Document:

Exhibit 10.1

 

EXECUTION VERSION 

 

Deal
CUSIP Number: 90212TAA9

Facility
CUSIP Number: 90212TAB7

 

 

 

CREDIT AGREEMENT

 

among

 

2U, INC.,

as Borrower,

 

The Several Lenders

from Time to Time Parties Hereto

 

and

 

MORGAN STANLEY SENIOR FUNDING, INC.,

as Administrative Agent and Collateral Agent

 

Dated as of June 25, 2020

 

 

 

MORGAN
STANLEY SENIOR FUNDING, INC.

CREDIT SUISSE LOAN FUNDING LLC,

and

GOLDMAN SACHS BANK USA

as Joint Lead Arrangers and Bookrunners

 

CREDIT
SUISSE LOAN FUNDING LLC,

and

GOLDMAN SACHS BANK USA

as Syndication Agents

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	SECTION 1	DEFINITIONS	1
	 	 	 
	1.1	Defined Terms	1
	1.2	Other Definitional Provisions	47
	1.3	Letter of Credit Amounts	49
	1.4	Divisions	49
	1.5	Rates	50
	1.6	Currency Equivalents Generally	50
	1.7	Additional Alternate Currencies	50
	 	 	 
	SECTION 2	AMOUNT AND TERMS OF REVOLVING COMMITMENTS	51
	 	 	 
	2.1	Revolving Commitments	51
	2.2	Procedure for Revolving Loan Borrowing	52
	2.3	Fees	52
	2.4	Termination or Reduction of Revolving Commitments	53
	2.5	L/C Commitment	53
	2.6	Procedure for Issuance, Amendment, Renewal, Extension of Letters of Credit; Certain Conditions	54
	2.7	Fees and Other Charges; Role of Issuing Lender; Applicability of ISP and UCP	55
	2.8	L/C Participations	56
	2.9	Reimbursement Obligation of the Borrower	57
	2.10	Obligations Absolute	58
	2.11	Letter of Credit Payments	58
	2.12	Applications; Issuer Documents	59
	2.13	Defaulting Lenders	59
	2.14	Incremental Facilities	62
	2.15	Incremental Equivalent Term Debt	66
	2.16	Extensions of Loans	66
	 	 	 
	SECTION 3	GENERAL PROVISIONS APPLICABLE  TO LOANS AND LETTERS OF CREDIT	68
	 	 	 
	3.1	Optional Prepayments	68
	3.2	Mandatory Prepayments	68
	3.3	Conversion and Continuation Options	69
	3.4	Limitations on Tranches	69
	3.5	Interest Rates and Payment Dates	70
	3.6	Computation of Interest and Fees; Failure to Satisfy Conditions Precedent; Obligations of Lenders Several	70
	3.7	Changed Circumstances	71
	3.8	Pro Rata Treatment; Application of Payments; Payments	73

 

    	 		 

     

    

 

	3.9	Requirements of Law	74
	3.10	Taxes	76
	3.11	Indemnity	80
	3.12	Change of Lending Office	81
	3.13	Replacement of Lenders	81
	3.14	Evidence of Debt	82
	3.15	Illegality	82
	 	 	 
	SECTION 4	REPRESENTATIONS AND WARRANTIES	83
	 	 	 
	4.1	Financial Condition	83
	4.2	No Change	83
	4.3	Corporate Existence; Compliance with Law	83
	4.4	Power; Authorization; Enforceable Obligations	83
	4.5	No Legal Bar	84
	4.6	Litigation	84
	4.7	Education Law Matters	84
	4.8	Ownership of Real Property; Liens	85
	4.9	Intellectual Property	85
	4.10	Taxes	86
	4.11	Federal Regulations	86
	4.12	Labor Matters	86
	4.13	ERISA	87
	4.14	Investment Company Act; Other Regulations	87
	4.15	Subsidiaries	87
	4.16	Use of Proceeds	87
	4.17	Environmental Matters	88
	4.18	Accuracy of Information, etc.	89
	4.19	Security Documents	89
	4.20	Solvency	89
	4.21	Reserved	90
	4.22	Anti-Terrorism Laws	90
	4.23	OFAC	90
	4.24	Anti-Corruption Laws	90
	 	 	 
	SECTION 5	CONDITIONS PRECEDENT	90
	 	 	 
	5.1	Conditions to Effectiveness	90
	5.2	Conditions to Each Extension of Credit	91
	 	 	 
	SECTION 6	AFFIRMATIVE COVENANTS	92
	 	 	 
	6.1	Financial Statements	92
	6.2	Certificates; Other Information	93
	6.3	Payment of Taxes	95
	6.4	Compliance with Educational Law	95
	6.5	Maintenance of Existence; Compliance	95

 

    	 		 

     

    

 

	6.6	Maintenance of Property; Insurance	95
	6.7	Inspection of Property; Books and Records; Discussions	96
	6.8	Notices	96
	6.9	Environmental Laws.	96
	6.10	Post-Closing; Additional Collateral, etc.	97
	6.11	Further Assurances	99
	6.12	[Reserved	99
	6.13	Use of Proceeds	99
	6.14	Designation of Subsidiaries	100
	6.15	Anti-Terrorism Law; Anti-Money Laundering; Foreign Corrupt Practices Act	100
	6.16	Post-Closing Deliveries	101
	 	 	 
	SECTION 7	NEGATIVE COVENANTS	102
	 	 	 
	7.1	Financial Condition Covenants	102
	7.2	Indebtedness	102
	7.3	Liens	105
	7.4	Fundamental Changes	108
	7.5	Disposition of Property	109
	7.6	Restricted Payments	111
	7.7	Investments	113
	7.8	Optional Payments and Modifications of Certain Documents	116
	7.9	Transactions with Affiliates	117
	7.10	Issuance of Qualified Capital Stock	117
	7.11	Reserved	117
	7.12	Changes in Fiscal Periods; Accounting Changes	117
	7.13	Negative Pledge Clauses	118
	7.14	Clauses Restricting Subsidiary Distributions	119
	7.15	Lines of Business	119
	 	 	 
	SECTION 8	EVENTS OF DEFAULT	120
	 	 	 
	8.1	Events of Default	120
	8.2	Equity Cure	123
	 	 	 
	SECTION 9	THE AGENTS	124
	 	 	 
	9.1	Appointment	124
	9.2	Delegation of Duties	124
	9.3	Exculpatory Provisions	124
	9.4	Reliance by Administrative Agent	126
	9.5	Notice of Default	126
	9.6	Non-Reliance on Agents and Other Lenders	126
	9.7	Indemnification	127
	9.8	Agent in Its Individual Capacity	127
	9.9	Successor Administrative Agent; Resignation of Issuing Lender	127
	9.10	Agents Generally	128

 

    	 		 

     

    

 

	9.11	Lender Action	129
	9.12	Withholding Taxes	129
	9.13	Administrative Agent May File Proofs of Claim; Credit Bidding	129
	9.14	Certain ERISA Matters	131
	 	 	 
	SECTION 10	MISCELLANEOUS	132
	 	 	 
	10.1	Amendments and Waivers	132
	10.2	Notices	136
	10.3	No Waiver; Cumulative Remedies	138
	10.4	Survival of Representations and Warranties	138
	10.5	Payment of Expenses	139
	10.6	Successors and Assigns; Participations and Assignments	140
	10.7	Sharing of Payments; Set-off	146
	10.8	Counterparts	147
	10.9	Severability	147
	10.10	Integration	147
	10.11	GOVERNING LAW	147
	10.12	Submission To Jurisdiction; Waivers	147
	10.13	Acknowledgments	148
	10.14	Releases of Guarantees and Liens	148
	10.15	Confidentiality	149
	10.16	WAIVERS OF JURY TRIAL	150
	10.17	Patriot Act Notice	150
	10.18	No Fiduciary Relationship	150
	10.19	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	150
	10.20	Acknowledgement Regarding Any Supported QFCs	151
	10.21	Judgment Currency	152

 

    	 		 

     

    

 

	SCHEDULES:	 
	 	 
	1.1	Commitments
	1.2(b)	Unrestricted Subsidiaries
	4.4	Consents, Authorizations, Filings and Notices
	4.9	Intellectual Property
	4.15	Subsidiaries
	4.19(a)	UCC Filing Jurisdictions
	4.19(b)	Real Property
	6.16	Post-Closing Deliveries
	7.2	Existing Indebtedness
	7.3	Existing Liens
	7.7	Existing Investments
	7.14	Clauses Restricting Subsidiary Distributions
	 	 
	EXHIBITS:	 
	 	 
	A	Form of Assignment and Assumption
	B	Form of Compliance Certificate
	C	Form of Committed Loan Notice
	D	Form of Guarantee and Collateral Agreement
	E-1, E-2, E-3 and E-4	Forms of U.S. Tax Compliance Certificates
	F-1	Form of Term Note
	F-2	Form of Revolving Note
	G	Form of Closing Certificate
	H	Form of Intercompany Note
	I	Form of Solvency Certificate

 

    	 		 

     

    

 

This CREDIT AGREEMENT
(this “Agreement”), dated as of June 25, 2020, among 2U, INC., a Delaware corporation (the “Borrower”),
the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”),
MORGAN STANLEY SENIOR FUNDING, INC., as administrative agent (in such capacity, and together with its successors and permitted
assigns in such capacity, the “Administrative Agent”), MORGAN STANLEY SENIOR FUNDING, INC., as collateral agent
(in such capacity, and together with its successors and permitted assigns in such capacity, the “Collateral Agent”)
and MORGAN STANLEY SENIOR FUNDING, INC., as Issuing Lender.

 

WHEREAS, the Borrower
has requested that the Lenders provide a new senior secured revolving credit facility which will be used to finance working capital
and for other general corporate purposes of the Borrower and its Subsidiaries, and the Lenders have agreed to provide such facility
on the terms and subject to the conditions set forth herein;

 

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

 

SECTION 1       
DEFINITIONS

 

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

 

“Accrediting
Body”: any non-governmental entity, including institutional and specialized accrediting agencies, which engages in the
granting or withholding of accreditation of educational institutions, programs or courses in accordance with standards relating
to the performance, operations, financial condition or academic standards of such institutions, programs or courses.

 

“Acquired Person”:
as defined in Section 7.2(n).

 

“Administrative
Agent”: as defined in the recitals to this Agreement.

 

“Administrative
Agent Parties”: as defined in Section 10.2(c).

 

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

 

“Affiliate”:
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as used
with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting securities of the Borrower, by agreement or otherwise.

 

“Agent Related
Parties”: the Administrative Agent, the Collateral Agent, the Issuing Lender and any of their respective Affiliates and
the partners, officers, directors, employees, agents, trustees, advisors or representatives of the foregoing.

 

    	 	1	 

     

    

 

“Agents”:
the collective reference to the Collateral Agent, the Administrative Agent, the Lead Arrangers and the Syndication Agents, which
term shall include, for purposes of Sections 9 and 10.5 only, the Issuing Lender.

 

“Agreement”:
as defined in the recitals to this Agreement.

 

“Agreement Currency”:
as defined in Section 10.20.

 

“Alternate Currency”:
means, (x) in the case of Revolving Loans, Sterling, (y) in the case of Letters of Credit, Sterling, and, in each case, each other
currency that is approved in accordance with Section 1.7.

 

“Anti-Terrorism
Laws”: Executive Order No. 13224, the Patriot Act, the laws comprising or implementing the Bank Secrecy Act, the laws
administered by the United States Treasury Department’s Office of Foreign Asset Control, the Proceeds of Crime (Money Laundering)
and Terrorist Financing Act (Canada) and other applicable foreign anti-money laundering, anti-terrorist financing laws and sanctions
of Governmental Authorities (each as from time to time in effect).

 

“Applicable
Margin”: for each Type of Loan, the rate per annum set forth under the relevant column heading below:

 

	 	 	Eurodollar Loans	 	 	Base Rate Loans	 
	Revolving Loans	 	 	3.75	%	 	 	2.75	%

 

“Applicable
Percentage”: with respect to any Revolving Lender, the percentage of the total Revolving Commitments represented by such
Revolving Lender’s Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages
shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments.

 

“Application”:
an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by an Issuing
Lender.

 

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

 

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

 

“Assignment
and Assumption”: an assignment and assumption entered into by a Lender and an Eligible Assignee and accepted by the Administrative
Agent, and, if applicable, the Borrower and each Issuing Lender, substantially in the form of Exhibit A or any other
form (including electronic documentation generated by use of an electronic platform) approved by the Administrative Agent.

 

    	 	2	 

     

    

 

“Assignment
Effective Date”: as defined in Section 10.6(d).

 

“Authorized
Collateral Agent”: as defined in the Guarantee and Collateral Agreement.

 

“Available Amount”:
means, as of any date (the “Determination Date”), a cumulative amount equal to (without duplication): (a) an
amount equal to $25.0 million, plus (b) 50% of Consolidated Net Income beginning on June 1, 2020 to the end of the most
recent fiscal quarter for which financial statements have been provided pursuant to Section 6.1(a) or (b), plus (c) the
cash proceeds of new public or private equity issuances (other than Disqualified Capital Stock) of the Borrower or any parent of
the Borrower, to the extent the proceeds thereof are contributed to the Borrower as Qualified Capital Stock (other than any such
Qualified Capital Stock that is designated as a “Cure Amount” in accordance with the provisions of Section 8.2), plus
(d) capital contributions to the Borrower made in cash or Cash Equivalents and the fair market value of assets (other than in respect
of Disqualified Capital Stock and other than any Qualified Capital Stock that is designated as a “Cure Amount” in accordance
with the provisions of Section 8.2), plus (e) returns, profits, distributions and similar amounts received in cash or Cash
Equivalents and the fair market value of assets by the Borrower and its Restricted Subsidiaries on or proceeds of (i) dispositions
of Investments and from repurchases and redemptions of such Investments from the Borrower and its Restricted Subsidiaries by any
Person (other than the Borrower or any of its Restricted Subsidiaries) and from repayments of loans or advances that constituted
Investments (other than intercompany Investments), (ii) the sale of its ownership interest in any joint venture that is not a Subsidiary
or of an Unrestricted Subsidiary and (iii) any distribution from an Unrestricted Subsidiary plus (f) the aggregate amount
of Indebtedness that has been converted into or exchanged for Capital Stock (other than Disqualified Capital Stock) of the Borrower,
plus (g) in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated
or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Borrower or any Restricted Subsidiary,
the fair market value of the Investments of the Borrower or any Restricted Subsidiary in such Unrestricted Subsidiary at the time
of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), minus (h) any
amounts thereof used to make Restricted Payments pursuant to Section 7.6(f) after the Closing Date and prior to the Determination
Date, minus (i) any amounts thereof used to make Investments pursuant to Section 7.7(r) after the Closing Date and prior
to the Determination Date and minus (j) any amounts thereof used to make payments in respect of any Junior Financing pursuant
to Section 7.8 after the Closing Date and prior to the Determination Date.

 

“Available Incremental
Amount”: as defined in Section 2.14(a).

 

“Available Revolving
Commitment”: as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s
Revolving Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding.

 

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

 

    	 	3	 

     

    

 

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

 

“Base Rate”:
for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the prime
commercial lending rate published by the Wall Street Journal as the “prime rate”, and (c) the Eurodollar Rate plus
1.00%.

 

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

 

“Benchmark”
means, initially, LIBOR; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related
Benchmark Replacement Date have occurred with respect to LIBOR or the then-current Benchmark, then “Benchmark” means
the applicable Benchmark Replacement to the extent that such Benchmark Replacement has become effective pursuant to clause (i)
of Section 3.7(b).

 

“Benchmark Replacement”:
the sum of: (a) the alternate benchmark rate (which may include a SOFR-Based 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 LIBOR for U.S. dollar-denominated syndicated 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.

 

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

 

“Benchmark
Replacement Conforming Changes”: 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).

 

    	 	4	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	5	 

     

    

 

“Benchmark Unavailability
Period”: if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR
and solely to the extent that LIBOR 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 LIBOR for all purposes hereunder
in accordance with Section 3.7(b) and (y) ending at the time that a Benchmark Replacement has replaced LIBOR for all purposes hereunder
pursuant to Section 3.7(b).

 

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

 

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

 

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

 

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

 

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

 

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

 

“Borrower”:
as defined in the recitals to this Agreement.

 

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

 

“Building”:
a building within the meaning of the Flood Laws or any structure with at least two walls and a roof or any such structure in the
course of construction.

 

“Business Day”:
a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to
close; provided, that with respect to notices and determinations in connection with, and payments of principal and interest
on, Eurodollar Loans, such day is also a day for trading by and between banks in Dollar deposits or in deposits in the applicable
Alternate Currency, as the case may be, in the interbank eurodollar market.

 

“Capital Expenditures”:
for any period, with respect to any Person, (x) the aggregate of all expenditures by such Person and its Subsidiaries for the
acquisition or leasing (pursuant to a lease under which obligations are Capital Lease Obligations but excluding any amount representing
capitalized interest) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements
during such period) that should be capitalized under GAAP on a consolidated balance sheet of such Person and its Subsidiaries,
and (y) the aggregate of all capitalized technology costs and all capitalized content development costs of the Borrower and its
Subsidiaries, as reported in the Borrower’s financial statements consistent with past practice but excluding (a) expenditures
made with the proceeds of a Recovery Event, (b) expenditures made in cash to fund the purchase price for assets acquired in Permitted
Acquisitions or other Investment permitted hereunder or incurred by the Person acquired in the Permitted Acquisition or other
Investment permitted hereunder prior to (but not in anticipation of) the closing of such Permitted Acquisition or other Investment
permitted hereunder, (c) expenditures made with cash proceeds from any issuances of Capital Stock of the Borrower or any Restricted
Subsidiary or contributions of capital made to the Borrower, (d) capitalized interest in respect of operating or capital leases;
(e) the book value of any asset owned to the extent such book value is included as a non-cash capital expenditure as a result
of reusing or beginning to reuse such asset during such period without a corresponding expenditure actually having been made in
such period; and (f) any non-cash amounts reflected as additions to property, plant or equipment on such Person’s consolidated
balance sheet.

 

    	 	6	 

     

    

 

“Capital Lease
Obligations”: at the time any determination thereof is to be made, the amount of the liability in respect of a Capital
Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes
thereto) prepared in accordance with GAAP as in effect on January 1, 2019.

 

“Capital Leases”:
all leases that are required to be, in accordance with GAAP as in effect on January 1, 2019, recorded as capitalized leases; provided
that the adoption or issuance of any accounting standards after such date will not cause any lease that was not or would not have
been a Capital Lease prior to such adoption or issuance to be deemed a Capital Lease.

 

“Capital Stock”:
any and all shares, interests, participations or other equivalents (however designated) of capital stock or shares of a corporation,
any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to
purchase any of the foregoing; provided that Capital Stock shall not include any debt securities that are convertible into
or exchangeable for any of the foregoing Capital Stock (including, for the avoidance of doubt, any Convertible Bond Indebtedness).

 

“Capped Call
Transactions”: (a) one or more call options (or substantively equivalent derivative transaction) referencing the Borrower’s
Capital Stock (or other securities or property following a merger event or other change of the Capital Stock of the Borrower)
purchased by the Borrower (or a Restricted Subsidiary) with a strike or exercise price (howsoever defined) initially equal to
the conversion price or exchange price (howsoever defined) of the related Convertible Bond Indebtedness (subject to rounding)
(whether settled in shares, cash or a combination thereof) and limiting the amount deliverable to the Borrower (or a Restricted
Subsidiary) upon exercise thereof based on a cap or upper strike price (howsoever defined) and (b) one or more call options (or
substantively equivalent derivative transaction) referencing the Borrower’s Capital Stock (or other securities or property
following a merger event or other change of the Capital Stock of the Borrower) sold by the Borrower (or a Restricted Subsidiary
substantially concurrently with any purchase by the Borrower (or a Restricted Subsidiary) of a related call option (or substantively
equivalent derivative transaction) referencing the Borrower’s Capital Stock (or other securities or property following a
merger event or other change of the Capital Stock of the Borrower), in each case, in connection with the issuance of Convertible
Bond Indebtedness.

 

    	 	7	 

     

    

 

“Cash Collateralize”:
(a) in respect of an obligation, provide and pledge cash collateral in Dollars (taking the Dollar Equivalent of any amount denominated
in an Alternate Currency), pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent,
and (b) in respect of L/C Obligations under Letters of Credit, either the deposit of cash collateral in an amount equal to
103% of such outstanding L/C Obligations (taking the Dollar Equivalent of any amount denominated in an Alternate Currency) or the
delivery of a “backstop” Letter of Credit reasonably satisfactory to the relevant Issuing Lender (and “Cash
Collateralization” has a corresponding meaning). “Cash Collateral” shall have a meaning correlative
to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

“Cash Equivalents”:
(a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency
thereof and backed by the full faith and credit of the United States, in each case maturing within twenty-four (24) months from
the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having
maturities of one (1) year or less from the date of acquisition issued by any Lender, any Qualified Counterparty to a Specified
Cash Management Agreement or by any commercial bank organized under the laws of the United States or any state thereof having
combined capital and surplus of not less than $500.0 million in the case of U.S. banks and $100.0 million (or the U.S. dollar
equivalent as of the date of determination) in the case of non-U.S. banks; (c) commercial paper of an issuer rated at least A-1
by S&P or P-1 by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the
two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within twenty-four (24)
months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements
of clause (b) of this definition, with respect to securities issued or fully guaranteed or insured by the United States government
or of the type described in clause (b) hereof; (e) securities with maturities of one year or less from the date of acquisition
issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing
authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth,
territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least investment grade
by S&P or Moody’s; (f) securities with maturities of twenty-four months or less from the date of acquisition backed
by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition;
(g) shares of money market mutual or similar funds which invest assets satisfying the requirements of clauses (a) through (f)
or (h), (i), or (j) of this definition or 90% of the money market funds that (i) comply with the criteria set forth in Securities
and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA- (or the equivalent
thereof) by S&P and Aaa3 (or the equivalent thereof) by Moody’s and (iii) have portfolio assets of at least $3,000,000,000;
(h) marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s
or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent
rating from another rating agency) and in each case maturing within 24 months after the date of creation thereof; (i) Indebtedness
or preferred capital stock issued by Persons with a rating of “A” or higher from S&P for “A2” or higher
from Moody’s with maturities of twenty-four months or less from the date of acquisition; (j) Investments with average maturities
of twenty-four months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better
by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s; or (k) in the case of any Foreign Subsidiary, liquid
investments made by such Foreign Subsidiary in the ordinary course of managing its surplus cash position in investments of comparable
terms and credit quality as those described in clauses (a) through (j) above.

 

    	 	8	 

     

    

 

“Cash Management
Agreement”: any agreement for the provision of Cash Management Services.

 

“Cash Management
Services”: (a) cash management services, including, without limitation, treasury, depository, overdraft, electronic funds
transfer, treasury management services (including controlled disbursement services, overdraft automatic clearing house fund transfer
services, return items and interstate depository network services), other demand deposit or operating account relationships, foreign
exchange facilities and other cash management arrangements and (b) commercial credit, purchasing and debit card, non-card e-payable
services and merchant card services.

 

“Change in Law”:
the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to
the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States
or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”,
regardless of the date enacted, implemented, adopted or issued.

 

“Change of Control”:
an event or series of events by which:

 

(a)           any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, but excluding any employee benefit plan of such Person or its Subsidiaries and any Person acting in its capacity as trustee,
agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership”
of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after
the passage of time (such right, an “option right”)), directly or indirectly, of thirty-five percent (35%) or
more of the equity securities of the Borrower entitled to vote for members of the board of directors or equivalent governing body
of the Borrower on a fully-diluted basis (and taking into account all such securities that such person or group has the right to
acquire pursuant to any option right); or 

 

    	 	9	 

     

    

 

(b)           a
 “change of control” or similar provision as set forth in any indenture or other instrument evidencing any Material
Indebtedness of the Borrower or any Restricted Subsidiary has occurred obligating the Borrower or any Restricted Subsidiary to
repurchase, redeem or repay all or any part of the Indebtedness provided for therein (excluding, for the avoidance of doubt, any
conversion obligations related thereto).

 

“Class”:
means (i) with respect to Commitments or Loans, those of such Commitments or Loans that have the same terms and conditions (without
regard to differences in the Type of Loan, Interest Period, upfront fees, OID or similar fees paid or payable in connection with
such Commitments or Loans, or differences in tax treatment (e.g., “fungibility”)) and (ii) with respect to Lenders,
those of such Lenders that have Commitments or Loans of a particular Class.

 

“Closing Date”:
June 25, 2020.

 

“Closing Date
Revolving Commitment”: as to any Lender, the obligation of such Lender, if any, to make Revolving Loans and participate
in Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth on Schedule 1.1 or in the
Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant
to the terms hereof. As of the Closing Date, the aggregate amount of the Closing Date Revolving Commitments is $50,000,000.

 

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

 

“Collateral”:
all property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by any Security
Document.

 

“Collateral
Agent”: as defined in the recitals to this Agreement.

 

“Commitment”:
any Term Commitment or Revolving Commitment of any Lender.

 

“Commitment
Fee”: as defined in Section 2.3(a).

 

“Commitment
Fee Rate”: a rate of 0.375% per annum.

 

“Committed Loan
Notice”: a notice of (a) a borrowing consisting of simultaneous Term Loans of the same Type and, in the case of Eurodollar
Loans, having the same Interest Period made by each of the Term Lenders pursuant to Section 2.14, (b) a borrowing consisting
of simultaneous Revolving Loans of the same Type and, in the case of Eurodollar Loans, having the same Interest Period made by
each of the Revolving Lenders pursuant to Section 2.1, (c) a conversion of Loans from one Type to the other, or (d) a continuation
of Eurodollar Loans, pursuant to Section 3.3, which shall be substantially in the form of Exhibit C or such other form as
may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as
shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

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

 

    	 	10	 

     

    

 

“Commonly Controlled
Entity”: an entity, whether or not incorporated, that is under common control with any Group Member within the meaning
of Section 4001 of ERISA or is part of a group that includes any Group Member and that is treated as a single employer under Section
414 of the Code with any Group Member.

 

“Communications”:
as defined in Section 10.2(b).

 

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

 

“Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for
this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as
a mechanism to determine the interest amount payable prior to the end of each Interest Period) being established by the Administrative
Agent in accordance with: (1) the rate, or methodology for this rate, and conventions for this rate selected or recommended by
the Relevant Governmental Body for determining compounded SOFR; provided that: (2) if, and to the extent that, the Administrative
Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for
this rate, and conventions for this rate that the Administrative Agent determines are substantially consistent with prevailing
market convention for determining Compounded SOFR for U.S. dollar-denominated syndicated credit facilities at such time (as a result
of amendment or as originally executed) that are publicly available for review; provided, further, that if the Administrative
Agent decides that any such rate, methodology or convention determined in accordance with clause (1) or clause (2) is not administratively
feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for purposes of the definition
of “Benchmark Replacement.”

 

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

 

“Consolidated
EBITDA”: means, for any period, for the Borrower and its Restricted Subsidiaries on a consolidated basis, without duplication,
an amount equal to Consolidated Net Income for such period plus:

 

(a)           the
following to the extent deducted (or not excluded) in calculating such Consolidated Net Income (other than in respect of clauses
(xiii), (xv), (xvi) and (xix)):

 

(i)            Consolidated
Interest Expense, amortization or write-off of debt discount and debt issuance costs and commissions, discounts and other fees
and charges associated with Indebtedness (including the Loans and commitment, letter of credit and administrative fees and charges
with respect to the Facilities) for such period,

 

(ii)           the
provision for taxes based on income (or similar taxes in lieu of income taxes), profits, capital (or equivalents), including federal,
state, local foreign, franchise, excise and similar taxes paid or accrued during such period,

 

(iii)          depreciation
and amortization expense,

 

    	 	11	 

     

    

 

(iv)          [reserved],

 

(v)           all
extraordinary, unusual or nonrecurring losses, expenses and charges,

 

(vi)          any
restructuring charges, carve-out costs, severance costs, integration costs, retention, recruiting, relocation, signing bonuses
and expenses, stock option and other equity-based compensation expenses, accruals or reserves (including restructuring costs related
to Permitted Acquisitions and other Investments permitted hereunder and adjustments to existing reserves), any one time expense
relating to enhanced accounting function and any losses on related sales of personal and real property, including any charges and
losses incurred in connection with the closure and/or consolidation of any operational facilities and existing lines of business
of the Borrower and its Restricted Subsidiaries and any optimization expense and Public Company Costs for such period,

 

(vii)         [reserved],

 

(viii)        costs
and expenses incurred in connection with the Transactions,

 

(ix)          all
costs and expenses incurred or paid in connection with Investments (including Permitted Acquisitions) and Dispositions permitted
hereunder whether or not such Investment or Disposition is consummated or occurs prior to or after the Closing Date,

 

(x)           all
costs and expenses incurred in connection with the issuance, prepayment or amendment or refinancing of Indebtedness permitted hereunder
or issuance of Capital Stock,

 

(xi)          other
expenses of the Borrower and its Restricted Subsidiaries reducing such Consolidated Net Income which do not represent a cash item
in such period or any future period,

 

(xii)          the
aggregate net loss on the Disposition of property (other than accounts (as defined in the Uniform Commercial Code) and inventory)
outside the ordinary course of business,

 

(xiii)        (x)
pro forma adjustments in the Financial Model to the extent such amounts, or amounts of similar type and nature to those listed
in the Financial Model, without duplication, continue to be applicable during such period; and (y) “run rate” cost
savings, operating expense reductions, other operating improvements and initiatives and synergies that are reasonably anticipated
by the Borrower (as reasonably determined by the Borrower in good faith and certified by a Responsible Officer of the Borrower)
to be realized after any acquisition (including the commencement of activities constituting a business) or disposition (including
the termination or discontinuance of activities constituting a business), in each case of business entities or of properties or
assets constituting a division or line of business (including, without limitation, a product line), and/or any other operational
change or similar initiatives or transactions within 12 months after such period, in each case, whether such action has been taken
or is reasonably expected to be taken (which will be added to Consolidated EBITDA as so projected until fully realized and calculated
on a pro forma basis as though such synergies, cost savings, operating expense reductions, other operating improvements
and initiatives had been realized on the first day of such period), net of the amount of actual benefits realized during such
period from such actions; provided that (i) for the avoidance of doubt, with respect to operational changes that are not
associated with any acquisition or disposition, the “run rate” cost savings, operating expense reductions, other operating
improvements and initiatives and synergies associated with such operational change shall be limited to those that are reasonably
anticipated by the Borrower to be realized after the date on which such operational change is planned or otherwise identified
by the Borrower in good faith within 12 months after such period, (ii) to the extent that such cost savings, operating expense
reductions, other operating improvements and initiatives and synergies are no longer anticipated by the Borrower to be realized
following the relevant acquisition, disposition or operational change or, in the case of operational changes that are not associated
with an acquisition or disposition, after the date on which such operational change is planned or otherwise identified by the
Borrower in good faith, in each case, within 12 months after such period, such amounts shall no longer be added back to Consolidated
EBITDA and (iii) amounts added back to Consolidated EBITDA pursuant to subclause (y) of this clause (xiii) shall not, in the aggregate,
exceed 25% of Consolidated EBITDA for any four fiscal quarter period (determined after giving effect thereto),

 

    	 	12	 

     

    

 

(xiv)        (i)
the amount of payments made to option holders, stock holders or restricted stock unit holders of Borrower in connection with, or
as a result of, any distribution being made to shareholders of such person, which payments are being made to compensate such option
holders as though they were shareholders at the time of, and entitled to share in, such distribution, in each case to the extent
permitted in the Loan Documents, and (ii) directors’ fees and expenses paid or accrued by Borrower or its Restricted Subsidiaries
or, to the extent paid or accrued with respect to services that relate directly to Borrower or its Restricted Subsidiaries and
paid for with amounts distributed by Borrower and its Restricted Subsidiaries, of any direct or indirect parent thereof,

 

(xv)         solely
for purposes of determining compliance with Section 7.1 (and solely to the extent made in compliance with Section 8.2), in respect
of any period which includes a Cure Quarter, the Cure Amount in connection with an Equity Cure Contribution in respect of such
Cure Quarter,

 

(xvi)        other
adjustments that are (i) determined on a basis consistent with Article 11 of Regulation S-X promulgated under the Exchange Act
and as interpreted by the staff of the SEC (or any successor agency), (ii) approved by the Administrative Agent, or (iii) contained
in the Financial Model,

 

(xvii)       net
realized losses from Hedge Agreements or embedded derivatives that require similar accounting treatment,

 

(xviii)       any
net loss included in Consolidated Net Income attributable to non-controlling interests in any non-Wholly Owned Subsidiary or any
joint venture,

 

(xix)         all
cash actually received (or any netting arrangements resulting in reduced cash expenditures) during the relevant period and not
included in Consolidated Net Income in respect of any non-cash gain deducted in the calculation of Consolidated EBITDA (including
any component definition) for any previous period and not added back during such period,

 

(xx)         (i)
reasonable and documented costs, expenses and fees incurred in connection with the implementation of ASC 606 and (ii) any non-cash
costs, expenses and fees and transitional adjustments resulting from the application of ASC 606, and

 

    	 	13	 

     

    

 

(xxi)         Sales
and Marketing Expense in an aggregate amount not to exceed (x) for any four-quarter period ending on or prior to December 31, 2020,
$10,000,000 and (y) for any four-quarter period ending on or prior to December 31, 2021, $20,000,000 (such amounts referred to
in sub-clause (x) and this sub-clause (y) the “Cap Amount”); provided, that, for the avoidance of doubt,
amounts added back pursuant to this clause (xxi) for a particular applicable fiscal quarter shall be included in the calculation
of “Consolidated EBITDA” for any applicable subsequent measurement period that includes such applicable fiscal quarter;
provided that amounts added back pursuant to this clause (xxi) shall not be included in the calculation of “Consolidated
EBITDA” for the purpose of determining compliance under any leverage-based Restricted Payment basket or carve-out; provided
further that it is understood and agreed that Sales and Marketing Expense added back in any quarter may equal an amount up to the
relevant Cap Amount if the Sales and Marketing Expense during the four-quarter period of which that quarter is a part does not
exceed the Cap Amount applicable to such four-quarter period, and less

 

(b)          the
following to the extent added in calculating such Consolidated Net Income

 

(A)         all
interest income for such period,

 

(B)          all
income tax benefits included in Consolidated Net Income for such period,

 

(C)          any
extraordinary, unusual or non-recurring gains increasing Consolidated Net Income for such period,

 

(D)          the
aggregate net gain from the Disposition of property (other than accounts (as defined in the Uniform Commercial Code) and inventory)
outside the ordinary course of business, all as determined on a consolidated basis,

 

(E)          all
non-cash items increasing Consolidated Net Income which do not represent a cash item in such period or any future period,

 

(F)          any
net realized income or gains from any obligations under any Hedge Agreement or embedded derivatives that require similar accounting
treatment,

 

(G)          the
amount of any minority interest net income attributable to non-controlling interests in any non-Wholly Owned Subsidiary or any
joint venture, and

 

(H)          any
non-cash gains resulting from the application of ASC 606 and any positive transitional adjustments resulting therefrom.

 

For the purposes of calculating Consolidated
EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”) pursuant to any determination
of the Consolidated Leverage Ratio or Consolidated Secured Leverage Ratio, (x) if at any time during such Reference Period the
Borrower or any Restricted Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such Reference Period
shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject
of such Material Disposition for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if negative)
attributable thereto for such Reference Period, in each case assuming the repayment of Indebtedness in connection therewith occurred
as of the first day of such Reference Period and (y) if during such Reference Period the Borrower or any Restricted Subsidiary
shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after giving pro
forma effect thereto as if such Material Acquisition occurred on the first day of such Reference Period.

 

    	 	14	 

     

    

 

“Consolidated
Fixed Charge Coverage Ratio”: for any period of four consecutive fiscal quarters, the ratio of (a) Consolidated EBITDA
for such period to (b) Consolidated Fixed Charges for such period, in each case, calculated on a pro forma basis.

 

“Consolidated
Fixed Charges”: for any period, the sum (without duplication) of (a) Consolidated Interest Expense for such period,
(b) income taxes paid in cash during such period and (c) Capital Expenditures paid in cash during such period (excluding the principal
amount of Indebtedness incurred during such period to finance such expenditures, but including any repayments of any Indebtedness
incurred during such period or any prior period to finance such expenditures).

 

“Consolidated
Funded Debt”: at any date, the aggregate principal amount of all Funded Debt of the Borrower and its Restricted Subsidiaries
at such date, determined on a consolidated basis in accordance with GAAP. For the avoidance of doubt, it is understood that obligations
(i) under Hedge Agreements and Cash Management Agreements and (ii) owed by Unrestricted Subsidiaries, do not constitute Consolidated
Funded Debt.

 

“Consolidated
Interest Expense”: for any period, the excess of (a) total cash interest expense (including that attributable to Capital
Lease Obligations) of the Borrower and its Restricted Subsidiaries for such period with respect to all outstanding Indebtedness
of the Borrower and its Restricted Subsidiaries (including all commissions, discounts and other fees and charges owed with respect
to letters of credit and bankers’ acceptance financing), determined in accordance with GAAP, over (b) income (net of costs)
and net costs under Hedge Agreements in respect of interest rates to the extent such net income is allocable to such period in
accordance with GAAP, but excluding, to the extent related to the Transactions, debt issuance costs and debt discount or premium,
properly classified as an interest expense under GAAP.

 

“Consolidated
Leverage Ratio”: at any date, the ratio of (a) Consolidated Funded Debt as of such date minus unrestricted
cash and Cash Equivalents of the Borrower and its Restricted Subsidiaries of up to $50.0 million to (b) Consolidated EBITDA
for the period of four consecutive fiscal quarters ended on such date (or, if such date is not the last day of any fiscal quarter,
the most recently completed fiscal quarter for which financial statements are required to have been delivered pursuant to Section
6.1), in each case, calculated on a pro forma basis.

 

“Consolidated
Net Income”: for any period, the consolidated net income (or loss) of the Borrower and its Restricted Subsidiaries, determined
on a consolidated basis in accordance with GAAP; provided that

 

(a)           the
income (or deficit) of any Person accrued prior to the date it becomes a Restricted Subsidiary of the Borrower or is merged into
or consolidated with the Borrower or any of its Restricted Subsidiaries shall be excluded;

 

    	 	15	 

     

    

 

(b)          the
income (or deficit) of any Person (other than a Restricted Subsidiary of the Borrower) in which the Borrower or any of its Restricted
Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Borrower or such
Restricted Subsidiary in the form of dividends or similar distributions or that (as reasonably determined by a Responsible Officer)
could have been distributed by such Person during such period to the Borrower or a Restricted Subsidiary, shall be excluded;

 

(c)          the
undistributed earnings of any Restricted Subsidiary of the Borrower to the extent that the declaration or payment of dividends
or similar distributions by such Restricted Subsidiary is not at the time permitted by the terms of any Contractual Obligation
(other than under any Loan Document), its Organizational Documents or Requirement of Law applicable to such Restricted Subsidiary,
shall be excluded;

 

(d)          expenses
and lost profits with respect to liability or casualty events or business interruption will be disregarded to the extent covered
by insurance and actually reimbursed, or, so long as such Person has made a determination that there exists reasonable evidence
that such amount will in fact be reimbursed by the insurer, but only to the extent that such amount (i) has not been denied by
the applicable carrier in writing and (ii) is in fact reimbursed within 365 days of the date on which such liability was discovered
or such casualty event or business interruption occurred (with a deduction for any amounts so added back that are not reimbursed
within such 365-day period); provided that any proceeds of such reimbursement when received shall be excluded from the calculation
of Consolidated Net Income to the extent the expense or lost profit reimbursed was previously disregarded pursuant to this clause
(d);

 

(e)           losses,
charges and expenses that are covered by indemnification, reimbursement, guaranty, purchase price adjustment or other similar provisions
in favor of Borrower or its Restricted Subsidiaries in any agreement entered into by Borrower or any of its Restricted Subsidiaries
shall be excluded to the extent actually reimbursed, or, so long as such Person has made a determination that a reasonable basis
exists for indemnification, reimbursement, guaranty or purchase price adjustment, but only to the extent that such amount is in
fact indemnified, reimbursed, guaranteed or adjusted within 365 days of such determination (with a deduction in the applicable
future period for any amount so added back to the extent not so indemnified or reimbursed within such 365 days);

 

(f)           the
effects of purchase accounting, fair value accounting or recapitalization accounting adjustments (including the effects of such
adjustments pushed down to the referent Person and its Restricted Subsidiaries) resulting from the application of purchase accounting,
fair value accounting or recapitalization accounting (including in the inventory property and equipment, software, goodwill, intangible
assets, in-process research and development, deferred revenue and debt line items), and the amortization, write-down or write-off
of any amounts thereof, net of taxes, shall be excluded;

 

(g)           all
non-cash impairment charges and asset write-ups, write-downs and write-offs, in each case pursuant to GAAP, and the amortization
of intangibles arising from the application of GAAP shall be excluded;

 

    	 	16	 

     

    

 

(h)          all
non-cash expenses realized in connection with or resulting from equity or equity-linked compensation plans, employee benefit plans
or agreements or post-employment benefit plans or agreements, or grants or sales of stock, stock appreciation or similar rights,
stock options, restricted stock, preferred stock, stock appreciation or other similar rights shall be excluded; and

 

(i)           any
costs or expenses incurred in connection with the payment of dividend equivalent rights to holders of equity-based incentive awards
pursuant to any management equity plan, stock option plan or any other management or employee benefit plan or agreement or post-employment
benefit plan or agreement shall be excluded.

 

“Consolidated
Secured Leverage Ratio”: at any date, the ratio of (a) Consolidated Funded Debt as of such date that is secured by any
Lien minus unrestricted cash and Cash Equivalents of the Borrower and its Restricted Subsidiaries of up to $50.0 million
to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters ended on such date (or, if such date is not the last
day of any fiscal quarter, the most recently completed fiscal quarter for which financial statements are required to have been
delivered pursuant to Section 6.1), in each case, calculated on a pro forma basis.

 

“Consolidated
Total Assets”: the total amount of assets of the Borrower and its consolidated Restricted Subsidiaries, as set forth
on the most recent financial statements delivered pursuant to Sections 6.1(a) and (b), in each case as may be expressly stated
without giving effect to any amortization of the amount of intangible assets since the Closing Date, with such pro forma adjustments
as are appropriate.

 

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

 

“Convertible
Bond Indebtedness”: unsecured Indebtedness having a feature which entitles the holder thereof to convert or exchange
all or a portion of such Indebtedness into or by reference to Capital Stock of the Borrower (or other securities or property following
a merger event or other change of the Capital Stock of the Borrower).

 

“Corporate Family
Rating”: an opinion issued by Moody’s of a corporate family’s ability to honor all of its financial obligations
that is assigned to a corporate family as if it had a single class of debt and a single consolidated legal entity structure.

 

“Corporate Rating”:
an opinion issued by S&P of an obligor’s overall financial capacity (its creditworthiness) to pay its financial obligations.

 

“Corresponding
Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length
(disregarding business day adjustment) as the applicable tenor for the applicable Interest Period with respect to the then-current
Benchmark.

 

    	 	17	 

     

    

 

“Covered Entity”:
any of the following:

 

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

 

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

 

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

 

“Cure Amount”:
as defined in Section 8.2.

 

“Cure Expiration
Date”: as defined in Section 8.2.

 

“Cure Quarter”:
as defined in Section 8.2.

 

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

 

“Default”:
any of the events specified in Section 8.1, whether or not any requirement for the giving of notice, the lapse of time, or both,
has been satisfied.

 

“Default Right”:
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

“Defaulting
Lender”: subject to Section 2.13(c), any Lender that (a) has failed to (i) fund all or any portion of its Loans within
two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent
and the Borrower in writing that such failure is the result of such Lender’s good faith determination that one or more conditions
precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified
in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Lender, or any other Lender any
other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two Business
Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any Issuing Lender in writing that it does
not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing
or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based
on such Lender’s good faith determination that a condition precedent to funding (which condition precedent, together with
any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed,
within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative
Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender
shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative
Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding
under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for
the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the
Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become
the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership
or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority
so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within
the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by
the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be
conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.13(c))
upon delivery of written notice of such determination to the Borrower, each Issuing Lender and each Lender.

 

    	 	18	 

     

    

 

“Disposition”:
with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof.
The terms “Dispose” and “Disposed of” shall have correlative meanings. For the avoidance
of doubt, the settlement or early termination of any Capped Call Transaction shall not constitute a Disposition.

 

“Disqualified
Capital Stock”: any Capital Stock that is not Qualified Capital Stock.

 

“Disqualified
Institution”: each of (i) the competitors of the Borrower and its Subsidiaries specified by the Borrower to the Administrative
Agent in writing from time to time, (ii) certain other Persons identified by the Borrower in writing to the Lead Arrangers and
the Administrative Agent (x) prior to the initial syndication of the Facilities or (y) after the Closing Date, with the consent
of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed) and (iii) as to any entity referenced
in each case of clauses (i) through (ii) above (each, a “Primary Disqualified Lender”), any affiliates of such
Primary Disqualified Lenders identified in writing by name or that are readily identifiable by name but excluding any affiliate
that is primarily engaged in, or that advises funds or other investment vehicles that are engaged in, making, purchasing, holding
or otherwise investing in commercial loans, bonds and similar extensions of credit or securities in the ordinary course and with
respect to which such Primary Disqualified Lender does not, directly or indirectly, possess the power to direct or cause the direction
of the investment policies of such entity.

 

“Dollar Equivalent”:
means, at any time, (a) with respect to any amount denominated in Dollars, such amount and (b) with respect to any amount denominated
in any currency other than Dollars, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such
time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date or other relevant date of determination)
for the purchase of Dollars with such other currency.

 

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

 

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

 

“DQ List”:
as defined in Section 10.6(k)(iv).

 

    	 	19	 

     

    

 

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

 

(a)           (i)
a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with a
copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being
executed at such time, or that include language similar to that contained in Section 3.7(b) are being executed or amended, as applicable,
to incorporate or adopt a new benchmark interest rate to replace LIBOR, and

 

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

 

“Earn-Out Obligations”:
those certain obligations of the Borrower or any Restricted Subsidiary arising in connection with any acquisition of assets or
businesses permitted under Section 7.7 to the seller of such assets or businesses and the payment of which is dependent on the
future earnings or performance of such assets or businesses and contained in the agreement relating to such acquisition or in an
employment agreement delivered in connection therewith.

 

“ED”:
the United States Department of Education and any successor agency administering student financial assistance under Title IV, HEA
Programs.

 

“Educational
Agency”: any entity or organization, whether governmental or non-governmental, that engages in granting or withholding
educational approvals, administers student financial assistance to or for students of, or otherwise regulates educational institutions,
programs or courses, in accordance with standards relating to the performance, operation, financial condition, privacy or academic
standards of such institutions, programs or courses, including (i) ED, any Accrediting Body, any State Educational Agency, and
(ii) any Governmental Authority with jurisdiction to enforce laws or regulations concerning misrepresentation, unfair, deceptive
or abusive acts and practices, consumer fraud, or other consumer protection laws and regulations as such laws and regulations apply
to educational institutions, programs and courses; provided, that the term Educational Agency does not include the data
protection authority of any European Union member nation.

 

“Educational
Law”: any federal, state, local or similar statute, law, regulation, ordinance, order, rule, official ED guidance or
standard issued or administered by any Educational Agency.

 

“Educational
Services Agreement”: an agreement between any Loan Party and any educational institution for the provision of any services
supporting the operation of such institution or its educational programs or courses in any respect, including but not limited to,
as applicable: marketing; student recruiting or admissions; enrollment management; course support for online delivery of courses;
the provision of technology; faculty recruiting or development, placement services for student internships, externships or clinical
experiences; and student counseling.

 

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

 

    	 	20	 

     

    

 

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

 

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

 

“Eligible Assignee”:
any Assignee permitted by and consented to in accordance with Section 10.6(b); provided that notwithstanding the foregoing,
 “Eligible Assignee” shall not include (a) the Borrower or any of its Subsidiaries, (b) any natural person (or a holding
company, investment vehicle or trust for, or owned and operated by or for the primary benefit of natural Person) or (c) any Disqualified
Institution.

 

“Environmental
Laws”: any and all applicable foreign, federal, state, provincial, local or municipal laws, rules, orders, regulations,
statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common
law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health (in relation to
the handling of or exposure to Materials of Environmental Concern) or the environment, as now or may at any time hereafter be in
effect.

 

“Equity Cure
Contribution”: as defined in Section 8.2.

 

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

 

“ERISA Event”
means (a) a Reportable Event with respect to a Single Employer Plan or Multiemployer Plan; (b) any failure by any Single Employer
Plan or Multiemployer Plan to satisfy the minimum funding standard (within the meaning of Section 412 of the Code or Section 303
of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Single Employer Plan, the failure of any Group Member or Commonly
Controlled Entity to make by its due date a required installment under Section 430(j) of the Code with respect to any Single Employer
Plan or the failure of a Group Member or Commonly Controlled Entity to make any required contribution to a Multiemployer Plan;
(d) a withdrawal by any Group Member or any Commonly Controlled Entity from a Single Employer Plan subject to Section 4063 of
ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of
operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (e) a complete or partial withdrawal by any Group
Member or any Commonly Controlled Entity from a Multiemployer Plan; (f) the filing of a notice of intent to terminate a Single
Employer Plan or Multiemployer Plan, the treatment of a plan amendment as a termination of a Single Employer Plan or a Multiemployer
Plan under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Single Employer Plan
or Multiemployer Plan; (g) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of,
or the appointment of a trustee to administer, any Single Employer Plan or Multiemployer Plan; (h) the imposition of any liability
under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Group Member
or any Commonly Controlled Entity; (i) the determination that any Single Employer Plan is considered to be an “at-risk”
plan, or that any Multiemployer Plan is considered to be in “endangered” or “critical” status within the
meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 or 305 of ERISA; (j) the engagement by any Group Member
or Commonly Controlled Entity in a transaction that would reasonably be expected to be subject to Sections 4069 or 4212(c) of
ERISA; or (k) the imposition of a Lien upon any Group Member pursuant to Section 403(k) of the Code or Section 303(k) of ERISA.

 

    	 	21	 

     

    

 

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

 

“Eurodollar
Base Rate”: means, subject to the implementation of a Benchmark Replacement in accordance with Section 3.7(b),

 

(a)       for
any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”)
or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg
screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent
from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period,
for Dollar deposits or deposits in the applicable Alternate Currency (in each case for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period; and

 

(b)       for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m.,
London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day;
provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith,
the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent
such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner
as otherwise reasonably determined by the Administrative Agent.

 

Notwithstanding the foregoing, for purposes
of this Agreement, (x) in no event shall the Eurodollar Base Rate (including after giving effect to any Benchmark Replacement with
respect to LIBOR) be less than 0% and (y) unless otherwise specified in any amendment to this Agreement entered into in accordance
with Section 3.7(b), in the event that a Benchmark Replacement with respect to LIBOR is implemented then all references herein
to the LIBOR shall be deemed references to such Benchmark Replacement.

 

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

 

    	 	22	 

     

    

 

“Eurodollar
Rate”: with respect to each day during each Interest Period pertaining to a Eurodollar Loan (or to a Base Rate Loan bearing
interest on the basis of the Eurodollar Rate), a rate per annum equal to a rate per annum determined by the Administrative Agent
pursuant to the following formula:

 

	Eurodollar Base Rate
	1.00 - Eurodollar Reserve Percentage

 

“Eurodollar
Reserve Percentage”: for any day during any Interest Period and with respect to any currency, the aggregate of the maximum
reserve, liquid asset, fees or similar requirements (including any marginal, special, emergency or supplemental reserves or other
requirements) established by any central bank, monetary authority, the FRB, the Prudential Regulation Authority, the Financial
Conduct Authority, the Bank of England, the European Central Bank or other Governmental Authority for any category of deposits
or liabilities customarily used to fund loans in such currency, expressed in the case of each such requirement as a decimal. Such
reserve percentages shall, in the case of Dollar denominated Loans, include those imposed pursuant to Regulation D of the FRB.
Eurodollar Loans shall be deemed to be subject to such reserve, liquid asset or similar requirements without benefit of or credit
for proration, exemptions or offsets that may be available from time to time to any Lender under any applicable law, rule or regulation,
including Regulation D. The Eurodollar Reserve Percentage shall be adjusted automatically on and as of the effective date of any
change in any reserve, liquid asset or similar requirement.

 

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

 

“Event of Default”:
any of the events specified in Section 8.1; provided that any requirement for the giving of notice, the lapse of time, or
both, has been satisfied.

 

“Exchange Act”:
as defined in Section 6.2(d).

 

“Excluded Property”:
any Building that is located in a Special Flood Hazard Area. For the avoidance of doubt, at no time shall the Mortgaged Property
include any Excluded Property.

 

“Excluded Subsidiary”:
(a) Immaterial Subsidiaries and Unrestricted Subsidiaries, (b) any Subsidiary that is prohibited or restricted by applicable law,
rule or regulation or by any contractual obligation existing on the Closing Date or at the time of acquisition thereof after the
Closing Date, in each case, from guaranteeing or granting a Lien on its assets to secure the Obligations or which would require
governmental (including regulatory) consent, approval, license or authorization to provide a bank guarantee unless such consent,
approval, license or authorization has been received, (c) not-for-profit Subsidiaries, (d) (i) any direct or indirect Foreign
Subsidiary that is a controlled foreign corporation within the meaning of Section 957 of the Code (a “CFC”),
(ii) any direct or indirect subsidiary of a CFC, (iii) any direct or indirect Subsidiary of the Borrower or a Guarantor that owns
no material assets other than Capital Stock or indebtedness in one or more CFCs (a “CFC Holdco”) or CFC Holdcos
and (iv) any direct or indirect Subsidiary of a CFC Holdco, for long as such CFC or CFC Holdco, (e) special purpose entities
(including any securitization vehicle (or similar entity)), (f) any Subsidiary acquired pursuant to an acquisition permitted under
this Agreement financed with secured Indebtedness permitted to be incurred under Section 7.2(n) and any Subsidiary thereof that
guarantees such Indebtedness (in each case to the extent such secured Indebtedness prohibits such Subsidiary from becoming a Guarantor),
(g) any other Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent and the Borrower, the cost
or other consequences of guaranteeing the Revolving Facility would be excessive in view of the benefits to be obtained by the
Lenders therefrom, (h) any captive insurance Subsidiary and (i) any other Subsidiary of the Borrower, for so long as such Subsidiary
would not be able to execute a guaranty or pledge, as applicable, without giving rise to material adverse tax consequences (including
as a result of any law or regulation in any non-U.S. jurisdiction similar to Section 956 of the Code).

 

    	 	23	 

     

    

 

“Excluded Swap
Obligation”: with respect to any Subsidiary Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the guarantee of such Subsidiary Guarantor of, or the grant by such Subsidiary Guarantor of a security interest to secure, such
Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order
of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Subsidiary
Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity
Exchange Act and the regulations thereunder at the time the guarantee of such Subsidiary Guarantor or the grant of such security
interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing
more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which
such guarantee or security interest is or becomes illegal.

 

“Excluded Taxes”:
any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in
each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the
case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in
effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment
request by the Borrower under Section 3.13) or (ii) such Lender changes its lending office, except in each case to the extent that,
pursuant to Section 3.10, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before
such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to
such Recipient’s failure to comply with paragraph (g) or paragraph (h) of Section 3.10 and (d) any withholding Taxes imposed
under FATCA.

 

“Extended Revolving
Commitment”: any Class of Revolving Commitments the maturity of which shall have been extended pursuant to Section 2.16.

 

    	 	24	 

     

    

 

“Extended Revolving
Loan”: any Revolving Loans made pursuant to the Extended Revolving Commitments.

 

“Extension”:
as defined in Section 2.16(a).

 

“Extension Amendment”:
an amendment to this Agreement (which may, at the option of the Administrative Agent and the Borrower, be in the form of an amendment
and restatement of this Agreement) among the Loan Parties, the applicable extending Lenders, the Administrative Agent and, to the
extent required by Section 2.16, each Issuing Lender implementing an Extension in accordance with Section 2.16.

 

“Extension Offer”:
as defined in Section 2.16(a).

 

“Facility”:
each of (a) the Revolving Facility (including if applicable any Incremental Revolving Increase) and (b) any Term Facility (including
if applicable any Incremental Term Facility) and “Facilities”, collectively, all of the foregoing.

 

“FATCA”:
Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof,
any agreement entered into pursuant to Section 1471(b)(1) of the Code (or any amended or successor version described above), and
any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidance, notes or practices adopted pursuant to any intergovernmental
agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of such sections
of the Code or analogous provisions of non-U.S. law.

 

“Federal Funds
Rate”: for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System 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 that (a) if such day is not a Business Day, the Federal
Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next
succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for
such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the Administrative
Agent on such day on such transactions as determined by the Administrative Agent.

 

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

 

“Fee Letter”:
that certain Fee Letter, dated as of May 22, 2020 between the Borrower and the Administrative Agent.

 

“Financial Covenant
Event of Default”: as defined in Section 8.1(c).

 

“Financial Covenants”:
the financial condition covenants set forth in Section 7.1 hereof.

 

    	 	25	 

     

    

 

“Financial Model”
the financial model and other financial information delivered by the Borrower to the Administrative Agent on May 18, 2020.

 

“Flood Laws”:
the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance
Reform Act of 1994, and as the same may be further amended, modified or supplemented, and including the regulations issued thereunder.

 

“Foreign Lender”:
(a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender
that is resident or organized under laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.
For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute
a single jurisdiction.

 

“Foreign Subsidiary”:
any Subsidiary of the Borrower that is not a U.S. Person.

 

“Fronting Exposure”:
at any time there is a Defaulting Lender, with respect to any Issuing Lender, such Defaulting Lender’s Applicable Percentage
of the outstanding L/C Obligations with respect to Letters of Credit issued by such Issuing Lender other than L/C Obligations as
to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in
accordance with the terms hereof.

 

“Funded Debt”:
as to any Person, without duplication, all Indebtedness (excluding (i) Indebtedness of the type described in clause (b) of the
definition of such term, (ii) Indebtedness of the type described in clause (d) of the definition of such term, (iii) Indebtedness
of the type described in clause (f) of the definition of such term, except to the extent of any unreimbursed drawings thereunder,
(iv) Indebtedness of the type described in clause (g) of the definition of such term, (v) Indebtedness of the type described in
clause (j) of the definition of such term, and (vi) to the extent related to Indebtedness of the types described in the preceding
clauses, Indebtedness described in clauses (h) and (i) of the definition of such term) of such Person that matures more than one
(1) year from the date of its creation or matures within one year from such date but is renewable or extendible, at the option
of such Person, to a date more than one (1) year from such date or arises under a revolving credit or similar agreement that obligates
the lender or lenders to extend credit during a period of more than one (1) year from such date, including all current maturities
and current sinking fund payments in respect of such Indebtedness whether or not required to be paid within one year from the date
of its creation and, in the case of the Borrower, Indebtedness in respect of the Loans, in each case, to the extent reflected as
indebtedness on such Person's balance sheet.

 

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

 

“GAAP”:
generally accepted accounting principles in the United States as in effect on the date hereof or otherwise as provided in Section
1.2(e) and changes to these principles occurring after the date hereof that would not, in the reasonable determination of the
Administrative Agent, cause adverse consequences to the Borrower in connection with the terms of this Agreement.

 

    	 	26	 

     

    

 

“Governmental
Authority”: any nation or government, any state or provincial or other political subdivision thereof, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative functions of or pertaining to government (including any supranational bodies such as the European
Union or the European Central Bank) and any securities exchange.

 

“Governmental
Authorization”: all laws, rules, regulations, authorizations, consents, decrees, permits, licenses, waivers, privileges,
approvals from and filings with all Governmental Authorities necessary in connection with any Group Member’s business.

 

“Group Members”:
the collective reference to the Borrower and its Subsidiaries.

 

“Guarantee and
Collateral Agreement”: the Guarantee and Collateral Agreement executed and delivered by the Borrower and each Subsidiary
Guarantor, substantially in the form of Exhibit D.

 

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

 

“Guarantor”:
each of the Subsidiary Guarantors.

 

“Hedge Agreements”:
any agreement with respect to any cap, swap, forward, future or derivative transaction or option or similar agreement involving,
or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination
of these transactions; provided that (x) no phantom stock or similar plan providing for payments only on account of services
provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Hedge
Agreement and (y) no Capped Call Transaction shall be a Hedge Agreement.

 

    	 	27	 

     

    

 

“Immaterial
Subsidiary”: each Restricted Subsidiary of the Borrower now existing or hereafter acquired or formed and each successor
thereto, (a) which accounts for not more than 5.0% of (i) the consolidated gross revenues (after intercompany eliminations)
of the Borrower and its Restricted Subsidiaries or (ii) the consolidated assets (after intercompany eliminations) of the Borrower
and its Restricted Subsidiaries, in each case, as of the last day of the most recently completed fiscal quarter as reflected on
the financial statements for such quarter after giving pro forma effect to any acquisitions or dispositions of companies,
divisions or lines of business since the start of such four quarter period and on or prior to the date of acquisition of such Subsidiary;
and (b) if the Subsidiaries that constitute Immaterial Subsidiaries pursuant to clause (a) above account for, in the aggregate,
more than 5% of such consolidated gross revenues and more than 5% of the consolidated assets, each as described in clause (a) above,
then the term “Immaterial Subsidiary” shall not include each such Subsidiary (starting with the Subsidiary that
accounts for the most consolidated gross revenues or consolidated assets and then in descending order) necessary to account for
at least 95% of the consolidated gross revenues and 95% of the consolidated assets, each as described in clause (a) above.

 

“Incremental
Equivalent Term Debt”: means Indebtedness issued in accordance with Section 2.15 consisting of one or more series of
junior lien term loans or notes, subordinated notes or senior unsecured notes, and, in the case of any issuance of notes, issued
in a public offering, Rule 144A or other private placement transaction, a bridge facility in lieu of the foregoing, or junior
lien or subordinated loans, secured or unsecured mezzanine Indebtedness or debt securities, in each case subject to the terms set
forth in Section 2.15 and, if secured, shall be secured on a junior lien basis to the Revolving Facility and shall be subject to
customary intercreditor arrangements reasonably satisfactory to the Administrative Agent.

 

“Incremental
Facility”: as defined in Section 2.14.

 

“Incremental
Facility Effective Date”: as defined in Section 2.14.

 

“Incremental
Lender”: any Person that makes a Loan pursuant to Section 2.14, or has a commitment to make a Loan pursuant to Section
2.14.

 

“Incremental
Revolving Commitment”: as defined in Section 2.14.

 

“Incremental
Revolving Increase”: as defined in Section 2.14.

 

“Incremental
Revolving Joinder”: as defined in Section 2.14.

 

“Incremental
Revolving Loans”: as defined in Section 2.14.

 

“Incremental
Term Facility”: as defined in Section 2.14(a).

 

    	 	28	 

     

    

 

“Incremental
Term Joinder”: as defined in Section 2.14(c).

 

“Incremental
Term Loan Commitment”: as defined in Section 2.14(a).

 

“Incremental
Term Loans”: as defined in Section 2.14(c).

 

“Indebtedness”:
of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of
such Person for the deferred purchase price of property or services (including Earn-Out Obligations but excluding current trade
payables incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes,
bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title
retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender
under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations
of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect
of acceptances, letters of credit, surety bonds or similar arrangements, (g) the liquidation value of all Disqualified Capital
Stock of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses
(a) through (g) above, (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the
holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts
and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation,
and (j) for the purposes of Sections 7.2 and 8.1(e) only, all obligations of such Person in respect of Hedge Agreements; provided
that Indebtedness shall not include (A) prepaid or deferred revenue arising in the ordinary course of business and (B) purchase
price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy
unperformed obligations of the seller of such asset. The Indebtedness of any Person shall include the Indebtedness of any other
entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a
result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such
Indebtedness expressly provide that such Person is not liable therefor. For purposes of clause (j) above (including as such clause
applies to Section 8.1(e)), the principal amount of Indebtedness in respect of Hedge Agreements shall equal the amount that would
be payable (giving effect to netting) at such time if such Hedge Agreement were terminated. Notwithstanding anything in this Agreement
to the contrary, Capped Call Transactions shall not constitute Indebtedness.

 

“Indemnified
Liabilities”: as defined in Section 10.5.

 

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

 

“Indemnitee”:
as defined in Section 10.5.

 

    	 	29	 

     

    

 

“Intellectual
Property”: collectively, all United States and foreign (a) patents, patent applications, certificates of inventions,
(whether established or registered or recorded in the United States or any other country or any political subdivision thereof),
together with any and all inventions described and claimed therein, and reissues, divisions, continuations, renewals, extensions
and continuations-in-part thereof and amendments thereto; (b) trademarks, service marks, certification marks, tradenames, slogans,
logos, trade dress, Internet Domain Names, and other source identifiers, whether statutory or common law, whether registered or
unregistered, and whether established or registered in the United States or any other country or any political subdivision thereof,
together with any and all registrations and applications for any of the foregoing, goodwill connected with the use thereof and
symbolized thereby, and reissues, continuations, extensions and renewals thereof and amendments thereto; (c) copyrights (whether
statutory or common law, whether established, registered or recorded in the United States or any other country or any political
subdivision thereof, and whether published or unpublished) and copyrightable subject matter, together with any and all registrations
and applications therefor, and renewals and extensions thereof and amendments thereto; (d) rights in computer programs (whether
in source code, object code, or other form), algorithms, databases, compilations and data, technology supporting the foregoing,
and all documentation, including user manuals and training materials, related to any of the foregoing (“Software”);
(e) trade secrets and proprietary or confidential information, data and databases, know-how and proprietary processes, designs,
inventions, and any other similar intangible rights, to the extent not covered by the foregoing, whether statutory or common law,
whether registered or unregistered, and whether established or registered in the United States or any other country or any political
subdivision thereof; (f) income, fees, royalties, damages and payments now and hereafter due and/or payable under or with respect
to any of the foregoing, including, without limitation, damages, claims and payments for past, present or future infringements,
misappropriations or other violations thereof; (g) rights and remedies to sue for past, present and future infringements, misappropriations
and other violations of any of the foregoing; and (h) rights, priorities, and privileges corresponding to any of the foregoing
or other similar intangible assets throughout the world.

 

“Intellectual
Property Security Agreements”: an intellectual property security agreement or such other similar agreement, as applicable,
pursuant to which each Loan Party that owns any material Intellectual Property that is required to be pledged in accordance with
the Guarantee and Collateral Agreement grants to the Collateral Agent, for the benefit of the Secured Parties a security interest
in such Intellectual Property, in form and substance reasonably satisfactory to the Administrative Agent.

 

“Intercompany
Note”: the Intercompany Note executed and delivered by the Borrower and certain Restricted Subsidiaries, substantially
in the form of Exhibit H, or such other form as the Administrative Agent may reasonably agree.

 

“Interest Payment
Date”: (a) as to any Base Rate Loan, the last day of each March, June, September and December to occur while such Loan
is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three (3) months
or less, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three (3) months,
each day that is three (3) months, or a whole multiple thereof, after the first day of such Interest Period and the last day of
such Interest Period and (d) as to any Loan (other than any Revolving Loan that is a Base Rate Loan), the date of any repayment
or prepayment made in respect thereof.

 

    	 	30	 

     

    

 

“Interest Period”:
as to any Eurodollar Loan, (a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect
to such Eurodollar Loan and ending one, two, three or six months (or if available to all Lenders under the relevant Facility, twelve
months) thereafter, as selected by the Borrower in its Committed Loan Notice; and (b) thereafter, each period commencing on the
last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six months (or
if available to all Lenders under the relevant Facility, twelve months) thereafter, as selected by the Borrower in its Committed
Loan Notice to the Administrative Agent no later than 12:00 Noon, New York City time, on the date that is three (3) Business Days
prior to the last day of the then current Interest Period with respect thereto; provided that, all of the foregoing provisions
relating to Interest Periods are subject to the following:

 

(i)            any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless, in the case of a Eurodollar Loan, such Business Day falls in another calendar month, in which case such Interest Period
shall end on the next preceding Business Day;

 

(ii)           no
Interest Period shall extend beyond the Revolving Termination Date or beyond the applicable Term Loan Maturity Date, as the case
may be; and

 

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

 

“Internet Domain
Names”: all Internet domain names and associated URL addresses.

 

“Investments”:
as defined in Section 7.7.

 

“IRS”:
the United States Internal Revenue Service.

 

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

 

“Issuer Documents”:
with respect to any Letter of Credit, the Application, and any other document, agreement and instrument entered into by an Issuing
Lender and the Borrower (or any Subsidiary) or in favor of such Issuing Lender and relating to such Letter of Credit.

 

“Issuing Lender”:
Morgan Stanley Senior Funding, Inc. in its capacity as issuer of any Letter of Credit and/or such other Lender or Affiliate of
a Lender as the Borrower may select and such Lender or Affiliate of a Lender shall agree to act in the capacity of Issuing Lender
hereunder pursuant to this Agreement.

 

“Judgment Currency”:
as defined in Section 10.20.

 

    	 	31	 

     

    

 

“Junior Financing”:
any Junior Indebtedness or any other Indebtedness of the Borrower or any Restricted Subsidiary that is required to be subordinated
in payment, lien priority or any other manner to the Obligations. For the avoidance of doubt, Convertible Bond Indebtedness shall
not be deemed to be Junior Financing unless such Convertible Bond Indebtedness is expressly subordinated in right of payment to
the Obligations.

 

“Junior Financing
Documentation”: any documentation governing any Junior Financing.

 

“Junior Indebtedness”:
Indebtedness of any Person so long as (a) such Indebtedness is either unsecured, Subordinated Indebtedness or Second Lien Indebtedness;
and (b) if such Indebtedness is Subordinated Indebtedness or Second Lien Indebtedness, the other terms and conditions contained
in the relevant definitions thereof shall be satisfied.

 

“L/C Commitment”:
$25,000,000.

 

“L/C Exposure”:
as to any Lender, its pro rata portion of the L/C Obligations.

 

“L/C Fee”:
as defined in Section 2.7(a).

 

“L/C Fee Payment
Date”: the fifth Business Day following the last day of each March, June, September and December and the last day of
the Revolving Availability Period.

 

“L/C Obligations”:
as at any date of determination, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then
outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed
pursuant to Section 2.9. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such
Letter of Credit shall be determined in accordance with Section 1.3. For all purposes of this Agreement, if on any date of determination
a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14
of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 

“L/C Participants”:
the collective reference to all the Revolving Lenders other than an Issuing Lender.

 

“LCA Election”:
Borrower’s election to treat a Permitted Acquisition or other Investment permitted hereunder as a Limited Condition Acquisition.

 

“LCA Test Date”:
as defined in Section 1.2(g).

 

“Lead Arrangers”:
collectively, Morgan Stanley Senior Funding Inc., Credit Suisse Loan Funding LLC and Goldman Sachs Bank USA, in each case, in its
respective capacity as a joint lead arranger and bookrunner under this Agreement.

 

“Lenders”:
each Revolving Lender, any Term Lender and any Incremental Lender.

 

“Letters of
Credit”: as defined in Section 2.5(a).

 

    	 	32	 

     

    

 

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

 

“Lien”:
any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge
or other security interest or any preference, priority or other security agreement or preferential arrangement (including any conditional
sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the foregoing),
provided that in no event shall an operating lease be deemed to be a Lien. For the avoidance of doubt, Convertible Bond Indebtedness
and Capped Call Transactions, in each case, shall not constitute Liens.

 

“Limited Condition
Acquisition” any Permitted Acquisition or other Investment permitted hereunder by Borrower or one or more of its Restricted
Subsidiaries whose consummation is not conditioned on the availability of, or on the obtaining of, third party financing.

 

“Liquidity”:
at any time, for the Borrower and its Restricted Subsidiaries, an amount equal to the sum of (x) all unrestricted cash of the Borrower
and its Restricted Subsidiaries at such time plus (y) the aggregate Available Revolving Commitment at such time.

 

“Loan”:
any loans and advances made by the Lenders pursuant to this Agreement or any Incremental Term Joinder or Incremental Revolving
Joinder.

 

“Loan Documents”:
this Agreement, the Security Documents, the Notes, the Fee Letter, and each Issuer Document.

 

“Loan Party”:
each of the Borrower and the Guarantors.

 

“Majority Facility
Lenders”: the holders of more than 50% of (a) with respect to any Term Facility, the aggregate unpaid principal amount
of the outstanding Term Loans under such Term Facility plus the aggregate principal amount of any unused Term Commitments under
such Term Facility and (b) with respect to the Revolving Facility, the Total Revolving Extensions of Credit outstanding under the
Revolving Facility (or, prior to any termination of the Revolving Commitments, the holders of more than 50% of the Total Revolving
Commitments).

 

“Margin Stock”:
shall have the meaning provided in Regulation U of the Board as from time to time in effect and any successor to all or a portion
thereof.

 

“Material Acquisition”:
any acquisition of property or series of related acquisitions of property that (1) constitutes assets comprising all or substantially
all of an operating unit of a business or constitutes all or substantially all of the equity interests of a Person and (2) involves
the payment of consideration by the Borrower and its Restricted Subsidiaries in excess of $5,000,000.

 

“Material Adverse
Effect”: means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties,
assets, liabilities (actual or contingent) or condition (financial or otherwise) of the Borrower and its Restricted Subsidiaries
taken as a whole; (b) a material adverse effect on the rights and remedies of the Administrative Agent, the Collateral Agent or
any Lender under this Agreement or any other Loan Document; or (c) a material adverse effect upon the legality, validity, binding
effect or enforceability against any Loan Party of any Loan Document to which it is a party.

 

    	 	33	 

     

    

 

“Material Disposition”:
any Disposition of property or series of related Dispositions of property that yields gross proceeds to the Borrower or any of
its Restricted Subsidiaries in excess of $5,000,000.

 

“Material Indebtedness”:
of any Person at any date, Indebtedness the outstanding principal amount of which exceeds in the aggregate $30,000,000.

 

“Material Real
Property”: any Real Property owned in fee in the United States by any Loan Party, in each case, with a fair market value
of $5,000,000 or more; provided that, “Material Real Property” shall not include any Excluded Property.

 

“Materials of
Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products
or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including
asbestos, polychlorinated biphenyls and urea-formaldehyde insulation.

 

“Maximum Rate”:
as defined in Section 3.5(e).

 

“Minimum Collateral
Amount” (i) with respect to Cash Collateral consisting of cash or deposit account balances, an amount equal to 103% of
the Fronting Exposure of all Issuing Lenders with respect to Letters of Credit issued and outstanding at such time and (ii) otherwise,
an amount determined by the Administrative Agent and the Issuing Lenders in their sole discretion.

 

“Moody’s”:
Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.

 

“Mortgaged Properties”:
the Material Real Properties (or, if applicable, the portions thereof) as to which the Collateral Agent for the benefit of the
Secured Parties shall be granted a Lien pursuant to the Mortgages.

 

“Mortgages”:
any mortgages and deeds of trust made by any Loan Party in favor of, or for the benefit of, the Collateral Agent for the benefit
of the Secured Parties, in a form reasonably satisfactory to the Administrative Agent and the Collateral Agent.

 

“Multiemployer
Plan”: a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Non-Consenting
Lenders”: as defined in Section 10.1.

 

“Non-Defaulting
Lender”: at any time, a Lender that is not a Defaulting Lender.

 

“Non-Extension
Notice Date”: as defined in Section 2.6(b).

 

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

 

    	 	34	 

     

    

 

“Notice of Intent
to Cure”: as defined in Section 8.2.

 

“Obligations”:
the unpaid principal of and interest on (including interest accruing after the maturity of the Loans and Reimbursement Obligations
and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or
like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding) the Loans and all other obligations and liabilities of the Loan Parties to any Agent or to any Lender (or, in the case
of Specified Hedge Agreements or Specified Cash Management Agreements, any Qualified Counterparty) or any Affiliate of any Agent
or any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred,
which may arise under, out of, or in connection with, this Agreement, any other Loan Document, the Letters of Credit, any Specified
Hedge Agreement, Specified Cash Management Agreement or any other document made, delivered or given in connection herewith or therewith,
whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees, charges
and disbursements of counsel to any Agent or to any Lender that are required to be paid by the Borrower pursuant hereto) or otherwise;
provided, that (a) notwithstanding the foregoing or anything to the contrary contained in any Specified Hedge Agreement,
Specified Cash Management Agreement or in this Agreement or any other Loan Document, Obligations of the Borrower or any other Loan
Party under or in respect of any Specified Hedge Agreement or any Specified Cash Management Agreement shall constitute Obligations
secured and guaranteed pursuant to the Security Documents only to the extent that, and for so long as, the other Obligations are
so secured and guaranteed and (b) any release of Collateral or Subsidiary Guarantors effected in the manner permitted by this Agreement
shall not require the consent of holders of obligations under Specified Hedge Agreements or Specified Cash Management Agreements;
provided, however, subject to the foregoing, nothing herein shall limit the rights of any Qualified Counterparty
set forth in such Specified Hedge Agreement; provided, further, that in no event shall “Obligations”
include any Excluded Swap Obligation.

 

“OID”:
original issue discount.

 

“OFAC”:
the U.S. Department of the Treasury, Office of Foreign Assets Control.

 

“Open Source License”:
any license meeting the Open Source Definition (as promulgated by the Open Source Initiative) or the Free Software Definition (as
promulgated by the Free Software Foundation).

 

“Organizational
Documents”: as to any Person, the Certificate of Incorporation, Certificate of Formation, Bylaws, Limited Liability Company
Agreement, Partnership Agreement or other similar organizational or governing documents of such Person.

 

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

 

    	 	35	 

     

    

 

“Other Taxes”:
any and all present or future stamp, court or documentary, intangible, recording filing or similar Taxes or any other excise or
property Taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement
of, or otherwise with respect to, this Agreement or any other Loan Document, except any such Taxes that are Other Connection Taxes
imposed with respect to an assignment (other than an assignment made pursuant to Section 3.13).

 

“Parent Company”:
with respect to a Lender, the bank holding company (as defined in Board Regulation Y), if any, of such Lender, and/or any Person
owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender.

 

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

 

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

 

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

 

“PBGC”:
the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor thereto).

 

“Permitted Acquisition”:
any acquisition, whether by purchase, merger or otherwise, of all or substantially all of the assets of, all of the Capital Stock
of, or a business line or unit or a division of, any Person; provided:

 

(a)            immediately
prior to, and after giving effect thereto, no Event of Default shall have occurred and be continuing or would result immediately
therefrom;

 

(b)           all
transactions in connection therewith shall be consummated, in all material respects, in accordance with all applicable laws and
in conformity with all applicable Governmental Authorizations;

 

(c)           in
the case of the acquisition of Capital Stock, all of the Capital Stock (except for any such Capital Stock in the nature of directors’
qualifying shares required pursuant to applicable law) acquired or otherwise issued by such Person or any newly formed Restricted
Subsidiary in connection with such acquisition shall be owned 100% by the Borrower or a Restricted Subsidiary or the Borrower or
a Restricted Subsidiary shall have offered to purchase 100% of such Capital Stock, and the Borrower shall take, or cause to be
taken, each of the actions set forth in Sections 6.10 and 6.11, as applicable, within the time period(s) set forth therein;

 

(d)          the
Borrower and its Restricted Subsidiaries shall be in compliance with each of the then applicable Financial Covenants on a pro
forma basis after giving effect to such acquisition as if such acquisition had occurred on the first day of the most recent
period of four (4) consecutive fiscal quarters (or of one (1) fiscal quarter, as the case may be) in respect of which the applicable
Financial Covenant has been tested in accordance with Section 7.1;

 

(e)           the
Borrower shall have delivered to the Administrative Agent at least five (5) Business Days prior to such proposed acquisition,
a Compliance Certificate evidencing compliance with Section 7.1 to the extent such compliance is required under clause (d) above,
and, if the total consideration paid in connection with such Permitted Acquisition (including any Earn-Out Obligations and any
Indebtedness of any Acquired Person that is assumed by the Borrower or any of its Restricted Subsidiaries following such acquisition)
exceeds $50,000,000, appropriate revisions to the projections delivered to the Administrative Agent prior to the Closing Date,
or, if Projections have been provided pursuant to Section 6.2(c), appropriate revisions to such Projections, in each case after
giving effect to such acquisition;

 

    	 	36	 

     

    

 

(f)            any
Person or assets or division as acquired in accordance herewith shall be in substantially the same business or lines of business
in which the Borrower and/or its Subsidiaries are engaged, or are permitted to be engaged as provided in Section 7.15, as of the
time of such acquisition; and

 

(g)           the
total consideration (exclusive of any consideration (i) consisting of common stock of the Borrower or (ii) permitted under the
Available Amount) paid in connection with all Permitted Acquisitions of Persons that do not become Loan Parties or assets that
are not acquired by a Loan Party (including any Earn-Out Obligations but excluding any Indebtedness of any Acquired Person that
is assumed by the Borrower or any of its Restricted Subsidiaries following such acquisitions to the extent permitted under Section
7.2(n)) shall not exceed, from the Closing Date, the greater of (x) $30,000,000 and (y) 75% of Consolidated EBITDA for the most
recent period of four fiscal quarters for which financial statements have been provided pursuant to Section 6.1(a) or (b).

 

“Permitted
Refinancing”: as to any Indebtedness, the incurrence of other Indebtedness to refinance, extend, renew, defease, restructure,
replace or refund (collectively, “refinance”) such existing Indebtedness; provided that, in the case
of such other Indebtedness, the following conditions are satisfied: (a) the weighted average life to maturity of such refinancing
Indebtedness shall be greater than or equal to the weighted average life to maturity of the Indebtedness being refinanced; (b)
the principal amount of such refinancing Indebtedness shall be less than or equal to the principal amount (including any accreted
or capitalized amount) then outstanding of the Indebtedness being refinanced, plus any required premiums and other reasonable
amounts paid, and fees and expenses reasonably incurred, in connection with such modification, refinancing, refunding, renewal
or extension and by any amount equal to any existing commitments unutilized thereunder; (c) the respective obligor or obligors
shall be the same on the refinancing Indebtedness as on the Indebtedness being refinanced (it being understood that the roles
of such obligors as a borrower or a guarantor with respect to such obligations may be interchanged); (d) if secured by Liens on
the Collateral, the security, if any, for the refinancing Indebtedness shall be substantially the same as that for the Indebtedness
being refinanced (except to the extent that less security is granted to holders of refinancing Indebtedness); (e) if the Indebtedness
being refinanced, extended, renewed, defeased, restricted, replaced or refunded, is subordinated in right of payment to the Obligations,
the refinancing Indebtedness is subordinated to the Obligations on terms that are at least as favorable in all material respects,
taken as a whole, as the Indebtedness being refinanced and the holders of such refinancing Indebtedness have entered into any
subordination or intercreditor agreements reasonably requested by the Administrative Agent evidencing such subordination; and
(f) no material terms (other than interest rate and, if applicable, conversion rate and other provisions customary for convertible
Indebtedness) applicable to such refinancing Indebtedness or, if applicable, the related security or guarantees of such refinancing
Indebtedness (including covenants, events of default, remedies, acceleration rights) shall be, taken as a whole, materially more
favorable to the refinancing lenders than the terms that are applicable under the instruments and documents governing the Indebtedness
being refinanced.

 

    	 	37	 

     

    

 

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

 

“Plan”:
each “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) which is maintained or contributed
to by (or is required to be contributed to by) the Borrower or any Restricted Subsidiary or with respect to which the Borrower
or any Restricted Subsidiary has any liability (including on account of a Commonly Controlled Entity).

 

“Platform”:
as defined in Section 10.2(b).

 

“Pledged Company”:
any direct or indirect Subsidiary of the Borrower the Capital Stock of which is pledged to the Collateral Agent pursuant to any
Security Document.

 

“Pledged Equity
Interests”: as defined in the Guarantee and Collateral Agreement.

 

“Primary Disqualified
Lender”: as defined in the definition of “Disqualified Institution”.

 

“Privacy, Data
Security and Consumer Protection Laws”: all applicable laws, regulations, and legally binding guidelines concerning the
collection, receiving, processing, handling, disposal, privacy, protection, accessing, using, disclosing, electronically transmitting,
securing, sharing, transferring and storing of Protected Information.

 

“pro forma
basis” or “pro forma effect” means, with respect to compliance with any test, financial ratio, basket
or covenant, compliance with such test or covenant after giving effect to (i) any Material Acquisition, (ii) any issuance, incurrence,
assumption or repayment or redemption of Indebtedness (including Indebtedness issued, incurred, assumed or repaid or redeemed
as a result of, or to finance, any relevant transaction and for which any such test, financial ratio, basket or covenant is being
calculated), (iii) any Material Disposition or (iv) designations of Unrestricted Subsidiaries or Restricted Subsidiaries (including
(a) pro forma adjustments arising out of events which are directly attributable to any proposed Material Acquisition, any issuance,
incurrence, assumption or repayment or redemption of Indebtedness, any Material Disposition or any designation of Unrestricted
Subsidiaries or Restricted Subsidiaries, are factually supportable and are expected to have a continuing impact, in each case
as determined on a basis consistent with Article 11 of Regulation S-X of the Securities Act of 1933, as amended, as interpreted
by the staff of the Securities and Exchange Commission and (b) such other adjustments as determined in good faith by the Borrower
that are consented to by the Administrative Agent (such consent not to be unreasonably withheld), in each case as certified by
an officer of the Borrower, using, for purposes of determining such compliance, the historical financial statements of all entities
or assets so acquired and the consolidated financial statements of the Borrower and its subsidiaries and assuming that all Material
Acquisitions that have been consummated during the period, any Material Disposition and any Indebtedness or other liabilities
repaid in connection therewith had been consummated and incurred or repaid at the beginning of such period (and assuming that
such Indebtedness to be incurred bears interest during any portion of the applicable measurement period prior to the relevant
acquisition at the interest rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination).

 

    	 	38	 

     

    

 

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

 

“Properties”:
as defined in Section 4.17(a).

 

“Property”:
any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible,
including, without limitation, Capital Stock and Real Property.

 

“Protected Information”:
any information that: (i) identifies (or in combination with other information may identify), relates to, describes, is capable
of being associated with, or can be reasonably linked, directly or indirectly, to a natural person, including an individual’s
name, address, telephone number, e-mail address, date of birth, photograph, social security number or tax identification number,
credit card number, bank account number, biometric identifiers, persistent identifiers including IP address; as well as medical,
health or insurance information; or (ii) is “personal information”, “personal data” or similar defined
term protected by one or more of the applicable Privacy, Security and Consumer Protection Laws.

 

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

 

“Public Company
Costs”: any costs, fees and expenses associated with, in anticipation of, or in preparation for, compliance with the
requirements of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith and costs, fees
and expenses relating to compliance with the provisions of the Securities Act and the Exchange Act (as applicable to companies
with equity or debt securities held by the public), the rules of national securities exchanges for companies with listed equity
or debt securities, directors’ or managers’ compensation, fees and expense reimbursements, any charges, expenses, costs,
accruals, reserves, payments, fees and expenses or loss of any kind relating to investor relations, shareholder meetings and reports
to shareholders and debtholders, directors’ and officers’ insurance and other executive costs, legal and other professional
fees and listing fees.

 

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

 

“QFC Credit
Support”: has the meaning assigned to such term in Section 10.20.

 

“Qualified
Capital Stock”: means any Capital Stock (other than warrants, rights or options referenced in the definition thereof)
that (a) does not have a maturity and is not mandatorily redeemable; (b) by its terms (or by the terms of any employee stock option,
incentive stock or other equity-based plan or arrangement under which it is issued or by the terms of any security into which
it is convertible or for which it is exchangeable), or upon the happening of any event, (x) matures (excluding any maturity as
the result of an optional redemption by the issuer thereof) or is mandatorily redeemable (excluding any mandatory redemption resulting
from an asset sale or change in control so long as no payments in respect thereof are due or owing, or otherwise required to be
made, until all Obligations have been paid in full), pursuant to a sinking fund obligation or otherwise, or is redeemable at the
option of the holder thereof, in whole or in part, or requires the payment of any cash dividend or any other scheduled payment
constituting a return of capital, in each case, at any time on or after the ninety-first (91st) day following the later to occur
of (i) the Revolving Termination Date and (ii) the latest Term Loan Maturity Date, or (y) is convertible into or exchangeable
(unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Capital Stock referred to in clause (x)
above, in each case, at any time on or after the ninety-first (91st) day following the later to occur of (i) the Revolving Termination
Date and (ii) the latest Term Loan Maturity Date; or (c) is preferred stock, so long as (x) no holder thereof can require the
issuer to redeem any such stock for cash prior to the later to occur of (i) the Revolving Termination Date and (ii) the latest
Term Loan Maturity Date and (y) any redemption feature of such stock is available only if permitted under this Agreement.

 

    	 	39	 

     

    

 

“Qualified Counterparty”:
with respect to any Specified Hedge Agreement or Specified Cash Management Agreement, any counterparty thereto that is, or that
at the time such Specified Hedge Agreement or Specified Cash Management Agreement was entered into, was, a Lender, an Affiliate
of a Lender, an Agent or an Affiliate of an Agent; provided that, in the event a counterparty to a Specified Hedge Agreement
or Specified Cash Management Agreement at the time such Specified Hedge Agreement or Specified Cash Management Agreement was entered
into was a Qualified Counterparty, such counterparty shall constitute a Qualified Counterparty hereunder and under the other Loan
Documents.

 

“Real Property”:
any right, title or interest (including any leasehold, mineral or other estate) in and to any parcel of or interest in real property
owned, leased or operated by any Person, whether by lease, license or other means, together with, in each case, all easements,
hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, all general intangibles
and contract rights and other property and rights incidental to the ownership, lease or operation thereof.

 

“Recipient”:
(a) the Administrative Agent, (b) any Lender or (c) any Issuing Lender, as applicable.

 

“Recovery Event”:
any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to
any asset of the Borrower or any Restricted Subsidiary.

 

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

 

“Refinanced
Facility”: as defined in Section 10.1.

 

“Refinancing
Facility”: as defined in Section 10.1.

 

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

 

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

 

    	 	40	 

     

    

 

“Reimbursement
Obligation”: the obligation of the Borrower to reimburse an Issuing Lender pursuant to Section 2.9 for amounts drawn
under Letters of Credit.

 

“Related Party
Register”: as defined in Section 10.6(d).

 

“Relevant Governmental
Body”: 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.

 

“Reportable
Event”: any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty (30)
day notice period is waived by regulation.

 

“Required Lenders”:
at any time, the holders of more than 50% of the sum of (a) the aggregate unpaid principal amount of any Term Loans then outstanding,
(b) any Total Term Commitments then in effect, and (c) the Total Revolving Commitments then in effect or, if the Revolving
Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding.

 

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

 

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

 

“Responsible
Officer”: the chief executive officer, president, chief financial officer, treasurer or assistant treasurer of the Borrower
(unless otherwise specified), but in any event, with respect to financial matters, the chief financial officer, treasurer or assistant
treasurer of the Borrower, and, solely for purposes of notices given pursuant to Section 2, any other officer of the applicable
Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee
of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative
Agent.

 

“Restricted
Payments”: as defined in Section 7.6.

 

“Restricted
Subsidiary”: means any subsidiary of the Borrower other than an Unrestricted Subsidiary.

 

“Revaluation
Date”: means (a) with respect to any Revolving Loan denominated in an Alternate Currency, each of the following: (i)
each date of any Borrowing of such Revolving Loan, (ii) each date of any continuation of such Revolving Loan pursuant to the terms
of this Agreement, (iii) the last day of each fiscal quarter and (iv) the date of any voluntary reduction of a Revolving Commitment
pursuant to Section 2.4; (b) with respect to any Letter of Credit denominated in an Alternate Currency, each of the following:
(i) each date of issuance of such a Letter of Credit, (ii) each date of an amendment of such a Letter of Credit that would have
the effect of increasing the face amount thereof and (iii) the last day of each fiscal quarter; and (c) with respect to the unused
Revolving Commitment of any Lender pursuant to Section 2.3(a), each day of the applicable period during which such unused Revolving
Commitment is in effect.

 

    	 	41	 

     

    

 

“Revolving Availability
Period”: the period from the first Business Day to occur after the Closing Date to the Revolving Termination Date.

 

“Revolving Commitments”:
collectively, the Closing Date Revolving Commitments and any Incremental Revolving Commitments.

 

“Revolving Credit
Exposure”: as to any Revolving Lender, the amount of such Revolving Lender’s Revolving Commitment then in effect
or, if the Revolving Commitments have been terminated, the amount of such Revolving Lender’s Revolving Extensions of Credit
then outstanding, giving effect to any assignments.

 

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

 

“Revolving Facility”:
the Total Revolving Commitments and the extensions of credit made thereunder.

 

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

 

“Revolving Loans”:
as defined in Section 2.1(a), together with any Incremental Revolving Loans.

 

“Revolving Percentage”:
as to any Revolving Lender at any time, the percentage (carried out to the ninth decimal place) which such Lender’s Revolving
Commitment then constitutes of the Total Revolving Commitments, subject to adjustment as provided in Section 2.13; provided
that if the Revolving Commitments have expired or been terminated, the Revolving Percentage shall be determined based on each Revolving
Lender’s Revolving Percentage immediately prior to the termination of the Revolving Commitments.

 

“Revolving Termination
Date”: December 26, 2023.

 

“S&P”:
Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business or any successor to
the rating agency business thereof.

 

“Sales and Marketing
Expense”: expenses incurred in connection with new degree program launches.

 

“Sanctioned
Country”: at any time, a country, region or territory that is, or whose government is, the subject or target of comprehensive
Sanctions (currently, Cuba, Iran, North Korea, Syria, and the Crimea region of Ukraine).

 

    	 	42	 

     

    

 

“Sanctioned
Person”: at any time and in each case insofar as dealings with the Person are prohibited pursuant to Sanctions, (a) any
Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United
Nations Security Council or the European Union, (b) any Person located, organized or resident in a Sanctioned Country or (c) any
Person controlled or fifty percent or more owned, individually or in the aggregate, by any such Person, whether directly or indirectly.

 

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

 

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

 

“Second Lien
Indebtedness”: Junior Indebtedness of any Person that is secured by a junior Lien on the Collateral; provided
that the holder of such Indebtedness executes and delivers an intercreditor agreement in form and substance reasonably satisfactory
to the Administrative Agent.

 

“Secured Obligations”:
as defined in the Guarantee and Collateral Agreement.

 

“Secured Parties”:
the collective reference to the Lenders, the Agents, the Qualified Counterparties and each Issuing Lender, and each of their successors
and permitted assigns.

 

“Security Documents”:
the collective reference to the Guarantee and Collateral Agreement, the Mortgages (if any), the Intellectual Property Security
Agreements and all other security documents hereafter delivered to the Administrative Agent or the Collateral Agent granting a
Lien on any property of any Person to secure the Obligations of any Loan Party under any Loan Document, Specified Hedge Agreement
or Specified Cash Management Agreement.

 

“Senior Notes”:
the Borrower’s convertible senior notes due 2025 issued pursuant to the Senior Notes Indenture.

 

“Senior Notes
Indenture”: that certain indenture governing the Senior Notes, dated April 23, 2020, between the Borrower and Wilmington
Trust, National Association, as trustee.

 

“Single Employer
Plan”: any Plan that is covered by Title IV of ERISA, but that is not a Multiemployer Plan.

 

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

 

“SOFR-Based
Rate” means SOFR, Term SOFR or Compounded SOFR.

 

“Software”:
as defined in the definition of Intellectual Property.

 

    	 	43	 

     

    

 

“Solvent”:
means, as to any Person at any time, that (a) the fair value of the property of such Person is greater than the amount of such
Person’s liabilities (including contingent liabilities) as such value is established and liabilities evaluated for purposes
of Section 101(32) of the United States Bankruptcy Code; (b) the fair valuation of the property of such Person is not less than
the aggregate amount that will be required to pay the probable liability of such Person on its then existing debts (including Guarantees
and other contingent obligations) as they become absolute and matured; (c) such Person is able to pay its debts and other liabilities
(including contingent liabilities) as they mature in the normal course of business; (d) such Person does not intend to, and does
not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature;
and (e) such Person is not engaged in a business or a transaction for which such Person’s property would constitute unreasonably
small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts
and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability
or, if a different methodology is prescribed by applicable laws, as prescribed by such laws.

 

“Special Flood
Hazard Area”: an area identified by the Federal Emergency Management Agency (or any successor agency) as an area subject
to special flood or mud slide hazards.

 

“Specified Cash
Management Agreement”: any Cash Management Agreement entered into by (a) any Loan Party and (b) any Qualified Counterparty,
as counterparty; provided, that any release of Collateral or Guarantors effected in the manner permitted by this Agreement
shall not require the consent of holders of obligations under Specified Cash Management Agreements. No Specified Cash Management
Agreement shall create in favor of any Qualified Counterparty thereof that is a party thereto any rights in connection with the
management or release of any Collateral or of the obligations of any Guarantor under the Guarantee and Collateral Agreement.

 

“Specified Event
of Default”: any Event of Default under Section 8.1(a) or (f).

 

“Specified Hedge
Agreement”: any Hedge Agreement entered into by (a) the Borrower and (b) any Qualified Counterparty, as counterparty;
provided, that any release of Collateral or Subsidiary Guarantors effected in the manner permitted by this Agreement shall
not require the consent of holders of obligations under Specified Hedge Agreements. No Specified Hedge Agreement shall create in
favor of any Qualified Counterparty thereof that is a party thereto any rights in connection with the management or release of
any Collateral or of the obligations of any Subsidiary Guarantor under the Guarantee and Collateral Agreement; provided,
however, nothing herein shall limit the rights of any such Qualified Counterparty set forth in such Specified Hedge Agreement.

 

“Specified Representations”:
means each of the representations and warranties made solely with respect to the Loan Parties set forth in Sections 4.3(a) and
(b), 4.4, 4.5(a), 4.11, 4.14, 4.19, 4.20, 4.22, 4.23 and 4.24.

 

“Spot Rate”
means, for any currency, on any Revaluation Date or other relevant date of determination, the rate determined by the Administrative
Agent to be the rate quoted by the Administrative Agent as the spot rate for the purchase by the Administrative Agent of such
currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date that
is two Business Days prior to the date as of which the foreign exchange computation is made; provided that the Administrative
Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the Administrative
Agent does not have as of the date of determination a spot buying rate for any such currency.

 

    	 	44	 

     

    

 

“State Educational
Agency”: any state or local educational licensing body that provides a license, permit, authorization or other approval
necessary for an educational institution or other entity to operate or to provide educational programs or courses in that state.

 

“Sterling”
or “₤”: the lawful currency of the United Kingdom.

 

“Stock Certificates”:
Collateral consisting of certificates representing Capital Stock of any Subsidiary Guarantor for which a security interest can
be perfected by delivering such certificates.

 

“Subordinated
Indebtedness”: any unsecured Junior Indebtedness of the Borrower the payment of principal and interest of which and other
obligations of the Borrower in respect thereof are subordinated to the prior payment in full of the Obligations on terms and conditions
reasonably satisfactory to the Administrative Agent.

 

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

 

“Subsidiary
Guarantor”: any Subsidiary of the Borrower that guarantees the Obligations.

 

“Supported QFC”:
has the meaning assigned to such term in Section 10.20.

 

“Swap Obligation”:
with respect to any Subsidiary Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

“Syndication
Agent” means each of Credit Suisse Loan Funding LLC and Goldman Sachs Bank USA.

 

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

 

    	 	45	 

     

    

 

“Term Commitments”:
any Incremental Term Commitments.

 

“Term Facility”:
the Term Commitments and the Term Loans.

 

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

 

“Term Loan”:
any Incremental Term Loan.

 

“Term Loan Maturity
Date”: with respect to any Incremental Term Loans, the date set forth in the applicable Incremental Term Joinder applicable
to such Incremental Term Loans.

 

“Term Percentage”:
as to any Term Lender at any time, the percentage (carried out to the ninth decimal place) which the aggregate principal amount
of such Lender’s Term Loans then outstanding plus such Lender’s Term Commitment then in effect constitutes of the aggregate
principal amount of the Term Loans then outstanding plus the Term Commitments then in effect.

 

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

 

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

 

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

 

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

 

“Transactions”:
collectively, the execution, delivery and performance by the Loan Parties of the Loan Documents and the borrowings and other transactions
contemplated hereby and thereby.

 

“Transferee”:
any Assignee or Participant.

 

“Type”:
as to any Loan, its nature as a Base Rate Loan or a Eurodollar Loan.

 

“UCP”:
with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce
(“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

 

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

 

    	 	46	 

     

    

 

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

 

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

 

“Unasserted
Contingent Obligations”: as defined in the Guarantee and Collateral Agreement.

 

“United States”
and “U.S.”: the United States of America.

 

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

 

“U.S. Special
Resolution Regimes”: has the meaning assigned to such term in Section 10.20.

 

“Unrestricted
Subsidiary”: means (i) each Subsidiary of the Borrower listed on Schedule 1.2(b) on the Closing Date, (ii) any
Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to Section 6.14 subsequent to the
date hereof and (iii) any Subsidiary of an Unrestricted Subsidiary.

 

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

 

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

 

“Withholding
Agent”: any Loan Party and the Administrative Agent.

 

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

 

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

 

    	 	47	 

     

    

 

(b)              
 As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant
hereto or thereto, (i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined
in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP or, in the case of any Foreign
Subsidiary, other accounting standards, if applicable, (ii) the words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur” shall be construed
to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and
 “incurrence” shall have correlative meanings), (iv) the words “asset” and “property” shall
be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including
cash, Capital Stock, securities, revenues, accounts, leasehold interests and contract rights, (v) references to agreements or other
Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as
amended, supplemented, restated or otherwise modified from time to time (subject to any applicable restrictions hereunder), (vi)
any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified
or supplemented from time to time and (vii) any references herein to any Person shall be construed to include such Person’s
successors and permitted assigns.

 

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

 

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

 

(e)              
Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed
in accordance with GAAP; provided that, if either the Borrower notifies the Administrative Agent that such Borrower requests
an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application
thereof on the operation of such provision (or if the Administrative Agent notifies the Borrowers that the Required Lenders request
an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change
in GAAP or in the application thereof, then the Administrative Agent, the Borrower and the Lenders shall negotiate in good faith
to amend such provision to preserve the original intent in light of the change in GAAP; provided that such provision shall
be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such
notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding anything to the contrary, for
all purposes under this Agreement and the other Loan Documents, including negative covenants, financial covenants and component
definitions, GAAP will be deemed to treat operating leases and Capital Leases in a manner consistent with their treatment under
GAAP as in effect on January 1, 2019, notwithstanding any modifications or interpretive changes thereto that may occur thereafter.
Notwithstanding any other provision contained herein, all computations of amounts and ratios referred to in this Agreement shall
be made without giving effect to any election under FASB ASC Topic 825 “Financial Instruments” (or any other financial
accounting standard having a similar result or effect) to value any Indebtedness of Company at “fair value” as defined
therein.

 

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(f)              
 When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or
performance required on a day which is not a Business Day, the date of such payment or performance shall extend to the immediately
succeeding Business Day and such extension of time shall be reflected in computing interest or fees, as the case may be; provided
that, with respect to any payment of interest on or principal of Eurodollar Loans, if such extension would cause any such payment
to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day.

 

(g)              
Notwithstanding anything to the contrary in this Agreement, for purposes of (i) measuring the relevant financial
ratios and basket availability with respect to the incurrence of any Indebtedness (including any Incremental Term Facilities or
Incremental Revolving Increase) or Liens or the making of any Investments or Restricted Payments or (ii) determining compliance
with the representations and warranties or the occurrence of any Default or Event of Default, in each case, in connection with
a Limited Condition Acquisition, if Borrower has made an LCA Election with respect to such Limited Condition Acquisition, the date
of determination of whether any such action is permitted hereunder shall be deemed to be the date on which the definitive documentation
with respect to such Limited Condition Acquisition is entered into (the “LCA Test Date”) and, if, after giving
pro forma effect to the Limited Condition Acquisition and the other transactions to be entered into in connection therewith
as if they had occurred at the beginning of the most recent fiscal quarter ending prior to the LCA Test Date, a Default or Event
of Default shall not then have occurred and be continuing and Borrower could have taken such action on the relevant LCA Test Date
in compliance with such financial ratio, basket, representation or warranty, such financial ratio, basket, representation or warranty
and such condition with respect to the lack of Default or Event of Default shall be deemed to have been complied with. For the
avoidance of doubt, such ratios and other provisions shall not be tested at the time of the consummation of such Limited Condition
Acquisition and, if Borrower has made an LCA Election for any Limited Condition Acquisition, then in connection with any subsequent
calculation of any financial ratio or basket availability on or following the relevant LCA Test Date and prior to the earlier of
(x) the date on which such Limited Condition Acquisition is consummated or (y) the date the definitive agreement for such Limited
Condition Acquisition is terminated or expires without consummation of such Limited Condition Acquisition, any such financial ratio
or basket availability shall be calculated (and tested) on a pro forma basis assuming such Limited Condition Acquisition
and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have
been consummated until such time as the applicable Limited Condition Acquisition has actually closed or the definitive agreement
with respect thereto has been terminated.

 

1.3             
Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time
shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that
with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or
more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated
amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect
at such time.

 

1.4             
Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division
under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation
or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to
have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such
new Person shall be deemed to have been organized on the first date of its existence by the holders of its Capital Stock at such
time.

 

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1.5             
Rates. The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability
with respect to, (i) the administration, submission or any other matter related to the rates in the definition of “Eurodollar
Base Rate” or with respect to any rate that is an alternative or replacement for or successor to any such rate (including,
without limitation, any Benchmark Replacement) (ii) any Benchmark Replacement Conforming Changes or (iii) the effect of any of
the foregoing.

 

1.6             
Currency Equivalents Generally. (a) The Administrative
Agent shall determine the Spot Rate as of each Revaluation Date to be used for calculating the Dollar Equivalent amount of any
Revolving Loan, and/or Letter of Credit that is denominated in any Alternate Currency. The Spot Rate shall become effective as
of such Revaluation Date and shall be the Spot Rate employed in converting any amount between any Alternate Currency and Dollars
until the next occurring Revaluation Date.

 

(b)              
If any basket is exceeded solely as a result of fluctuations in applicable currency exchange rates after the last
time such basket was utilized, such basket will not be deemed to have been exceeded solely as a result of such fluctuations in
currency exchange rates. For purposes of determining the Consolidated Fixed Charge Coverage Ratio, Consolidated Leverage Ratio
and the Consolidated Secured Leverage Ratio, amounts denominated in a currency other than Dollars will be converted to Dollars
for the purposes of (A) testing the Financial Covenants, at the Spot Rate as of the last day of the fiscal quarter for which such
measurement is being made, and (B) calculating any Consolidated Fixed Charge Coverage Ratio, Consolidated Leverage Ratio and the
Consolidated Secured Leverage Ratio (other than for the purposes of determining compliance with Section 7.1), at the Spot Rate
as of the date of calculation, and will, in the case of Indebtedness, reflect the currency translation effects, determined in accordance
with GAAP, of Hedge Agreements permitted hereunder for currency exchange risks with respect to the applicable currency in effect
on the date of determination of the Dollar Equivalent of such Indebtedness.

 

(c)              
Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative
Agent may from time to time specify with the Borrower’s consent to appropriately reflect a change in currency of any country
and any relevant market convention or practice relating to such change in currency.

 

1.7             
Additional Alternate Currencies. (a) The Borrower may from time to time request that Revolving Loans be made
and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternate Currency”;
provided that the relevant requested currency is a lawful currency (other than Dollars) that is readily available and freely
transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving Loans, such
request shall be subject to the approval of the Administrative Agent and the Revolving Lenders; and, in the case of any such request
with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and
the applicable Issuing Lender.

 

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(b)              
Any such request shall be made to the Administrative Agent not later than 11:00 a.m. 10 Business Days prior to the
date of the desired Borrowing Date (or such other time or date as may be agreed by the Administrative Agent and, in the case of
any such request pertaining to Letters of Credit, the relevant Issuing Lender, in its or their sole discretion). In the case of
any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify each Revolving Lender thereof, in
the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the relevant Issuing
Lender thereof. Each such Revolving Lender (in the case of any such request pertaining to Revolving Loans), the relevant Issuing
Lender (in the case of any such request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than
11:00 a.m., 10 Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Revolving
Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.

 

(c)              
Any failure by any Revolving Lender or the relevant Issuing Lender, as the case may be, to respond to such request
within the time period specified in the preceding paragraph (b) shall be deemed to be a refusal by such Revolving Lender or Issuing
Lender, as the case may be, to permit Revolving Loans to be made or Letters of Credit to be issued, as applicable, in such requested
currency. If the Administrative Agent and all the Revolving Lenders that would be obligated to make Revolving Loans denominated
in such requested currency consent to making Revolving Loans in such requested currency, the Administrative Agent shall so notify
the Borrower, and such currency shall thereupon be deemed for all purposes to be an Alternate Currency hereunder for purposes of
any borrowing of Revolving Loans; and if the Administrative Agent and the relevant Issuing Lender consent to the issuance of Letters
of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and such currency shall thereupon be
deemed for all purposes to be an Alternate Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative
Agent fails to obtain the requisite consent to any request for an additional currency under this Section 1.7, the Administrative
Agent shall promptly so notify the Borrower.

 

SECTION 2       
AMOUNT AND TERMS OF REVOLVING COMMITMENTS

 

2.1             
Revolving Commitments. (a) Subject to the terms and conditions
hereof, each Revolving Lender severally agrees to make revolving credit loans (“Revolving Loans”) to the Borrower
from time to time in Dollars or any Alternate Currency during the Revolving Availability Period in an aggregate principal amount
at any one time outstanding which, when added to such Lender’s Revolving Percentage of the L/C Obligations then outstanding
does not exceed the amount of such Lender’s Revolving Commitment. During the Revolving Availability Period the Borrower may
use the Revolving Commitments by borrowing, prepaying and reborrowing the Revolving Loans in whole or in part, all in accordance
with the terms and conditions hereof. Within the foregoing limits and subject to the terms, conditions and limitations set forth
herein, (x) Revolving Loans denominated in Dollars may consist of Eurodollar Loans or Base Rate Loans, and (y) Revolving Loans
denominated in any Alternate Currency shall consist of Eurodollar Loans, in each case, as determined by the Borrower and notified
to the Administrative Agent in accordance with Sections 2.2 and 3.3.

 

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(b)              
 The Borrower shall repay in Dollars or the relevant Alternate Currency all outstanding Revolving Loans on the Revolving
Termination Date, except to the extent extended by individual Lenders as to such Lender’s Revolving Commitment.

 

2.2             
Procedure for Revolving Loan Borrowing. The Borrower may borrow under the Revolving Commitments during the
Revolving Availability Period on any Business Day; provided that the Borrower shall give the Administrative Agent its irrevocable
notice, which may be given by (A) telephone or (B) a Committed Loan Notice; provided that any telephone notice must be confirmed
immediately by delivery to the Administrative Agent of a Committed Loan Notice (which notice must be received by the Administrative
Agent for any Revolving Loans requested to be made after the Closing Date, prior to 12:00 Noon, New York City time, (i) three (3)
Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, or (ii) one (1) Business Day prior to the
requested Borrowing Date, in the case of Base Rate Loans) (provided that any such notice of a borrowing of Base Rate Loans
to finance payments required to be made pursuant to Section 2.3 may be given not later than 12:00 Noon, New York City time, on
the date of the proposed borrowing), specifying (x) the amount, currency (which shall be Dollars or an Alternate Currency) and
Type of Revolving Loans to be borrowed, (y) the requested Borrowing Date and (z) in the case of Eurodollar Loans, the respective
amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor; provided, each Revolving
Loan denominated in any Alternate Currency shall be a Eurodollar Loan. Each borrowing under the Revolving Commitments shall be
in an amount equal to (x) in the case of Base Rate Loans, $500,000 or a multiple of $100,000 in excess thereof (or, if the then
aggregate Available Revolving Commitments are less than $500,000, such lesser amount) and (y) in the case of Eurodollar Loans,
$500,000 or a whole multiple of $100,000 in excess thereof (or the Dollar Equivalent thereof in the case of any borrowing of Eurodollar
Loans denominated in any Alternate Currency); provided, that borrowings of Base Rate Loans pursuant to Section 2.9 shall not be
subject to the foregoing minimum amounts. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly
notify each Revolving Lender thereof. Each Revolving Lender will make the amount of its pro rata share of each borrowing available
to the Administrative Agent for the account of the Borrower at the Funding Office prior to 12:00 Noon, New York City time, on the
Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. The Administrative Agent shall
make the proceeds of such Revolving Loan available to the Borrower on such Borrowing Date by wire transfer of immediately available
funds to a bank account designated in writing by the Borrower to the Administrative Agent.

 

2.3             
Fees. (a) The Borrower agrees to pay to the Administrative
Agent for the account of each Revolving Lender a commitment fee (the “Commitment Fee”) for the period from and
including the Closing Date to the last day of the Revolving Availability Period, computed at the Commitment Fee Rate on the average
daily amount of the Available Revolving Commitment of such Lender during the period for which payment is made payable quarterly
in arrears on the last Business Day of each fiscal quarter, commencing with the last Business Day of the first full fiscal quarter
ending after Closing Date, and on the Revolving Termination Date.

 

(b)              
The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates previously agreed
to in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

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2.4             
 Termination or Reduction of Revolving Commitments. The Borrower shall have the right, upon not less than
three (3) Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments or, from time to time,
to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of Revolving Commitments
shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans made on the effective date thereof,
the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments; provided, further that such
notice may be contingent on the occurrence of a refinancing or the consummation of a sale, transfer, lease or other disposition
of assets and may be revoked or the termination date deferred if the refinancing or sale, transfer, lease or other disposition
of assets does not occur. Any such reduction shall be in an amount equal to $1,000,000, or a multiple of $500,000 in excess thereof,
and shall reduce permanently the Revolving Commitments then in effect.

 

2.5             
L/C Commitment. (a) Subject to the terms and conditions
hereof, each Issuing Lender, in reliance on the agreements of the other Revolving Lenders set forth in Section 2.8(a), agrees to
issue standby letters of credit (“Letters of Credit”) for the account of the Borrower or any Restricted Subsidiary
on any Business Day during the Revolving Availability Period as may be approved from time to time by such Issuing Lender, with
the face amount of any outstanding Letters of Credit (and, without duplication, any unpaid drawing in respect thereof) reducing
the Available Revolving Commitments on a Dollar-for-Dollar basis; provided that no Issuing Lender shall have any obligation
to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment
or (ii) the aggregate amount of such Issuing Lender’s Available Revolving Commitments would be less than zero. Each Letter
of Credit shall (i) be denominated in Dollars or in an Alternate Currency, (ii) have a face amount of at least $100,000 (unless
otherwise agreed by such Issuing Lender) and (iii) expire no later than the earlier of (x) the first anniversary of its date of
issuance (unless otherwise agreed by the applicable Issuing Lender) and (y) the date that is five (5) Business Days prior to the
Revolving Termination Date (unless cash collateralized or backstopped or otherwise supported, in each case in a manner agreed to
by the Borrower and the Issuing Lender); provided that any Letter of Credit may provide for automatic renewals and extensions
pursuant to Section 2.6(b). Each Letter of Credit shall be governed by laws of the State of New York (unless the laws of another
jurisdiction is agreed to by the respective Issuing Lender). Notwithstanding anything herein to the contrary, no Issuing Lender
shall have any obligation under this Agreement to issue a commercial letter of credit.

 

(b)              
No Issuing Lender shall at any time be obligated to issue any Letter of Credit hereunder if (i) such issuance would
conflict with, or cause such Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement
of Law, (ii) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or
restrain such Issuing Lender from issuing the Letter of Credit, or any Requirements of Law applicable to such Issuing Lender or
any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such
Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance of letters of credit generally or
the Letter of Credit in particular or shall impose upon such Issuing Lender with respect to the Letter of Credit any restriction,
reserve or capital requirement (for which such Issuing Lender is not otherwise compensated hereunder) not in effect on the Closing
Date, or shall impose upon such Issuing Lender any unreimbursed loss, cost or expense which was not applicable on the Closing
Date and which such Issuing Lender in good faith deems material to it and (iii) the issuance of the Letter of Credit would violate
one or more policies of such Issuing Lender applicable to letters of credit generally for the account of similarly situated borrowers.

 

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2.6             
Procedure for Issuance, Amendment, Renewal, Extension of Letters of Credit; Certain Conditions. (a)
The Borrower may from time to time request that an Issuing Lender issue a Letter of Credit. To request the issuance of a Letter
of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy
(or transmit by electronic communication, if arrangements for doing so have been approved by the relevant Issuing Lender) to such
Issuing Lender an Application requesting the issuance of the Letter of Credit and specifying the requested date of issuance of
such Letter of Credit (which shall be a Business Day) and, as applicable, specifying the date of amendment, renewal or extension
(which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.5(a)(iii)),
the amount and currency (which shall be Dollars or an Alternate Currency) of such Letter of Credit, the name and address of the
beneficiary thereof and such other information and documents, including any Issuer Documents, as shall be necessary to prepare,
amend, renew or extend such Letter of Credit. Such Application shall be accompanied by documentary and other evidence of the proposed
beneficiary’s identity as may reasonably be requested by such Issuing Lender to enable such Issuing Lender to verify the
beneficiary’s identity or to comply with any applicable laws or regulations, including, without limitation, Section 326 of
the USA Patriot Act of 2001, 31 U.S.C. Section 5318. Provided such Issuing Lender has determined that the issuance, amendment,
renewal or extension of the requested Letter of Credit in favor of the identified beneficiary is in compliance with U.S. Treasury
and U.S. Department of Commerce regulations and other applicable governmental laws, rules and regulations (including, without limitation,
the U.S. Office of Foreign Asset Control regulations), upon receipt of all required approvals, such Issuing Lender will issue,
amend, renew or extend the requested Letter of Credit for the account of the Borrower in such form as may be approved by such Issuing
Lender, which shall have been approved by the Borrower, within (x) in the case of an issuance, five (5) Business Days of the date
of the receipt of the Application and all related information and (y) in the case of an amendment, renewal or extension, three
(3) Business Days of the date of the receipt of the Application and all related information. Each Issuing Lender shall furnish
a copy of such Letter of Credit to the Borrower (with a copy to the Administrative Agent) promptly following the issuance thereof.
An Issuing Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Lenders, notice
of the issuance (or, amendment, extension or renewal, as applicable) of each Letter of Credit (including the amount thereof) issued
by such Issuing Lender.

 

(b)              
If the Borrower so requests in any applicable Application, an Issuing Lender may, in its sole discretion, agree
to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit such Issuing Lender to prevent any such extension at
least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice
to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month
period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by an Issuing Lender, the Borrower
shall not be required to make a specific request to such Issuing Lender for any such extension. Once an Auto-Extension Letter
of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) such Issuing Lender to permit
the extension of such Letter of Credit at any time to an expiry date not later than the date that is five (5) Business Days prior
to the Revolving Termination Date (unless cash collateralized or backstopped or otherwise supported, in each case in a manner
agreed to by the Borrower and the Issuing Lender); provided, however, that an Issuing Lender shall not permit any
such extension if (A) such Issuing Lender has determined in good faith that it would not be permitted, or would have no obligation,
at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions
of Section 2.5(a) or (b) or otherwise) or (B) it has received notice (which may be by telephone or in writing) on or before the
day that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Majority Facility
Lenders under the Revolving Facility have elected not to permit such extension or (2) from the Administrative Agent, any Lender
or the Borrower that one or more of the applicable conditions specified in Section 5.2 is not then satisfied, and in each such
case directing such Issuing Lender not to permit such extension.

 

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2.7             
Fees and Other Charges; Role of Issuing Lender; Applicability of ISP and UCP. (a)
The Borrower will pay a fee (the “L/C Fee”) on all outstanding Letters of Credit at a per annum rate equal to
the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Facility on the face amount of such Letter
of Credit, shared ratably among the Revolving Lenders and payable quarterly in arrears on each L/C Fee Payment Date after the issuance
date of such Letter of Credit. In addition, the Borrower shall pay to each Issuing Lender for its own account a fronting fee of
0.125% per annum (or such lesser amount as may be agreed in writing by the Borrower the applicable Issuing Lender) on the undrawn
and unexpired amount of each Letter of Credit issued by such Issuing Lender, payable quarterly in arrears on each L/C Fee Payment
Date after the issuance date of such Letter of Credit.

 

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

 

(c)              
Role of Issuing Lender. Each Lender and the Borrower agree that, in paying any drawing under a Letter of
Credit, an Issuing Lender shall not have any responsibility to obtain any document (other than any sight draft, certificates and
documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document
or the authority of the Person executing or delivering any such document. None of the Issuing Lenders, the Administrative Agent,
any of their respective Agent Related Parties nor any correspondent, participant or assignee of any Issuing Lender shall be liable
to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving
Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful
misconduct (as determined by a final and nonappealable decision of a court of competent jurisdiction); or (iii) the due execution,
effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The
Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter
of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s
pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None
of the Issuing Lenders, the Administrative Agent, any of their respective Agent Related Parties nor any correspondent, participant
or assignee of any Issuing Lender shall be liable or responsible for any of the matters described in Section 2.10; provided,
however, that anything in such Section to the contrary notwithstanding, the Borrower may have a claim against an Issuing
Lender, and an Issuing Lender may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed
to consequential or exemplary, damages suffered by the Borrower which were caused by such Issuing Lender’s willful misconduct
or gross negligence or such Issuing Lender’s willful failure to pay under any Letter of Credit after the presentation to
it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit
(in each case, as determined by a final and nonappealable decision of a court of competent jurisdiction). In furtherance and not
in limitation of the foregoing, an Issuing Lender may accept documents that appear on their face to be in order, without responsibility
for further investigation, regardless of any notice or information to the contrary, and an Issuing Lender shall not be responsible
for the validity or sufficiency of any instrument transferring or purporting to transfer a 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. An Issuing Lender
may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial
Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating
with a beneficiary.

 

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(d)              
Applicability of ISP and UCP. Unless otherwise expressly agreed by the relevant Issuing Lender and the Borrower
when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of
the UCP shall apply to each commercial Letter of Credit. Notwithstanding the foregoing, an Issuing Lender shall not be responsible
to the Borrower for, and such Issuing Lender’s rights and remedies against the Borrower shall not be impaired by, any action
or inaction of such Issuing Lender required or permitted under any law, order, or practice that is required or permitted to be
applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where such Issuing Lender or
the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements,
or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade – International Financial
Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit
chooses such law or practice.

 

2.8             
L/C Participations. (a) Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant,
and, to induce the Issuing Lenders to issue Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and
purchase and hereby accepts and purchases from the Issuing Lenders, on the terms and conditions set forth below, for such L/C
Participant’s own account and risk an undivided interest equal to such L/C Participant’s Revolving Percentage in the
Issuing Lenders’ obligations and rights (though, in the case of rights, subject to such L/C Participant’s satisfaction
of its reimbursement obligation set forth in the following sentence) under and in respect of each Letter of Credit issued hereunder
and the amount of each draft paid by the Issuing Lenders thereunder (in respect of any Letter of Credit issued in an Alternate
Currency, with such participation expressed in the Dollar Equivalent thereof). Each L/C Participant unconditionally and irrevocably
agrees with each Issuing Lender that, if a draft is paid under any Letter of Credit for which such Issuing Lender is not reimbursed
in full by the Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to the Administrative Agent
upon demand of such Issuing Lender an amount equal to such L/C Participant’s Revolving Percentage of the amount of such
draft, or any part thereof, that is not so reimbursed. The L/C Participants’ obligations to make such payment shall be absolute
and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that any
L/C Participant may have or have had against an Issuing Lender, the Borrower or any other Person. The Administrative Agent shall
promptly forward such amounts to such Issuing Lender.

 

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(b)              
If any amount required to be paid by any L/C Participant to the Administrative Agent for the account of an Issuing
Lender pursuant to Section 2.8(a) in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter
of Credit is paid to the Administrative Agent for the account of such Issuing Lender within three (3) Business Days after the date
such payment is due, such L/C Participant shall pay to the Administrative Agent for the account of such Issuing Lender on demand
an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Rate (or, in the case of any Letter
of Credit denominated in any Alternate Currency, the Administrative Agent’s customary rate for interbank advances in such
Alternate Currency) during the period from and including the date such payment is required to the date on which such payment is
immediately available to such Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during
such period and the denominator of which is 360. If any such amount required to be paid by any L/C Participant pursuant to Section
2.8(a) is not made available to the Administrative Agent for the account of such Issuing Lender by such L/C Participant within
three (3) Business Days after the date such payment is due, such Issuing Lender shall be entitled to recover from such L/C Participant,
on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to Base Rate Loans
under the Revolving Facility. A certificate of an Issuing Lender submitted to any L/C Participant with respect to any amounts owing
under this Section shall be conclusive in the absence of manifest error.

 

(c)              
Whenever, at any time after an Issuing Lender has made payment under any Letter of Credit and has received from any
L/C Participant its pro rata share of such payment in accordance with Section 2.8(a), the Administrative Agent or such Issuing
Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds
of collateral applied thereto by such Issuing Lender), or any payment of interest on account thereof, the Administrative Agent
or such Issuing Lender, as the case may be, will distribute to such L/C Participant its pro rata share thereof; provided,
however, that in the event that any such payment received by Administrative Agent or such Issuing Lender, as the case may
be, shall be required to be returned by the Administrative Agent or such Issuing Lender, such L/C Participant shall return to the
Administrative Agent for the account of such Issuing Lender the portion thereof previously distributed by the Administrative Agent
or such Issuing Lender, as the case may be, to it.

 

2.9             
Reimbursement Obligation of the Borrower. An Issuing Lender shall notify the Borrower of the date and amount
of a drawing presented under any Letter of Credit and paid by such Issuing Lender. The Borrower agrees to reimburse such Issuing
Lender for the amount of (a) such drawing so paid and (b) any fees, charges or other costs or expenses (other than taxes or similar
amounts) incurred by such Issuing Lender in connection with such payment on the Business Day after the Borrower receives such
notice. Each such payment shall be made to such Issuing Lender at its address for notices referred to herein in Dollars or in
the applicable Alternate Currency and in immediately available funds. Interest shall be payable on any such amounts from the date
on which the relevant drawing is paid until payment in full at the rate set forth in (i) until the Business Day next succeeding
the date of the relevant notice, Section 3.5(b) in respect of Revolving Loans (or, in the case of any Letter of Credit denominated
in any Alternate Currency, Section 3.5(a)) and (ii) thereafter, Section 3.5(c). Each drawing under any Letter of Credit shall
(unless an event of the type described in clause (i) or (ii) of Section 8.1(f) shall have occurred and be continuing with respect
to the Borrower, in which case the procedures specified in Section 2.8 for funding by L/C Participants shall apply) constitute
a request by the Borrower to the Administrative Agent for a borrowing pursuant to Section 2.2 of Base Rate Loans in the amount
of such drawing (or, in the case of a Letter of Credit denominated in an Alternate Currency, a borrowing pursuant to Section 2.2
of Eurodollar Loans in the amount of such drawing). The Borrowing Date with respect to such borrowing shall be the first date
on which a borrowing of Revolving Loans could be made, pursuant to Section 2.2, if the Administrative Agent had received a notice
of such borrowing at the time the Administrative Agent receives notice from an Issuing Lender of such drawing under such Letter
of Credit.

 

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2.10          
Obligations Absolute. The Borrower’s obligations under Section 2.9 shall be absolute and unconditional
under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or
have had against an Issuing Lender, any beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with the
Issuing Lenders that the Issuing Lenders and any Issuing Lender’s Agent Related Parties shall not be responsible for, and
the Borrower’s Reimbursement Obligations under Section 2.9 shall not be affected by, among other things, the validity or
genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent
or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which
such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit
or any such transferee. No Issuing Lender or any Agent Related Party of any Issuing Lender shall be liable for any error, omission,
interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any
Letter of Credit, except for errors, omissions, interruptions or delays found by a final and nonappealable decision of a court
of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Issuing Lender or its Agent
Related Parties, as applicable. The parties hereto agree that any action taken or omitted by an Issuing Lender or its Agent Related
Parties under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of their respective
gross negligence or willful misconduct (as determined by a final and nonappealable decision of a court of competent jurisdiction),
shall be binding on the Borrower and the parties hereto and shall not result in any liability of such Issuing Lender or its Agent
Related Parties to the Borrower.

 

2.11         
Letter of Credit Payments. If any drawing shall be presented for payment under any Letter of Credit, the
relevant Issuing Lender shall promptly notify the Borrower of the date of payment and amount paid by such Issuing Lender in respect
thereof. The responsibility of an Issuing Lender to the Borrower in connection with any drawing presented for payment under any
Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, and subject to
the limitations on liability set forth in Section 2.7(c) and 2.10 hereof, be limited to determining that the documents (including
each drawing) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such
Letter of Credit.

 

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2.12         
Applications; Issuer Documents. To the extent that any provision of any Application related to any Letter
of Credit is inconsistent with the provisions of this Section 2, the provisions of this Section 2 shall apply. In the event of
any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control.

 

2.13         
Defaulting Lenders. (a) Notwithstanding anything to the
contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer
a Defaulting Lender, to the extent permitted by applicable law:

 

(i)                
Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the final paragraph of Section 10.1.

 

(ii)             
Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8 or otherwise) or received by the Administrative
Agent from a Defaulting Lender pursuant to Section 10.7 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Lender hereunder;
third, to Cash Collateralize the Issuing Lenders’ Fronting Exposure with respect to such Defaulting Lender in accordance
with Section 2.13(b); fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding
of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held
in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations
with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Lenders’ future Fronting Exposure with
respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section
2.13(b); sixth, to the payment of any amounts owing to the Lenders or the Issuing Lenders as a result of any judgment of
a court of competent jurisdiction obtained by any Lender or the Issuing Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default
exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained
by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided
that if (x) such payment is a payment of the principal amount of any Loans or Letter of Credit disbursements in respect of
which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of
Credit were issued at a time when the conditions set forth in Section 5.2 were satisfied or waived, such payment shall be applied
solely to pay the Loans of, and Letter of Credit disbursements owed to, all Non-Defaulting Lenders on a pro rata basis prior to
being applied to the payment of any Loans of, or Letter of Credit disbursements owed to, such Defaulting Lender until such time
as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the
Commitments under the applicable Facility without giving effect to Section 2.13(a)(iv). Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral
pursuant to this Section 2.13(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably
consents hereto.

 

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(iii)             
No Defaulting Lender shall be entitled to receive any Commitment Fees for any period during which that Lender is
a Defaulting Lender (and the Borrower shall not be required to pay any such Commitment Fee that otherwise would have been required
to have been paid to that Defaulting Lender).

 

(iv)            
Each Defaulting Lender shall be entitled to receive L/C Fees for any period during which that Lender is a Defaulting
Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided
Cash Collateral pursuant to Section 2.13(b); provided that with respect to any L/C Fee not required to be paid pursuant
to this Section 2.13(a)(iv), the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such L/C Fee otherwise
payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has been
reallocated to such Non-Defaulting Lender pursuant to clause (v) below, (y) pay to each Issuing Lender the amount of any such fee
otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s Fronting Exposure to such Defaulting
Lender, and (z) not be required to pay the remaining amount of any such fee.

 

(v)              
All or any part of such Defaulting Lender’s participation in L/C Obligations shall be reallocated among the
Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting
Lender’s Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure
of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 10.19, no reallocation
hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that
Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s
increased exposure following such reallocation.

 

(vi)            
If the reallocation described in clause (v) above cannot, or can only partially, be effected, the Borrower shall,
within two Business Days following the written request of the Administrative Agent, without prejudice to any right or remedy available
to it hereunder or under law, Cash Collateralize the Issuing Lenders’ Fronting Exposure in accordance with the procedures
set forth in Section 2.13(b).

 

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(b)              
At any time that there shall exist a Defaulting Lender, within three Business Days following the written request
of the Administrative Agent or any Issuing Lender (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize
the Issuing Lenders’ Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section
2.13(a)(v) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount:

 

(i)                
The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative
Agent, for the benefit of the Issuing Lenders, and agrees to maintain, a first priority security interest in all such Cash Collateral
as security for the Defaulting Lenders’ obligation to fund participations in respect of L/C Obligations, to be applied pursuant
to clause (ii) below. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim
of any Person other than the Administrative Agent and the Issuing Lenders as herein provided (other than Lien permitted pursuant
to Section 7.3), or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will,
promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount
sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

 

(ii)             
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section
2.13(b) in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund
participations in respect of L/C Obligations (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued
on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise
be provided for herein.

 

(iii)           
Cash Collateral (or the appropriate portion thereof) provided to reduce any Issuing Lender’s Fronting Exposure
shall no longer be required to be held as Cash Collateral pursuant to this Section 2.13(b) following (i) the elimination of the
applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination
by the Administrative Agent and each Issuing Lender that there exists excess Cash Collateral.

 

(c)              
If the Borrower, the Administrative Agent and each Issuing Lender agree in writing that a Lender is no longer a
Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in
such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral),
that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such
other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations
in Letters of Credit to be held pro rata by the Lenders in accordance with the Commitments under the applicable Facility (without
giving effect to Section 2.13(a)(v), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was
a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender’s having been a Defaulting Lender.

 

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(d)              
So long as any Lender is a Defaulting Lender, no Issuing Lender shall be required to issue, extend, renew or increase
any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

2.14            
Incremental Facilities.

 

(a)              
Borrower Request. The Borrower may at any time and from time to time after the Closing Date by written notice
to the Administrative Agent elect to request the establishment of (i) one or more new term loan facilities or an increase
in any existing tranche of Term Loans (each, an “Incremental Term Facility”) with new term loan commitments
(each, an “Incremental Term Loan Commitment”) or (ii) an increase to the existing Revolving Commitments
(such increase, an “Incremental Revolving Increase” and the commitments thereunder, an “Incremental
Revolving Commitment”; and, together with the Incremental Term Facilities, collectively referred to as the “Incremental
Facility”) in an aggregate principal amount not in excess of the sum of: (i) the lesser of (x) $50,000,000 and (y) an
amount such that, after giving effect to the establishment of any Incremental Revolving Commitment, the aggregate principal amount
of the Revolving Commitments does not exceed $100,000,000 plus (ii) the aggregate amount of all voluntary prepayments of
Revolving Loans with a corresponding permanent reduction of the Revolving Commitments (to the extent not financed with the proceeds
from the incurrence of long-term Indebtedness) plus (iii) an unlimited amount of additional Loans that could be incurred
by the Borrower at such time without causing the Consolidated Secured Leverage Ratio to be greater than 4.00 to 1.00, calculated
after giving pro forma effect to the incurrence of such additional amount and the use of proceeds thereof, excluding the
cash proceeds of any Incremental Term Loans or Incremental Revolving Commitments and assuming the full amount of any Incremental
Revolving Commitments are borrowed (whether or not funded or outstanding); provided, for purposes of this clause (iii),
if Consolidated EBITDA is negative for the applicable Reference Period for purposes of calculating the Consolidated Secured Leverage
Ratio, no amount shall be available under this clause (iii) for any purpose, minus the aggregate initial principal amount
of any Incremental Equivalent Term Debt incurred pursuant to Section 2.15 (it being understood and agreed that unless notified
by the Borrower, (I) the Borrower shall be deemed to have utilized, amounts of the type described in clause (iii) above prior
to the utilization of amounts under clauses (i) or (ii) above and (II) Loans may be incurred in respect of any or all of clauses
(i), (ii) and (iii) above, and the proceeds from any such incurrence in respect of clauses (i), (ii) and (iii) above, may be utilized
in a single transaction by, first, calculating the incurrence in respect of clause (iii) above (without giving effect to
any incurrence in respect of clause (i) or (ii)), second, calculating the incurrence in respect of clause (ii) above and,
third, calculating the incurrence in respect of clause (i) above); provided that the Borrower may redesignate any
such Indebtedness originally designated as incurred pursuant to clause (i) above if, at the time of such redesignation, the Borrower
would be permitted to incur under clause (iii) the aggregate principal amount of Indebtedness being so redesignated (for purposes
of clarity, with any such redesignation having the effect of increasing the Borrower’s ability to incur indebtedness under
clause (i) above as of the date of such redesignation by the amount of such Indebtedness so redesignated); and in minimum increments
of $10,000,000 (or such lesser minimum increments as the Administrative Agent shall agree in its sole discretion) (the foregoing
amount, the “Available Incremental Amount”). Notwithstanding anything in this Agreement to the contrary, any
Incremental Term Loans the proceeds of which are used to repay or otherwise redeem, repurchase or retire Term Loans shall not
utilize any portion of the Available Incremental Amount and shall not reduce the Available Incremental Amount. Each such notice
shall specify (i) the date (each, an “Incremental Facility Effective Date”) on which the Borrower proposes
that commitments under the applicable Incremental Facility shall be effective, which shall be a date not less than ten (10) Business
Days after the date on which such notice is delivered to the Administrative Agent (or such earlier date as the Administrative
Agent shall agree in its sole discretion) and (ii) the identity of each Person to whom the Borrower proposes any portion of such
Incremental Term Loan Commitment or Incremental Revolving Commitment, as applicable, be allocated and the amounts of such allocations.

 

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(b)              
Conditions. Any Incremental Term Loan Commitment or Incremental Revolving Commitment, as applicable, shall
become effective as of its Incremental Facility Effective Date; provided that:

 

(i)                
the condition set forth in Section 5.2(c) shall be satisfied (except as otherwise set forth in the applicable Incremental
Term Joinder or Incremental Revolving Joinder, as applicable);

 

(ii)             
each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true
and correct in all material respects  (unless qualified by materiality, in which case they shall be true and correct in all
respects) on and as of such date as if made on and as of such date (except to the extent made as of a specific date, in which case
such representation and warranty shall be true and correct in all material respects (unless qualified by materiality, in which
case they shall be true and correct in all respects) on and as of such specific date); provided that, if the primary purpose
of such Incremental Facility is to finance a Permitted Acquisition or an Investment permitted under Section 7.7, the foregoing
shall be limited to the Specified Representations (other than Section 4.19 with respect to the target in such Permitted Acquisition
and its Subsidiaries);

 

(iii)           
no Event of Default shall have occurred and be continuing or would result from the borrowings to be made on the Incremental
Facility Effective Date (except as otherwise set forth in the Incremental Term Joinder or Incremental Revolving Joinder, as applicable);
provided that, if the primary purpose of such Incremental Facility is to finance a Permitted Acquisition or an Investment
permitted under Section 7.7, the foregoing shall be limited to no Specified Event of Default; and

 

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(iv)            
 the Borrower shall deliver or cause to be delivered any customary legal opinions or other documents reasonably requested
by the Administrative Agent in connection with any such transaction.

 

(c)              
Terms of Incremental Facilities. The terms and provisions of the Incremental Term Loans made pursuant to an
Incremental Term Loan Commitment (the “Incremental Term Loans”) and the Incremental Revolving Commitments made
pursuant to an Incremental Revolving Increase (the “Incremental Revolving Loans”) shall be as follows:

 

(i)              
any Incremental Revolving Increase shall be on the same terms and subject to the same documentation applicable to
the existing Revolving Facility (except as otherwise set forth herein) and, to the extent not consistent with such existing Revolving
Facility, on terms reasonably acceptable to the Administrative Agent (except as otherwise set forth herein);

 

(ii)             
the maturity date of Incremental Revolving Loans and Incremental Term Loans shall not be earlier than the Revolving
Termination Date;

 

(iii)           
any Incremental Revolving Loan shall have no scheduled amortization or mandatory commitment reduction prior to the
Revolving Termination Date;

 

(iv)            
any Incremental Term Facility may provide for the ability to participate on a pro rata basis, or on a less
than pro rata basis (but not on a greater than pro rata basis), in any voluntary or mandatory prepayments of existing
Incremental Term Loans hereunder;

 

(v)            
the Incremental Term Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower
and notified to the Administrative Agent in accordance with Sections 2.2 and 3.3;

 

(vi)            
the applicable yield for the Incremental Term Loans or the Incremental Revolving Loans, as applicable, shall be determined
by the Borrower and the applicable new Lenders;

 

(vii)         
the pricing, weighted average life to maturity, prepayment provisions, amortization schedule and pricing protection
(if any) for any Incremental Term Facility shall be determined by the Borrower and the lenders thereunder and, except as otherwise
provided herein, all other terms of such Incremental Term Facility will be as agreed between the Borrower and the lenders providing
such Incremental Term Facility;

 

(viii)       
the Incremental Term Loans and Incremental Revolving Increase, as applicable, shall rank pari passu in right
of payment with other Loans; and

 

(ix)            
the Incremental Revolving Increase shall rank pari passu in right of security with other Revolving Loans
and shall be senior in right of security to the Incremental Term Loans, and the Incremental Term Loans, if secured, shall be secured
on a junior lien basis to the Revolving Facility and shall be subject to customary intercreditor arrangements reasonably satisfactory
to the Administrative Agent.

 

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Incremental Term Loans
and Incremental Revolving Increases may be provided by any existing Lender (but no existing Lender shall have an obligation to
make any Incremental Term Loan Commitment or Incremental Revolving Commitment, nor will the Borrower have any obligation to approach
any existing Lenders to provide any Incremental Term Loan Commitment or Incremental Revolving Commitment) and additional banks,
financial institutions and other institutional lenders who will become Lenders in connection with such Incremental Term Facility;
provided that the consent of the Administrative Agent and Issuing Lenders (in each case not to be unreasonably withheld,
conditioned or delayed) shall be required with respect to any additional Lender to the same extent such consent would for an assignment
of an existing Loan to such Lender pursuant to Section 10.6(b). The Incremental Term Loan Commitments or the Incremental Revolving
Commitments, as applicable, shall be effected by a joinder agreement (the “Incremental Term Joinder” or “Incremental
Revolving Joinder”, as applicable) executed by the Borrower, the Administrative Agent and each Lender making such Incremental
Term Loan Commitment or Incremental Revolving Commitment, as applicable, in form and substance reasonably satisfactory to each
of them. Incremental Term Loans and Incremental Revolving Increases may be used for the Borrower’s and its Subsidiaries’
working capital and other general corporate purposes, including for capital expenditures, acquisitions, Restricted Payments, refinancing
of Indebtedness and any other transactions not prohibited under this Agreement. The Incremental Term Joinder or the Incremental
Revolving Joinder may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents
as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 2.14 (including
without limitation to implement the relative lien priority contemplated hereby of any Incremental Term Loans). In addition, unless
otherwise specifically provided herein, all references in the Loan Documents to Term Loans, Term Commitments, Revolving Commitments
and Revolving Loans, as applicable, shall be deemed, unless the context otherwise requires, to include references to Incremental
Term Loans, Incremental Term Loan Commitments, Incremental Revolving Commitments and Incremental Revolving Loans, respectively,
that are made pursuant to this Agreement.

 

(d)              
Equal and Ratable Benefit; Lien Priority. The Incremental Revolving Loans and Incremental Revolving Commitments,
as applicable, established pursuant to this Section 2.14 shall constitute Loans, Commitments, Revolving Loans and Revolving Commitments
under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and without limiting
the foregoing, if secured, in any case, shall be secured on a senior basis to the Liens securing any Incremental Term Loans and
subject to the foregoing shall otherwise benefit equally and ratably from security interests created by the Security Documents
and the guarantees of the Subsidiary Guarantors. The Incremental Term Loans and Incremental Term Loan Commitments, as applicable,
established pursuant to this Section 2.14 shall constitute Loans, Commitments, Term Loans and Term Commitments under, and, subject
to the relative Lien Priority contemplated hereby, shall be entitled to all the benefits afforded by, this Agreement and the other
Loan Documents, and, if secured, shall be secured on a junior lien basis to the Revolving Facility and shall be subject to customary
intercreditor arrangements reasonably satisfactory to the Administrative Agent and shall benefit equally and ratably from the
guarantees of the Subsidiary Guarantors. The Loan Parties shall take any actions reasonably required by the Administrative Agent
to ensure and/or demonstrate that the Lien and security interests granted by the Security Documents are subject to the relative
Lien priority contemplated hereby and shall otherwise continue to be perfected under the Uniform Commercial Code or otherwise
after giving effect to the establishment of any such Class of Incremental Term Loans or Incremental Revolving Loans, as applicable,
or any such Incremental Term Loan Commitments or Incremental Revolving Increase, as applicable.

 

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2.15            
Incremental Equivalent Term Debt. (a) At any time and
from time to time, subject to the terms and conditions set forth herein, the Borrower may issue one or more series of Incremental
Equivalent Term Debt in an aggregate principal amount not to exceed, as of the date of and after giving effect to the issuance
of any such Incremental Equivalent Term Debt when combined with the aggregate amount of all Incremental Term Loans, Incremental
Term Loan Commitments and Incremental Revolving Commitments under Section 2.14, the Available Incremental Amount.

 

(b)              
The issuance of any Incremental Equivalent Term Debt pursuant to this Section 2.16 (i) shall in all cases, be
subject to the terms and conditions applicable to Incremental Term Loan Commitments set forth under Section 2.14(b) (other
than clause (ii) thereof), the maturity date of such Incremental Equivalent Term Debt shall be no earlier than the Revolving Facility
Termination Date, and, if such Incremental Equivalent Term Debt is unsecured, in lieu of compliance with the Consolidated Secured
Leverage Ratio referred to clause (iii) of the definition of Available Incremental Amount, the incurrence thereof shall instead
be subject to pro forma compliance with a Consolidated Leverage Ratio of 5.50:1.00 (it being understood that cash proceeds
of any such Incremental Equivalent Term Debt shall not be netted for the purpose of testing such Consolidated Leverage Ratio);
provided, for purposes of this Section 2.15(b), if Consolidated EBITDA is negative for the applicable Reference Period for
purposes of calculating the Consolidated Leverage Ratio, no amount shall be available under clause (iii) of the definition of Available
Incremental Amount for any purpose under this Section 2.15 and (ii) the covenants, events of default, guarantees and other
terms of such Incremental Equivalent Term Debt shall be customary for similar debt instruments in light of then-prevailing market
conditions at the time of issuance, it being understood that a certificate of an Responsible Officer of the Borrower delivered
to the Administrative Agent prior to or at the incurrence of such Incremental Equivalent Term Debt, together with a reasonably
detailed description of the material terms and conditions of such Incremental Equivalent Term Debt or drafts of the documentation
relating thereto, stating that the Borrower has determined in good faith that such terms and conditions of the Incremental Equivalent
Term Debt satisfy the requirement set forth in this clause (ii), shall be conclusive evidence that such terms and conditions
have been satisfied.

 

2.16            
Extensions of Loans.

 

(a)              
The Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an
 “Extension”) of the maturity date of any Class of Revolving Commitments to the extended maturity date specified
in such notice. Such notice shall (i) set forth the amount of the applicable Class of Revolving Commitments that will be subject
to the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $10,000,000), (ii) set forth the
date on which such Extension is requested to become effective (which shall be not less than ten (10) Business Days after the date
of such Extension notice (or such shorter period as the Administrative Agent shall agree in its sole discretion)) and (iii) identify
the relevant Class of Revolving Commitments to which such Extension relates. Each Revolving Lender of the applicable Class of
Revolving Commitments shall be offered (an “Extension Offer”) an opportunity to participate in such Extension
on a pro rata basis and on the same terms and conditions as each other Revolving Lender of such Class pursuant to procedures
established by, or reasonably acceptable to, the Administrative Agent and the Borrower. If the aggregate principal amount of Revolving
Commitments in respect of which Revolving Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate
principal amount of Revolving Commitments subject to the Extension Offer as set forth in the Extension notice, then the Revolving
Commitments of Revolving Lenders of the applicable Class shall be extended ratably up to such maximum amount based on the respective
principal amounts with respect to which such Revolving Lenders have accepted such Extension Offer.

 

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(b)              
The following shall be conditions precedent to the effectiveness of any Extension: (i) no Event of Default shall
have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) each of the representations
and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects (unless
qualified by materiality, in which case they shall be true and correct in all respects) on and as of the date of such Extension
(except to the extent made as of a specific date, in which case such representation and warranty shall be true and correct in all
material respects (unless qualified by materiality, in which case they shall be true and correct in all respects) on and as of
such specific date), and (iii) the Issuing Lenders shall have consented to such Extension of the Revolving Commitments, to the
extent that such Extension provides for the issuance or extension of Letters of Credit at any time during the extended period.

 

(c)              
The terms of each Extension shall be determined by the Borrower and the applicable extending Revolving Lenders and
set forth in an Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Commitment shall
be no earlier than the Revolving Termination Date, (ii) there shall be no scheduled amortization of the loans or reductions of
commitments under any Extended Revolving Commitments, (iii) the Extended Revolving Loans will rank pari passu in right of
payment and with respect to security with the existing Revolving Loans and any existing Term Loans and the borrower and guarantors
of the Extended Revolving Commitments shall be the same as the Borrower and Guarantors with respect to the existing Revolving Loans,
(iv) the interest rate margin, rate floors, fees, OID and premium applicable to any Extended Revolving Commitment (and the Extended
Revolving Loans thereunder) shall be determined by the Borrower and the applicable extending Lenders, (v) borrowing and prepayment
of Extended Revolving Loans, or reductions of Extended Revolving Commitments, and participation in Letters of Credit, shall be
on a pro rata basis with the other Revolving Commitments (other than upon the maturity of the non-extended Revolving Loans
and Revolving Commitments) and (vi) the terms of the Extended Revolving Commitments shall be substantially identical to the terms
set forth herein (except as set forth in clauses (i) through (v) above).

 

(d)              
In connection with any Extension, the Borrower, the Administrative Agent and each applicable extending Revolving
Lender shall execute and deliver to the Administrative Agent an Extension Amendment and such other documentation as the Administrative
Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the
effectiveness of each Extension. Any Extension Amendment may, without the consent of any other Lender, effect such amendments
to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative
Agent and the Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended
Revolving Commitments as a new Class or tranche of Revolving Commitments, and such other technical amendments as may be necessary
or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of
such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches
and to provide for the reallocation of Revolving Credit Exposure upon the expiration or termination of the commitments under any
Class or tranche), in each case, on terms consistent with this Section 2.16.

 

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SECTION 3       
GENERAL PROVISIONS APPLICABLE

TO LOANS AND LETTERS OF CREDIT

 

3.1             
Optional Prepayments. The Borrower may at any time and from time to time prepay the Loans, in whole or in
part, without premium or penalty, upon irrevocable notice delivered to the Administrative Agent no later than 12:00 Noon, New York
City time, three (3) Business Days prior thereto, in the case of Eurodollar Loans, and no later than 12:00 Noon, New York
City time, one (1) Business Day prior thereto, in the case of Base Rate Loans, which notice shall specify the date and amount of
prepayment and whether the prepayment is of Eurodollar Loans or Base Rate Loans and if such payment is to be applied to prepay
any Term Loans, the manner in which such prepayment is to be applied thereto (and if not specified such prepayment shall be applied
to any Term Loans in direct order of maturity thereof); provided, that if a Eurodollar Loan is prepaid on any day other
than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section
3.11; provided, further that such notice may be contingent on the occurrence of a refinancing or the consummation
of a sale, transfer, lease or other disposition of assets and may be revoked or the termination date deferred if the refinancing
or sale, transfer, lease or other disposition of assets does not occur. Upon receipt of any such notice the Administrative Agent
shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due
and payable on the date specified therein, together with (except in the case of Revolving Loans that are Base Rate Loans) accrued
interest to such date on the amount prepaid. Partial prepayments of Eurodollar Loans shall be in an aggregate principal amount
of $500,000 or integral multiples of $100,000 in excess thereof. Partial prepayments of Base Rate Loans shall be in an aggregate
principal amount of $500,000 or integral multiples of $100,000 in excess thereof.

 

3.2             
Mandatory Prepayments. If on any date (including any Revaluation Date) the Total Revolving Extensions of
Credit exceed the Total Revolving Commitments, the Borrower shall, within five Business Days after notice thereof to the Borrower
from the Administrative Agent, Cash Collateralize L/C Obligations and/or prepay Revolving Loans in an aggregate amount equal to
such excess (in each case, taking the Dollar Equivalent of any amount denominated in an Alternate Currency); provided,
that if a Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower
shall also pay any amounts owing pursuant to Section 3.11. Nothing set forth in this Section 3.2 shall be construed to require
the Administrative Agent to calculate compliance under this Section 3.2. The application of any prepayment pursuant to this Section
3.2 shall be made, first, to Base Rate Loans and, second, to Eurodollar Loans. Each prepayment of the Loans under
this Section 3.2 shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid.

 

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3.3             
Conversion and Continuation Options. (a) The Borrower
may elect from time to time to convert Eurodollar Loans (other than Eurodollar Loans denominated in an Alternate Currency) to Base
Rate Loans by giving the Administrative Agent prior irrevocable notice of such election, which may be given by (A) telephone, or
(B) a Committed Loan Notice (provided that any telephone notice must be confirmed immediately by delivery to the Administrative
Agent of a Committed Loan Notice) no later than 12:00 Noon, New York City time, on the Business Day preceding the proposed conversion
date; provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with
respect thereto. The Borrower may elect from time to time to convert Base Rate Loans to Eurodollar Loans by giving the Administrative
Agent prior irrevocable notice of such election which may be given by (A) telephone, or (B) a Committed Loan Notice (provided
that any telephone notice must be confirmed immediately by delivery to the Administrative Agent of a Committed Loan Notice) no
later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall
specify the length of the initial Interest Period therefor); provided that no Base Rate Loan under a particular Facility
may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent has
or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such
conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. It is
understood and agreed that only a Loan denominated in Dollars may be made in the form of, or converted into, a Base Rate Loan.

 

(b)              
Any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect
thereto by the Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of
the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable
to such Loans; provided that no Eurodollar Loan under a particular Facility may be continued as such when any Event of Default
has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have
determined in its or their sole discretion not to permit such continuations; provided, that if such continuation is not
permitted pursuant to the preceding proviso such Eurodollar Loans shall be automatically converted to Base Rate Loans on the last
day of such then expiring Interest Period and provided, further, that if the Borrower shall fail to give any required
notice as described above in this paragraph (b), such Eurodollar Loans shall be automatically converted to Eurodollar Loans having
an Interest Period of one (1) month on the last day of such then expiring Interest Period. Upon receipt of any such notice the
Administrative Agent shall promptly notify each relevant Lender thereof.

 

3.4             
Limitations on Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions
and continuations of Loans hereunder and all selections of Interest Periods hereunder shall be in such amounts and be made pursuant
to such elections so that, (a) in the case of Eurodollar Loans, after giving effect thereto, the aggregate principal amount of
the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $500,000 or integral multiples of $100,000 in excess
thereof and (b) the total number of outstanding Eurodollar Tranches and tranches of Base Rate Loans, when taken together, shall
not exceed ten (10) tranches at any one time.

 

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3.5             
Interest Rates and Payment Dates. (a) Each Eurodollar
Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar
Rate determined for such day plus the Applicable Margin.

 

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

 

(c)              
If an Event of Default specified in Sections 8.1(a) or 8.1(f) shall have occurred and be continuing, all overdue
Loans, Reimbursement Obligations, commitment fees and other overdue amounts payable hereunder shall bear interest at a rate per
annum equal to (i) in the case of payments of overdue principal of the Loans, the rate that would otherwise be applicable thereto
pursuant to the foregoing provisions of this Section 3.5 plus 2% per annum and (ii) in the case of any other overdue amounts
under the Loan Documents, the non-default rate then applicable to Base Rate Loans under the applicable Facility plus 2%
per annum,.

 

(d)              
Interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant
to paragraph (c) of this Section 3.5 shall be payable from time to time on demand and shall accrue from the date on which such
Event of Default occurred until such Event of Default is no longer continuing.

 

(e)              
Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under
the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum
Rate”). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest
shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining
whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to
the extent permitted by applicable law, (i) characterize any payment that is not principal as an expense, fee, or premium rather
than interest, (ii) exclude voluntary prepayments of the Loans and the effects thereof, and (iii) amortize, prorate, allocate,
and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

3.6             
Computation of Interest and Fees; Failure to Satisfy Conditions Precedent; Obligations of Lenders Several.
(a) Interest and fees payable pursuant hereto shall be calculated on the basis
of a 360-day year for the actual days elapsed, except that, with respect to Base Rate Loans the rate of interest on which is calculated
on the basis of clause (a) or (b) of the definition of Base Rate, the interest thereon shall be calculated on the basis of
a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable
notify the Borrower and the relevant Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan
resulting from a change in the Base Rate or the Eurodollar Reserve Percentage shall become effective as of the opening of business
on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and
the relevant Lenders of the effective date and the amount of each such change in interest rate.

 

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(b)            
 Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall
be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at
the request of the Borrower, promptly deliver to the Borrower a statement showing the quotations used by the Administrative Agent
in determining any interest rate pursuant to Section 3.6(a).

 

(c)              
If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided
in the foregoing provisions of this Section 3, and such funds are not made available to the Borrower by the Administrative Agent
because the conditions to the applicable extension of credit set forth in Section 5 are not satisfied or waived in accordance with
the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender,
without interest.

 

(d)              
The obligations of the Lenders hereunder to make Term Loans (if any) and Revolving Loans, to fund participations
in Letters of Credit and to make payments pursuant to Section 9.7 and 9.12 are several and not joint. The failure of any Lender
to make any Loan, to fund any such participation or to make any payment under Section 9.7 or 9.12 on any date required hereunder
shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for
the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 9.7 or
9.12.

 

3.7             
Changed Circumstances.

 

(a)              
Inability to Determine Interest Rate. Subject to clause (b) below, if prior to the first day of any Interest
Period:

 

(i)                
the Administrative Agent shall have reasonably determined (which determination shall be conclusive and binding upon
the Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining
the Eurodollar Rate for such Interest Period,

 

(ii)                deposits
in the relevant amount, in the relevant currency and for the relevant Interest Period are not available to it in the London interbank
market; or

 

(iii)               the
Administrative Agent shall have received notice from the Majority Facility Lenders in respect of the relevant Facility that the
Eurodollar Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such
Lenders (as reasonably determined and conclusively certified by such Lenders) of making or maintaining their affected Loans during
such Interest Period,

 

then the Administrative
Agent shall give telecopy or telephonic notice thereof to the Borrower and the relevant Lenders as soon as practicable thereafter
but at least two (2) Business Days prior to the first day of such Interest Period. If such notice is given (x) any Eurodollar
Loans under the relevant Facility requested to be made on the first day of such Interest Period shall be made as Base Rate Loans
(or, in the case of a Revolving Loan denominated in any Alternate Currency, the Borrower and the Revolving Lenders shall establish
a mutually acceptable alternative rate), (y) any Loans under the relevant Facility that were to have been converted on the first
day of such Interest Period to Eurodollar Loans shall be continued as Base Rate Loans (or, in the case of a Revolving Loan denominated
in any Alternate Currency, the Borrower and the Revolving Lenders shall establish a mutually acceptable alternative rate) and
(z) any outstanding Eurodollar Loans under the relevant Facility shall be converted, on the last day of the then-current Interest
Period, to Base Rate Loans (or, in the case of a Revolving Loan denominated in any Alternate Currency, the Borrower and the Revolving
Lenders shall establish a mutually acceptable alternative rate). Until such notice has been withdrawn by the Administrative Agent
(which notice the Administrative Agent agrees to withdraw promptly upon a determination that the condition or situation which
gave rise to such notice no longer exists), no further Eurodollar Loans under the relevant Facility shall be made or continued
as such, nor shall the Borrower have the right to convert Loans under the relevant Facility to Eurodollar Loans.

 

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(b)              
Effect of Benchmark Transition Event.

 

(i)                
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon
the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower
may amend this Agreement to replace LIBOR with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition
Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed
amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of
objection to such amendment from Lenders comprising the Required Lenders; provided that, to the extent LIBOR is replaced
with a SOFR-Based Rate, Lenders shall be entitled to object only to the Benchmark Replacement Adjustments with respect thereto.
Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required
Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment. No replacement
of LIBOR with a Benchmark Replacement pursuant to this Section 3.7(b) will occur prior to the applicable Benchmark Transition Start
Date.

 

(ii)             
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement,
the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding
anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming
Changes will become effective without 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 (1) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related
Benchmark Replacement Date and Benchmark Transition Start Date, (2) the implementation of any Benchmark Replacement, (3) the effectiveness
of any Benchmark Replacement Conforming Changes and (4) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 3.7(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 3.7(b).

 

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

 

3.8             
Pro Rata Treatment; Application of Payments; Payments. (a)
Except as set forth in Section 3.13, each borrowing by the Borrower from the Lenders hereunder, each payment by the Borrower on
account of any commitment fee and any reduction of the Commitments of the Lenders shall be made pro rata according to the
respective Term Percentages or Revolving Percentages, as the case may be, of the relevant Lenders.

 

(b)              
Except as set forth in Section 3.13, each payment (including each prepayment) on account of principal of and interest
on the Term Loans shall be made pro rata according to the respective outstanding principal amounts of the Term Loans then
held by the Term Lenders. Except as expressly set forth in Sections 3.1 and 3.2, the amount of each principal prepayment of the
Term Loans shall be applied to reduce the then remaining installments of the Term Loans pro rata based upon the then remaining
principal amount thereof. Amounts repaid or prepaid on account of the Term Loans may not be reborrowed.

 

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

 

(d)              
All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest,
fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 noon, New York City time, on
the due date thereof to the Administrative Agent, for the account of the Lenders, at the Funding Office, in Dollars and in immediately
available funds. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as
received. If any payment hereunder (other than payments on the Eurodollar Loans) becomes due and payable on a day other than a
Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes
due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day
unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall
be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding
two sentences, interest thereon shall be payable at the then applicable rate during such extension.

 

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(e)              
Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such
Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative
Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may
(but shall not be required to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such
amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall
pay to the Administrative Agent, on demand, such amount with interest thereon at a rate equal to the greater of (i) the Federal
Funds Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation
for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative
Agent submitted to any Lender with respect to any amounts owing under this paragraph (e) shall be conclusive in the absence of
manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender
within three (3) Business Days of such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with
interest thereon at the rate per annum applicable to Base Rate Loans under the relevant Facility, on demand, from the Borrower.

 

(f)               
Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment
due to be made by the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative
Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance
upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such
payment is not made to the Administrative Agent by the Borrower within three (3) Business Days after such due date, the Administrative
Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding
sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Rate. Nothing herein
shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower.

 

(g)              
Notwithstanding anything to the contrary contained herein, the provisions of this Section 3.8 shall be subject to
the express provisions of this Agreement which require or permit differing payments to be made to Non-Defaulting Lenders as opposed
to Defaulting Lenders.

 

3.9             
Requirements of Law. (a) If any Change in Law shall:

 

(i)                
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve
requirement reflected in the Eurodollar Rate) or any Issuing Lender;

 

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

 

(iii)           
impose on any Lender or any Issuing Lender or the London interbank market any other condition, cost or expense (other
than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein;

 

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

 

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

 

(c)              
A certificate of a Lender or Issuing Lender setting forth the amount or amounts necessary to compensate such Lender
or Issuing Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 3.9
and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall pay such Lender or Issuing Lender,
as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(d)              
Failure or delay on the part of any Lender or Issuing Lender to demand compensation pursuant to this Section 3.9
shall not constitute a waiver of such Lender’s or Issuing Lender’s right to demand such compensation; provided
that the Borrower shall not be required to compensate a Lender or Issuing Lender pursuant to this Section 3.9 for any increased
costs incurred or reductions suffered more than nine months prior to the date that such Lender or Issuing Lender, as the case
may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s
or Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive
effect thereof). Increased costs because of a Change in Law resulting from the Dodd-Frank Wall Street Reform and Consumer Protection
Act and Basel III may only be requested by a Lender imposing such increased costs on borrowers similarly situated to the Borrowers
under syndicated credit facilities comparable to those provided hereunder.

 

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3.10         
Taxes. (a) For purposes of this Section 3.10 and Section
3.13, the term “Lender” includes any Issuing Lender and the term “applicable law” includes FATCA.

 

(b)              
Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without
deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good
faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by
a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely
pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such
Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such
deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under
this Section 3.10) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or
withholding been made.

 

(c)              
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.

 

(d)              
The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified
Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.10) payable or
paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate setting forth in reasonable detail the reason for and amount of such payment or liability
delivered to the Borrower by a Lender or Agent (with a copy to the Administrative Agent), or by the Administrative Agent on its
own behalf or on behalf of a Lender or Agent, as applicable, shall be conclusive absent manifest error.

 

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

 

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(f)               
As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section
3.10, 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.

 

(g)              
(i)Any Lender (including solely for purposes of this subparagraph (g) and Section 3.10(h) each Agent) that
is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver
to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent,
such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested
by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether
or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary
in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Sections 3.10(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment
such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such Lender.

 

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

 

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

 

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

 

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

 

		(2)	properly completed and duly executed copies of IRS Form W-8ECI;

 

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

 

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

 

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

 

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

 

(iii)           
On or before the date the Administrative Agent (or any successor Administrative Agent) becomes the Administrative
Agent hereunder, it shall deliver to the Borrower two duly executed copies of either (A) IRS Form W-9 (or any successor forms)
certifying that it is exempt from U.S. federal backup withholding Tax or (B) a U.S. branch withholding certificate on IRS Form
W-8IMY (or any successor forms) evidencing its agreement with the Borrower to be treated as a U.S. Person (with respect to amounts
received on account of any Lender party to this Agreement) and IRS Form W-8ECI (or any successor forms) (with respect to amounts
received on its own account), with the effect that, in either case, the Borrower will be entitled to make payments hereunder to
the Administrative Agent without withholding or deduction on account of U.S. federal withholding Tax. The Administrative Agent
agrees that if any form or certification it previously delivered becomes expires or becomes obsolete or inaccurate in any respect,
it shall update such form or certification.

 

(h)              
Each Lender agrees that if any documentation it previously delivered expires or becomes obsolete or inaccurate in
any respect, it shall update such documentation or promptly notify the Borrower and the Administrative Agent in writing of its
legal ineligibility to do so. Notwithstanding anything to the contrary in this Section 3.10, a Lender shall not be required to
deliver any documentation pursuant to Section 3.10(g) or this paragraph (h) that such Lender is not legally eligible to deliver.

 

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(i)                
If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes
as to which it has been indemnified pursuant to this Section 3.10 (including by the payment of additional amounts pursuant
to this Section 3.10), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section 3.10 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party related to such refund and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall
repay to such indemnified party the amount paid over pursuant to this paragraph (i) (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such
Governmental Authority. Notwithstanding anything to the contrary in this paragraph (i), in no event will the indemnified party
be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified
party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification
and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This paragraph (i) shall not be construed to require any indemnified party
to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying
party or any other Person.

 

(j)             
Each party’s obligations under this Section 3.10 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

3.11         
Indemnity. The Borrower agrees to indemnify each Lender and to hold each Lender harmless from any loss, cost
or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion
into or continuation of Eurodollar Loans after the Borrower has given a notice requesting the same in accordance with the provisions
of this Agreement, (b) default by the Borrower in making any prepayment of or conversion from Eurodollar Loans after the Borrower
has given a notice thereof in accordance with the provisions of this Agreement, (c) the making of a prepayment of, or a conversion
from, Eurodollar Loans on a day that is not the last day of an Interest Period with respect thereto or (d) any other default by
the Borrower in the repayment of such Eurodollar Loans when and as required pursuant to the terms of this Agreement. Such indemnification
may include an amount (other than with respect to clause (d)) equal to the excess, if any, of (i) the amount of interest that
would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such
prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure
to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the
applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if
any, as well as the effect of any applicable index rate “floor”) over (ii) the amount of interest (as reasonably determined
by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period
with leading banks in the interbank eurodollar market. A certificate as to any amounts payable pursuant to this Section 3.11 submitted
to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination
of this Agreement and the payment of the Loans and all other amounts payable hereunder. This Section 3.11 shall not apply with
respect to Taxes other than any Tax that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

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3.12         
Change of Lending Office. If any Lender requests compensation under Section 3.9, or requires the Borrower
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 3.10, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending
office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 3.9 or 3.10, as the case may be, in the future, and (ii) would not subject such Lender to
any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

3.13         
Replacement of Lenders. If any Lender requests compensation under Section 3.9, or if the Borrower is
required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 3.10 and, in each case, such Lender has declined or is unable to designate a different lending
office in accordance with Section 3.12, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may,
in its sole discretion, (i) prepay such Lender’s outstanding Loans in full on a non-pro rata basis without premium or
penalty, or (ii) at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender
to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required
by, Section 10.6), all of its interests, rights (other than its existing rights to payments pursuant to Section 3.9 or Section
3.10) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided that, in the case of an assignment:

 

(a)              
the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 10.6;

 

(b)              
such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations
in Letter of Credit disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under
the other Loan Documents (including any amounts under Section 3.11) from the assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Borrower (in the case of all other amounts);

 

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(c)              
 in the case of any such assignment resulting from a claim for compensation under Section 3.9 or payments required
to be made pursuant to Section 3.10, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)              
such assignment does not conflict with applicable law; and

 

(e)              
in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall
have consented to the applicable amendment, waiver or consent.

 

A Lender shall not be required to make
any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Borrower to require such assignment and delegation cease to apply.

 

3.14         
Evidence of Debt. (a) Each Lender shall maintain in accordance
with its usual practice an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from each Loan
of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to
time under this Agreement.

 

(b)              
The Administrative Agent, on behalf of the Borrower (or, in the case of an assignment not required to be recorded
in the Register in accordance with the provisions of Section 10.6(d), the assigning Lender, acting solely for this purpose as a
non-fiduciary agent of the Borrower), shall maintain the Register (or, in the case of an assignment not required to be recorded
in the Register in accordance with the provisions of Section 10.6(d), a Related Party Register), in each case pursuant to Section
10.6(d), and a subaccount therein for each Lender, in which shall be recorded the names and addresses of the Lenders, and the Commitments
of, and principal amounts (and stated interest and currency) of the Loans and L/C Obligations owing to, each Lender pursuant to
the terms hereof from time to time.

 

(c)              
The Borrower agrees that, upon the request to the Administrative Agent by any Lender, the Borrower will execute and
deliver to such Lender a promissory note of the Borrower evidencing any Term Loans or Revolving Loans, as the case may be, of such
Lender, substantially in the forms of Exhibit F-1 or F-2, respectively, with appropriate insertions as to date and
principal amount.

 

3.15         
Illegality. Notwithstanding any other provision herein, if the adoption of or any change in any Requirement
of Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain Eurodollar Loans
as contemplated by this Agreement, (a) the commitment of such Lender hereunder to make Eurodollar Loans, continue Eurodollar Loans
as such and convert Base Rate Loans to Eurodollar Loans shall forthwith be canceled and (b) such Lender’s Loans then outstanding
as Eurodollar Loans, if any, shall be converted automatically to Base Rate Loans (or, in the case of a Revolving Loan denominated
in any Alternate Currency, the Borrower and the Revolving Lenders shall establish a mutually acceptable alternative rate) on the
respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required
by law. If any such conversion of a Eurodollar Loan occurs on a day which is not the last day of the then current Interest Period
with respect thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 3.11.
Each Lender agrees to designate a different lending office if such designation will avoid the circumstances described in this
Section 3.15 and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

 

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SECTION 4       
REPRESENTATIONS AND WARRANTIES

 

To induce the Agents
and the Lenders to enter into this Agreement and to make the Loans and issue, amend, extend, renew or participate in the Letters
of Credit, the Borrower hereby represents and warrants to each Agent and each Lender that:

 

4.1             
Financial Condition. (a) (i) The audited consolidated
balance sheets of the Borrower and its Subsidiaries for each of the 2017, 2018 and 2019 fiscal years, and the related consolidated
statements of income, stockholders’ equity and cash flows for such fiscal years, reported on by and accompanied by an unqualified
report from KPMG LLP or other independent certified public accountants of nationally recognized standing, present fairly in all
material respects the consolidated financial condition of the Borrower and its Subsidiaries as at such date, and the consolidated
results of its operations and its consolidated cash flows for such fiscal years. (ii) All such financial statements delivered pursuant
to clause (a)(i) above, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently
throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein).

 

(b)              
The most recent financial statements referred to in clause (a)(i) disclose in accordance with GAAP or other applicable
accounting standards all material Guarantee Obligations, contingent liabilities and liabilities for taxes, or any long-term leases
or unusual forward or long-term commitments, including any interest rate or foreign currency swap or exchange transaction or other
obligation in respect of derivatives.

 

4.2             
No Change. Since December 31, 2019, there has been no development or event that has had or could reasonably
be expected to have a Material Adverse Effect.

 

4.3             
Corporate Existence; Compliance with Law. Except as permitted under Section 7.4, the Borrower and each Restricted
Subsidiary (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization,
(b) has the organizational power and authority, and the legal right, to own and operate its property, to lease the property it
operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign entity and
in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its
business requires such qualification, (d) is in compliance with the terms of its Organizational Documents and (e) is in compliance
with the terms of all Requirements of Law (including, for the avoidance of doubt, the Patriot Act) and all Governmental Authorizations,
except to the extent that any failure under clause (a) (with respect to any Restricted Subsidiary that is not a Loan Party) or
clauses (b) through (e) to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

4.4             
Power; Authorization; Enforceable Obligations. Each Loan Party has the organizational power and authority,
and the legal right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower,
to obtain extensions of credit hereunder. Each Loan Party has taken all necessary organizational and other action to authorize
the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize
the extensions of credit on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to
or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the Transactions
or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the Loan Documents, except
(a) consents, authorizations, filings and notices described in Schedule 4.4, which consents, authorizations, filings and notices
have been, or will be, obtained or made and are in full force and effect on or before the Closing Date, and all applicable waiting
periods shall have expired, in each case without any action being taken by any Governmental Authority that would restrain, prevent
or otherwise impose adverse conditions on the Transactions, other than any such consent, authorizations, filings and notices the
absence of which could not reasonably be expected to have a Material Adverse Effect, and (b) the filings referred to in Section
4.19. Each Loan Document has been duly executed and delivered on behalf of each Loan Party party thereto. This Agreement constitutes,
and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party party thereto,
enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

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4.5             
No Legal Bar. The execution, delivery and performance of this Agreement and the other Loan Documents, the
issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate (a) its Organizational
Document, (b) any Requirement of Law, Governmental Authorization or any Contractual Obligation of the Borrower or any Restricted
Subsidiary and (c) will not result in, or require, the creation or imposition of any Lien on any of their respective properties
or revenues pursuant to its Organizational Documents, any Requirement of Law or any such Contractual Obligation (other than the
Liens created by the Security Documents and the Liens permitted by Section 7.3), except for any violation set forth in clauses
(b) or (c) which could not reasonably be expected to have a Material Adverse Effect.

 

4.6             
Litigation. No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority
is pending or, to the knowledge of the Borrower, threatened in writing by or against the Borrower or any Restricted Subsidiary
or against any of their respective properties or revenues (a) with respect to any of the Loan Documents, which would in any respect
impair the enforceability of the Loan Documents, taken as a whole or (b) that could reasonably be expected to have a Material Adverse
Effect.

 

4.7             
Education Law Matters.

 

(a)              
Educational Authorizations. Each Loan Party complies, and during the past three (3) years has complied, in
all material respects with all applicable Educational Laws regarding any licenses, permits, authorizations or other approvals required
to be obtained from any Educational Agency to conduct its business.

 

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(b)              
 Incentive Compensation. Each Loan Party complies, and during the past three (3) years has complied, in all
material respects with all applicable Educational Laws concerning the compensation of persons or entities engaged in student recruiting,
admissions or financial aid activities, including but not limited to 20 U.S.C. § 1094(a)(20) and ED regulations at 34 C.F.R.
 § 668.14(b)(22).

 

(c)              
Misrepresentation. Each Loan Party complies, and for the past three (3) years has complied, in all material
respects with all applicable Educational Laws regarding consumer marketing and student recruiting, has not committed any misrepresentation
(either affirmatively or by omission) about the Loan Party or about any educational institution with which the Loan Party has an
Educational Services Agreement, or about any educational program or course offered by a Loan Party or supported by an Educational
Services Agreement. With respect to educational institutions, programs and courses supported by any Loan Party pursuant to an Educational
Services Agreement, the Loan Party uses only marketing materials approved by the pertinent educational institution.

 

(d)              
Educational Records. Each Loan Party and each Educational Services Agreement complies, and for the past three
(3) years has complied, in all material respects with all Privacy, Data Security and Consumer Protection Laws that are (i) applicable
to any Protected Information created, obtained or maintained pursuant to any Educational Services Agreement, and (ii) subject to
enforcement by any Educational Agency.

 

(e)              
Accessibility. Each Loan Party and each Educational Services Agreement complies, and for the past three (3)
years has complied, in all material respects with all applicable Requirements of Law concerning the accessibility of educational
programs and courses to persons with disabilities.

 

4.8             
Ownership of Real Property; Liens. The Borrower and each Restricted Subsidiary has title in fee simple (or
local law equivalent) to, or valid leasehold interests in all its leased real property, and good title to, or a valid leasehold
interest in, license of, or right to use, all its other tangible Property material to its business, in all material respects, and
no such Property is subject to any Lien except as permitted by Section 7.3, and except where the failure to have such title or
other interest would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

4.9             
Intellectual Property. All Intellectual Property owned by the Borrower and the Restricted Subsidiaries is
owned free and clear of all Liens (other than (i) as permitted by Section 7.3, (ii) licenses listed on Schedule 4.9, (iii) other
licenses granted in the ordinary course of business or which are not, individually or in the aggregate, material (including in
connection with the sale or provision by the Borrower or any Restricted Subsidiary of products or services), (iv) the security
interest granted to the Collateral Agent for the benefit of the Secured Parties pursuant to the applicable Security Documents,
(v) licenses under which the Borrower or any Restricted Subsidiary is the licensor in existence as of the date hereof (including
in connection with the sale or provision by the Borrower or any Restricted Subsidiary of products or services) and (vi) licenses
to the Borrower or any Restricted Subsidiary). Except as could not reasonably be expected to have a Material Adverse Effect, to
the knowledge of any Loan Party: (a) the conduct of, and the use of Intellectual Property in, the business of the Borrower and
the Restricted Subsidiaries (including the products and services of the Borrower and each Restricted Subsidiary) does not infringe,
misappropriate, or otherwise violate the Intellectual Property rights of any other Person; (b) in the last two (2) years, there
has been no such claim asserted in writing (including in the form of offers or invitations to obtain a license) asserted or, to
the knowledge of any Loan Party, threatened against the Borrower or any Restricted Subsidiary; (c) there is no valid basis for
a claim of infringement, misappropriation, or other violation of Intellectual Property rights against the Borrower or any Restricted
Subsidiary; (d) no Person is infringing, misappropriating, or otherwise violating any Intellectual Property of the Borrower or
any Restricted Subsidiary, and there has been no such claim asserted or threatened against any third party by the Borrower or
any Restricted Subsidiary, or to the knowledge of any Loan Party, any other Person; (e) no Software included in the Collateral
is subject to the terms of any Open Source License or other similar license that requires any proprietary source code of such
Software to be disclosed, licensed, publicly distributed, or dedicated to the public; and (f) the Borrower and each Restricted
Subsidiary complies, and at all times has complied in all material respects with all applicable laws relating to privacy, data
protection, and the collection and use of personal information collected, used, or held for use by the Borrower or such Restricted
Subsidiary.

 

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4.10         
Taxes. Except as could not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect, each Loan Party has filed or caused to be filed all federal and other material state and other Tax returns that are required
to be filed by it and all such Tax returns are true, correct, and complete in all material respects; each Loan Party has paid,
or caused to be paid, all federal, state and other Taxes due and payable by it and any assessments made against it or any of its
property by any Governmental Authority (other than any such Taxes that are not yet due or the amount or validity of which are currently
being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided
on the books of the relevant Loan Party); no Tax Lien has been filed (other than for Taxes not yet due or the amount or validity
of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity
with GAAP have been provided on the books of the relevant Loan Party) and, no Loan Party is aware of any proposed or pending Tax
assessments, deficiencies or audits.

 

4.11         
Federal Regulations. No part of the proceeds of any extension of credit under this Agreement will be used
for any purpose that violates or would be inconsistent with the provisions of Regulation T, U or X of the Board. No Loan Party
is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or
carrying Margin Stock.

 

4.12         
Labor Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect:
(a) there are no strikes or other labor disputes against any the Borrower or any Restricted Subsidiary pending or, to the knowledge
of the Borrower, threatened in writing; (b) hours worked by and payment made to employees of the Borrower and each Restricted Subsidiary
have not been in violation of the Fair Labor Standards Act, as amended, or any other applicable Requirement of Law dealing with
such matters; and (c) all payments due from the Borrower and each Restricted Subsidiary on account of employee health and welfare
insurance have been paid or accrued as a liability on the books of the Borrower or relevant Restricted Subsidiary.

 

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4.13         
 ERISA. Except as would not reasonably be expected to result in a Material Adverse Effect: (i) each Plan is
in compliance with the applicable provisions of ERISA, the Code, and other applicable Laws and (ii) no ERISA Event has occurred
or is reasonably expected to occur. There are no pending or, to the knowledge of the Borrower, threatened claims, actions or lawsuits,
or action by any Governmental Authority, with respect to any Plan that would reasonably be expected to have a Material Adverse
Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that
has resulted or would reasonably be expected to result in a Material Adverse Effect. As of the Closing Date, the present value
of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the
last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets
of such Single Employer Plan allocable to such accrued benefits, except as would not reasonably be expected to result in a Material
Adverse Effect.

 

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

 

4.15         
Subsidiaries. (a) Except as disclosed to the Administrative Agent by the Borrower in writing from time to
time after the Closing Date, Schedule 4.15 sets forth (i) the name and jurisdiction of formation or incorporation of each Group
Member and, as to each such Group Member (other than the Borrower), states the authorized and issued capitalization of such Group
Member, the beneficial and record owners thereof and the percentage of each class of Capital Stock owned by any Loan Party and
(ii) each Excluded Subsidiary as of the Closing Date, (b) except as disclosed on Schedule 4.15 or as disclosed to the Administrative
Agent by the Borrower in writing from time to time after the Closing Date, after giving effect to the consummation of the Transactions,
there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options
granted to employees, independent contractors or directors and directors’ qualifying shares) of any nature relating to any
Capital Stock of the Borrower or any Restricted Subsidiary, except as created by the Loan Documents or as permitted hereby, and
(c) as of the Closing Date, each Wholly Owned Domestic Subsidiary that is not a Subsidiary Guarantor is an Excluded Subsidiary.
Except as listed on Schedule 4.15, as of the Closing Date, neither the Borrower nor any Restricted Subsidiary owns any interests
in any joint venture, partnership or similar arrangements with any Person.

 

4.16         
Use of Proceeds. (a) The Letters of Credit and the proceeds
of the Revolving Loans shall be used for working capital and other general corporate purposes of the Borrower and its Restricted
Subsidiaries, including the financing of Permitted Acquisitions and other permitted Investments.

 

(b)              
No proceeds of the Loans or the Letters of Credit will be used by the Borrower or any Subsidiary directly or, to
the knowledge of the Borrower, indirectly, (a) for any payments to any governmental official or employee, political party, official
of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain
or direct business, or to obtain any improper advantage, in violation of the U.S. Foreign Corrupt Practices Act of 1977 or the
UK Bribery Act 2010 or (b) for the purpose of financing activities of or with any Person, that, at the time of such financing,
is a Sanctioned Person.

 

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4.17         
 Environmental Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse
Effect:

 

(a)              
the facilities and properties owned, operated or leased by the Borrower or any Restricted Subsidiary (the “Properties”)
do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations or under
circumstances that constitute or constituted a violation of, or could reasonably be expected to give rise to liability under, any
Environmental Law;

 

(b)              
neither the Borrower nor any Restricted Subsidiary has received any written notice of violation, nor has knowledge
of any alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental
Laws with regard to any of the Properties or the business operated by the Borrower or any Restricted Subsidiary, nor does the Borrower
have knowledge or reason to believe that any such notice will be received or is being threatened;

 

(c)              
Materials of Environmental Concern have not been transported or disposed of from the Properties by the Borrower or
any Restricted Subsidiary or, to the Borrower's knowledge, by any other person in violation of, or in a manner or to a location
that could reasonably be expected to give rise to liability of the Borrower or any Restricted Subsidiary under, any Environmental
Law, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of by the Borrower or any Restricted
Subsidiary or, to the Borrower's knowledge, by any other person at, on or under any of the Properties in violation of, or in a
manner that could reasonably be expected to give rise to liability of the Borrower or any Restricted Subsidiary under, any applicable
Environmental Law;

 

(d)              
no judicial proceeding or governmental or administrative action is pending or, to the knowledge of the Borrower,
threatened, under any Environmental Law to which the Borrower or any Restricted Subsidiary is or, to the Borrower’s knowledge,
will be named as a party with respect to the Properties or the business operated by the Borrower or any Restricted Subsidiary,
nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders to which the Borrower
or any Restricted Subsidiary is a party, or other administrative or judicial requirements outstanding under any Environmental Law
with respect to the Properties or the business operated by the Borrower or any Restricted Subsidiary;

 

(e)              
there has been no release or threat of release of Materials of Environmental Concern by the Borrower or any Restricted
Subsidiary or, to Borrower’s knowledge, by any other person at or from the Properties, or arising from or related to the
operations of the Borrower or any Restricted Subsidiary in connection with the Properties or otherwise in connection with the business
operated by the Borrower or any Restricted Subsidiary, in violation of or in amounts or in a manner that could reasonably be expected
to give rise to liability of the Borrower or any Restricted Subsidiary under Environmental Laws;

 

(f)               
each of the Borrower and each Restricted Subsidiary, in respect of the Properties and all operations at the Properties,
is, and for the last five (5) years has been, in compliance with all applicable Environmental Laws; and

 

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(g)           
 neither the Borrower nor any Restricted Subsidiary has assumed any liability of any other Person under Environmental
Laws.

 

4.18         
Accuracy of Information, etc. No written statement contained in this Agreement, any other Loan Document or
any other document, certificate or statement furnished by any Loan Party to the Administrative Agent or the Lenders, or any of
them, for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, when taken as a whole,
contained as of the date such statement, information, document or certificate was furnished, any untrue statement of a material
fact or omitted to state a material fact necessary to make the statements contained herein or therein not misleading in light of
the circumstances under which such statements were made; provided, however, that with respect to the Projections,
other pro forma financial information and forward looking information and information of a general economic or industry-specific
nature contained in the materials referenced above, the Borrower represents only that the same were prepared in good faith and
are based upon assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the
Lenders that such financial or other information as it relates to future events is not to be viewed as fact and that actual results
during the period or periods covered by such financial or other information may differ from the projected results set forth therein
by a material amount

 

4.19         
Security Documents. (a) The Guarantee and Collateral Agreement and each other Security Document is effective
to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a valid security interest in the Collateral
described therein and proceeds thereof (to the extent a security interest can be created therein under the Uniform Commercial
Code). In the case of the Pledged Equity Interests described in the Guarantee and Collateral Agreement, when stock or interest
certificates representing such Pledged Equity Interests (along with properly completed stock or interest powers endorsing the
Pledged Equity Interest and executed by the owner of such shares or interests are delivered to the Collateral Agent), and in the
case of the other Collateral described in the Guarantee and Collateral Agreement or any other Security Document (other than deposit
accounts), when financing statements and other filings specified on Schedule 4.19(a) in appropriate form are filed in the offices
specified on Schedule 4.19(a), the Collateral Agent, for the benefit of the Secured Parties, shall have a fully perfected Lien
on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as
security for the Obligations, in each case prior and superior in right to any other Person (except Liens permitted by Section
7.3), subject, however, in the case of any Pledged Equity Interests of Foreign Subsidiaries to any additional requirements under
foreign law.

 

(b)              
Each of the Mortgages (if any) is effective to create in favor of the Collateral Agent, for the benefit of the Secured
Parties, a valid Lien on the Mortgaged Properties described therein and proceeds thereof, and when the Mortgages are filed in the
offices specified therein, each such Mortgage shall constitute a fully perfected Lien on, and security interest in, all right,
title and interest of the Loan Parties in the Mortgaged Properties and the proceeds thereof, as security for the Obligations (as
defined in the relevant Mortgage), in each case prior and superior in right to any other Person (except Liens permitted by Section
7.3). Schedule 4.19(b) lists, as of the Closing Date, each Material Real Property.

 

4.20         
Solvency. The Borrower and its Subsidiaries (on a consolidated basis) are Solvent.

 

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4.21         
 Reserved.

 

4.22         
Anti-Terrorism Laws. No Loan Party nor any of its Restricted Subsidiaries is in violation of any applicable
Requirements of Law relating to Anti-Terrorism Laws. The use of proceeds of the Loans and Letters of Credit will not violate the
Trading With the Enemy Act (50 U.S.C. §§ 1-44, as amended) or any applicable foreign asset control regulations of the
United States Treasury Department (31 C.F.R. Subtitle B, Chapter V). As of the Closing Date, to the knowledge of the Borrower,
the information included in the Beneficial Ownership Certification is true and correct.

 

4.23         
OFAC. None of the Borrower, any Restricted Subsidiary nor, to the knowledge of the Borrower, any director,
officer, employee, or agent of the Borrower or any Restricted Subsidiary is a Sanctioned Person. The Borrower shall not use the
proceeds of the Loans, directly or, to the Borrower’s knowledge, indirectly, or otherwise make available such proceeds to
any Person, for the purpose of financing activities of or with (i) a Sanctioned Person, or (ii) a Sanctioned Country or (iii) in
any other manner that would result in a violation of applicable Sanctions by any Person that is a party to this Agreement, except,
in the case of clauses (i), (ii), and (iii), to the extent licensed by OFAC or otherwise authorized under U.S. law or, if applicable,
to the extent licensed or authorized under any similar laws or regulations enacted by the European Union or the United Kingdom.

 

4.24         
Anti-Corruption Laws. The Borrower and its Subsidiaries have conducted their businesses in compliance with
the U.S. Foreign Corrupt Practices Act of 1977 and the UK Bribery Act 2010 and have instituted and maintained policies and procedures
designed to promote and achieve compliance with such laws.

 

SECTION 5       
CONDITIONS PRECEDENT

 

5.1             
Conditions to Effectiveness. This agreement shall become effective on the Closing Date subject to the satisfaction
or waiver of the following conditions precedent:

 

(a)              
Loan Documents. The Administrative Agent shall have received this Agreement and each other Loan Document required
to be entered into on the Closing Date, executed and delivered by each Loan Party that is a party thereto.

 

(b)              
[Reserved].

 

(c)              
Lien Searches. The Administrative Agent shall have received the results of a recent lien search in each of
the jurisdictions within the United States in which Uniform Commercial Code financing statements will be made to evidence or perfect
security interests required to be evidenced or perfected, and such search shall reveal no Liens on any of the assets of the Loan
Parties except for Liens permitted by Section 7.3 or discharged on or prior to the Closing Date pursuant to documentation reasonably
satisfactory to the Administrative Agent.

 

(d)              
Fees. The Lenders, the Lead Arrangers and the Agents shall have received all fees required to be paid and
all accrued reasonable, documented out-of-pocket expenses required hereunder to be paid and for which invoices have been presented
at least three Business Days prior to the Closing Date (including the reasonable fees and expenses of legal counsel) in respect
of the Transactions, on or before the Closing Date.

 

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(e)              
Closing Certificate. The Administrative Agent shall have received a certificate of each Loan Party, dated
the Closing Date, substantially in the form of Exhibit G, with appropriate insertions and attachments including applicable
corporate or similar authorizations and the certificate of incorporation or certificate of formation, as applicable, of each Loan
Party certified by the relevant authority of the jurisdiction of organization of such Loan Party.

 

(f)               
Legal Opinions. The Administrative Agent shall have received the legal opinion of Latham & Watkins LLP,
counsel to the Borrower and its Subsidiaries, in form and substance reasonably satisfactory to the Administrative Agent.

 

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

 

(h)              
Solvency Certificate. The Administrative Agent shall have received a solvency certificate in the form of Exhibit
I, executed as of the Closing Date by the chief financial officer of the Borrower.

 

(i)                
Patriot Act, Etc. The Administrative Agent shall have received, no later than three Business Days prior to
the Closing Date, all documentation and other information required by bank regulatory authorities under applicable “know
your customer” and anti-money laundering rules and regulations, including the Patriot Act, as reasonably requested by the
Administrative Agent to the extent requested in writing by the Administrative Agent and the Lead Arrangers at least seven Business
Days prior to the Closing Date.

 

5.2             
Conditions to Each Extension of Credit. The agreement of each Lender to make any extension of credit requested
to be made by it on any date from and after the Closing Date is subject to the satisfaction of the following conditions precedent:

 

(a)              
Representations and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant
to the Loan Documents shall be true and correct in all material respects (unless qualified by materiality, in which case they shall
be true and correct in all respects) on and as of such date as if made on and as of such date (except to the extent made as of
a specific date, in which case such representation and warranty shall be true and correct in all material respects (unless qualified
by materiality, in which case they shall be true and correct in all respects) on and as of such specific date).

 

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

 

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(c)              
 Notices. The Borrower shall have delivered to the Administrative Agent and, if applicable, the Issuing Lender,
the notice of borrowing or Application, as the case may be, for such extension of credit in accordance with this Agreement.

 

Each borrowing by and
issuance of a Letter of Credit on behalf of the Borrower hereunder shall constitute a representation and warranty by the Borrower
as of the date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied.

 

Notwithstanding anything
in this Section 5.2 to the contrary, to the extent that the proceeds of Incremental Term Loans are to be used to finance a Permitted
Acquisition or other Investment, the only conditions precedent to the funding of such Incremental Term Loans shall be the conditions
precedent set forth in Section 2.14(b) and in the related Incremental Term Joinder with respect to such Incremental Term Loans.

 

SECTION 6       
AFFIRMATIVE COVENANTS

 

The Borrower hereby agrees
that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding, or any Loan or other amount is owing
to any Lender or Agent hereunder (other than unasserted contingent indemnification obligations, Letters of Credit that have been
Cash Collateralized and any amount owing under Specified Hedge Agreements), the Borrower shall and shall cause each of its Restricted
Subsidiaries to:

 

6.1             
Financial Statements. Furnish to the Administrative Agent and each Lender:

 

(a)              
within ninety (90) days (or such other time period as specified in the SEC’s rules and regulations with respect
to non-accelerated filers for the filing of annual reports on Form 10-K) after the end of each fiscal year of the Borrower, a copy
of the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the
related audited consolidated statements of income or operations, stockholders’ equity and cash flows for such year, setting
forth in each case in comparative form the figures for the previous year, reported on without a “going concern” qualification
or exception, or qualification arising out of the scope of the audit other than to the extent resulting solely from (i) an upcoming
maturity date under the Facilities or (ii) any prospective Default as a result of a breach of any Financial Covenant or a Financial
Covenant Event of Default, by KPMG LLP or other independent certified public accountant of nationally recognized standing; and

 

(b)              
within forty-five (45) days (or such other time period as specified in the SEC’s rules and regulations with
respect to non-accelerated filers for the filing of annual reports on Form 10-Q) after the end of each of the first three quarterly
periods of each fiscal year of the Borrower, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries
as at the end of such quarter and the related unaudited consolidated statements of income or operations, stockholders’ equity
(to the extent required on Form 10-Q) and cash flows for such quarter and the portion of the fiscal year through the end of such
quarter, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible Officer
of the Borrower as fairly presenting in all material respects the financial condition, results of operation, stockholders’
equity and cash flows of the Borrower in accordance with GAAP (subject to normal year-end audit adjustments and the absence of
footnotes).

 

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All such financial statements shall be
complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied consistently
throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case
may be, and disclosed therein).

 

Documents required to be delivered pursuant
to Section 6.1(a) or (b) or Section 6.2(e) (to the extent any such documents are included in materials otherwise filed with the
SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower
posts such documents, or provides a link thereto on the Borrower’s website on the Internet at www.2u.com; or (ii) on which
such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website (including on the SEC’s website at www.sec.gov)
or whether sponsored by the Administrative Agent); provided that, to the extent the Administrative Agent or any Lender reasonably
requests, (x) the Borrower shall deliver paper copies of such documents to the Administrative Agent or such Lender until a written
request to cease delivering paper copies is given by the Administrative Agent or such Lender and (y) the Borrower shall notify
the Administrative Agent (by facsimile or electronic mail) of the posting of any such documents. The Administrative Agent shall
have no obligation to request the delivery or to maintain copies of the documents referred to herein, and in any event shall have
no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible
for requesting delivery to it or maintaining its copies of such documents.

 

6.2             
Certificates; Other Information. Furnish to the Administrative Agent, the Collateral Agent (as applicable)
and each Lender:

 

(a)              
to the extent permitted by the internal policies of such independent certified public accountants, concurrently with
the delivery of the financial statements referred to in Section 6.1(a), a report of independent registered public accounting firm
reporting on such financial statements stating that in making the examination necessary in connection therewith, no knowledge was
obtained of any Default or Event of Default arising from a breach of the Financial Covenants (to the extent then applicable), except
as specified in such report (which report may be limited to accounting matters and disclaim responsibility for legal interpretations);

 

(b)              
concurrently with the delivery of any financial statements pursuant to Section 6.1, (i) a certificate of a Responsible
Officer of the Borrower stating that such Responsible Officer has obtained no knowledge of any Default or Event of Default except
as specified in such certificate, (ii) to the extent not previously disclosed and delivered to the Administrative Agent and the
Collateral Agent, a listing of any Intellectual Property which is the subject of a federal registration or federal application
(including Intellectual Property included in the Collateral which was theretofore unregistered and becomes the subject of a federal
registration or federal application) acquired by any Loan Party since the date of the most recent list delivered pursuant to this
clause (ii) (or, in the case of the first such list so delivered, since the Closing Date), and promptly deliver the Collateral
Agent an agreement evidencing the security interest created in such Intellectual Property suitable for recordation in the United
States Patent and Trademark Office or the United States Copyright Office, as applicable, or such other instrument in form and
substance reasonably acceptable to the Administrative Agent, and undertake the filing of any instruments or statements as shall
be reasonably necessary to create, record, preserve, protect or perfect the Collateral Agent’s security interest in such
Intellectual Property, and (iii) a Compliance Certificate containing all information and calculations necessary for determining
compliance by the Borrower and each Restricted Subsidiary with the provisions of this Agreement referred to therein as of the
last day of the fiscal quarter or fiscal year of the Borrower, as the case may be; provided that, if such Compliance Certificate
demonstrates that a Financial Covenant Event of Default has occurred and is continuing and has not been cured prior to such time,
the Borrower may deliver, to the extent and within the time period permitted by Section 8.2, prior to, after or together with
such Compliance Certificate, a Notice of Intent to Cure such Event of Default. In addition, no later than forty-five (45) days
following the end of the fiscal quarters ending December 31, 2020 and December 31, 2021, the Borrower shall deliver to the Administrative
Agent and each Lender an abridged Compliance Certificate in form reasonably satisfactory to the Administrative Agent demonstrating
compliance with the Financial Covenant set forth in Section 7.1(a) for the quarterly period ending on such applicable dates.

 

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(c)              
no later than ninety (90) days after the end of each fiscal year of the Borrower, a detailed consolidated budget
for the following fiscal year shown on a quarterly basis (including a projected consolidated balance sheet of the Borrower and
its Restricted Subsidiaries as of the end of the following fiscal year, the related consolidated statements of projected cash flow,
projected changes in financial position and projected income and a description of the underlying assumptions applicable thereto
and projected covenant compliance levels) (collectively, the “Projections”);

 

(d)              
[reserved];

 

(e)              
promptly after the same are sent, copies of all financial statements, reports and material notices that the Borrower
sends to the holders of any Class of its Indebtedness or public equity securities and, promptly after the same are filed, copies
of all annual, regular or periodic and special reports and registration statements which the Loan Parties may file or be required
to file with the SEC and not otherwise required to be delivered to the Administrative Agent pursuant hereto, and, promptly after
receipt thereof by the Borrower or any Restricted Subsidiary, copies of each written notice or other correspondence received from
the SEC or comparable agency in any applicable foreign jurisdiction concerning any investigation or potential investigation or
other inquiry by such agency regarding the financial or other operational results of the Borrower or any Restricted Subsidiary;

 

(f)               
promptly, after any request by the Administrative Agent, any final “management” letter submitted by such
accountants to the board of directors of the Borrower in connection with their annual audit; and

 

(g)              
promptly, such additional financial and other information regarding the business, financial or corporate affairs
of the Borrower or any of its Restricted Subsidiaries as the Administrative Agent or any Lender may from time to time reasonably
request in good faith, including, without limitation, other information with respect to the Patriot Act.

 

 

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6.3             
 Payment of Taxes. Pay all federal and other material state, provincial and other Taxes, assessments, fees
or other charges imposed on it or any of its property by any Governmental Authority before they become delinquent, except (i) where
such Taxes, assessments, fees or other charges are being contested in good faith by appropriate proceedings diligently conducted
and adequate reserves in conformity with GAAP are being maintained by the Borrower or such Restricted Subsidiary or (ii) where
the failure to make such payments could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

6.4             
Compliance with Educational Law.

 

(a)             
Comply in all material respects with all Educational Laws applicable to its operations, including the maintenance
of all licenses, permits, approvals and authorizations necessary from any Educational Agency to conduct its business;

 

(b)             
Cause all Educational Services Agreements to comply in all material respects with Educational Laws applicable to
the Loan Parties; and

 

(c)             
Comply in all material respects with all Privacy, Data Security and Consumer Protection Laws that are (i) applicable
to any Protected Information created, obtained or maintained pursuant to any Educational Services Agreement, and (ii) subject to
enforcement by any Educational Agency.

 

6.5             
Maintenance of Existence; Compliance. (a) (i) Preserve, renew and keep in full force and effect its organizational
existence except as permitted hereunder and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary
or desirable in the normal conduct of its business, including, without limitation, all necessary Governmental Authorizations, except,
in each case, as otherwise permitted by Section 7.4 and except, in the case of clause (i) above with respect to Immaterial Subsidiaries
that are not Loan Parties, and in the case of clause (ii) above, to the extent that failure to do so could not reasonably be expected
to have a Material Adverse Effect and (b) comply with all Contractual Obligations, Organizational Documents and Requirements of
Law (including, without limitation, and, as applicable, ERISA and the Code) except to the extent that failure to comply therewith
could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

6.6             
Maintenance of Property; Insurance. (a) Keep all material Property useful and necessary in its business in
good working order and condition, ordinary wear and tear, casualty or condemnation, and obsolescence excepted and (b) maintain
insurance with financially sound and reputable insurance companies (i) on all its Property in at least such amounts and against
at least such risks (but including in any event public liability, product liability and business interruption) as are usually insured
against in the same general area by companies engaged in the same or a similar business and (ii) required pursuant to the Security
Documents. The Borrower will furnish to the Administrative Agent, upon reasonable request, information in reasonable detail as
to the insurance so maintained.

 

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6.7             
Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which
full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions
in relation to its business

 

and activities and (b) permit representatives
of the Administrative Agent who may be accompanied by any Lender to visit and inspect any of its properties and examine and make
abstracts from any of its books and records at any reasonable time during normal business hours and as often as may reasonably
be desired upon reasonable advance notice to the Borrower and to discuss the business, operations, properties and financial and
other condition of the Borrower and the Restricted Subsidiaries with officers and employees of the Borrower and the Restricted
Subsidiaries and with their independent certified public accountants (provided that the Borrower or the Restricted Subsidiaries
may, at their option, have one or more employees or representatives present at any discussion with such accountants); provided
that unless an Event of Default has occurred and is continuing, (x) only one (1) such visit shall occur in any calendar year, (y)
only one such visit per calendar year by the Administrative Agent shall be at the Borrower’s expense (for the avoidance of
doubt, unless an Event of Default has occurred and is continuing, any visits by any Lender permitted to occur under this Section
6.7 shall be at the respective Lender’s expense) and (z) any such visits shall be coordinated by the Administrative Agent.

 

6.8             
Notices. Promptly give notice to the Administrative Agent of:

 

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

 

(b)             
any litigation, investigation or proceeding that is reasonably likely to be adversely determined, and which, if adversely
determined, could reasonably be expected to have a Material Adverse Effect;

 

(c)              
the occurrence of an ERISA Event that would reasonably be expected to have a Material Adverse Effect; and

 

(d)             
any development or event that has had or could reasonably be expected to have a Material Adverse Effect.

 

Each notice pursuant to this Section 6.8
shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating
what action the Borrower or the relevant Restricted Subsidiary proposes to take with respect thereto.

 

6.9             
Environmental Laws. (a) Comply with, and require compliance in all material respects by any tenants and subtenants
of the Borrower and any Restricted Subsidiary, if any, with, all applicable Environmental Laws, and obtain and comply with and
maintain, and require that all such tenants and subtenants obtain and comply in all material respects with and maintain, any and
all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, except, in each case,
to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

(b)              Conduct and complete
all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws
and promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except
to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

    	 	96	 

     

    

 

6.10         
 Post-Closing; Additional Collateral, etc. (a) With respect
to any property acquired after the Closing Date by any Loan Party (other than (x) any property described in paragraph (b), (c)
or (d) below, (y) property acquired by any Excluded Subsidiary and (z) Excluded Assets (as defined in the Guarantee and Collateral
Agreement) and any other property that is not required to become subject to Liens in favor of the Collateral Agent pursuant to
the Loan Documents) that has an individual fair market value (as determined in good faith by the Borrower) in excess of $2,000,000
as to which the Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien, within thirty (30) days
after such acquisition (as such period may be extended by the Collateral Agent in its reasonable discretion) (i) execute and deliver
to the Collateral Agent such amendments to the applicable Security Document or such other documents as the Collateral Agent deems
necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a security interest in such property,
(ii) take all actions necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected
first priority security interest in such property, including the filing of Uniform Commercial Code financing statements in such
jurisdictions (other than foreign jurisdictions) as may be required by the applicable Security Document and, in the case of Intellectual
Property (other than pursuant to clause (e) below), the recordation of an agreement evidencing the security interest created in
such Intellectual Property suitable for recordation in the United States Patent and Trademark Office or the United States Copyright
Office, as applicable, or such other instrument in form and substance reasonably acceptable to the Administrative Agent, or as
may be reasonably requested by the Collateral Agent, and (iii) if reasonably requested by the Collateral Agent, deliver to the
Collateral Agent legal opinions relating to the matters described above, which opinions shall be customary in form and substance
and reasonably satisfactory to the Collateral Agent.

 

(b)             
With respect to any Material Real Property acquired after the Closing Date by any Loan Party (other than (x) any
such Real Property subject to a Lien expressly permitted by Section 7.3(g) and (y) real property acquired by any Excluded Subsidiary),
within ninety (90) days after such acquisition (as such period may be extended by the Collateral Agent in its reasonable discretion),
(i) execute and deliver a first priority Mortgage subject only to Liens approved by the Collateral Agent or permitted under clauses
(a), (e) or (i) of Section 7.3 hereof, in favor of the Collateral Agent, for the benefit of the Secured Parties, (ii) if requested
by the Collateral Agent, provide the Secured Parties with (x) title and extended coverage insurance covering such Material Real
Property in form and substance satisfactory to the Collateral Agent and in an amount at least equal to the purchase price of such
real property (or such other amount as shall be reasonably acceptable to the Collateral Agent, provided that in jurisdictions
that impose mortgage recording taxes, the Security Documents shall not secure indebtedness in an amount exceeding 120% of the
fair market value of the Mortgaged Property, as reasonably determined in good faith by the Loan Parties and reasonably acceptable
to the Collateral Agent), (y) a current ALTA survey thereof, together with a surveyor’s certificate satisfactory to the
title insurance company and the Collateral Agent, and (z) any consents or estoppels deemed necessary or reasonably advisable by
the Collateral Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to
the Administrative Agent, (iii) if requested by the Collateral Agent, deliver to the Collateral Agent legal opinions relating
to the matters described above, which opinions shall be in customary form and substance and reasonably satisfactory to the Collateral
Agent, (iv) prior to the date of delivery of any Mortgage the Collateral Agent shall have obtained a “Life-of-Loan”
Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each parcel of Mortgaged Property. Further,
if at any time any Building included in Mortgaged Property is subsequently determined to be in a Special Flood Hazard Area (whether
due to a re-mapping of the applicable flood zones or otherwise), (i) such Building shall automatically be deemed Excluded
Property and be excluded from the Mortgaged Property and the lien thereon in favor of the Secured Parties shall immediately and
automatically be of no further force or effect (with no action required on the part of any Loan Party or Secured Party) and (ii) in
order to confirm such automatic lien release, the Collateral Agent shall promptly execute and deliver such documentation as may
be required to evidence the release of such Building from the lien of the applicable Mortgage.

 

    	 	97	 

     

    

 

(c)             
With respect to any new Wholly Owned Restricted Subsidiary (other than an Excluded Subsidiary) created or acquired
(or that becomes a Wholly Owned Restricted Subsidiary (other than an Excluded Subsidiary)) after the Closing Date by the Borrower
or any other Loan Party (except that, for the purposes of this paragraph (c), the term Excluded Subsidiary shall not include any
existing Restricted Subsidiary that ceases to be an Excluded Subsidiary), within thirty (30) days after such creation or acquisition
(as such period may be extended by the Collateral Agent in its reasonable discretion) (i) execute and deliver to the Collateral
Agent such Security Documents as the Administrative Agent deems necessary or reasonably advisable to grant to the Collateral Agent,
for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such applicable Restricted
Subsidiary that is owned by the Borrower or any Loan Party, (ii) deliver to the Authorized Collateral Agent the certificates representing
such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the applicable
Restricted Subsidiary, (iii) cause such applicable Restricted Subsidiary (A) to become a party to the applicable Security Documents,
(B) to take such actions necessary or advisable to grant to the Collateral Agent for the benefit of the Secured Parties a perfected
first priority security interest (subject to Liens permitted by Section 7.3 hereof) in all or substantially all, or any portion
of the property of such applicable Restricted Subsidiary that is required to become subject to a Lien in favor of the Collateral
Agent, for the benefit of the Secured Parties, pursuant to the Loan Documents as the Administrative Agent shall determine, in its
reasonable discretion, including the filing of Uniform Commercial Code financing statements in such jurisdictions (other than foreign
jurisdictions) as may be required by the Guarantee and Collateral Agreement or as may be requested by the Collateral Agent and
(C) to deliver to the Collateral Agent a certificate of such Restricted Subsidiary, substantially in the form of Exhibit G,
with appropriate insertions and attachments, and (iv) if reasonably requested by the Collateral Agent, deliver to the Administrative
Agent legal opinions relating to the matters described above, which opinions shall be in customary form and substance and reasonably
satisfactory to the Collateral Agent.

 

(d)             
With respect to any new “first-tier” Foreign Subsidiary or CFC Holdco created or acquired after the
Closing Date (other than any new Foreign Subsidiary that is an Immaterial Subsidiary or any Foreign Subsidiary excluded pursuant
to Section 6.10(e) or any Unrestricted Subsidiary) by the Borrower or any other Loan Party, within thirty (30) days after such
creation or acquisition (as such period may be extended by the Collateral Agent in its reasonable discretion) (A) execute and
deliver to the Collateral Agent such Security Documents as the Collateral Agent deems necessary or reasonably advisable to grant
to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock
of such new Subsidiary that is owned by the Borrower or such Loan Party (provided that in the case of any new “first-tier”
Foreign Subsidiary that is a CFC or new “first-tier” Subsidiary that is a CFC Holdco, in no event shall more than
65% of the total outstanding voting Capital Stock of any such new CFC or CFC Holdco be required to be so pledged), (B) deliver
to the Authorized Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank,
executed and delivered by a duly authorized officer of the Borrower or relevant Loan Party, as the case may be, and take such
other action as may be necessary or, in the opinion of the Collateral Agent, desirable to perfect the Collateral Agent’s
security interest therein, and (C) if reasonably requested by the Collateral Agent, deliver to the Collateral Agent legal opinions
relating to the matters described above, which opinions shall be in customary form and substance and reasonably satisfactory to
the Collateral Agent; provided that, notwithstanding the foregoing, in no event shall the Borrower or any other Loan Party
be required to perfect any such pledge under laws other than of the United States or any state thereof.

 

    	 	98	 

     

    

 

(e)              
Notwithstanding anything to the contrary in this Section 6.10, paragraphs (a), (b), (c) and (d) of this Section 6.10
shall not apply to (i) any property, applicable Subsidiary or new Foreign Subsidiary created or acquired or that becomes Wholly
Owned after the Closing Date, as applicable, as to which the Administrative Agent has reasonably determined that (A) the collateral
value thereof is insufficient to justify the difficulty, time and/or expense of obtaining a perfected security interest therein
or (B) such security interest would violate any applicable law; or (ii) any property which is otherwise excluded or excepted under
the Guarantee and Collateral Agreement (including, for the avoidance of doubt, any direct or indirect Subsidiary of any CFC or
CFC Holdco (including as a result of any law or regulation in any non-U.S. jurisdiction similar to Section 956 of the Code)).

 

6.11           
Further Assurances. From time to time execute and deliver, or cause to be executed and delivered, such additional
instruments, certificates or documents, and take all such actions, as the Administrative Agent or the Collateral Agent may reasonably
request for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of more
fully perfecting or renewing the rights of the Administrative Agent, the Collateral Agent and the Secured Parties with respect
to the Collateral (or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other property
or assets hereafter acquired by the Borrower or any Loan Party which may be deemed to be part of the Collateral) pursuant hereto
or thereto. Upon the reasonable exercise by the Administrative Agent or the Collateral Agent of any power, right, privilege or
remedy pursuant to this Agreement or the other Loan Documents which requires any consent, approval, recording qualification or
authorization of any Governmental Authority, the Borrower will execute and deliver, or will cause the execution and delivery of,
all applications, certifications, instruments and other documents and papers that the Administrative Agent or the Collateral Agent
reasonably determine may be required to obtain from the Borrower or any of its Restricted Subsidiaries for such governmental consent,
approval, recording, qualification or authorization.

 

6.12           
[Reserved.]

 

6.13           
Use of Proceeds. The Borrower shall use the proceeds of the Loans, together with the proceeds of the Letters
of Credit, solely as set forth in the recitals to this Agreement and in Section 4.16 hereof.

 

    	 	99	 

     

    

 

6.14          
 Designation of Subsidiaries. (a) Subject to Sections
6.14(b) and (c) below and Section 7.7(t), the Borrower may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary
or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) the designation of any Restricted Subsidiary
as an Unrestricted Subsidiary shall constitute an Investment by the Borrower therein at the date of designation in an amount equal
to the fair market value of the Borrower’s Investment therein (and with such Investment to be permitted to be made and be
maintained solely pursuant to Section 7.7(t)) and (ii) the designation of any Unrestricted Subsidiary as a Restricted Subsidiary
shall constitute the incurrence at the time of designation of any Indebtedness or Liens of such Subsidiary existing at such time.

 

(b)             
The Borrower may not (x) designate any Restricted Subsidiary as an Unrestricted Subsidiary or (y) designate an Unrestricted
Subsidiary as a Restricted Subsidiary, in each case unless no Event of Default shall have occurred or be continuing immediately
before and after giving effect to such designation.

 

(c)              
No Subsidiary that is a Restricted Subsidiary may be designated as an Unrestricted Subsidiary if, upon the effectiveness
of such designation, such Subsidiary is and would continue to be a restricted subsidiary under the terms of the Senior Notes Indenture
or any other Material Indebtedness of the Borrower or any of its Restricted Subsidiaries.

 

6.15           
Anti-Terrorism Law; Anti-Money Laundering; Foreign Corrupt Practices Act.

 

(a)             
The Borrower and its Restricted Subsidiaries shall not directly or indirectly, (i) knowingly deal in, or otherwise
knowingly engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order
or any other Anti-Terrorism Law in violation of any applicable Anti-Terrorism Law or applicable Sanctions, or (ii) knowingly engage
in or conspire to engage in any transaction that violates or attempts to violate, any of the material prohibitions set forth in
any applicable Anti-Terrorism Law or applicable Sanctions.

 

(b)              
The Borrower and its Restricted Subsidiaries shall (i) not repay the Loans, or make any other payment to any Lender,
using funds or properties of the Borrower or any Subsidiaries that are, to the knowledge of the Borrower, the property of a Sanctioned
Person or that are, to the knowledge of the Borrower, fifty percent or more beneficially owned, directly or indirectly, by Sanctioned
Persons, in each case, in violation of applicable Anti-Terrorism Laws or applicable Sanctions or (ii) to the knowledge of Borrower,
permit any Sanctioned Person to have any direct or indirect interest, in the Borrower, Borrower or any of the Subsidiaries, with
the result that the investment in the Borrower, Borrower or any of the Subsidiaries (whether directly or indirectly) or the Loans
made by the Lenders would be in violation of any applicable Sanctions.

 

(c)              
Each Loan Party and its Restricted Subsidiaries will conduct their business in material compliance with, and maintain
in effect and enforce policies and procedures that are reasonably designed to ensure compliance by the Loan Parties, their subsidiaries
and each of their respective directors, officers, employees and agents with, the U.S. Foreign Corrupt Practices Act of 1977 and
the UK Bribery Act 2010.

 

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(d)            
 To the extent applicable, each Loan Party and its Restricted Subsidiaries will comply with (i) the laws, regulations,
Sanctions and executive orders administered by OFAC, (ii) all Anti-Terrorism Laws, (iii) the U.S. Foreign Corrupt Practices Act
of 1977, as amended and (iv) the Patriot Act. No Loan Party nor any of their respective Restricted Subsidiaries will (A) engage
in or conspire to engage in any transaction that attempts to violate (or evade in a manner that could violate) any of the foregoing
or any similar Requirements of Law or (B) engage in or conspire to engage in any transaction that avoids, or has the purposes of
avoiding any of the laws and regulations referenced in clauses (i), (ii) or (iv) of this clause (d) or any similar Requirements
of Law.

 

(e)              
No Loan Party or any of its Restricted Subsidiaries will use any Loans or the proceeds thereof, or lend, contribute
or otherwise make available any Loans or the proceeds of any Loans to any Sanctioned Person, to fund any activities of or business
with any Sanctioned Person or in any Sanctioned Country, or in any other manner that will result in a violation by any Person (including
any Person participating in the transaction, whether as a Lead Arranger, the Administrative Agent, any Lender or an Issuing Lender
or otherwise) of Sanctions except, in each case, to the extent licensed by OFAC or otherwise authorized under U.S. law or, if applicable,
to the extent licensed or authorized under any similar laws or regulations enacted by the European Union or the United Kingdom.

 

6.16           
Post-Closing Deliveries.

 

(a)             
The Borrower hereby agrees to deliver, or cause to be delivered, to the Administrative Agent, in form and substance
reasonably satisfactory to the Administrative Agent, the items described on Schedule 6.16 hereof on or before the dates
specified with respect to such items, or such later dates as may be agreed to by, or as may be waived by, the Administrative Agent
in its sole discretion.

 

(b)            
All representations and warranties contained in this Agreement and the other Loan Documents shall be deemed modified
to the extent necessary to effect the foregoing (and to permit the taking of the actions described above within the time periods
required above and in Schedule 6.16, rather than as elsewhere provided in the Loan Documents); provided that (x)
to the extent any representation and warranty would not be true because the foregoing actions were not taken on the Closing Date
or, following the Closing Date, prior to the date by which such action is required to be taken by Section 6.16(a), the respective
representation and warranty shall be required to be true and correct in all material respects  (unless qualified by materiality,
in which case they shall be true and correct in all respects) at the time the respective action is taken (or was required to be
taken) in accordance with the foregoing provisions of this Section 6.16 (and Schedule 6.16) and (y) all representations
and warranties relating to the assets set forth on Schedule 6.16 pursuant to the Security Documents shall be required to
be true in all material respects immediately after the actions required to be taken under this Section 6.16 (and Schedule 6.16)
have been taken (or were required to be taken), except to the extent any such representations and warranties expressly relate to
an earlier date, in which case such representations and warranties shall be true and correct in all material respects (unless
qualified by materiality, in which case they shall be true and correct in all respects) as of such earlier date.

 

    	 	101	 

     

    

 

SECTION 7    NEGATIVE
COVENANTS

 

The Borrower hereby agrees
that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other amount is owing
to any Lender or Agent hereunder (other than unasserted contingent indemnification obligations, Letters of Credit that have been
Cash Collateralized and any amount owing under Specified Hedge Agreements), the Borrower shall not, and shall not permit any of
its Restricted Subsidiaries to:

 

7.1             
Financial Condition Covenants.

 

(a)              
Minimum Liquidity. At all times for the period commencing July 1, 2020 and ending December 31, 2021, permit
Liquidity at any time, as tested on the last day of each fiscal quarter of the Borrower, to be less than $20,000,000.

 

(b)             
Minimum EBITDA. During the period commencing with the fiscal quarter ending September 30, 2020 and ending
with the fiscal quarter ending December 31, 2021, permit Consolidated EBITDA as of the last day of each applicable fiscal quarter
set forth in the schedule delivered by the Agent to the Borrower on or prior to the Closing Date to be less than the corresponding
amount set forth in such schedule.

 

 

(c)              
Maximum Consolidated Secured Leverage Ratio. Permit the Consolidated Secured Leverage Ratio, calculated on
a pro forma basis, as of the last day of any period of four (4) consecutive fiscal quarters of the Borrower (i) ending after
(but not including) December 31, 2021 and on or prior to December 31, 2022, to exceed 2.50 to 1.00 and (ii) ending thereafter,
to exceed 1.50 to 1.00.

 

(d)              
Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio, calculated
on a pro forma basis, for any period of four (4) consecutive fiscal quarters of the Borrower (i) ending after (but not including)
December 31, 2021 and on or prior to September 30, 2022, to be less than 0.20 to 1.00 and (ii) ending thereafter, to be less than
0.70 to 1.00.

 

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

 

(a)              
Indebtedness of any Loan Party pursuant to (i) any Loan Document or Cash Management Agreement, (ii) the Senior Notes
and the Senior Notes Indenture in an aggregate principal amount not to exceed $380.0 million (including any Permitted Refinancing
thereof), or (iii) any Incremental Equivalent Term Debt;

 

(b)             
unsecured Indebtedness of (i) any Loan Party owed to any other Loan Party; (ii) any Loan Party owed to the
Borrower or any Restricted Subsidiary; (iii) any Restricted Subsidiary that is not a Loan Party owed to any other Restricted Subsidiary
that is not a Loan Party; and (iv) any Restricted Subsidiary that is not a Loan Party owed to a Loan Party in an aggregate
amount at any time outstanding, when combined with the amount of intercompany Investments made by a Loan Party in a Restricted
Subsidiary that is not a Loan Party pursuant to Section 7.7(f), not to exceed, in the case of this clause (iv), the greater
of (x) $25,000,000 and (y) 50% of Consolidated EBITDA for the most recent period of four fiscal quarters for which financial statements
have been provided pursuant to Section 6.1(a) or (b); provided, that, in the case of clauses (i) and (iv), any such Indebtedness
is evidenced by, and subject to the provisions of, an Intercompany Note;

 

    	 	102	 

     

    

 

(c)              
Guarantee Obligations incurred by (i) any Restricted Subsidiary that is a Loan Party of obligations of the Borrower,
any Subsidiary Guarantor and, subject to Section 7.7(f), of any Restricted Subsidiary that is not a Loan Party and (ii) any
Restricted Subsidiary that is not a Loan Party of obligations of the Borrower, any Subsidiary Guarantor and any other Restricted
Subsidiary;

 

(d)              
Indebtedness outstanding on the Closing Date and listed on Schedule 7.2 and any Permitted Refinancing thereof;

 

(e)              
Indebtedness (including, without limitation, Capital Lease Obligations) of the Borrower or any Restricted Subsidiary
secured by Liens permitted by Section 7.3(g) in an aggregate principal amount at any one time outstanding not to exceed the greater
of (x) $25,000,000 and (y) 50% of Consolidated EBITDA for the most recent period of four fiscal quarters for which financial
statements have been provided pursuant to Section 6.1(a) or (b);

 

(f)               
Hedge Agreements;

 

(g)             
Indebtedness of the Borrower or any Restricted Subsidiary in respect of performance, bid, surety, indemnity, appeal
bonds, completion guarantees and other obligations of like nature and guarantees and/or obligations as an account party in respect
of the face amount of letters of credit in respect thereof, in each case securing obligations not constituting Indebtedness for
borrowed money (including worker’s compensation claims, environmental remediation and other environmental matters and obligations
in connection with insurance or similar requirements) provided in the ordinary course of business;

 

(h)             
Indebtedness in respect of (A) workers’ compensation claims, self-insurance obligations, bankers’ acceptances,
customs, Taxes and other similar tax guarantees, in each case incurred in the ordinary course of business and not in connection
with the borrowing of money and (B) any customary cash management, cash pooling or netting or setting-off arrangements incurred
in the ordinary course of business;

 

(i)              
(A) Indebtedness consisting of (a) the financing of insurance premiums or (b) take-or-pay obligations contained in
supply arrangements, in the case of the foregoing clauses (a) and (b) in the ordinary course of business and (B) Indebtedness incurred
by the Borrower or any of its Restricted Subsidiaries in respect of bank guarantees, warehouse receipts, letters of credit, or
similar instruments issued or created in the ordinary course of business, including in respect of workers compensation claims,
health, disability or other employee benefits or property, casualty or liability insurance or self-insurance, or other Indebtedness
with respect to reimbursement type obligations regarding workers compensation claims; provided that any reimbursement obligations
in respect thereof are reimbursed within 30 days following the due date thereof;

 

    	 	103	 

     

    

 

(j)              
 Indebtedness arising from the endorsement of instruments in the ordinary course of business and in respect of netting
services, overdraft protections and similar arrangements in each case in connection with deposit accounts;

 

(k)              
[reserved];

 

(l)               
Indebtedness representing deferred compensation to employees of the Borrower and its Restricted Subsidiaries;

 

(m)             
Indebtedness issued by any Loan Party to current or former officers, directors and employees, their respective estates,
spouses or former spouses to finance the purchase or redemption of Equity Interests of Holdings or its direct or indirect parent
permitted by Section 7.6;

 

(n)             
Indebtedness of a Person existing at the time such Person became a Restricted Subsidiary (such Person, an “Acquired
Person”), together with all Indebtedness assumed by the Borrower or any of its Restricted Subsidiaries in connection
with any acquisition permitted under Section 7.7, but only to the extent that (i) such Indebtedness was not created or incurred
in contemplation of such Person becoming a Restricted Subsidiary or such acquisition, (ii) any Liens securing such Indebtedness
attach only to the assets of the Acquired Person and (iii) the aggregate principal amount of such Indebtedness at any one time
outstanding does not exceed the greater of (x) 30,000,000 and (y) 75% of Consolidated EBITDA for the most recent period
of four fiscal quarters for which financial statements have been provided pursuant to Section 6.1(a) or (b);

 

(o)             
(i) Earn-Out Obligations consisting of common stock of the Borrower and (ii) any other unsecured Earn-Out Obligations
in an amount not to exceed $25,000,000 at any time outstanding;

 

(p)             
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business;
provided, however, that such Indebtedness is extinguished within ten (10) Business Days of incurrence;

 

(q)             
Indebtedness of the Borrower or any Restricted Subsidiary that may be deemed to exist in connection with agreements
providing for indemnification, deferred purchase price obligations or other purchase price adjustments and similar obligations
in connection with acquisitions or sales of assets and/or businesses;

 

(r)              
Indebtedness arising from judgments or decrees not constituting an Event of Default under Section 8.1(h);

 

(s)            
Indebtedness of Restricted Subsidiaries that are not Loan Parties in an aggregate principal amount (for all such
Restricted Subsidiaries) not to exceed at any time outstanding the greater of (x) $25,000,000 and (y) 50% of Consolidated
EBITDA for the most recent period of four fiscal quarters for which financial statements have been provided pursuant to Section
6.1(a) or (b);

 

    	 	104	 

     

    

 

(t)             
 other unsecured Indebtedness in an aggregate principal amount not to exceed $300,000,000 at any time outstanding
(including, for the avoidance of doubt, Convertible Bond Indebtedness);

 

(u)              
other Indebtedness of the Borrower or any of its Restricted Subsidiaries in an aggregate principal amount at any
time outstanding (for the Borrower and all Restricted Subsidiaries) not in excess of the greater of (i) $50,000,000 and (ii) 100%
of Consolidated EBITDA for the most recent period of four fiscal quarters for which financial statements have been provided pursuant
to Section 6.1(a) or (b); and

 

(v)             
Indebtedness existing as of the Closing Date owed by a Group Member to another Group Member.

 

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

 

(a)             
Liens for Taxes, assessments, charges or other governmental levies which are (i) immaterial to the Borrower and its
Restricted Subsidiaries, taken as a whole, (ii) not yet due and payable or delinquent for more than sixty (60) days or (iii) being
contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained
on the books of the Borrower or its Restricted Subsidiaries, as the case may be, in conformity with GAAP;

 

(b)              
Liens imposed by law, including, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
or other like Liens arising in the ordinary course of business that are not overdue for a period of more than sixty (60) days (or,
if more than sixty (60) days overdue, no action has been taken to enforce such Lien) or that are being contested in good faith
by appropriate proceedings or which do not in the aggregate materially detract from the value of the Property of the Borrower and
its Restricted Subsidiaries, taken as a whole, and do not materially impair the use thereof in the operation of the business of
the Borrower and its Restricted Subsidiaries, taken as a whole;

 

(c)             
pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security
legislation, or letters of credit or guarantees issued in respect thereof, other than any Lien imposed by ERISA with respect to
a Single Employer Plan or Multiemployer Plan;

 

(d)              
pledges or deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, licenses,
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary
course of business or letters of credit or guarantees issued in respect thereof;

 

(e)             
easements, zoning restrictions, rights-of-way, restrictions, encroachments and other similar encumbrances and title
defects affecting Real Property that, in any such case, individually or in the aggregate, do not in any case materially detract
from use, occupancy or the value of the property subject thereto or materially interfere with the ordinary conduct of the business
of the Borrower or any of its Restricted Subsidiaries;

 

    	 	105	 

     

    

 

(f)             
 Liens in existence on the Closing Date listed on Schedule 7.3 and any renewals or extensions thereof; provided
that no such Lien is spread to cover any additional property after the Closing Date and the Indebtedness secured thereby is permitted
by Section 7.2(d);

 

(g)             
Liens securing Indebtedness of the Borrower or any Restricted Subsidiary incurred pursuant to Section 7.2(e) to finance
the acquisition of fixed or capital assets; provided that (i) such Liens do not at any time encumber any property other
than the property financed by such Indebtedness, except for replacements, additions and accessions to the property that are affixed
or incorporated into the property covered by such Lien or financed with the proceeds of such Indebtedness and the proceeds and
the products thereof and (ii) individual financings or leases of equipment provided by one lender or lessor may be cross collateralized
to other financings of equipment provided by such lender or lessor;

 

(h)             
Liens created pursuant to the Security Documents or any other Loan Document or securing any Refinancing Facility
or Incremental Equivalent Term Debt; provided, that any Liens securing any Incremental Equivalent Term Debt or any Incremental
Term Loans shall be junior in priority to the Liens securing the Revolving Facility and shall be subject to customary intercreditor
arrangements reasonably satisfactory to the Administrative Agent;

 

(i)               
Liens appearing on policies of title insurance being issued in connection with any Mortgage;

 

(j)               
any interest or title of a lessor under any lease, sublease, or non-exclusive license or sublicense, entered into
by the Borrower or any Restricted Subsidiary in the ordinary course of its business and covering only the assets subject to such
lease, sublease license or sublicense, as the case may be;

 

(k)              
assignments, licenses, cross-licenses, sublicenses, contributions, leases or subleases granted to third parties or
the Borrower or any Restricted Subsidiary in the ordinary course of business;

 

(l)              
Liens securing judgments not constituting an Event of Default under Section 8.1(h) or securing appeal or other surety
bonds related to such judgments;

 

(m)            
the filing of UCC financing statements solely as a precautionary measure in connection with operating leases and
consignment arrangements;

 

(n)              
Liens existing on property acquired by the Borrower or any Restricted Subsidiary at the time such property is so
acquired (whether or not the Indebtedness secured thereby shall have been assumed); provided that (i) such Lien is not created
in contemplation of such acquisition, (ii) such Lien does not extend to any other property of the Borrower or any Restricted Subsidiary
following such acquisition (other than the proceeds or products thereof) and (iii) the Indebtedness secured by such Liens is permitted
by Section 7.2(n);

 

(o)             
Liens (i) of a collection bank arising under Section 4-210 of the UCC on items in the course of collection (or comparable
foreign liens); (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary
course of business; (iii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right
of set-off) and which are within the general parameters customary in the banking industry; and (iv) incurred in connection with
a cash management program established in the ordinary course of business;

 

    	 	106	 

     

    

 

(p)             
Liens on Margin Stock owned by the Borrower;

 

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

 

(r)              
statutory and common law landlords’ liens under leases to which the Borrower or any of its Restricted Subsidiaries
is a party;

 

(s)            
Liens on cash, Cash Equivalents or other property arising in connection with any defeasance, discharge or redemption
of Indebtedness;

 

(t)              
Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant
to Section 7.7 to be applied against the purchase price for such Investment, or (ii) consisting of an agreement to Dispose of any
property in a Disposition permitted under Section 7.5, in each case, solely to the extent such Investment or Disposition, as the
case may be, would have been permitted on the date of the creation of such Lien;

 

(u)             
Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered
into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business permitted by this Agreement;

 

(v)             
Liens deemed to exist in connection with Investments in repurchase agreements under Section 7.7;

 

(w)            
Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity
trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

(x)              
Liens that are customary contractual rights of setoff (i) relating to the establishment of depository relations with
banks or other financial institutions not given in connection with the incurrence of Indebtedness, (ii) relating to pooled deposit
or sweep accounts of the Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations
incurred in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries, or (iii) relating to purchase
orders and other agreements entered into with customers of the Borrower or any of its Restricted Subsidiaries in the ordinary course
of business;

 

(y)             
(i) zoning, building, entitlement and other land use regulations by Governmental Authorities which are not violated
in any material respect by existing improvements or the present use or occupancy of any Real Property, and (ii) any zoning or
similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that
does not materially interfere with the ordinary conduct of the business of the Borrower or any of its Restricted Subsidiaries;

 

    	 	107	 

     

    

 

(z)              
Liens solely on any cash earnest money deposits or other similar escrow arrangements made by the Borrower or any
of its Restricted Subsidiaries in connection with any Investment, Disposition, letter of intent or purchase agreement in each case
permitted hereunder;

 

(aa)           
Liens on property or assets under construction (and related rights) in favor of a contractor or developer or arising
from progress or partial payments by a third party relating to such property or assets;

 

(bb)          
Liens (including put and call arrangements) on Capital Stock or other securities of any Unrestricted Subsidiary that
secure Indebtedness of such Unrestricted Subsidiary;

 

(cc)            
Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

 

(dd)           
Liens securing Indebtedness owing to the Borrower or any Subsidiary Guarantor;

 

(ee)            
Liens on assets of Restricted Subsidiaries of the Borrower that are not Loan Parties to the extent the Indebtedness
secured thereby is permitted under Section 7.2; provided, that the assets encumbered pursuant to this Section 7.3(ee) are
limited solely to the assets of such Restricted Subsidiaries; and

 

(ff)             
Liens not otherwise permitted by this Section 7.3 so long as the aggregate outstanding principal amount of the obligations
secured thereby do not exceed at any one time (as to the Borrower and all Restricted Subsidiaries) the greater of (i) $50,000,000
and (ii) an amount equal to 100% of Consolidated EBITDA for the most recent period of four fiscal quarters for which financial
statements have been provided pursuant to Section 6.1(a) or (b).

 

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

 

(a)              
any Restricted Subsidiary of the Borrower may be merged, consolidated or be amalgamated (i) with or into the Borrower
(provided that the Borrower shall be the continuing or surviving corporation), (ii) with or into any other Restricted Subsidiary
of the Borrower (provided that if only one party to such transaction is a Subsidiary Guarantor, the continuing or surviving
corporation shall be a Subsidiary Guarantor) or (iii) subject to Section 7.7(f) (to the extent applicable), with or into any other
Restricted Subsidiary;

 

(b)             
any Restricted Subsidiary of the Borrower may Dispose of all or substantially all of its assets (upon voluntary liquidation
or otherwise) to the Borrower or any Subsidiary Guarantor or, subject to Section 7.7(f) (to the extent applicable), any other Restricted
Subsidiary;

 

    	 	108	 

     

    

 

(c)             
 any Restricted Subsidiary that is not a Loan Party may (i) merge or consolidate with or into any Restricted Subsidiary
that is not a Loan Party or (ii) dispose of all or substantially all of its assets (including any Disposition that is in the nature
of a liquidation) to (x) another Restricted Subsidiary that is not a Loan Party or (y) to a Loan Party;

 

(d)             
any Restricted Subsidiary may enter into any merger, consolidation or similar transaction with another Person to
effect a transaction permitted under Section 7.7;

 

(e)              
any Immaterial Subsidiary may liquidate or dissolve voluntarily;

 

(f)               
transactions permitted under Section 7.5 shall be permitted; and

 

(g)             
such merger, consolidation, reorganization or amalgamation does not result in the Borrower ceasing to be organized
under the Laws of the United States, any state thereof or the District of Columbia.

 

Notwithstanding anything in this Section
7.4 to the contrary, in no event will any Loan Party, (directly or indirectly through one or a series of transactions) sell, transfer,
assign or grant an exclusive license with respect to or contribute any material Intellectual Property to any non-Loan Party.

 

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

 

(a)              
Dispositions of obsolete, damaged, uneconomic or worn out machinery, parts, property or equipment, or property or
equipment no longer used or useful, in the conduct of its business, whether now owned or hereafter acquired;

 

(b)             
the sale of inventory and goods held for sale, each in the ordinary course of business;

 

(c)             
Dispositions permitted by Section 7.4(a), (b), (c), (d) and (e);

 

(d)             
the sale or issuance of any Restricted Subsidiary’s Capital Stock to the Borrower or any Subsidiary Guarantor
or, if any Restricted Subsidiary is not a Loan Party, to any other Restricted Subsidiary;

 

(e)              
the Borrower or any Restricted Subsidiary of the Borrower may Dispose of any assets to the Borrower or any Subsidiary
Guarantor or, subject to Section 7.7(f) (to the extent applicable) or Section 7.7(u) (to the extent applicable), any other Restricted
Subsidiary, and any Restricted Subsidiary that is not a Subsidiary Guarantor may Dispose of any assets, or issue or sell Capital
Stock, to any other Restricted Subsidiary that is not a Subsidiary Guarantor;

 

(f)             
Dispositions of cash or Cash Equivalents in the ordinary course of business in transactions not otherwise prohibited
by this Agreement;

 

    	 	109	 

     

    

 

(g)            
 assignments, licenses, cross-licenses, or sublicenses with respect to Intellectual Property granted to third parties
in the ordinary course of business which, in the aggregate, do not materially detract from the value of the Collateral taken as
a whole or materially interfere with the business of the Loan Parties and their Restricted Subsidiaries;

 

(h)             
(x) the Disposition of other property having a fair market value not to exceed the greater of (A) 5.0% of the
Consolidated Total Assets of the Borrower in the aggregate for any fiscal year of the Borrower and (B) $5,000,000 in any fiscal
year of the Borrower; provided that at least 75% of the consideration received in connection therewith consists of cash
or Cash Equivalents and (y) the Disposition of property or assets as a result of a Recovery Event;

 

(i)               
the Disposition of Margin Stock owned by the Borrower for cash at not less than its fair market value;

 

(j)               
(x) the issuance or sale of shares of any Restricted Subsidiary’s Capital Stock to qualify directors if required
by applicable law and (y) compensatory issuances or grants of Capital Stock of the Borrower approved by the Borrower’s board
of directors, any committee thereof or any designee of either to employees, officer, directors or consultants made pursuant to
equity-based compensation plans or arrangements that have been approved by the shareholders of the Borrower;

 

(k)              
Dispositions or exchanges of equipment or other property to the extent that (i) such property is exchanged for credit
against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied
to the purchase price of such replacement property;

 

(l)              
Dispositions of leases entered into in the ordinary course of business, to the extent that they do not materially
interfere with the business of the Borrower or any Restricted Subsidiary, taken as a whole;

 

(m)            
Dispositions of the Capital Stock of Unrestricted Subsidiaries;

 

(n)             
the lapse, abandonment or other Disposition of Intellectual Property rights (including allowing any registrations
or any applications for registration of any Intellectual Property rights to lapse or go abandoned) to the extent the Borrower determines
in its reasonable business judgment that (i) such Intellectual Property rights are not commercially reasonable to maintain under
the circumstances or (ii) such lapse, abandonment or other Disposition would not materially interfere with the business of the
Borrower and its Restricted Subsidiaries;

 

(o)             
any surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or
other claims in the ordinary course of business;

 

(p)             
the unwinding or settling of any Hedge Agreement; and

 

(q)             
Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements
between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements.

 

    	 	110	 

     

    

 

Notwithstanding anything in this Section
7.5 to the contrary, in no event will any Loan Party, (directly or indirectly through one or a series of transactions) sell, transfer,
assign or grant an exclusive license with respect to or contribute any material Intellectual Property to any non-Loan Party.

 

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

 

(a)             
for any taxable period for which the Borrower or any Subsidiaries of the Borrower are members of a consolidated,
combined, unitary, or similar income tax group for federal and/or applicable state or local income tax purposes or are entities
treated as disregarded from any such members for U.S. federal income Tax purposes (a “Tax Group”) of which the
Borrower, any direct or indirect parent company of the Borrower or any Subsidiary is the common parent, the Borrower and the Borrower’s
Subsidiaries may make dividends or other distributions, directly or indirectly, to the Borrower or any Subsidiary (and the Borrower
may make such dividends or other distributions to any direct or indirect parent company of the Borrower) to permit the parent of
the Tax Group to pay any consolidated, combined or similar income Taxes of such Tax Group that are due and payable by the parent
of such Tax Group for such taxable period, but only to the extent attributable to the Borrower and/or Subsidiaries of the Borrower,
provided that dividends or other distributions in respect of an Unrestricted Subsidiary shall be permitted only to the extent
that dividends or other distributions were made by such Unrestricted Subsidiary to such Group Member or any of its Subsidiaries
for such purpose; provided further that (x) the amount of dividends permitted to be made under this Section 7.6(a) for
any taxable period shall not exceed the lesser of (A) the amount of such Taxes that would have been due and payable by the
Borrower and/or the applicable Subsidiaries of the Borrower had the Borrower and/or such Subsidiaries of the Borrower, as applicable,
been a stand-alone corporate taxpayer (or a stand-alone corporate Tax Group) and (B) the actual Tax liability of the Borrower
for such taxable period, (y) to the extent that such Taxes are attributable to Subsidiaries of the Borrower that are not Loan
Parties, such Taxes must be funded by such Subsidiaries and (z) if the Borrower receives a refund from a Governmental Authority
in respect of any amounts paid pursuant to this Section 7.6(a), any subsequent distributions pursuant to this Section 7.6(a) shall
be reduced by the amount of such refund;

 

(b)             
each Restricted Subsidiary may make Restricted Payments to the Borrower and to Wholly Owned Subsidiaries (and, in
the case of a Restricted Payment by a non-Wholly Owned Subsidiary, to the Borrower and any Restricted Subsidiary and to each other
owner of Capital Stock or other equity interests of such Restricted Subsidiary on a pro rata basis based on their relative ownership
interests);

 

    	 	111	 

     

    

 

(c)             
 the Borrower and each Restricted Subsidiary may declare and make dividend payments or other distributions payable
solely in the common stock or other common equity interests of such Person;

 

(d)             
so long as no Default or Event of Default has occurred and is continuing or would result therefrom, the Borrower
may purchase, redeem or otherwise acquire shares of its common stock or other common equity interests or warrants or options to
acquire any such shares, in each case, to the extent consideration therefor consists of the proceeds received from the substantially
concurrent issue of new shares of its common stock or other common equity interests;

 

(e)              
the Borrower may (i) purchase its Capital Stock from present or former officers, directors, employees or consultants
of the Borrower or any Group Member upon the death, disability or termination of employment or services of such individual, (ii)
purchase, redeem or otherwise acquire any Capital Stock from the employees, officers, directors and consultants of the Borrower
or any Group Member by net exercise, net withholding or otherwise, pursuant to the terms of any employee stock option, incentive
stock or other equity-based plan or arrangement and (iii) consummate ordinary course net settlements made pursuant to its equity
incentive program; provided, that the aggregate amount of payments under this clause (e)(i), (e)(ii) and (e)(iii) shall
not exceed $10,000,000 in any fiscal year (with unused amounts in any fiscal year being permitted to be carried over for the succeeding
fiscal years) plus, in each case, any proceeds received by the Borrower after the Closing Date in connection with the issuance
of Capital Stock that are used for the purposes described in this clause (e) (which proceeds, for the avoidance of doubt, shall
not be included in the calculation of the Available Amount); provided, further, that any payment in respect of an
Unrestricted Subsidiary shall count as an Investment under Section 7.7(t);

 

(f)               
so long as (x) no Event of Default shall have occurred and be continuing or would result therefrom, (y) the Consolidated
Leverage Ratio on a pro forma basis does not exceed 4.00 to 1.0 and (z) the Borrower shall have delivered to the Administrative
Agent a certificate evidencing compliance with clauses (x) and (y), the Borrower may make Restricted Payments with the Available
Amount; provided, for purposes of this clause (f), if Consolidated EBITDA is negative for the applicable Reference Period
for purposes of calculating the Consolidated Leverage Ratio, no amount shall be available under this clause (f) for any purpose;

 

(g)             
so long as (x) no Event of Default shall have occurred and be continuing or would result therefrom; and (y) the Borrower
shall have delivered to the Administrative Agent a certificate evidencing compliance with clause (x), Restricted Payments so long
as the Consolidated Leverage Ratio on a pro forma basis does not exceed 3.00 to 1.0; provided, for purposes of this
clause (g), if Consolidated EBITDA is negative for the applicable Reference Period for purposes of calculating the Consolidated
Leverage Ratio, no amount shall be available under this clause (g) for any purpose;

 

(h)            
the Borrower may make Restricted Payments to pay cash payments in lieu of issuing fractional shares in connection
with the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock of the Borrower;

 

(i)              
the Borrower may make Restricted Payments consisting of the cashless exercise of options and warrants of the Capital
Stock of the Borrower or any of its Subsidiaries;

 

    	 	112	 

     

    

 

(j)            
 the Borrower may (i) enter into Capped Call Transactions in connection with the issuance of Convertible Bond Indebtedness
permitted under Section 7.02 and satisfy its obligations to pay premiums upon entering into such transactions and (ii) make any
payment in connection therewith by delivery of shares of the Borrower’s common stock (or other securities or property following
a merger event or other change of the Capital Stock of the Borrower) upon net share settlement thereof (together with cash in lieu
of fractional shares) or set-off, netting and/or payment of an early termination payment or similar payment thereunder upon any
early termination thereof, in each case made in the Borrower’s common stock (or other securities or property following a
merger event or other change of the Capital Stock of the Borrower);

 

(k)              
the Borrower may make cash payments to satisfy obligations in respect of Capped Call Transactions solely to the extent
the Borrower does not have the option of satisfying such payment obligations through the issuance of the Borrower’s common
stock or is required to satisfy such payment obligations in cash, it being understood and agreed that any payment made in cash
in connection with Capped Call Transactions by set-off, netting and/or payment of an early termination payment or similar payment
thereunder upon any early termination thereof, in each case, after using commercially reasonable efforts to satisfy such obligation
(or the portion thereof remaining after giving effect to any netting or set-off against termination or similar payments under an
applicable hedging transaction) by delivery of shares of the Borrower’s common stock shall be deemed to be a payment obligation
required to be satisfied in cash; and

 

(l)               
so long as no Event of Default shall have occurred and be continuing or would result therefrom, the Borrower
and each Restricted Subsidiary may make other Restricted Payments in an aggregate amount not to exceed the greater of (x) $50
million and (y) an amount equal to 50% of Consolidated EBITDA for the most recent period of four fiscal quarters for which
financial statements have been provided pursuant to Section 6.1(a) or (b).

 

Notwithstanding anything in this Section
7.6 to the contrary, (i) in no event will any Loan Party, (directly or indirectly through one or a series of transactions) sell,
transfer, assign or grant an exclusive license with respect to or contribute any material Intellectual Property to any non-Loan
Party and (ii) in no event shall the Capital Stock in any Unrestricted Subsidiary be the subject of a dividend or other Restricted
Payment (pursuant to this Section 7.6 or otherwise).

 

7.7             
Investments. Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution
to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business
line or unit of, or a division of, or make any other investment in, any other Person (all of the foregoing, “Investments”),
except:

 

(a)             
extensions of trade credit in the ordinary course of business;

 

(b)             
Investments in cash and Cash Equivalents;

 

(c)             
Guarantee Obligations permitted by Section 7.2;

 

(d)             
loans and advances to officers, directors and employees of the Borrower or any Restricted Subsidiary in the ordinary
course of business (including for travel, entertainment, relocation and similar expenses) in an aggregate amount for the Borrower
and all Restricted Subsidiaries not to exceed at any time outstanding the greater of (x) $5,000,000 and (y) 10% of Consolidated
EBITDA for the most recent period of four fiscal quarters for which financial statements have been provided pursuant to Section
6.1(a) or (b);

 

    	 	113	 

     

    

 

(e)              
intercompany Investments by (i) the Borrower or any Restricted Subsidiary in any Loan Party; provided that
all such intercompany Investments to the extent such Investment is a loan or advance owed to a Loan Party are evidenced by the
Intercompany Note and (ii) any Restricted Subsidiary that is not a Loan Party to any other Restricted Subsidiary that is not a
Loan Party;

 

(f)              
intercompany Investments by any Loan Party in any Restricted Subsidiary, that, after giving effect to such Investment,
is not a Subsidiary Guarantor (including, without limitation, Guarantee Obligations with respect to obligations of any such Restricted
Subsidiary, loans made to any such Restricted Subsidiary and Investments resulting from mergers with or sales of assets to any
such Subsidiary) in an amount (valued at cost) (but excluding all such Investments outstanding as of the Closing Date) not to exceed
in the aggregate at any time outstanding, when combined with the amount of intercompany Loans made by Loan Parties in Restricted
Subsidiaries that are not Loan Parties pursuant to Section 7.2(b)(iv), the greater of (x) $25,000,000 million and (y) 50% of Consolidated
EBITDA for the most recent period of four fiscal quarters for which financial statements have been provided pursuant to Section
6.1(a) or (b);

 

(g)             
Investments in the ordinary course of business consisting of endorsements for collection or deposit or lease, utility
and other similar deposits and deposits with suppliers in the ordinary course of business and customary trade arrangements with
customers consistent with past practice;

 

(h)             
Investments in connection with Permitted Acquisitions;

 

(i)               
Investments consisting of Hedge Agreements permitted by Section 7.11;

 

(j)              
Investments existing as of the Closing Date and set forth in Schedule 7.7 and any modification, extension or renewal
thereof; provided that the amount of any such Investment is not increased at the time of such extension or renewal;

 

(k)             
Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from
the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction
thereof from financially troubled account debtors or other Persons to the extent reasonably necessary in order to prevent or limit
loss or in connection with the bankruptcy or reorganization of suppliers or customers and in settlement of delinquent obligations
of, and other disputes with, suppliers or customers arising in the ordinary course of business;

 

(l)               
Investments received as consideration in connection with Dispositions permitted under Section 7.5;

 

(m)            
in addition to Investments otherwise expressly permitted by this Section 7.7, so long as no Event of Default shall
have occurred and be continuing or would result therefrom, Investments in businesses permitted to be engaged in by the Borrower
and its Restricted Subsidiaries under Section 7.15 in an aggregate amount (valued at cost, if applicable) at any time outstanding
not to exceed the greater of (x) $50,000,000 and (y) 100% of Consolidated EBITDA for the most recent period of four
fiscal quarters for which financial statements have been provided pursuant to Section 6.1(a) or (b);

 

    	 	114	 

     

    

 

(n)             
the licensing, cross-licensing, sublicensing or contribution of Intellectual Property rights pursuant to joint research
development or marketing arrangements with Persons other than the Borrower and its Restricted Subsidiaries which does not interfere
in any material respect with the business of the Borrower or any of its Restricted Subsidiaries;

 

(o)            
Investments of a Restricted Subsidiary that is acquired after the Closing Date or of a company merged or amalgamated
or consolidated into the Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary, in each case in accordance
with Section 7.4 or 7.7 after the Closing Date to the extent that such Investments were not made in contemplation of or in connection
with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger or consolidation;

 

(p)             
loans and advances in the ordinary course of business in respect of intercompany accounts attributable to the operation
of the Borrower’s cash management system;

 

(q)             
guarantees (i) by any Loan Party of Indebtedness and other obligations of Borrower and the other Loan Parties not
otherwise permitted hereunder, (ii) by the Borrower or any Restricted Subsidiary of Indebtedness and other obligations of any Loan
Party not otherwise permitted hereunder, (iii) by any Restricted Subsidiary that is not a Subsidiary Guarantor of Indebtedness
and other obligations of any other Restricted Subsidiary that is not a Subsidiary Guarantor not otherwise permitted hereunder and
(iv) by any Loan Party of Indebtedness and other obligations of any Restricted Subsidiary that is not a Subsidiary Guaranty not
otherwise permitted hereunder subject, in the case of this clause (iv) to the limits set forth in Section 7.7(f) above;

 

(r)             
so long as (x) no Event of Default shall have occurred and be continuing or would result therefrom; and (y) the
Consolidated Leverage Ratio on a pro forma basis does not exceed 5.00 to 1.00; Investments with the Available Amount; provided,
for purposes of this clause (r), if Consolidated EBITDA is negative for the applicable Reference Period for purposes of calculating
the Consolidated Leverage Ratio, no amount shall be available under this clause (r) for any purpose;

 

(s)             
so long as no Event of Default shall have occurred and be continuing or would result therefrom, Investments so long
as the Consolidated Leverage Ratio on a pro forma basis does not exceed 4.00 to 1.0; provided, for purposes of this
clause (s), if Consolidated EBITDA is negative for the applicable Reference Period for purposes of calculating the Consolidated
Leverage Ratio, no amount shall be available under this clause (s) for any purpose;

 

(t)              
Subject to Section 6.14, Investments in Unrestricted Subsidiaries (including Investments comprising the designation
of a Restricted Subsidiary as an Unrestricted Subsidiary) in an aggregate amount since the Closing Date not to exceed the greater
of (x) $25 million and (y) an amount equal to 50% of Consolidated EBITDA for the most recent period of four fiscal quarters
for which financial statements have been provided pursuant to Section 6.1(a) or (b);

 

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(u)            
 Investments and related transactions, including Dispositions and the incurrence of intercompany Indebtedness, in
connection with internal reorganizations and/or restructurings and related activities related to tax planning and reorganizations,
restructurings and related activities which do not, individually or in the aggregate, materially detract from the value of the
Collateral or adversely affect in any material respect the rights of the Secured Parties in respect of the Collateral or which
facilitate the repatriation of cash to the Borrower or any Domestic Subsidiaries;

 

(v)              
Investments existing as of the Closing Date of a Group Member in another Group Member;

 

(w)             
to the extent constituting Investments, any Capped Call Transactions; and

 

(x)             
Investments constituting purchases and other acquisitions of websites and related assets in the ordinary course of
business or consistent with past practice so long as the aggregate consideration in any fiscal year of the Borrower for such purchases
and other acquisitions does not at any time exceed the greater of (x) $20,000,000 and (y) 40% of Consolidated EBITDA for the most
recent period of four fiscal quarters for which financial statements have been provided pursuant to Section 6.1(a) or (b).

 

Notwithstanding anything in this Section
7.7 to the contrary, (x) in no event will any Loan Party, (directly or indirectly through one or a series of transactions) sell,
transfer, assign or grant an exclusive license with respect to or contribute any material Intellectual Property to any non-Loan
Party and (y) Investments by the Borrower or any Restricted Subsidiary in any Unrestricted Subsidiary shall be permitted to exist
or be made solely in reliance on Section 7.7(t).

 

7.8            
Optional Payments and Modifications of Certain Documents. (a) Make or offer to make any optional or voluntary
payment, prepayment, repurchase or redemption of or otherwise optionally or voluntarily defease or segregate funds with respect
to any Junior Financing (other than unsecured Indebtedness that is not (x) Subordinated Indebtedness or (y) subordinated in right
of payment to the Facilities) except (A) with the proceeds of a Permitted Refinancing of such Junior Financing, (B) payments with,
or the conversion of any such Junior Financing to, Capital Stock (other than Disqualified Capital Stock that is not permitted
hereunder) or (C) so long as (x) no Event of Default shall have occurred and be continuing or would result therefrom; and (y)
the Consolidated Leverage Ratio on a pro forma basis does not exceed 4.00 to 1.0, repurchases or redemptions with the Available
Amount; provided, for purposes of this clause (C), if Consolidated EBITDA is negative for the applicable Reference Period
for purposes of calculating the Consolidated Leverage Ratio, no amount shall be available under this clause (C) for any purpose;
and provided, further, that nothing in this Section 7.8 shall restrict the Group Members from repaying intercompany
loans so long as such repayments are in accordance with the terms of the Intercompany Note, if applicable, and (D) regularly scheduled
payments of principal and interest, mandatory offers to repay or mandatory prepayments of principal, premium and interest, and
payment of fees, expenses and indemnification obligations.

 

(b)             
Amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other change
to, any of the terms of any Organization Document of any Loan Party or any Pledged Company if such amendment, modification, waiver
or change could reasonably be expected to have a Material Adverse Effect.

 

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7.9            
Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of the Borrower, whether
or not in the ordinary course of business, on terms that are materially less favorable to the Borrower or such Restricted Subsidiary
than would be obtainable by the Borrower or such Restricted Subsidiary at the time in a comparable arm’s length transaction
with a Person other than an Affiliate, except (a) transactions between or among Loan Parties; (b) transactions between or among
Restricted Subsidiaries that are not Loan Parties; (c) loans or advances to officers, directors and employees permitted under Section
7.7; (d) the payment of reasonable fees to directors of the Borrower or any Restricted Subsidiary who are not employees of the
Borrower or any Restricted Subsidiary, and compensation, employment, termination and other employee benefit arrangements paid to,
and indemnities provided for the benefit of, directors, officers or employees of any Group Member, each in the ordinary course
of business, provided, that any payment in respect of an Unrestricted Subsidiary shall count as an Investment under Section 7.7(t);
(e) (i) any issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding
of, employment agreements, stock options and stock ownership plans approved by the Borrower’s board of directors and (ii)
any repurchases of any issuances, awards or grants issued pursuant to clause (i), in each case, to the extent permitted by Section
7.6; (f) employment arrangements entered into in the ordinary course of business between the Borrower or any Restricted Subsidiary
and any employee thereof; (g) any Restricted Payment permitted by Section 7.6; (h) pledges of Capital Stock of an Unrestricted
Subsidiary to secure Indebtedness of such Unrestricted Subsidiary; (i) the provision of cash collateral permitted under Section
7.3 and payments and distributions of amounts therefrom; (j) transactions with customers, clients, suppliers, or purchasers or
sellers of goods or services or providers of employees or other labor, in each case in the ordinary course of business and otherwise
in compliance with the terms of this Agreement that are fair to the Borrower or the Restricted Subsidiaries, in the reasonable
determination of the members of the Board of Directors of the Borrower or the senior management thereof, or are on terms at least
as favorable as might reasonably have been obtained at such time from an unaffiliated Person; and (k) any transaction (or series
of related transactions) with an Affiliate of the Borrower involving consideration of an amount equal to or less than $5,000,000.

 

7.10           
Issuance of Qualified Capital Stock. Notwithstanding anything herein to the contrary (including any restrictions
set forth in Sections 7.4, 7.5 and 7.6), but subject in all events to Section 8, for the avoidance of doubt, the Borrower shall
be permitted to issue any Qualified Capital Stock.

 

7.11           
Reserved.

 

7.12           
Changes in Fiscal Periods; Accounting Changes. (a) Permit
the fiscal year of the Borrower to end on a day other than December 31 of each calendar year or change the Borrower’s method
of determining fiscal quarters; provided, that Borrower may, upon written notice to the Administrative Agent, change its
fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent, in which case, the Borrower and the Administrative
Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such
change in fiscal year.

 

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(b)            
 Make or permit any change in accounting policies or reporting practices, except changes that are required by GAAP,
or change independent accountants other than to any nationally recognized firm or such other firm reasonably acceptable to the
Administrative Agent.

 

7.13           
Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits, limits
or imposes any condition upon the ability of the Borrower or any other Loan Party to create, incur, assume or suffer to exist any
Lien upon any of its property or revenues, whether now owned or hereafter acquired other than (a) this Agreement, the other Loan
Documents, the Senior Notes Indenture, Incremental Equivalent Term Debt, a Refinancing Facility and other agreements governing
such Indebtedness, (b) any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby
(in which case, any prohibition or limitation shall only be effective against the assets financed thereby), (c) any agreement governing
any Junior Indebtedness or Convertible Bond Indebtedness so long as (x) the restrictions set forth therein are no more restrictive
than the corresponding provisions in the Loan Documents or (y) if such encumbrances and restrictions are customary for similar
financings in light of prevailing market conditions at the time of incurrence thereof (as determined in good faith by the Borrower)
and the Borrower determines in good faith that such encumbrances and restrictions would not reasonably be expected to materially
impair the Borrower’s ability to create and maintain the Liens on the Collateral pursuant to the Security Documents, (d)
any restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement that has been entered into in connection
with the Disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary, (e) any agreement
of a Foreign Subsidiary governing Indebtedness permitted to be incurred or permitted to exist under Section 7.2, (f) customary
restrictions and conditions contained in leases, subleases, licenses, sublicenses, cross license, pooling and similar agreements
or asset sale agreements otherwise permitted hereby so long as such restrictions may relate to the assets subject thereto, (g)
customary restrictions contained in Indebtedness incurred pursuant to Section 7.2 (provided that such restrictions do not
restrict the Liens securing the Obligations), (h) restrictions arising in connection with cash or other deposits permitted under
Sections 7.3 or 7.7 and limited to such cash or deposit, (i) customary provisions restricting assignment of any agreement entered
into in the ordinary course of business, (j) restrictions arising by reason of applicable Law, rule, regulation or order or the
terms of any license, authorization, concession or permit, (k) customary restrictions in joint venture agreements and other similar
agreements applicable to joint ventures permitted hereunder and applicable solely to such joint venture or the Capital Stock of
such joint venture or in organizational documents of entities in which Borrower or any Restricted Subsidiary owns a minority interest
applicable to such entity and the Capital Stock of such entity, (l) customary provisions in software and other Intellectual Property
licenses entered into in the ordinary course of business pursuant to which such Loan Party is the licensee of the relevant software
or Intellectual Property, as the case may be (in which case, any prohibition or limitation shall relate only to the assets subject
to the applicable license), and (m) restrictions on cash or other deposits under contracts entered into in the ordinary course
of business and not prohibited hereunder and limited to such cash or other deposit.

 

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7.14           
Clauses Restricting Subsidiary Distributions. Enter into or suffer to exist or become effective any consensual
encumbrance or restriction on the ability of any Restricted Subsidiary to (a) make Restricted Payments in respect of any Capital
Stock of such Restricted Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any other Restricted Subsidiary
of the Borrower or (b) make loans or advances to, or other Investments in, the Borrower or any other Restricted Subsidiary of
the Borrower, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under
the Loan Documents, (ii) any restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement that has been
entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Restricted
Subsidiary, (iii) any restrictions set forth in the Senior Notes, Incremental Equivalent Term Debt, Refinancing Facility, any
Junior Indebtedness or Convertible Bond Indebtedness so long as (x) the restrictions set forth therein are not, taken as a whole,
materially more restrictive than the corresponding provisions in the Loan Documents or (y) such encumbrances and restrictions
are customary for similar financings in light of prevailing market conditions at the time of incurrence thereof (as determined
in good faith by the Borrower) and the Borrower determines in good faith that such encumbrances and restrictions would not reasonably
be expected to materially impair the Borrower’s ability to pay the Obligations when due, (iv) any agreements governing any
purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall
only be effective against the assets financed thereby), (v) restrictions and conditions existing on the Closing Date identified
on Schedule 7.14 (but not to any amendment or modification expanding the scope or duration of any such restriction or condition),
(vi) restrictions or conditions imposed by any agreement relating to Liens permitted by this Agreement but solely to the extent
that such restrictions or conditions apply only to the property or assets subject to such permitted Lien, (vii) customary provisions
in leases, licenses, sublicenses, cross-licensing, pooling and similar agreements entered into in the ordinary course of business
that restrict the assignment thereof, (viii) customary restrictions in joint venture agreements and other similar agreements applicable
to joint ventures permitted hereunder and applicable solely to such joint venture, (ix) any agreement of a Foreign Subsidiary
or Restricted Subsidiary which is not a Loan Party governing Indebtedness permitted to be incurred or permitted to exist under
Section 7.2, (x) any agreement or arrangement already binding on a Restricted Subsidiary when it is acquired so long as such agreement
or arrangement was not created in anticipation of such acquisition, (xi) customary provisions limiting the disposition or distribution
of assets or property in asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements
in the ordinary course of business (including agreements entered into in connection with any Investment permitted under Section
7.7), which limitation is applicable only to the assets that are the subject of such agreements, (xii) customary provisions restricting
assignment of any agreement entered into in the ordinary course of business, (xiii) restrictions pursuant to applicable Law, rule,
regulation or order or the terms of any license, authorization, concession or permit, (xiv) customary net worth provisions contained
in Real Property leases entered into by the Borrower and its Restricted Subsidiaries, so long as the Borrower has determined in
good faith that such net worth provisions would not reasonably be expected to impair the ability of the Borrower to meet its ongoing
payment obligations hereunder or, in the case of any Subsidiary Guarantor, its obligations under the Guarantee and Collateral
Agreement or (xv) encumbrances or restrictions on cash or other deposits imposed by customers under contracts entered into in
the ordinary course of business.

 

7.15           
Lines of Business. Enter into any business, either directly or through any Restricted Subsidiary, except for
those businesses in which the Borrower and its Restricted Subsidiaries are engaged on the date of this Agreement or that are similar,
corollary, reasonably related, incidental, ancillary or complementary thereto.

 

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SECTION 8     EVENTS
OF DEFAULT

 

8.1              
Events of Default. If any of the following events shall occur and be continuing:

 

(a)             
the Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with
the terms hereof; or the Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable
hereunder or under any other Loan Document, within five (5) Business Days after any such interest or other amount becomes due in
accordance with the terms hereof; or

 

(b)             
any representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that
is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with
this Agreement or any such other Loan Document shall prove to have been inaccurate in any material respect on or as of the date
made or deemed made; or

 

(c)              
any Loan Party shall default in the observance or performance of any agreement contained in Section 2.13(a)(vi),
clause (i) or (ii) of Section 6.5(a) (with respect to the Borrower only), Section 6.8(a) or Section 7 of this Agreement (an Event
of Default under this clause (c) as a result of a breach of any Financial Covenant, a “Financial Covenant Event of Default”);
provided, that a Financial Covenant Event of Default is subject to a cure pursuant to Section 8.2; or

 

(d)             
any Loan Party shall default in the observance or performance of any other agreement contained in this Agreement
or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section 8.1), and such default shall continue
unremedied for a period of thirty (30) days (or, in the case of a default under Section 6.1, for a period of ten (10) Business
Days or, in the case of a default under Section 6.15(e), for a period of ten (10) days) after notice to the Borrower from the Administrative
Agent or the Required Lenders; or

 

(e)             
the Borrower or any Restricted Subsidiary (i) defaults in making any payment of any principal of any Material Indebtedness
(including any Guarantee Obligation or Hedge Agreement that constitutes Material Indebtedness, but excluding the Loans and intercompany
Indebtedness) on the scheduled or original due date with respect thereto; or (ii) defaults in making any payment of any interest
on any such Material Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such
Indebtedness was created; or (iii) defaults in the observance or performance of any other agreement or condition relating to any
such Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other
event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder
or beneficiary of such Material Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the
giving of notice if required, such Material Indebtedness to become due prior to its stated maturity or to become subject to a
mandatory offer to purchase by the obligor thereunder or (in the case of any such Material Indebtedness constituting a Guarantee
Obligation) to become payable (it being understood, for the avoidance of doubt, that the satisfaction of any customary “conversion
conditions” set forth in the instruments governing any Convertible Bond Indebtedness will not be deemed to constitute a
default under this clause (e) on account of such satisfaction giving any holder of such Convertible Bond Indebtedness the right
to convert the same and that this clause (e) shall not apply to any early payment requirement or unwinding or termination with
respect to any Capped Call Transactions, or satisfaction of any condition giving rise to or permitting the foregoing in accordance
with the terms thereof); or

 

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(f)              
(i) the Borrower or any Restricted Subsidiary (other than an Immaterial Subsidiary) shall commence any case, proceeding,
assignment, or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to
adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator
or other similar official for it or for all or any substantial part of its assets, or the Borrower or any Restricted Subsidiary
(other than an Immaterial Subsidiary) shall make a general assignment for the benefit of its creditors; or (ii) there shall
be commenced against the Borrower or any Restricted Subsidiary (other than an Immaterial Subsidiary) any case, proceeding, petition
or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication
or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there shall be commenced
any case, proceeding, petition or other action seeking issuance of a warrant of attachment, execution, distraint or similar process
against all or any substantial part of the assets of the Borrower and its Restricted Subsidiaries, taken as a whole, that results
in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within
sixty (60) days from the entry thereof; or (iv) the Borrower or any Restricted Subsidiary (other than an Immaterial Subsidiary)
shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth
in clause (i), (ii), or (iii) above; or (v) the Borrower or any Restricted Subsidiary (other than an Immaterial Subsidiary) shall
generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or

 

(g)              
an ERISA Event that, together with all other ERISA Events, if any, would reasonably be expected to have a Material
Adverse Effect; or

 

(h)              
one or more judgments or decrees shall be entered against the Borrower or any Restricted Subsidiary and the same
shall not have been vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof and any such judgments
or decrees either (i) is for the payment of money, individually or in the aggregate (not paid or fully covered by insurance
as to which the relevant insurance company has acknowledged coverage), of $30,000,000 or more or (ii) is for injunctive relief
and could reasonably be expected to have a Material Adverse Effect, or

 

(i)               
any of the Security Documents shall cease, for any reason, to be in full force and effect with respect to a material
portion of the Collateral, or any Loan Party shall so assert, or any Lien created by any of the Security Documents shall cease
to be enforceable and of the same effect and priority purported to be created thereby; or any Loan Party shall so assert (other
than, in any such case, any transactions expressly permitted by the Loan Documents); or

 

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(j)              
 the guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall cease, for any reason, to be
in full force and effect or any Loan Party shall so assert (other than, in any such case, any transactions expressly permitted
by the Loan Documents); or

 

(k)              
a Change of Control occurs,

 

then, and in any such event, (A) if such
event is an Event of Default specified in paragraph (f) above, automatically the Commitments shall immediately terminate and the
Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including
all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented
the documents required thereunder) shall immediately become due and payable, and (B) if such event is any other Event of Default,
any or all of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or
upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the Revolving Commitments
and any Term Commitments to be terminated forthwith, whereupon the Revolving Commitments and the Term Loan Commitments, as the
case may be, shall immediately terminate; (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon
the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with
accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts
of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents
required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable; (iii) with the
consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative
Agent shall, enforce (or direct the Collateral Agent to enforce) all of the Liens and security interests created pursuant to the
Security Documents; and (vi) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the
Required Lenders, the Administrative Agent shall, enforce each guaranty of the Obligations (including without limitation under
the Guaranty and Collateral Agreement). With respect to all Letters of Credit with respect to which presentment for honor shall
not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a cash
collateral account subject to the security interest granted in favor of the Lenders opened by the Administrative Agent an amount
equal to the 103% of the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral
account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused
portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay
other obligations of the Borrower hereunder and under the other Loan Documents in accordance with the Guarantee and Collateral
Agreement. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have
been satisfied and all other obligations of the Borrower hereunder and under the other Loan Documents shall have been paid in full,
the balance, if any, in such cash collateral account shall be returned to the Borrower (or such other Person as may be lawfully
entitled thereto). Except as expressly provided above in this Section 8.1, presentment, demand, protest and all other notices of
any kind are hereby expressly waived by the Borrower.

 

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8.2             
 Equity Cure.

 

(a)             
Notwithstanding anything to the contrary contained in Section 8.1, but subject to Section 8.2(b), solely for the
purpose of determining whether a Financial Covenant Event of Default has occurred as of the end of and for any Reference Period
(or, in the case of Section 7.1(b), any applicable fiscal quarter of the Borrower) ending on the last day of any fiscal quarter
with respect to which an applicable Financial Covenant is tested (such fiscal quarter, a “Cure Quarter”), the
Borrower shall have the right to issue equity, directly or indirectly (which equity shall be not be Disqualified Capital Stock),
in exchange for cash to be directly received by it, on or after the first day of such Cure Quarter and on or prior to the tenth
(10th) Business Day after the date on which financial statements are required to be delivered pursuant to Section 6.1(a) or (b),
as applicable, with respect to such Cure Quarter or the fiscal year ending on the last day of such Cure Quarter, as applicable
(the “Cure Expiration Date”), and such cash will, if so designated by the Borrower, be included in the calculation
of Consolidated EBITDA for purposes of determining compliance with the applicable Financial Covenants as of the end of and for
the Reference Period (or, in the case of Section 7.1(b), the applicable fiscal quarter of the Borrower) ending on the last day
of such Cure Quarter and, except in the case of Section 7.1(b) (in which case such cash will be included in the calculation of
Consolidated EBITDA solely for the applicable Cure Quarter), any Reference Periods ending on the last day of any of the subsequent
three fiscal quarters (any such equity contribution, an “Equity Cure Contribution,” and the amount of such Equity
Cure Contribution, the “Cure Amount”); provided that (i) cash proceeds of such Equity Cure Contribution
shall not constitute unrestricted cash or Cash Equivalents for “cash netting” purposes and (ii) for the avoidance of
doubt, any Equity Cure Contribution made in respect of the Financial Covenant set forth in Section 7.1(b) shall constitute a Cure
Amount and be included in the calculation of Consolidated EBITDA solely for purposes of determining compliance with Section 7.1(b)
for the applicable Cure Quarter (and not for any other fiscal quarter of the Borrower for which Section 7.1(b) is tested or for
any other purpose (including, for the avoidance of doubt, for purposes of determining compliance with the Financial Covenants set
forth in Section 7.1(c) or (d))).

 

All Equity Cure Contributions
shall be disregarded for all purposes of this Agreement other than inclusion in the calculation of Consolidated EBITDA for the
purpose of determining compliance with the Financial Covenants as of the end of and for the Reference Period (or, in the case
of Section 7.1(b), the applicable fiscal quarter of the Borrower) ending on the last day of such applicable Cure Quarter and (except
as set forth in the immediately preceding proviso with respect to Section 7.1(b)) any Reference Periods ending on the last day
of any of the subsequent three fiscal quarters, including being disregarded for purposes of the determination of the Available
Amount and all components thereof and any baskets with respect to the covenants contained in Section 7 (other than Section 7.1).
Notwithstanding anything to the contrary contained in Section 8.1, (A) upon receipt of the Cure Amount by the Borrower in an amount
necessary to cause the Borrower to be in compliance with the applicable Financial Covenant, as of the end of and for the Reference
Period (or, in the case of Section 7.1(b), the applicable fiscal quarter of the Borrower) ending on the last day of such applicable
Cure Quarter, the applicable Financial Covenant, shall be deemed satisfied and complied with as of the end of and for such Reference
Period (or, in the case of Section 7.1(b), the applicable fiscal quarter of the Borrower) with the same effect as though there
had been no failure to comply with the applicable Financial Covenant, and any Default or Event of Default related to any failure
to comply with the applicable Financial Covenant, shall be deemed not to have occurred for purposes of the Loan Documents and
(B) upon receipt by the Administrative Agent of a notice from the Borrower stating the Borrower’s intent to cure such Event
of Default (“Notice of Intent to Cure”) prior to the making of an Equity Cure Contribution (but in any event
no later than the applicable Cure Expiration Date): (i) no Default or Event of Default shall be deemed to have occurred on the
basis of any failure to comply with the applicable Financial Covenant, unless such failure is not cured by the making of an Equity
Cure Contribution on or prior to the applicable Cure Expiration Date, (ii) none of the Administrative Agent, the Collateral Agent
or any Lender shall exercise any of the remedial rights otherwise available to it upon an Event of Default, including the right
to accelerate the Loans, to terminate Commitments or to foreclose on the Collateral solely on the basis of an Event of Default
having occurred as a result of a violation of Section 7.1, as applicable, unless the Equity Cure Contribution is not made on or
before the applicable Cure Expiration Date and (iii) if the Equity Cure Contribution is not made on or before the applicable Cure
Expiration Date, such Event of Default or potential Event of Default shall spring into existence after such time.

 

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(b)              
There shall be (i) no more than two (2) Equity Cure Contributions made during the term of this Agreement, (ii) no
more than one (1) Equity Cure Contributions made during any four consecutive fiscal quarters, and (iii) no Equity Cure Contributions
made in any two consecutive fiscal quarters. No Equity Cure Contribution shall be any greater than the lesser of (x) $5,000,000
and (y) the minimum amount required to cause the Borrower to be in compliance with the applicable Financial Covenant in the applicable
Cure Quarter.

 

SECTION 9       
THE AGENTS

 

9.1             
Appointment. Each Lender (and, if applicable, each other Secured Party) hereby irrevocably designates and
appoints each Agent as the agent of such Lender (and, if applicable, each other Secured Party) under this Agreement and the other
Loan Documents, and each such Lender (and, if applicable, each other Secured Party) irrevocably authorizes such Agent, in such
capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise
such powers and perform such duties as are expressly delegated to such Agent by the terms of this Agreement and the other Loan
Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary
elsewhere in this Agreement, no Agent shall have any duties or responsibilities, except those expressly set forth herein, or any
fiduciary relationship with any Lender or other Secured Party, and no implied covenants, functions, responsibilities, duties, obligations
or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against any Agent.

 

9.2             
Delegation of Duties. Each Agent may execute any of its duties under this Agreement and the other Loan Documents
by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such
duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable
care.

 

9.3             
Exculpatory Provisions. Without limiting the generality of the foregoing, each Agent:

 

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(a)             
 shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and
is continuing;

 

(b)             
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that such Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents), provided that no Agent shall be required to take any action that, in its opinion or the
opinion of its counsel, may expose such Agent to liability or that is contrary to any Loan Document or applicable law, including
for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect
a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

 

(c)              
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall
not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated
to or obtained by the Person serving as such Agent or any of its Affiliates in any capacity;

 

(d)             
shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary, or as such Agent shall believe in good faith
shall be necessary, under the circumstances as provided in Sections 8.1 and 10.1) or (ii) in the absence of its own gross negligence
or willful misconduct, as determined by a court of competent jurisdiction by a final and nonappealable judgment; and

 

(e)              
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of
the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document,
or the creation, perfection or priority of any Lien purported to be created by the Security Documents, (v) the value or the sufficiency
of any Collateral, or (v) the satisfaction of any condition set forth in Section 5 or elsewhere herein, other than to confirm receipt
of items expressly required to be delivered to such Agent.

 

(f)               
The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire
into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality
of the foregoing, the Administrative Agent shall not ‎(x) be obligated to ascertain, monitor or inquire as to whether any
Lender or Participant or prospective Lender or Participant is a Disqualified ‎Institution or (y) have any liability with
respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any ‎Disqualified
Institution.

 

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9.4            
 Reliance by Administrative Agent. Each Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent
or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone
and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of
Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Lender, each Agent may presume that such
condition is satisfactory to such Lender or Issuing Lender unless such Agent shall have received notice to the contrary from such
Lender or Issuing Lender prior to the making of such Loan or the issuance of such Letter of Credit. Each Agent may consult with
legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be
liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

9.5             
Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or
Event of Default hereunder unless such Agent has received notice from a Lender or the Borrower referring to this Agreement, describing
such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative
Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall
take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or,
if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement); provided
that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not
be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall
deem advisable in the best interests of the Secured Parties.

 

9.6             
Non-Reliance on Agents and Other Lenders. Each Lender (and, if applicable, each other Secured Party) expressly
acknowledges that neither the Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or
affiliates have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review
of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty
by any Agent to any Lender or any other Secured Party. Each Lender (and, if applicable, each other Secured Party) represents to
the Agents that it has, independently and without reliance upon any Agent or any other Lender or any other Secured Party, and
based on such documents and information as it has deemed appropriate, made its own appraisal of an investigation into the business,
operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its
own decision to make its Loans hereunder and enter into this Agreement, any Specified Hedge Agreement or any Specified Cash Management
Agreement. Each Lender (and, if applicable, each other Secured Party) also represents that it will, independently and without
reliance upon any Agent or any other Lender or any other Secured Party, and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action
under this Agreement and the other Loan Documents, any Specified Hedge Agreement or any Specified Cash Management Agreement, and
to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other
condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly
required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty
or responsibility to provide any Lender or any other Secured Party with any credit or other information concerning the business,
operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any Affiliate of
a Loan Party that may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents,
attorneys-in-fact or Affiliates.

 

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9.7             
Indemnification. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required
under Section 10.5 to be paid by it to any Agent Related Party (or any sub-agent thereof), each Lender severally agrees to pay
to such Agent Related Party (or any such sub-agent thereof) such Lender’s ratable proportion (determined as of the time that
the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that (a) the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
any Agent Related Party (or any such sub-agent thereof) and (b) no Lender shall be liable for the payment of any portion of such
unreimbursed expense or indemnified loss, claim, damage, liability or related expense that is found by a final and nonappealable
decision of a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful misconduct.
The agreements in this Section 9.7 shall survive the payment of the Loans and all other amounts payable hereunder.

 

9.8             
Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from and
generally engage in any kind of business with any Loan Party as though such Agent were not an Agent and without any duty to account
therefor to the Lenders. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or participated
in by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and
may exercise the same as though it were not an Agent, and the terms “Lender”, “Lenders”, “Secured
Party” and “Secured Parties” shall include each Agent in its individual capacity.

 

9.9             
Successor Administrative Agent; Resignation of Issuing Lender. (a) The Administrative Agent and the Collateral
Agent may resign as Administrative Agent and Collateral Agent, respectively, upon ten (10) days’ notice to the Lenders and
the Borrower. If the Administrative Agent or Collateral Agent, as applicable, shall resign as Administrative Agent or Collateral
Agent, as applicable, under this Agreement and the other Loan Documents, then the Required Lenders shall appoint a successor agent
for the Lenders (which such successor agent shall be (x) a Lender or (y) otherwise satisfactory to the Required Lenders), which
successor agent shall (unless an Event of Default under Section 8.1(a) or Section 8.1(f) with respect to the Borrower shall have
occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed),
whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent or Collateral Agent,
as applicable, and the term “Administrative Agent” or “Collateral Agent,” as applicable, shall mean such
successor agent effective upon such appointment and approval, and the former Administrative Agent’s or Collateral Agent’s,
as applicable, rights, powers and duties as Administrative Agent or Collateral Agent, as applicable, shall be terminated, without
any other or further act or deed on the part of such former Administrative Agent or Collateral Agent, as applicable, or any of
the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent
or Collateral Agent, as applicable, by the date that is ten (10) days following a retiring Administrative Agent’s or Collateral
Agent’s, as applicable, notice of resignation, the retiring Administrative Agent’s or Collateral Agent’s, as
applicable, resignation shall nevertheless thereupon become effective and the Lenders shall assume and perform all of the duties
of the Administrative Agent or Collateral Agent, as applicable, hereunder until such time, if any, as the Required Lenders appoint
a successor agent as provided for above. After the retiring or removed Administrative Agent’s or Collateral Agent’s,
as applicable, resignation or removal hereunder and under the other Loan Documents, the provisions of this Section 9 and Section
10.5 shall continue in effect for the benefit of such retiring or removed Administrative Agent, Collateral Agent, their respective
sub-agents and their respective Agent Related Parties in respect of any actions taken or omitted to be taken by any of them while
the retiring or removed Administrative Agent was acting as Administrative Agent or Collateral Agent, as applicable.

 

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(b)            
Anything herein to the contrary notwithstanding, if at any time the Required Lenders determine that the Person serving
as Administrative Agent is a Defaulting Lender, the Required Lenders (determined after giving effect to the final paragraph of
Section 10.1) may by notice to the Borrower and such Person remove such Person as Administrative Agent and appoint a replacement
Administrative Agent hereunder, which successor agent shall (unless an Event of Default under Section 8.1(a) or Section 8.1(f)
with respect to the Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall
not be unreasonably withheld or delayed). Such removal will, to the fullest extent permitted by applicable law, be effective on
the earlier of (i) the date a replacement Administrative Agent is appointed and (ii) the date ten (10) Business Days after the
giving of such notice by the Required Lenders (regardless of whether a replacement Administrative Agent has been appointed).

 

(c)              
In addition to the foregoing, (i) if a Lender becomes, and during the period it remains, a Defaulting Lender, the
Issuing Lender may, upon prior written notice to the Borrower and the Administrative Agent, resign as Issuing Lender effective
at the close of business New York time on a date specified in such notice (which date may not be less than ten (10) Business Days
after the date of such notice), (ii) the Issuing Lender may, upon prior written notice to the Borrower and the Administrative Agent,
resign as Issuing Lender effective at the close of business New York time on a date specified in such notice (which date may not
be less than thirty (30) days after the date of such notice) or (iii) if Morgan Stanley Senior Funding, Inc. resigns or is removed
as Administrative Agent, such resignation or removal shall also constitute its resignation as Issuing Lender; provided that
such resignation by the Issuing Lender will have no effect on the validity or enforceability of any Letter of Credit then outstanding
or on the obligations of the Borrower or any Lender under this Agreement with respect to any such outstanding Letter of Credit
or otherwise to the Issuing Lender and such Issuing Lender shall continue to be an Issuing Lender for the purposes of this Agreement
in respect of such Letters of Credit.

 

9.10          
Agents Generally. Except as expressly set forth herein, the Agents and the Lead Arrangers shall not have any
duties or responsibilities hereunder in its capacity as such.

 

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9.11         
Lender Action. Each Lender agrees that it shall not take or institute any actions or proceedings, judicial
or otherwise, for any right or remedy against any Loan Party or any other obligor under any of the Loan Documents, the Specified
Hedge Agreements or the Specified Cash Management Agreements (including the exercise of any right of setoff, rights on account
of any banker’s lien or similar claim or other rights of self-help), or institute any actions or proceedings, or otherwise
commence any remedial procedures, with respect to any Collateral or any other property of any such Loan Party, without the prior
written consent of the Administrative Agent. Each Lender agrees that it shall not take or institute any actions or proceedings,
judicial or otherwise, for any right or remedy for recovery, sale or other disposition of any Collateral, against any Loan Party
or any other obligor under any of the Specified Hedge Agreements or the Specified Cash Management Agreements without the prior
written consent of the Administrative Agent.

 

9.12           
Withholding Taxes. Without limiting or expanding the provisions of Section 3.10, each Lender shall indemnify
the Administrative Agent (to the extent that Administrative Agent has not already been reimbursed by the Loan Parties and without
limiting or expanding the obligation of the Loan Parties to do so) against, and shall make payable in respect thereof within ten
(10) days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including
fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative
Agent by the Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative Agent
to properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including because the appropriate
form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in
circumstance that rendered the exemption from, or reduction of, withholding tax ineffective). A certificate as to the amount of
any 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 amounts at any time owing to such Lender under this
Agreement or any other Loan Document against any amounts due the Administrative Agent under this Section 9.12. The agreements
in this Section 9.12 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights
by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other
Obligations.

 

9.13           
Administrative Agent May File Proofs of Claim; Credit Bidding. In case of the pendency of any proceeding under
any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether
the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by
intervention in such proceeding or otherwise:

 

(a)             
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the
Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary
or advisable in order to have the claims of the Lenders, the Issuing Lender and the Administrative Agent (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Lenders and the Administrative
Agent and their respective agents and counsel and all other amounts due the Lenders, the Issuing Lenders and the Administrative
Agent under Sections 2.3, 2.7 and 10.5 or otherwise) allowed in such judicial proceeding; provided, that the foregoing
shall not prohibit any Qualified Counterparty from filing proofs of claim or appearing and filing pleadings on its own behalf
during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Laws; and

 

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(b)              
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same;

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
and the Issuing Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the
making of such payments directly to the Lenders and the Issuing Lender, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other
amounts due the Administrative Agent under Sections 2.3, 2.7 and 10.5 or otherwise.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or
Issuing Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any
Lender or Issuing Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Lender
or in any such proceeding.

 

The Secured Parties
hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion
of the Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations
pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition
vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of
the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws
in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral
in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action
or otherwise) in accordance with any applicable law.  In connection with any such credit bid and purchase, the Obligations
owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect
to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest
upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in
allocating the contingent interests) in the asset or assets so purchased (or in the Capital Stock or debt instruments of the acquisition
vehicle or vehicles that are used to consummate such purchase).  In connection with any such bid (i) the Administrative Agent
shall be authorized to form one or more acquisition vehicles to make a bid, (ii) to adopt documents providing for the governance
of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition
vehicle or vehicles, including any disposition of the assets or Capital Stock thereof shall be governed, directly or indirectly,
by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations
on actions by the Required Lenders contained in Section 10.1 of this Agreement), (iii) the Administrative Agent shall be authorized
to assign the relevant Obligations to any such acquisition vehicle pro rata by the Lenders, as a result of which each of the Lenders
shall be deemed to have received a pro rata portion of any Capital Stock and/or debt instruments issued by such an acquisition
vehicle on account of the assignment of the Obligations to be credit bid, all without the need for any Secured Party or acquisition
vehicle to take any further action, and (iv) to the extent that Obligations that are assigned to an acquisition vehicle are not
used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations
assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Obligations
shall automatically be reassigned to the Lenders pro rata and the Capital Stock and/or debt instruments issued by any acquisition
vehicle on account of the Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled, without
the need for any Secured Party or any acquisition vehicle to take any further action.

 

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9.14           
Certain ERISA Matters.

 

(a)              
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party,
that at least one of the following is and will be true:

 

   (i)           
such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of
one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Commitments or this Agreement;

 

   (ii)          
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions
determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving
insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate
accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class
exemption for certain transactions determined by in-house asset managers), is applicable so as to exempt from the prohibitions
of Section 406 of ERISA and Section 4975 of the Code such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Agreement;

 

  (iii)          
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such
Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement,
(C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments
and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge
of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
or

 

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   (iv)        
 such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in
its sole discretion, and such Lender.

 

(b)              
In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender
or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto,
to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party
hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower
or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in
such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent
under this Agreement, any Loan Document or any documents related hereto or thereto).

 

SECTION 10   
MISCELLANEOUS

 

10.1           
Amendments and Waivers. Except to the extent otherwise expressly set forth in this Agreement, neither this
Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance
with the provisions of this Section 10.1. Subject to Section 3.7(b), the Required Lenders and each Loan Party party to the relevant
Loan Document may, or, with the written consent of the Required Lenders, the Administrative Agent and each Loan Party party to
the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to
the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in
any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions
as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements
of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however,
that (1) any such amendment, supplement, modification or waiver shall be acknowledged by the Administrative Agent and (2) no such
waiver and no such amendment, supplement or modification shall:

 

  (i)            
forgive the principal amount or extend the final scheduled date of maturity of any Loan, extend the scheduled date
of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or forgive or reduce any interest
or fee payable hereunder (except (x) in connection with the waiver of applicability of any post-default increase in interest rates,
which waiver shall be effective with the consent of the Majority Facility Lenders of each adversely affected Facility and (y) that
any amendment or modification of the financial covenants or defined terms used in the financial covenants in this Agreement shall
not constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the scheduled date of any
payment thereof, or increase the amount or extend the expiration date of any Lender’s Commitment, in each case without the
written consent of each Lender directly affected thereby;

 

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(ii)            
 eliminate or reduce the voting rights of any Lender under this Section 10.1 without the written consent of such
Lender;

 

(iii)           
reduce any percentage specified in the definition of Required Lenders, consent to the assignment or transfer by the
Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all
of the Collateral or release all or substantially all of the Subsidiary Guarantors from their obligations under the Guarantee and
Collateral Agreement (other than pursuant to any transaction or transactions expressly permitted by the Loan Documents), in each
case without the written consent of all Lenders;

 

(iv)            
after the Closing Date, no amendment, waiver or consent which has the effect of enabling the Borrower to satisfy
any condition to a Borrowing contained in Section 5.2 hereof which, but for such amendment, waiver or consent would not be satisfied,
shall be effective to require the Revolving Lenders to make any additional Revolving Loan, unless and until the Majority Facility
Lenders under the Revolving Facility shall have approved such amendment, waiver or consent (it being understood and agreed that
the waiver of any Default or Event of Default effected with the requisite percentage of Lenders under the other provisions of this
Section 10.1 shall be effective to waive such Default or Event of Default, despite the provisions of this clause (iv) and following
such waiver such Default or Event of Default shall be treated as cured for all purposes hereunder, including under Section 5.2
and this clause (iv));

 

(v)            
amend, modify or waive any provision of Sections 3.8 or 10.7(a) of this Agreement or Section 6.5 of the Guarantee
and Collateral Agreement, in each case without the written consent of all Lenders except, in the case of amendments to Section
3.8 pursuant to an Extension Amendment;

 

(vi)           
[reserved];

 

(vii)          
amend, modify or waive any provision of the Loan Documents that by its terms adversely affects the rights of one
Facility in respect of Collateral in a manner different than another Facility, in each case without the written consent of the
Majority Facility Lenders with respect to each Facility adversely affected thereby;

 

(viii)         
reduce the percentage specified in the definition of Majority Facility Lenders with respect to any Facility without
the written consent of all Lenders under such Facility;

 

(ix)            
amend, modify or waive any provision of Section 9 without the written consent of each Agent adversely affected thereby;

 

(x)             
amend, modify or waive any provision of Section 10.6 to further restrict any Lender’s ability to assign or
otherwise transfer its obligations hereunder without the written consent of all Lenders;

 

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(xi)           
 amend, modify or waive any provision of Sections 2.5 to 2.12 without the written consent of each Issuing Lender;

 

(xii)           
[reserved]; and

 

(xiii)         
amend, modify or waive any provision of this Section 10.1 that requires the consent of: (A) each Issuing Lender
without the express written consent of each Issuing Lender; (B) each Agent without the express written consent of each Agent; (C)
the Majority Facility Lenders under any Facility with the express written consent of the Majority Facility Lenders under such Facility;
and (D) all Lenders or each affected Lender without the express written consent of each Lender.

 

In the case of any waiver,
the Loan Parties, the Lenders and the Agents shall be restored to their former position and rights hereunder and under the other
Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall
extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon.

 

In addition, notwithstanding
the foregoing, this Agreement may be amended with the written consent of the Administrative Agent (not to be unreasonably withheld,
delayed or conditioned), the Borrower and the Lenders or other Persons providing the relevant Refinancing Facility (as defined
below) to permit the refinancing (including by extending maturity) of all or any portion of any outstanding Term Loans or Revolving
Loans and Revolving Commitments (such refinanced Term Loans or Revolving Loans and Revolving Commitments, as the case may be, each
a “Refinanced Facility” and, collectively, the “Refinanced Facilities”) with a replacement
term loan tranche in the form of a separate term loan facility (“Refinancing Facility”); provided that
(a) the aggregate principal amount of such Refinancing Facilities shall not exceed the aggregate principal amount of such Refinanced
Facilities plus accrued interest, fees and expenses related thereto, (b) the maturity date for such Refinancing Facilities shall
not be earlier than the maturity date for the corresponding Refinanced Facilities, (c) the weighted average life to maturity of
such Refinancing Facilities shall not be shorter than the weighted average life to maturity of such Refinanced Facilities at the
time of such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a
result of prepayment of any applicable Term Loans) (d) if guaranteed, such Refinancing Facility shall not be guaranteed by any
Subsidiary of the Borrower that is not a Guarantor and, if secured, shall not be secured by any property that does not constitute
Collateral; and (e) all other terms applicable to such Refinancing Facilities (other than pricing and optional prepayment or redemption
terms) shall be substantially identical to, or not materially more favorable (taken as a whole) to the Lenders or other Persons
providing such Refinancing Facility than, those applicable to the applicable Refinanced Facility, except to the extent necessary
to provide for covenants and other terms applicable to any period after the latest final maturity of the Loans in effect immediately
prior to such refinancing.

 

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If, in connection with
any proposed amendment, modification, waiver or termination requiring the consent of all Lenders (including all Lenders under
a single Facility), the consent of the Required Lenders (or Majority Facility Lenders) is obtained, but the consent of other Lenders
whose consent is required is not obtained (any such Lender whose consent is not obtained being referred to as a “Non-Consenting
Lender”), then a Person reasonably acceptable to the Borrower and the Administrative Agent shall have the right but
not the obligation to purchase from such Non-Consenting Lenders, and such Non-Consenting Lenders agree that they shall, upon the
Borrower’s request, sell and assign to such Person, all of the Term Loans and Revolving Commitments of such Non-Consenting
Lenders for an amount equal to the principal balance of all such Term Loans and any outstanding Revolving Loans held by such Non-Consenting
Lenders and all accrued interest and fees with respect thereto through the date of sale, such purchase and sale to be consummated
pursuant to an executed Assignment and Assumption. In addition to the foregoing, the Borrower may replace any Non-Consenting Lender
pursuant to Section 3.13.

 

Notwithstanding the foregoing,
this Agreement and the other Loan Documents may be amended (or amended and restated), modified or supplemented with the written
consent of the Administrative Agent and the Borrower (or the Administrative Agent and the Borrower may enter into additional Loan
Documents as the Administrative Agent reasonably deems appropriate) (a) to cure any ambiguity, error, omission or inconsistency
of a technical nature, defect or inconsistency, so long as such amendment, modification or supplement does not adversely affect
the rights of any Lender or the Issuing Lender, (b) to add one or more additional credit facilities with respect to Incremental
Term Loans to this Agreement, including to permit the extensions of credit from time to time outstanding thereunder and the accrued
interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with any existing
Term Loans, as applicable, and the accrued interest and fees in respect thereof and (c) to include appropriately the Lenders holding
such credit facilities in any determination of the Required Lenders and Majority Facility Lenders; provided, that the conditions
set forth in Section 2.14 are satisfied, (d) to permit the extensions of credit from time to time outstanding under any Incremental
Equivalent Term Debt or Refinancing Facility permitted to be incurred hereunder to share ratably in the benefits of Section 3.2
with any existing Term Loans to the extent applicable taking into account the obligors and scope and lien priority of the collateral
securing such Refinancing Facility as compared to any existing Term Loans as reasonably determined by the Administrative Agent
in consultation with the Borrower, (e) to implement changes contemplated by Section 7.12 with respect to a change in the Borrower’s
fiscal year and (f) to implement any Benchmark Replacement or any Benchmark Replacement Conforming Changes or otherwise effectuate
the terms of Section 3.7(b) in accordance with the terms of Section 3.7(b). In addition, notwithstanding the foregoing, the Fee
Letter may be amended, modified, supplemented or restated with the written consent solely of the Borrower and the Administrative
Agent.

 

Anything herein to the
contrary notwithstanding, during such period as a Lender is a Defaulting Lender, to the fullest extent permitted by applicable
law, such Lender will not be entitled to vote in respect of amendments and waivers hereunder and the Commitment and the outstanding
Loans or other extensions of credit of such Lender hereunder will not be taken into account in determining whether the Required
Lenders or all of the Lenders, as required, have approved any such amendment or waiver (and the definitions of “Required
Lenders” and “Majority Facility Lenders” will automatically be deemed modified accordingly for the duration
of such period); provided that, subject to the limitations set forth in the first paragraph of this Section 10.1, any such
amendment or waiver that would increase or extend the term of the Commitment of such Defaulting Lender, extend the date fixed
for the payment of principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any obligation
owing to such Defaulting Lender, reduce the amount of or the rate or amount of interest on any amount owing to such Defaulting
Lender or of any fee payable to such Defaulting Lender hereunder, reduce any percentage specified in the definition of Required
Lender, disproportionately affect such Defaulting Lender as compared to other Lenders holding the same Class of Loans, or alter
the terms of this proviso, will require the consent of such Defaulting Lender.

 

    	 	135	 

     

    

 

10.2           
Notices. (a) All notices and other communications provided for hereunder shall be either (i) in writing (including
telecopy or e-mail communication) and mailed, telecopied or delivered or (ii) as and to the extent set forth in Section 10.2(b)
and in the proviso to this Section 10.2(a), in an electronic medium and as delivered as set forth in Section 10.2(b) if to the
Borrower, at its address at 7900 Harkins Road, Lanham, MD 20706, Attention: Matthew Norden; Paul S. Lalljie; Kevin Welch, E-mail
Address: mnorden@2u.com; plalljie@2u.com; kwelch@2u.com, with a copy to Latham & Watkins LLP, at its address at 555 Eleventh
Street, NW, Suite 1000, Washington, D.C. 20004-1304 Attention: Brandon Bortner and Katherine Putnam, E-mail Address: Brandon.Bortner@lw.com
and Katherine.Putnam@lw.com; if to the Administrative Agent, at its address at 1585 Broadway, New York, New York, 10036, attention:
Agency Team, E-mail Address: AGENCY.BORROWERS@morganstanley.com, telephone No. (917) 260-0588; if to the Administrative Agent,
to its address at 1300 Thames Street, 4th Floor, Thames Street Wharf, Baltimore, MD 21231, attention: Documentation
team, E-mail Address: DOCS4LOANS@morganstanley.com, or, as to any party, at such other address as shall be designated by such
party in a written notice to the other parties; provided, however, that materials and information described in Section 10.2(b)
shall be delivered to the Administrative Agent in accordance with the provisions thereof or as otherwise specified to the Borrower
by the Administrative Agent; if to any other Lender, to the address, facsimile number, electronic mail address or telephone number
specified in its administrative questionnaire delivered to the Administrative Agent (including, as appropriate, notices delivered
solely to the Person designated by a Lender on its administrative questionnaire delivered to the Administrative Agent then in
effect for the delivery of notices that may contain material non-public information relating to the Borrower). All such notices
and other communications shall, when mailed, be effective four days after having been mailed, and when telecopied or e-mailed,
be effective when properly transmitted, except that notices and communications to any Agent pursuant to Sections 2, 3, 5 and 9
shall not be effective until received by such Agent. Delivery by telecopier of an executed counterpart of a signature page to
any amendment or waiver of any provision of this Agreement or the Notes or of any Exhibit hereto to be executed and delivered
hereunder shall be effective as delivery of an original executed counterpart thereof.

 

    	 	136	 

     

    

 

(b)              
The Borrower hereby agrees that it will provide to the Administrative Agent all information, documents and other
materials that it is obligated to furnish to the Administrative Agent pursuant to the Loan Documents, including, without limitation,
all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding
any such communication that (i) relates to a request for a new, or a conversion of an existing, borrowing or other extension of
credit (including any election of an interest rate or interest period relating thereto), (ii) relates to the payment of any principal
or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any default or event of
default under this Agreement or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this
Agreement and/or any borrowing or other extension of credit hereunder (all such non-excluded communications being referred to
herein collectively as “Communications”), by transmitting the Communications by electronic communication (including
e-mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent. In addition,
the Borrower agrees to continue to provide the Communications to the Agents in the manner specified in the Loan Documents but
only to the extent reasonably requested by the Administrative Agent. The Borrower further agrees that the Administrative Agent
may make the Communications available to the Lenders and the Qualified Counterparties by posting the Communications on IntraLinks,
Syndtrak, ClearPar, or a substantially similar electronic transmission system (the “Platform”). The Borrower
hereby acknowledges that (a) the Administrative Agent and/or the Lead Arrangers will make available to the Lenders and the Issuing
Lender materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”)
by posting the Borrower Materials on the Platform and (b) certain of the Lenders (each, a “Public Lender”)
may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates,
or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities
with respect to such Persons’ securities. The Borrower hereby agrees that it will use commercially reasonable efforts to
identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials
shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall
be deemed to have authorized the Administrative Agent, the Lead Arrangers, each Issuing Lender and the Lenders to treat such Borrower
Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to
the Borrower or its securities for purposes of United States Federal and state securities laws (provided, however,
that to the extent such Borrower Materials constitute information covered by Section 10.15, they shall be treated as set forth
in Section 10.15); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion
of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Lead Arrangers shall
be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion
of the Platform not designated “Public Side Information.”

 

(c)              
THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE ADMINISTRATIVE AGENT PARTIES (AS
DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY
DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING,
WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS
OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE ADMINISTRATIVE AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS
OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS,
EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, “ADMINISTRATIVE AGENT PARTIES”) HAVE ANY LIABILITY
TO THE BORROWER, ANY LENDER PARTY OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING, WITHOUT LIMITATION, DIRECT
OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING
OUT OF THE BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, except to
the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a
final and non-appealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Administrative
Agent Party or any of its Related Persons; provided, however, that in no event shall any Administrative Agent Party
have any liability to the Borrower, any Lender, any Issuing Lender or any other Person for indirect, special, incidental, consequential
or punitive damages (as opposed to direct or actual damages).

 

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The Administrative Agent
agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute
effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender agrees that
notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute
effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees to notify the Administrative
Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing
notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address. Nothing herein
shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan
Document in any other manner specified in such Loan Document.

 

10.3           
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Agent
or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided
are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

10.4           
Survival of Representations and Warranties. All representations and warranties made hereunder, in the other
Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive
the execution and delivery of this Agreement and the making of the Loans and other extensions of credit hereunder and shall continue
in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter
of Credit shall remain outstanding and so long as the Commitments of any Lender have not been terminated.

 

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10.5          
Payment of Expenses . (a) The Borrower agrees (i) to pay or reimburse each Agent for all its reasonable
and documented out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of, and
any amendment, supplement or modification to, this Agreement and the other Loan Documents and any other documents prepared in
connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby,
including the reasonable fees and disbursements of counsel to such parties (provided that such fees and disbursements shall not
include fees and disbursements for more than one counsel plus one local counsel in each relevant jurisdiction) and filing and
recording fees and expenses, with statements with respect to the foregoing to be submitted to the Borrower prior to the Closing
Date (in the case of amounts to be paid on the Closing Date) and from time to time thereafter as such parties shall deem appropriate,
(ii) to pay or reimburse each Lender and Agent for all its documented costs and expenses incurred in connection with the enforcement
or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including the fees,
charges and disbursements of a single firm of legal counsel, and, if necessary, one firm of local counsel in each appropriate
jurisdiction (which may include a single special counsel acting in multiple jurisdictions) to each Lender and of counsel to such
Agent, plus, in the case of any actual or perceived conflict of interest where the Lender or Agent affected by such conflict notifies
you of the existence of such conflict and thereafter retains its own counsel, of one other firm of counsel for such affected Lender
or Agent and (iii) to pay, indemnify, and hold each Lender, Agent and their respective affiliates and each of the respective officers,
partners, directors, employees, agents and controlling persons of the foregoing (each, an “Indemnitee”) harmless
from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration
of this Agreement, the other Loan Documents (regardless of whether any Indemnitee is or is not a party to any such actions or
suits and whether or not such actions or suits are brought by the Borrower, its affiliates, its security holders or creditors
or any other person) and any such other documents, including any of the foregoing relating to the use of proceeds of the Loans
or Letters of Credit or the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations
of the Borrower or any Restricted Subsidiary or any of the Properties and the reasonable fees and expenses of a single firm of
legal counsel, and, if necessary, one firm of local counsel in each appropriate jurisdiction (which may include a single special
counsel acting in multiple jurisdictions), in connection with claims, actions or proceedings by any Indemnitee against any Loan
Party under any Loan Document (all the foregoing in this clause (iii), collectively, the “Indemnified Liabilities”);
provided, that no Indemnitee will be indemnified for any Indemnified Liabilities to the extent (a) it has been determined
by a court of competent jurisdiction in a final, non-appealable judgment to have resulted from (i) the gross negligence, bad faith
or willful misconduct of such Indemnitee or (ii) a material breach of the obligations of such Indemnitee under the Loan Documents
or (b) any proceeding between and among Indemnitees that do not involve an act or omission by the Borrower or its Subsidiaries
(other than claims against the Administrative Agent or a Lead Arranger in its capacity or in fulfilling its role as the agent
or arranger or any other similar role under the Facilities (excluding its role as a Lender)); provided further, that, this
Section 10.5 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from
any non-Tax claim. Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agrees not to assert
and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries to waive, all rights for contribution
or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs
and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise
against any Indemnitee except to the extent found by a final and nonappealable decision of a court of competent jurisdiction to
have resulted primarily from the bad faith, gross negligence or willful misconduct of such Indemnitee. The agreements in this
Section 10.5 shall survive repayment of the Loans and all other amounts payable hereunder.

 

    	 	139	 

     

    

 

(b)              
To the fullest extent permitted by applicable law, neither the Borrower nor any Indemnitee shall assert, and each
of the Borrower and each Indemnitee does hereby waive, any claim against any party hereto, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as
a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated
hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof; provided that the foregoing shall not
limit any Loan Party’s indemnity obligations to the extent special, indirect, consequential or punitive damages are included
in any third party claim in connection with which such Indemnitee is entitled to receive indemnification hereunder. No Indemnitee
shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed
by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the
other Loan Documents or the transactions contemplated hereby or thereby in the absence of gross negligence, bad faith or willful
misconduct of such Indemnitee as determined by a court of competent jurisdiction in a final and non-appealable judgment.

 

(c)              
All amounts due under this Section 10.5 shall be payable not later than ten (30) days after invoiced or demand therefor
is made.

 

10.6           
Successors and Assigns; Participations and Assignments. (a) The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any
affiliate of an Issuing Lender that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and
any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign
or otherwise transfer its rights or obligations hereunder except (w) to an assignee in accordance with the provisions of paragraphs
(b) or (c) of this Section 10.6, (x) by way of participation in accordance with the provisions of paragraph (e) of this Section
10.6 or (y) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (h) of this Section
10.6 (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, express
or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors as assigns
permitted hereby, Participants to the extent provided in paragraph (e) of this Section 10.6 and, to the extent expressly contemplated
hereby, the Affiliates of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under
or by reason of this Agreement.

 

(b)             
Any Lender may assign to one or more assignees (each, an “Assignee”) all or a portion of its rights
and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it); provided
that any such assignment shall be subject to the following conditions:

 

  (i)             
except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, an assignment effected
by the Administrative Agent in connection with the initial syndication of the Commitments or an assignment of the entire remaining
amount of the assigning Lender’s Commitments or Loans under any Facility, the amount of the Commitments or Loans of the
assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date) shall not be less than $5,000,000 (or, in the case of a Term Facility, $1,000,000) unless each of the Borrower
and the Administrative Agent otherwise consent (such consent not to be unreasonably withheld or delayed); provided that
no such consent of the Borrower shall be required if a Specified Event of Default has occurred and is continuing;

 

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(ii)             
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (ii) shall
not prohibit any Lender from assigning all or a portion of its rights and obligations among separate tranches of Loans (if any)
on a non-pro rata basis;

 

(iii)            
no consent shall be required for any assignment except to the extent required by paragraph (b)(i) of this Section
10.6 and, in addition, the consent of:

 

(A)            
the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) a Specified Event
of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of
a Lender or an Approved Fund (other than a Defaulting Lender); provided that the Borrower shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days
after having received notice thereof; and

 

(B)            
the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of (x) any Term Facility if such assignment is to an Assignee that is not a Lender, an Affiliate of a Lender or an Approved
Fund or (y) the Revolving Facility if such assignment is to an Assignee that is not a Lender with a Revolving Commitment, an Affiliate
of such Lender or an Approved Fund with respect to such Lender; and

 

(C)            
in the case of any assignment to a new Revolving Lender or that increases the obligation of the Assignee to participate
in exposure under one or more Letters of Credit (whether or not then outstanding), the Issuing Lenders (such consent not to be
unreasonably withheld or delayed);

 

(iv)           
except in the case of assignments pursuant to paragraph (c) below, the parties to each assignment shall execute and
deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 (or
group of affiliated or related assignments) (except (w) no processing and recordation fee shall be payable in the case of assignments
in connection with the initial syndication of the Facilities, (x) in the case of contemporaneous assignments by any Lender to one
or more Approved Funds, only a single processing and recording fee shall be payable for such assignments, (y) no processing and
recordation fee shall be payable for assignments among Approved Funds or among any Lender and any of its Approved Funds and (z)
the Administrative Agent, in its sole discretion, may elect to waive such processing and recording fee in the case of any assignment),
and the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire;

 

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(v)           
 no assignment shall be permitted to be made to the Borrower or any of its Subsidiaries; and

 

(vi)            
no assignment shall be permitted to be made to a natural person (or a holding company, investment vehicle or trust
for, or owned and operated by or for the primary benefit of natural Person).

 

Except as otherwise provided in paragraph
(c) below, subject to acceptance and recording thereof in the Register pursuant to paragraph (d) below, from and after the effective
date specified in each Assignment and Assumption the Eligible Assignee thereunder shall be a party hereto and, to the extent of
the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and
the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to
the benefits of Sections 3.9, 3.10, 3.11 and 10.5); provided, that such Lender continues to comply with the requirements
of Section 3.10(g). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this Section 10.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with and subject to the requirements of paragraph (e) of this Section 10.6.

 

(c)             
Notwithstanding anything in this Section 10.6 to the contrary, but subject to recording thereof in the applicable
Related-Party Register pursuant to paragraph (d) below, a Lender may assign any or all of its rights hereunder to an Affiliate
of such Lender or an Approved Fund of such Lender without (a) providing any notice (including, without limitation, any administrative
questionnaire) to the Administrative Agent or any other Person or (b) delivering an executed Assignment and Assumption to the Administrative
Agent; provided that (A) such assigning Lender shall remain solely responsible to the other parties hereto for the performance
of its obligations under this Agreement, (B) the Borrower, the Administrative Agent, the Issuing Lenders and the other Lenders
shall continue to deal solely and directly with such assigning Lender in connection with such assigning Lender’s rights and
obligations under this Agreement until an Assignment and Assumption and an administrative questionnaire have been delivered to
the Administrative Agent, (C) the failure of such assigning Lender to deliver an Assignment and Assumption or administrative questionnaire
to the Administrative Agent or any other Person shall not affect the legality, validity or binding effect of such assignment and
(D) an Assignment and Assumption between an assigning Lender and its Affiliate or Approved Fund shall be effective as of the date
specified in such Assignment and Assumption.

 

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(d)             
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such agency
being solely for Tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption
delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of
the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be
conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name
is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register
shall be available for inspection by the Borrower and any Lender (but only to entries with respect to itself), at any reasonable
time and from time to time upon reasonable prior notice. In the case of an assignment to an Affiliate of a Lender or an Approved
Fund pursuant to paragraph (c), as to which an Assignment and Assumption and an administrative questionnaire are not delivered
to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Borrower,
maintain a register (a “Related Party Register”) comparable to the Register on behalf of the Borrower. The
Register or Related Party Register shall be available for inspection by the Borrower, the Issuing Lenders and any Lender (but,
with respect to any Lender, only to entries with respect to itself) at the Administrative Agent’s office at any reasonable
time and from time to time upon reasonable prior notice. Except as otherwise provided in paragraph (c) above, upon its receipt
of a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, the Assignee’s completed
administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred
to in paragraph (b)(iv) of this Section 10.6 and any written consent to such assignment required by paragraph (b) of this Section
10.6, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the
Register. No assignment shall be effective for purposes of this Agreement unless and until it has been recorded in the Register
(or, in the case of an assignment pursuant to paragraph (c) above, the applicable Related Party Register) as provided in this
paragraph (d). The date of such recordation of a transfer shall be referred to herein as the “Assignment Effective Date.”
The Register and Related Party Register are intended to cause each Loan and other obligation here under to be in registered form
within the meaning of Section 5f.103-1(c) of the U.S. Treasury Regulations and Proposed Treasury Regulations Section 1.163-5(b)
(or any amended or successor version) and within the meaning of Sections 163(f), 871(h) and 881(c)(2) of the Code.

 

(e)              
(i) Any Lender may, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights
and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); provided
that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations, (C) the Borrower, the Administrative Agent, the Issuing Lenders
and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement, (D) no participation shall be permitted to be made to the Borrower or any of its Subsidiaries,
nor any officer or director of any such Person and (E) no sale of a participation shall be effective until and unless recorded
in the selling Lender’s Participant Register. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification
or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will
not, without the consent of the Participant, agree to any amendment, modification or waiver that requires the consent of each
Lender directly affected thereby pursuant to the proviso to the second sentence of Section 10.1. Subject to paragraph (g) of this
Section 10.6, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.9, 3.10 and 3.11 (if such
Participant agrees to have related obligations thereunder) to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to paragraph (b) of this Section 10.6 (it being understood that the documentation required under Sections
3.10(g) and (h) shall be delivered to the participating Lender). To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 10.7(b) as though it were a Lender; provided such Participant shall be subject to Section
10.7(a) as though it were a Lender.

 

    	 	143	 

     

    

 

(f)              
Each Lender that sells participations to a Participant, acting solely for this purpose as a non-fiduciary agent of
the Borrower, shall maintain a register on which it enters the name and address of each Participant and the principal amount of
and interest owing with respect to the participation sold to each such Participant (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any participant or any information relating to a participant’s interest in any commitments, loans, letters
of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary
to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c),
Section 1.871-14(c)(1) of the U.S. Treasury Regulations, Proposed Treasury Regulations Section 1.163-5(b) (or any amended or successor
version) and within the meaning of Sections 163(f), 871(h) and 881(c)(2) of the Code. The entries in the Participant Register shall
be conclusive (absent manifest error), and the Borrower and the Lenders shall treat each Person whose name is recorded in such
Participant Register pursuant to the terms hereof as a participant for all purposes of this Agreement, notwithstanding notice to
the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as such) shall have no responsibility for maintaining
a Participant Register.

 

(g)             
A Participant shall not be entitled to receive any greater payment under Section 3.9 or 3.10 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant had no such participation
been transferred to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s
prior written consent. Any Participant shall not be entitled to the benefits of Section 3.10 unless such Participant complies with
Section 3.10(g) and (h) as if it were a Lender.

 

(h)             
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any
other Person, and this Section shall not apply to any such pledge or assignment of a security interest or to any such sale or securitization;
provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder
or substitute any such pledgee or Assignee for such Lender as a party hereto.

 

(i)               
[Reserved.]

 

(j)               
[Reserved.]

 

(k)             
With respect to any proposed assignment or participation for a Disqualified Institution:

 

    	 	144	 

     

    

 

(i)              
No assignment or participation shall be made to any Person that was a Disqualified Institution as of the date (the
 “Trade Date”) on which the assigning Lender entered into a binding agreement to sell and assign all or a portion
of its rights and obligations under this Agreement to such Person (unless the Borrower has consented to such assignment in writing
in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Institution for the purpose
of such assignment or participation). For the avoidance of doubt, with respect to any assignee that becomes a Disqualified Institution
after the applicable Trade Date (including as a result of the delivery of a notice pursuant to the definition of “Disqualified
Institution”), such assignee shall not retroactively be disqualified from becoming a Lender. Any assignment in violation
of this clause (k)(i) shall not be void, but the other provisions of this clause (k) shall apply.

 

(ii)             
If any assignment or participation is made to any Disqualified Institution without the Borrower’s prior written
consent in violation of clause (i) above, or if any Person becomes a Disqualified Institution after the applicable Trade Date,
the Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative
Agent, (A) terminate any Revolving Commitment of such Disqualified Institution and repay all obligations of the Borrower owing
to such Disqualified Institution in connection with such Revolving Commitment, (B) in the case of outstanding Term Loans held by
Disqualified Institutions, purchase or prepay such Term Loan by paying the lesser of (x) the principal amount thereof and (y) the
amount that such Disqualified Institution paid to acquire such Term Loans, in each case plus accrued interest, accrued fees and
all other amounts (other than principal amounts) payable to it hereunder and/or (C) require such Disqualified Institution to assign,
without recourse (in accordance with and subject to the restrictions contained in this Section 10.6), all of its interest, rights
and obligations under this Agreement to one or more Eligible Assignees at the lesser of (x) the principal amount thereof and (y)
the amount that such Disqualified Institution paid to acquire such interests, rights and obligations, in each case plus accrued
interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder.

 

(iii)           
Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions (A) will not (x)
have the right to receive information, reports or other materials provided to Lenders by the Borrower, the Administrative Agent
or any other Lender, (y) attend or participate in meetings attended by the Lenders and the Administrative Agent, or (z) access
any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative
Agent or the Lenders and (B) for purposes of any consent to any amendment, waiver or modification of, or any action under, and
for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any
action) under this Agreement or any other Loan Document, each Disqualified Institution will be deemed to have consented in the
same proportion as the Lenders that are not Disqualified Institutions consented to such matter.

 

    	 	145	 

     

    

 

(iv)           
The Administrative Agent shall have the right, and the Borrower hereby expressly authorizes the Administrative Agent,
to (A) post the list of Disqualified Institutions provided by the Borrower and any updates thereto from time to time (collectively,
the “DQ List”) on the Platform, including that portion of the Platform that is designated for “public
side” Lenders and/or (B) provide the DQ List to each Lender requesting the same.

 

10.7           
Sharing of Payments; Set-off. (a) Except to the extent
that this Agreement expressly provides for payments to be allocated to a particular Lender or to the Lenders under a particular
Facility, if any Lender (a “Benefitted Lender”) shall, at any time after the Loans and other amounts payable
hereunder shall immediately become due and payable pursuant to Section 8, receive any payment of all or part of the Obligations
owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events
or proceedings of the nature referred to in Section 8.1(f), or otherwise), in a greater proportion than any such payment to or
collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender, such Benefitted Lender
shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each such other
Lender, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted
Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however,
that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase
shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. Each Loan
Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring
a participation pursuant to the foregoing arrangements may exercise against each Loan Party rights of setoff and counterclaim with
respect to such participation as fully as if such Lender were a director creditor of each Loan Party in the amount of such participation
to the extent provided in clause (b) of this Section 10.7.

 

(b)             
In addition to any rights and remedies of the Lenders provided by law, subject to Section 9.11, each Lender shall
have the right, without prior notice to the Borrower, any such notice being expressly waived by the Borrower, and to the extent
permitted by applicable law, upon the occurrence of any Event of Default which is continuing, upon any amount becoming due and
payable by the Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), to set off and appropriate and
apply against such amount any and all deposits (general or special, time or demand, provisional or final but excluding trust accounts),
in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute
or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit
or the account of the Borrower, as the case may be. Each Lender agrees promptly to notify the Borrower and the Administrative Agent
after any such setoff and application made by such Lender; provided that the failure to give such notice shall not affect
the validity of such setoff and application.

 

(c)             
Notwithstanding anything to the contrary contained herein, the provisions of this Section 10.7 shall be subject to
the express provisions of this Agreement which require or permit differing payments to be made to Non-Defaulting Lenders as opposed
to Defaulting Lenders.

 

    	 	146	 

     

    

 

10.8          
Counterparts. This Agreement may be executed in one or more counterparts (and by different parties hereto
in different counterparts), each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. The words “execution,” “signed,” “signature,” and words of like import in
this Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws
based on the Uniform Electronic Transactions Act. For the avoidance of doubt, the authorization under this paragraph may include,
without limitation, use or acceptance by the Administrative Agent of a manually signed letter which has been converted into electronic
form (such as scanned into “.pdf” format), or an electronically signed letter converted into another format, for transmission,
delivery and/or retention.

 

10.9           
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

10.10         
Integration. This Agreement and the other Loan Documents represent the entire agreement of the Borrower, the
Agents and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations
or warranties by any Agent or any Lender relative to subject matter hereof not expressly set forth or referred to herein or in
the other Loan Documents.

 

10.11        
GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

10.12         
Submission To Jurisdiction; Waivers. Each of the parties hereto hereby irrevocably and unconditionally:

 

(a)              
submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan
Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction
of the courts of the State of New York sitting in the Borough of Manhattan, the courts of the United States for the Southern District
of New York, and appellate courts from any thereof;

 

(b)              
consents that any such action or proceeding may be brought in such courts and waives any objection that it may now
or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought
in an inconvenient court and agrees not to plead or claim the same;

 

(c)              
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to the address set forth in Section 10.2 or on
the signature pages hereof, as the case may be, or at such other address of which the Administrative Agent shall have been notified
pursuant thereto; and

 

    	 	147	 

     

    

 

(d)            
 agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by
law or shall limit the right to sue in any other jurisdiction.

 

10.13         
Acknowledgments. The Borrower hereby acknowledges that:

 

(a)              
it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

 

(b)             
no Agent or Lender has any fiduciary relationship with or duty to the Borrower arising out of or in connection with
this Agreement or any of the other Loan Documents, and the relationship between the Agents and Lenders, on one hand, and the Borrower,
on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c)              
no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions
contemplated hereby among the Lenders or among the Borrower and the Lenders.

 

(d)              
each Agent, Issuing Lender, Lender and their Affiliates, may have economic interests that conflict with those of
the Loan Parties, their stockholders and/or their affiliates.

 

10.14         
Releases of Guarantees and Liens. (a) Notwithstanding anything to the contrary contained herein or in any
other Loan Document, each of the Administrative Agent and the Collateral Agent is hereby irrevocably authorized by each Secured
Party (without requirement of notice to or consent of any Secured Party except as expressly required by Section 10.1) to take
any action requested by the Borrower having the effect of releasing any Collateral obligations (i) at the time the property subject
to such Lien is transferred or to be transferred as part of or in connection with any transfer permitted hereunder to any Person
other than the Borrower or any of the Subsidiaries that are Guarantors; provided that no such release shall occur if such Collateral
continues to secure any Junior Financing, (ii) subject to Section 10.1, if the release of such Lien is approved, authorized or
ratified in writing by the Required Lenders, or (iii) if the property subject to such Lien is owned by a Guarantor, upon release
of such Guarantor from its obligations under the Guarantee and Collateral Agreement pursuant to clause (c) below, or (iv) under
the circumstances described in paragraph (b) below.

 

(b)             
At such time as (i) the Loans, the Reimbursement Obligations and the other Obligations (other than Unasserted Contingent
Obligations and obligations under or in respect of Hedge Agreements) shall have been paid in full or Cash Collateralized and (ii)
the Commitments have been terminated and no Letters of Credit shall be outstanding, the Collateral shall be released from the Liens
created by the Security Documents, and the Security Documents and all obligations (other than those expressly stated to survive
such termination) of the Administrative Agent, the Collateral Agent and each Loan Party under the Security Documents shall terminate,
all without delivery of any instrument or performance of any act by any Person.

 

    	 	148	 

     

    

 

(c)             
Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Collateral
Agent’s authority to release its interest in particular types or items of property, or to release any Guarantor from its
obligations under the Guaranty and Collateral Agreement pursuant to this Section 10.14. In each case as specified in this Section
10.14, the applicable Agent will (and each Lender irrevocably authorizes the applicable Agent to), at the Borrower’s expense,
execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release
of such item of Collateral from the assignment and security interest granted under the Security Documents, or to evidence the
release of such Guarantor from its obligations under the Guarantee and Collateral Agreement, in each case in accordance with the
terms of the Loan Documents and this Section 10.14.

 

10.15         
Confidentiality. Each Agent and each Lender agrees to keep confidential all non-public information provided
to it by any Loan Party pursuant to this Agreement that is designated by such Loan Party as confidential in accordance with its
customary procedures for handling its own confidential information; provided that nothing herein shall prevent any Agent
or any Lender from disclosing any such information (a) to any Agent, any other Lender, any Affiliate of a Lender or any Approved
Fund, (b) subject to an agreement to comply with the provisions of this Section 10.15, to any actual or prospective Transferee
or any direct or indirect counterparty to any Hedge Agreement (or any professional advisor to such counterparty), (c) to its employees,
officers, directors, agents, attorneys, accountants, trustees and other professional advisors or those of any of its affiliates
(collectively, its “Related Parties”) who need to know such information in connection with the Transactions
and who are informed of the confidential nature of such information and are or have been advised of their obligation to keep information
of this type confidential (provided that such Agent or such Lender shall be responsible for the compliance of its affiliates and
Related Parties with the provisions of this paragraph), (d) upon the request or demand of any Governmental Authority or any regulatory
authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such
as the National Association of Insurance Commissioners), (e) in response to any order of any court or other Governmental Authority
or as may otherwise be required pursuant to any Requirement of Law, (f) if requested or required to do so in connection with any
litigation or similar proceeding, (g) that has been publicly disclosed (other than as a result of a disclosure in violation of
this Section 10.15), (h) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized
rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued
with respect to such Lender, (i) in connection with the exercise of any remedy hereunder or under any other Loan Document, (j)
on a confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the Facilities or
(ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers of other market
identifiers with respect to the Facilities or (k) to any other party hereto; provided that, unless specifically prohibited
by applicable law or court order, each Lender shall 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 Lender by such Governmental Authority) for disclosure of any such non-public information prior to disclosure of such information.
In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement
to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent
and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments.

 

    	 	149	 

     

    

 

10.16        
WAIVERS OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.16.

 

10.17         
Patriot Act Notice. (a) Each Lender and the Administrative
Agent (for itself and not on behalf of any Lender) hereby notifies the Loan Parties that pursuant to the requirements of the Patriot
Act, it may be required to obtain, verify and record information that identifies each Loan Party, which information includes the
name and address of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable,
to identify such Loan Party in accordance with the Patriot Act.

 

(b)             
Each of the Agents, the Lenders and the Issuing Lenders hereby notifies each Group Member, if any, organized under
the laws of Canada, or any province thereof, that pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing
Act (Canada) and other applicable anti-money laundering, anti-terrorist financing, government sanction and “know your client”
laws, within Canada (including any guidelines or orders thereunder), it may be required to obtain, verify and record information
regarding such Person, its directors, authorized signing officers, direct or indirect shareholders or other Persons in control
of such Person, and the transactions contemplated hereby.

 

10.18         
No Fiduciary Relationship. The Borrower acknowledges that the Lenders have no fiduciary relationship with,
or fiduciary duty to, the Borrower arising out of or in connection with this Agreement or the other Loan Documents, and the relationship
between each Lender and the Borrower is solely that of creditor and debtor. This Agreement and the other Loan Documents do not
create a joint venture among the parties hereto. The Borrower acknowledges that the Lead Arrangers and each Lender may have economic
interests that conflict with those of the Borrower, its stockholders and/or its Affiliates. To the fullest extent permitted by
law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent, the Lead Arrangers and
the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby.

 

10.19         
Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the
contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability
is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents
to, and acknowledges and agrees to be bound by:

 

    	 	150	 

     

    

 

(a)            
 the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)             
the effects of any Bail-In Action on any such liability, including, if applicable:

 

  (i)            
a reduction in full or in part or cancellation of any such liability;

 

  (ii)           
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and
that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Loan Document; or

 

(iii)           
the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers
of the applicable Resolution Authority.

 

10.20      
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through
a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC
Credit Support” and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows
with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title
II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the
 “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions
below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws
of the State of New York and/or of the United States or any other state of the United States). In the event a Covered Entity that
is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under
such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support)
from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution
Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered
Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might
otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the
Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation
of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall
in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

    	 	151	 

     

    

 

10.21         
 Judgment Currency. If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum
due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which
in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency
on the Business Day preceding that on which final judgment is given. The obligation of the Borrower in respect of any such sum
due from it to the Administrative Agent or the Lenders hereunder or under the other Loan Documents shall, notwithstanding any judgment
in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with
the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that
on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the
Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency.
If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from the Borrower
in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the
Administrative Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency
so purchased is greater than the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees
to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable Requirements
of Law).

 

[Remainder of page left intentionally
blank.]

 

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IN WITNESS WHEREOF,
the parties have caused this Credit Agreement to be executed by their respective authorized officers or other authorized signatories
as of the date first above written.

 

	 	2U, INC., as Borrower
	 	 
	 	 
	 	By:	/s/ Paul S. Lalljie
	 	 	Name: Paul S. Lalljie
	 	 	Title: Chief Financial Officer

 

[Signature Page to Credit Agreement]

 

    	 		 

     

    

 

	 	Morgan Stanley Senior Funding, Inc., as Administrative Agent, Collateral Agent, Issuing Lender and as a Lender
	 	 
	 	 
	 	By:	/s/ Lisa Hanson
	 	 	Name: Lisa Hanson
	 	 	Title: Vice President

 

[Signature Page to Credit Agreement]

 

    	 		 

     

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender and Issuing Lender
	 	 
	 	 
	 	By:	/s/ Doreen Barr
	 	 	Name: Doreen Barr
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	 
	 	By:	/s/ Komal Shah
	 	 	Name: Komal Shah
	 	 	Title: Authorized Signatory

 

[Signature Page to Credit Agreement]

 

    	 		 

     

    

 

	 	GOLDMAN SACHS BANK USA, as a Lender and Issuing Lender
	 	 
	 	 
	 	By:	/s/ Thomas M. Manning
	 	 	Name: Thomas M. Manning
	 	 	Title: Authorized Signatory

 

[Signature Page to Credit Agreement]ex_191961.htm

Exhibit 10.1

 

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (as amended, supplemented, restated and/or modified from time to time, this “Agreement”) is entered into as of June 29, 2020 by and between BIO-key International, Inc., a Delaware corporation (the “Company”), and Lind Global Macro Fund, LP, a Delaware limited partnership (the “Investor”).

 

BACKGROUND

 

A.       The board of directors (the “Board of Directors”) of the Company has authorized this Agreement and the Security Agreement (as defined below), the issuance to Investor of the Note (as defined below), the Closing Shares (as defined below) and the Warrant (as defined below).

 

B.       The Investor desires to purchase the Note, the Closing Shares and the Warrant on the terms and conditions set forth in this Agreement.

 

C.       Concurrently with the execution of this Agreement, the Company and the Investor will enter into an Amended and Restated Security Agreement, substantially in the form attached hereto as Exhibit A (the “Security Agreement”), pursuant to which the Company will grant a first priority security interest in certain of its assets and a second priority security interest in certain of its assets to secure the Company’s obligations hereunder and the Company, the Investor and Versant (as defined in the Note) will have entered into the Intercreditor Agreement (as defined in the Note).

 

NOW THEREFORE, in consideration of the foregoing recitals and the covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

1.        DEFINITIONS. As used in this Agreement, the following terms shall have the following meanings specified or indicated below, and such meanings shall be equally applicable to the singular and plural forms of such defined terms:

 

“1933 Act” means the Securities Act of 1933, as amended.

 

“1934 Act” means the Securities Exchange Act of 1934, as it may be amended.

 

“Acquisition” means the acquisition by the Company or any direct or indirect Subsidiary of the Company of a majority of the Equity Interests or substantially all of the assets and business of any Person, whether by direct purchase of Equity Interests, asset purchase, merger, consolidation or like combination.

 

“Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified.

 

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

 

“Blue Sky Application” has the meaning set forth in Section 9.3(a).

 

 

 

 

 

“Board of Directors” has the meaning set forth in the recitals.

 

“Business Day” means any day other than a Saturday, Sunday or any other day on which banks are permitted or required to be closed in New York City.

 

“Capital Stock” means the Common Stock, the Preferred Stock and any other classes of capital stock of the Company.

 

“Change of Control” means, with respect to the Company:

 

	 	
			(a)

				
			a change in the composition of the Board of Directors at a single stockholder meeting where a majority of the individuals that were directors of the Company immediately prior to the start of such stockholder meeting are no longer directors at the conclusion of such meeting;

			

 

	 	
			(b)

				
			a change in composition of the Board of Directors prior to the termination of this Agreement where a majority of the individuals that were directors as of the date of this Agreement cease to be directors of the Company prior to the termination of this Agreement;

			

 

	 	
			(c)

				
			any of the individuals who are the Chief Executive Officer and Chairman of the Board of Directors or Chief Financial Officer as of the date of this Agreement cease to hold such position at any time prior to the termination of this Agreement;

			

 

	 	
			(d)

				
			other than a stockholder that holds such a position at the date of this Agreement, if a Person comes to have beneficial ownership, control or direction over more than forty percent (40%) of the voting rights attached to any class of voting securities of the Company; or

			

 

	 	
			(e)

				
			the sale or other disposition by the Company or any of its Subsidiaries in a single transaction, or in a series of transactions, of all or substantially all of their respective assets.

			

 

“Closing” has the meaning set forth in Section 2.2.

 

“Closing Date” has the meaning set forth in Section 2.2.

 

“Closing Shares” has the meaning set forth in Section 2.1.

 

“Code” has the meaning set forth in Section 2.1.

 

“Commitment Fee” means an amount equal to Seventy Five Thousand Dollars ($75,000.00).

 

“Common Stock” means the common stock of the Company, par value $0.0001 per share.

 

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

 

“Company’s Knowledge” means the actual knowledge (with the applicable Person having the duty to conduct a reasonable inquiry and diligence with respect to the applicable matter) of any of Michael DePasquale, Cecilia Welch or any other individual serving as the CEO or CFO of the Company as of the relevant date of determination.

 

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“Continued Listing Requirements” has the meaning set forth in Section 5.13(b).

 

“Conversion Shares” means the shares of Common Stock issuable upon the full or any partial conversion of the Note.

 

“Effectiveness Period” has the meaning set forth in Section 9.2(a).

 

“Equity Interests” means and includes capital stock, membership interests and other similar equity securities, and shall also include warrants or options to purchase capital stock, membership interests or other equity interests.

 

“Event” means any event, change, development, effect, condition, circumstance, matter, occurrence or state of facts.

 

“Event of Default” has the meaning set forth in Section 7.1.

 

“Exempted Securities” means (a) shares of Common Stock or rights, warrants or options to purchase Common Stock issued in connection with any Acquisition, (b) equity securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock, (c) shares of Common Stock or rights, warrants or options to purchase Common Stock issued to employees or directors of, or consultants or advisors to, the Company or any of its Subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors (“Equity Plans”), (d) shares of Common Stock actually issued upon the exercise of options or shares of Common Stock actually issued upon the conversion or exchange of any securities convertible into Common Stock, in each case provided that such issuance is pursuant to the terms of the applicable option or convertible security, or (e) shares of equity securities or rights, warrants or options to purchase equity securities or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities that are issued to a Strategic Investor.

 

“Funding Amount” means an amount equal to One Million Five Hundred Seventy Five Thousand Dollars ($1,575,000).

 

“HSR Act” has the meaning set forth in Section 5.16.

 

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

 

“Investor Group” shall mean the Investor plus any other Person with which the Investor is considered to be part of a group under Section 13 of the 1934 Act or with which the Investor otherwise files reports under Sections 13 and/or 16 of the 1934 Act.

 

“Investor Party” has the meaning set forth in Section 5.12(a).

 

“Investor Shares” means the Conversion Shares, the Closing Shares, the Warrant Shares and any other shares issued or issuable to the Investor pursuant to this Agreement, the Note or the Warrant.

 

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“IP Rights” has the meaning set forth in Section 3.10.

 

“Law” means any law, rule, regulation, order, judgment or decree, including, without limitation, any federal and state securities Laws.

 

“Letter” has the meaning set forth in Section 5.13(b).

 

“Losses” has the meaning set forth in Section 5.12(a).

 

“Material Adverse Effect” means any material adverse effect on (a) the businesses, properties, assets, prospects, operations, results of operations or financial condition of the Company, or the Company and the Subsidiaries, taken as a whole, or (b) the ability of the Company to consummate the transactions contemplated by this Agreement or to perform its obligations hereunder or under the Note or the Warrant; provided, however, that none of the following shall be deemed either alone or in combination to constitute, and none of the following shall be taken into account in determining whether there has been or would be, a Material Adverse Effect: (a) any adverse effect resulting from or arising out of general economic conditions; (b) any adverse effect resulting from or arising out of general conditions in the industries in which the Company operates; (c) any adverse effective resulting from any changes to applicable Law (other than securities laws); or (d) any adverse effect resulting from or arising out of any natural disaster or any acts of terrorism, sabotage, military action or war or any escalation or worsening thereof; provided, further, that any event, occurrence, fact, condition or change referred to in clauses (a) through (d) immediately above shall be taken into account in determining whether a Material Adverse Effect has occurred or could reasonably be expected to occur to the extent that such event, occurrence, fact, condition or change has a disproportionate effect on the Company compared to other participants in the industries in which the Company operates.

 

“Maximum Percentage” means 4.99%; provided, that if at any time after the date hereof the Investor Group beneficially owns in excess of 4.99% of any class of Equity Interests in the Company that is registered under the 1934 Act (excluding any Equity Interests deemed beneficially owned by virtue of the Note and the Warrant), then the Maximum Percentage shall automatically increase to 9.99% so long as the Investor Group owns in excess of 4.99% of such class of Equity Interests (and shall, for the avoidance of doubt, automatically decrease to 4.99% upon the Investor Group ceasing to own in excess of 4.99% of such class of Equity Interests).

 

“Meeting” has the meaning set forth in Section 5.13(b).

 

“Minimum Bid Price Requirement” has the meaning set forth in Section 3.8.

 

“Money Laundering Laws” has the meaning set forth in Section 3.26.

 

“Nasdaq Capital Market” has the meaning set forth in Section 5.13(b).

 

“New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities.

 

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“Note” has the meaning set forth in Section 2.1.

 

“OFAC” has the meaning set forth in Section 3.24.

 

“Offer Notice” has the meaning set forth in Section 10.1.

 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“PistolStar Note” means that certain promissory note in the principal amount of Five Hundred Thousand Dollars ($500,000) payable to Thomas J. Hoey to be issued in connection with the closing under that certain securities purchase agreement dated ________, 2020, by and among the Company, PistolStar, Inc. and Thomas J. Hoey

 

“Preferred Stock” has the meaning set forth in Section 3.4(a).

 

“Prepayment Right” has the meaning set forth in Section 2.4.

 

“Principal Amount” has the meaning set forth in Section 2.1.

 

“Proceedings” has the meaning set forth in Section 3.6.

 

“Prohibited Transaction” means a transaction with a third party or third parties in which the Company issues or sells (or arranges or agrees to issue or sell):

 

(a)      any debt, equity or equity-linked securities (including options or warrants) that are convertible into, exchangeable or exercisable for, or include the right to receive shares of the Company’s Capital Stock:

 

(i)    at a conversion, repayment, exercise or exchange rate or other price that is based on, and/or varies with, the trading prices of, or quotations for, shares of Common Stock; or

 

(ii)   at a conversion, repayment, exercise or exchange rate or other price that is subject to being reset at some future date after the initial issuance of such debt, equity or equity-linked security or upon the occurrence of specified or contingent events (other than warrants that may be repriced by the Company); or

 

(b)      any securities in a capital or debt raising transaction or series of related transactions which grant to an investor the right to receive additional securities based upon future transactions of the Company on terms more favorable than those granted to such investor in such first transaction or series of related transactions;

 

and are deemed to include transactions generally referred to as at-the-market transactions (ATMs) or equity lines of credit and stand-by equity distribution agreements, and convertible securities and loans having a similar effect. Notwithstanding the foregoing, and for the avoidance of doubt, rights issuances, shareholder purchase plans, Equity Plans, convertible securities, or issuances of Equity Interests, based on the trading price of the Common Stock on the Trading Market but each at a fixed price per share, shall not be deemed to be a Prohibited Transaction.

 

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“Prospectus” means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Investor Shares covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus, and any “free writing prospectus” as defined in Rule 405 under the 1933 Act.

 

“register,” “registered” and “registration” refer to a registration made by preparing and filing a Registration Statement or similar document in compliance with the 1933 Act (as defined below), and the declaration or ordering of effectiveness of such Registration Statement or document.

 

“Registration Statement” means any registration statement of the Company filed under the 1933 Act that covers the resale of any of the Investor Shares pursuant to the provisions of this Agreement, including the Prospectus and amendments and supplements to such Registration Statement, and including post-effective amendments, all exhibits and all material incorporated by reference in such Registration Statement.

 

“Reverse Split” has the meaning set forth in Section 5.13(b).

 

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

 

“SEC Documents” has the meaning set forth in Section 3.5(a).

 

“Securities” means the Note, the Warrant and the Investor Shares.

 

“Securities Termination Event” means either of the following has occurred:

 

(a)   trading in securities generally in the United States has been suspended or limited for a consecutive period of greater than three (3) Business Days; or

 

(b)   a banking moratorium has been declared by the United States or the New York State authorities and is continuing for a consecutive period of greater than three (3) Business Days.

 

“Security Agreement” has the meaning set forth in the recitals.

 

“Strategic Investor” shall mean a Person engaged in the research, development, commercialization or sale of fingerprint biometric technology, identity verification technologies, related security hardware and software solutions, or any other business that such Person views synergistic with Company’s business.

 

“Subsidiaries” and “Subsidiary” have the meaning set forth in Section 3.4(b).

 

“Trading Market” means whichever of the New York Stock Exchange, NYSE: Amex Exchange, or the Nasdaq Stock Market (including the Nasdaq Capital Market), on which the Common Stock is listed or quoted for trading on the date in question.

 

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“Transaction Documents” means this Agreement, the Note, the Warrant, the Security Agreement, the Intercreditor Agreement and any other documents or agreements executed or delivered in connection with the transactions contemplated hereunder.

 

“Warrant” has the meaning set forth in Section 2.1.

 

“Warrant Shares” means the shares of Common Stock issuable upon exercise of the Warrant.

 

2.        PURCHASE AND SALE OF THE NOTE, THE CLOSING SHARES AND THE WARRANT.

 

2.1   Purchase and Sale of the Note, the Closing Shares and the Warrant. Subject to the terms and conditions set forth herein, at the Closing, the Company shall issue and sell to the Investor, and the Investor shall purchase from the Company, for the Funding Amount (a) a convertible promissory note, in the form attached hereto as Exhibit B (the “Note”), in the principal amount of One Million Eight Hundred Eleven Thousand Two Hundred Fifty Dollars ($1,811,250) (the “Principal Amount”), (b) 136,575 shares of restricted Common Stock in payment of a due diligence fee in the amount of $100,000 (the “Closing Shares”) and (c) a Common Stock purchase warrant, in the form attached hereto as Exhibit C, registered in the name of the Investor, pursuant to which the Investor shall have the right to acquire 1,425,000 shares of Common Stock (the “Warrant”). The Investor and the Company agree that for U.S. federal income tax purposes and applicable state, local and non-U.S. tax purposes, the Funding Amount shall be allocable among the Note, the Closing Shares and the Warrant based on the relative fair market values thereof. Neither the Investor nor the Company shall take any contrary position on any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of taxes, unless otherwise required pursuant to a final determination within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended (the “Code”), or any analogous provision of applicable state, local or non-U.S. law.

 

2.2   Closing. The closing hereunder, including payment for and delivery of the Note, the Closing Shares and the Warrant, shall take place remotely via the exchange of documents and signatures, no later than 1 Business Day following the execution and delivery of this Agreement, subject to satisfaction or waiver of the conditions set forth in Section 6, or at such other time and place as the Company and the Investor agree upon, orally or in writing (the “Closing,” and the date of the Closing being the “Closing Date”).

 

2.3   Commitment Fee. At the Closing, the Company shall pay to the Investor the Commitment Fee, in United States dollars and in immediately available funds. The Commitment Fee shall be paid by being offset against the Funding Amount payable by the Investor at Closing.

 

2.4   Prepayment Right.     As set forth in the Note, in its sole discretion and upon giving the prior written notice set forth in the Note, the Company will have the right to pre-pay the entire then-outstanding principal amount of the Note at any time with no penalty or premium of any kind (the “Prepayment Right”); provided, that in the event that the Company elects to exercise its Prepayment Right, the Investor will have the option to convert up to twenty-five percent (25%) of the then outstanding principal amount of the Note, at a price per share equal to the Conversion Price (as such term is defined in the Note).

 

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2.5   Senior Obligation. As an inducement for the Investor to enter into this Agreement and to purchase the Note, all obligations of the Company pursuant to this Agreement and the Note shall be secured by a first priority security interest in and lien upon all assets of the Company, other than, so long as the Intercreditor Agreement is in effect, the Company’s Accounts (as such term is used in the Intercreditor Agreement) in which the Investor will have a second priority security interest so long as the Intercreditor Agreement is in effect, pursuant to the terms of the Security Agreement.

 

3.      REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company represents and warrants to the Investor and covenants with the Investor that, except as is set forth in the Disclosure Letter being delivered to the Investor as of the date hereof and as of the Closing Date, the following representations and warranties are true and correct:

 

3.1   Organization and Qualification. The Company is a corporation duly organized and validly existing in good standing under the Laws of the State of Delaware and has the requisite corporate power and authority to own its properties and to carry on its business as now being conducted. The Company is duly qualified to do business and is in good standing in every jurisdiction in which the ownership of its property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not have a Material Adverse Effect.

 

3.2   Authorization; Enforcement; Compliance with Other Instruments. The Company has the requisite corporate power and authority to execute the Transaction Documents, to issue and sell the Note and the Warrant pursuant hereto, and to perform its obligations under the Transaction Documents, including issuing the Investor Shares on the terms set forth in this Agreement. The execution and delivery of the Transaction Documents by the Company and the issuance and sale of the Note, the Closing Shares and the Warrant pursuant hereto, including without limitation the reservation of the Conversion Shares and the Warrant Shares for future insuance, have been duly and validly authorized by the Company’s Board of Directors and no further consent or authorization is required by the Company, its Board of Directors, its stockholders or any other Person in connection therewith. The Transaction Documents have been duly and validly executed and delivered by the Company and constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar Laws relating to, or affecting generally, the enforcement of creditors’ rights and remedies.

 

3.3   No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the issuance and sale of the Note, the Closing Shares and the Warrant hereunder will not (a) conflict with or result in a violation of the Company’s Certificate of Incorporation or Bylaws, (b) conflict with, or constitute a material default (or an event which, with notice or lapse of time or both, would become a material default) under, or give to others any right of termination, amendment, acceleration or cancellation of, any material agreement to which the Company or any of the Subsidiaries is a party, or (c) subject to the making of the filings referred to in Section 5, and, violate in any material respect any Law or any rule or regulation of the Nasdaq Stock Market applicable to the Company or any of the Subsidiaries or by which any of their properties or assets are bound or affected. Assuming the accuracy of the Investor’s representations in Section 4 and subject to the making of the filings referred to in Section 5, (i) no approval or authorization will be required from any governmental authority or agency, regulatory or self-regulatory agency or other third party (including the Nasdaq Stock Market) in connection with the issuance of the Note, the Warrant and the Closing Shares and the other transactions contemplated by this Agreement (including the issuance of the Conversion Shares upon conversion of the Note and the Warrant Shares upon execise of the Warrant) and (ii) the issuance of the Note, the Warrant and the Closing Shares, and the issuance of the Conversion Shares upon the conversion of the Note and the Warrant Shares upon exercise of the Warrant will be exempt from the registration and qualification requirements under the 1933 Act and all applicable state securities Laws.

 

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3.4   Capitalization and Subsidiaries1.

 

(a)   The authorized Capital Stock of the Company consists of: (i) 170,000,000 shares of Common Stock and (iii) 5,000,000 shares of Preferred Stock, par value $0.001 per share (the “Preferred Stock”). As of the date hereof: (A) 22,044,740 shares of Common Stock were issued and outstanding (not including shares held in treasury); and (D) no shares of Preferred Stock were issued and outstanding or held by the Company in its treasury.  As of the date of this Agreement (i) 547,915 shares of Common stock are issuable upon exercise of options granted under the BIO-Key International, Inc. 2015 Equity Incentive Plan, as amended, of which 253,197 shares are exercisable and 850,347 additional shares are reserved for future issuance thereunder, (ii) there are no shares of Common stock are issuable upon exercise of options granted under the BIO-Key International, Inc. 2004 Equity Incentive Plan, (iii) 1,095,049 shares of Common stock are issuable upon exercise of options granted outside of the forgoing plans of which 1,091,715 shares are exercisable, and (iv) 4,611,507 shares of Common stock are issuable upon exercise of outstanding warrants all of which are exercisable. The Closing Shares, when issued pursuant to Section 2.1 of this Agreement will be been validly issued, fully paid non-assessable and free from all taxes, liens and charges with respect to the issuance thereof. The Company has duly reserved up to 1,561,423 shares of Common Stock for issuance upon conversion of the Note (which assumes that the Principal Amount (as defined in the Note) is converted to Common Stock at the Conversion Price (as defined in the Note) as of the date hereof) and has duly reserved 1,425,000 additional shares of Common Stock for issuance upon exercise of the Warrant. The Conversion Shares, when issued upon conversion of the Note in accordance with its terms, and the Warrant Shares, if and when issued upon exercise of the Warrant in accordance with its terms, will be validly issued, fully paid and non-assessable and free from all taxes, liens and charges with respect to the issuance thereof. No shares of the Company’s Capital Stock are subject to preemptive rights or any other similar rights or any liens or encumbrances suffered or permitted by the Company. The Company’s Certificate of Incorporation, as amended, and Bylaws on file on the SEC’s EDGAR website are true and correct copies of the Company’s Articles of Incorporation and Bylaws as in effect as of the date hereof. The Company is not in violation of any provision of its Certificate of Incorporation or Bylaws.

 

 

1 NTD: Company to confirm capitalization figures.

 

9

 

 

(b)   Schedule 3.4(b) lists each direct and indirect subsidiary of the Company (each, a “Subsidiary” and collectively, the “Subsidiaries”) and indicates for each Subsidiary (i) the authorized capital stock or other Equity Interest of such Subsidiary as of the date hereof, (ii) the number and kind of shares or other ownership interests of such Subsidiary that are issued and outstanding as of the date hereof, and (iii) the owner of such shares or other ownership interests. No Subsidiary has any outstanding stock options, warrants or other instruments pursuant to which such Subsidiary may at any time or under any circumstances be obligated to issue any shares of its capital stock or other Equity Interests. Except as disclosed on Schedule 3.4 (b), each Subsidiary is duly organized and validly existing in good standing under the laws of its jurisdiction of formation and has all requisite power and authority to own its properties and to carry on its business as now being conducted.

 

(c)   Except as set forth on Schedule 3.4(c), neither the Company nor any Subsidiary is bound by any agreement or arrangement pursuant to which it is obligated to register the sale of any securities under the 1933 Act. There are no outstanding securities of the Company or any of the Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem or purchase any security of the Company or any Subsidiary. There are no outstanding securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Note, the Warrant or the Investor Shares. Neither the Company nor any Subsidiary has any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement.

 

(d)   The issuance and sale of any of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any other Person and will not result in the adjustment of the exercise, conversion, exchange, or reset price of any outstanding securities.

 

3.5   SEC Documents; Financial Statements; Accounts Payable.

 

(a)   As of the date hereof, the Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the 1934 Act (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the “SEC Documents”) or has relied upon official guidance from the SEC for relief from such reporting requirements. As of their respective filing dates, the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

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(b)   As of their respective dates, the financial statements of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles, and audited by a firm that is a member a member of the Public Companies Accounting Oversight Board consistently applied, during the periods involved (except as may be otherwise indicated in such financial statements or the notes thereto, or, in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the consolidated financial position of the Company as of the dates thereof and the consolidated results of its operations and consolidated cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). No other written information provided by or on behalf of the Company to the Investor in connection with the Investor’s purchase of the Note and the Warrant or the issuance of the Closing Shares, which is not included in the SEC Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstance under which they are or were made, not misleading.

 

(c)   The Company and each of the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, (iii) reasonable controls to safeguard assets are in place and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

 

(d)   The aggregate amount of the Company’s and its Subsidiaries’ accounts payable or other ordinary course liability that are more ninety (90) days old is less than $500,000.

 

3.6   Litigation and Regulatory Proceedings. Except as disclosed in SEC Documents, there are no material actions, causes of action, suits, claims, proceedings, inquiries or investigations (collectively, “Proceedings”) before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of Company or any of the Subsidiaries, threatened against or affecting the Company or any of the Subsidiaries, the Common Stock or any other class of issued and outstanding shares of the Company’s Capital Stock, or any of the Company’s or the Subsidiaries’ officers or directors in their capacities as such and, to the knowledge of the executive officers of the Company, there is no reason to believe that there is any basis for any such Proceeding.

 

3.7   No Undisclosed Events, Liabilities or Developments. No event, development or circumstance has occurred or exists, or to the knowledge of the executive officers of the Company is reasonably anticipated to occur or exist that (a) would reasonably be anticipated to have a Material Adverse Effect or (b) would be required to be disclosed by the Company under applicable securities Laws on a registration statement filed with the SEC relating to an issuance and sale by the Company of its Common Stock and which has not been publicly announced.

 

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3.8   Compliance with Law. The Company and each of the Subsidiaries have conducted and are conducting their respective businesses in compliance in all material respects with all applicable Laws and are in compliance in all material respects with the rules and regulations of the Nasdaq Stock Market, except for the continued listing requirement to maintain a minimum bid price of $1.00 per share, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). Aside from not satisfying the Minimum Bid Price Requirement, the Company is not aware of any facts which could reasonably be anticipated to lead to a delisting of the Common Stock by the Nasdaq Stock Market in the future.

 

3.9   Employee Relations. Neither the Company nor any Subsidiary is involved in any union labor dispute nor, to the Company's Knowledge, is any such dispute threatened. Neither the Company nor any Subsidiary is a party to any collective bargaining agreement. No executive officer (as defined in Rule 501(f) of the 1933 Act) has notified the Company that such officer intends to leave the Company’s employ or otherwise terminate such officer’s employment with the Company.

 

3.10  Intellectual Property Rights. The Company and each Subsidiary owns or possesses adequate rights or licenses to use all trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights (collectively, “IP Rights”) necessary to conduct their respective businesses as now conducted. Schedule 3.10 sets forth all of the Company’s and its Subsidiaries’ registered IP Rights and any other IP Rights that the Company deems necessary, material or important to its and its Subsidiaries’ business. Except as set forth on Schedule 3.10, none of the material IP Rights of the Company or any of the Subsidiaries are expected to expire or terminate within three (3) years from the date of this Agreement. Neither the Company nor any Subsidiary is infringing, misappropriating or otherwise violating any IP Rights of any other Person. No claim has been asserted, and no Proceeding is pending, against the Company or any Subsidiary alleging that the Company or any Subsidiary is infringing, misappropriating or otherwise violating the IP Rights of any other Person, and, to the Company’s Knowledge, no such claim or Proceeding is threatened, and the Company is not aware of any facts or circumstances which might give rise to any such claim or Proceeding. The Company and the Subsidiaries have taken commercially reasonable security measures to protect the secrecy, confidentiality and value of all of their material IP Rights.

 

3.11  Environmental Laws. Except, in each case, as would not be reasonably anticipated to have a Material Adverse Effect, the Company and the Subsidiaries (a) are in compliance with any and all applicable Laws relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants, (b) have received and hold all permits, licenses or other approvals required of them under all such Laws to conduct their respective businesses and (c) are in compliance with all terms and conditions of any such permit, license or approval.

 

3.12  Title to Assets. The Company and the Subsidiaries have good and marketable title to all personal property owned by them which is material to their respective businesses, in each case free and clear of all liens, encumbrances and defects except those set forth on Schedule 3.12. Any real property and facilities held under lease by the Company or any Subsidiary are held under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company and the Subsidiaries.

 

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3.13   Insurance. The Company and each of the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company reasonably believes to be prudent and customary in the businesses in which the Company and the Subsidiaries are engaged. Neither the Company nor any of the Subsidiaries has been refused any insurance coverage sought or applied for, and the Company has no reason to believe that it will not be able to renew all existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers.

 

3.14  Regulatory Permits. The Company and the Subsidiaries have in full force and effect all certificates, approvals, authorizations and permits from all regulatory authorities and agencies necessary to own, lease or operate their respective properties and assets and conduct their respective businesses, and neither the Company nor any Subsidiary has received any notice of Proceedings relating to the revocation or modification of any such certificate, approval, authorization or permit, except for such certificates, approvals, authorizations or permits with respect to which the failure to hold would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

3.15  No Materially Adverse Contracts, Etc. Neither the Company nor any of the Subsidiaries is (a) subject to any charter, corporate or other legal restriction, or any judgment, decree or order which in the judgment of the Company’s officers has or is expected in the future to have a Material Adverse Effect or (b) a party to any contract or agreement which in the judgment of the Company’s management has or would reasonably be anticipated to have a Material Adverse Effect.

 

3.16  Taxes. The Company and the Subsidiaries each has made or filed, or caused to be made or filed, all United States federal, and applicable state, local and non-U.S. tax returns, reports and declarations required by any jurisdiction to which it is subject and has paid all taxes and other governmental assessments and charges that are material in amount, required to be paid by it, regardless of whether such amounts are shown or determined to be due on such returns, reports and declarations, except those being contested in good faith by appropriate proceedings and for which it has set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and, to the Company’s Knowledge, there is no basis for any such claim.

 

3.17 Solvency. After giving effect to the receipt by the Company of the proceeds from the transactions contemplated by this Agreement (a) the Company’s fair saleable value of its assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including known contingent liabilities) as they mature; and (b) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its debt when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction.

 

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3.18  Investment Company. The Company is not, and is not an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

3.19  Certain Transactions. Except as set forth on Schedule 3.19, and other than as disclosed in the SEC Documents, there are no contracts, transactions, arrangements or understandings between the Company or any of its Subsidiaries, on the one hand, and any director, officer or employee of thereof on the other hand, that would be required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC in the Company’s Form 10-K or proxy statement pertaining to an annual meeting of stockholders.

 

3.20  No General Solicitation. Neither the Company, nor any of its Affiliates, nor any person acting on its behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Note, the Warrant or the Closing Shares pursuant to this Agreement.

 

3.21  Acknowledgment Regarding the Investor’s Purchase of the Note and the Warrant and the Issuance of the Closing Shares. The Company’s Board of Directors has approved the execution of the Transaction Documents and the issuance and sale of the Note and the Warrant and the issuance of the Closing Shares, based on its own independent evaluation and determination that the terms of the Transaction Documents are reasonable and fair to the Company and in the best interests of the Company and its stockholders. The Company is entering into this Agreement and the Security Agreement and is issuing and selling the Note and the Warrant and issuing the Closing Shares voluntarily and without economic duress. The Company has had independent legal counsel of its own choosing review the Transaction Documents and advise the Company with respect thereto. The Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s length purchaser with respect to the Note and the Warrant and the issuance of the Closing Shares and the transactions contemplated hereby and that neither the Investor nor any person affiliated with the Investor is acting as a financial advisor to, or a fiduciary of, the Company (or in any similar capacity) with respect to execution of the Transaction Documents or the issuance of the Note, the Warrant and the Closing Shares or any other transaction contemplated hereby.

 

3.22  No Brokers’, Finders’ or Other Advisory Fees or Commissions. Except as set forth on Schedule 3.22, No brokers, finders or other similar advisory fees or commissions will be payable by the Company or any Subsidiary or by any of their respective agents with respect to the issuance of the Note or any of the other transactions contemplated by this Agreement.

 

3.23  OFAC. None of the Company nor any of the Subsidiaries nor, to the best knowledge of the Company, any director, officer, agent, employee, affiliate or person acting on behalf of the Company and/or any Subsidiary has been or is currently subject to any United States sanctions administered by the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”); and the Company will not directly or indirectly use any proceeds received from the Investor, or lend, contribute or otherwise make available such proceeds to its Subsidiaries or to any affiliated entity, joint venture partner or other person or entity, to finance any investments in, or make any payments to, any country or person currently subject to any of the sanctions of the United States administered by OFAC.

 

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3.24  No Foreign Corrupt Practices. None of the Company or any of the Subsidiaries has, directly or indirectly: (a) made or authorized any contribution, payment or gift of funds or property to any official, employee or agent of any governmental authority of any jurisdiction except as otherwise permitted under applicable Law; or (b) made any contribution to any candidate for public office, in either case, where either the payment or the purpose of such contribution, payment or gift was, is, or would be prohibited under the Foreign Corrupt Practices Act or the rules and regulations promulgated thereunder or under any other legislation of any relevant jurisdiction covering a similar subject matter applicable to the Company or its Subsidiaries and their respective operations and the Company has instituted and maintained policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance with such legislation.

 

3.25  Anti-Money Laundering. The operations of each of the Company and the Subsidiaries are and have been conducted at all times in compliance with all applicable anti-money laundering laws, regulations, rules and guidelines in its jurisdiction of incorporation and in each other jurisdiction in which such entity, as the case may be, conducts business (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental authority involving the Company or its Subsidiaries with respect to any of the Money Laundering Laws is, to the best knowledge of the Company, pending, threatened or contemplated.

 

3.26  Other Indebtedness. Except as set forth on Schedule 3.26, upon the consummation of the transactions contemplated hereby, the only indebtedness for borrowed money of the Company will be the indebtedness under the Note, the Permitted Factor Indebtedness (as such term is defined in the Note), and the PistolStar Note.

 

3.27  Disclosure. The Company confirms that neither it, nor to its knowledge, any other Person acting on its behalf has provided the Investor or its agents or counsel with any information that the Company believes constitutes material, non-public information. The Company understands and confirms that the Investor will rely on the foregoing representations and covenants in effecting transactions in securities of the Company.

 

3.28  No Other Representations. Except for the representations and warranties set forth in this Agreement and in other Transaction Documents, the Company makes no other representations or warranties to the Investor and makes no predictions or forecasts of future revenues or earnings.

 

4.        REPRESENTATIONS AND WARRANTIES OF THE INVESTOR. The Investor represents and warrants to the Company as follows:

 

4.1   Organization and Qualification. The Investor is a limited partnership, duly organized and validly existing in good standing under the laws of the State of Delaware.

 

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4.2   Authorization; Enforcement; Compliance with Other Instruments. The Investor has the requisite power and authority to enter into this Agreement and the Security Agreement, purchase the Note, the Closing Shares and Warrant and to perform its obligations under the Transaction Documents. The execution and delivery by the Investor of the Transaction Documents to which it is a party have been duly and validly authorized by the Investor’s governing body and no further consent or authorization is required. The Transaction Documents to which it is a party have been duly and validly executed and delivered by the Investor and constitute valid and binding obligations of the Investor, enforceable against the Investor in accordance with their terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of creditors’ rights and remedies.

 

4.3   No Conflicts. The execution, delivery and performance of the Transaction Documents to which it is a party by the Investor and the purchase of the Note and the Warrant by the Investor and the issuance of the Closing Shares to the Investor will not (a) conflict with or result in a violation of the Investor’s organizational documents, (b) conflict with, or constitute a material default (or an event which, with notice or lapse of time or both, would become a material default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any material agreement, contract, indenture mortgage, indebtedness or instrument to which the Investor is a party, or (c) violate any Law applicable to the Investor or by which any of the Investor’s properties or assets are bound or affected. No approval or authorization will be required from any governmental authority or agency, regulatory or self-regulatory agency or other third party in connection with the purchase of the Note, the Closing Shares and the Warrant and the other transactions contemplated by this Agreement.

 

4.4   Investment Intent; Accredited Investor. The Investor is purchasing the Note, the Closing Shares and the Warrants for its own account, for investment purposes, and not with a view towards distribution. At the time Investor was offered the Securities, it was, and as of the date hereof it is, and on each date in which it exercises the Warrant, it will be an “accredited investor” as such term is defined in Rule 501(a) of Regulation D of the 1933 Act. The Investor has, by reason of its business and financial experience, such knowledge, sophistication and experience in financial and business matters and in making investment decisions of this type that it is capable of (a) evaluating the merits and risks of an investment in the Note, the Warrant and the Investor Shares and making an informed investment decision, (b) protecting its own interests and (c) bearing the economic risk of such investment for an indefinite period of time.

 

4.5   Opportunity to Discuss. The Investor has received all materials relating to the business, finance and operations of the Company and the Subsidiaries as it has requested and has had an opportunity to discuss the business, management and financial affairs of the Company and the Subsidiaries with the Company’s management. In making its investment decision, the Investor has relied solely on its own due diligence performed on the Company by its own representatives. 

 

4.6    No Other Representations.     Except for the representations and warranties set forth in this Agreement and in other Transaction Documents, the Investor makes no other representations or warranties to the Company.

 

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5.        OTHER AGREEMENTS OF THE PARTIES.

 

5.1   Legends, etc.

 

(a)   Securities may only be disposed of pursuant to an effective registration statement under the 1933 Act, to the Company or pursuant to an available exemption from or in a transaction not subject to the registration requirements of the 1933 Act, and in compliance with any applicable state securities laws. In connection with any transfer of the Securities other than pursuant to an effective registration statement, to the Company, to an Affiliate of the Investor or in connection with a pledge as contemplated in Section 5.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the 1933 Act.

 

(b)   Certificates evidencing the Securities will contain the following legend, so long as is required by this Section 5.1(b) or Section 5.1(c):

 

[NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED] [THESE SECURITIES HAVE NOT BEEN REGISTERED] WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. [THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES] [THESE SECURITIES] MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

The Company acknowledges and agrees that the Investor may from time to time pledge, and/or grant a security interest in some or all of the Note, the Warrants or the Investor Shares, in accordance with applicable securities laws, pursuant to a bona fide margin agreement in connection with a bona fide margin account and, if required under the terms of such agreement or account, the Investor may transfer pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval or consent of the Company and no legal opinion of legal counsel to the pledgee, secured party or pledgor shall be required in connection with the pledge, but such legal opinion may be required in connection with a subsequent transfer following default by the Investor transferee of the pledge. No notice shall be required of such pledge. At the Investor’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities including the preparation and filing of any required prospectus supplement under Rule 424(b)(3) of the 1933 Act or other applicable provision of the 1933 Act to appropriately amend the list of selling stockholders thereunder.

 

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(c)   Certificates evidencing the Investor Shares shall not contain any legend (including the legend set forth in Section 5.1(b)): (i) while a Registration Statement is effective under the 1933 Act, or (ii) following any sale of such Investor Shares pursuant to Rule 144, or (iii) while such Investor Shares are eligible for sale under Rule 144(k), or (iv) if such legend is not required under applicable requirements of the 1933 Act (including judicial interpretations and pronouncements issued by the Staff of the SEC). The Company shall cause its counsel to issue any legal opinion or instruction required by the Company’s transfer agent to comply with the requirements set forth in this Section. Following the Closing Date or at such earlier time as a legend is no longer required for the Investor Shares under this Section 5.1(c), the Company will, no later than three (3) Business Days following the delivery by the Investor to the Company or the Company’s transfer agent of a certificate representing Investor Shares containing a restrictive legend, deliver or cause to be delivered to the Investor a certificate representing such Investor Shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to any transfer agent of the Company that enlarge the restrictions on transfer set forth in this Section except as it may reasonably determine are necessary or appropriate to comply or to ensure compliance with those applicable laws that are enacted or modified after the Closing.

 

5.2   Furnishing of Information. As long as the Investor owns the Securities, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the 1934 Act. As long as the Investor owns Securities, if the Company is not required to file reports pursuant to such laws, it will prepare and furnish to the Investor and make publicly available in accordance with Rule 144(c) such information as is required for the Investor to sell the Investor Shares under Rule 144. The Company further covenants that it will take such further action as any holder of Securities may reasonably request, all to the extent required from time to time to enable such Person to sell such Investor Shares without registration under the 1933 Act within the limitation of the exemptions provided by Rule 144 or other applicable exemptions.

 

5.3   Integration. The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the 1933 Act) that will be integrated with the offer or sale of the Securities in a manner that would require the registration under the 1933 Act of the sale of the Securities to the Investor, or that will be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market that would require, under the rules of the Trading Market, stockholder approval.

 

5.4   Notification of Certain Events. The Company shall give prompt written notice to the Investor of (a) the occurrence or non-occurrence of any Event, the occurrence or non-occurrence of which would render any representation or warranty of the Company contained in this Agreement or any other Transaction Document, if made on or immediately following the date of such Event, untrue or inaccurate in any material respect, (b) the occurrence of any Event that, individually or in combination with any other Events, has had or could reasonably be expected to have a Material Adverse Effect, (c) any failure of the Company to comply with or satisfy any covenant or agreement to be complied with or satisfied by it hereunder or any Event that would otherwise result in the nonfulfillment of any of the conditions to the Investor’s obligations hereunder, (d) any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the consummation of the transactions contemplated by this Agreement or any other Transaction Document, or (e) any Proceeding pending or, to the Company’s knowledge, threatened against a party relating to the transactions contemplated by this Agreement or any other Transaction Document.

 

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5.5   Available Stock. The Company shall at all times keep authorized and reserved and available for issuance, free of preemptive rights, such number of shares of Common Stock as are issuable upon conversion of the Note and exercise of the Warrant at any time. If the Company determines at any time that it does not have a sufficient number of authorized shares of Common Stock to reserve and keep available for issuance as described in this Section 5.5, the Company shall use all commercially reasonable efforts to increase the number of authorized shares of Common Stock by seeking stockholder approval for the authorization of such additional shares.

 

5.6   Use of Proceeds. The Company will use the proceeds from the sale of the Note, the Closing Shares and the Warrant to fund the acquisition of PistolStar, Inc.

 

5.7   Additional Debt or Equity. The Company shall not be permitted to incur any other Indebtedness, including the issuance of any subordinated debt or convertible debt (other than the Note, the Permitted Factor Indebtedness), and the PistolStar Note unless (a) otherwise agreed in writing by the Investor, (b) such Indebtedness represents an unsecured obligation for the deferred purchase price of assets and the aggregate amount of all such Indebtedness does not exceed $150,000 in any fiscal year, or (c) unless such debt is unsecured, is subordinated on terms reasonably acceptable to the Investor and one hundred percent (100%) of the cash proceeds received by the Company, net of any usual and customary transaction expenses, exclusive of fees, for such debt are immediately used to repay the Outstanding Amount (as such term is defined in the Note) of the Note. In the event the Company issues any Equity Interests, unless otherwise agreed to in writing by the Investor, the Company will direct twenty-five percent (25%) of the proceeds from such issuance, excluding offering costs or other expenses, to repay the Outstanding Amount (as such term is defined in the Note).

 

5.8   Prohibited Transactions. The Company hereby covenants and agrees not to enter into any Prohibited Transactions until thirty (30) days after such time as the Note has been repaid in full and/or has been converted into Conversion Shares.

 

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5.9   Securities Laws Disclosure; Publicity. The Company shall, by 9:00 a.m. (New York City time) on the Trading Day immediately following the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and shall, within four (4) Trading Days following the date hereof, file a Current Report on Form 8-K disclosing the material terms of the transactions contemplated hereby and including this Agreement as an exhibit thereto; provided, that the Company may not issue such press release or file such Form 8-K without the Investor’s prior written consent. The Company shall not issue any press release nor otherwise make any such public statement regarding the Investor or the Transaction Documents without the prior written consent of the Investor, except if such disclosure is required by law, in which case the Company shall (a) ensure that such disclosure is restricted and limited in content and scope to the maximum extent permitted by Law to meet the relevant disclosure requirement and (b) provide a copy of the proposed disclosure to the Investor for review prior to release and the Company shall incorporate the Investor’s reasonable comments. Following the execution of this Agreement, the Investor and its Affiliates and/or advisors may place announcements on their respective corporate websites and in financial and other newspapers and publications (including, without limitation, customary “tombstone” advertisements) describing the Investor’s relationship with the Company under this Agreement and including the name and corporate logo of the Company. Notwithstanding anything herein to the contrary, to comply with United States Treasury Regulations Section 1.6011-4(b)(3)(i), each of the Company and the Investor, and each employee, representative or other agent of the Company or the Investor, may disclose to any and all persons, without limitation of any kind, the U.S. federal and state income tax treatment, and the U.S. federal and state income tax structure, of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax structure insofar as such treatment and/or structure relates to a U.S. federal or state income tax strategy provided to such recipient.

 

5.10  Indemnification of the Investor.

 

(a)   The Company will indemnify, defend and hold the Investor, its Affiliates and their respective directors, officers, managers, shareholders, members, partners, employees and agents and permitted successors and assigns (each, an “Investor Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation and defense (collectively, “Losses”) that any such Investor Party may suffer or incur as a result of or relating to:

 

(i)     any breach or inaccuracy of any representation, warranty, covenant or agreement made by the Company in any Transaction Document;

 

(ii)    any misrepresentation made by the Company in any Transaction Document or in any SEC Document;

 

(iii)   any omission to state any material fact necessary in order to make the statements made in any SEC Document, in light of the circumstances under which they were made, not misleading;

 

(iv)   any Proceeding before or by any court, public board, government agency, self-regulatory organization or body based upon, or resulting from the execution, delivery, performance or enforcement of any of the Transaction Documents or the consummation of the transactions contemplated thereby, and whether or not the Investor is party thereto by claim, counterclaim, crossclaim, as a defendant or otherwise, or if such Proceeding is based upon, or results from, any of the items set forth in clauses (i) through (iii) above.

 

(b)   In addition to the indemnity contained herein, the Company will reimburse each Investor Party for its reasonable legal and other expenses (including the cost of any investigation, preparation and travel in connection therewith) incurred in connection therewith, as such expenses are incurred.

 

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(c)   The provisions of this Section 5.10 shall survive the termination or expiration of this Agreement.

 

5.11  Non-Public Information. The Company covenants and agrees that neither it nor any other Person acting on its behalf will provide the Investor or its agents or counsel with any information that the Company believes constitutes material non-public information, unless prior thereto the Investor shall have executed a written agreement regarding the confidentiality and use of such information (including agreement not to trade Company securities while in possession of such information). To the extent the Company provides the Investor with material non-public information, the Company shall publicly disclose such information within 48 hours of providing the information to the Investor; provided, however, in the event that such material non-public information is provided to Investor pursuant to Section 10, the Company shall publicly disclosure such information within twenty (20) Business Days of providing the information to the Investor. The Company understands and confirms that the Investor shall be relying on the foregoing representations in effecting transactions in securities of the Company.

 

5.12  Stockholder Approval. The Company shall not be required to issue any Investor Shares if such issuance would cause the Company to be required to obtain stockholder approval either pursuant to the rules and regulations of the Trading Market or otherwise.

 

5.13  Listing of Securities.

 

(a)   The Company shall: (a) in the time and manner required by each Trading Market on which the Common Stock is listed, prepare and file with such Trading Market an additional shares listing application covering the Investor Shares, (b) take all steps necessary to cause such shares to be approved for listing on each Trading Market on which the Common Stock is listed as soon as possible thereafter, (c) provide to the Investor evidence of such listing, and (d) maintain the listing of such shares on each such Trading Market.

 

(b)   The Company received a letter (the “Letter”) from the staff of The Nasdaq Capital Market LLC (the “Nasdaq Capital Market”) stating that the Company’s closing bid price for the last 30 consecutive business days was less than $1.00 per share. As a result, the Company does not satisfy the Minimum Bid Price Requirement. In order to satisfy the requirements imposed by applicable rules and regulation of the Nasdaq Stock Market for the continued listing of its shares of Common Stock on the Nasdaq Capital Market (the “Continued Listing Requirements”), the Company may hold a special meeting of shareholders (which may also be at the annual meeting of shareholders) (the “Meeting”) for the purpose of obtaining approval from its shareholders of consummating a reverse stock split (the “Reverse Split”) of the Company’s Common Stock, at a ratio to be determine at some future date, with the recommendation of the Company’s Board of Directors that such proposal be approved. The Company expects to use commercially reasonable efforts to execute a Reverse Split with a view to satisfying the minimum bid price required by the Continued Listing Requirements which may include the filing of a preliminary proxy statement with the SEC. The Investor agrees to vote “for” or “in favor” of such proposal at the Meeting. The Investor understands, acknowledges and agrees that the Company makes no representation, warranty or assurance that (i) the Company will be able to satisfy the Continued Listing Requirements, or (ii) in the event that the Company is able to satisfy the Continued Listing Requirements, that it will be able to maintain such listing.

 

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5.14  Antitrust Notification. If the Investor determines, in its sole judgment and upon the advice of counsel, that the issuance of the Note, the Warrant or the Investor Shares pursuant to the terms hereof would be subject to the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), the Company shall file as soon as practicable after the date on which the Company receives notice from the Investor of the applicability of the HSR Act and a request to so file with the United States Federal Trade Commission and the United States Department of Justice the notification and report form required to be filed by it pursuant to the HSR Act in connection with such issuance.

 

5.15  Change of Prime Broker, Custodian. The Investor has informed the Company of the names of its prime broker and its share custodian. The Investor shall notify the Company of any change in its prime broker or share custodian within three (3) Business Days of such change having taken effect.

 

5.16  Share Transfer Agent. The Company has informed the Investor of the name of its share transfer agent and represents and warrants that the transfer agent participates in the Depository Trust Company Fast Automated Securities Transfer program. The Company shall not change its share transfer agent without the prior written consent of the Investor.

 

5.17  Tax Treatment. The Investor and the Company agree that for U.S. federal income tax purposes, and applicable state, local and non-U.S. income tax purposes, the Note is not intended to be, and shall not be, treated as indebtedness. Neither the Investor nor the Company shall take any contrary position on any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of taxes, unless otherwise required pursuant to a final determination within the meaning of Section 1313 of the Code, or any analogous provision of applicable state, local or non-U.S. law.

 

5.18  Set-Off.

 

(a)   The Investor may set off any of its obligations to the Company (whether or not due for payment), against any of the Company’s obligations to the Investor (whether or not due for payment) under this Agreement and/or any other Transaction Document.

 

(b)   The Investor may do anything necessary to effect any set-off undertaken in accordance with this Section 5.18 (including varying the date for payment of any amount payable by the Investor to the Company).

 

5.19  Amendments to and Consents Under Prior Note and Securities Purchase Agreement. The execution of this Agreement constitutes (i) written consent by the Investor pursuant to Section 4.1(g) of the Convertible Promissory Note, dated May 6, 2020 issued by the Company to the Investor (the “May 6, 2020 Note”) and Section 5.7 of the Securities Purchase Agreement entered into by and between the Company and the Investor of the same date (the “May 6, 2020 Purchase Agreement”). More specifically, the execution of this Agreement by the Investor permits the issuance by the Company of the PistolStar Note and the Note being issued in connection with this transaction. Further, this Agreement hereby deletes and replaces in its entirety:

 

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(a)   Section 2.1(m) of the May 6, 2020 Note with the following: “the Maker’s shares of Common Stock are no longer publicly traded or cease to be listed on any Trading Market or the Investor Shares have not been registered for resale under the 1933 Act pursuant to an effective Registration Statement by October 31, 2020”;

 

(b)  Section 9.1(a) of the May 6, 2020 Purchase Agreement with the following: “Registration Statement. Promptly, but in any event no later than October 31, 2020, the Company shall prepare and file with the SEC a Registration Statement covering the resale of all of the Investor Shares. The foregoing Registration Statement shall be filed on Form S-1 or a Form S-3 or any successor forms thereto. The Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided to the Investor and its counsel at least five (5) Business Days prior to its filing or other submission and the Company shall incorporate all reasonable comments provided by the Investor or its counsel.”; and

 

(c)   Section 9.1(c) of the May 6, 2020 Purchase Agreement with the following: “Effectiveness. The Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after filing thereof but in no event later than October 31, 2020. The Company shall notify the Investor by e-mail as promptly as practicable, and in any event, within twenty-four (24) hours, after the Registration Statement is declared effective and shall simultaneously provide the Investor with copies of any related Prospectus to be used in connection with the sale or other disposition of the securities covered thereby.”

 

Nothing contained herein shall constitute a waiver of, impair or otherwise affect any obligation of the Company or any rights of the Investor consequent thereon. This consent by the Investor contained in this Section 5.19 shall not be construed as a waiver of any other provisions of the May 6, 2020 Note, the May 6, 2020 Purchase Agreement or any other Transaction Document or to permit the Company to take any other action which is prohibited by the terms of the May, 2020 Note, the May 6, 2020 Purchase Agreement or any other document to that transaction.

 

6.       CLOSING CONDITIONS

 

6.1   Conditions Precedent to the Obligations of the Investor. The obligation of the Investor to fund the Note and acquire the Warrant and the Closing Shares at the Closing is subject to the satisfaction or waiver by the Investor, at or before the Closing, of each of the following conditions:

 

(a)   Representations and Warranties. The representations and warranties of the Company contained herein shall be true and correct in all material respects as of the date when made and as of such Closing as though made on and as of such date;

 

(b)   Performance. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to such Closing;

 

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(c)   No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents;

 

(d)  No Suspensions of Trading in Common Stock; Listing. Trading in the Common Stock shall not have been suspended by the SEC or any Trading Market (except for any suspensions of trading of not more than one day on which the Trading Market is open solely to permit dissemination of material information regarding the Company) at any time since the date of execution of this Agreement, and the Common Stock shall have been at all times since such date listed for trading on a Trading Market;

 

(e)   Limitation on Beneficial Ownership. The issuance of the Note, the Warrant and the Closing Shares shall not cause the Investor Group to become, directly or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder) of a number of Equity Interests of a class that is registered under the 1934 Act which exceeds the Maximum Percentage of the Equity Interests of such class that are outstanding at such time;

 

(f)   Secretary’s Certificate. The Company shall have delivered to the Investor a certificate of the Company executed by the Secretary of the Company, dated as of the Closing Date, certifying: (i) the resolutions of the Board of Directors approving the Transaction Documents and the transactions contemplated thereby, including those set forth in Annex A, and (ii) the name, title, incumbency and signatures of the officers authorized to execute the Transaction Documents.

 

(g)   Supplemental Listing Application. The Company shall have filed a Supplemental Listing Application with the Nasdaq Stock Market with respect to the Investor Shares;

 

(h)   Funds Flow Request. The Company shall have delivered to the Investor a flow of funds request, substantially in the form set out in Annex B.

 

6.2   Conditions Precedent to the Obligations of the Company. The obligation of the Company to issue the Note, the Warrant and the Closing Shares at the Closing is subject to the satisfaction or waiver by the Company, at or before the Closing, of each of the following conditions:

 

(a)   Representations and Warranties. The representations and warranties of the Investor contained herein shall be true and correct in all material respects as of the date when made and as of such Closing Date as though made on and as of such date;

 

(b)   Performance. The Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by the Investor at or prior to the Closing; and

 

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(c)   No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents.

 

7.       EVENTS OF DEFAULT

 

7.1   Events of Default. The occurrence of any of the following events shall be an “Event of Default” under this Agreement:

 

(a)   an Event of Default under the Note;

 

(b)   any of the representations or warranties made by the Company or any of its agents, officers, directors, employees or representatives in any Transaction Document or public filing being inaccurate, false or misleading in any material respect, as of the date as of which it is made or deemed to be made, or any certificate or financial or other written statements furnished by or on behalf of the Company to the Investor or any of its representatives, is inaccurate, false or misleading, in any material respect, as of the date as of which it is made or deemed to be made, or on any Closing Date; or

 

(c)   a failure by the Company to comply with any of its covenants or agreements set forth in this Agreement.

 

7.2   Investor Right to Investigate and Event of Default. If in the Investor’s reasonable opinion, an Event of Default has occurred, or is or may be continuing:

 

(a)   the Investor may notify the Company that is wishes to investigate such purported Event of Default;

 

(b)   the Company shall cooperate with the Investor in such investigation;

 

(c)   the Company shall comply with all reasonable requests made by the Investor to the Company in connection with any investigation by the Investor and shall (i) provide all information requested by the Investor in relation to the Event of Default to the Investor; provided that the Investor agrees that any materially price sensitive information and/or non-public information will be subject to confidentiality, and (ii) provide all such requested information within three (3) Business Days of such request; and

 

(d)   the Company shall pay all reasonable costs incurred by the Investor in connection with any such investigation.

 

7.3   Remedies Upon an Event of Default

 

(a)   If an Event of Default occurs pursuant to Section 7.1(a), the Investor shall have such remedies as is set forth in the Note.

 

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(b)   If an Event of Default occurs pursuant to Section 7.1(b) or Section 7.1(c) and is not remedied within (i) two (2) Business Days of written notice thereof for an Event of Default occurring by the Company’s failure to comply with 7.1(c), or (ii) ten (10) Business Days of written notice thereof for all other Events of Default, provided, however, that there shall be no cure period for an Event of Default described in 2.1(j) or 2.1(k) of the Note, the Investor may declare, by notice to the Company, effective immediately, all outstanding obligations (if any) by the Company under the Transaction Documents to be immediately due and payable in immediately available funds and the Investor shall have no obligation to consummate any Closing under this Agreement or to accept the conversion of any Note into Conversion Shares.

 

(c)   If any Event of Default occurs and is not remedied within (i) two (2) Business Days of written notice thereof for an Event of Default occurring by the Company’s failure to comply with 7.1(c), or (ii) ten (10) Business Days of written notice thereof for all other Events of Default, provided, however, that there shall be no cure period for an Event of Default described in 2.1(j) or 2.1(k) of the Note, the Investor may, by written notice to the Company, terminate this Agreement effective as of the date set forth in the Investor’s notice.

 

8.        TERMINATION

 

8.1   Events of Termination. This Agreement:

 

(a)   may be terminated:

 

(i)     by the Investor on the occurrence or existence of a Securities Termination Event or a Change of Control;

 

(ii)    by the mutual written consent of the Company and the Investor, at any time;

 

(iii)   by either Party, by written notice to the other Party, effective immediately, if the Closing has not occurred within fifteen (15) Business Days of the date of this Agreement or such later date as the Company and the Investor agree in writing, provided that the right to terminate this Agreement under this Section 8.1(a)(iii) is not available to any party that is in material breach of or material default under this Agreement or whose failure to fulfill any obligation under this Agreement has been the principal cause of, or has resulted in the failure of the Closing to occur; or

 

(iv)   by the Investor, in accordance with Section 7.3(c).

 

8.2   Automatic Termination. This Agreement will automatically terminate, without further action by the parties, at the time after the Closing that the Principal Amount outstanding under the Note and any accrued but unpaid interest is reduced to zero (0), whether as a result of conversion or repayment by the Company in accordance with the terms of this Agreement and the Note.

 

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8.3   Effect of Termination.

 

(a)   Subject to Section 8.3(b), each party’s right of termination under Section 8.1 is in addition to any other rights it may have under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies.

 

(b)   If the Investor terminates this Agreement under Section 8.1(a)(i):

 

(i)    the Investor may declare, by notice to the Company, all outstanding obligations by the Company under the Transaction Documents to be due and payable (including, without limitation, the immediate repayment of any Principal Amount outstanding under the Note plus accrued but unpaid interest) without presentment, demand, protest or any other notice of any kind, all of which are expressly waived by the Company, anything to the contrary contained in this Agreement or in any other Transaction Document notwithstanding; and

 

(ii)    the Company must within five (5) Business Days of such notice being received, pay to the Investor in immediately available funds the outstanding Principal Amount for the Note plus all accrued interest thereon (if any), unless the Investor terminates this Agreement as a result of an Event of Default and provided that (A) subsequent to the termination under Section 8.1(a)(i), the Investor is not prohibited by Law or otherwise from exercising its conversion rights pursuant to this Agreement or the Note, (B) the Investor actually exercises its conversion rights under this Agreement or the Note, and (C) the Company otherwise complies in all respects with its obligation to issue Conversion Shares in accordance with the Note (which obligation will survive termination).

 

(c)   Upon termination of this Agreement, the Investor will not be required to fund any further amount after the date of termination of the Agreement, provided that termination will not affect any undischarged obligation under this Agreement, including, for the avoidance of doubt any obligation of the Company to issue Shares on exercise of the Warrants, and any obligation of the Company to pay or repay any amounts owing to the Investor hereunder and which have not been repaid at the time of termination.

 

(d)   Nothing in this Agreement will be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or to impair the right of any party to compel specific performance by any other Party of its obligations under this Agreement.

 

9.       REGISTRATION RIGHTS

 

9.1   Registration.

 

(a)   Registration Statement. Promptly, but in any event no later than ninety (90) days, following the date of this Agreement, the Company shall prepare and file with the SEC a Registration Statement covering the resale of all of the Investor Shares. The foregoing Registration Statement shall be filed on Form S-1 or a Form S-3 or any successor forms thereto. The Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided to the Investor and its counsel at least five (5) Business Days prior to its filing or other submission and the Company shall incorporate all reasonable comments provided by the Investor or its counsel.

 

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(b)   Expenses. Except as otherwise expressly provided herein, the Company will pay all fees and expenses incident to the performance of or compliance with this Section 9, including all fees and expenses associated with effecting the registration of the Investor Shares, including all filing and printing fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing the Investor Shares for sale under applicable state securities laws, listing fees, fees and expenses of one counsel to the Investor and the Investor’s reasonable expenses in connection with the registration, but excluding discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities industry professionals with respect to the Investor Shares being sold.

 

(c)   Effectiveness. The Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after filing thereof but in no event later than October 31, 2020. The Company shall notify the Investor by e-mail as promptly as practicable, and in any event, within twenty-four (24) hours, after the Registration Statement is declared effective and shall simultaneously provide the Investor with copies of any related Prospectus to be used in connection with the sale or other disposition of the securities covered thereby.

 

(d)   Piggyback Registration Rights. If the Company at any time determines to file a registration statement under the 1933 Act to register the offer and sale, by the Company, of Common Stock (other than (x) on Form S-4 or Form S-8 under the 1933 Act or any successor forms thereto, (y) an at-the-market offering, or (z) a registration of securities solely relating to an offering and sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement), the Company shall, as soon as reasonably practicable, give written notice to the Investor of its intention to so register the offer and sale of Common Stock and, upon the written request, given within five (5) Business Days after delivery of any such notice by the Company, of the Investor to include in such registration the Investor Shares (which request shall specify the number of Investor Shares proposed to be included in such registration), the Company shall cause all such Investor Shares to be included in such registration statement on the same terms and conditions as the Common Stock otherwise being sold pursuant to such registered offering.

 

9.2   Company Obligations. The Company will use its commercially reasonable efforts to effect the registration of the Investor Shares in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:

 

(a)   use its commercially reasonable efforts to cause the Registration Statement to become effective and to remain continuously effective for a period that will terminate upon the first date on which all Investor Shares are either covered by the Registration Statement or may be sold without restriction, including volume or manner-of-sale restrictions, pursuant to Rule 144 or have been sold by the Investor (the “Effectiveness Period”) and advise the Investor in writing when the Effectiveness Period has expired;

 

(b)   prepare and file with the SEC such amendments and post-effective amendments and supplements to the Registration Statement and the Prospectus as may be necessary to keep the Registration Statement effective for the Effectiveness Period and to comply with the provisions of the 1933 Act and the 1934 Act with respect to the distribution of all of the Investor Shares covered thereby;

 

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(c)    provide copies to and permit counsel designated by the Investor to review all amendments and supplements to the Registration Statement no fewer than three (3) Business Days prior to its filing with the SEC and not file any document to which such counsel reasonably objects;

 

(d)   furnish to the Investor and its legal counsel, without charge, (i) promptly after the same is prepared and publicly distributed, filed with the SEC, or received by the Company (but not later than two (2) Business Days after the filing date, receipt date or sending date, as the case may be) one copy of the Registration Statement and any amendment thereto, each preliminary prospectus and Prospectus and each amendment or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to the Registration Statement (other than any portion of any thereof which contains information for which the Company has sought confidential treatment), and (ii) such number of copies of a Prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents as the Investor may reasonably request in order to facilitate the disposition of the Investor Shares that are covered by the related Registration Statement;

 

(e)   immediately notify the Investor of any request by the SEC for the amending or supplementing of the Registration Statement or Prospectus or for additional information;

 

(f)   use its commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and, (ii) if such order is issued, obtain the withdrawal of any such order at the earliest possible moment and notify the Company of the issuance of any such order and the resolution thereof, or its receipt of notice of the initiation or threat of any proceeding for such purpose;

 

(g)   prior to any public offering of Investor Shares, use its commercially reasonable efforts to register or qualify or cooperate with the Investor and its counsel in connection with the registration or qualification of such Investor Shares for offer and sale under the securities or blue sky laws of such jurisdictions requested by the Investor and do any and all other commercially reasonable acts or things necessary or advisable to enable the distribution in such jurisdictions of the Investor covered by the Registration Statement and the Company shall promptly notify the Investor of any notification with respect to the suspension of the registration or qualification of any of such Investor Shares for sale under the securities or blue sky laws of such jurisdictions or its receipt of notice of the initiation or threat of any proceeding for such purpose;

 

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(h)   immediately notify the Investor, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the happening of any event as a result of which, the Registration Statement or Prospectus includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of the Prospectus, in light of the circumstances in which they were made), and promptly prepare, file with the SEC and furnish to such holder a supplement to or an amendment of such Registration Statement or Prospectus as may be necessary so that such Registration Statement or Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of such Prospectus, in light of the circumstances in which they were made);

 

(i)    otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the 1933 Act and the 1934 Act;

 

(j)    hold in confidence and not make any disclosure of information concerning the Investor provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to complete the Registration Statement or to avoid or correct a misstatement or omission in the Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other agreement, and upon learning that disclosure of such information concerning the Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to the Investor and allow the Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information; and

 

(k)    take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of all Investor Shares pursuant to the Registration Statement.

 

9.3   Indemnification.

 

(a)   Indemnification by the Company. The Company will indemnify and hold harmless the Investor Parties, from and against any Losses to which they may become subject under the 1933 Act or otherwise, arising out of, relating to or based upon: (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement, any preliminary Prospectus, final Prospectus or other document, including any Blue Sky Application (as defined below), or any amendment or supplement thereof or any omission or alleged omission of a material fact required to be stated therein or, in the case of the Registration Statement, necessary to make the statements therein not misleading or, in the case of any preliminary Prospectus, final Prospectus or other document, necessary to make the statements therein, in light of the circumstances in which they were made, not misleading; (ii) any blue sky application or other document executed by the Company specifically for that purpose or based upon written information furnished by the Company filed in any state or other jurisdiction in order to qualify any or all of the Investor Shares under the securities laws thereof (any such application, document or information herein called a “Blue Sky Application”); (iii) any violation or alleged violation by the Company or its agents of the 1933 Act, the 1934 Act or any similar federal or state law or any rule or regulation promulgated thereunder applicable to the Company or its agents and relating to any action or inaction required of the Company in connection with the registration or the offer or sale of the Investor Shares pursuant to any Registration Statement; or (iv) any failure to register or qualify the Investor Shares included in any such Registration Statement in any state where the Company or its agents has affirmatively undertaken or agreed in writing that the Company will undertake such registration or qualification on the Investor’s behalf and will reimburse the Investor Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating, preparing or defending any such Losses; provided, however, that the Company will not be liable in any such case if and to the extent, but only to the extent, that any such Losses arise out of or are based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by the Investor or any such controlling Person in writing specifically for use in such Registration Statement or Prospectus.

 

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(b)   Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying party of any claim, action, suit or proceeding with respect to which it seeks indemnification following such Person’s receipt of, or such Person otherwise become aware of, the commencement of such claim, action, suit or proceeding and (ii) permit such indemnifying party to assume the defense of such claim, action, suit or proceeding with counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (A) the indemnifying party has agreed to pay such fees or expenses, (B) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such Person or (C) in the reasonable judgment of any such Person, based upon written advice of its counsel, a conflict of interest exists between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person); and provided, further, that the failure or delay of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations hereunder, except to the extent that such failure or delay to give notice shall materially adversely affect the indemnifying party in the defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time for all such indemnified parties. No indemnifying party will, except with the consent of the indemnified party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation.

 

(c)   Contribution. If for any reason the indemnification provided for in the preceding paragraph (a) is unavailable to an indemnified party or insufficient to hold it harmless, other than as expressly specified therein, the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations. No Person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any Person not guilty of such fraudulent misrepresentation. The indemnity and contribution agreements contained in this Section are in addition to any other rights or remedies that any indemnified party may have under applicable law, by separate agreement or otherwise.

 

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10.    RIGHTS TO FUTURE STOCK ISSUANCES. Subject to the terms and conditions of this Section 10 and applicable securities laws, if at any time prior to the second anniversary of the Closing, the Company proposes to offer or sell any New Securities, the Company shall offer the Investor the opportunity to purchase up to twenty percent (20%) of such New Securities. The Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate among itself and its Affiliates.

 

10.1  The Company shall give notice (the “Offer Notice”) to the Investor, stating (a) its bona fide intention to offer such New Securities, (b) the number of such New Securities to be offered, and (c) the price and terms, if any, upon which it proposes to offer such New Securities.

 

10.2  By notification to the Company within ten (10) days after the Offer Notice is given, the Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to twenty percent (20%) of such New Securities. The closing of any sale pursuant to this Section 10 shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Section 10.3.

 

10.3  The Company may, during the ninety (90) day period following the expiration of the period provided in Section 10.2, offer and sell the remaining portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Investors in accordance with this Section 10.

 

10.4  The right of first offer in this Section 10 shall not be applicable to Exempted Securities, any New Securities registered for sale under the 1933 Act. 

 

11.      GENERAL PROVISIONS

 

11.1  Fees and Expenses. Prior to the date of this Agreement, the Company has paid Morgan, Lewis & Bockius LLP $20,000. At the Closing, the Company shall reimburse the Investor any due diligence costs and reasonable fees and disbursements of Morgan, Lewis & Bockius LLP in connection with the preparation of the Transaction Documents it being understood that Morgan, Lewis & Bockius LLP has not rendered any legal advice to the Company in connection with the transactions contemplated hereby and that the Company has relied for such matters on the advice of its own counsel. Except as specified above, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents. The Company shall pay all stamp and other taxes and duties levied in connection with the sale of the Note, the Closing Shares and the Warrant.

 

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11.2  Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via email at the email address specified in this Section prior to 5:00 p.m. (New York time) on a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication is delivered via email at the email address specified in this Section on a day that is not a Business Day or later than 5:00 p.m. (New York time) on any date and earlier than 11:59 p.m. (New York time) on such date, (c) the Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as follows:

 

If to the Company:

 

BIO-Key International, Inc.

3349 Highway 138, Building A, Suite E

Wall, NJ 07719

Telephone: (732) 359-1111

Email: mike.depasquale@bio-key.com

Attention: Michael W. DePasquale, Chairman & CEO

 

With a copy (which shall not constitute notice) to:

 

Fox Rothschild LLP

Princeton Pike Corporate Center

997 Lenox Drive, Building 3

Lawrenceville, NJ 08648-2311

Telephone: (609) 896-4571 

Email: VVietti@foxrothschild.com

Attention: Vincent A. Vietti

 

If to the Investor:

 

Lind Global Macro Fund, LP

c/o The Lind Partners LLC

444 Madison Ave., Floor 41

New York, NY 10022

Telephone: (646) 395-3931

Email: jeaston@thelindpartners.com and

notice@thelindpartners.com

Attention: Jeff Easton

 

With a copy (which shall not constitute notice) to:

 

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110

Telephone: (617) 951-8211

Email: bryan.keighery@morganlewis.com

Attention: Bryan S. Keighery

 

or such other address as may be designated in writing hereafter, in the same manner, by such Person.

 

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11.3  Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability of the remaining provisions of this Agreement will not in any way be affected or impaired thereby.

 

11.4  Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without reference to principles of conflict of laws or choice of laws.

 

11.5  Jurisdiction and Venue; Service of Process.

 

(a)   Any action, proceeding or claim arising out of, or relating in any way to this Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York. The Company and the Investor irrevocably submit to the jurisdiction of such courts, which jurisdiction shall be exclusive, and hereby waive any objection to such exclusive jurisdiction or that such courts represent an inconvenient forum. The prevailing party in any such action shall be entitled to recover its reasonable and documented attorneys’ fees and out-of-pocket expenses relating to such action or proceeding.

 

(b)   The Company and the Investor hereby irrevocably waives personal service of process and consents to process being served in any such action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under Section 11.2 and agrees that such service shall constitute good and sufficient service of process and notice thereof.

 

11.6  WAIVER OF RIGHT TO JURY TRIAL. THE COMPANY AND THE INVESTOR HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS.

 

11.7  Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing and the delivery of the Securities.

 

11.8  Entire Agreement. The Transaction Documents, together with the Exhibits and Schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

11.9  Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and the Investor. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right.

 

34

 

 

11.10 Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. This Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement or any of the Transaction Documents.

 

11.11 Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the Company and the Investor and their respective successors and assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor. The Investor may assign any or all of its rights under this Agreement to any Person to whom the Investor assigns or transfers any Securities, provided such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions hereof that apply to the “Investor” and such transferee is an accredited investor.

 

11.12 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

11.13 Further Assurances. Each party hereto shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

11.14 Counterparts. This Agreement may be executed in two identical counterparts, both of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. Signature pages delivered by facsimile or e-mail shall have the same force and effect as an original signature.

 

11.15 Specific Performance. The Company acknowledges that monetary damages alone would not be adequate compensation to the Investor for a breach by the Company of this Agreement and the Investor may seek an injunction or an order for specific performance from a court of competent jurisdiction if (a) the Company fails to comply or threatens not to comply with this Agreement or (b) the Investor has reason to believe that the Company will not comply with this Agreement.

 

 

[Signature Page Follows]

 

35

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Securities Purchase Agreement as of the date first set forth above.

 

 

	COMPANY: 	 	INVESTOR:	 
	 	 	 	 	 	 
	BIO-KEY INTERNATIONAL, INC.	 	Lind GLOBAL MACRO FUND, lP	 
	 	 	 	
			By: Lind Global Partners, LLC,

			its general partner

				 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	Name:	 	 	Name:	Jeff Easton	 
	Title:	 	 	Title:	Managing Member	 

                             

 

 

 

 

 

 

 

[Signature Page of Securities Purchase Agreement]

 

 

 

 

EXHIBIT A

 

FORM OF AMENDED AND RESTATED SECURITY AGREEMENT

 

[See attached]

 

 

 

 

 

EXHIBIT B

 

FORM OF NOTE

 

[See attached]

 

 

 

 

 

EXHIBIT C

 

FORM OF WARRANT

 

[See attached]

 

 

 

 

 

Annex A

 

Form of Resolutions

 

 

Securities Purchase Agreement

 

WHEREAS, the Board has fully considered the terms and conditions of that certain Securities Purchase Agreement, substantially in the form attached hereto as Exhibit A (the “Agreement”) to be entered into by and between the Company and Lind Global Macro Fund, LP (the “Investor”);

 

WHEREAS, the Board has had an opportunity to review the Agreement and other related documents, exhibits and schedules attached thereto (collectively, the “Transaction Documents”), and the transactions contemplated thereby (the “Transactions”) and desires to approve and declare advisable the Agreement and the other Transaction Documents and the transactions contemplated thereby;

 

WHEREAS, the Board acknowledges (a) the accuracy of the Company’s representations and warranties contained in the Agreement and (b) that the Company is solvent and there are reasonable grounds to expect that if the Company executes the Agreement and the other Transaction Documents, the Company will continue to be able to pay all its debts as they become due; and

 

WHEREAS, the Board has determined that entry into the Agreement and the other Transaction Documents (a) will not violate the Certificate of Incorporation or Bylaws of Company and (b) will not cause the Company to violate (i) any provision of the Delaware General Corporation Law, (ii) any federal or state securities laws or the rules and regulations of the Nasdaq Stock Market, (iii) any other statute or law by which the Company is bound or (iv) any agreement entered into by the Company with a third party.

 

NOW, THEREFORE, BE IT:

 

RESOLVED, that the Board deems it to be advisable and in the best interests of the Company and its stockholders to enter into the Agreement and the other Transaction Documents substantially in the form provided to the Board and to consummate the Transactions; and be it further

 

RESOLVED, that the Board hereby approves, adopts, confirms and declares advisable the Agreement, the other Transaction Documents and the Transactions, in all respects; and be it further

 

RESOLVED, that the form, terms and provisions of the Agreement and the other Transaction Documents be, and they hereby are, authorized and approved, and that any of the officers (the “Authorized Officers”) of the Company be, and each of them hereby is, authorized and empowered, for and on behalf of the Company, to execute and deliver the Agreement and the other Transaction Documents in substantially the form that has been submitted to and reviewed by the Board, with such changes thereto as the Authorized Officers shall deem necessary or appropriate, such judgment to be conclusively evidenced by the execution thereof by such Authorized Officers; and be it further

 

 

 

 

RESOLVED, that the Company be, and hereby is, authorized and empowered to perform all of its obligations under the Agreement and the other Transaction Documents; and be it further

 

RESOLVED, that the Authorized Officers be, and each of them hereby is, authorized and empowered to prepare, execute and file such governmental filings as may be necessary or required in connection with the Agreement and the other Transaction Documents.

 

GENERAL AUTHORITY

 

RESOLVED, that the Authorized Officers be, and each of them hereby is, authorized and empowered to cause the transactions contemplated by these resolutions to be consummated and performed in the manner therein or by these resolutions provided and from time to time to do, or cause to be done, all such other acts or things, and to execute and deliver all such agreements, instruments, certificates and other documents, and to affix and attest thereto, or cause to be affixed and attested thereto, the corporate seal of the Company as such officers and each of them shall deem in their sole discretion necessary or appropriate to carry out the purposes and intents of the foregoing resolutions; and be it further

 

RESOLVED, that the Authorized Officers be, and each of them hereby is, authorized to pay all legal, accounting, printing, registration, qualification, filing and other expenses incurred in connection with any of the foregoing resolutions and all other expenses payable by the Company, and such registration and filing fees and other expenses already disbursed in connection with matters approved by the foregoing resolutions are hereby in all respects ratified, approved and confirmed; and be it further

 

RESOLVED, that the signing by the Authorized Officers of any of the documents or instruments referred to in the foregoing resolutions or the taking by them of any actions to carry out the foregoing shall conclusively establish their authority to do so from the Company, the Authorized Officer’s approval of the form of any documents or instruments signed by them and the approval and ratification by the Company of the documents and instruments so signed and action so taken; and be it further

 

RESOLVED, that the Authorized Officers be, and each of them acting singly hereby is, authorized to perform such further acts and execute and deliver such further documents or instruments as such officers, or any of them, may deem necessary or desirable to carry out the intents and purposes of the foregoing resolutions, and all prior acts, executions and deliveries consistent with the foregoing resolutions are hereby ratified, approved and confirmed.

 

 

 

 

Annex B

 

Funds Flow Request

 

 

BIO-Key International – Securities Purchase Agreement – Flow of Funds Request

 

In connection with the Securities Purchase Agreement, dated June 29, 2020 (the “Agreement”) between BIO-Key International, Inc. (the “Company”) and Lind Global Macro Fund, LP (the “Investor”), the Company irrevocably authorizes the Investor to distribute such funds as set out below, in the manner set out below, at the Closing.

 

Capitalized terms used but not otherwise defined in this letter will have the meaning given to such terms in the Agreement.

 

	
			Item

				
			Amount

			
	
			Lind Commitment Fee

				
			$75,000

			
	
			Closing  

				
			$1,500,000

			
	
			Total

				
			$1,575,000

			

 

Please transfer the net amount of US $1,575,000 due at the Closing, to the following bank account:

 

Beneficiary Bank:                  

Swift code:                            

ABA/Routing #:                       

Account #:

Beneficiary name and address:

 

 

Yours sincerely,

 

BIO-KEY INTERNATIONAL, INC.

 

 

	By:	 	 

Name

Title

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