to Section 3.03 of
the First Tier Purchase and Sale Agreement, or (ii) any waiver of or departure from any term set forth in Article V
of any Purchase and Sale Agreement, in each case without the prior written consent of the Administrative Agent.

 

(k)           Disregarded Entity. No action will be taken that would cause the Borrower to (i) be treated other than as a
 “disregarded entity” within the meaning of U.S. Treasury Regulation § 301.7701-3 that is disregarded as separate
from a United States person within the meaning of Section 7701(a)(30) of the Code for U.S. federal income tax purposes or (ii) become
an association taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

 

(l)            Restrictions on Exela Secured Debt. Permit any Exela Party or any Affiliate thereof to incur any new secured Debt
or consent to any amendment or modification to any Debt of Exela or any of its Affiliates, including (without limitation) any Existing
Specified Secured Debt Documents, the effect of which could: (i) by its terms cause any Exela Party to be unable to perform its
obligations under the Transaction Documents, (ii) cause any inaccuracy or breach of any representation, warranty or covenant of
any Exela Party (iii) could subject any existing or subsequently arising Collateral to an Adverse Claim or (iv) adversely affect
any rights or remedies of the Credit Parties under the Transaction Documents.

 

SECTION 8.04.              Affirmative Covenants of the Initial Servicer. At all times from the Closing Date until the Final Payout Date, the
Initial Servicer shall, unless the Administrative Agent and the Required Lenders shall otherwise consent in writing:

 

(a)           Compliance with Laws, Etc. Comply in all material respects with all Applicable Laws with respect to it, the Pool
Receivables, the related Contracts and the servicing and collection thereof.

 

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(b)           Preservation of Existence. Preserve and maintain its existence, rights, franchises and privileges in the jurisdiction
of its organization, and qualify and remain qualified in good standing as a foreign company in each jurisdiction except where the
failure to qualify or preserve or maintain such existence, rights, franchises or privileges or to be so qualified could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(c)           Inspections. (i) From time to time, upon reasonable notice and during regular business hours, permit each Lender,
the Administrative Agent, the LC Bank or any of their respective agents, regulators or representatives including certified public
accountants or other auditors or consultants acceptable to the Administrative Agent, the LC Bank or such Lender, as applicable
(at the sole cost and expense of Initial Servicer), (A) to examine and make copies of and abstracts from all Records in the possession
or under the control of Initial Servicer or its Affiliates or agents, and (B) to visit the offices and properties of Initial Servicer
or its agents for the purpose of examining such materials described in clause (A) above, and to discuss matters relating
to the Pool Receivables, Initial Servicer’s performance hereunder or the Initial Servicer’s financial condition and
results of operations with any of the officers or employees of Initial Servicer or its Affiliates having knowledge of such matters;
and (ii) without limiting the provisions of clause (i) above, from time to time on request of Administrative Agent, the
LC Bank or such Lender with reasonable notice and during reasonable business hours, permit certified public accountants or other
consultants or auditors acceptable to Administrative Agent, the LC Bank and such Lender to conduct, at Initial Servicer’s
expense, a review of Borrower’s books and records relating to Pool Receivables; provided that, unless an Unmatured Initial
Servicer Default, Initial Servicer Default, Unmatured Event of Default or Event of Default shall have occurred and be continuing
at the time any such audit/inspection is requested, Initial Servicer shall only be required to reimburse any Person for reasonable,
documented costs and expenses related to two such audit/inspections during any calendar year.

 

(d)           Keeping
of Records and Books of Account; Delivery; Location of Records. Maintain and implement, or cause to be maintained and implemented,
administrative and operating procedures (including an ability to recreate records evidencing the Pool Receivables and Related
Security in the event of the destruction of the originals thereof, backing up on at least a daily basis on a separate backup computer
from which electronic file copies can be readily produced and distributed to third parties being agreed to suffice for this purpose),
and keep and maintain, or cause to be kept and maintained, all documents, books, records and other information necessary or advisable
for the collection of all Pool Receivables and Related Security (including records adequate to permit the daily identification
of each new Pool Receivable and all Collections of and adjustments to each existing Pool Receivable received, made or otherwise
processed on that day). At any time during the continuation of an Initial Servicer Default or an Event of Default, upon the request
of the Administrative Agent, deliver the originals of all Contracts to the Administrative Agent or its designee, together with
electronic and other files applicable thereto, and other Records necessary to enforce the related Receivable against any Obligor
thereof.

 

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(e)           Performance
and Compliance with Pool Receivables and Contracts. At its expense, timely and fully perform and comply in all material respects
with all provisions, covenants and other promises required to be observed by it under the Contracts and the Pool Receivables,
unless, with respect to a Pool Receivable, a Deemed Collection occurs in respect of the entire Unpaid Balance thereof in accordance
with Section 3.2 of the Second Tier Purchase and Sale Agreement.

 

(f)            Location
of Records. Keep its principal place of business and chief executive office, and the offices where it keeps its Records (and
all original documents relating thereto), at the address(es) of the Initial Servicer referred to in Schedule 8.04(f) or,
upon ten (10) days’ prior written notice to the Administrative Agent, at such other locations in jurisdictions where all
action required by Section 9.06 shall have been taken and completed.

 

(g)           Credit and Collection Policy. Comply in all material respects with the applicable Credit and Collection Policy in
regard to each Pool Receivable and the other Related Security, the related Contract and the servicing and collection thereof.

 

(h)           Collections.
Within seven (7) Business Days of the Closing Date, instruct all Obligors to remit Collections of existing and newly originated
Pool Receivables and the Related Security to a Continuing Collection Account. At all times after the Closing Date, (i) instruct
all Obligors to remit Collections of existing Pool Receivables and the Related Security to a Continuing Collection Account on
the applicable invoice and (ii) to the extent that any Obligor remits any Collections to an Interim Collection Account, promptly
(within four (4) Business Days) notify such Obligor in writing and by telephone to remit any future Collections to a Continuing
Collection Account. In the event any Exela Party receives any Collections, any such Collections shall be held in trust by such
Exela Party and such Exela Party shall deposit such Collections in a Continuing Collection Account within four (4) Business Days
of such receipt thereof. In the event that any funds other than Collections are deposited into any Collection Account, the Initial
Servicer shall within four (4) Business Days of receipt thereof identify such funds and provide instructions to the Administrative
Agent to transfer such funds to the appropriate Person entitled to such funds. The Initial Servicer shall at all times maintain
or cause to be maintained such documents, books, records and other information necessary or advisable to (i) on a daily basis
identify Collections of Pool Receivables received from time to time and (ii) segregate within four (4) Business Days Collections
of Pool Receivables from property of any Exela Party and their respective Affiliates other than the Initial Servicer. The Initial
Servicer shall ensure that no disbursements are made from any Collection Account, other than such disbursements that are made
in connection with any Sweep Instructions or in accordance with this Section or Section 4.01.

 

(i)            Transaction
Documents. Comply with each of its covenants and agreements under each Transaction Document to which it is a party in any
capacity.

 

(j)            [Reserved].

 

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(k)           Frequency of Billing. Prepare and deliver (or cause to be prepared or delivered) invoices with respect to each Pool
Receivable in accordance with the Credit and Collection Policy, but in any event no less frequently than as required under the
Contract related to such Pool Receivable.

 

(l)            Insurance. Keep its insurable properties insured at all times by financially sound and responsible insurers; maintain
insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary
with companies of the same or similar size in the same or similar businesses in the same geographic area; maintain in full force
and effect public liability insurance against claims for personal injury or death or property damage occurring upon, in, about
or in connection with the use of any properties owned, occupied or controlled by it, in such amounts and with such deductibles
as are customary with companies of the same or similar size in the same or similar businesses and in the same geographic area;
and maintain such other insurance as may be required by Applicable Law.

 

(m)          Maintenance
of Assets. Maintain all of its assets used or useful in its business in good repair, working order and condition (normal wear
and tear excepted and except as may be disposed of in the ordinary course of business and in accordance with the terms of the
Transaction Documents) and from time to time to make all necessary repairs, renewals and replacements thereof, except where the
failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

(n)           Anti-Terrorism
Laws. None of the Exela Parties, nor any of their Affiliates or agents shall:

 

(i)            conduct
any business or engage in any transaction or dealing with any Blocked Person, including the making or receiving any contribution
of funds, goods or services to or for the benefit of any Blocked Person,

 

(ii)           deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the
OFAC Sanctions Programs or

 

(iii)          engage
in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate,
any of the prohibitions set forth in the OFAC Sanctions Programs, the PATRIOT Act or any other Anti-Terrorism Law.

 

The Initial Servicer shall
deliver to the Lenders any certification or other evidence requested from time to time by any Lender in its sole discretion, confirming
the Initial Servicer’s compliance herewith.

 

(o)           Assignment
of Claims Act; Etc. If requested by the Administrative Agent, the Initial Servicer shall prepare and make any filings under
the Federal Assignment of Claims Act (or any other similar state and local Applicable Law) with respect to Receivables from Obligors
that are Governmental Authorities, that are necessary or desirable in order for the Administrative Agent to enforce such Receivable
against the Obligor thereof.

 

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(p)           [Reserved].

 

(q)           Program
Participants. Upon the Parent’s creation or acquisition of any Subsidiary organized under the laws of the United States
or Canada, or any state, province or subdivision thereof that originates Receivables, the Initial Servicer shall notify the Administrative
Agent and, if so requested by the Administrative Agent, cause the joinder of such Person to the First Tier Purchase and Sale Agreement
on or prior to such time as the Administrative Agent may designate.

 

(r)            Exchange
Act Disclosure. The Initial Servicer will file a Current Report on Form 8-K under the Exchange Act to report the transactions
contemplated by this Agreement and in its future Forms 10-K and 10-Q until the Final Payout Date. The disclosure in each of such
Exchange Act filings shall include an explicit statement that any amendment or modification to any Existing Specified Secured
Debt Documents is prohibited if such amendment or modification could: (i) by its terms cause any Exela Party to be unable to perform
its obligations under the Transaction Documents, (ii) cause any inaccuracy or breach of any representation, warranty or covenant
of any Exela Party (iii) could subject any existing or subsequently arising Collateral to an Adverse Claim or (iv) adversely affect
any rights or remedies of the Credit Parties under the Transaction Documents.

 

SECTION 8.05.            Reporting Requirements of the Initial Servicer. From the date hereof until the Final Payout Date, the Initial Servicer
shall furnish to the Administrative Agent and each Lender each of the following:

 

(a)          
(i)       Monthly and Quarterly Financial Statements. (A) Within forty-five
(45) days after the end of each of each fiscal quarter of each fiscal year of Parent, a consolidated balance sheet of Parent and
its Subsidiaries as at the end of such fiscal quarter, and the related (x) consolidated statement of comprehensive income for
such fiscal quarter and for the portion of the fiscal year then ended and (y) consolidated statement of cash flows for the portion
of the fiscal year then ended, setting forth, in each case of the preceding clauses (x) and (y), in comparative
form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous
fiscal year, accompanied by an officer’s certificate of Parent stating that such financial statements fairly present in
all material respects the financial condition, results of operations and cash flows of Parent and its Subsidiaries in accordance
with GAAP, subject to normal year-end adjustments and the absence of footnotes and (B) within thirty (30) days after the end of
each calendar month of each fiscal year of Parent, unaudited financial statements of Parent and its Subsidiaries prepared in accordance
with GAAP and including a line-item reconciliation between net income and management-adjusted EBITDA; provided, that if
such calendar month is the last month of any fiscal quarter, such unaudited financial statements may be delivered concurrently
with the quarterly financial statements delivered pursuant to clause (A) above so long as not later than such thirtieth
(30th) day after the end of each calendar month, the Initial Servicer delivers a report calculating the components
of Liquidity and the then-outstanding principal balances of any outstanding Debt (broken down by tranche, as applicable) as of
the end of such calendar month.

 

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(ii)             Annual
Financial Statements. Within ninety (90) days after the end of each fiscal year of Parent, a consolidated balance sheet of
Parent and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of comprehensive income
and cash flows for such fiscal year, together with related notes thereto, setting forth in each case in comparative form the figures
for the previous fiscal year, in reasonable detail and all prepared in accordance with GAAP, audited and accompanied by a report
and opinion of an independent registered public accounting firm of nationally recognized standing, which report and opinion (a)
shall be prepared in accordance with generally accepted auditing standards and (b) shall not include any qualification, exception
or explanatory paragraph expressing substantial doubt about the ability of Parent or any of its Subsidiaries to continue as a
going concern or any qualification or exception as to the scope of such audit.

 

(iii)           
Compliance Certificate. Together with the financial statements required hereunder, a compliance certificate in substantially
the form of Exhibit F signed by a Financial Officer of Parent and dated the date of such annual financial statement or such
quarterly financial statement, as the case may be.

 

(b)         
Financial Statements and Other Information. The Initial Servicer will furnish to the Administrative Agent and each
Lender:

 

(i)              promptly after the sending thereof, copies of all proxy statements, financial statements and regular or special reports
which the Parent sends to its stockholders;

 

(ii)             promptly
upon its receipt of any material notice, request for consent, financial statements, certification, report or other communication
under or in connection with any Transaction Document from any Person other than the Borrower, the Administrative Agent or any
Lender, copies of the same;

 

(iii)           
promptly following a request therefor, any documentation or other information (including with respect to any Exela Party)
that the Administrative Agent or any Lender reasonably requests in order to comply with its ongoing obligations under the applicable
 “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act; and

 

(iv)            from time to time such further information regarding the business, affairs and financial condition of the Exela Parties
as the Administrative Agent or any Lender shall reasonably request.

 

(c)           Information
Packages and Interim Reports. (i) As soon as available and in any event not later than two (2) Business Days prior to
each Settlement Date, an Information Package signed by the Initial Servicer and for the most recently completed Settlement
Period and (ii) at the request of the Administrative Agent or the Required Class Lenders of any Class, an Interim
Report current as of the preceding Business Day; provided, that the Administrative Agent, acting with the consent of
the Required Lenders, may (and at the direction of the Required Class Lenders of any Class, shall) modify, in any reasonable
respect, the information required to be provided by Initial Servicer in, or the form of, the Information Package or the
Interim Report upon reasonable prior notice to the Borrower.

 

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(d)          
ERISA. (i) (i) Promptly after the filing or receiving thereof, copies of (I) all reports and notices with respect
to any Reportable Event with respect to any Pension Plan, which any Exela Party or any of their respective ERISA Affiliates files
under ERISA with the Internal Revenue Service, the PBGC or the U.S. Department of Labor or which any Exela Party or any of their
respective ERISA Affiliates receives from the Internal Revenue Service, the PBGC or the U.S. Department of Labor and (II) all reports
and documents which it files under any other applicable pension benefits legislation that relate to matters concerning, or that
would or could, individually or in the aggregate, reasonably be expected to affect the Receivables (including the value, the validity,
the collectability, or the enforceability thereof), the priority of the Administrative Agent’s lien therein or the enforceability
thereof, the transactions contemplated by the Transaction Documents, or the performance of the Initial Servicer, or the ability
of the Initial Servicer or any of its Affiliates to perform, thereunder.

 

(ii)             
Promptly after the Initial Servicer becomes aware of the occurrence of any of the events listed in clauses (1) through
(6) below, a notice indicating that such event has occurred:

 

(1)           the Secretary of the Treasury issues a notice to any Exela Party that a Pension Plan has ceased to be a plan described in
Section 4021(a)(2) of Title IV of ERISA or when the Secretary of Labor determines that any such plan is not in compliance with
Title I of ERISA;

 

(2)           the Secretary of the Treasury determines that there has been a termination or a partial termination within the meaning of
Section 411(d)(3) of the Code of any Pension Plan; or there has been a termination, or notice of a termination, of any Pension
Plan under Section 4041 or Section 4042 of ERISA;

 

(3)           any
Pension Plan fails to meet the minimum funding standards under Section 412 of the Code or Section 302 of ERISA;

 

(4)           any
Pension Plan is unable to pay benefits thereunder when due;

 

(5)           any
Exela Party or any of their respective ERISA Affiliates liquidates in a case under the Bankruptcy Code, or under any similar law
as now or hereafter in effect; or

 

(6)           any
Exela Party or any of their respective ERISA Affiliates incurs Withdrawal Liability.

 

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(e)           Events of Default. Notice of the occurrence of any Unmatured Initial Servicer Default, Initial Servicer Default,
Event of Default or Unmatured Event of Default, accompanied by a written statement of a Responsible Officer of the Initial Servicer
setting forth details of such event and the action that the Initial Servicer proposes to take with respect thereto, such notice
to be provided promptly (but not later than two (2) Business Days) after the Initial Servicer obtains knowledge of any such event.

 

(f)            Litigation. Promptly, and in any event within two (2) Business Days after the Initial Servicer obtains knowledge
thereof, notice of (i) any litigation, investigation or proceeding (including a contingency thereof) initiated against any Exela
Party and (ii) any development in litigation previously disclosed by it, in each case, that could reasonably be expected to have
a Material Adverse Effect.

 

(g)           Agreed
Upon Procedures Report. Not later than the last day of each fiscal year of the Initial Servicer (at the sole cost and expense
of the Initial Servicer), a report of an accounting firm or consulting firm reasonably acceptable to the Administrative Agent,
addressed to the Administrative Agent and each Lender and setting forth the results of such firm’s performance of agreed
upon procedures with respect to the performance of the Initial Servicer for the prior fiscal year. The scope of the above agreed
upon procedures report or other reports shall be as reasonably requested by the Administrative Agent or any Lender.

 

(h)          Change in Credit and Collection Policies or Business. At least thirty (30) days prior to (i) the effectiveness of
any change in or amendment to the Credit and Collection Policy, a description or, if available, a copy of the Credit and Collection
Policy then in effect and a written notice (A) indicating such change or amendment and (B) if such proposed change or amendment
would be reasonably likely to materially and adversely affect the collectability of the Pool Receivables or decrease the credit
quality of any newly created Receivables, requesting the Administrative Agent’s and the Required Lenders’ consent thereto
and (ii) any change in the character of the Initial Servicer’s business that has or could reasonably be expected to materially
and adversely affect the ability of the Initial Servicer to perform its obligations hereunder or that would prevent the Initial
Servicer from conducting its business operations relating to the Receivables, its servicing of the Receivables or the performance
of its duties and obligations hereunder or under the other Transaction Documents, a written notice indicating such change and requesting
the Administrative Agent’s and the Required Lenders’ consent thereto.

 

(i)            Change
in Accountants or Accounting Policy. Promptly notify the Administrative Agent and each Lender of any change in (i) the external
accountants of the Borrower, the Initial Servicer, the Performance Guarantor or any Originator or (ii) any material accounting
policy of the Borrower or any Originator (it being understood that any change to the manner in which the Borrower or any Originator
accounts for the Pool Receivables or the transactions contemplated under the Transaction Documents shall be deemed “material”
for such purpose).

 

(j)            Other Information. Promptly, from time to time, such Records or other information, documents, records or
reports respecting the condition or operations, financial or otherwise, of the Initial Servicer or any other Exela Party as
the Administrative Agent or any Lender may from time to time reasonably request in order to protect the interests of the
Administrative Agent or any Credit Party under or as contemplated by this Agreement or any other Transaction Document or to
comply with any Applicable Law or any Governmental Authority.

 

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(k)           Servicing
Programs. If a Successor Servicer has been appointed or if any Initial Servicer Default or Event of Default has occurred and
is continuing and a license or approval is required for the Administrative Agent’s or such Successor Servicer’s use
of any software or other computer program used by Exela in the servicing of the Receivables, then at the request of the Administrative
Agent or a Successor Servicer, Exela shall at its own expense arrange for the Administrative Agent or such Successor Servicer
to receive any such required license or approval.

 

(l)            Notice
of Change in Board of Directors. With reasonable promptness, written notice of any change in the Board of Directors (or similar
governing body) of Parent or any of its Subsidiaries.

 

(m)         Notice Regarding Material Contracts. Promptly (but in any event within ten (10) Business Days) (i) after any material
contract of Parent or any of its Subsidiaries is terminated or amended in a manner that is materially adverse to Parent or such
Subsidiary, as the case may be, or (ii) any new material contract is entered into, a written statement describing such event, with
copies of such material amendments or new contracts, delivered to the Administrative Agent, and an explanation of any actions being
taken with respect thereto.

 

(n)          Annual
Collateral Verification. Within 21 days after the Closing Date and, each year, at the time of delivery of annual financial
statements with respect to the preceding fiscal year pursuant to Section 8.05(a), Initial Servicer shall deliver to the
Administrative Agent an officer’s certificate (a) either confirming that there has been no change in such information since
the date of the most recent certificate delivered pursuant to this Section 8.05(n) and/or identifying such changes, or
(b) certifying that all UCC financing statements (including fixtures filings, as applicable) or other appropriate filings, recordings
or registrations, have been filed of record in each governmental, municipal or other appropriate office in each jurisdiction identified
in such certificate or pursuant to clause (a) above to the extent necessary to protect and perfect the security interests
under the Transaction Documents for a period of not less than 18 months after the date of such certificate (except as noted therein
with respect to any continuation statements to be filed within such period).

 

(o)           Excluded
Receivables. With reasonable promptness, written notice if the total amount of Excluded Receivables originated in any calendar
month exceeds $150,000.

 

SECTION 8.06.           Negative
Covenants of the Initial Servicer. From the date hereof until the Final Payout Date, the Initial Servicer shall not,
without the prior written consent of the Administrative Agent and the Required Lenders, do or permit to occur any act or
circumstance with which it has covenanted not to do or permit to occur in any Transaction Document to which it is a party in
any capacity, or:

 

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(a)           Interference. Take any action that would cause the Borrower or any Originator to breach any of its representations,
undertakings, obligations or covenants under any of the Transaction Documents.

 

(b)          Extension or Amendment of Receivables. Except as permitted under Section 9.02(a), extend, amend or otherwise
modify the payment terms of any Pool Receivable or amend, modify or waive any payment term or condition of any related Contract,
in each case unless a corresponding Deemed Collection payment in respect of the related Pool Receivable is made, in full, in connection
therewith.

 

(c)          Change
in Credit and Collection Policies, Business or Organizational Documents. (i) Make or consent to any change in, or waive any
of the provisions of, the Credit and Collection Policies in a manner that could be adverse to the interests of the Credit Parties
without the prior written consent of the Administrative Agent and the Required Lenders, (ii) make any change in the character
of its business that has or could reasonably be expected to materially and adversely affect its ability to perform its obligations
hereunder or that would prevent it from conducting its business operations relating to the Receivables, its servicing of the Receivables
or the performance of its duties and obligations hereunder or under the other Transaction Documents, without the prior written
consent of the Administrative Agent and the Required Lenders or (iii) amend, waive or otherwise modify any other Transaction Document
to which it is a party, in any capacity, or consent to any amendment, waiver or modification of any Transaction Document, in each
case, without the prior written consent of Administrative Agent and the Required Lenders.

 

(d)          Change
in Collection Account Banks. (i) Add any bank account not listed on Schedule II as a Collection Account unless the
Administrative Agent and the Required Lenders shall have previously approved and received duly executed copies of all Account
Control Agreements and/or amendments thereto covering each such new account, (ii) terminate any Collection Account or related
Account Control Agreement or Sweep Instructions without the prior written consent of the Administrative Agent and the Required
Lenders and, in each case, only if all of the payments from Obligors that were being sent to such Collection Account will, upon
termination of such Collection Account and at all times thereafter, be deposited in Continuing Collection Account covered by an
Account Control Agreement or (iii) amend, supplement or otherwise modify any Account Control Agreement or Sweep Instructions without
the prior written consent of Administrative Agent and the Required Lenders.

 

(e)           Deposits
to Accounts. (i) Deposit or otherwise credit, or cause or permit to be so deposited or credited, or direct any Obligor to
deposit or remit, any Collection or proceeds thereof to any account other than a Continuing Collection Account or (ii) except
as remitted from an Interim Collection Account pursuant to Sweep Instructions, permit funds other than Collections to be deposited
into any Continuing Collection Account.

 

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(f)           Mergers, Acquisitions, Sales, Etc. Consolidate with or merge with any Person, or convey, transfer or lease substantially
all of its assets as an entirety to any Person, unless in the case of any merger or consolidation (i) it shall be the surviving
entity and no Change in Control shall result or (ii) (A) the surviving entity shall be an entity organized or existing under the
laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof, (B) the surviving
entity shall execute and deliver to Administrative Agent and each Lender an agreement, in form and substance reasonably satisfactory
to Administrative Agent, containing an assumption by the surviving entity of the due and punctual performance and observance of
each obligation, covenant and condition of it under this Agreement and each other Transaction Document, (C) no Change in Control
shall result, (D) Performance Guarantor reaffirms in a writing, in form and substance reasonably satisfactory to the Administrative
Agent, that its obligations under the Performance Guaranty shall apply to the surviving entity, (E) the Administrative Agent and
the Required Lenders provide prior written consent to such transaction and (F) the Administrative Agent and each Lender receives
such additional certifications, documents, instruments, agreements and opinions of counsel as it shall reasonably request, including
as to the necessity and adequacy of any new UCC financing statements or amendments to existing UCC financing statements.

 

(g)          Actions
Contrary to Separateness. Take any action inconsistent with the terms of Section 8.08.

 

(h)          Sales,
Liens, Etc. Except as otherwise provided herein, sell, assign (by operation of law or otherwise) or otherwise dispose of,
or create or suffer to exist any Adverse Claim upon or with respect to, any Pool Receivable or related Contract or Related Security,
or any interest therein, or any proceeds of any of the foregoing, or any account to which any Collections of any Pool Receivable
are sent, or any right to receive income or proceeds from or in respect of any of the foregoing, in each case.

 

(i)            Actions Evidencing Transfers by Originators. Notwithstanding anything to the contrary set forth in any Purchase and
Sale Agreement, Initial Servicer shall not consent to any change or removal of any notation required to be made by any Originator
pursuant to Section 3.3 of the First Tier Purchase and Sale Agreement without the prior written consent of the Administrative
Agent.

 

(j)           No
Adverse Claim on Borrower. Create or permit to exist any Adverse Claim on any Capital Stock of the Borrower.

 

(k)           Exclusivity.
Cause or permit any Subsidiary of the Parent organized under the laws of the United States or Canada, or any state, province or
subdivision thereof, to sell, factor, pledge, assign or otherwise finance any Receivable except as contemplated by this Agreement
and the Transaction Documents.

 

(l)            Restrictions
on Exela Secured Debt. Permit any Exela Party or any Affiliate thereof to incur any new secured Debt or consent to any
amendment or modification to any Debt of Exela or any of its Affiliates, including (without limitation) any Existing
Specified Secured Debt Documents, the effect of which could: (i) by its terms cause any Exela Party to be unable to perform
its obligations under the Transaction Documents, (ii) cause any inaccuracy or breach of any representation, warranty or
covenant of any Exela Party (iii) could subject any existing or subsequently arising Collateral to an Adverse Claim or (iv)
adversely affect any rights or remedies of the Credit Parties under the Transaction Documents.

 

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SECTION 8.07.           Full Recourse. Notwithstanding any limitation on recourse contained herein or in any other Transaction Document:
(i) the Borrower has the obligation to pay all Loans, Interest, Fees, and all other amounts payable by the Borrower hereunder (which
obligation shall be full recourse general obligations of the Borrower), and (ii) all obligations of the Initial Servicer so specified
hereunder shall be full recourse general obligations of the Initial Servicer.

 

SECTION 8.08.           Separate
Existence of Bankruptcy Remote Entities. Each of the Borrower and the Initial Servicer hereby acknowledges that the Secured
Parties, the Lenders and the Administrative Agent are entering into the transactions contemplated by this Agreement and the other
Transaction Documents in reliance upon each Bankruptcy Remote Entity’s identity as a legal entity separate from any other
Exela Party and their Affiliates. Therefore, each of the Borrower and Initial Servicer shall take all steps specifically required
by this Agreement or reasonably required by the Administrative Agent or any Lender to continue each Bankruptcy Remote Entity’s
identity as a separate legal entity and to make it apparent to third Persons that each Bankruptcy Remote Entity is an entity with
assets and liabilities distinct from those of any other Exela Party and any other Person, and is not a division of another Exela
Party or any other Person. Without limiting the generality of the foregoing and in addition to and consistent with the other covenants
set forth herein, each of the Borrower and the Initial Servicer shall take such actions as shall be required in order that:

 

(a)          each
Exela Party (and each of their respective Affiliates) shall observe the applicable legal requirements for the recognition of each
Bankruptcy Remote Entity as a legal entity separate and apart from each of each other Exela Party and any of their respective
Affiliates, and comply with (and cause to be true and correct) its organizational documents and assuring that each of the following
is complied with:

 

(i)               each
Bankruptcy Remote Entity shall maintain (or cause to be maintained) separate company records, books of account and financial statements
(each of which shall be sufficiently full and complete to permit a determination of such Bankruptcy Remote Entity’s assets
and liabilities and to permit a determination of the obligees thereon and the time for performance on each of the Bankruptcy Remote
Entity’s obligations) from those of each Exela Party and their respective Affiliates other than such Bankruptcy Remote Entity;

 

(ii)             except
as otherwise permitted by this Agreement, no Bankruptcy Remote Entity shall commingle any of its assets or funds with those of
any other Exela Party or any of their respective Affiliates;

 

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(iii)           
each Bankruptcy Remote Entity shall have at least one Independent Manager and the limited liability company agreement of
each Bankruptcy Remote Entity shall provide: (i) for the same definition of “Independent Manager” as used herein, (ii)
that no Bankruptcy Remote Entity’s members shall approve, or take any other action to cause the filing of, a voluntary bankruptcy
petition with respect to any Bankruptcy Remote Entity unless the Independent Manager shall approve the taking of such action in
writing before the taking of such action and that the foregoing provision cannot be amended except in accordance with this Agreement
and without the prior written consent of the Independent Manager and the Administrative Agent;

 

(iv)            the
members of each Bankruptcy Remote Entity shall hold all regular and special meetings appropriate to authorize such each Bankruptcy
Remote Entity’s actions. The members and directors of each Bankruptcy Remote Entity may act from time to time by unanimous
written consent or through one or more committees in accordance with such Bankruptcy Remote Entity’s certificate of formation
and its limited liability company agreement. No Bankruptcy Remote Entity shall take any Material Actions (as defined in its limited
liability company agreement) without the consent of all its members and Independent Manager. Appropriate minutes of all meetings
of each Bankruptcy Remote Entity’s members shall be kept by such Bankruptcy Remote Entity;

 

(v)              decisions
with respect to any Bankruptcy Remote Entity’s business and daily operations shall be independently made by each Bankruptcy
Remote Entity and shall not be dictated by any other Exela Party or any of their respective Affiliates (except (x) by Pledgor
as member of the Borrower in accordance with the Borrower’s limited liability company agreement any (y) by the Originators
as members of the Pledgor in accordance with the Pledgor’s limited liability company agreement), provided that Initial
Servicer shall service the Pool Receivables as contemplated by the Transaction Documents;

 

(vi)            subject
to clause (xiv) below, no transactions shall be entered between any Bankruptcy Remote Entity, on the one hand and any other
Exela Party or any Affiliate of any of them, on the other hand (other than as contemplated hereby and in the other Transaction
Documents);

 

(vii)           each
Bankruptcy Remote Entity shall act solely in its own name and through its own authorized managers, members, directors, officers
and agents, except that, as a general matter, the Obligors will not be informed in the first instance that the Initial Servicer,
Originators or Performance Guarantor are acting on behalf of any Bankruptcy Remote Entity. Exela Party or any Affiliates of Exela
shall be appointed as an agent of any Bankruptcy Remote Entity, except in the capacity of Initial Servicer or Sub- Servicer hereunder;

 

(viii)          none
of the Initial Servicer, any Originator, Performance Guarantor or any of their respective Affiliates shall advance funds or
credit to any Bankruptcy Remote Entity; and none of the Initial Servicer, Performance Guarantor nor any Affiliate of the
Initial Servicer, any Originator or Performance Guarantor will otherwise supply funds or credit to, or guarantee any
obligation of, any Bankruptcy Remote Entity excep for each Originator’s contributions of capital to the Pledgor as
contemplated by the Transaction Documents;

 

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(ix)            
other than as permitted by the Transaction Documents, no Bankruptcy Remote Entity shall guarantee, or otherwise become liable
with respect to, any obligation of Exela, any Originator, the Initial Servicer, Performance Guarantor or any Affiliate of any Originator;

 

(x)              each Bankruptcy Remote Entity shall at all times hold itself out to the public under its own name as a legal entity separate
and distinct from its equity holders, members, managers, Performance Guarantor, Exela, each Originator, the Initial Servicer and
each of their respective Affiliates (the foregoing to include, but not be limited to, such Bankruptcy Remote Entity not using the
letterhead or telephone number of any such Person);

 

(xi)             Exela
or Performance Guarantor may issue consolidated financial statements that will include any Bankruptcy Remote Entity, but such
financial statements will contain a footnote to the effect that the assets of such Bankruptcy Remote Entity are not available
to creditors of Exela or Performance Guarantor; in addition each Bankruptcy Remote Entity shall prepare separate financial statements
in compliance with GAAP consistently applied;

 

(xii)            if
any Exela Party shall provide Records relating to Pool Receivables to any creditor of any Exela Party, such Exela Party shall
also provide (or cause any Originator to provide) to such creditor a notice indicating that the Collections relating to such Pool
Receivables are the Borrower’s property;

 

(xiii)           each Originator’s financial statements shall disclose the separateness of Bankruptcy Remote Entity and that the Pool
Receivables and other assets are owned by such Bankruptcy Remote Entity and are not available to creditors of such Originator or
of their respective Affiliates;

 

(xiv)           any allocations of direct, indirect or overhead expenses for items shared between any Bankruptcy Remote Entity and any Originator,
Performance Guarantor or any of their respective Affiliates that are not included as part of the Servicing Fee shall be made among
such Bankruptcy Remote Entity and such Originator, Performance Guarantor or any of their respective Affiliates to the extent practical
on the basis of actual use or value of services rendered and otherwise on a basis reasonably related to actual use or the value
of services rendered;

 

(xv)          
each Bankruptcy Remote Entity shall maintain adequate capital in light of its contemplated business operations; and

 

(xvi)         
Bankruptcy Remote Entity shall generally maintain an arm’s-length relationship with each Originator, Performance Guarantor,
the Initial Servicer and its Affiliates and each transaction entered into with any Bankruptcy Remote Entity shall be undertaken
in good faith for a bona fide business purpose.

 

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(b)           
Bankruptcy Remote Entity agrees that, until the Final Payout Date:

 

(i)               it
shall not (A) create any Security of any kind, or (B) incur, assume, guarantee or otherwise become directly or indirectly liable
for or in respect of any Debt or obligation and otherwise as expressly permitted by the Transaction Documents;

 

(ii)             
it shall not sell, pledge or dispose of any of its assets, except as permitted by, or as provided in, the Transaction Documents;

 

(iii)            
it shall not purchase any asset (or make any investment, by share purchase, loan or otherwise) except as permitted by, or
as provided in, the Transaction Documents;

 

(iv)             it
shall not engage in any activity (whether or not pursued for gain or other pecuniary advantage) other than as permitted by the
Transaction Documents;

 

(v)              it
shall not create, assume or suffer to exist any Adverse Claim on any of its assets;

 

(vi)            
it shall not make any payment, directly or indirectly, to, or for the account or benefit of, any owner of any Capital Stock,
security interest or equity interest in it or any Affiliate of any such owner (except, in each case, as expressly permitted by
the Transaction Documents);

 

(vii)          
it shall not make, declare or otherwise commence or become obligated in respect of, any dividend, stock or other security
redemption or purchase, distribution or other payment to, or for the account or benefit of, any owner of any Capital Stock or other
equity interest, security interest or equity interest in it to any such owner or any Affiliate of any such owner other than from
funds received by it under Article IV and so long as, in any case, before or after giving effect thereto, no Unmatured Initial
Servicer Default, Initial Servicer Default, Event of Default or Unmatured Event of Default shall have occurred that remains continuing;

 

(viii)         
it shall not acquiesce in, or direct the Initial Servicer or any other agent to take, any action that is prohibited to be
taken by it in clauses (i) through (vii) above or in Section 8.03 hereof;

 

(ix)            
it shall not have any employees; and

 

(x)              (A)
it will provide for not less than ten (10) Business Days’ prior written notice to the Administrative Agent and each Lender
of any removal, replacement or appointment of any Independent Manager, such notice to include the identity of the proposed replacement
Independent Manager, together with a certification that such replacement satisfies the requirements for an Independent Manager
set forth in its limited liability company agreement and (B) no such removal or replacement of an Independent Manager shall be
made for any reason other than for cause.

 

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(c)          None
of Exela, the Borrower or the Initial Servicer shall take any action or permit any of their respective Affiliates to take any
action inconsistent with this Section 8.08.

 

ARTICLE
IX

 

ADMINISTRATION
AND COLLECTION

OF RECEIVABLE 

SECTION 9.01.           Appointment
of the Servicer.

 

(a)         The
servicing, administering and collection of the Pool Receivables shall be conducted by the Person so designated from time to time
as the Servicer in accordance with this Section 9.01. Until the Servicing Transfer Date, the Initial Servicer is hereby
designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof.

 

(b)          Upon
the occurrence of the Servicing Transfer Date, unless the Administrative Agent (with the consent of the Required Lenders or
at the direction of the Required Lenders) designates as Servicer any other Person (including itself) to succeed the
Initial Servicer, the Backup Servicer shall succeed the Initial Servicer as Servicer and the Initial Servicer agrees that it
will terminate its activities as Servicer hereunder in a manner that the Administrative Agent reasonably determines will
facilitate the transition of the performance of such activities to the Successor Servicer, and Initial Servicer shall
cooperate with and assist such Successor Servicer. Such cooperation shall include access to and transfer of records
(including all Contracts) related to Pool Receivables and use by the new Successor Servicer of all licenses (or the obtaining
of new licenses), hardware or software necessary or reasonably desirable to collect the Pool Receivables and the Related
Security. All Servicing Transition Expenses shall be paid by the Initial Servicer within five Business Days’ of its
presentment therewith. In no event shall the Backup Servicer, if it becomes the Successor Servicer, be responsible for any
Servicing Transition Expenses. If the Initial Servicer fails to pay the Servicing Transition Expenses, the Servicing
Transition Expenses shall be payable pursuant to Section 4.01.

 

(c)          Initial
Servicer acknowledges that, in making its decision to execute and deliver this Agreement, the Administrative Agent and each other
Credit Party have relied on Initial Servicer’s agreement to act as Servicer hereunder. Accordingly, Initial Servicer agrees
that it will not voluntarily resign as Servicer without the prior written consent of the Administrative Agent and the Required
Lenders.

 

(d)          The
Initial Servicer may delegate its duties and obligations hereunder to any subservicer (each a
 “Sub-Servicer”); provided, that, in each such delegation: (i) such Sub-Servicer shall agree in
writing to perform the delegated duties and obligations of the Initial Servicer pursuant to the terms hereof, (ii) the
Initial Servicer shall remain liable for the performance of the duties and obligations so delegated, (iii) the Borrower, the
Administrative Agent, each Lender and each Lender shall have the right to look solely to the Initial Servicer for
performance, (iv) the terms of any agreement with any Sub-Servicer shall provide that the Administrative Agent may (or at
the direction of the Required Class Lenders of any Class, shall) terminate such agreement upon an Initial Servicer Default
hereunder by giving notice of its desire to terminate such agreement to the Initial Servicer (and the Initial Servicer shall
provide appropriate notice to each such Sub-Servicer) and (v) if such Sub-Servicer is not an Originator, the Administrative
Agent and the Required Lenders shall have consented in writing in advance to such delegation.

 

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SECTION 9.02.            Duties of the Servicer.

 

(a)           The
Servicer shall take or cause to be taken all such action as may be necessary or reasonably advisable to service, administer and
collect each Pool Receivable from time to time, all in accordance with this Agreement and all Applicable Laws, with reasonable
care and diligence, and in accordance with the Credit and Collection Policy and consistent with the past practices of the Originators.
The Servicer shall set aside, for the accounts of each Lender, the amount of Collections to which each such Lender is entitled
in accordance with Article IV hereof. The Servicer may, in accordance with the Credit and Collection Policy and consistent
with past practices of the Originators, take such action, including modifications, waivers or restructurings of Pool Receivables
and related Contracts, as the Servicer may reasonably determine to be appropriate to maximize Collections thereof or reflect adjustments
expressly permitted under the Credit and Collection Policy or as expressly required under Applicable Laws or the applicable Contract;
provided, that for purposes of this Agreement: (i) such action shall not, and shall not be deemed to, change the number
of days such Pool Receivable has remained unpaid from the date of the original due date related to such Pool Receivable, (ii)
such action shall not alter the status of such Pool Receivable as a Delinquent Receivable or a Defaulted Receivable or limit the
rights of any Secured Party under this Agreement or any other Transaction Document, (iii) the Servicer may not modify, waive,
restructure or adjust any Pool Receivable or any related Contract if any Borrowing Base Deficit exists or shall exist after giving
effect thereto, (iv) unless a Deemed Collection payment is made in accordance with Section 4.01(d) with respect to such
Pool Receivable, the Servicer shall not extend the due date of any Pool Receivable or extend the due date of any Pool Receivable
after the original due date thereof and (v) if an Initial Servicer Default or an Event of Default has occurred and is continuing,
the Servicer may take such action only upon the prior written consent of the Administrative Agent. The Borrower shall deliver
to the Servicer and the Servicer shall hold for the benefit of the Administrative Agent (individually and for the benefit of each
Lender), in accordance with their respective interests, all records and documents (including Records, computer tapes and disks)
with respect to each Pool Receivable. Notwithstanding anything to the contrary contained herein, if an Initial Servicer Default
or an Event of Default has occurred and is continuing, the Administrative Agent may (or at the direction of the Required Class
Lenders of any Class, shall) direct the Servicer to commence or settle any legal action to enforce collection of any Pool Receivable
that is a Defaulted Receivable or to foreclose upon or repossess any Related Security with respect to any such Defaulted Receivable.

 

(b)          The
Servicer shall, as soon as practicable following actual receipt of collected funds, turn over to the Person entitled thereto,
the collections of any indebtedness that is not a Pool Receivable, less, if Initial Servicer or an Affiliate thereof is not the
Servicer, all reasonable and appropriate out-of-pocket costs and expenses of such Servicer of servicing, collecting and administering
such collections. The Servicer, if other than Initial Servicer or an Affiliate thereof, shall, as soon as practicable upon demand,
deliver to the Borrower all records in its possession that evidence or relate to any indebtedness that is not a Pool Receivable,
and copies of records in its possession that evidence or relate to any indebtedness that is a Pool Receivable.

 

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(c)          The
Servicer’s obligations hereunder shall terminate on the Final Payout Date. Promptly following the Final Payout Date, the
Servicer shall deliver to the Borrower all books, records and related materials that the Borrower previously provided to the Servicer,
or that have been obtained by the Servicer, in connection with this Agreement.

 

SECTION 9.03.           Collection
Account Arrangements.

 

(a)           On
the Closing Date, the Borrower shall have (i) opened in its name one or more Continuing Collection Accounts with PNC and (ii)
either (x) with respect to any Interim Collection Accounts, delivered Sweep Instructions to the applicable Collection Account
Banks or (y) with respect to any Continuing Collection Accounts, entered into Account Control Agreements with all related Collection
Account Banks and, in each case, delivered executed counterparts of each to the Administrative Agent. The Borrower hereby agrees
the Administrative Agent shall have exclusive control (for the benefit of the Secured Parties) of the proceeds (including Collections)
of all Pool Receivables and the Borrower hereby further agrees to take any action that the Administrative Agent may reasonably
request to transfer such control. Any proceeds of Pool Receivables received by the Borrower, the Servicer or an Originator thereafter
shall be sent immediately to a Continuing Collection Account or as otherwise instructed by the Administrative Agent.

 

(b)          Exela
shall cause to be delivered Sweep Instructions with respect to any Interim Collection Account.

 

(c)           To
access Collections during any Settlement Period in connection with any Release, on any Business Day, the Borrower may cause the
Initial Servicer to deliver an Information Package or Interim Report along with a request for a release of Collections. Upon receipt
of any such Information Package or Interim Report by the Administrative Agent, the Administrative Agent shall promptly review
such Information Package or Interim Report to determine if such Information Package or Interim Report constitutes a Qualifying
Release Report. In the event that the Administrative Agent reasonably determines that such Information Package or Interim Report
constitutes a Qualifying Release Report, so long as no Unmatured Initial Servicer Default, Initial Servicer Default, Event of
Default or Unmatured Event of Default has occurred and is continuing, the Administrative Agent shall promptly remit to the Borrower
from the Continuing Collection Account the amount requested on such Qualifying Release Report so long as the remaining Collections
on deposit in the Continuing Collection Account (after giving effect to such release) exceed the amount necessary to pay the sum
of (x) all accrued and unpaid Servicing Fees, Interest, Fees and Breakage Amounts, in each case, through such date (as reasonably
estimated by the Administrative Agent), (y) the amount of any Borrowing Base Deficit and (z) the amount of all other unpaid Borrower
Obligations then due and owing through such date (as reasonably estimated by the Administrative Agent). For purposes of this clause
(c), “Qualifying Release Report” shall mean any Interim Report or Information Package that satisfies each
of the following conditions: (A) such Interim Report or Information Package is calculated as of the immediately prior Business
Day and (B) the Administrative Agent does not in good faith reasonably believe that any of the information or calculations set
forth in such Interim Report or Information Package are false or incorrect in any material respect (and notice of any such determination
shall be provided promptly to the Servicer); provided, that a report delivered in connection with any release of amounts
in excess of the purchase price then payable for Receivables then being purchased under the Second Tier Purchase and Sale Agreement
shall be in the form of an Information Package (with all information and calculations current as of the preceding Business Day).

 

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SECTION 9.04.           Initial
Servicer Default; Enforcement Rights.

 

(a)           If
(i) any Event of Default (whether or not waived) shall occur or (ii) on any day on which an Extension Failure does not exist,
Liquidity shall fail to exceed $60,000,000 on such day, a “Initial Servicer Default” shall occur. An Initial
Servicer Default shall continue until cured either by (x) the Administrative Agent and the Required Lenders waiving such Initial
Servicer Default in writing or (y) if arising under clause (ii) of the preceding sentence, Liquidity shall exceed $60,000,000
for forty-five (45) consecutive calendar days. At any time an Initial Servicer Default is then continuing:

 

(A)         the
Administrative Agent (at the Borrower’s expense) may (or at the direction of the Required Class Lenders of any Class, shall)
direct the Obligors that payment of all amounts payable under any Pool Receivable is to be made directly to the Administrative
Agent or its designee;

 

(B)          the Administrative Agent may (or at the direction of the Required Class Lenders of any Class, shall) instruct the Borrower
or the Initial Servicer to give notice of the Secured Parties’ interest in Pool Receivables to each Obligor, which notice
shall direct that payments be made directly to the Administrative Agent or its designee (on behalf of the Secured Parties), and
the Borrower or the Initial Servicer, as the case may be, shall give such notice at the expense of the Borrower or the Initial
Servicer, as the case may be; provided, that if the Borrower or the Initial Servicer, as the case may be, fails to so notify
each Obligor within two (2) Business Days following instruction by the Administrative Agent, the Administrative Agent (at the Borrower’s
or the Initial Servicer’s, as the case may be, expense) may so notify the Obligors;

 

(C)          the
Administrative Agent may (or at the direction of the Required Class Lenders of any Class, shall) request the Initial
Servicer to, and upon such request the Initial Servicer shall: (x) assemble all of the records necessary or desirable to
collect the Pool Receivables and the Related Security, and transfer or license to a Successor Servicer the use of all
software necessary or desirable to collect the Pool Receivables and the Related Security, and make the same available to the
Administrative Agent, the LC Bank or their designee (for the benefit of the Secured Parties) at a place selected by the
Administrative Agent and the Required Lenders and (y) segregate all cash, checks and other instruments received by it from
time to time constituting Collections in a manner reasonably acceptable to the Administrative Agent and the Required Lenders
and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of
transfer, to the Administrative Agent, the LC Bank or their designee;

 

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(D)          [reserved];

 

(E)          the
Administrative Agent may (or, at the direction of the Required Lenders, shall) either (x) replace the Initial Servicer and, in
connection therewith, designate a date as the Servicing Transfer Date and a Successor Servicer (if other than the Backup Servicer)
upon or (y) reduce the term of the Initial Servicer’s duties hereunder to a period of thirty (30) days (any such arrangement,
a “Short-Term Servicing Arrangement”) and, upon the expiration of such Short-Term Servicing Arrangement, the
Servicing Transfer Date shall occur; provided, that (x) the Administrative Agent may extend any Short-Term Servicing Arrangement
for succeeding periods of thirty (30) days and (y) if the related Initial Servicer Default is cured, any then-effective Short-Term
Servicing Arrangement shall cease and the Initial Servicer’s initial term shall be restored until any subsequent occurrence
of an Initial Servicer Default.

 

(F)          the
Administrative Agent may (or at the direction of the Required Class Lenders of any Class, shall) collect any amounts due from
an Originator or Pledgor under any Purchase and Sale Agreement or the Performance Guarantor under the Performance Guaranty.

 

(b)          The
Borrower hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably appoints the Administrative
Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Borrower,
which appointment is coupled with an interest, to take any and all steps in the name of the Borrower and on behalf of the Borrower
necessary or desirable, in the reasonable determination of the Administrative Agent, after the occurrence and during the continuation
of an Initial Servicer Default or an Event of Default, to collect any and all amounts or portions thereof due under any and all
Collateral, including endorsing the name of the Borrower on checks and other instruments representing Collections and enforcing
such Collateral. Notwithstanding anything to the contrary contained in this subsection, none of the powers conferred upon such
attorney-in-fact pursuant to the preceding sentence shall subject such attorney-in-fact to any liability if any action taken by
it shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever.

 

(c)           The
Initial Servicer hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably appoints the
Administrative Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead
of the Initial Servicer, which appointment is coupled with an interest, to take any and all steps in the name of the Initial
Servicer and on behalf of the Initial Servicer necessary or desirable, in the reasonable determination of the Administrative
Agent, after the occurrence and during the continuation of an Initial Servicer Default or an Event of Default, to collect any
and all amounts or portions thereof due under any and all Collateral, including endorsing the name of the Initial Servicer on
checks and other instruments representing Collections and enforcing such Collateral. Notwithstanding anything to the contrary
contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding sentence
shall subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid, nor
shall they confer any obligations upon such attorney-in-fact in any manner whatsoever.

 

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SECTION 9.05.           Responsibilities of the Borrower.

 

(a)          Anything herein to the contrary notwithstanding, the Borrower shall: (i) perform all of its obligations, if any, under the
Contracts related to the Pool Receivables to the same extent as if interests in such Pool Receivables had not been transferred
hereunder, and the exercise by the Administrative Agent, or any other Credit Party of their respective rights hereunder shall not
relieve the Borrower from such obligations, (ii) pay when due any taxes, including any sales taxes payable in connection with the
Pool Receivables and their creation and satisfaction and (iii) timely file all tax returns required to be filed by it. None of
the Credit Parties shall have any obligation or liability with respect to any Collateral, nor shall any of them be obligated to
perform any of the obligations of the Borrower, the Initial Servicer or any Originator thereunder.

 

(b)          Initial Servicer hereby irrevocably agrees that if at any time it shall cease to be the Servicer hereunder, it shall act
(if the Successor Servicer so requests) as the data-processing agent of the Successor Servicer and, in such capacity, Initial Servicer
shall conduct the data-processing functions of the administration of the Receivables and the Collections thereon in substantially
the same way that Initial Servicer conducted such data-processing functions while it acted as the Servicer. In connection with
any such processing functions, the Borrower shall pay to Initial Servicer its reasonable and documented out-of-pocket costs and
expenses from the Borrower’s own funds (subject to the priority of payments set forth in Section 4.01).

 

SECTION 9.06.           Further Actions. Borrower agrees that from time to time, at its expense, it shall (or cause Servicer to) promptly
execute and deliver all further instruments and documents, and take all further actions, that Administrative Agent or its designee
may reasonably request or that are necessary in order to perfect, protect or more fully evidence the transactions contemplated
by the other Transaction Documents.

 

SECTION 9.07.           Servicing
Fee.

 

(a)          Subject
to clause (b) below, the Borrower shall pay the Servicer a fee (the “Servicing Fee”) equal to
1.00% per annum (the “Servicing Fee Rate”) of the daily average aggregate Unpaid Balance of the Pool
Receivables. Accrued Servicing Fees shall be payable from Collections to the extent of available funds in accordance with Section
4.01.

 

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(b)          If the Servicer ceases to be Initial Servicer or an Affiliate thereof, the Servicing Fee shall be the greater of: (i) the
amount calculated pursuant to clause (a) above and (ii) an alternative amount specified by the Successor Servicer not to
exceed 110% of the aggregate reasonable costs and expenses incurred by such Successor Servicer in connection with the performance
of its obligations as Servicer hereunder.

 

SECTION 9.08.           Backup
Servicer.

 

(a)          Within
forty-five (45) days of the Closing Date, the Initial Servicer shall be delivering reporting reasonably satisfactory to the Backup
Servicer for the Backup Servicer to perform the role of backup servicer with respect to the servicing, administration and collection
of the Receivables. The Backup Servicer shall perform such roles and responsibilities set forth in the Backup Servicing Agreement.
Each of the Initial Servicer and the Borrower hereby covenant and agree to perform each of the roles and responsibilities set
forth therein to be performed by the Borrower and/or Initial Servicer.

 

(b)          Until
the Backup Servicer or another Successor Servicer succeeds Initial Servicer as Servicer upon the occurrence of the Servicer Transfer
Date, Initial Servicer shall continue to perform all servicing functions in accordance with the Transaction Documents, notwithstanding
the appointment of the Backup Servicer. The Initial Servicer hereby covenants and agrees that the Initial Servicer shall provide
the Backup Servicer with all necessary servicing files and records relating to the Contracts, Receivables and Related Security
and the Initial Servicer shall provide to the Backup Servicer reasonable access to and use by the Backup Servicer of all licenses,
software, hardware, equipment, telephone, personnel, servicing systems, employees, facilities or other accommodations necessary
or desirable to perform the backup servicing functions as set forth in the Backup Servicing Agreement.

 

(c)           Notwithstanding
anything to the contrary set forth in this Section 9.08, each of the Borrower and the Initial Servicer shall execute and
deliver any and all additional papers, documents and other assurances, and shall do any and all acts and things reasonably necessary
in connection with the appointment of a Backup Servicer and to enable the Backup Servicer to perform all of its duties and obligations
under the Backup Servicing Agreement and to carry out the intent of the parties hereto.

 

ARTICLE
X

 

EVENTS OF DEFAULT

 

SECTION 10.01.               
Events of Default. If any of the following events (each an “Event of Default”) shall occur:

 

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(a)          Any of the following events:

 

(i)              any
Exela Party shall fail to perform or observe any term, covenant or agreement as and when required hereunder or under any
other Transaction Document (other than as referred to in clause (a)(ii) below) and such failure, solely to the
extent capable of cure, shall remain unremedied for five (5) Business Days after the earlier of (x) written notice to such
Exela Party (which may be by email) by the Administrative Agent and (y) actual knowledge of such Exela Party;

 

(ii)              any
of the following shall occur: (A) any Exela Party shall fail to make any payment or deposit or transfer any monies to be made
by it hereunder or under any other Transaction Document as and when due and, if such breach does not occur on the such failure
shall remain unremedied for two (2) Business Days (provided, that (x) such grace period shall not apply with respect to
amounts owing on the Revolving A Final Maturity Date or the Revolving B Final Maturity Date and (y) shall not be in addition to
any otherwise applicable grace period for such payment), (B) the Borrower or the Servicer shall fail to deliver an Information
Package or Interim Report pursuant to this Agreement or (C) the Borrower or Initial Servicer, as applicable, shall breach any
provision of Sections 8.03, or any of Sections 8.04(e), 8.04(h), 8.06(a), 8.06(b), 8.06(c),
8.06(d), 8.06(i) or 8.06(j);

 

(b)          any representation or warranty set forth in any Transaction Document shall prove to have been false or incorrect when made
or deemed to be made any Exela Party and such breach shall remain uncured (to the extent such breach may be cured) for a period
of five (5) Business Days after the earlier of (x) written notice to such Exela Party (which may be by email) by the Administrative
Agent, and (y) actual knowledge of such Exela Party;

 

(c)           (i) any event or condition occurs that (a) results in any Debt that is outstanding in an aggregate amount exceeding $25,000,000
to become due prior to its scheduled maturity (with all applicable grace periods having expired) or (b) enables or permits (with
all applicable grace periods having expired) the holder or holders of any Debt that is outstanding in an aggregate amount exceeding
$25,000,000 or any trustee or agent on its or their behalf to cause such debt to become due, or to require the prepayment, repurchase,
redemption or defeasance thereof, prior to its scheduled maturity (whether acted upon or not), (ii) any Exela Party or any Subsidiary
shall fail to pay the principal of any Debt that is outstanding in an aggregate amount exceeding $25,000,000 at the stated final
maturity thereof or (iii) or any “event of default” (or similar event) shall occur under the Credit Agreement; provided
that this clause (c) shall not apply to any secured Debt that becomes due as a result of the voluntary sale or transfer
of the property or assets securing such Debt if such sale or transfer is permitted hereunder and under the documents providing
for such Debt;

 

(d)           an
Event of Bankruptcy shall have occurred with respect to any Exela Party;

 

(e)           the
occurrence of any litigation, arbitration proceedings or proceedings of any Governmental Authority (or in each case the
occurrence of any development in respect thereof) which would reasonably be expected to result in fines, awards, assessments
or damages (or the economic equivalent thereof) equal to or in excess of $10,000,000 (or solely with respect to the Borrower,
$20,000) other than the Subject Appraisal Action;

 

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(f)           the average of the Default Ratios for the three preceding Settlement Periods shall at any time exceed 7.00%;

 

(g)          
the average of the Dilution Ratios for the three preceding Settlement Periods shall at any time exceed 7.25%;

 

(h)           the
average of the Delinquency Ratios for the three preceding Settlement Periods shall at any time exceed 13.50%;

 

(i)           
the Days’ Sales Outstanding for any Settlement Period shall at any time be more than 75 days;

 

(j)            a Borrowing Base Deficit shall occur, and shall not have been cured within two (2) Business Days after the Borrower’s
knowledge or receipt of notice thereof;

 

(k)           a
Change in Control shall occur not otherwise consented to by the Administrative Agent and the Required Lenders;

 

(l)            there shall have occurred any event which materially adversely affects the ability of any Originator or Pledgor to originate,
or to transfer pursuant to the terms of any Purchase and Sale Agreement, Receivables of a credit quality which are at least of
the credit quality of the Pool Receivables, with related Obligors that are similar to those included in the initial Credit Extension
hereunder;

 

(m)          the Administrative Agent, for the benefit of the Secured Parties, fails at any time to have a first priority perfected security
interest in all the Collateral or any Continuing Collection Account (other than such Collection Account Bank’s right to set
off or deduct from the Collection Accounts customary banking fees and charges pursuant to the Account Control Agreements), in each
case, free and clear of any Adverse Claim;

 

(n)          any Letter of Credit is drawn upon and is not fully reimbursed by the Borrower within two (2) Business Days from the date
of such draw;

 

(o)          either (i) the Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to
any assets of any Exela Party and such lien shall not have been released within five (5) days, or (ii) the PBGC shall, or shall
indicate its intention to, file notice of a lien pursuant to Section 303(k) or Section 4068 of ERISA with regard to any of the
assets of any Exela Party or any of their ERISA Affiliates;

 

(p)          (i)
the occurrence of a Reportable Event; (ii) the adoption of an amendment to a Pension Plan that would require the provision
of security pursuant to Section 401(a)(29) of the Code; (iii) the failure to satisfy the minimum funding standard under
Section 412 of the Code or Section 302 of ERISA with respect to any Pension Plan; (iv) the incurrence of any liability under
Title IV of ERISA with respect to the termination of any Pension Plan or the withdrawal or partial withdrawal of any Exela
Party or any of their respective ERISA Affiliates from any Multiemployer Plan; (v) the receipt by any of any Exela Party or
any of their respective ERISA Affiliates from the PBGC or any plan administrator of any notice relating to the intention to
terminate any Pension Plan or Multiemployer Plan or to appoint a trustee to administer any Pension Plan or Multiemployer
Plan; (vi) the receipt by any Exela Party or any of their respective ERISA Affiliates of any notice concerning the imposition
of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning
of Title IV of ERISA; (vii) the occurrence of a prohibited transaction with respect to any Exela Party or any of their
respective ERISA Affiliates (pursuant to Section 4975 of the Code); or (viii) the occurrence or existence of any other
similar event or condition with respect to a Pension Plan or a Multiemployer Plan;

 

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(q)          (i) any Exela Party shall be required to register as an “investment company” within the meaning of the Investment
Company Act or (ii) the Borrower becomes a “covered fund” under the Volcker Rule;

 

(r)            any Transaction Document shall cease to be the valid and binding obligation enforceable against any Exela Party;

 

(s)           any
Bankruptcy Remote Entity shall fail (x) at any time (other than for ten (10) Business Days following notice of the death or resignation
of any Independent Manager) to have an Independent Manager who satisfies each requirement and qualification specified in Section
8.03(c) of this Agreement for Independent Managers, (y) to timely notify the Administrative Agent of any replacement or appointment
of any Person that is to serve as an Independent Manager for such Bankruptcy Remote Entity as required pursuant to Section
8.03(c) of this Agreement or (z) terminate any Independent Manager for any reason other than for cause;

 

(t)           the Borrower shall fail to pay in full all of its obligations to the Credit Parties hereunder and under each other Transaction
Documents on or prior to (x) with respect to any Borrower Obligations (including, for the avoidance of doubt, fully funding the
required amount of the LC Collateral Account) with respect to the Revolving A Commitments, the Revolving A Final Maturity Date,
and (y) with respect to any Borrower Obligations with respect to the Revolving B Commitments, the Revolving B Final Maturity Date;

 

(u)          one
or more judgments for the payment of money in an aggregate amount in excess of $20,000,000 (or solely with respect to the
Subject Appraisal Action, $65,000,000) (other than judgments fully covered by insurance issued by an insurer that has
irrevocably accepted coverage and has the ability to pay such judgments) shall be rendered against any Exela Party or any
Subsidiary of any Exela Party or any combination thereof and the same shall remain undischarged for a period of thirty (30)
consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of any Exela Party or any Subsidiary of any Exela Party to enforce any such
judgment which is not effectively stayed for a period of ten (10) consecutive days;

 

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(v)          one or more judgments shall be rendered against the Borrower;

 

(w)          a Material Adverse Effect shall occur with respect to any Exela Party;

 

(x)          (i)
the occurrence of a Purchase and Sale Termination Event under any Purchase and Sale Agreement or (ii) Receivables cease being
sold or contributed pursuant to any Purchase and Sale Agreement;

 

(y)           the Performance Guaranty is canceled, rescinded, amended, waived or otherwise modified without the prior written consent
of the Required Lenders;

 

(z)           Liquidity
shall fail to exceed $40,000,000 and such failure shall remain unremedied for three (3) consecutive Business Days and no Extension
Failure has occurred and is continuing;

 

(aa)         any Exela Party shall terminate or modify any Sweep Instructions without the express written consent of
the Administrative Agent and the Required Lenders;

 

(bb)        Collections
in an amount exceeding the Targeted Interim Collection Account Deposit Amount at such time shall be deposited in any Interim Collection
Account;

 

(cc)         any amount on deposit in an Interim Collection Account shall fail to be automatically transferred to a Continuing Collection
Account pursuant to Sweep Instructions;

 

(dd)        any amount on deposit in an Interim Collection Account shall be withdrawn by any Person other than the Administrative Agent
other than pursuant to the automatic transfer to a Continuing Collection Account pursuant to Sweep Instructions; or

 

(ee)         the
incurrence of, or occurrence of any amendment or modification to, any Debt of Exela or any of its Affiliates, including (without
limitation) any Existing Specified Secured Debt Documents, the effect of which could: (i) by its terms cause any Exela Party to
be unable to perform its obligations under the Transaction Documents, (ii) cause any inaccuracy or breach of any representation,
warranty or covenant of any Exela Party (iii) could subject any existing or subsequently arising Collateral to an Adverse Claim
or (iv) adversely affect any rights or remedies of the Credit Parties under the Transaction Documents.

 

then, and in any such event, the Administrative Agent may
(or, at the direction of the Required Lenders, shall) by notice to the Borrower (x) declare the Revolving Commitment
Termination Date to have occurred (in which case the Revolving Commitment Termination Date shall be deemed to have occurred),
(y) declare the Revolving A Final Maturity Date and Revolving B Final Maturity Date to have occurred (in which case each of
the Revolving A Final Maturity Date and Revolving B Final Maturity Date shall be deemed to have occurred) and (z) declare the
Loans, Early Commitment Termination Premium and all other Borrower Obligations to be immediately due and payable (in which
case the Loans and all other Borrower Obligations shall be immediately due and payable); provided that, automatically
upon the occurrence of any event (without any requirement for the giving of notice) described in subsection (d) of
this Section 10.01 with respect to the Borrower, the Revolving Commitment Termination Date shall occur and the Loans,
Early Commitment Termination Premium and all other Borrower Obligations shall be immediately due and payable. Upon any such
declaration or designation or upon such automatic termination, the Administrative Agent and the other Secured Parties shall
have, in addition to the rights and remedies which they may have under this Agreement and the other Transaction Documents,
all other rights and remedies provided after default under the UCC and under other Applicable Law, which rights and remedies
shall be cumulative. Any proceeds from liquidation of the Collateral shall be applied in the order of priority set forth in Section 4.01.

 

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ARTICLE
XI

THE ADMINISTRATIVE AGENT

 

SECTION 11.01.         Appointment
of Administrative Agent.

 

(a)          TSL
is hereby appointed Administrative Agent hereunder and under the other Transaction Documents and each other Credit Party hereby
authorizes TSL, in such capacity, to act as its agent in accordance with the terms hereof and the other Transaction Documents,
including, without limitation, to make loans, on behalf of the applicable Lenders as provided in this Agreement or any other Transaction
Document and to perform, exercise and enforce any and all other rights and remedies of the Credit Parties with respect to the
Exela Parties, the Borrower Obligations or otherwise related to any of same to the extent reasonably incidental to the exercise
by the Administrative Agent of the rights and remedies specifically authorized to be exercised by the Administrative by the terms
of this Agreement or any other Exela Parties.

 

(b)          The
Administrative Agent hereby agrees to act upon the express conditions contained herein and the other Transaction Documents, as
applicable. The provisions of this Section 11.01(b) are solely for the benefit of the Administrative Agent and Credit Parties
and no Exela Party shall have any rights as a third party beneficiary of any of the provisions thereof. In performing its functions
and duties hereunder, the Administrative Agent shall act solely as an agent of 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 Parent or any of its Subsidiaries.

 

SECTION 11.02.         Powers and Duties. Each Credit Party irrevocably authorizes Administrative Agent to take such action on such Credit
Party’s behalf and to exercise such powers, rights and remedies hereunder and under the other Transaction Documents as are
specifically delegated or granted to the Administrative Agent by the terms hereof and thereof, together with such powers, rights
and remedies as are reasonably incidental thereto. The Administrative Agent shall have only those duties and responsibilities that
are expressly specified herein and the other Transaction Documents. The Administrative Agent may exercise such powers, rights and
remedies and perform such duties by or through its agents or employees.

 

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The Administrative Agent shall not have, by
reason hereof or any of the other Transaction Documents, a fiduciary relationship in respect of any Credit Party; and nothing herein
or any of the other Transaction Documents, expressed or implied, is intended to or shall be so construed as to impose upon Administrative
Agent any obligations in respect hereof or any of the other Transaction Documents except as expressly set forth herein or therein.

 

SECTION 11.03.         General
Immunity.

 

(a)          No Responsibility for Certain Matters. The Administrative Agent shall not be responsible to any Credit Party for
the execution, effectiveness, genuineness, validity, enforceability, collectability or sufficiency hereof or any other Transaction
Document or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements
or in any financial or other statements, instruments, reports or certificates or any other documents furnished to the Credit Parties
or by or on behalf of any Exela Party to the Administrative Agent or any Credit Party in connection with the Transaction Documents
and the transactions contemplated thereby or for the financial condition or business affairs of any Exela Party or any other Person
liable for the payment of any Borrower Obligations, nor shall the Administrative Agent be required to ascertain or inquire as to
the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Transaction
Documents or as to the use of the proceeds of the Loans or as to the existence or possible existence of any Unmatured Initial Servicer
Default, Initial Servicer Default, Event of Default or Unmatured Event of Default or to make any disclosures with respect to the
foregoing. Anything contained herein to the contrary notwithstanding, Administrative Agent shall not have any liability arising
from confirmations of the amount of outstanding Loans or the Revolving A LC Participation Amount or the component amounts thereof.

 

(b)          Exculpatory
Provisions. Neither the Administrative Agent nor any of its officers, partners, directors, employees or agents shall be
liable to Credit Parties for any action taken or omitted by any Administrative Agent under or in connection with any of the
Transaction Documents except to the extent caused by the Administrative Agent’s gross negligence or willful misconduct,
as determined by a court of competent jurisdiction in a final, non-appealable order. The Administrative Agent shall be
entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection herewith
or any of the other Transaction Documents or from the exercise of any power, discretion or authority vested in it hereunder
or thereunder unless and until the Administrative Agent shall have received instructions in respect thereof from the Required
Lenders (or such other Credit Parties as may be required to give such instructions under Section 14.01) and, upon
receipt of such instructions from the Required Lenders (or such other Credit Parties, as the case may be), the Administrative
Agent shall be entitled to act or (where so instructed) refrain from acting, or to exercise such power, discretion or
authority, in accordance with such instructions. Without prejudice to the generality of the foregoing, (i) the Administrative
Agent shall be entitled to rely, and shall be fully protected in relying, upon any communication, instrument or document
believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and shall be
entitled to rely and shall be protected in relying on opinions and judgments of attorneys (who may be attorneys for Parent
and its Subsidiaries), accountants, experts and other professional advisors selected by it; and (ii) no Credit Party shall
have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or (where
so instructed) refraining from acting hereunder or any of the other Transaction Documents in accordance with the instructions
of the Required Lenders (or such other Credit Parties as may be required to give such instructions under Section
14.01).

 

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(c)          Notice
of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Unmatured Initial
Servicer Default, Initial Servicer Default, Unmatured Event of Default or Event of Default, except with respect to Events of Default
in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Credit Parties,
unless Administrative Agent shall have received written notice from a Credit Party or Exela Party referring to this Agreement,
describing such Unmatured Initial Servicer Default, Initial Servicer Default, Unmatured Event of Default or Event of Default and
stating that such notice is a “notice of default.” Administrative Agent will notify the Credit Parties of its receipt
of any such notice. Administrative Agent shall take such action with respect to any such Unmatured Initial Servicer Default, Initial
Servicer Default, Unmatured Event of Default or Event of Default as may be directed by the Required Lenders in accordance with
Articles IX or XI; provided, however, that unless and until Administrative Agent has received any such direction,
Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to
such Unmatured Initial Servicer Default, Initial Servicer Default, Unmatured Event of Default or Event of Default as it shall
deem advisable or in the best interest of the Credit Parties.

 

SECTION 11.04.         Administrative
Agent Entitled to Act as Lender. The agency hereby created shall in no way impair or affect any of the rights and powers of,
or impose any duties or obligations upon, the Administrative Agent in its individual capacity as a Lender hereunder. With respect
to its participation in the Loans and the Letters of Credit, Administrative Agent shall have the same rights and powers hereunder
as any other Lender and may exercise the same as if it were not performing the duties and functions delegated to it hereunder,
and the term “Lender” shall, unless the context clearly otherwise indicates, include Administrative Agent in its individual
capacity. Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, and generally engage
in any kind of banking, trust, financial advisory or other business with Parent or any of its Affiliates as if it were not performing
the duties specified herein, and may accept fees and other consideration from any Exela Party for services in connection herewith
and otherwise without having to account for the same to Credit Parties.

 

SECTION 11.05.          Credit Parties’ Representations, Warranties and Acknowledgment.

 

(a)          Each
Credit Party represents and warrants that it has made its own independent investigation of the financial condition and
affairs of the Exela Parties in connection with Credit Extensions hereunder and that it has made and shall continue to make
its own appraisal of the creditworthiness of the Exela Parties. Administrative Agent shall not have any duty or
responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of
the Credit Parties or to provide any Credit Party with any credit or other information with respect thereto, whether coming
into its possession before the making of the Loans or at any time or times thereafter, and Administrative Agent shall not
have any responsibility with respect to the accuracy of or the completeness of any information provided to the Credit
Parties.

 

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(b)          Each Credit Party, by delivering its signature page to this Agreement or an Assignment and Acceptance Agreement and funding
any Loans hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Transaction Document
and each other document required to be approved by Administrative Agent, Required Lenders or Credit Parties, as applicable on the
Closing Date or as of the date of funding of such new Loans.

 

(c)           Each Credit Party (i) represents and warrants that as of the Closing Date neither such Credit Party nor its Affiliates owns
or controls, or owns or controls any Person owning or controlling, any trade debt or Debt of any Exela Party other than the Borrower
Obligations or any Capital Stock of any Exela Party and (ii) covenants and agrees that from and after the Closing Date neither
such Credit Party nor its Affiliates shall purchase any trade debt or Debt of any Exela Party other than the Borrower Obligations
or Capital Stock described in clause (i) above without the prior written consent of Administrative Agent.

 

SECTION 11.06.         Right
to Indemnity. EACH LENDER, IN PROPORTION TO ITS PERCENTAGE, SEVERALLY AGREES TO INDEMNIFY ADMINISTRATIVE AGENT, ITS
AFFILIATES AND THEIR RESPECTIVE OFFICERS, PARTNERS, DIRECTORS, TRUSTEES, EMPLOYEES AND AGENTS OF THE ADMINISTRATIVE AGENT
(EACH, AN “INDEMNITEE AGENT PARTY”), TO THE EXTENT THAT SUCH INDEMNITEE AGENT PARTY SHALL NOT HAVE BEEN
REIMBURSED BY ANY EXELA PARTY, FOR AND AGAINST ANY AND ALL LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, ACTIONS,
JUDGMENTS, SUITS, COSTS, EXPENSES (INCLUDING COUNSEL FEES AND DISBURSEMENTS) OR DISBURSEMENTS OF ANY KIND OR NATURE
WHATSOEVER WHICH MAY BE IMPOSED ON, INCURRED BY OR ASSERTED AGAINST SUCH INDEMNITEE AGENT PARTY IN EXERCISING ITS POWERS,
RIGHTS AND REMEDIES OR PERFORMING ITS DUTIES HEREUNDER OR UNDER THE OTHER TRANSACTION DOCUMENTS OR OTHERWISE IN ITS CAPACITY
AS SUCH INDEMNITEE AGENT PARTY IN ANY WAY RELATING TO OR ARISING OUT OF THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS, IN
ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY, OR SOLE NEGLIGENCE
OF SUCH INDEMNITEE AGENT PARTY; PROVIDED, NO LENDER SHALL BE LIABLE FOR ANY PORTION OF SUCH LIABILITIES,
OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, ACTIONS, JUDGMENTS, SUITS, COSTS, EXPENSES OR DISBURSEMENTS RESULTING FROM SUCH
INDEMNITEE AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, AS DETERMINED BY A COURT OF COMPETENT JURISDICTION IN
A FINAL, NON-APPEALABLE ORDER. IF ANY INDEMNITY FURNISHED TO ANY INDEMNITEE AGENT PARTY FOR ANY PURPOSE SHALL, IN THE OPINION
OF SUCH INDEMNITEE AGENT PARTY, BE INSUFFICIENT OR BECOME IMPAIRED, SUCH INDEMNITEE AGENT PARTY MAY CALL FOR ADDITIONAL
INDEMNITY AND CEASE, OR NOT COMMENCE, TO DO THE ACTS INDEMNIFIED AGAINST UNTIL SUCH ADDITIONAL INDEMNITY IS FURNISHED; PROVIDED,
IN NO EVENT SHALL THIS SENTENCE REQUIRE ANY LENDER TO INDEMNIFY ANY INDEMNITEE AGENT PARTY AGAINST ANY LIABILITY, OBLIGATION,
LOSS, DAMAGE, PENALTY, ACTION, JUDGMENT, SUIT, COST, EXPENSE OR DISBURSEMENT IN EXCESS OF SUCH LENDER’S PERCENTAGE
THEREOF; AND PROVIDED FURTHER, THIS SENTENCE SHALL NOT BE DEEMED TO REQUIRE ANY LENDER TO INDEMNIFY ANY
INDEMNITEE AGENT PARTY AGAINST ANY LIABILITY, OBLIGATION, LOSS, DAMAGE, PENALTY, ACTION, JUDGMENT, SUIT, COST, EXPENSE OR
DISBURSEMENT DESCRIBED IN THE PROVISO IN THE IMMEDIATELY PRECEDING SENTENCE.

 

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SECTION 11.07.         Successor
Administrative Agent.

 

(a)           Administrative
Agent may resign at any time by giving thirty days’ (or such shorter period as shall be agreed by the Required Lenders)
prior written notice thereof to the Lenders and Borrower. Upon any such notice of resignation, the Required Lenders shall have
the right, upon five Business Days’ notice to Borrower, to appoint a successor Administrative Agent. If no successor shall
have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Credit Parties
appoint a successor Administrative Agent from among the Lenders. Upon the acceptance of any appointment as Administrative Agent
hereunder by a successor Administrative Agent that successor Administrative Agent shall thereupon succeed to and become vested
with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent
shall promptly (i) transfer to such successor Administrative Agent all sums and Collateral held under the Transaction Documents,
together with all records and other documents necessary or appropriate in connection with the performance of the duties of the
successor Administrative Agent under the Transaction Documents, and (ii) execute and deliver to such successor Administrative
Agent such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with
the assignment to such successor Administrative Agent of the security interests created under the Transaction Documents, whereupon
such retiring Administrative Agent shall be discharged from its duties and obligations hereunder. After any resignation hereunder
as Administrative Agent the provisions of this Section 11.07(b) shall inure to its benefit as to any actions taken or omitted
to be taken by it while it was Administrative Agent hereunder.

 

(b)          Notwithstanding
anything herein to the contrary, Administrative Agent may assign its rights and duties as Administrative Agent hereunder
without the prior written consent of, or prior written notice to, Borrower or the Lenders; provided that the Borrower
and the Lenders may deem and treat the assigning Administrative Agent as the Administrative Agent for all purposes hereof,
unless and until such assigning Administrative Agent provides written notice to Borrower and the Lenders of such assignment.
Upon such assignment such Person shall succeed to and become vested with all rights, powers, privileges and duties as
Administrative Agent hereunder and under the other Transaction Documents.

 

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(c)          Administrative Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under
any other Transaction Document by or through any one or more sub-agents appointed by Administrative Agent. Administrative Agent
and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Affiliates. The exculpatory, indemnification and other provisions of Section 11.03, Section 11.06 and of this Section
11.07 shall apply to any of the Affiliates of Administrative Agent and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. All of the rights,
benefits and privileges (including the exculpatory and indemnification provisions) of Section 11.03, Section 11.06
and of this Section 11.07, shall apply to any such sub-agent and to the Affiliates of any such sub-agent, and shall apply
to their respective activities as sub-agent as if such sub-agent and Affiliates were named herein. Notwithstanding anything herein
to the contrary, with respect to each sub-agent appointed by Administrative Agent, (i) such sub-agent shall be a third party beneficiary
under this Agreement with respect to all such rights, benefits and privileges (including exculpatory and rights to indemnification)
and shall have all of the rights, benefits and privileges of a third party beneficiary, including an independent right of action
to enforce such rights, benefits and privileges (including exculpatory rights and rights to indemnification) directly, without
the consent or joinder of any other Person, against any or all of the Exela Parties and the Credit Parties, (ii) such rights, benefits
and privileges (including exculpatory rights and rights to indemnification) shall not be modified or amended without the consent
of such sub-agent, and (iii) such sub-agent shall only have obligations to Administrative Agent and not to any Exela Party, Credit
Party or any other Person and no Exela Party, Credit Party or any other Person shall have the rights, directly or indirectly, as
a third party beneficiary or otherwise, against such sub-agent.

 

SECTION 11.08.         Transaction Documents.

 

(a)           Administrative Agent under Transaction Documents. Each Credit Party hereby further authorizes Administrative Agent,
on behalf of and for the benefit of the Credit Parties, to be the agent for and representative of the Credit Parties with respect
to the Collateral and the other Transaction Documents. Subject to Section 14.01, without further written consent or authorization
from the Credit Parties, Administrative Agent may execute any documents or instruments necessary to release any Adverse Claim encumbering
any item of Collateral that is the subject of a sale or other disposition of assets permitted hereby or to which such other Credit
Parties as may be required to give such consent under Section 14.01) have otherwise consented.

 

(b)          Right
to Realize on Collateral and Enforce Guaranty. Anything contained in any of the Transaction Documents to the contrary
notwithstanding, Borrower, Servicer, Administrative Agent, and each Credit Party hereby agree that (i) no Credit Party shall
have any right individually to realize upon any of the Collateral or to enforce the Performance Guaranty, it being understood
and agreed that all powers, rights and remedies hereunder may be exercised solely by the Administrative Agent, on behalf of
Credit Parties in accordance with the terms hereof and all powers, rights and remedies under the Transaction Documents may be
exercised solely by the Administrative Agent, and (ii) in the event of a foreclosure by Administrative Agent on any of the
Collateral pursuant to a public or private sale or any sale of the Collateral in a case under the Bankruptcy Code,
Administrative Agent or any Credit Party may be the purchaser of any or all of such Collateral at any such sale and
Administrative Agent, as agent for and representative of Secured Parties (but not any other Credit Parties in its or their
respective individual capacities unless the Required Lenders shall otherwise agree in writing) shall be entitled, for the
purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at
any such public sale, to use and apply any of the Borrower Obligations as a credit on account of the purchase price for any
collateral payable by Administrative Agent at such sale.

 

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SECTION 11.09.         Agency for Perfection. Administrative Agent and each Credit Party hereby appoints Administrative Agent and
each other Credit Party as agent and bailee for the purpose of perfection the security interests in and liens upon the Collateral
in assets which, in accordance with Article 9 of the UCC, can be perfected only by possession or control (or where the security
interest of a secured party with possession or control has priority over the security interest of another secured party) and Administrative
Agent and each Credit Party hereby acknowledges that it holds possession of or otherwise controls any such Collateral for the benefit
of Administrative Agent and the Credit Parties as secured party. Should any Credit Party obtain possession or control of any such
Collateral, such Credit Party shall notify Administrative Agent thereof, and, promptly upon Administrative Agent’s request
therefore shall deliver such Collateral to Administrative Agent or in accordance with Administrative Agent’s instructions.
In addition, Administrative Agent shall also have the power and authority hereunder to appoint such other sub-agents as may be
necessary or required under applicable state law or otherwise to perform its duties and enforce its rights with respect to the
Collateral and under the Transaction Documents. Each Exela Party by its execution and delivery of this Agreement hereby consents
to the foregoing.

 

SECTION 11.10.         Reports and Other Information; Confidentiality; Disclaimers. By becoming a party to this Agreement, each Credit Party:

 

(a)           is
deemed to have requested that Administrative Agent furnish such Credit Party, promptly after it becomes available, a copy of each
field audit or examination report with respect to any Exela Party (each a “Report” and collectively, “Reports”)
prepared by or at the request of Administrative Agent, and Administrative Agent shall so furnish each Credit Party and Administrative
Agent with such Reports;

 

(b)          expressly
agrees and acknowledges that Administrative Agent does not (i) make any representation or warranty as to the accuracy of any Report,
and (ii) shall not be liable for any information contained in any Report;

 

(c)          expressly
agrees and acknowledges that the Reports are not comprehensive audits or examinations, that Administrative Agent or other
party performing any audit or examination will inspect only specific information regarding the Exela Parties and will rely
significantly upon the Exela Parties books and records, as well as on representations of such Person’s personnel;

 

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(d)           agrees
to keep all Reports and other material, non-public information regarding the Exela Parties and their operations, assets, and existing
and contemplated business plans in a confidential manner in accordance with this Agreement, and

 

(e)          without
limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to hold Administrative
Agent and any other Credit Party preparing a Report harmless from any action the indemnifying Credit Party may take or fail to
take or any conclusion the indemnifying Credit Party may reach or draw from any Report in connection with any loans or other credit
accommodations that the indemnifying Credit Party has made or may make to Borrower, or the indemnifying Credit Party’s participation
in, or the indemnifying Credit Party’s purchase of, a loan or loans of the Borrower, and (ii) to pay and protect, and indemnify,
defend and hold Administrative Agent, and any such other Credit Party preparing a Report harmless from and against, the claims,
actions, proceedings, damages, costs, expenses, and other amounts (including, attorneys fees and costs) incurred by Administrative
Agent and any such other Credit Party preparing a Report as the direct or indirect result of any third parties who might obtain
all or part of any Report through the indemnifying Credit Party.

 

In addition to the foregoing:
(x) any Credit Party may from time to time request of Administrative Agent in writing that Administrative Agent provide to such
Credit Party a copy of any report or document provided by any Exela Party to Administrative Agent that has not been contemporaneously
provided by any Exela Party to such Credit Party, and, upon receipt of such request, Administrative Agent promptly shall provide
a copy of same to such Credit Party, (y) to the extent that Administrative Agent is entitled, under any provision of the Transaction
Documents, to request additional reports or information from the Exela Parties or any Credit Party may, from time to time, reasonably
request Administrative Agent to exercise such right as specified in such Credit Party’s notice to Administrative Agent, whereupon
Administrative Agent promptly shall request of any Exela Party the additional reports or information reasonably specified by such
Credit Party and, upon receipt thereof from any Exela Party, Administrative Agent promptly shall provide a copy of same to such
Credit Party, and (z) any time that Administrative Agent renders to the Borrower a statement regarding the Loans, the Administrative
Agent shall send a copy of such statement to each Credit Party.

 

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ARTICLE
XII

[Reserved]

 

ARTICLE
XIII

INDEMNIFICATION

 

SECTION 13.01.         Indemnities
by the Borrower.

 

(a)          Without limiting any other rights that the Administrative Agent, the Credit Parties, the Affected Persons and their respective
assigns, officers, directors, agents and employees (each, a “Borrower Indemnified Party”) may have hereunder
or under Applicable Law, the Borrower hereby agrees to indemnify each Borrower Indemnified Party from and against any and all claims,
losses and liabilities (including Attorney Costs) (all of the foregoing being collectively referred to as “Borrower Indemnified
Amounts”) arising out of or resulting from this Agreement or any other Transaction Document or the use of proceeds of
the Credit Extensions or the security interest in respect of any Pool Receivable or any other Collateral; excluding, however,
(a) Borrower Indemnified Amounts (x) resulted solely from the gross negligence or willful misconduct by the Borrower Indemnified
Party seeking indemnification, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) resulting
from a material breach of any Transaction Document on the part of such Borrower Indemnified Party, as determined by a final non-appealable
judgment of a court of competent jurisdiction, or (z) that constitute recourse with respect to a Pool Receivable by reason of an
Event of Bankruptcy or insolvency, or the financial or credit condition or financial default, of the related Obligor, and (b) Taxes
(other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax Claim or that are specifically described
below). Without limiting or being limited by the foregoing, the Borrower shall pay on demand (it being understood that if any portion
of such payment obligation is made from Collections, such payment will be made at the time and in the order of priority set forth
in Section 4.01), to each Borrower Indemnified Party any and all amounts necessary to indemnify such Borrower Indemnified
Party from and against any and all Borrower Indemnified Amounts relating to or resulting from any of the following (but excluding
Borrower Indemnified Amounts and Taxes described in clauses (a) and (b) above):

 

(i)              any Pool Receivable which the Borrower or the Servicer includes as an Eligible Receivable as part of the Net Pool Balance
but which is not an Eligible Receivable at such time;

 

(ii)             
any representation, warranty or statement made or deemed made by the Borrower (or any of its officers) under or in connection
with this Agreement, any of the other Transaction Documents, any Information Package, any Interim Report or any other information
or report delivered by or on behalf of the Borrower pursuant hereto which shall have been untrue or incorrect when made or deemed
made;

 

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(iii)           
the failure by the Borrower to comply with any Applicable Law with respect to any Pool Receivable or the related Contract;
or the failure of any Pool Receivable or the related Contract to conform to any such Applicable Law;

 

(iv)            the failure to vest in the Administrative Agent a first priority perfected security interest in all or any portion of the
Collateral, in each case free and clear of any Adverse Claim;

 

(v)             the
failure to have filed, or any delay in filing, financing statements, financing statement amendments, continuation statements or
other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any
Pool Receivable and the other Collateral and Collections in respect thereof, whether at the time of any Credit Extension or at
any subsequent time;

 

(vi)            any
dispute, claim, offset or defense (other than discharge in bankruptcy) of an Obligor to the payment of any Pool Receivable (including
a defense based on such Pool Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor
enforceable against it in accordance with its terms), any other claim resulting from or relating to collection activities with
respect to such Pool Receivable, or any other claim resulting from the sale of goods or rendering of services related to such
Pool Receivable or the furnishing or failure to furnish any such goods or services or other similar claim or defense not arising
from the financial inability of nay Obligor to pay undisputed indebtedness;

 

(vii)           any
failure of the Borrower to perform any of its duties or obligations in accordance with the provisions hereof and of each other
Transaction Document related to Pool Receivables or to timely and fully comply with the Credit and Collection Policy in regard
to each Pool Receivable;

 

(viii)          any products liability, environmental or other claim arising out of or in connection with any Pool Receivable or other merchandise,
goods or services which are the subject of or related to any Pool Receivable;

 

(ix)            
the commingling of Collections of Pool Receivables at any time with other funds;

 

(x)              any
investigation, litigation or proceeding (actual or threatened) related to this Agreement or any other Transaction Document or
the use of proceeds of any Credit Extensions or in respect of any Pool Receivable or other Collateral or any related Contract
(except to the extent relating to a credit losses on the Pool Receivable by reason of an Event of Bankruptcy or insolvency, or
the financial or credit condition or financial default, of the related Obligor);

 

(xi)            
any failure of the Borrower to comply with its covenants, obligations and agreements contained in this Agreement or any
other Transaction Document;

 

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(xii)            any
failure by any Exela Party to obtain any Obligor’s consent to any transfer, sale or assignment of any rights and duties
under a Contract that requires the Obligor thereunder to consent to any such transfer, sale or assignment of any rights and duties
thereunder;

 

(xiii)           any
setoff with respect to any Pool Receivable;

 

(xiv)           any failure of the Borrower or any Originator to perform any of their respective duties or obligations under any Contract
related to any Receivable;

 

(xv)            any
claim brought by any Person other than a Borrower Indemnified Party arising from any activity by the Borrower or any Affiliate
of the Borrower in servicing, administering or collecting any Pool Receivable;

 

(xvi)          the
failure by the Borrower to pay when due any Taxes, including sales, excise or personal property taxes;

 

(xvii)          any
failure of a Collection Account Bank to comply with the terms of the applicable Account Control Agreement or Sweep Instructions
or any amounts payable by the Administrative Agent to a Collection Account Bank under any Account Control Agreement or Sweep Instructions;

 

(xviii)        any
dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Pool
Receivable (including a defense based on such Pool Receivable or the related Contract or Agency Letter not being a legal, valid
and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from
the sale of goods or the rendering of services related to such Pool Receivable or the furnishing or failure to furnish any such
goods or services or other similar claim or defense not arising from the financial inability of any Obligor to pay undisputed
indebtedness;

 

(xix)           the
use of proceeds of any Credit Extension or the usage of any Letter of Credit; or

 

(xx)            any
reduction in Loans as a result of the distribution of Collections if all or a portion of such distributions shall thereafter be
rescinded or otherwise must be returned for any reason.

 

(b)           If
for any reason the foregoing indemnification is unavailable to any Borrower Indemnified Party or insufficient to hold it
harmless, then the Borrower shall contribute to such Borrower Indemnified Party the amount paid or payable by such Borrower
Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the
relative economic interests of the Borrower and its Affiliates on the one hand and such Borrower Indemnified Party on the
other hand in the matters contemplated by this Agreement as well as the relative fault of the Borrower and its Affiliates and
such Borrower Indemnified Party with respect to such loss, claim, damage or liability and any other relevant equitable
considerations. The reimbursement, indemnity and contribution obligations of the Borrower under this Section shall be in
addition to any liability which the Borrower may otherwise have, shall extend upon the same terms and conditions to each
Borrower Indemnified Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal
representatives of the Borrower and the Borrower Indemnified Parties.

 

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(c)          Any
indemnification or contribution under this Section shall survive the termination of this Agreement.

 

SECTION 13.02.         Indemnification by the Initial Servicer.

 

(a)           The
Initial Servicer hereby agrees to indemnify and hold harmless the Borrower, the Administrative Agent, the Credit Parties, the
Affected Persons and their respective assigns, officers, directors, agents and employees (each, a “Initial Servicer Indemnified
Party”), from and against any loss, liability, expense, damage or injury suffered or sustained by reason of any acts,
omissions or alleged acts or omissions arising out of activities of the Initial Servicer pursuant to this Agreement or any other
Transaction Document, including any judgment, award, settlement, Attorney Costs and other reasonable and documented out-of-pocket
costs or expenses incurred in connection with the defense of any actual or threatened action, proceeding or claim (all of the
foregoing being collectively referred to as, “Initial Servicer Indemnified Amounts”); excluding (i) Initial
Servicer Indemnified Amounts (x) resulted solely from the gross negligence or willful misconduct by the Initial Servicer Indemnified
Party seeking indemnification, as determined by a final non-appealable judgment of a court of competent jurisdiction holds that
such Initial Servicer Indemnified Amounts, (y) resulting from a material breach of any Transaction Document on the part of such
Initial Servicer Indemnified Party, as determined by a final non-appealable judgment of a court of competent jurisdiction, or
(z) that constitute recourse with respect to a Pool Receivable by reason of an Event of Bankruptcy or insolvency, or the financial
or credit condition or financial default, of the related Obligor, (ii) Taxes (other than any Taxes that represent losses, claims,
damages, etc. arising from any non-Tax Claim or that are specifically described below), and (iii) Initial Servicer Indemnified
Amounts to the extent the same includes losses in respect of Pool Receivables that are uncollectible solely on account of the
insolvency, bankruptcy, lack of creditworthiness or other financial inability to pay of the related Obligor. Without limiting
or being limited by the foregoing, the Initial Servicer shall pay on demand, to each Initial Servicer Indemnified Party any and
all amounts necessary to indemnify such Initial Servicer Indemnified Party from and against any and all Initial Servicer Indemnified
Amounts relating to or resulting from any of the following (but excluding Initial Servicer Indemnified Amounts described in clauses
(i), (ii) and (iii) above):

 

(i)              any Pool Receivable which the Initial Servicer includes as an Eligible Receivable as part of the Net Pool Balance but which
is not an Eligible Receivable at such time;

 

(ii)             any
representation, warranty or statement made or deemed made by the Initial Servicer (or any of its respective officers) under
or in connection with this Agreement, any of the other Transaction Documents, any Information Package, any Interim Report or
any other information or report delivered by or on behalf of the Initial Servicer pursuant hereto which shall have been
untrue or incorrect when made or deemed made;

 

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(iii)             the
failure by the Initial Servicer to comply with any Applicable Law with respect to any Pool Receivable or the related Contract;
or the failure of any Pool Receivable or the related Contract to conform to any such Applicable Law;

 

(iv)            any
failure of the Initial Servicer to perform in all material respects any of its duties or obligations under any Contract related
to any Receivable;

 

(v)             any failure by any Exela Party to obtain any Obligor’s consent to any transfer, sale or assignment of any rights and
duties under a Contract that requires the Obligor thereunder to consent to any such transfer, sale or assignment of any rights
and duties thereunder;

 

(vi)            the
commingling of Collections of Pool Receivables at any time with other funds;

 

(vii)           any
failure of the Initial Servicer to comply with its covenants, obligations and agreements contained in this Agreement or any other
Transaction Document;

 

(viii)          any
liability of the Borrower under Section 5.03 or resulting from a breach by the Borrower of the representations and warranties
set forth in Section 7.01(z) or Section 7.01(aa) or the covenants set forth in Section 8.01(o), Section 8.03(k), Section 9.05(a)(ii)
or Section 9.05(a)(iii).

 

(b)          If
for any reason the foregoing indemnification is unavailable to any Initial Servicer Indemnified Party or insufficient to hold
it harmless, then the Initial Servicer shall contribute to such Initial Servicer Indemnified Party the amount paid or payable
by such Initial Servicer Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate
to reflect the relative economic interests of the Initial Servicer and its Affiliates on the one hand and such Initial Servicer
Indemnified Party on the other hand in the matters contemplated by this Agreement as well as the relative fault of the Initial
Servicer and its Affiliates and such Initial Servicer Indemnified Party with respect to such loss, claim, damage or liability
and any other relevant equitable considerations. The reimbursement, indemnity and contribution obligations of the Initial Servicer
under this Section shall be in addition to any liability which the Initial Servicer may otherwise have, shall extend upon the
same terms and conditions to each Initial Servicer Indemnified Party, and shall be binding upon and inure to the benefit of any
successors, assigns, heirs and personal representatives of the Initial Servicer and the Initial Servicer Indemnified Parties.

 

(c)           Any
indemnification or contribution under this Section shall survive the termination of this Agreement.

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ARTICLE
XIV

 

MISCELLANEOUS

 

SECTION 14.01.                  Amendments,
Etc.

 

(a)          No
failure on the part of any Credit Party to exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise
thereof or the exercise of any other right. No amendment or waiver of any provision of this Agreement or consent to any
departure by any of the Borrower or any Affiliate thereof shall be effective unless in a writing signed by the Administrative
Agent, the LC Bank and the Required Lenders (and, in the case of any amendment, also signed by the Borrower), and then such
amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however,
that (A) no amendment, waiver or consent shall, unless in writing and signed by the Servicer, affect the rights or duties of
the Servicer under this Agreement; and (B) no amendment, waiver or consent shall, unless in writing and signed by the
Administrative Agent and each Lender:

 

(i)          change
(directly or indirectly) the definitions of, Borrowing Base Deficit, Defaulted Receivable, Delinquent Receivable, Eligible Receivable,
Facility Limit, Revolving A Final Maturity Date, Revolving B Final Maturity Date, Net Pool Balance, Required Reserves, Revolving
A LC Facility Sublimit, Revolving A Minimum Funding Amount, Revolving A Scheduled Termination Date, Revolving B Minimum Funding
Amount, or Revolving B Scheduled Termination Date contained in this Agreement, or increase the then existing Concentration Percentage
for any Obligor, or change the calculation of the Borrowing Base;

 

(ii)         reduce the amount of principal or Interest that is payable on account of any Loan or with respect to any other Credit Extension
or delay any scheduled date for payment thereof;

 

(iii)        change
any Event of Default or Initial Servicer Default;

 

(iv)        release all or a material portion of the Collateral from the Administrative Agent’s security interest created hereunder;

 

(v)         release
the Performance Guarantor from all or a material portion of its obligations under the Performance Guaranty or terminate the Performance
Guaranty;

 

(vi)        change
any of the provisions of this Section 14.01 or the definition of “Required Class Lenders”, “Required
Revolving A Lenders”, “Required Revolving B Lenders” or “Required Lenders”;

 

(vii)       change
the order of priority in which Collections are applied pursuant to Section 4.01;

 

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(viii)      amend,
modify, terminate or waive any provision of Section 6.02 with regard to any Credit Extension without the consent of Required
Class Lenders of the affected Class; or

 

(ix)         alter
the required application of any repayments or prepayments as between Classes without the consent of Required Class Lenders of
each Class which is being allocated a lesser repayment or prepayment as a result thereof; provided, the Required Lenders
may waive, in whole or in part, any prepayment so long as the application, as between Classes, of any portion of such prepayment
which is still required to be made is not altered.

 

Notwithstanding the foregoing, (A) no amendment,
waiver or consent shall increase any Lender’s Commitment hereunder without the consent of such Lender and (B) no amendment,
waiver or consent shall reduce any Fees payable by the Borrower to any Lender or delay the dates on which any such Fees are payable,
in either case, without the consent of such Lender.

 

SECTION 14.02.                  Notices,
Etc. All notices and other communications hereunder shall, unless otherwise stated herein, be in writing (which shall
include facsimile communication and e-mail) and faxed, emailed or delivered, to each party hereto, at its address set forth
under its name on Schedule III hereto or at such other address as shall be designated by such party in a written
notice to the other parties hereto. Notices and communications by (i) facsimile shall be effective when sent (and shall be
followed by hard copy sent by regular mail), (ii) e-mail shall be deemed received upon the sender’s receipt of an
acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgment) and (iii) notices and communications sent by other means shall be effective
when received.

 

SECTION 14.03.                 Successors
and Assigns; Participations.

 

(a)          Right
to Assign. Each Lender shall have the right at any time to sell, assign or transfer all or a portion of its rights and obligations
under this Agreement, including, without limitation, all or a portion of its Commitment or Loans owing to it or other Borrower
Obligations (provided, however, that each such assignment shall be of a uniform, and not varying, percentage of
all rights and obligations under and in respect of any Loan and any related Commitments):

 

(i)           to
any Person meeting the criteria of clause (i) or of the definition of the term of “Eligible Assignee” upon the
giving of notice to the Borrower and Administrative Agent; and

 

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(ii)          to
any Person otherwise constituting an Eligible Assignee with the consent of the Administrative Agent, and (i) with respect
to the assignment of any Revolving A Loans or any Revolving A Commitment, the consent of the LC Bank or (ii) with
respect to the assignment of any Revolving B Loans or any Revolving B Commitment prior to the Revolving A Scheduled
Commitment Termination Date, the consent of the Borrower (provided that (x) the Borrower’s consent shall not
be withheld, conditioned or delayed unless the Borrower reasonably believes that the financial condition of the proposed Eligible
Assignee creates a material risk that such Eligible Assignee would not be able to fulfill its obligations hereunder and (y) no
such consent of the Borrower shall be required at any time an Event of Default has occurred and is continuing); provided,
each such assignment hereunder shall be in an aggregate amount of not less than $1,000,000 (or such lesser amount as may be agreed
to by the Borrower and the Administrative Agent or as shall constitute the aggregate amount of the Commitments of the assigning
Lender) with respect to the assignment of the Commitments and Loans.

 

(b)         Register. The Administrative Agent shall, acting solely for this purpose as an agent of the Borrower, maintain at
its address referred to on Schedule III of this Agreement (or such other address of the Administrative Agent notified by
the Administrative Agent to the other parties hereto) a copy of each Assignment and Acceptance Agreement delivered to and accepted
by it and a register for the recordation of the names and addresses of the Lenders, the Commitment of each Lender and the aggregate
outstanding principal (and stated interest) of the Loans of each Lender from time to time (the “Register”).
The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Initial
Servicer, the Administrative Agent, the Lenders, and the other Credit Parties may treat each Person whose name is recorded in the
Register as a Lender under this Agreement for all purposes of this Agreement. The Register shall be available for inspection by
the Borrower, the Initial Servicer, or any Lender at any reasonable time and from time to time upon reasonable prior notice.

 

(c)          Procedure. Upon its receipt of an Assignment and Acceptance Agreement executed and delivered by an assigning Lender
and an Eligible Assignee or assignee Lender, the Administrative Agent shall, if such Assignment and Acceptance Agreement has been
duly completed, (i) accept such Assignment and Acceptance Agreement, (ii) record the information contained therein in the Register
and (iii) give prompt notice thereof to the Borrower and the Initial Servicer.

 

(d)         Representations
and Warranties of Assignee. Each Lender, upon execution and delivery hereof or upon executing and delivering an Assignment
and Acceptance Agreement, as the case may be, represents and warrants as of the Closing Date or as of the applicable Effective
Date (as defined in the applicable Assignment and Acceptance Agreement) that (i) it is an Eligible Assignee; (ii) it has experience
and expertise in the making of or investing in commitments or loans such as the applicable Commitments or Loans, as the case may
be; (iii) it will make or invest in, as the case may be, its Commitments or Loans for its own account in the ordinary course of
its business and without a view to distribution of such Commitments or Loans within the meaning of the Securities Act or the Exchange
Act or other federal securities laws (it being understood that, subject to the provisions of this Section 14.03(d), the
disposition of such Commitments or Loans or any interests therein shall at all times remain within its exclusive control); and
(iv) such Lender does not own or control, or own or control any Person owning or controlling, any trade debt or Debt of any Exela
Party other than the Borrower Obligations or any Capital Stock of any Exela Party.

 

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(e)         Effect
of Assignment. Subject to the terms and conditions of this Section 14.03, as of the later (i) of the “Effective
Date” specified in the applicable Assignment and Acceptance Agreement or (ii) the date such assignment is recorded in the
Register: (A) the assignee thereunder shall have the rights and obligations of a “Lender” hereunder to the extent
such rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance Agreement and shall
thereafter be a party hereto and a “Lender” for all purposes hereof; (B) the assigning Lender thereunder shall, to
the extent that rights and obligations hereunder have been assigned thereby pursuant to such Assignment Agreement, relinquish
its rights (other than any rights which survive the termination of this Agreement) and be released from its obligations hereunder
(and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning Lender’s
rights and obligations hereunder, such Lender shall cease to be a party hereto; provided, anything contained in any of
the Transaction Documents to the contrary notwithstanding, (1) the LC Bank shall continue to have all rights and obligations thereof
with respect to such Letters of Credit until the cancellation or expiration of such Letters of Credit and the reimbursement of
any amounts drawn thereunder, and (2) such assigning Lender shall continue to be entitled to the benefit of all indemnities hereunder
as specified herein with respect to matters arising out of the prior involvement of such assigning Lender as a Lender hereunder);
and (C) the Commitments shall be modified to reflect the Commitment of such assignee and any Commitment of such assigning Lender,
if any.

 

(f)          Participations.
Each Lender shall have the right at any time to sell one or more participations to any Person (other than any Exela Party or any
of its Affiliates) in all or any part of its Commitments, Loans or in any other Borrower Obligation. The holder of any such participation,
other than an Affiliate of the Lender granting such participation, shall not be entitled to require such Lender to take or omit
to take any action hereunder except with respect to any amendment, modification or waiver that would (i) extend the final scheduled
maturity of any Loan or Letter of Credit (unless such Letter of Credit is not extended beyond the Revolving A Scheduled Termination
Date) in which such participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon
(except in connection with a waiver of applicability of any post default increase in interest rates) or reduce the principal amount
thereof, or increase the amount of the participant’s participation over the amount thereof then in effect (it being understood
that a waiver of any Unmatured Initial Servicer Default, Initial Servicer Default, Unmatured Event of Default or Event of Default
or of a mandatory reduction in the Commitment shall not constitute a change in the terms of such participation, and that an increase
in any Commitment or Loan shall be permitted without the consent of any participant if the participant’s participation is
not increased as a result thereof), (ii) consent to the assignment or transfer by any Exela Party of any of its rights and obligations
under this Agreement, or (iii) release all or substantially all of the Collateral under the Transaction Documents (in each case,
except as expressly provided in the Transaction Documents) supporting the Loans hereunder in which such participant is participating.
The Borrower agrees that each participant shall be entitled to the benefits of Article V to the same extent as if it were
a Lender and had acquired its interest by assignment pursuant to the terms of this Agreement; provided, a participant that
would not be a U.S. Person if it were a Lender shall not be entitled to the benefits of Section 5.03, unless, at the time
such participant is claiming such benefits, the Borrower is notified of the participation sold to such participant and such participant
agrees, for the benefit of the Borrower, to comply with Section 5.03 as though it were a Lender. To the extent permitted
by law, each participant also shall be entitled to the benefits of Section 5.03 as though it were a Lender, provided such
Participant agrees to be subject to Section 5.03 as though it were a Lender.

 

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(g)         Participant
Register. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain
a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each
participant’s interest in the Loans or other obligations under this Agreement (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 this Agreement) 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 Administrative
Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(h)         Assignments by Agents. This Agreement and the rights and obligations of the Administrative Agent herein shall be
assignable by the Administrative Agent; provided that in the case of an assignment to a Person that is not an Affiliate
of the Administrative Agent, so long as no Unmatured Initial Servicer Default, Initial Servicer Default, Event of Default or Unmatured
Event of Default has occurred and is continuing, such assignment shall require the Borrower’s consent (not to be unreasonably
withheld, conditioned or delayed).

 

(i)          Assignments
by the Borrower or the Servicer. Neither the Borrower nor, except as provided in Section 9.01, the Servicer may assign
any of its respective rights or obligations hereunder or any interest herein without the prior written consent of the Administrative
Agent, the LC Bank and each Lender (such consent to be provided or withheld in the sole discretion of such Person).

 

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(j)           Pledge
to a Federal Reserve Bank. In addition to any other assignment permitted pursuant to this Section 14.03, any Lender
may assign, pledge and/or grant a security interest in, all or any portion of its Loans and the other Borrower Obligations owed
by or to such Lender to secure obligations of such Lender or any of its Affiliates to any Person providing any loan, letter of
credit or other extension of credit or financial arrangement to or for the account of such Lender or any of its Affiliates and
any agent, trustee or representative of such Person (without the consent of, or notice to, or any other action by, any other party
hereto), including, without limitation, any Federal Reserve Bank as collateral security pursuant to Regulation A of the Board
of Governors of the Federal Reserve System and any operating circular issued by such Federal Reserve Bank; provided, no
Lender, as between the Borrower and such Lender, shall be relieved of any of its obligations hereunder as a result of any such
assignment and pledge; provided further, in no event shall such Person, agent, trustee or representative of such Person
or the applicable Federal Reserve Bank be considered to be a “Lender” or “Agent” or be entitled to require
the assigning Lender or the Administrative Agent to take or omit to take any action hereunder.

 

SECTION 14.04.               
   Costs and Expenses. In addition to the rights of indemnification granted under Section 13.01
hereof, whether or not the transactions contemplated hereby shall be consummated, the Borrower agrees to pay promptly (a) all
of each Credit Party’s and Administrative Agent’s actual and reasonable costs and expenses of preparation of the Transaction
Documents and any consents, amendments, waivers or other modifications thereto; (b) all the reasonable fees, expenses and disbursements
of counsel to each Credit Party and Administrative Agent in connection with the negotiation, preparation, execution and administration
of the Transaction Documents and any consents, amendments, waivers or other modifications thereto and any other documents or matters
requested by the Borrower; (c) all the actual costs and reasonable expenses of creating and perfecting security interests in favor
of Administrative Agent, for the benefit of Secured Parties, including filing and recording fees, expenses and taxes, stamp or
documentary taxes, search fees, title insurance premiums and reasonable fees, expenses and disbursements of counsel to each Credit
Party and Administrative Agent and of counsel providing any opinions that any Credit Party may request in respect of the Collateral
or security interests created pursuant to the Transaction Documents; (d) all of each Credit Party’s and Administrative Agent’s
actual costs and reasonable fees, expenses for, and disbursements of any of such Credit Party’s or Administrative Agent’s
auditors, accountants, consultants or appraisers whether internal or external, and all reasonable attorneys’ fees (including
allocated costs of internal counsel and expenses and disbursements of outside counsel) incurred by each Credit Party and the Administrative
Agent; (e) all the actual costs and reasonable expenses (including the reasonable fees, expenses and disbursements of any appraisers,
consultants, advisors and agents employed or retained by Administrative Agent and its counsel) in connection with the custody
or preservation of any of the Collateral; (f) all the actual costs and reasonable expenses of the Credit Parties, Administrative
Agent and Lenders in connection with the attendance at any meetings in connection with this Agreement and the other Transaction
Documents; (g) all other actual and reasonable costs and expenses incurred by each Credit Party and Administrative Agent in connection
with the syndication of the Loans and Commitments and the negotiation, preparation and execution of the Transaction Documents
and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby; and (h) after
the occurrence of an Unmatured Initial Servicer Default, Initial Servicer Default, Unmatured Event of Default or an Event of Default,
all costs and expenses, including reasonable attorneys’ fees (including allocated costs of internal counsel) and costs of
settlement, incurred by any Credit Party, Administrative Agent and Lenders in enforcing any Borrower Obligations of or in collecting
any payments due from any Exela Party hereunder or under the other Transaction Documents by reason of such Unmatured Initial Servicer
Default, Initial Servicer Default, Unmatured Event of Default or Event of Default (including in connection with the sale of, collection
from, or other realization upon any of the Collateral or the enforcement of the Transaction Documents) or in connection with any
refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work out” or pursuant
to any insolvency or bankruptcy cases or proceedings.

 

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SECTION 14.05.                  No Proceedings. Each of the Servicer, each Credit Party and each assignee of a Loan or any
interest therein, hereby covenants and agrees that it will not institute against, or join any other Person in instituting
against, any Bankruptcy Remote Entity any Event of Bankruptcy until one year and one day after the Final Payout Date; provided,
that the Administrative Agent may take any such action in its sole discretion following the occurrence of an Event of
Default.

 

SECTION 14.06.                 Confidentiality.

 

(a)         Administrative
Agent and each other Credit Party shall hold all non-public information regarding the Exela Parties and their businesses identified
as such by such Exela Party and obtained by such Credit Party from such Exela Party pursuant to the requirements hereof in accordance
with such Credit Party’s customary procedures for handling confidential information of such nature, it being understood
and agreed by the Exela Parties that, in any event, any Credit Party may make (i) disclosures of such information to Affiliates
of such Credit Party and to their agents, advisors, directors, officers and shareholders (and to other persons authorized by a
Credit Party to organize, present or disseminate such information in connection with disclosures otherwise made in accordance
with this Section 14.06), (ii) disclosures of such information reasonably required by any bona fide or potential assignee,
transferee or participant in connection with the contemplated assignment, transfer or participation by any such Credit Party of
any Loans or any participations therein, (iii) disclosure to any rating agency when required by it, provided that, prior
to any disclosure, such rating agency shall undertake in writing to preserve the confidentiality of any confidential information
relating to the Exela Parties received by it from any of the Credit Parties, (iv) disclosure to any Credit Party’s financing
sources, provided that prior to any disclosure, such financing source is informed of the confidential nature of the information,
(v) disclosures of such information to any investors, members and partners of any Credit Party or their Affiliates, provided
that prior to any disclosure, such investor or partner is informed of the confidential nature of the information, and (vi)
disclosure required or requested in connection with any public filings, whether pursuant to any securities laws or regulations
or rules promulgated therefor (including the Investment Company Act or otherwise) or representative thereof or by the National
Association of Insurance Commissioners (and any successor thereto) or pursuant to legal or judicial process; provided,
unless specifically prohibited by applicable law or court order, each Credit Party shall make reasonable efforts to notify the
Borrower of any request by any Governmental Authority or representative thereof (other than any such request in connection with
any examination of the financial condition or other routine examination of such Credit Party by such Governmental Authority) for
disclosure of any such non-public information prior to disclosure of such information. Notwithstanding the foregoing, on or after
the Closing Date, any Credit Party may, at its own expense issue news releases and publish “tombstone” advertisements
and other announcements relating to this transaction in newspapers, trade journals and other appropriate media (which may include
use of logos of one or more of the Exela Parties)(collectively, “Trade Announcements”). No Exela Party shall
issue any Trade Announcement or disclose to any Person, the terms of this Agreement or the Fee Letter (including any fees payable
in connection with this Agreement, the Fee Letter or any other Transaction Document or the identity of the Administrative Agent
or any other Credit Party except (A) disclosures required by applicable law, regulation, legal process or the rules of the Securities
and Exchange Commission or (B) with the prior approval of Administrative Agent and such other Credit Party.

 

    	 	136	 

     

    

 

SECTION 14.07.                 
GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
IN THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF ADMINISTRATIVE
AGENT OR ANY CREDIT PARTY IN THE COLLATERAL IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK).

 

SECTION 14.08.                 
Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed
shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of
an executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed
counterpart.

 

SECTION 14.09.                 
Integration; Binding Effect; Survival of Termination. This Agreement and the other Transaction Documents contain
the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and
shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior
oral or written understandings. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in
accordance with its terms and shall remain in full force and effect until the Final Payout Date; provided, however,
that the provisions of Sections 3.08, 3.09, 3.10, 5.01, 5.02, 5.03, 11.04, 11.06,
12.04, 13.01, 13.02, 14.04, 14.05, 14.06, 14.09, 14.11 and 14.13
shall survive any termination of this Agreement.

 

    	 	137	 

     

    

 

SECTION 14.10.                 
CONSENT TO JURISDICTION.

 

(a)         ALL
JUDICIAL PROCEEDINGS BROUGHT AGAINST BORROWER OR SERVICER ARISING OUT OF OR RELATING HERETO OR ANY OTHER TRANSACTION DOCUMENT,
OR ANY OF THE BORROWER OBLIGATIONS, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY
AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH OF BORROWER AND SERVICER, FOR ITSELF AND IN CONNECTION
WITH ITS PROPERTIES, IRREVOCABLY (I) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NON-EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS;
(II) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (III) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT
MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO IT AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION
14.02 IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER IT IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (IV) AGREES THAT CREDIT PARTIES RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST IT IN THE COURTS OF ANY OTHER JURISDICTION.

 

(b)         EACH OF THE BORROWER AND THE SERVICER CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY
THE MAILING OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED IN SECTION 14.02. NOTHING IN THIS SECTION 14.10
SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW.

 

SECTION 14.11.                 WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER TRANSACTION DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING
TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS
WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT
MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH
HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED
FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND
THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING
TO THIS SECTION 14.11 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS
RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL
BY THE COURT.

 

    	 	138	 

     

    

 

SECTION 14.12.                  Ratable Sharing. The Credit Parties hereby agree among themselves that, except as otherwise provided in the Transaction
Documents with respect to amounts realized from the exercise of rights with respect to security interests in the Collateral, if
any of them shall, whether by voluntary payment (other than a voluntary prepayment of Loans made and applied in accordance with
the terms hereof), through the exercise of any right of set off or banker’s lien, by counterclaim or cross action or by the
enforcement of any right under the Transaction Documents or otherwise, or as adequate protection of a deposit treated as cash collateral
under the Bankruptcy Code, receive payment or reduction of a proportion of the aggregate amount of principal, interest, amounts
payable in respect of Letters of Credit, fees and other amounts then due and owing to such Credit Party hereunder or under the
other Transaction Documents (collectively, the “Aggregate Amounts Due” to such Credit Party) which is greater
than the proportion received by any other Credit Party in respect of the Aggregate Amounts Due to such other Credit Party, then
the Credit Party receiving such proportionately greater payment shall (a) notify Administrative Agent and each other Credit Party
of the receipt of such payment and (b) apply a portion of such payment to purchase participations (which it shall be deemed to
have purchased from each seller of a participation simultaneously upon the receipt by such seller of its portion of such payment)
in the Aggregate Amounts Due to the other Credit Parties so that all such recoveries of Aggregate Amounts Due shall be shared by
all Credit Parties in proportion to the Aggregate Amounts Due to them; provided, if all or part of such proportionately
greater payment received by such purchasing Credit Party is thereafter recovered from such Credit Party upon the bankruptcy or
reorganization of the Borrower or otherwise, those purchases shall be rescinded and the purchase prices paid for such participations
shall be returned to such purchasing Credit Party ratably to the extent of such recovery, but without interest. Borrower expressly
consents to the foregoing arrangement and agrees that any holder of a participation so purchased may exercise any and all rights
of banker’s lien, set off or counterclaim with respect to any and all monies owing by Borrower to that holder with respect
thereto as fully as if that holder were owed the amount of the participation held by that holder.

 

SECTION 14.13.                 Limitation
of Liability.

 

(a)         No
claim may be made by the Borrower or any Affiliate thereof or any other Person against any Credit Party or their respective Affiliates,
members, directors, officers, employees, incorporators, attorneys or agents for any special, indirect, consequential or punitive
damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions
contemplated by this Agreement or any other Transaction Document, or any act, omission or event occurring in connection herewith
or therewith; and each of the Borrower and the Servicer hereby waives, releases, and agrees not to sue upon any claim for any
such damages, whether or not accrued and whether or not known or suspected to exist in its favor. None of the Credit Parties and
their respective Affiliates shall have any liability to the Borrower or any Affiliate thereof or any other Person asserting claims
on behalf of or in right of the Borrower or any Affiliate thereof in connection with or as a result of this Agreement or any other
Transaction Document or the transactions contemplated hereby or thereby, except to the extent that any losses, claims, damages,
liabilities or expenses incurred by the Borrower or any Affiliate thereof result from the breach of contract, gross negligence
or willful misconduct of such Credit Party in performing its duties and obligations hereunder and under the other Transaction
Documents to which it is a party.

 

    	 	139	 

     

    

 

(b)         The
obligations of the Administrative Agent and each of the other Credit Parties under this Agreement and each of the Transaction
Documents are solely the corporate obligations of such Person. No recourse shall be had for any obligation or claim arising out
of or based upon this Agreement or any other Transaction Document against any member, director, officer, employee or incorporator
of any such Person.

 

SECTION 14.14.                 Intent of the Parties. The parties hereto have structured this Agreement with the intention that the Loans and the
obligations of the Borrower hereunder will be treated, for purposes of United States federal income tax and applicable state, local
and foreign tax measured by net income, as debt (the “Intended Tax Treatment”). The Borrower, the Initial Servicer,
the Administrative Agent and the other Credit Parties agree not to file any income tax return, and not to take any action, inconsistent
with the Intended Tax Treatment unless required by law. Each assignee and each Participant acquiring an interest in a Credit Extension,
by its acceptance of such assignment or participation, agrees to comply with the immediately preceding sentence.

 

SECTION 14.15.                 USA
Patriot Act. Each of the Administrative Agent and each of the other Credit Parties hereby notifies the Borrower and the Servicer
that pursuant to the requirements of the PATRIOT Act it may be required to obtain, verify and record information that identifies
each Exela Party, which information includes the name and address of the Exela Parties and other information that will allow such
Credit Party or the Administrative Agent, as applicable, to identify the Exela Parties in accordance with the PATRIOT Act.

 

SECTION 14.16.                  Right of Setoff. Each Credit Party is hereby authorized (in addition to any other rights it may have), at any time
during the continuance of an Event of Default, to setoff, appropriate and apply (without presentment, demand, protest or other
notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by such Credit Party (including
by any branches or agencies of such Credit Party) to, or for the account of: (a) the Borrower against amounts owing by the Borrower
hereunder (even if contingent or unmatured) or (b) the Initial Servicer against amounts owing by the Initial Servicer hereunder
(even if contingent or unmatured); provided that such Credit Party shall notify the Borrower or the Initial Servicer, as
applicable, promptly following such setoff.

 

SECTION 14.17.                 Severability. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

SECTION 14.18.                 Mutual
Negotiations. This Agreement and the other Transaction Documents are the product of mutual negotiations by the parties thereto
and their counsel, and no party shall be deemed the draftsperson of this Agreement or any other Transaction Document or any provision
hereof or thereof or to have provided the same. Accordingly, in the event of any inconsistency or ambiguity of any provision of
this Agreement or any other Transaction Document, such inconsistency or ambiguity shall not be interpreted against any party because
of such party’s involvement in the drafting thereof.

 

    	 	140	 

     

    

 

SECTION 14.19.                  Captions and Cross References. The various captions (including the table of contents) in this Agreement are provided
solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. Unless
otherwise indicated, references in this Agreement to any Section, Schedule or Exhibit are to such Section Schedule or Exhibit to
this Agreement, as the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause
are to such subsection, clause or subclause of such Section, subsection or clause.

 

SECTION 14.20.                  Judgment Currency. This is an international financial transaction in which the specification of a currency and payment
in New York is of the essence. U.S. Dollars shall be the currency of account in the case of all payments pursuant to or arising
under this Agreement or under any other Transaction Document, and all such payments shall be made to the Administrative Agent in
New York in immediately available funds. To the fullest extent permitted by Applicable Law, the obligations of any Exela Party
to the Credit Parties under this Agreement and under the other Transaction Documents shall not be discharged by any amount paid
in any other currency or in a place other than to the Administrative Agent in New York to the extent that the amount so paid after
conversion under this Agreement and transfer to New York does not yield the amount of U.S. Dollars in New York due under this Agreement
and under the other Transaction Documents. If, for the purposes of obtaining judgment in any court, it is necessary to convert
a sum due hereunder in U.S. Dollars into an Alternative Currency, to the fullest extent permitted by applicable law, the rate of
exchange used shall be that at which Administrative Agent could, in accordance with normal procedures, purchase U.S. Dollars with
the Alternative Currency on the Business Day preceding that on which final judgment is given. The obligation of each Exela Party
in respect of any such sum due from it to the Credit Parties hereunder shall, notwithstanding any judgment in such Alternative
Currency, be discharged only to the extent that, on the Business Day immediately following the date on which Administrative Agent
receives any sum adjudged to be so due in the Alternative Currency, Administrative Agent may, in accordance with normal banking
procedures, purchase U.S. Dollars with the Alternative Currency. If the U.S. Dollars so purchased are less than the sum originally
due to the Credit Parties in U.S. Dollars, each Exela Party agrees, as a separate obligation and notwithstanding any such judgment,
to indemnify the Credit Parties against such loss, and if the U.S. Dollars so purchased exceed the sum originally due to the Credit
Parties in Dollars, the Credit Parties agrees to remit to the Exela Parties such excess.

 

    	 	141	 

     

    

 

SECTION 14.21.                 No
Fiduciary Duty. Each Affected Person may have economic interests that conflict with those of the Exela Parties and their Affiliates
(collectively, solely for purposes of this paragraph, the “Loan Parties”). Each Affected Person and each Loan
Party agrees that nothing in the Transaction Documents or otherwise will be deemed to create an advisory, fiduciary or agency
relationship or fiduciary or other implied duty of any Affected Person and its Related Parties to any Loan Party and its Related
Parties.  Each Loan Party and each Affected Person acknowledges and agrees that it has consulted its own legal and financial
advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to
such transactions and the process leading thereto. Each Loan Party agrees that it will not claim that any Affected Person or their
Related Parties has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Loan Party,
in connection with such transaction or the process leading thereto.  In addition, no Affected Person shall claim that Guggenheim
Securities, LLC has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Affected
Person in connection with such transaction or the process leading thereto. For purposes of this section, “Related Parties”
means, with respect to any specified Person, such Person’s Affiliates and the directors, officers, shareholders, partners,
trustees, employees, agents, administrators, managers, representatives and advisors of such Person and of such Person’s
Affiliates.

 

[Signature Pages Follow]

 

    	 	142	 

     

    

 

IN WITNESS WHEREOF, the
parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first
above written.

 

 

	 	Exela Receivables 1, LLC,
	 	as the Borrower
	 	 
	 	 
	 	By:	/s/ James Reynolds
	 	Name: James Reynolds
	 	Title: Chief Financial Officer
	 	 
	 	 
	 	EXELA TECHNOLOGIES, INC.,
	 	as the Initial Servicer
	 	 
	 	 
	 	By:	/s/ James Reynolds
	 	Name: James Reynolds
	 	Title: Chief Financial Officer

 

    	 	S-1	Loan and Security Agreement

     

    

 

	 	TPG SPECIALTY LENDING, INC.,
	 	as Administrative Agent
	 	 
	 	 
	 	By:	/s/ Robert (Bo) Stanley
	 	Name: Robert (Bo) Stanley
	 	Title: President
	 	 
	 	 
	 	TPG SPECIALTY LENDING, INC.,
	 	as Administrative Agent
	 	 
	 	 
	 	By:	 /s/ Robert (Bo) Stanley
	 	Name: Robert (Bo) Stanley
	 	Title: President

 

    	 	S-2	Loan and Security Agreement

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as LC Bank
	 	 
	 	 
	 	By:	 /s/ Michael Brown
	 	Name: Michael Brown
	 	Title: Senior Vice President
	 	 
	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/ Michael Brown
	 	Name: Michael Brown
	 	Title: Senior Vice President

 

    	 	S-3	Loan and Security Agreement

     

    

 

EXHIBIT A

Form of [Loan Request] [LC Request]

 

[Letterhead of Borrower]

 

[Date]

 

[Administrative Agent]

[Revolving A Lenders]

[Revolving B Lenders]

 

Re:         [Loan Request] [LC Request]

 

Ladies and Gentlemen:

 

Reference is hereby made
to that certain Loan and Security Agreement, dated as of January 10, 2020 among Exela Receivables 1, LLC (the “Borrower”),
Exela Technologies, Inc., as Initial Servicer (the “Initial Servicer”), the Lenders party thereto, the Lenders
party thereto and TPG SPECIALTY LENDING, INC., as Administrative Agent (in such capacity, the “Administrative Agent”)
and PNC Bank, National Association, as the LC Bank (as amended, supplemented or otherwise modified from time to time, the “Agreement”).
Capitalized terms used in this [Loan Request] [LC Request] and not otherwise defined herein shall have the meanings assigned thereto
in the Agreement.

 

This letter constitutes
a Loan Request pursuant to Section 2.02(b) of the Agreement. The Borrower hereby request a Loan in the amount of [$_______]
to be made on [_____, 20__]. The proceeds of such Loan should be deposited to [Account number], at [Name, Address and ABA Number
of Bank]. After giving effect to such Loan, the Aggregate Loan Amount will be [$_______]. This letter constitutes an LC Request
pursuant to Section 3.02(a) of the Agreement. The Borrower hereby request that the LC Bank issue a Letter of Credit with
a face amount of [$______] on [___, 20___]. After giving effect to such issuance, the Revolving A LC Participation Amount will
be [$________].

 

The Borrower hereby represents
and warrants as of the date hereof, and after giving effect to such Credit Extension, as follows:

 

(i)           the representations and warranties of the Borrower and the Initial Servicer contained in Sections 7.01 and 7.02
are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date
unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct
in all material respects on and as of such earlier date;

 

(ii)         no Unmatured Initial Servicer Default, Initial Servicer Default, Event of Default or Unmatured Event of Default has occurred
and is continuing, and no Unmatured Initial Servicer Default, Initial Servicer Default, Event of Default or Unmatured Event of
Default would result from such Credit Extension;

 

    	 	Exhibit A-1	 

     

    

 

(iii)        no
Borrowing Base Deficit exists or would exist after giving effect to such Credit Extension;

 

(iv)        the Aggregate Loan Amount plus the Revolving A LC Participation Amount does not exceed the Facility Limit;

 

(v)         the Revolving A LC Participation Amount does not exceed the LC Facility Sublimit; and

 

(vi)        the Revolving A Commitment Termination Date or Revolving B Commitment Termination Date, as applicable, has not occurred.

 

    	 	Exhibit A-2	 

     

    

 

IN WITNESS WHEREOF,
the undersigned has executed this letter by its duly authorized officer as of the date first above written.

 

	 	Very truly yours,
	 	 
	 	Exela Receivables 1, LLC]
	 	 
	 	By:
	 	Name:
	 	Title:

 

    	 	Exhibit A-3	 

     

    

 

EXHIBIT B

[Form of Assignment and Acceptance Agreement]

 

Dated as of ___________, 20__

 

Section 1.

 

	Commitment assigned:	$[_____]
	Assignor’s remaining Commitment:	$[_____]
	Principal allocable to Commitment assigned:	$[_____]
	Assignor’s remaining principal:	$[_____]
	Interest (if any) allocable to principal assigned:	$[_____]
	Interest (if any) allocable to Assignor’s remaining principal:	$[_____]

 

Section 2.

 

Effective Date of this Assignment and
Acceptance Agreement: [__________]

 

Upon execution and delivery of this Assignment
and Acceptance Agreement by the assignee and the assignor and the satisfaction of the other conditions to assignment specified
in Section 14.03 of the Agreement (as defined below), from and after the effective date specified above, the assignee shall
become a party to, and, to the extent of the rights and obligations thereunder being assigned to it pursuant to this Assignment
and Acceptance Agreement, shall have the rights and obligations of a Lender under that certain Loan and Security Agreement, dated
as of January 10, 2020 among Exela Receivables 1, LLC, Exela Technologies, Inc., as Initial Servicer, the Lenders party thereto,
the Lenders party thereto, TPG Specialty Lending, Inc., as Administrative Agent and PNC Bank, National Association, as the LC Bank
(as amended, supplemented or otherwise modified from time to time, the “Agreement”).

 

(Signature Pages Follow)

 

    	 	Exhibit B-1	 

     

    

 

	ASSIGNOR:  	 	[_________]
	 	 	 
	 	 	By: 	 
	 	 	Name:
	 	 	Title
	 	 	 
	 	 	 
	ASSIGNEE:     	 	[_________]
	 	 	 
	 	 	 
	 	 	By:	                        
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	[Address]
	 	 	 
	 	 	 

 

	Accepted as of date first above written:	 	      
	 	 	                                                                
	TPG SPECIALTY LENDING, INC.,	 	 
	as Administrative Agent	 	 
	 	 	 
	By:   	            	   	 
	Name:	 	 
	Title:	 	 
	 	 	 
	 	 	 
	Exela Receivables 1, LLC,	 	 
	as Borrower	 	 
	 	 	 
	By:	                                                          	 	 
	Name:	 	 
	Title:]	 	 

 

    	 	Exhibit B-2	 

     

    

 

EXHIBIT C

[Form of Letter of Credit Application]

(Attached)

 

    	 	C-1	 

     

    

 

EXHIBIT D

Credit and Collection Policy

 

(Attached)

 

    	 	Exhibit D	 

     

    

 

EXHIBIT E

Form of Information Package

 

(Attached)

 

    	 	Exhibit E	 

     

    

 

EXHIBIT F

Form of Compliance Certificate

 

To: TPG Specialty Lending, Inc., as Administrative Agent

 

This Compliance Certificate is furnished
pursuant to that certain Loan and Security Agreement, dated as of January 10, 2020 among Exela Receivables 1, LLC (the “Borrower”),
Exela Technologies, Inc., as Initial Servicer (the “Initial Servicer”), the Lenders party thereto, the Lenders
party thereto, TPG Specialty Lending, Inc., as Administrative Agent (in such capacity, the “Administrative Agent”)
and PNC Bank, National Association, as the LC Bank (as amended, supplemented or otherwise modified from time to time, the “Agreement”).
Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Agreement.

 

THE UNDERSIGNED HEREBY CERTIFIES THAT:

 

1.       I
am the duly elected ________________of Exela Technologies, Inc. (the “Parent”).

 

2.       I
have reviewed the terms of the Agreement and each of the other Transaction Documents and I have made, or have caused to be made
under my supervision, a detailed review of the transactions and condition of the Borrower during the accounting period covered
by the attached financial statements.

 

3.       The
examinations described in paragraph 2 above did not disclose, and I have no knowledge of, the existence of any condition
or event which constitutes an Unmatured Initial Servicer Default, Initial Servicer Default, an Event of Default or an Unmatured
Event of Default, as each such term is defined under the Agreement, during or at the end of the accounting period covered by the
attached financial statements or as of the date of this Certificate[, except as set forth in paragraph 5 below].

 

4.       Schedule
I attached hereto sets forth financial statements of the Parent and its Subsidiaries for the period referenced on such Schedule
I.

 

[5.     Described below are the exceptions,
if any, to paragraph 3 above by listing, in detail, the nature of the condition or event, the period during which it has existed
and the action which Borrower has taken, is taking, or proposes to take with respect to each such condition or event:]

 

    	 	Exhibit F-1	 

     

    

 

The foregoing certifications are made and
delivered this ______ day of ___________________, 20___.

 

 

	 	Exela
TECHNOLOGIES, INC.
	 	 
	 	 
		By:	 
	 	Name:   	                  
	 	Title:	 

 

    	 	Exhibit F-2	 

     

    

 

SCHEDULE
I TO COMPLIANCE CERTIFICATE

 

This schedule relates to the month ended:
__________________.

 

A.       Schedule
of Compliance as of ______________, 20__ with Section 8.05(a) of the Agreement. Unless otherwise defined herein, the terms used
in this Compliance Certificate have the meanings ascribed thereto in the Agreement.

 

B.       The
following financial statements of the Parent and its Subsidiaries for the period ending on ______________, 20__, are attached hereto:

 

    	 	Exhibit F-3	 

     

    

 

EXHIBIT G

Closing Memorandum

 

(Attached)

 

    	 	Exhibit G-1	 

     

    

 

EXHIBIT H

Form of Interim Report

 

(Attached)

 

    	 	Exhibit H-1	 

     

    

 

EXHIBIT I

Parent Change of Control

 

A “Parent Change in Control”
shall be deemed to occur if:

 

(a)       any
person, entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee
benefit plan of such person, entity or “group” and its subsidiaries and any person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan), other than the Permitted Holders (or any holding company
parent of the Borrower owned directly or indirectly by the Permitted Holders), shall at any time have acquired direct or indirect
beneficial ownership (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act) of voting power of the outstanding Capital
Stock of Exela Intermediate LLC having more than the greater of (A) 35% of the ordinary voting power for the election of directors
of Exela Intermediate LLC and (B) the percentage of the ordinary voting power for the election of directors of Exela Intermediate
LLC owned in the aggregate, directly or indirectly, beneficially, by the Permitted Holders, unless in the case of this clause
(a), the Permitted Holders have, at such time, the right or the ability by voting power, contract or otherwise to elect or
designate for election at least a majority of the members of the board of directors of Exela Intermediate LLC; or

 

(b)       a
 “Change in Control” (as defined in (i) the Notes Indenture until the discharge or the redemption of the same, (ii)
any indenture or credit agreement in respect of refinancing Indebtedness permitted under the Existing Specified Secured Debt Documents
(as in effect on the date hereof) with respect to the notes constituting Debt in an amount exceeding $75,000,0000 or (iii) any
indenture or credit agreement in respect of any junior financing constituting Debt in an amount exceeding $75,000,0000) shall have
occurred; or

 

(c)       Exela
Intermediate Holdings LLC shall fail to own, directly or indirectly, beneficially and of record, 100% of the issued and outstanding
Equity Interests of Exela Intermediate LLC.

 

For purposes of this definition:

 

(i) no person or “group”
will be deemed to have beneficial ownership of any securities that such person or “group” has the right to acquire
or vote only upon the happening of any future event or contingency (including the passage of time)that has not yet occurred;

 

(ii) the provisions of Rule 13d-3(b)
shall be disregarded for all purposes of determining beneficial ownership and

 

(iii) Unless otherwise defined
in the Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular
and plural forms of the terms defined):

 

    	 	Exhibit I-1	 

     

    

 

“Investor”
shall mean, collectively, investment funds managed by Affiliates of Apollo Global Management, LLC, investment funds managed by
Affiliates of HandsOn Global Management, LLC, and other co-investors in the Equity Interests of Parent as of the Closing Date.

 

“Investor Affiliates”
shall mean each Affiliate of the Investors that is neither a “portfolio company” (which means a company actively engaged
in providing goods or services to unaffiliated customers), whether or not controlled, nor a company controlled by a “portfolio
company”.

 

“Permitted Holders”
shall mean, at any time, each of (i) the Investors and the Investor Affiliates (excluding any of their portfolio companies), (ii)
the Management Group, (iii) any Person that has no material assets other than the Capital Stock of the Exela Intermediate LLC or
any direct or indirect parent of Exela Intermediate LLC and that, directly or indirectly, holds or acquires beneficial ownership
of 100% on a fully diluted basis of the total voting power of the Capital Stock of Exela Intermediate LLC, and of which no other
Person or “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act as in effect on the
date hereof), other than any of the other Permitted Holders specified in clauses (i), (ii) and (iii), beneficially
owns more than 50% on a fully diluted basis of the total voting power of the Capital Stock thereof and (iv) any “group”
(within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act as in effect on the date hereof) the members of
which include any of the other Permitted Holders specified in clauses (i), (ii) and (iii) above and that,
directly or indirectly, hold or acquire beneficial ownership of the Capital Stock of Exela Intermediate LLC (a “Permitted
Holder Group”), so long as (1) each member of the Permitted Holder Group has voting rights proportional to the percentage
of ownership interests held or acquired by such member and (2) no Person or other “group” (other than the other Permitted
Holders specified in clauses (i), (ii) and (iii) above) beneficially owns more than 50% on a fully diluted basis of the Capital
Stock held by the Permitted Holder Group. Any Person or group whose acquisition of beneficial ownership constitutes a Change of
Control in respect of an offer made in accordance with the requirements of the Existing Specified Secured Debt Documents (as in
effect on the date hereof) will thereafter, together with its Affiliates, constitute an additional Permitted Holder.

 

    	 	Exhibit I-2	 

     

    

 

EXHIBIT J

Scheduled Contracts

 

1.                 
Master Services Agreement, dated July 1, 2019, between Novartis Services Inc. and Exela Enterprises Solutions Inc.;

 

2.                 
Agreement, dated January 1, 2013, between Wellpoint, Inc. and Exela Enterprises Solutions Inc. (f/k/a Pitney Bowes Management
Services, Inc.);

 

3.                 
Amended and Restated Master Professional Services Agreement, dated September 1, 2017, by and between American Express Travel
Related Services Company, Inc. and Novitex Enterprise Solutions, Inc.;

 

4.                 
General Services Agreement, effective August 8, 2016,by and between Banc of America Merchant Services, LLC and Novitex Enterprise
Solutions, Inc.;

 

5.                 
Equipment Purchase, Software License, Maintenance and Services Agreement, effective November 1, 2007, by and between Bank
of America, N.A. and BancTec Inc.;

 

6.                 
Service Contractor Agreement (Ally), dated October 26, 2015 for the benefit of Ally Financial, Inc. by Jones Lang LaSalle
Americas, Inc., and Novitex Enterprise Solutions Inc.;

 

7.                 
Master Services Agreement, dated as of June 15, 2002, between Pitney Bowes Management Services, Inc. and Goldman, Sachs
 & Co.;

 

8.                 
Master Services Agreement, dated as of June 2, 2017, between Novitex Enterprise Solutions, Inc. and Massachusetts Electric
Company dba National Grid.

 

 

    	 	Exhibit J-1	 

     

    

 

SCHEDULE I

Commitments

 

	Party	Revolving A Commitment	Revolving B Commitment
	TSL	$0	$80,000,000
	PNC	$80,000,000	$0

 

    	 	Schedule I-1	 

     

    

 

SCHEDULE II

Collection Accounts 

 

Interim Collection Accounts

 

	Company	Account Bank	Account Number
	Regulus Integrated Solutions LLC	Bank of Texas	8096437662
	Regulus Group, LLC	Bank of Texas	8096437695
	J&B Software, Inc.	Bank of Texas	8096437717
	Economic Research Services, Inc.	Bank of Texas	8093434145
	Exela Enterprise Solutions, Inc.	Bank of America	1252924889
	SourceCorp BPS, Inc.	Bank of Texas	8093434200
	HOV Services, Inc.	Bank of Texas	8094121645
	United Information Services, Inc.	Bank of Texas	8093434442
	SourceHOV HealthCare, Inc.	Bank of Texas	8093434200
	BancTec, Inc.	Bank of Texas	8096437904
	Novitex Government Solutions, LLC	N/A	1252924889
	HOV Enterprise Solutions, Inc.	Bank of Texas	8093434200
	HOV Services, LLC	Bank of Texas	8093434200
	Sourcecorp Management, Inc.	Bank of Texas	8093434200
	Deliverex LLC	Bank of Texas	8093434200
	Regulus Group II, LLC	Bank of Texas	8096437695

 

Continuing Collection Accounts

 

	Company	Account Bank	Account Number
	Exela Receivables 1, LLC	PNC	8026452108

 

    	 	Schedule II-1	 

     

    

 

SCHEDULE III

Notice Addresses

 

(A)       in the case of
the Borrower, at the following address:

 

2701 E. Grauwyler Road, Irving, TX 75061

 

(B)       in the case of
the Initial Servicer, at the following address:

 

2701 E. Grauwyler Road, Irving, TX 75061

 

(C)       in the case of
the Administrative Agent, at the following address:

 

Ross Bruck

TPG Specialty Lending, Inc.

888 7th Avenue, Floor 35

New York, New York 10106

 

With a copy to:

 

Craig Hamrah

TPG Specialty Lending, Inc.

888 7th Avenue, Floor 35

New York, New York 10106

 

(D)       in the case of
TSL, at the following address:

 

Ross Bruck

TPG Specialty Lending, Inc.

888 7th Avenue, Floor 35

New York, New York 10106

 

(E)       in the case of
PNC, at the following address:

 

PNC Bank, National Association

300 Fifth Avenue

Pittsburgh, PA 15222

Telephone: (412) 768-3090

Facsimile: (412) 762-9184

Attention: Robyn Reeher

 

(F)       in the case of
any other Person, at the address for such Person specified in the other Transaction Documents; in each case, or at such other address
as shall be designated by such Person in a written notice to the other parties to this Agreement.

 

    	 	Schedule III-1	 

     

    

 

SCHEDULE 7.01(l)

UCC Details

 

Legal Name: Exela Receivables 1, LLC

 

Other Names: None.

 

Jurisdiction of Organization: Delaware

 

Organizational Identification Number: 7760962

 

FEIN: 47-1347291

 

Principal Place of Business:

 

2701 E. Grauwyler Road Irving, TX 75061

 

Records Location:

 

2701 E. Grauwyler Road, Irving, TX 75061

 

    	 	Schedule 8.04(f)-1Exhibit 10.2

 

EXECUTION VERSION

 

 

 

FIRST TIER PURCHASE AND SALE AGREEMENT

 

dated as of January 10, 2020

 

between

 

EXELA TECHNOLOGIES, INC.,

 

as Initial Servicer,

 

and the

 

ORIGINATORS FROM TIME TO TIME PARTY
HERETO,

 

as Originators

 

and

 

EXELA RECEIVABLES HOLDCO, LLC

 

as Buyer

 

 

 

 

     

     

    

 

Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	ARTICLE
    I	DEFINITIONS
    AND RELATED MATTERS	 	2
	SECTION
    1.01.	Defined
    Terms	 	2
	SECTION
    1.02.	Other
    Interpretive Matters	 	3
	ARTICLE
    II	AGREEMENT
    TO PURCHASE, SELL AND CONTRIBUTE	 	3
	SECTION
    2.01.	Purchase,
    Sale and Contribution	 	3
	SECTION
    2.02.	Timing
    of Purchases	 	3
	SECTION
    2.03.	Payment
    of Purchase Price	 	3
	SECTION
    2.04.	Letters
    of Credit	 	4
	SECTION
    2.05.	No
    Recourse or Assumption of Obligations	 	5
	ARTICLE
    III	ADMINISTRATION
    AND COLLECTION	 	5
	SECTION
    3.01.	Exela
    to Act as Servicer; Contracts	 	5
	SECTION
    3.02.	Deemed
    Collections	 	6
	SECTION
    3.03.	Actions
    Evidencing Purchases	 	6
	SECTION
    3.04.	Application
    of Collections	 	7
	ARTICLE
    IV	REPRESENTATIONS
    AND WARRANTIES	 	7
	SECTION
    4.01.	Mutual
    Representations and Warranties	 	7
	SECTION
    4.02.	Additional
    Representations and Warranties of Each Originator	 	9
	ARTICLE
    V	GENERAL
    COVENANTS	 	13
	SECTION
    5.01.	Mutual
    Covenants	 	13
	SECTION
    5.02.	Additional
    Covenants of Each Originator	 	14
	SECTION
    5.03.	Reporting
    Requirements	 	17
	SECTION
    5.04.	Negative
    Covenants of Each Originator	 	19
	ARTICLE
    VI	TERMINATION
    OF PURCHASES	 	23
	SECTION
    6.01.	Voluntary
    Termination	 	23
	SECTION
    6.02.	Automatic
    Termination	 	23
	ARTICLE
    VII	INDEMNIFICATION	 	23
	SECTION
    7.01.	Each
    Originator’s Indemnity	 	23
	SECTION
    7.02.	Contribution	 	27

 

    	 	- i -	 

     

    

 Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	ARTICLE VIII	MISCELLANEOUS	 	27
	SECTION 8.01.	Amendments, Etc.	 	27
	SECTION 8.02.	No Waiver; Remedies	 	27
	SECTION 8.03.	Notices, Etc.	 	28
	SECTION 8.04.	Binding Effect; Assignment	 	28
	SECTION 8.05.	Survival	 	28
	SECTION 8.06.	Costs, Expenses and Taxes	 	29
	SECTION 8.07.	Execution in Counterparts; Integration	 	29
	SECTION 8.08.	Governing Law	 	30
	SECTION 8.09.	Waiver of Jury Trial	 	30
	SECTION 8.10.	Consent to Jurisdiction; Waiver of Immunities	 	30
	SECTION 8.11.	Confidentiality	 	31
	SECTION 8.12.	No Proceedings	 	31
	SECTION 8.13.	No Recourse Against Other Parties	 	31
	SECTION 8.14.	Grant of Security Interest	 	31
	SECTION 8.15.	Binding Terms in Other Transaction Documents	 	31
	SECTION 8.16.	Joint and Several Liability	 	32
	SECTION 8.17.	Severability	 	32
	ARTICLE IX	JOINDER OF ADDITIONAL ORIGINATORS; Removal of originators	 	32
	SECTION 9.01.	Addition of New Originators	 	32
	SECTION 9.02.	Removal of Originators	 	33

 

    	 	- ii -	 

     

    

 

Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	ANNEX 1	 	UCC Details Schedule	 
	ANNEX 2	 	Notice Information	 
	EXHIBIT 9	 	Form of Joinder Agreement	 

 

    	 	- i -	 

     

    

 

FIRST TIER PURCHASE AND SALE AGREEMENT

 

THIS FIRST TIER PURCHASE
AND SALE AGREEMENT dated as of January 10, 2020 (this “Agreement”) is among EXELA TECHNOLOGIES, INC., a Delaware
corporation (“Exela”), as initial servicer (in such capacity, the “Initial Servicer”), THE PERSONS
IDENTIFIED ON THE SIGNATURE PAGES HERETO AS ORIGINATORS (the “Originators” and each, an “Originator”
unless such Person is no longer an affiliate of Exela as set forth in this Agreement), and EXELA RECEIVABLES HOLDCO, LLC, a Delaware
limited liability company (the “Buyer”).

 

BACKGROUND

 

1.       The
Buyer is a special purpose limited liability company, all of the issued and outstanding membership interests of which are owned
by the Originators.

 

2.       Each
Originator generates Receivables in the ordinary course of its businesses.

 

3.       Each
Originator, in order to finance its business, wishes to sell or contribute Receivables and the Related Assets to the Buyer, and
the Buyer is willing to purchase or accept such Receivables and the Related Assets from such Originator, on the terms and subject
to the conditions set forth herein.

 

4.       Each
Originator and the Buyer intend each such transaction to be a true sale or an absolute contribution and conveyance of Receivables
and the Related Assets by such Originator to the Buyer, providing the Buyer with the full benefits of ownership of the Receivables,
and no Originator nor the Buyer intend the transactions hereunder to be characterized as a loan from the Buyer to the Originators.

 

5.       The
Buyer intends to sell the Receivables and the Related Assets to the Borrower pursuant to the Second Tier Purchase and Sale Agreement.

 

6.       The
Borrower intends to pledge the Receivables and the Related Rights to the Administrative Agent pursuant to the Loan and Security
Agreement.

 

NOW, THEREFORE, in consideration
of the premises and the mutual agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound, agree as follows:

 

    1

     

    

 

ARTICLE
I

 

DEFINITIONS AND RELATED MATTERS

 

SECTION 1.01.         Defined
Terms. In this Agreement, unless otherwise specified: (a) capitalized terms are used as defined in (or by reference in)
the Loan and Security Agreement dated as of the date hereof (as amended, restated, modified or otherwise supplemented from
time to time, the “Loan and Security Agreement”) among Exela Receivables 1, LLC, as Borrower
(“Borrower”), Initial Servicer, the Persons from time to time party thereto as Lenders, PNC Bank, National
Association, as LC Bank, and TPG Specialty Lending Inc., as Administrative Agent, and (b) as used in this Agreement, unless
the context otherwise requires, the following capitalized terms have the meanings indicated below:

 

“Fair Market
Value Discount” means the quotient (expressed as percentage) of (a) one, divided by (b) the sum of (i) one, plus
(ii) the product of (A) the Prime Rate on such day, times (B) a fraction, the numerator of which is the Days’ Sales
Outstanding (as of the last day of the prior Settlement Period) and the denominator of which is 365 or 366, as applicable.

 

“Immaterial Originator”
 ” means an Originator that originated Receivables (when added to the initial principal balance of all Receivables originated
by all other Persons that became Terminating Originators after the Closing Date) during the twelve months ended December 31, 2019
with an initial principal balance not exceeding 20% of the initial principal balance of all Receivables originated by all Originators
during the twelve months ended December 31, 2019.

 

“Joinder Agreement”
has the meaning given in Section 9.01.

 

“Purchase and
Sale Termination Date” means, with respect to any Originator, the date that Receivables and Related Assets cease being
sold or contributed, as applicable, to the Buyer under this Agreement pursuant to Article VI of this Agreement.

 

“Purchase and
Sale Termination Event” means the occurrence of any of the following events or occurrences:

 

(a)         
any Originator shall fail to make when due any payment or deposit to be made by it under this Agreement or any other Transaction
Documents to which it is a party and such failure shall remain uncured for two (2) Business Days;

 

(b)         
any representation or warranty set forth in any Transaction Document shall prove to have been false or incorrect when made
or deemed to be made by any Originator and such breach shall remain uncured (to the extent such breach may be cured) for a period
of five (5) Business Days after the earlier of (x) written notice to such Originator by the Administrative Agent and (y) actual
knowledge of such Originator; provided, that no breach of a representation or warranty set forth in Section 4.02(a),
(c) or (k) shall constitute a Purchase and Sale Termination Event pursuant to this clause (b) if a Deemed
Collection has occurred in accordance with Section 3.02 with respect to such breach;

 

(c)         
any Originator shall fail to perform or observe any other term, covenant or agreement contained in this Agreement or any
other Transaction Document to which it is a party on its part to be performed or observed and such failure shall continue unremedied
for ten (10) Business Days after the earlier of (i) such Originator having actual knowledge thereof or (ii) such Originator receiving
written notice thereof by the Administrative Agent; or

 

(d)         
an Event of Bankruptcy shall have occurred with respect to any Originator.

 

    2

     

    

 

“Related
Assets” means (a) all rights to, but not any obligations under, all Related Security with respect to the
Receivables, (b) all Records (but excluding any obligations or liabilities under the Contracts), (c) all Collections in
respect of, and other proceeds of, the Receivables or any other Related Security, (d) all rights and remedies of any
Originator under any Transaction Documents and any other rights or assets pledged, sold or otherwise transferred to Buyer
hereunder, and (e) all products and proceeds of any of the foregoing.

 

SECTION 1.02.        Other
Interpretive Matters. The interpretation of this Agreement, unless otherwise specified, is subject to Section 1.02 of
the Loan and Security Agreement.

 

ARTICLE
II

 

AGREEMENT TO PURCHASE, SELL AND CONTRIBUTE

 

SECTION 2.01.         Purchase,
Sale and Contribution. Upon the terms and subject to the conditions set forth in this Agreement, each Originator hereby sells
or contributes, as applicable, to Buyer, and Buyer hereby purchases or acquires from each Originator, as applicable, all of such
Originator’s right, title and interest in, to and under the Receivables and the Related Assets, in each case whether now
existing or hereafter arising, acquired, or originated.

 

SECTION 2.02.         Timing
of Purchases.

 

(a)         
All of the Receivables existing at the opening of each Originator’s business on the Closing Date are hereby sold or
contributed, as applicable, to Buyer on such date in accordance with the terms hereof.

 

(b)         
On and after the Closing Date until the Purchase and Sale Termination Date, each Receivable shall be sold or contributed
to Buyer immediately (and without further action by any Person) upon the creation or acquisition of such Receivable by the related
Originator. The Related Assets with respect to each Receivable shall be sold or contributed at the same time as such Receivable,
whether such Related Assets exist at such time or arise, are acquired or are originated thereafter.

 

SECTION 2.03.         Payment
of Purchase Price.

 

(a)         
The purchase price (“Purchase Price”) to be paid to each Originator for the Receivables and the Related
Assets at the time of purchase or acquisition of such Receivables and Related Assets shall equal the product of (i) the Unpaid
Balance of each Receivable then being sold or contributed, times the Fair Market Value Discount at such time.

 

(b)         
On the Closing Date (or the date such Originator executes and delivers a Joinder Agreement, if applicable), each Originator
shall contribute Receivables to Buyer as a capital contribution in the amount set forth in a written notice on the date thereof
from such Originator to Buyer, Administrative Agent, and LC Bank.

 

(c)          Buyer
shall pay the related Originator the Purchase Price with respect to each sold Receivable and the Related Assets, created or
acquired by such Originator on the date of purchase thereof as set forth above by (i) transfer of funds, to the extent that
Buyer has funds available for that purpose and/or (ii) if requested by an Originator and permitted under the Loan and
Security Agreement, by causing the Borrower to deliver a Letter of Credit Application and LC Request to the LC Bank to issue
one or more Letters of Credit in accordance with Section 2.04 and subject to the terms and conditions for issuing
Letters of Credit under the Loan and Security Agreement (including any limitations therein on the amount of any such
issuance); provided, however, to the extent that the Buyer does not have funds available to pay such Purchase
Price due on any day in cash, each Originator, as an equity owner of the Buyer, shall contribute (and shall be deemed to have
contributed without further action or notice by any Person) to the capital of the Buyer Receivables allocable to such
insufficiency in return for an increase in the value of such Originator’s equity interest in the Buyer.

 

    3

     

    

 

SECTION 2.04.         Letters
of Credit.

 

(a)         
Any Originator may request that the Purchase Price for Receivables sold hereunder be paid by the Buyer causing the Borrower
to request the issuance of a Letter of Credit by the LC Bank. Upon the request of an Originator, and subject to the terms and conditions
for issuing Letters of Credit under the Loan and Security Agreement (including any limitations therein on the amount of any such
issuance), the Buyer agrees to cause the Borrower to deliver a Letter of Credit Application and LC Request to the LC Bank, requesting
the LC Bank to issue, on the applicable date specified by such Originator, Letters of Credit on behalf of the Borrower (and, if
applicable, on behalf of, or for the account of, such Originator or an Affiliate of such Originator that is acceptable to the LC
Bank in its sole discretion) in favor of the beneficiaries elected by such Originator or Affiliate of such Originator, with the
consent of the Borrower. The aggregate stated amount of the Letters of Credit being issued on any applicable date pursuant to the
prior sentence on behalf of such Originator or an Affiliate of such Originator shall constitute a credit against the aggregate
Purchase Price otherwise payable by the Buyer to such Originator on such applicable date pursuant to Section 2.03. To the
extent that the aggregate stated amount of the Letters of Credit being issued on any applicable date exceeds the aggregate Purchase
Price payable by the Buyer to such Originator on such applicable date, such excess shall be deemed to be a reduction in the Purchase
Price payable on the Business Day immediately following the date any such Letter of Credit is issued. In the event that any such
Letter of Credit issued pursuant to this Section 2.04 (i) expires or is cancelled or otherwise terminated with all or any
portion of its stated amount undrawn, (ii) has its stated amount decreased (for a reason other than a drawing having been made
thereunder) or (iii) the Borrower’s Reimbursement Obligation in respect thereof is reduced for any reason other than by virtue
of a payment made in respect of a drawing thereunder, then an amount equal to such undrawn amount or such reduction, as the case
may be, shall either be paid in cash to such Originator on the next Payment Date or, if the Buyer does not then have cash available
therefor, the Originators shall contribute (and shall be deemed to have contributed without further action or notice by any Person)
to the capital of the Buyer Receivables allocable to such insufficiency in return for an increase in the value of such Originator’s
equity interest in the Buyer. Under no circumstances shall such Originator (or any Affiliate thereof (other than the Borrower))
nor, for the avoidance of doubt, the Initial Servicer have any reimbursement or recourse obligations in respect of any Letter of
Credit.

 

(b)          In
the event that an Originator requests that any purchases be paid for by the issuance of a Letter of Credit hereunder, such
Originator shall on a timely basis provide the Buyer with such information as is necessary for the Buyer to cause the
Borrower to obtain such Letter of Credit from the LC Bank, and shall cause the Buyer to notify the Initial Servicer, the LC
Bank, each LC Participant and the Administrative Agent of the allocations described in clause (a) above. Such
allocations shall be binding on the Buyer and such Originator, absent manifest error.

 

(c)         
The Originators agree to be bound by the terms of each applicable Letter of Credit Application referenced in the Loan and
Security Agreement and that each Letter of Credit shall be subject either to the Uniform Customs and Practice for Documentary Credits
(2007 Revision), International Chamber of Commerce Publication No. 600, and any amendments or revisions thereof adhered to by the
LC Bank, as determined by the LC Bank, or the International Standby Practices (ISP98-International Chamber of Commerce Publication
Number 590), and any amendments or revisions thereof adhered to by the LC Bank, as determined by the LC Bank, in each case subject
to the terms and conditions set forth in the Loan and Security Agreement.

 

    4

     

    

 

SECTION 2.05.         No Recourse
or Assumption of Obligations. Except as specifically provided in this Agreement, the sale or contribution, as applicable, of
Receivables and Related Assets under this Agreement shall be without recourse to any Originator. Each Originator and Buyer intend
the transactions hereunder to constitute absolute and irrevocable true sales or valid contributions of Receivables and the Related
Assets by each Originator to Buyer, providing Buyer with the full risks and benefits of ownership of the Receivables and Related
Assets (such that the Receivables and the Related Assets would not be property of any Originator’s estate in the event of
such Originator’s bankruptcy).

 

None of Buyer, Administrative
Agent, the Lenders or the other Affected Persons shall have any obligation or liability under any Receivables or Related Assets,
nor shall Buyer, Borrower, Administrative Agent, any Lender or the other Affected Persons have any obligation or liability to any
Obligor or other customer or client of any Originator (including any obligation to perform any of the obligations of any Originator
under any Receivables or Related Assets) or to Servicer.

 

ARTICLE
III

 

ADMINISTRATION AND COLLECTION

 

SECTION 3.01.        Exela
to Act as Servicer; Contracts. (a) Pursuant to the Loan and Security Agreement, the Initial Servicer has been appointed (subject
to any rights of the Administrative Agent to terminate Initial Servicer and appoint a Successor Servicer) to service the Receivables
and the Related Assets for the benefit of Buyer and for the benefit of Administrative Agent and Borrower (as Buyer’s assignees)
pursuant to Article IX of the Loan and Security Agreement.

 

(b)         
Each Originator shall cooperate with Buyer and Servicer in collecting amounts due from Obligors in respect of the Receivables.

 

(c)          Buyer
and each Originator hereby grant to Servicer an irrevocable power of attorney, with full power of substitution, coupled with
an interest, to take or cause to be taken in the name of Buyer or such Originator, as the case may be, any and all
steps which are necessary or advisable to endorse, negotiate, enforce, or otherwise realize on any checks, instruments or
other proceeds of the Receivables or other right of any kind held or transmitted by Buyer or such Originator or transmitted
or received by Buyer (whether or not from such Originator) or such Originator in connection with any Receivable and any
Related Assets (including under the related Records).

 

(d)         
Each Originator hereby grants to Buyer and to Administrative Agent, as assignee of Buyer, an irrevocable power of attorney,
with full power of substitution, coupled with an interest, to take or cause to be taken in the name of Buyer or such Originator,
as the case may be, any and all steps which are necessary or advisable to endorse, negotiate, enforce, or otherwise realize on
any checks, instruments or other proceeds of the Receivables or other right of any kind held or transmitted by Buyer or such Originator
or transmitted or received by Buyer (whether or not from such Originator) or such Originator in connection with any Receivable
and any Related Assets (including under the related Records). Notwithstanding the foregoing, the Administrative Agent shall not
exercise such power of attorney unless a Servicer Default has occurred and is continuing.

 

(e)         
Each Originator shall perform all of its obligations under the Records to the same extent as if the Receivables had not
been sold or contributed, as applicable, hereunder and the exercise by each of Buyer, Borrower, Servicer, Administrative Agent
or any of their respective designees of its rights hereunder or under the Loan and Security Agreement shall not relieve such Originator
from such obligations.

 

    5

     

    

 

(f)          
Each Originator hereby covenants and agrees that it shall provide the Servicer and Backup Servicer with all necessary servicing
files and records relating to the Contracts, Receivables and Related Security and it shall provide to the Backup Servicer reasonable
access to and use by the Backup Servicer of all licenses, software, hardware, equipment, telephone, personnel, servicing systems,
employees, facilities or other accommodations necessary or desirable to perform the backup servicing functions as set forth in
the Backup Servicing Agreement.

 

SECTION 3.02.         Deemed
Collections. (a) If on any day:

 

(i)       the
Unpaid Balance of any Receivable originated by any Originator is: (A) reduced or adjusted as a result of any defective, rejected,
returned, repossessed or foreclosed goods or services, or any revision, cancellation, allowance, rebate, credit memo, discount
or other adjustment made by any Originator or any Affiliate of any Originator, or any setoff, counterclaim or dispute between any
Originator or any Affiliate of any Originator, and an Obligor, (B) less than the amount included in calculating the Net Pool Balance
for purposes of any Information Package or Interim Report (for any reason other than such Receivable becoming a Defaulted Receivable
or due to the application of Collections received with respect to such Receivable), or (C) extended, amended or otherwise modified
or waived or any payment term or condition of any related Contract is amended, modified or waived (except as expressly permitted
under Section 9.02(a) of the Loan and Security Agreement); or

 

(ii)      any
of the representations or warranties of any Originator set forth in Section 4.02(a), (c), (k) or (r)
were untrue when made with respect to any Receivable originated by such Originator or are no longer true with respect to any
Receivable originated by such Originator, in each case, as determined by the Administrative Agent or any Required Class
Lenders;

 

then, on such day, such Originator shall be deemed to have received a Collection of such Receivable:

 

(A)       
in the case of clauses (i)(A) or (B) above, in the amount of such reduction or cancellation or the difference
between the actual Unpaid Balance (as determined immediately prior to the applicable event) and the amount included in respect
of such Receivable in calculating such Net Pool Balance or, in the case of clause (i)(C) above, in the amount that such
extension, amendment, modification or waiver affects the Unpaid Balance of the related Receivable in the sole determination of
the Administrative Agent or any Required Class Lenders.

 

(B)        
in the case of clause (ii) above, in the amount of the entire Unpaid Balance of the relevant Receivable (as determined
immediately prior to the applicable event) with respect to which such representations or warranties of any Originator are or were
untrue.

 

Collections deemed received by any Originator
under this Section 3.02(a) are herein referred to as “Deemed Collections”.

 

(b)        
Any Originator that is deemed to receive Deemed Collections shall transfer to a Continuing Collection Account immediately
available funds in the amount of such Deemed Collections immediately following the event giving rise to such Deemed Collections.

 

SECTION 3.03.
         Actions Evidencing Purchases. (a) On or prior to the Closing Date,
each Originator (or Servicer, on behalf of such Originator) shall mark its records evidencing Receivables and Contracts in a
form reasonably acceptable to the Administrative Agent, evidencing that the Receivables originated by such Originator have
been transferred in accordance with this Agreement, and none of the Originators or Initial Servicer shall change or remove
such mark without the consent of the Administrative Agent, as its assignee. In addition, each Originator agrees that from
time to time, at its expense, it will promptly execute and deliver all further instruments and documents, and take all
further action that Buyer or the Administrative Agent, as its assignee, may reasonably request in order to perfect, protect
or more fully evidence the purchases, sales and contributions hereunder, or to enable Buyer or the Administrative Agent, as
its assignee, to exercise or enforce any of their respective rights with respect to the Receivables and the Related Assets.
Without limiting the generality of the foregoing, each Originator will upon the request of Buyer or the Administrative Agent:
(i) authorize and file such financing or continuation statements, or amendments thereto or assignments thereof, and
such other instruments or notices, as may be necessary or appropriate to perfect the interests of Buyer, Borrower and the
Administrative Agent, as its assignee, in the Receivables originated by such Originator and the Related Assets; and (ii) if a
Servicer Default or an Event of Default has occurred and is continuing, mark conspicuously each Contract evidencing each
Receivable originated by such Originator with a legend, reasonably acceptable to the Administrative Agent evidencing that the
related Receivables have been sold or contributed in accordance with this Agreement.

 

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(b)         
Each Originator hereby authorizes Administrative Agent (i) to file one or more financing or continuation statements, and
amendments thereto and assignments thereof, naming such Originator as debtor relative to all or any of the Receivables originated
by such Originator and the Related Assets now existing or hereafter arising and (ii) to the extent permitted by the Loan and Security
Agreement, to notify Obligors of the assignment of the Receivables originated by such Originator and the Related Assets.

 

(c)         
Without limiting the generality of Section 3.03(a), each Originator hereby authorizes Administrative Agent to file,
and shall deliver and file or cause to be filed appropriate continuation statements, not earlier than six months and not later
than three months prior to the fifth anniversary of the date of filing of the financing statements filed in connection with the
Closing Date or any other financing statement filed pursuant to this Agreement, if the Final Payout Date shall not have occurred.

 

SECTION 3.04.        Application
of Collections. Any payment by an Obligor in respect of any indebtedness owed by it shall be applied as specified in writing
or otherwise by such Obligor or as required by Applicable Law or by the underlying Contract. If the manner of application of any
such payment is not specified by the related Obligor and is not required by Applicable Law or by the underlying Contract, such
payment shall, unless Administrative Agent instructs otherwise, be applied: first, as a Collection of any Receivable or
Receivables then outstanding of such Obligor, with such Receivables being paid in the order of the oldest first, and, second,
to any other indebtedness of such Obligor.

 

ARTICLE
IV

 

REPRESENTATIONS AND WARRANTIES

 

SECTION 4.01.        Mutual
Representations and Warranties. Each Originator represents and warrants to Buyer, Administrative Agent and each Secured Party,
and Buyer represents and warrants to each Originator, Administrative Agent and each Secured Party as of the date hereof and as
of each date on which a purchase and sale or contribution, as applicable, is made hereunder, as follows:

 

(a)         
Organization and Good Standing. It has been duly organized and is validly existing as a corporation or limited liability
company, as applicable, in good standing under the Applicable Laws of its jurisdiction of organization, with power and authority
to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted,
except to the extent that the failure to have such power and authority could not reasonably be expected to have a Material Adverse
Effect.

 

(b)          Due
Qualification. It is duly qualified to do business as a foreign organization in good standing and has obtained all
necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of its property or the
conduct of its business requires such qualifications, licenses or approvals, except where the failure to be in good
standing or to hold any such qualifications, licenses and approvals could not reasonably be expected to have a Material
Adverse Effect.

 

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(c)         
Power and Authority; Due Authorization. It (i) has all necessary power, authority and legal right to (A) execute
and deliver this Agreement and the other Transaction Documents (and Joinder Agreement, if applicable) to which it is a party, (B)
carry out the terms of and perform its obligations under the Transaction Documents to which it is a party, (C) sell, assign or
contribute the Receivables and the Related Assets to Buyer on the terms and conditions herein provided and (D) with respect to
Buyer, purchase, acquire and own the Receivables and the Related Assets on the terms and conditions herein provided and (ii) has
duly authorized by all necessary corporate or limited liability company action, as applicable, the execution, delivery and performance
of this Agreement and the other Transaction Documents (and Joinder Agreement, if applicable) to which it is a party in any capacity.

 

(d)         
Binding Obligations. This Agreement constitutes, and each other Transaction Document (and Joinder Agreement, if applicable)
to be signed by it when duly executed and delivered by it will constitute, a legal, valid and binding obligation of it, enforceable
against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or
other similar Applicable Laws affecting the enforcement of creditors’ rights generally and by general principles of equity,
regardless of whether such enforceability is considered in a proceeding in equity or at law.

 

(e)         
No Violation. The consummation of the transactions contemplated by this Agreement and the other Transaction Documents
and the fulfillment of the terms hereof and thereof by it will not, (i) conflict with, result in any breach or (without notice
or lapse of time or both) a default under, (A) its articles of incorporation, by-laws, certificate of formation or limited liability
company agreement, as applicable, or (B) any Debt, (ii) result in the creation or imposition of any Adverse Claim upon any of the
Borrower’s properties pursuant to the terms of any such Debt, other than any Adverse Claim created in connection with this
Agreement and the other Transaction Documents, (iii) conflict with, result in any breach or (without notice or lapse of time or
both) a default under any other agreement or instrument to which it is a party or by which it or any of its properties is bound,
(iv) result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such other
agreement or instrument to which it is a party or by which it or any of its properties is bound, other than any Adverse Claim created
in connection with this Agreement and the other Transaction Documents, or (v) violate any Applicable Law applicable to it or any
of its properties except, in the cases of clauses (iii), (iv) and (v) to the extent that any such conflict
or violation could not reasonably be specified to have a Material Adverse Effect.

 

(f)          
Bulk Sales Act. No transaction contemplated hereby requires compliance by it with any bulk sales act or similar Applicable
Law.

 

(g)          No
Proceedings. There are no actions, suits, proceedings, claims, disputes, or investigations pending, or to its knowledge
threatened, before any Governmental Authority (i) asserting the invalidity of this Agreement or any other
Transaction Document (or Joinder Agreement, if applicable) to which it is a party, (ii) seeking to prevent the sale,
assignment or contribution, as applicable, of any Receivables and Related Assets or the consummation of the purposes of this
Agreement or of any of the other Transaction Documents (or Joinder Agreement, if applicable) to which it is a party, or (iii)
seeking any determination or ruling that has had or could reasonably be expected to have a Material Adverse Effect.

 

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(h)         
Governmental Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental
Authority is required for the due execution, delivery and performance by it of this Agreement or any other Transaction Document
(or Joinder Agreement, if applicable) to which it is a party, except for (i) the filing of the UCC financing statements referred
to in Article VI of the Loan and Security Agreement, all of which, at the time required in Article VI of the Loan
and Security Agreement, shall have been duly filed and shall be in full force and effect, (ii) those that have been made or obtained
and are in full force and effect, (iii) those for which the failure to be made or obtained would not reasonably be expected to
have a Material Adverse Effect or (iv) those that are not currently required.

 

(i)          
Litigation. No injunction, decree or other decision has been issued or made by any Governmental Authority against
it or any material portion of its properties that prevents, and, to its knowledge, no threat by any Person has been made to attempt
to obtain any such decision against it or its properties, and there are no actions, suits, litigation or proceedings pending or
threatened against it or its properties in or before any Governmental Authority that has had or could reasonably be expected to
have a Material Adverse Effect or would prevent it from conducting its business operations relating to the Receivables or the performance
of its duties and obligations hereunder or under the other Transaction Documents.

 

(j)          
Ordinary Course of Business. Each remittance of Collections on the Receivables transferred by such Originator to
Buyer under this Agreement or pursuant to the other Transaction Documents will have been (i) in payment of a debt incurred by such
Originator in the ordinary course of business or financial affairs of such Originator and the Buyer and (ii) made in the ordinary
course of business or financial affairs of such Originator and the Buyer.

 

SECTION 4.02.         Additional
Representations and Warranties of Each Originator. Each Originator represents and warrants to Buyer, Administrative Agent and
each Secured Party as of the date hereof and as of each date on which a purchase and sale or contribution, as applicable, is made
hereunder, as follows:

 

(a)         
Valid Sale. This Agreement constitutes an absolute and irrevocable valid sale, transfer and assignment or contribution,
as applicable, of the Receivables originated by such Originator and the Related Assets to Buyer free and clear of any Adverse Claim,
or alternatively the granting of a valid security interest in the Receivables originated by such Originator and the Related Assets
to Buyer free and clear of any Adverse Claim.

 

(b)         
Use of Proceeds. The use of all funds obtained by such Originator under this Agreement will not conflict with or
contravene any of Regulations T, U and X promulgated by the Federal Reserve Board.

 

(c)          Quality
of Title. Prior to its sale or contribution to Buyer hereunder, each Receivable originated by such Originator, together
with the Related Assets, is owned by it free and clear of any Adverse Claim; when Buyer purchases or acquires by
contribution such Receivable and Related Assets and all Collections and proceeds if any of the foregoing, Buyer shall have
acquired legal and equitable title to such Receivable, for fair consideration and reasonably equivalent value, free and clear
of any Adverse Claim; and no financing statement or other instrument similar in effect covering any Receivable, any interest
therein, and the Related Assets is on file in any recording office, except such as may be filed (i) in favor of Buyer or
Borrower in accordance with any Purchase and Sale Agreement (and assigned to Administrative Agent), (ii) in favor of
Administrative Agent in accordance with the Loan and Security Agreement or any Transaction Document or (iii) (x) “all
asset” financing statements filed in connection with the Existing Specified Secured Debt or (y) with respect to HOV
Services, Inc. during the ten (10) days following the Closing Date, the state tax lien, file number L53008 P427, recorded in
Oakland County, Michigan.

 

    9

     

    

 

(d)         
Accurate Reports. No Information Package, Interim Report or any other information, exhibit, financial statement,
document, book, record or report furnished or to be furnished by or on behalf of such Originator or any of its Affiliates to Buyer,
Administrative Agent or any other Secured Party in connection with this Agreement or any other Transaction Document: (i) was or
will be untrue or inaccurate in any material respect as of the date it was or will be dated or as of the date so furnished; or
(ii) contained or will contain when furnished any material misstatement of fact or omitted or will omit to state a material fact
or any fact necessary to make the statements contained therein not misleading; provided, however, that, with respect
to projected financial information and information of a general economic or industry specific nature, each Originator represents
only that such information has been prepared in good faith based on assumptions believed by such Originator to be reasonable at
the time such information was delivered; and provided, further, that such information are not to be viewed as facts,
are subject to significant uncertainties and contingencies beyond the control of such Originator, no assurance can be given that
any particular projection or other information will be realized and actual results during the period or periods covered by such
information may differ from such projections and that the differences may be material.

 

(e)         
UCC Details. (i) Such Originator’s true legal name as registered in the sole jurisdiction in which it is organized,
the jurisdiction of such organization, its organizational identification number, if any, as designated by the jurisdiction of its
organization, its federal employer identification number, if any, and (ii) the location of its chief executive office and principal
place of business are specified in Annex 1 and the offices where such Originator keeps all its Records are located at the
addresses specified in Annex 1 (or at such other locations, notified to Administrative Agent and Buyer in accordance with
Section 7.01(l) or 8.01(f) of the Loan and Security Agreement), in jurisdictions where all actions required
under Section 9.06 of the Loan and Security Agreement has been taken and completed. Except as described in Annex 1,
such Originator has no, and has never had any, trade names, fictitious names, assumed names or “doing business as”
names and such Originator has never changed the location of its chief executive office or its true legal name, identity or corporate
structure. Each Originator is organized only in a single jurisdiction.

 

(f)          
Collection Accounts. The account numbers of the Collection Accounts and related Collection Account Banks are specified
in Schedule II to the Loan and Security Agreement.

 

(g)         
Tax Status. Such Originator (i) has timely filed all material tax returns required to be filed by it and (ii) has
paid or caused to be paid all material taxes, assessments and other governmental charges, other than taxes, assessments and other
governmental charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided
in accordance with GAAP.

 

(h)         
Servicing Programs. No license or approval is required for Servicer or Buyer’s use of any software or other
computer program used by such Originator in the servicing of the Receivables, other than those which have been obtained and are
in full force and effect.

 

(i)           
Credit and Collection Policies. Such Originator has complied with its Credit and Collection Policies, and such policies
have not changed since the Closing Date, except in accordance with Section 5.03(f).

 

(j)           
Compliance with Applicable Law. Such Originator has complied in all material respects with all Applicable Law.

 

    10

     

    

 

(k)         
Eligible Receivables. Each Receivable was an Eligible Receivable on the date of any sale or contribution hereunder,
unless otherwise specified in the first Information Package or Interim Report that includes such Receivable; provided, that
at any time prior to the Contract Evaluation End Date, none of the following events shall be a breach of this representation: (i)
clause (c) of “Eligible Receivable” shall not be satisfied with respect to any Receivable that otherwise satisfies
each of the following conditions: (x) its related Contract is not one of the Top 100 Customer Contracts and (y) the Unpaid Balance
for such Receivable and each other Receivable (taken in the aggregate) relating to such Contract does not exceed 0.50% of the aggregate
Unpaid Balance of all Eligible Receivables at any time this representation is made and (ii) clause (s)(A) of “Eligible
Receivable” shall not be satisfied with respect to any Receivable that otherwise satisfies each of the following conditions:
(x) its related Contract is not one of the Top 100 Customer Contracts, (y) the Unpaid Balance for such Receivable and each other
Receivable relating to such Contract does not exceed 0.50% of the aggregate Unpaid Balance of all Eligible Receivables at any time
this representation is made and (z) the related Obligor (or any of its Affiliates) is not then withholding or then threatening
to withhold any payments under such Contract in connection with any breach of any anti-assignment provision set forth therein.

 

(l)          
Adverse Change. Since December 31, 2018, no event or occurrence exists that has caused, or could reasonably be expected
to cause, a Material Adverse Effect.

 

(m)        Financial
Information. All financial statements of the Parent and its consolidated Subsidiaries delivered in connection with this
Agreement or any other Transaction Document were prepared in accordance with GAAP in effect on the date such statements were
prepared and fairly present in all material respects the consolidated financial position of the Parent and its
consolidated Subsidiaries and their results of operations as of the date and for the period presented or provided (other than
in the case of annual financial statements, subject to the absence of footnotes and year-end audit adjustments). Since
December 31, 2018, there has been no change in the business, property, operations or financial condition of the Parent and
its Subsidiaries, taken as a whole, that could reasonably be expected to have a Material Adverse Effect.

 

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(n)           Investment Company Act. Such Originator is not (i) required to register as an “Investment Company” or
(ii) “controlled” by an “Investment Company”, under (and as to each such term, as defined in) the Investment
Company Act.

 

(o)           ERISA. Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect, each Exela Party and its respective ERISA Affiliates (i) have fulfilled their obligations under the minimum funding
standards of ERISA and the Code with respect to each Pension Plan; (ii) are in compliance in all material respects with the applicable
provisions of ERISA and the Code with respect to each Pension Plan and Multiemployer Plan; (iii) have not incurred any liability
to the PBGC or to any Pension Plan or Multiemployer Plan under Title IV of ERISA, other than a liability to the PBGC for premiums
under Section 4007 of ERISA already paid or not yet due; (iv) have not incurred any liability to the PBGC or to any Pension Plan
under Title IV of ERISA with respect to a plan termination under Section 4041 of ERISA; and (v) have not incurred any Withdrawal
Liability to a Multiemployer Plan. No steps have been taken by any Person to terminate any Pension Plan the assets of which are
not sufficient to satisfy all of its benefit liabilities under Title IV of ERISA.

 

(p)           [Reserved].

 

(q)           No Default. No event has occurred and is continuing and no condition exists, or would result from the sale, transfer
and assignment or contribution of the Receivables originated by such Originator, that constitutes an Unmatured Initial Servicer
Default, Initial Servicer Default, Event of Default or Unmatured Event of Default.

 

(r)            No Fraudulent Conveyance. No sale or contribution hereunder constitutes a fraudulent transfer or conveyance under
any United States federal or applicable state bankruptcy or insolvency laws or is otherwise void or voidable under such or similar
laws or principles or for any other reason.

 

(s)           Solvent. Such Originator is Solvent.

 

(t)            Reliance on Separate Legal Identity. Each Originator hereby acknowledges that the Secured Parties, the Lenders and
the Administrative Agent are entering into the transactions contemplated by this Agreement and the other Transaction Documents
in reliance upon such Originator’s identity as a legal entity separate from any Bankruptcy Remote Entity.

 

(u)           Policies and Procedures. To the extent applicable, each Exela Party is in compliance with (a) the laws, regulations
and Executive Orders administered by OFAC, and (b) the Bank Secrecy Act, as amended by the PATRIOT Act. Neither the Exela Parties
nor any of their officers, directors, employees, agents or shareholders acting on the Exela Parties’ behalf shall use the
proceeds of the Loans to make any payments, directly or indirectly (including through any third-party intermediary), to any Foreign
Official in violation of the FCPA. None of the Exela Parties nor any Affiliates of any Exela Parties, is in violation of any Anti-Terrorism
Law or engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts
to violate, any of the Anti-Terrorism Laws. None of the Exela Parties, nor any Affiliates of any Exela Parties, or their respective
agents acting or benefiting in any capacity in connection with any Credit Extension or other transactions hereunder, is a Blocked
Person. None of the Exela Parties, nor any of their agents acting in any capacity in connection with the Credit Extensions or other
transactions hereunder (A) conducts any business or engages in making or receiving any contribution of funds, goods or services
to or for the benefit of any Blocked Person, or (B) deals in, or otherwise engages in any transaction relating to, any property
or interests in property blocked pursuant to any OFAC Sanctions Programs.

 

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(v)           Opinions. The facts regarding each Exela Party, the Receivables, the Related Assets, the transactions contemplated
by the Transaction Documents and the related matters set forth or assumed in each opinion of counsel delivered in connection with
this Agreement and the Transaction Documents are true and correct in all material respects.

 

(w)          Securitization Assets.

 

(i)            None of the Collateral is subject to any Lien of any Debt of Exela or any of its Affiliates other than the Lien of the Administrative
Agent under the Transaction Documents. Without limiting the foregoing, all of the Collateral satisfies the definition of “Securitization
Assets” sold to a “Special Purpose Securitization Subsidiary” in connection with a “Permitted Securitization
Financing,” and therefore is “Excluded Property” that is free and clear of any Adverse Claim of any Existing
Specified Secured Debt.

 

(ii)           As of the Closing Date, the Exela Parties are not obligated (whether as a borrower, guarantor or otherwise) under any secured
Debt outstanding in an aggregate amount exceeding $75,000,000 other than the Existing Specified Secured Debt and the Transaction
Documents.

 

ARTICLE
V

 

GENERAL COVENANTS

 

SECTION 5.01. Mutual
Covenants. At all times prior to the Final Payout Date, Buyer and each Originator shall:

 

(a)           Compliance with Applicable Laws, Etc. Comply in all material respects with all Applicable Laws with respect to it,
the Receivables and each of the related Contracts.

 

(b)           Preservation of Existence. Preserve and maintain its existence, rights, franchises and privileges in the jurisdiction
of its organization, and qualify and remain qualified in good standing as a foreign organization in each jurisdiction except where
the failure to qualify or preserve or maintain such existence, rights, franchises or privileges or to be so qualified could not,
individually or in the aggregate reasonably be expected to have a Material Adverse Effect.

 

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(c)           Separateness. (i) To the extent applicable to it, observe the applicable legal requirements for the recognition of
any Bankruptcy Remote Entity as a legal entity separate and apart from Exela and any Affiliate of
Exela, including complying with (and causing to be true and correct) each of the facts and assumptions contained in the legal opinions
of counsel delivered in connection with this Agreement and the other Transaction Documents regarding “true” sale and
 “substantive consolidation” matters (and any later bring-downs or replacements of such opinions), and (ii) not take
any actions inconsistent with the terms of Section 8.08 of the Loan and Security Agreement or any Bankruptcy Remote Entity’s
limited liability company agreement.

 

The Parent may issue consolidated
financial statements that include Buyer, but such financial statements shall contain a footnote to the effect that the Receivables
and Related Assets of Buyer are not available to creditors of the Parent. If any Originator provides Records relating to Receivables
to any creditor of such Originator, such Originator shall also provide to such creditor a notice indicating that (A) such Receivables
have been conveyed to the Buyer, subsequently conveyed by the Buyer to Borrower and pledged to the Administrative Agent in accordance
with the Transaction Documents and (B) any Collections held by it relating to such Receivables are held in trust pursuant
to the Loan and Security Agreement. Each Originator shall cause its financial statements to disclose the separateness of Buyer
and that the Receivables originated by such Originator are owned by Buyer and are not available to creditors of such Originator
or of its Affiliates.

 

SECTION 5.02. Additional
Covenants of Each Originator. At all times prior to the Final Payout Date, each Originator shall:

 

(a)           Inspections. (i) From time to time, upon reasonable notice from Buyer or Administrative Agent, as applicable, and
during regular business hours, permit Buyer, Administrative Agent, each other Credit Party and any of their respective agents,
regulators or representatives including certified public accountants or other auditors or consultants acceptable to Administrative
Agent, such Credit Party or Buyer, as applicable (at the sole cost and expense of such Originator), (A) to examine and make copies
of and abstracts from all Records in the possession or under the control of such Originator or its Affiliates or agents, and (B)
to visit the offices and properties of such Originator or its agents or Affiliates for the purpose of examining such materials
described in clause (A) above, and to discuss matters relating to the Receivables originated by such Originator, such Originator’s
performance hereunder or such Originator’s financial condition and results of operations with any of the officers or employees
of such Originator or its Affiliates having knowledge of such matters; and (ii) without limiting the provisions of clause (i)
above, from time to time on request of the Administrative Agent or the Buyer with reasonable notice and during reasonable business
hours, permit certified public accountants or other consultants or auditors acceptable to Administrative Agent to conduct, at such
Originator’s expense, a review of Originator’s books and records relating to Pool Receivables; provided, that,
unless an Unmatured Initial Servicer Default, Initial Servicer Default, Unmatured Event of Default or an Event of Default shall
have occurred and be continuing at the time any such audit/inspection is requested, such Originator shall only be required to reimburse
any Person for reasonable, documented costs and expenses related to two such audit/inspections during any calendar year (excluding
any audits/inspections requested by Buyer).

 

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(b)           Keeping of Records and Books of Account; Delivery, Location of Records. Maintain and implement, or cause to be maintained
and implemented, administrative and operating procedures (including an ability to recreate records evidencing the Receivables
and Related Assets in the event of the destruction of the originals thereof, backing up on at least a daily basis on a separate
backup computer from which electronic file copies can be readily produced and distributed to third parties being agreed to suffice
for this purpose), and keep and maintain, or cause to be kept and maintained (or transferred to Servicer), all documents, books,
records and other information necessary or advisable for the collection of all Receivables and Related Assets (including records
adequate to permit the daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable
received, made or otherwise processed on that day). At any time during the continuation of a Servicer Default or an Event of Default,
upon request of the Administrative Agent or Buyer, deliver the originals of all Contracts to the Administrative Agent or its designee,
together with electronic and other files applicable thereto, and other Records necessary to enforce the related Receivable against
any Obligor thereof.

 

(c)           Performance and Compliance with Pool Receivables and Contracts. At its expense, timely and fully perform and comply
in all material respects with all provisions, covenants and other promises required to be observed by it under the Contracts and
the Receivables, unless such Originator or Servicer makes a Deemed Collection in respect of the entire Unpaid Balance thereof in
accordance with Section 3.02.

 

(d)           Location of Records. Keep its principal place of business and chief executive office, and the offices where it keeps
its Records (and all original documents relating thereto), at the address(es) of such Originator referred to in Annex 1
or, upon ten (10) days’ prior written notice to the Administrative Agent and LC Bank, at such other locations in jurisdictions
where all action required by Section 9.06 of the Loan and Security Agreement shall have been taken and completed.

 

(e)           Credit and Collection Policies. Comply with its Credit and Collection Policy in regard to each Receivable originated
by such Originator and the Related Assets and not agree to any changes thereto in a manner that could be adverse to the interests
of the Credit Parties except as expressly permitted hereunder and under Sections 8.03(c) and 8.06(c) of the Loan
and Security Agreement.

 

(f)            Collections. Within seven (7) Business Days of the Closing Date, deliver written instructions to all Obligors to
remit Collections of existing and newly generated Receivables and the Related Security to a Continuing Collection Account. At all
times after the Closing Date, (i) on the related invoice, instruct all Obligors to remit Collections of Pool Receivables and the
Related Security to a Continuing Collection Account and (ii) to the extent that any Obligor remits any Collections to an Interim
Collection Account, promptly (within four (4) Business Days) notify such Obligor in writing and by telephone to remit any future
Collections to a Continuing Collection Account. In the event any Exela Party receives any Collections, any such Collections shall
be held in trust by such Exela Party and such Exela Party shall deposit such Collections in a Continuing Collection Account within
four (4) Business Days of such receipt thereof. In the event that any funds other than Collections are deposited into any Collection
Account, it (or the Initial Servicer on its behalf) shall within four (4) Business Days of receipt thereof identify such funds and provide
instructions to the Administrative Agent to transfer such funds to the appropriate Person entitled to such funds. It shall at all
times maintain or cause to be maintained such documents, books, records and other information necessary or advisable to (i) on
a daily basis identify Collections of Pool Receivables received from time to time and (ii) segregate within four (4) Business Days
Collections of Pool Receivables from property of any Exela Party and their respective Affiliates other than the Borrower. It shall
ensure that no disbursements are made from any Collection Account, other than such disbursements that are made in connection with
any Sweep Instructions or in accordance with this Section or Section 4.01 of the Loan and Security Agreement.

 

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(g)           Agreed Upon Procedures. Cooperate with Servicer and the designated accountants or consultants for each annual agreed
upon procedures report required pursuant to Sections 8.02(f) and 8.05(g) of the Loan and Security Agreement.

 

(h)           Frequency of Billing. Prepare and deliver (or cause to be prepared and delivered) invoices with respect to each Receivable
originated by such Originator in accordance with its Credit and Collection Policies, but in any event no less frequently than as
required under the Contract related to such Receivable.

 

(i)            Assignment of Claims Act. If reasonably requested by the Administrative Agent, prepare and make any filings under
the Federal Assignment of Claims Act (or any other similar state and local Applicable Law) with respect to Receivables from Obligors
that are Governmental Authorities, that are necessary or desirable in order for the Administrative Agent to enforce such Receivable
against the Obligor thereof.

 

(j)            Insurance. Keep its insurable properties insured at all times by financially sound and responsible insurers; maintain
insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary
with companies of the same or similar size in the same or similar businesses in the same geographic area; maintain in full force
and effect public liability insurance against claims for personal injury or death or property damage occurring upon, in, about
or in connection with the use of any properties owned, occupied or controlled by it, in such amounts and with such deductibles
as are customary with companies of the same or similar size in the same or similar businesses and in the same geographic area;
and maintain such other insurance as may be required by Applicable Law.

 

(k)           PATRIOT ACT and FCPA. To the extent applicable, each Exela Party is in compliance with (a) the laws, regulations
and Executive Orders administered by OFAC, and (b) the Bank Secrecy Act, as amended by the PATRIOT Act. Neither the Exela Parties
nor any of their officers, directors, employees, agents or shareholders acting on the Exela Parties’ behalf shall use the
proceeds of the Loans to make any payments, directly or indirectly (including through any third party intermediary), to any Foreign
Official in violation of the FCPA. None of the Exela Parties nor any Affiliates of any Exela Parties, is in violation of any Anti-Terrorism
Law or engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or
attempts to violate, any of the Anti-Terrorism Laws. None of the Exela Parties, nor any Affiliates of any Exela Parties, or their
respective agents acting or benefiting in any capacity in connection with any Credit Extension or other transactions hereunder, is a Blocked Person. None of the
Exela Parties, nor any of their agents acting in any capacity in connection with the Credit Extensions or other transactions hereunder
(A) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit
of any Blocked Person, or (B) deals in, or otherwise engages in any transaction relating to, any property or interests in property
blocked pursuant to any OFAC Sanctions Programs.

 

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(l)            Exchange Act Disclosure. It will file a Current Report on Form 8-K under the Exchange Act to report the transactions
contemplated by this Agreement and in its future Forms 10-K and 10-Q until the Final Payout Date. The disclosure in each of such
Exchange Act filings shall include an explicit statement that any amendment or modification to any Existing Specified Secured Debt
Documents is prohibited if such amendment or modification could : (i) by its terms cause any Exela Party to be unable to perform
its obligations under the Transaction Documents, (ii) cause any inaccuracy or breach of any representation, warranty or covenant
of any Exela Party (iii) could subject any existing or subsequently arising Collateral to an Adverse Claim or (iv) adversely affect
any rights or remedies of the Credit Parties under the Transaction Documents.

 

SECTION 5.03. Reporting
Requirements. From the date hereof until the Final Payout Date, each Originator will furnish (or cause to be furnished) to
Buyer, to Administrative Agent, LC Bank and each Lender each of the following:

 

(a)           Financial Statements and Other Information.

 

(i)            within forty-five (45) days after the close of each of the first three quarterly periods of each fiscal year of the Parent,
the quarterly financial statements described in Section 8.05(a)(i) of the Loan and Security Agreement;

 

(ii)           within ninety (90) days after the close of each fiscal year of the Parent, the annual financial statements described in
Section 8.05(a)(ii) of the Loan and Security Agreement;

 

(iii)          promptly following a request therefor, any documentation or other information (including with respect to any Exela Party)
that Buyer, Administrative Agent or any Lender reasonably requests in order to comply with its ongoing obligations under the applicable
 “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act;

 

(iv)          from time to time such further information regarding the business, affairs and financial condition of the Exela Parties
as Buyer, Administrative Agent or any Lender shall reasonably request; and

 

(v)           notwithstanding anything herein to the contrary, any financial information, proxy statements or other material required
to be delivered pursuant to this paragraph (b) shall be deemed to have been furnished to each of the Administrative Agent
and the Buyer on the date that such report, proxy statement or other material is posted on the SEC’s website at www.sec.gov.

 

(b)         ERISA.

 

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(i)            Promptly after the filing or receiving thereof, copies of (I) all reports and notices with respect to any Reportable Event
with respect to any Pension Plan, which any Exela Party or any of their respective ERISA Affiliates files under ERISA with the
Internal Revenue Service, the PBGC or the U.S. Department of Labor or which any Exela Party or any of their respective ERISA Affiliates
receives from the Internal Revenue Service, the PBGC or the U.S. Department of Labor, and (II) all reports and documents which
it files under any other applicable pension benefits legislation that relate to matters concerning, or that would or could, individually
or in the aggregate, reasonably be expected to affect, the Receivables (including the value, the validity, the collectability,
or the enforceability thereof), the transactions contemplated by the Transaction Documents, or the performance of such Originator
(or any of its Affiliates), or the ability of such Originator (or any of its Affiliates) to perform, thereunder.

 

(ii)           Promptly after such Originator becomes aware of the occurrence of any of the events listed in clauses (I) through
(VI) below, a notice indicating that such event has occurred:

 

		I.	the Secretary of the Treasury issues a notice to any Exela Party that a Pension Plan has ceased to
be a plan described in Section 4021(a)(2) of Title IV of ERISA or when the Secretary of Labor determines that any such plan is
not in compliance with Title I of ERISA;

 

		II.	the Secretary of the Treasury determines that there has been a termination or a partial termination
within the meaning of Section 411(d)(3) of the Code or any Pension Plan or there has been a termination, or notice of a termination,
of any Pension Plan under Section 4041 or Section 4042 of ERISA;

 

		III.	any Pension Plan fails to meet the minimum funding standards under Section 412 of the Code or Section
302 of ERISA;

 

		IV.	any Pension Plan is unable to pay benefits thereunder when due;

 

		V.	any Exela or any of their respective ERISA Affiliates liquidates in a case under the Bankruptcy Code,
or under any similar law as now or hereafter in effect; or

 

		VI.	any Exela Party or any of their respective ERISA Affiliates incurs Withdrawal Liability.

 

(c)           Default. Notice of the occurrence of any Initial Servicer Default, Event of Default, Unmatured Event of Default,
or termination of any sale or contribution of Receivables under this Agreement, accompanied by a written statement of a Responsible
Officer of such Originator setting forth details of such event and the action that such Originator proposes to take with respect thereto, such notice to be provided
promptly (but not later than two (2) Business Days) after such Originator obtains knowledge of any such event.

 

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(d)           Servicing Programs. If any Successor Servicer has been appointed or if any Initial Servicer Default or Event of Default
has occurred and is continuing and a license or approval is required for Buyer’s, the Administrative Agent’s or such
Successor Servicer’s use of any software or other computer program used by such Successor Servicer in the servicing of the
Receivables, then at the request of Buyer, the Administrative Agent or a Successor Servicer, each Originator, as applicable, shall
at its own expense arrange for Buyer, Administrative Agent and such Successor Servicer to receive any such required license or
approval.

 

(e)           Litigation. Promptly, and in any event within three (3) Business Days after such Originator obtains knowledge thereof,
notice of (i) any litigation, investigation or proceeding (including a contingency thereof) initiated against such Originator and
(ii) any development in litigation previously disclosed by it, in each case, that could reasonably be expected to have a Material
Adverse Effect.

 

(f)            Change in Credit and Collection Policies or Business. At least thirty (30) days prior to (i) the effectiveness of
any change in or amendment to the Credit and Collection Policy that could be adverse to the interests of the Credit Parties, a
description or, if available, a copy of the Credit and Collection Policy then in effect and a written notice (A) indicating such
change or amendment and (B) requesting Buyer’s, Administrative Agent’s and the Required Lender’s consent thereto
and (ii) any change in the character of such Originator’s business that has or could reasonably be expected to materially
and adversely affect the ability of such Originator to perform its obligations hereunder or that would prevent such Originator
from conducting its business operations relating to the Receivables, its servicing of the Receivables or the performance of its
duties and obligations hereunder or under the other Transaction Documents, a written notice indicating such change and requesting
Buyer’s, Administrative Agent’s and the Required Lender’s consent thereto.

 

(g)           Other Information. Promptly, from time to time, such Records or other information, documents, records or reports
respecting the condition or operations, financial or otherwise, of such Originator as Administrative Agent or Buyer may from time
to time reasonably request in order to protect the interests of Buyer, Administrative Agent, LC Bank or any Lender under or as
contemplated by this Agreement or any other Transaction Document or to comply with any Applicable Law or any Governmental Authority.

 

(h)           Excluded Receivables. With reasonable promptness, written notice if the total amount of Excluded Receivables originated
in any calendar month exceeds $150,000.

 

SECTION 5.04. Negative
Covenants of Each Originator. From the date hereof until the Final Payout Date, each Originator shall not, without the prior
written consent of Administrative Agent, the Required Lenders, and Buyer, do or permit to occur any act or circumstance which it
has covenanted not to do or permit to occur in any other Transaction Document to which it is a party in any capacity, or:

 

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(a)           Sales, Adverse Claims, Etc. Except as otherwise expressly provided herein or in the other Transaction Documents,
sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon or
with respect to (i) any Receivable originated by such Originator or any Related Asset or any interest therein, or any Collection
Account to which any Collections of any of the foregoing are sent, or any right to receive income or proceeds (other than the purchase
price paid to such Originator hereunder or any proceeds of Collections remitted to such Originator hereunder to the extent such
Originator owes no other amounts hereunder) from or in respect of any of the foregoing or (ii) its equity interest in Buyer.

 

(b)           Extension or Amendment of Receivables. Except as permitted under Section 9.02(a) of the Loan and Security
Agreement, extend, amend or otherwise modify the payment terms of any Receivable originated by such Originator or amend, modify
or waive any payment term or condition of any related Contract, in each case unless a corresponding Deemed Collection payment in
respect of such Receivable is made, in full, in connection therewith.

 

(c)           Change in Credit and Collection Policies or Business. (i) Make or consent to any change in, or waive any of the provisions
of, the Credit and Collection Policies in a manner that could be adverse to the interests of the Credit Parties without the prior
written consent of the Buyer, Administrative Agent, and the Required Lenders, or (ii) make any change in the character of such
Originator’s business that has or could reasonably be expected to materially and adversely affect the ability of such Originator
to perform its obligations hereunder or that would prevent such Originator from conducting its business operations relating to
the Receivables, its servicing of the Receivables or the performance of its duties and obligations hereunder or under the other
Transaction Documents, without the prior written consent of Buyer, Administrative Agent and the Required Lenders.

 

(d)           Change in Collection Account Banks. (i) Add any bank account not listed on Schedule II as a Collection Account
unless the Administrative Agent and the Required Lenders shall have previously approved and received duly executed copies of all
Account Control Agreements and/or amendments thereto covering each such new account, (ii) terminate any Collection Account or related
Account Control Agreement or Sweep Instructions without the prior written consent of the Administrative Agent and the Required
Lenders and, in each case, only if all of the payments from Obligors that were being sent to such Collection Account will, upon
termination of such Collection Account and at all times thereafter, be deposited in a Continuing Collection Account covered by
an Account Control Agreement or (iii) amend, supplement or otherwise modify any Account Control Agreement or Sweep Instructions
without the prior written consent of Administrative Agent and the Required Lenders.

 

(e)           Mergers,
Acquisitions, Sales, Etc. Consolidate or merge with or into any other Person (other than with another Originator) or
sell, lease or transfer all or substantially all of its property and assets (other than to another Originator), or agree
to do any of the foregoing, unless (i) no Unmatured Initial Servicer Default, Initial Servicer Default, Event of Default or
Unmatured Event of Default has occurred and is continuing or would result immediately after giving effect thereto, (ii) such
Originator shall have given Buyer, Administrative Agent and LC Bank not less than ten (10) Business Days’ prior written
notice thereof, (iii) if such Originator is not the surviving corporation or if such Originator sells, leases or transfers
all or substantially all of its property and assets, the surviving
corporation or the Person purchasing or being leased the assets is (A) a Subsidiary of Performance Guarantor and agrees to be bound
by the terms and provisions of the Transaction Documents applicable to such Originator hereunder and (B) an entity organized or
existing under the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof,
(iv) no Change in Control shall result, (v) Performance Guarantor reaffirms in a writing, in form and substance reasonably satisfactory
to Administrative Agent, that its obligations under the Performance Guaranty shall apply to the surviving entity, (vi) Administrative
Agent, the Required Lenders and Buyer have consented thereto in writing and (vii) Administrative Agent receives such additional
certifications, documents, instruments, agreements and opinions of counsel as it shall reasonably request, including as to the
necessity and adequacy of any new UCC financing statements or amendments to existing UCC financing statements. For the avoidance
of doubt, the foregoing shall in no way restrict the removal of any Originator under Section 9.02.

 

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(f)            Deposits to Accounts. (i) Deposit or otherwise credit, or cause or permit to be so deposited or credited, or
direct any Obligor to deposit or remit, any Collection or proceeds thereof to any account other than a Continuing Collection Account
or (ii) except as remitted from an Interim Collection Account pursuant to Sweep Instructions, permit funds other than Collections
to be deposited into any Continuing Collection Account.

 

(g)           Change in Organization, Etc. Change its jurisdiction of organization or its name, identity or corporate organization
structure or make any other change such that any financing statement filed or other action taken to perfect Buyer’s or Administrative
Agent’s interests hereunder and under the Loan and Security Agreement, as applicable, would become seriously misleading or
would otherwise be rendered ineffective, unless (i) no Unmatured Initial Servicer Default, Initial Servicer Default, Event of Default
or Unmatured Event of Default has occurred and is continuing or would result immediately after giving effect thereto, (ii) such
Originator shall have given Buyer, the LC Bank and Administrative Agent not less than ten (10) Business Days’ prior written
notice of such change and shall have cured such circumstances, (iii) no Change in Control shall result, (iv) Performance Guarantor
reaffirms in a writing, in form and substance reasonably satisfactory to Administrative Agent, that its obligations under the Performance
Guaranty shall apply to the new entity, (v) Administrative Agent, the Required Lenders, and Buyer have consented thereto in writing,
and (vi) Administrative Agent, the Required Lenders, and Buyer have received such certificates, documents, instruments, agreements
and opinions of counsel as they shall reasonably request, including as to the necessity and adequacy of any new UCC financing statements
or amendments to existing UCC financing statements. Each Originator shall at all times maintain its jurisdiction of organization
and its chief executive office within a jurisdiction in the United States of America in which Article 9 of the UCC is in effect.

 

(h)           Actions
Impairing Quality of Title. Take any action that could cause any Pool Receivable, together with the Related Security, not
to be owned by it free and clear of any Adverse Claim; or take any action that could reasonably be expected to
cause Administrative Agent not to have a valid ownership interest or first priority perfected security interest in the Pool
Receivables and Continuing Collection Accounts and, to the extent such security interest can be perfected by filing a
financing statement or the execution of an account control agreement, any Related Security (or any portion thereof) and all
cash proceeds of any of the foregoing, in each case, free and clear of
any Adverse Claim; or suffer the existence of any financing statement or other instrument similar in effect covering any Pool Receivable
on file in any recording office except such as may be filed (i) in favor of the Borrower in accordance with any Transaction Document
or (ii) in favor of Administrative Agent in accordance with this Agreement or any Transaction Document or (iii) (x) “all
asset” financing statements filed in connection with the Existing Specified Secured Debt or (y) with respect to HOV Services,
Inc. during the ten (10) days following the Closing Date, the state tax lien, file number L53008 P427, recorded in Oakland County,
Michigan.

 

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(i)            Buyer’s Tax Status. Take or cause any action to be taken that would cause the Buyer to (i) be treated other
than as either a “disregarded entity” within the meaning of U.S. Treasury Regulation § 301.7701-3 that is disregarded
as separate from a United States person within the meaning of Section 7701(a)(30) of the Code or a partnership for U.S. federal
income tax purposes whose partners are all United States persons within the meaning of Section 7701(a)(30) of the Code, or are
otherwise approved by the Administrative Agent or (ii) become an association taxable as a corporation or a publicly traded partnership
taxable as a corporation for U.S. federal income tax purposes.

 

(j)            Anti-Terrorism Laws. None of the Exela Parties, nor any of their Affiliates or agents shall:

 

(i)            conduct any business or engage in any transaction or dealing with any Blocked Person, including the making or receiving
any contribution of funds, goods or services to or for the benefit of any Blocked Person,

 

(ii)           deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the
OFAC Sanctions Programs or

 

(iii)          engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or
attempts to violate, any of the prohibitions set forth in the OFAC Sanctions Programs, the PATRIOT Act or any other Anti-Terrorism
Law.

 

(k)           Restrictions on Exela Secured Debt. Permit any Exela Party or any Affiliate thereof to incur any new secured Debt
or consent to any amendment or modification to any Debt of Exela or any of its Affiliates, including (without limitation) any Existing
Specified Secured Debt Documents, the effect of which could: (i) by its terms cause any Exela Party to be unable to perform its
obligations under the Transaction Documents, (ii) cause any inaccuracy or breach of any representation, warranty or covenant of
any Exela Party (iii) could subject any existing or subsequently arising Collateral to an Adverse Claim or (iv) adversely affect
any rights or remedies of the Credit Parties under the Transaction Documents.

 

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ARTICLE
VI

 

TERMINATION OF PURCHASES

 

SECTION 6.01. Voluntary
Termination. Upon the occurrence and during the continuation of a Purchase and Sale Termination Event, the sale and
contribution of Receivables and Related Assets pursuant to this Agreement may be terminated by the Buyer, with the prior
written consent of the Administrative Agent and Required Lenders, at any time when the Aggregate Loan Amount plus the
Revolving A LC Participation Amount is equal to zero.

 

SECTION 6.02. Automatic
Termination. The sale or contribution of any Receivables and Related Assets pursuant to this Agreement shall automatically
terminate if an Event of Bankruptcy shall have occurred and remain continuing with respect to such Originator or Buyer.

 

ARTICLE
VII

 

INDEMNIFICATION

 

SECTION 7.01.         Each
Originator’s Indemnity. (a) General Indemnity. Without limiting any other rights which any such Person may have
hereunder or under Applicable Law, but subject to Section 8.06, each Originator, jointly and severally, hereby agrees to
indemnify and hold harmless Buyer, Buyer’s Affiliates and all of their respective successors, transferees, participants and
assigns, Administrative Agent and any Secured Party under the Loan and Security Agreement, and all officers, members, managers,
directors, shareholders, officers, employees and agents of any of the foregoing (each an “Originator Indemnified Party”),
forthwith on demand, from and against any and all damages, losses, claims, liabilities and related reasonable and documented out-of-pocket
costs and expenses (including all filing fees), including reasonable Attorney Costs, and reasonable consultants’ and accountants’
fees and disbursements (all of the foregoing being collectively referred to as “Originator Indemnified Amounts”)
awarded against or incurred by any of them arising out of, relating to or in connection with the Transaction Documents, any of
the transactions contemplated thereby (including the issuance of, or the fronting for, any Letter of Credit), or the ownership,
maintenance or purchasing of the Receivables or in respect of or related to any Receivable or Related Assets, the issuance or drawing
of any Letter of Credit or otherwise arising out of or relating to or in connection with the actions or inactions of Buyer, Performance
Guarantor, such Originator or any Affiliate of any of them; provided, however, notwithstanding anything to the contrary
in this Article VII, excluding Originator Indemnified Amounts solely to the extent (x) resulting from the gross negligence
or willful misconduct on the part of such Originator Indemnified Party, as determined by a final non-appealable judgment by a court
of competent jurisdiction or (y) that constitute recourse with respect to a Receivable or the Related Assets by reason of an Event
of Bankruptcy or insolvency, or the financial or credit condition or financial default, of the related Obligor. Without limiting
the foregoing, each Originator, jointly and severally, shall indemnify, subject to the express limitations set forth in this Section
7.01, and hold harmless each Originator Indemnified Party for any and all Originator Indemnified Amounts arising out of, relating
to or in connection with:

 

(a)          the transfer by such Originator of any interest in any Receivable other than the sale or contribution, as applicable, of
any Receivable and Related Assets to Buyer pursuant to this Agreement and the grant of a security interest or ownership interest
to Buyer pursuant to this Agreement or the subsequent assignment to the Borrower and pledge to the Administrative Agent;

 

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(b)          any representation, warranty or statement made or deemed made by such Originator (or any of its officers or Affiliates)
under or in connection with this Agreement or any Transaction Document, any Information Package, any Interim Report or any other
information or report delivered by or on behalf of any Originator pursuant hereto, which shall have been untrue, false or incorrect
when made or deemed made;

 

(c)          the failure of such Originator to comply with the terms of any Transaction Document, the Federal Assignment of Claims Act
or any other similar state and local Applicable Law (including with respect to any Receivable or Related Assets transferred by
such Originator) or the nonconformity of any such Receivable or Related Assets with any such Applicable Law;

 

(d)          the lack of an enforceable ownership interest or a first priority perfected security interest in the Receivables (and all
Related Assets) transferred by such Originator, or purported to be transferred by such Originator, to Buyer pursuant to this Agreement
against all Persons (including any bankruptcy trustee or similar Person);

 

(e)          any attempt by any Person (including Buyer) to void the transfers by such Originator contemplated hereby under statutory
provisions or common law or equitable action;

 

(f)           the failure to have filed, or any delay in filing, financing statements, financing statement amendments, continuation statements
or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to
any Receivable and the other Related Assets in respect thereof, transferred by such Originator, or purported to be transferred
by such Originator, to Buyer pursuant to this Agreement whether at the time of any purchase or acquisition, as applicable, or at
any time thereafter;

 

(g)          any dispute, claim, offset, defense, or other similar claim or defense (other than discharge in bankruptcy) of the Obligor
to the payment of any Receivable in, or purporting to be in, the Receivables Pool transferred by such Originator, or purported
to be transferred by such Originator, to Buyer pursuant to this Agreement (including a defense based on such Receivable or the
Related Assets not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms),
or any other claim resulting from the sale of the merchandise or services related to such Receivable or the furnishing or failure
to furnish such merchandise or services, or other similar claim or defense not arising from the financial inability of any Obligor
to pay undisputed indebtedness;

 

(h)          any failure of such Originator to perform any of its duties or obligations in accordance with the provisions hereof and
of each other Transaction Document;

 

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(i)           any suit or claim related to the Receivables or Related Assets transferred by such Originator, or purported to be transferred
by such Originator, to Buyer pursuant to this Agreement (including any products liability or environmental liability claim arising
out of or in connection with merchandise or services that are the subject of any such Receivable or Related Asset);

 

(j)           any products liability, environmental or other claim arising out of or in connection with any Receivable or Related Assets
or other merchandise, goods or services which are the subject of or related to any Receivable or Related Assets;

 

(k)          the ownership, delivery, non-delivery, possession, design, construction, use, maintenance, transportation, performance
(whether or not according to specifications), operation (including the failure to operate or faulty operation), condition, return,
sale, repossession or other disposition or safety of any Related Assets (including claims for patent, trademark, or copyright infringement
and claims for injury to persons or property, liability principles, or otherwise, and claims of breach of warranty, whether express
or implied);

 

(l)           any investigation, litigation or proceeding (actual or threatened) related to this Agreement or any other Transaction Document
or the use of proceeds of any purchase hereunder or in respect of any Receivable or other Related Assets or any related Contract
(except to the extent relating to a credit losses on the Pool Receivable by reason of an Event of Bankruptcy or insolvency, or
the financial or credit condition or financial default, of the related Obligor);

 

(m)         any failure of such Originator to comply with its covenants, obligations and agreements contained in this Agreement or any
other Transaction Document;

 

(n)         
(i) if legally required, the failure by such Originator to notify any Obligor of the assignment pursuant to the terms hereof
of any Receivable or Related Assets to Buyer (and subsequently, as transferred pursuant to the Second Tier Purchase and Sale Agreement
to the Borrower and as pledged under the Loan and Security Agreement to Administrative Agent for the benefit of Lenders) or (ii)
the failure to require that all Collections of Receivables be deposited directly in a Continuing Collection Account covered by
an Account Control Agreement;

 

(o)          the failure by such Originator to comply with the “bulk sales” or analogous Applicable Laws of any jurisdiction;

 

(p)          any Taxes imposed upon any Originator Indemnified Party or upon or with respect to the Receivables transferred by such Originator
(whether or not imposed on any Person, including a Lender), or purported to be transferred by such Originator, to Buyer pursuant
to this Agreement arising by reason of the purchase or ownership, contribution or sale of such Receivables (or of any interest
therein) or Related Assets;

 

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(q)          any failure of such Originator to perform any of its respective duties or obligations under any Contract related to any
Receivable;

 

(r)           any failure by any Exela Party to obtain any Obligor’s consent to any transfer, sale or assignment of any rights and
duties under a Contract that requires the Obligor thereunder to consent to any such transfer, sale or assignment of any rights
and duties thereunder;

 

(s)          the failure by such Originator or the Buyer to pay when due any Taxes, including sales, excise or personal property taxes
with respect to the Receivables or Related Assets;

 

(t)           any loss arising, directly or indirectly, as a result of the failure by such Originator to timely collect and remit to the
appropriate authority any sales or similar transfer type Taxes on or with respect to the Receivables or Related Assets (to the
extent not duplicative of clause (xvi) above);

 

(u)          any commingling of any Collections by such Originator relating to the Receivables or Related Assets with any of its own
funds or the funds of any other Person;

 

(v)          the failure or delay to provide any Obligor with an invoice or other evidence of indebtedness;

 

(w)         any failure by such Originator to obtain consent from any Obligor prior to the assignment of any Receivable and Related
Assets pursuant to the terms of this Agreement;

 

(x)          any breach of any Contract as a result of the sale or contribution thereof or any Receivables related thereto pursuant to
this Agreement;

 

(y)         any inability of such Originator or Buyer to assign any Receivable or Related Asset as contemplated under the Transaction
Documents; or the violation or breach by such Originator of any confidentiality provision, or of any similar covenant of non-disclosure,
with respect to any Contract, or any other Originator Indemnified Amount with respect to or resulting from any such violation or
breach;

 

(z)          any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment
of any Receivable (including a defense based on such Receivable or the related Contract or Agency Letter not being a legal, valid
and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from
the sale of goods or the rendering of services related to such Receivable or the furnishing or failure to furnish any such goods
or services or other similar claim or defense not arising from the financial inability of any Obligor to pay undisputed indebtedness;

 

    26

     

    

 

(aa)        
any other amount paid or payable pursuant to Section 5.02 or 14.04 of the Loan and Security Agreement; or

 

(bb)       
Taxes described in clauses (a), (b) and (c) of Section 5.03 of the Loan and Security Agreement.

 

SECTION 7.02.         Contribution.
If for any reason the indemnification provided above in this Article VII is unavailable to an Originator Indemnified Party
or is insufficient to hold an Originator Indemnified Party harmless, then each Originator shall contribute to the amount paid or
payable by such Originator Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate
to reflect not only the relative benefits received by such Originator Indemnified Party on the one hand and such Originator on
the other hand but also the relative fault of such Originator Indemnified Party as well as any other relevant equitable considerations.

 

ARTICLE
VIII

 

MISCELLANEOUS

 

SECTION 8.01.        Amendments,
Etc. No amendment or waiver of any provision of this Agreement nor consent to any departure by any Originator therefrom shall
in any event be effective unless the same shall be in writing and signed by Buyer, Administrative Agent (with the consent of the
Required Lenders) and (if an amendment) such Originator, and if such amendment or waiver affects the obligations of the Performance
Guarantor, the Performance Guarantor consents in writing thereto, and then any such waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given. No Originator may amend or otherwise modify any other Transaction
Document executed by it without the written consent of Buyer, Administrative Agent the Required Lenders, and if such amendment
or waiver affects the obligations of the Performance Guarantor, the Performance Guarantor consents in writing thereto.

 

SECTION
8.02.         No Waiver; Remedies. No failure on the part of Buyer or any
Originator Indemnified Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, power or remedy hereunder preclude any other or
further exercise thereof or the exercise of any other right, power or remedy. If an Event of Default has occurred and is
continuing, Buyer (or Administrative Agent as assignee of Buyer’s rights hereunder) shall have, in addition to all
other rights and remedies under this Agreement, any other Transaction Document or otherwise, all other rights and remedies
provided under the UCC of each applicable jurisdiction and other Applicable Laws (including all the rights and remedies of a
secured party upon default under the UCC (including the right to sell any or all of the Receivables and Related Assets)). The
rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by Applicable Law.
Each Originator hereby consents to and agrees to be bound by the specific remedies provisions of Section 9.03 and 9.04
of the Loan and Security Agreement as if they were set forth herein mutatis mutandis. Without limiting the foregoing, TSL,
individually and as Administrative Agent, each Lender, the LC Bank, and any of their Affiliates (the
 “Set-off Parties”) are each hereby authorized by each of the parties hereto, at any time and from time to
time during the continuance of an Event of Default, to the fullest extent permitted by Applicable Law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final) at any time held by and other indebtedness at
any time owing to any such Set-off Party to or for the credit to the account of such party, against all due but unpaid
obligations of such party, now or hereafter existing under this Agreement or any other Transaction Document (other than in
respect of any repayment of Aggregate Loan Amount or Interest by Buyer pursuant to the Loan and Security Agreement), to any
Affected Person, any Originator Indemnified Party or any other Affected Person; provided, that any Set-off Party shall
notify such party prior to or concurrently with any such set off.

 

    27

     

    

 

SECTION 8.03.         Notices,
Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including
facsimile and email communication) and faxed, emailed or delivered, to each party hereto, at its address set forth under its name
Annex 2 or at such other address, facsimile number or email address as shall be designated by such party in a written notice
to the other parties hereto. Notices and communications by (i) facsimile shall be effective when sent (and shall be followed by
hard copy sent by regular mail), (ii) e-mail shall be deemed received upon the sender’s receipt of an acknowledgment from
the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgment) and (iii) notices and communications sent by other means shall be effective when received.

 

SECTION 8.04.         Binding
Effect; Assignment. Each Originator acknowledges that institutions providing financing (by way of loans or the issuance of
Letters of Credit) pursuant to the Loan and Security Agreement may rely upon the terms of this Agreement. This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns and shall also, to the
extent provided herein, inure to the benefit of the parties to the Loan and Security Agreement. Each Originator acknowledges that
Buyer’s rights under this Agreement may be assigned to Borrower under the Second Tier Purchase and Sale Agreement and to
TSL or another Secured Party under the Loan and Security Agreement, consents to such assignment and to the exercise of those rights
directly by Borrower, TSL or another Secured Party to the extent permitted by the Second Tier Purchase and Sale Agreement or the
Loan and Security Agreement and acknowledges and agrees that Borrower, TSL individually and as agent, a Lender and the other Affected
Persons and each of their respective successors and permitted assigns are express third party beneficiaries of this Agreement.

 

SECTION 8.05.         Survival.
The rights and remedies with respect to any breach of any representation and warranty made by any Originator or Buyer pursuant
to Section 3.02 or Article IV the indemnification provisions of Article VII, and the provisions of Sections 8.04,
8.05, 8.06, 8.08, 8.09, 8.10, 8.11, 8.12 and 8.14 shall survive any termination
of this Agreement.

 

    28

     

    

 

SECTION
8.06.         Costs, Expenses and Taxes. In addition to its obligations under Article
VII whether or not the transactions contemplated hereby shall be consummated, each Originator, jointly and severally,
agrees to pay promptly (a) all of Buyer’s, each Credit Party’s and Administrative Agent’s actual and
reasonable costs and expenses of preparation of the Transaction Documents and any consents, amendments, waivers or other
modifications thereto; (b) all the reasonable fees, expenses and disbursements of counsel to Buyer, each Credit Party and
Administrative Agent in connection with the negotiation, preparation, execution and administration of the Transaction
Documents and any consents, amendments, waivers or other modifications thereto and any other documents or matters requested
by any Exela Party; (c) all the actual costs and reasonable expenses of creating and perfecting security interests in favor
of Administrative Agent, for the benefit of Secured Parties, including filing and recording fees, expenses and taxes,
stamp or documentary taxes, search fees, title insurance premiums and reasonable fees, expenses and disbursements of counsel
to Buyer, each Credit Party and Administrative Agent and of counsel providing any opinions that any Credit Party may request
in respect of the Receivables and Related Assets or security interests created pursuant to the Transaction Documents; (d) all
of Buyer, each Credit Party’s and Administrative Agent’s actual costs and reasonable fees, expenses for, and
disbursements of any of Buyer’s, such Credit Party’s or Administrative Agent’s auditors, accountants,
consultants or appraisers whether internal or external, and all reasonable attorneys’ fees (including allocated costs
of internal counsel and expenses and disbursements of outside counsel) incurred by Buyer, each Credit Party and the
Administrative Agent; (e) all the actual costs and reasonable expenses (including the reasonable fees, expenses and
disbursements of any appraisers, consultants, advisors and agents employed or retained by Administrative Agent and its
counsel) in connection with the custody or preservation of any of the Receivables and Related Assets; (f) all the actual
costs and reasonable expenses of the Credit Parties, Administrative Agent and Lenders in connection with the attendance at
any meetings in connection with this Agreement and the other Transaction Documents; (g) all other actual and reasonable costs
and expenses incurred by Buyer, each Credit Party and Administrative Agent in connection with the syndication of the Loans
and Commitments and the negotiation, preparation and execution of the Transaction Documents and any consents, amendments,
waivers or other modifications thereto and the transactions contemplated thereby; and (h) after the occurrence of an
Unmatured Initial Servicer Default, Initial Servicer Default, an Unmatured Event of Default or an Event of Default, all costs
and expenses, including reasonable attorneys’ fees (including allocated costs of internal counsel) and costs of
settlement, incurred by Buyer, any Credit Party, Administrative Agent and Lenders in collecting any payments due from any
Exela Party hereunder or under the other Transaction Documents by reason of such Unmatured Initial Servicer Default,
Initial Servicer Default, Unmatured Event of Default or Event of Default (including in connection with the sale of,
collection from, or other realization upon any of the Receivables or Related Assets or the enforcement of the Transaction
Documents) or in connection with any refinancing or restructuring of the credit arrangements provided hereunder in the nature
of a “work out” or pursuant to any insolvency or bankruptcy cases or proceedings.

 

SECTION 8.07.         Execution
in Counterparts; Integration. This Agreement may be executed in any number of counterparts and by the different parties in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall
constitute one and the same Agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or
other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed
counterpart of this Agreement. This Agreement, together with the other Transaction Documents, contains a final and complete integration
of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire understanding
among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings.

 

    29

     

    

 

SECTION 8.08.        Governing
Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF
NEW YORK, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF ADMINISTRATIVE AGENT
OR ANY CREDIT PARTY IN THE RECEIVABLES AND RELATED ASSETS IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW
YORK).

 

SECTION 8.09.         Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER TRANSACTION DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING
TO THE SUBJECT MATTER OF THIS TRANSACTION. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES
THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL
INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT,
AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS
THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER
THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 8.09 AND EXECUTED BY EACH OF THE PARTIES HERETO),
AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER TRANSACTION
DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

SECTION 8.10.        Consent
to Jurisdiction; Waiver of Immunities. EACH ORIGINATOR AND BUYER HEREBY ACKNOWLEDGES AND AGREES THAT:

 

(a)          ALL
JUDICIAL PROCEEDINGS BROUGHT AGAINST IT ARISING OUT OF OR RELATING HERETO OR ANY OTHER TRANSACTION DOCUMENT, MAY BE BROUGHT
IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND
DELIVERING THIS AGREEMENT, IT, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (I) ACCEPTS GENERALLY AND
UNCONDITIONALLY THE NON-EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (II) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;
(III) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, TO IT AT ITS ADDRESS PROVIDED IN THIS AGREEMENT IS SUFFICIENT TO CONFER PERSONAL JURISDICTION
OVER IT IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT;
AND (IV) AGREES THAT CREDIT PARTIES RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING
PROCEEDINGS AGAINST IT IN THE COURTS OF ANY OTHER JURISDICTION.

 

    30

     

    

 

(b)         
IT CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY
THE MAILING OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED IN THIS AGREEMENT. NOTHING IN THIS SECTION 8.10 SHALL
AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW.

 

SECTION 8.11.        Confidentiality.
Each party hereto agrees to comply with, and be bound by, the confidentiality provisions of Section 14.06 of the Loan and
Security Agreement as if they were set forth herein mutatis mutandis.

 

SECTION 8.12.        No
Proceedings. Each Originator agrees, for the benefit of the parties to the Loan and Security Agreement, that it will not institute
against, or join any other Person in instituting against, any Bankruptcy Remote Entity any Event of Bankruptcy until one year
and one day after the Final Payout Date. In addition, all amounts payable by Buyer to any Originator pursuant to this Agreement
shall be payable solely from funds available for that purpose.

 

SECTION 8.13.        No
Recourse Against Other Parties. No recourse under any obligation, covenant or agreement of Buyer contained in this Agreement
shall be had against any stockholder, employee, officer, director, member, manager incorporator or organizer of Buyer.

 

SECTION 8.14.        Grant
of Security Interest. It is the intention of the parties to this Agreement that the conveyance of each Originator’s right,
title and interest in and to the Receivables, the Related Assets and all the proceeds of all of the foregoing to Buyer pursuant
to this Agreement shall constitute an absolute and irrevocable purchase and sale or capital contribution, as applicable, and not
a loan or pledge. Notwithstanding the foregoing, each Originator does hereby grant to Buyer a security interest to secure such
Originator’s obligations hereunder in all of such Originator’s now or hereafter existing right, title and interest
in, to and under all Receivables and the Related Assets and that this Agreement shall constitute a security agreement (as defined
in the UCC) and under other Applicable Law.

 

SECTION 8.15.        Binding
Terms in Other Transaction Documents. Each Originator hereby makes for the benefit of the Administrative Agent, each Lender,
LC Bank, each other Secured Party, each of the representations, warranties, covenants, and agreements, and accepts all other binding
terms, including the waiver of any rights, which are made applicable to any Originator in any other Transaction Document, each
as if the same (together with any provisions incorporated therein by reference) were set forth in full herein.

 

    31

     

    

 

SECTION 8.16.        Joint
and Several Liability. Each of the representations, warranties, covenants, obligations, indemnities and other undertakings
of any Originator hereunder shall be made jointly and severally, and are joint and several liabilities of each of the Originators
hereunder.

 

SECTION 8.17.        Severability.
Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

ARTICLE
IX

 

JOINDER OF ADDITIONAL ORIGINATORS; Removal of originators

 

SECTION 9.01.         Addition
of New Originators. Additional Persons may be added as Originators hereunder, with the prior written consent of Buyer, Servicer,
the Required Lenders and the Administrative Agent, provided, that the following conditions are satisfied on or before the
date of such addition:

 

(a)         
Servicer shall have given Administrative Agent, LC Bank, and Buyer at least thirty (30) days’ prior written notice
of such proposed addition and the identity of each such proposed additional Originator and shall have provided such other information
with respect to such proposed additional Originator as Administrative Agent and LC Bank may reasonably request;

 

(b)         
Performance Guarantor shall have executed and delivered to Administrative Agent a Performance Guaranty in form and substance
acceptable to Administrative Agent (in its sole discretion) guaranteeing the timely payment and performance of all of each such
proposed additional Originator’s obligations hereunder and under each other Transaction Document, if any, to which such proposed
Originator is a party in any capacity;

 

(c)         
each such proposed additional Originator has executed and delivered to the Buyer and Administrative Agent an agreement substantially
in the form attached hereto as Exhibit 9 (a “Joinder Agreement”);

 

(d)         
each such proposed additional Originator has delivered to Buyer and Administrative Agent each of the applicable documents
with respect to such Originator described in Section 6.01 of the Loan and Security Agreement;

 

(e)         
the Purchase and Sale Termination Date shall not have occurred;

 

(f)          
no Unmatured Initial Servicer Default, Initial Servicer Default, Event of Default or Unmatured Event of Default shall have
occurred and be continuing; and

 

(g)          each
such proposed additional Originator is organized under the laws of (i) the United States or any state of subdivision thereof
or (ii) after such time as the Administrative Agent has satisfactorily completed tax and legal analysis of the
implications of the joinder of any Canadian Originators, United States or any state of subdivision thereof.

 

    32

     

    

 

SECTION 9.02.         Removal
of Originators. Any Originator that is an Immaterial Originator at the relevant time of determination may terminate its obligation
to sell and assign Receivables to Buyer hereunder so long as each of the following conditions is satisfied:

 

(i)              Buyer
and the Administrative Agent, shall have received prior written notice from such Originator (a “Terminating Originator”)
specifying the effective date for such termination which shall not be sooner than 15 days after Buyer and the Administrative Agent
receives such notice;

 

(ii)             
immediately after giving effect to such termination, no Borrowing Base Deficit shall exist (and the Servicer shall have
delivered an Interim Report setting forth the calculations evidencing satisfaction of this condition precedent);

 

(iii)            both
immediately before and after giving effect to such termination, no Purchase and Sale Termination Event, Unmatured Initial Servicer
Default, Initial Servicer Default, Event of Default or Unmatured Event of Default shall have occurred and be continuing or shall
reasonably be expected occur and such Terminating Originator shall be deemed to have represented and warranted as to such on and
as of the Termination Effective Date (such representation and warranty to survive such Terminating Originator’s termination
as a party hereto) and, in connection therewith, Liquidity shall be reported on a pro forma basis;

 

(iv)           each
Obligor of any Receivables originated by such Terminating Originator shall have been notified to remit payments to an account
other than a Continuing Collection Account; provided that, to the extent any such Obligor incorrectly remits payments into a Continuing
Collection Account, the Administrative Agent shall remit such payment as directed by the Servicer or Terminating Originator;

 

(v)            any existing Pool Receivables originated by such Terminating Originator are repurchased by such Terminating Originator pursuant
to an agreement acceptable to the Administrative Agent;

 

(vi)           such
Terminating Originator is not obligated to perform any transitional services with respect to any Receivable, Contract or any Transaction
Document; and

 

(vii)         
the Parent (or another Exela Party) has entered into definitive agreements to sell the Capital Stock of such Terminating
Originator or all or substantially all of such Terminating Originator’s assets to a Person that is not Exela or an Affiliate
of Exela.

 

    33

     

    

 

Any termination by an Originator pursuant to
this Section 9.02 shall become effective on the later to occur of (i) the first Business Day that follows the day on
which the requirements of foregoing clauses (i) through (vi) shall have been satisfied or (ii) the date
specified in the notice referred to in the foregoing clause (i) (the “Termination Effective Date”). Any
termination by an Originator pursuant to this Section 9.02 shall terminate such Originator’s right and obligation to
sell or contribute Receivables and the Related Assets to Buyer and Buyer’s agreement, with respect to such Originator,
to purchase or accept contributions of such Receivables and Related Assets; provided, however, that such termination shall
not relieve such Originator of any of its other obligations, to the extent such obligations relate to Receivables (and
Related Assets with respect thereto) originated by such Originator prior to the Termination Effective Date.

 

[SIGNATURE PAGES FOLLOW]

 

    34

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first
above written.

 

		EXELA TECHNOLOGIES, INC.,

                            as Initial Servicer

		 
	 	 

		By:	/s/ James Reynolds

		Name:	James Reynolds

		Title:	Chief Financial Officer

 

 

	 	EXELA RECEIVABLES HOLDCO, LLC,

                                                                                as Buyer

 

 

		By:	/s/ James Reynolds

		Name:	James Reynolds

		Title:	Chief Financial Officer

 

 

		BANCTEC, INC.,

                                                                                DELIVEREX, LLC

                                                                                ECONOMIC RESEARCH SERVICES, INC.

                                                                                EXELA ENTERPRISE SOLUTIONS, INC.,

                                                                                SOURCEHOV HEALTHCARE, INC.

                                                                                UNITED INFORMATION SERVICES, INC.,

                                                                                HOV ENTERPRISE SERVICES, INC.,

                                                                                HOV SERVICES, INC.,

                                                                                HOV SERVICES, LLC,

                                                                                J&B SOFTWARE, INC.,

                                                                                REGULUS GROUP II LLC,

                                                                                REGULUS GROUP LLC,

                                                                                REGULUS INTEGRATED SOLUTIONS LLC,

                                                                                SOURCECORP BPS INC.,

                                                                                SOURCECORP MANAGEMENT, INC.,

                                                                                NOVITEX GOVERNMENT SOLUTIONS, LLC,

                                                                                each as an Originator

  

 

		By:	/s/ James Reynolds

		Name:	James Reynolds

		Title:	Chief Financial Officer

 

    		Annex 1, Page 1	 

     

    

 

ANNEX 1

 

UCC DETAILS SCHEDULE

 

	(1)	BANCTEC, INC.: 

 

	 	(a)      Chief
    Executive Office
	 	Ronald Cogburn
	 	(b)      Locations
    Where Records Are Kept
	 	2701 E. Grauwyler
    Road Irving, TX 75061
	 	(c)      Doing
    Business As Names; Changes in Location or Name
	 	None.
	 	(d)      Federal
    Taxpayer ID Number
	 	75-1559633
	 	(e)      Jurisdiction
    of Organization
	 	Delaware
	 	(f)      True
    Legal Name
	 	BancTec, Inc.
	 	(g)      Organizational
    Identification Number
	 	 
	 	2114052

 

    		Annex 1, Page 2	 

     

    

 

	(2)	DELIVEREX, LLC: 

 

	 	(a)      Chief
    Executive Office
	 	Ronald
    Cogburn
	 	(b)      Locations
    Where Records Are Kept
	 	2054
    Zanker Rd, San Jose, CA 95131
	 	(c)      Doing
    Business As Names; Changes in Location or Name
	 	None.
	 	(d)      Federal
    Taxpayer ID Number
	 	51-0370088
	 	(e)      Jurisdiction
    of Organization
	 	Delaware
	 	(f)      True
    Legal Name
	 	Deliverex,
    LLC
	 	(g)      Organizational
    Identification Number
	 	 
	 	2547498

 

    		Annex 1, Page 3	 

     

    

 

		(3)	ECONOMIC RESEARCH SERVICES, INC.: 

 

	 	(a)      Chief
    Executive Office
	 	Ronald Cogburn
	 	(b)      Locations
    Where Records Are Kept
	 	4901 Tower Court Tallahassee,
    FL 32303
	 	(c)      Doing
    Business As Names; Changes in Location or Name
	 	None.
	 	(d)      Federal
    Taxpayer ID Number
	 	58-1454192
	 	(e)      Jurisdiction
    of Organization
	 	Florida
	 	(f)      True
    Legal Name
	 	Economic Research
    Services, Inc.
	 	(g)      Organizational
    Identification Number
	 	 
	 	F57489

 

    		Annex 1, Page 4	 

     

    

 

		(4)	EXELA ENTERPRISE SOLUTIONS, INC.: 

 

	 	(a)      Chief
    Executive Office
	 	Ronald Cogburn
	 	(b)      Locations
    Where Records Are Kept
	 	300 Stamford Pl Fl
    W Stamford, CT 06902-6765
	 	(c)      Doing
    Business As Names; Changes in Location or Name
	 	None.
	 	(d)      Federal
    Taxpayer ID Number
	 	13-3587073
	 	(e)      Jurisdiction
    of Organization
	 	Delaware
	 	(f)      True
    Legal Name
	 	Exela Enterprise Solutions,
    Inc.
	 	(g)      Organizational
    Identification Number
	 	 
	 	2212506

 

    		Annex 1, Page 5	 

     

    

 

		(5)	HOV ENTERPRISE SERVICES, INC.:

 

	 	(a)      Chief
    Executive Office
	 	Ronald Cogburn
	 	(b)      Locations
    Where Records Are Kept
	 	1250 West 14 Mile
    Road, Troy, MI 48083
	 	(c)      Doing
    Business As Names; Changes in Location or Name
	 	None.
	 	(d)      Federal
    Taxpayer ID Number
	 	22-3520617
	 	(e)      Jurisdiction
    of Organization
	 	New Jersey
	 	(f)      True
    Legal Name
	 	HOV Enterprise Services,
    Inc.
	 	(g)      Organizational
    Identification Number
	 	 
	 	100707465

 

    		Annex 1, Page 6	 

     

    

 

		(6)	HOV SERVICES, INC.: 

 

	 	(a)      Chief
    Executive Office
	 	Ronald Cogburn
	 	(b)      Locations
    Where Records Are Kept
	 	1250 West 14 Mile Road, Troy, MI 48083
	 	(c)      Doing
    Business As Names; Changes in Location or Name
	 	None.
	 	(d)      Federal
    Taxpayer ID Number
	 	26-0839966
	 	(e)      Jurisdiction
    of Organization
	 	Delaware
	 	(f)      True
    Legal Name
	 	HOV Services, Inc.
	 	(g)      Organizational
    Identification Number
	 	 
	 	2833232

 

    		Annex 1, Page 7	 

     

    

 

		(7)	HOV SERVICES, LLC: 

 

	 	(a)      Chief
    Executive Office
	 	Ronald Cogburn
	 	(b)      Locations
    Where Records Are Kept
	 	1250 West 14 Mile Road, Troy, MI 48083
	 	(c)      Doing
    Business As Names; Changes in Location or Name
	 	None.
	 	(d)      Federal
    Taxpayer ID Number
	 	26-0839966
	 	(e)      Jurisdiction
    of Organization
	 	Nevada
	 	(f)      True
    Legal Name
	 	HOV Services, LLC
	 	(g)      Organizational
    Identification Number
	 	 
	 	NV2005104725 8

 

    		Annex 1, Page 8	 

     

    

 

		(8)	J&B SOFTWARE, INC.: 

 

	 	(a)      Chief
    Executive Office
	 	Ronald
    Cogburn
	 	(b)      Locations
    Where Records Are Kept
	 	510
    East Township Line Road Blue Bell, PA 19422
	 	(c)      Doing
    Business As Names; Changes in Location or Name
	 	None.
	 	(d)      Federal
    Taxpayer ID Number
	 	23-2327305
	 	(e)      Jurisdiction
    of Organization
	 	Pennsylvannia
	 	(f)      True
    Legal Name
	 	J&B
    Software, Inc.
	 	(g)      Organizational
    Identification Number
	 	 
	 	862043

 

    		Annex 1, Page 9	 

     

    

 

		(9)	NOVITEX GOVERNMENT SOLUTIONS, LLC: 

 

(a)          Chief
Executive Office

Ronald Cogburn

(b)          Locations
Where Records Are Kept

8401 Corporate Drive Suite 420 Landover, MD 20785

(c)          Doing
Business As Names; Changes in Location or Name

None.

(d)          Federal
Taxpayer ID Number

13-3587073

(e)          Jurisdiction
of Organization

Delaware

(f)          True
Legal Name

Novitex Government Solutions, LLC

(g)          Organizational
Identification Number

 

3684609

 

    Annex 1, Page 10

     

    

 

		(10)	REGULUS GROUP II LLC: 

 

(a)          Chief
Executive Office

Ronald Cogburn

(b)          Locations
Where Records Are Kept

4855 Peachtree Industrial Blvd Suite 245 Norcross, GA
30092

(c)          Doing
Business As Names; Changes in Location or Name

None.

(d)          Federal
Taxpayer ID Number

26-4545318

(e)          Jurisdiction
of Organization

Delaware

(f)          True
Legal Name

Regulus Group II, LLC

(g)          Organizational
Identification Number

 

4668931

 

    Annex 1, Page 11

     

    

 

		(11)	REGULUS GROUP LLC: 

 

(a)          Chief
Executive Office

Ronald Cogburn

(b)          Locations
Where Records Are Kept

4855 Peachtree Industrial Blvd Suite 245 Norcross, GA
30092

(c)          Doing
Business As Names; Changes in Location or Name

None.

(d)          Federal
Taxpayer ID Number

23-2847269

(e)          Jurisdiction
of Organization

Delaware

(f)          True
Legal Name

Regulus Group, LLC

(g)          Organizational
Identification Number

 

2595769

 

    Annex 1, Page 12

     

    

 

		(12)	REGULUS INTEGRATED SOLUTIONS LLC: 

 

(a)          Chief
Executive Office

Ronald Cogburn

(b)          Locations
Where Records Are Kept

4855 Peachtree Industrial Blvd Suite 245 Norcross, GA
30092

(c)          Doing
Business As Names; Changes in Location or Name

None.

(d)          Federal
Taxpayer ID Number

52-2277055

(e)          Jurisdiction
of Organization

Delaware

(f)          True
Legal Name

Regulus Integrated Solutions LLC

(g)          Organizational
Identification Number

 

3315131

 

    Annex 1, Page 13

     

    

 

		(13)	SOURCECORP BPS INC.: 

 

(a)          Chief
Executive Office

Ronald Cogburn

(b)          Locations
Where Records Are Kept

2701 E. Grauwyler Road Irving, TX 75061

(c)          Doing
Business As Names; Changes in Location or Name

None.

(d)          Federal
Taxpayer ID Number

51-0370086

(e)          Jurisdiction
of Organization

Delaware

(f)          True
Legal Name

SOURCECORP BPS Inc.

(g)          Organizational
Identification Number

 

2547502

 

    Annex 1, Page 14

     

    

 

		(14)	SOURCECORP MANAGEMENT, INC.: 

 

(a)          Chief
Executive Office

Ronald Cogburn

(b)          Locations
Where Records Are Kept

2701 E. Grauwyler Road Irving, TX 75061

(c)          Doing
Business As Names; Changes in Location or Name

None.

(d)          Federal
Taxpayer ID Number

75-2912986

(e)          Jurisdiction
of Organization

Texas

(f)          True
Legal Name

SOURCECORP Management, Inc.

(g)          Organizational
Identification Number

 

801526296

 

    Annex 1, Page 15

     

    

 

		(15)	SOURCEHOV HEALTHCARE, INC.: 

 

(a)          Chief
Executive Office

Ronald Cogburn

(b)          Locations
Where Records Are Kept

100 Executive Center Drive, Columbia, SC 29210

(c)          Doing
Business As Names; Changes in Location or Name

None.

(d)          Federal
Taxpayer ID Number

57-0835087

(e)          Jurisdiction
of Organization

South Carolina

(f)          True
Legal Name

SourceHOV Healthcare, Inc.

(g)         Organizational
Identification Number

 

None

 

    Annex 1, Page 16

     

    

 

		(16)	UNITED INFORMATION SERVICES, INC.: 

 

(a)          Chief
Executive Office

Ronald Cogburn

(b)          Locations
Where Records Are Kept

38120 Amrhein Road, Livonia, MI 48150

(c)          Doing
Business As Names; Changes in Location or Name

None.

(d)          Federal
Taxpayer ID Number

42-1446157

(e)          Jurisdiction
of Organization

Iowa

(f)          True
Legal Name

United Information Services, Inc.

(g)          Organizational
Identification Number

 

187590

 

    Annex 1, Page 17

     

    

 

ANNEX 2

 

NOTICE INFORMATION

 

If to an Originator or Buyer, to the following:

 

300 First Stamford Place, Second Floor West

Stamford, CT 06902

Attention: Secretary

Email: legalnotices@exelatech.com

Telephone: 203-487-5345

 

With a copy to Administrative Agent at its address set forth
in the Loan and Security Agreement.

 

With an additional copy to legal team at:

 

With a copy to:

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, New York 10019

Attn: Maurice M. Lefkort

Tel: 212-728-8000

Email: mlefkort@willkie.com

 

    Annex 2, Page 1

     

    

 

Exhibit 9

 

FORM OF JOINDER AGREEMENT

 

JOINDER AGREEMENT

 

THIS JOINDER AGREEMENT
is executed and delivered by ____________________, a ____________________ (“New Originator”), in favor of Exela
Receivables Holdco, LLC, a Delaware limited liability company (“Buyer”), with respect to that certain First
Tier Purchase and Sale Agreement, dated as of January 10, 2020, by and among the various originators from time to time party thereto,
the Initial Servicer and Buyer (as amended, restated, supplemented and otherwise modified from time to time, the “Purchase
and Sale Agreement”). Capitalized terms used and not otherwise defined are used with the meanings attributed thereto
in the Purchase and Sale Agreement (including those incorporated by reference therein).

 

Subject to receipt of
counterparts hereof signed by the signatories below, by its signature below, New Originator hereby absolutely and unconditionally
agrees to become a party to the Purchase and Sale Agreement as an Originator thereunder and to be bound by all of the provisions
thereof, and hereby makes as to itself, as of the date hereof, each of the representations and warranties in Article IV of the
Purchase and Sale Agreement.

 

Attached hereto are amended
and restated versions of Annexes 1 and 2 to the Purchase and Sale Agreement incorporating relevant information with
respect to New Originator. After giving effect to the amendments and restatements embodied therein, each of the representations
and warranties contained in Sections 4.01 and 4.02 of the Purchase and Sale Agreement will be true and correct as
to New Originator.

 

The provisions of Article
VIII of the Purchase and Sale Agreement are incorporated in this Joinder Agreement by this reference with the same force and
effect as if set forth in full herein except that references in such Article VIII to “this Agreement” shall
be deemed to refer to “this Joinder Agreement and to the Purchase and Sale Agreement as modified by this Joinder Agreement.”

 

Delivered herewith are
each of the documents, certificates and opinions required to be delivered by New Originator pursuant to Section 9.01 of
the Purchase and Sale Agreement.

 

Please acknowledge your
consent to New Originator’s joinder to the Purchase and Sale Agreement by signing the enclosed copy hereof in the appropriate
space provided below.

 

[signature pages follow]

 

    Annex 2, Page 1

     

    

 

IN WITNESS WHEREOF,
New Originator has executed this Joinder Agreement as of the _____ day of ____________________.

 

	 	 	[NEW ORIGINATOR]
	 	 	  

	 	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:

	 	 	 
	 	 	 
	Each of the undersigned hereby
    consents	 	 
	to New Originator’s joinder
    to the Sale Agreement:	 	 
	 	 	 
	TPG SPECIALTY LENDING,
    INC.,	 	 
	as Administrative Agent, on
    behalf of itself and at the direction of the Required Lenders
	 	 	 
	 	 	 
	By:	 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	 	 	 
	EXELA RECEIVABLES HOLDCO,
    LLC,	 	 
	as Buyer	 	 
	 	 	 
	 	 	 
	By:	 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	EXELA TECHNOLOGIES, INC.,	 	 
	as Initial Servicer	 	 
	 	 	 
	 	 	 
	By:	 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	 	 	 
	EXELA TECHNOLOGIES, INC.,	 	 
	as Performance Guarantor	 	 
	 	 	 
	By:	 	 	 
	Name:	 	 
	Title:	 	 

 

    Exhibit 2.3(e), Page 1

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