Document:

Exhibit
4.9

 

REGISTRATION
RIGHTS AGREEMENT

 

This REGISTRATION
RIGHTS AGREEMENT dated September 2, 2020 (this “Agreement”) is entered into by and among Royalty Pharma plc,
an English public limited company incorporated in England and Wales (the “Company”), the guarantor listed in
Schedule 1 hereto (the “Initial Guarantor”), and BofA Securities, Inc., Citigroup Global Markets Inc., Goldman
Sachs & Co. LLC, J.P. Morgan Securities LLC, and Morgan Stanley & Co LLC (collectively, the “Representatives”)
of the initial purchasers listed in Schedule I to the Purchase Agreement (as defined below) (the “Initial Purchasers”).

 

The Company,
the Initial Guarantor and the Representatives are parties to the Purchase Agreement dated August 24, 2020 (the “Purchase
Agreement”), which provides for the sale by the Company to the Initial Purchasers of $6 billion aggregate principal
amount of the Company’s 0.750% Senior Unsecured Notes due 2023, 1.200% Senior Unsecured Notes due 2025, 1.750% Senior Unsecured
Notes due 2027, 2.200% Senior Unsecured Notes due 2030, 3.300% Senior Unsecured Notes due 2040 and 3.550% Senior Unsecured Notes
due 2050 (the “Securities”) which will be guaranteed on an unsecured senior basis by each of the Guarantors.
As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company and the Guarantors have agreed to
provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement.
The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement.

 

In consideration
of the foregoing, the parties hereto agree as follows:

 

1.       Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

“Additional
Guarantor” shall mean any subsidiary of the Company that executes a Guarantee under the Indenture after the date of
this Agreement.

 

“Business
Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by law to remain closed.

 

“Company”
shall have the meaning set forth in the preamble and shall also include the Company’s successors.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

“Exchange
Dates” shall have the meaning set forth in Section 2(a)(ii) hereof.

 

     

     

    

“Exchange
Offer” shall mean the exchange offer by the Company and the Guarantors of Exchange Securities for Registrable Securities
pursuant to Section 2(a) hereof.

 

“Exchange
Offer Registration” shall mean a registration under the Securities Act effected pursuant to Section 2(a) hereof.

 

“Exchange
Offer Registration Statement” shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on
another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus
contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein.

 

“Exchange
Securities” shall mean senior unsecured notes issued by the Company and guaranteed by the Guarantors under the Indenture
or any supplement thereto containing terms identical to the Securities (except that the Exchange Securities will not be subject
to restrictions on transfer or to any increase in annual interest rate for failure to comply with this Agreement) and to be offered
to Holders of Securities in exchange for Securities pursuant to the Exchange Offer.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

“Free
Writing Prospectus” shall mean each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared
by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Securities or the Exchange
Securities.

 

“Guarantees”
shall mean the guarantees of the Securities and guarantees of the Exchange Securities by the Guarantors under the Indenture or
any supplement thereto.

 

“Guarantors”
shall mean the Initial Guarantor, any Additional Guarantors and any Guarantor’s successor that Guarantees the Securities.

 

“Holders”
shall mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of their successors, assigns and
direct and indirect transferees who become owners of Registrable Securities under the Indenture; provided that, for purposes
of Section 4 and Section 5 hereof, the term “Holders” shall include Participating Broker-Dealers.

 

“Indemnified
Person” shall have the meaning set forth in Section 56(c) hereof.

 

“Indemnifying
Person” shall have the meaning set forth in Section 5(c)(d) hereof.

 

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“Indenture”
shall mean the Indenture relating to the Securities dated as of September 2, 2020 between the Company, the Initial Guarantor and
Wilmington Trust, National Association, as trustee, and as the same may be amended from time to time in accordance with the terms
thereof.

 

“Initial
Purchasers” shall have the meaning set forth in the preamble.

 

“Inspector”
shall have the meaning set forth in Section 3(a)(xiv) hereof.

 

“Issuer
Information” shall have the meaning set forth in Section 5(a) hereof.

 

“Majority
Holders” shall mean the Holders of a majority of the aggregate principal amount of the outstanding Registrable Securities;
provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required
hereunder, any Registrable Securities owned directly or indirectly by the Company or any of its affiliates shall not be counted
in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided,
further, that if the Company shall issue any additional Securities under the Indenture prior to consummation of the Exchange
Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable
Securities to which this Agreement relates shall be treated together as one class for purposes of determining whether the consent
or approval of Holders of a specified percentage of Registrable Securities has been obtained.

 

“Notice
and Questionnaire” shall mean a notice of registration statement and selling security holder questionnaire distributed
to a Holder by the Company upon receipt of a Shelf Request from such Holder.

 

“Participating
Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof.

 

“Participating
Holder” shall mean any Holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire
to the Company in accordance with Section 2(b) hereof.

 

“Person”
shall mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization, or a government
or agency or political subdivision thereof.

 

“Prospectus”
shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration
Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement,
including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered
by a Shelf Registration Statement, and by all

 

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other amendments
and supplements to such prospectus, and in each case including any document incorporated by reference therein.

 

“Purchase
Agreement” shall have the meaning set forth in the preamble.

 

“Registrable
Securities” shall mean the Securities; provided that the Securities shall cease to be Registrable Securities
(i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities
have been exchanged or disposed of pursuant to such Registration Statement, (ii) when such Securities cease to be outstanding
or (iii) except in the case of Securities held by an Initial Purchaser that otherwise remain Registrable Securities because
they are ineligible to be exchanged in the Exchange Offer, when the Exchange Offer is consummated.

 

“Registration
Default” shall mean the occurrence of any of the following: (i) the Exchange Offer is not completed on or prior
to the Target Registration Date, (ii) the Shelf Registration Statement, if required pursuant to Section 2(b)(i) or Section 2(b)(ii)
hereof, has not become effective on or prior to the Target Registration Date, (iii) if the Company receives a Shelf Request
pursuant to Section 2(b)(iii), the Shelf Registration Statement required to be filed thereby has not become effective by
the later of (a) the Target Registration Date and (b) 90 days after delivery of such Shelf Request, (iv) the Shelf Registration
Statement, if required by this Agreement, has become effective and thereafter ceases to be effective or the Prospectus contained
therein ceases to be usable, in each case whether or not permitted by this Agreement, at any time during the Shelf Effectiveness
Period, and such failure to remain effective or usable exists for more than 60 days (whether or not consecutive) in any 12-month
period or (v) the Shelf Registration Statement, if required by this Agreement, has become effective and thereafter, on more
than two occasions in any 12-month period during the Shelf Effectiveness Period, the Shelf Registration Statement ceases to be
effective or the Prospectus contained therein ceases to be usable, in each case whether or not permitted by this Agreement.

 

“Registration
Expenses” shall mean any and all expenses incident to performance of or compliance by the Company and the Guarantors
with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all
fees and expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable fees and
disbursements of counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities
or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing
and distributing any Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments or supplements thereto,
any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance
of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification
of the Indenture under applicable

 

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securities laws,
(vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the Company and
the Guarantors and, in the case of a Shelf Registration Statement, the reasonable fees and disbursements of one counsel for the
Participating Holders (which counsel shall be selected by the Participating Holders holding a majority of the aggregate principal
amount of Registrable Securities held by such Participating Holders and which counsel may also be counsel for the Initial Purchasers)
and (viii) the fees and disbursements of the independent registered public accountants of the Company and the Guarantors, including
the expenses of any special audits or “comfort” letters required by or incident to the performance of and compliance
with this Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in
clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any,
relating to the sale or disposition of Registrable Securities by a Holder.

 

“Registration
Statement” shall mean any registration statement of the Company and the Guarantors that covers any of the Exchange Securities
or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration
statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof,
all exhibits thereto and any document incorporated by reference therein.

 

“Representatives”
shall have the meaning set forth in the preamble.

 

“SEC”
shall mean the United States Securities and Exchange Commission.

 

“Securities”
shall have the meaning set forth in the preamble. Each Security is entitled to the benefit of the related Guarantees and, unless
the context otherwise requires, any reference herein to the “Securities,” the “Exchange Securities” or
a “Registrable Securities” shall include the related Guarantees.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf
Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof.

 

“Shelf
Registration” shall mean a registration effected pursuant to Section 2(b) hereof.

 

“Shelf
Registration Statement” shall mean a “shelf” registration statement of the Company and the Guarantors that
covers all or a portion of the Registrable Securities (but no other securities unless approved by a majority in aggregate principal
amount of the Securities held by the Participating Holders) on an

 

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appropriate
form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements
to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or
deemed a part thereof, all exhibits thereto and any document incorporated by reference therein.

 

“Shelf
Request” shall have the meaning set forth in Section 2(b) hereof.

 

“Staff”
shall mean the staff of the SEC.

 

“Target
Registration Date” shall mean the 365th day after the issuance of the Securities.

 

“Trust
Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time.

 

“Trustee”
shall mean the trustee with respect to the Securities under the Indenture.

 

“Underwriter”
shall have the meaning set forth in Section 3(e) hereof.

 

“Underwritten
Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to the public.

 

2.       Registration
Under the Securities Act. (a) To the extent not prohibited by any applicable law or applicable interpretations of the Staff,
the Company and the Guarantors shall use their reasonable best efforts to (x) cause to be filed an Exchange Offer Registration
Statement covering an offer to the Holders to exchange all the Registrable Securities for Exchange Securities and (y) have
such Registration Statement become and remain effective until 180 days after the last Exchange Date for use by one or more Participating
Broker-Dealers. The Company and the Guarantors shall commence the Exchange Offer promptly after the Exchange Offer Registration
Statement is declared effective by the SEC and use their reasonable best efforts to complete the Exchange Offer not later than
60 days after such effective date.

 

The Company
and the Guarantors shall commence the Exchange Offer by mailing or making available the related Prospectus, appropriate letters
of transmittal and other accompanying documents to each Holder stating, in addition to such other disclosures as are required
by applicable law, substantially the following:

 

		(i)	that the Exchange Offer is being
                                         made pursuant to this Agreement and that all Registrable Securities validly tendered
                                         and not properly withdrawn will be accepted for exchange;

 

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		(ii)	the dates of acceptance for exchange
                                         (which shall be a period of at least 20 Business Days from the date such notice is mailed
                                         or made available) (the “Exchange Dates”);

 

		(iii)	that any Registrable Security not
                                         tendered will remain outstanding and continue to accrue interest but will not retain
                                         any rights under this Agreement, except as otherwise specified herein;

 

		(iv)	that any Holder electing to have
                                         a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A)
                                         surrender such Registrable Security, together with the appropriate letters of transmittal,
                                         to the institution and at the address and in the manner specified in the notice, or (B) effect
                                         such exchange otherwise in compliance with the applicable procedures of the depositary
                                         for such Registrable Security, in each case prior to the close of business on the last
                                         Exchange Date; and

 

		(v)	that any Holder will be entitled
                                         to withdraw its election, not later than the close of business on the last Exchange Date,
                                         by (A) sending to the institution and at the address specified in the notice, a telegram,
                                         facsimile transmission or letter setting forth the name of such Holder, the principal
                                         amount of Registrable Securities delivered for exchange and a statement that such Holder
                                         is withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal
                                         in compliance with the applicable procedures of the depositary for the Registrable Securities.

 

As a condition
to participating in the Exchange Offer, a Holder will be required to represent to the Company and the Guarantors that (1) any
Exchange Securities to be received by it will be acquired in the ordinary course of its business, (2) at the time of the commencement
of the Exchange Offer it has no arrangement or understanding with any Person to participate in the distribution (within the meaning
of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (3) it is not an “affiliate”
(within the meaning of Rule 405 under the Securities Act) of the Company or any Guarantor and (4) if such Holder is a broker-dealer
that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result
of market-making or other trading activities, then such Holder will deliver a Prospectus (or, to the extent permitted by law,
make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities.

 

As soon as
practicable after the last Exchange Date, the Company and the Guarantors shall use their reasonable best efforts to:

 

		(I)	accept for exchange Registrable Securities
                                         or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange
                                         Offer; and

 

		(II)	deliver, or cause to be delivered,
                                         to the Trustee for cancellation all Registrable Securities or portions thereof so accepted
                                         for exchange by the

 

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Company
and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount
to the principal amount of the Registrable Securities validly tendered by such Holder; provided that if any of the Registrable
Securities are in book-entry form, the Company shall, in cooperation with the Trustee, effect the exchange of Registrable Securities
in accordance with applicable book-entry procedures.

 

The Company
and the Guarantors shall use their reasonable best efforts to complete the Exchange Offer as provided above and shall comply with
the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with
the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does not violate
any applicable law or applicable interpretations of the Staff.

 

For the avoidance
of doubt, notwithstanding any provision of this Section 2(a) purporting to require physical mailing, delivery or acceptance of
any document or instrument, the Company and the Guarantor may conduct the Exchange Offer exclusively through the automated tender
offer program of the Depository Trust Company or any successor or similar system permitting electronic transmittal, tender and
acceptance of documents and instruments, provided that this provision shall apply only to Registrable Securities held in the form
of beneficial interests in a global note deposited with (or held by a custodian for) the Depository Trust Company.

 

(b)       In
the event that (i) the Company and the Guarantors determine that the Exchange Offer Registration provided for in Section 2(a)
hereof is not available or the Exchange Offer may not be completed as soon as practicable after the last Exchange Date because
it would violate any applicable law or applicable interpretations of the Staff, (ii) the Exchange Offer is not for any other reason
completed by the Target Registration Date or (iii) upon receipt of a written request (a “Shelf Request”) from
any Initial Purchaser representing that it holds Registrable Securities that are or were ineligible to be exchanged in the Exchange
Offer, in each case unless the Company and the Guarantors shall have previously done so, the Company and the Guarantors shall
use their reasonable best efforts to cause to be filed as soon as practicable after such determination, date or Shelf Request,
as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof
and to have such Shelf Registration Statement become effective; provided that no Holder will be entitled to have any Registrable
Securities included in any Shelf Registration Statement, or entitled to use the prospectus forming a part of such Shelf Registration
Statement, until such Holder shall have delivered a completed and signed Notice and Questionnaire and provided such other information
regarding such Holder to the Company as is contemplated by Section 3(b) hereof.

 

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In the event
that the Company and the Guarantors are required to file a Shelf Registration Statement pursuant to clause (iii) of the preceding
sentence, the Company and the Guarantors shall use their reasonable best efforts to file and have become effective both an Exchange
Offer Registration Statement pursuant to Section 2(a) hereof with respect to all Registrable Securities and a Shelf Registration
Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers
and sales of Registrable Securities held by the Initial Purchasers after completion of the Exchange Offer.

 

The Company
and the Guarantors agree to use their reasonable best efforts to keep the Shelf Registration Statement continuously effective
for a period of 12 months from its effectiveness or such shorter period that will terminate when all the Securities cease to be
Registrable Securities (the “Shelf Effectiveness Period”).
The Company and the Guarantors further agree to supplement or amend the Shelf Registration Statement, the related Prospectus and
any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the registration form used by
the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or
if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder, and to use
their reasonable best efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement,
Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable. The Company and
the Guarantors agree to furnish to the Participating Holders copies, upon request, of any such supplement or amendment promptly
after its being used or filed with the SEC.

 

(c)       The
Company agrees to use its reasonable best efforts to cause the Securities to be listed on The International Stock Exchange and
obtain from The International Stock Exchange Authority Limited permission to deal in the Securities as soon as reasonably practicable
after the issuance of the Securities.

 

(d)       The
Company and the Guarantors shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a),
Section 2(b) or Section 2(c) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions
and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the
Shelf Registration Statement.

 

(e)       An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless
it has been declared effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed
to have become effective unless it has been declared effective by the SEC or is automatically effective upon filing with the SEC
as provided by Rule 462 under the Securities Act.

 

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If a Registration
Default occurs, the interest rate on the Registrable Securities will be increased by (i) 0.250% per annum for the first 90-day
period beginning on the day immediately following such Registration Default and (ii) an additional 0.250% per annum with respect
to each subsequent 90-day period, in each case until and including the date such Registration Default ends, up to a maximum increase
of 0.500% per annum. A Registration Default ends when the Securities cease to be Registrable Securities or, if earlier, (1) in
the case of a Registration Default under clause (i) of the definition thereof, when the Exchange Offer is completed, (2) in
the case of a Registration Default under clause (ii) or clause (iii) of the definition thereof, when the Shelf Registration
Statement becomes effective or (3) in the case of a Registration Default under clause (iv) or clause (v) of the
definition thereof, when the Shelf Registration Statement again becomes effective or the Prospectus again becomes usable. If at
any time more than one Registration Default has occurred and is continuing, then, until the next date that there is no Registration
Default, the increase in interest rate provided for by this paragraph shall apply as if there occurred a single Registration Default
that begins on the date that the earliest such Registration Default occurred and ends on such next date that there is no Registration
Default.

 

(f)       Without
limiting the remedies available to the Initial Purchasers and the Holders, the Company and the Guarantors acknowledge that any
failure by the Company or the Guarantors to comply with their obligations under Section 2(a) and Section 2(b) hereof
may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law,
that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial
Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company’s and the Guarantors'
obligations under Section 2(a) and Section 2(b) hereof.

 

3.       Registration
Procedures. (a) In connection with their obligations pursuant to Section 2(a) and Section 2(b) hereof, the Company
and the Guarantors shall as expeditiously as is commercially reasonable:

 

(i)       prepare
and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (A) shall be selected
by the Company and the Guarantors, (B) shall, in the case of a Shelf Registration, be available for the sale of the Registrable
Securities by the Holders thereof and (C) shall comply as to form in all material respects with the requirements of the applicable
form and include (including through incorporation by reference, if available to the Company and the Guarantors) all financial
statements required by the SEC to be filed therewith; and use their reasonable best efforts to cause such Registration Statement
to become effective and remain effective for the applicable period in accordance with Section 2 hereof;

 

(ii)       prepare
and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep
such Registration Statement effective for the applicable period in accordance with

 

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Section 2
hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed
pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(3)
of and Rule 174 under the Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable
Securities or Exchange Securities;

 

(iii)       to
the extent any Free Writing Prospectus is used, file with the SEC any Free Writing Prospectus that is required to be filed by
the Company or the Guarantors with the SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not
required to be filed;

 

(iv)       in
the case of a Shelf Registration, furnish to each Participating Holder, to counsel for the Initial Purchasers, to counsel for
such Participating Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge,
as many copies of each Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or supplement thereto,
as such Participating Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition
of the Registrable Securities thereunder; and, subject to Section 3(c) hereof, the Company and the Guarantors consent to
the use of such Prospectus, preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in
accordance with applicable law by each of the Participating Holders and any such Underwriters in connection with the offering
and sale of the Registrable Securities covered by and in the manner described in such Prospectus, preliminary prospectus or such
Free Writing Prospectus or any amendment or supplement thereto in accordance with applicable law;

 

(v)       in
the case of a Shelf Registration, use their reasonable best efforts to register or qualify the Registrable Securities under all
applicable state securities or blue sky laws of such jurisdictions as any Participating Holder shall reasonably request in writing
by the time the applicable Registration Statement becomes effective; cooperate with such Participating Holders in connection with
any filings required to be made with FINRA; and do any and all other acts and things that may be reasonably necessary or advisable
to enable each Participating Holder to complete the disposition in each such jurisdiction of the Registrable Securities owned
by such Participating Holder; provided that neither the Company nor any Guarantor shall be required to (1) qualify as a
foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required
to so qualify, (2) file any general consent to service of process in any such jurisdiction or (3) subject itself to taxation in
any such jurisdiction if it is not so subject;

 

(vi)       notify
counsel for the Initial Purchasers and, in the case of a Shelf Registration, notify each Participating Holder and counsel for
such Participating Holders promptly and, if requested by any such Participating Holder or counsel, confirm such advice in writing
(1) when a Registration Statement has become

 

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effective, when
any post-effective amendment thereto has been filed and becomes effective, when any Free Writing Prospectus has been filed or
any amendment or supplement to the Prospectus or any Free Writing Prospectus has been filed, (2) of any request by the SEC or
any state securities authority for amendments and supplements to a Registration Statement, Prospectus or any Free Writing Prospectus
or for additional information after the Registration Statement has become effective, (3) of the issuance by the SEC or any state
securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings
for that purpose, including the receipt by the Company of any notice of objection of the SEC to the use of a Shelf Registration
Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable
effective date of a Shelf Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations
and warranties of the Company or any Guarantor contained in any underwriting agreement, securities sales agreement or other similar
agreement, if any, relating to an offering of such Registrable Securities cease to be true and correct in all material respects
or if the Company or any Guarantor receives any notification with respect to the suspension of the qualification of the Registrable
Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event
during the period a Registration Statement is effective that makes any statement made in such Registration Statement or the related
Prospectus or any Free Writing Prospectus untrue in any material respect or that requires the making of any changes in such Registration
Statement or Prospectus or any Free Writing Prospectus in order to make the statements therein not misleading and (6) of any determination
by the Company or any Guarantor that a post-effective amendment to a Registration Statement or any amendment or supplement to
the Prospectus or any Free Writing Prospectus would be appropriate;

 

(vii)       use
their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or,
in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2) under the Securities
Act, including by filing an amendment to such Registration Statement on the proper form, as soon as practicable and provide prompt
notice to each Holder or Participating Holder of the withdrawal of any such order or such resolution;

 

(viii)       in
the case of a Shelf Registration, furnish to each Participating Holder, upon request, without charge, at least one conformed copy
of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference
or exhibits thereto, unless requested);

 

(ix)       in
the case of a Shelf Registration, cooperate with the Participating Holders to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any restrictive

 

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legends and
enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with the provisions
of the Indenture) as such Participating Holders may reasonably request at least one Business Day prior to the closing of any sale
of Registrable Securities;

 

(x)       upon
the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, use their reasonable best efforts to prepare and
file with the SEC a supplement or post-effective amendment to the applicable Exchange Offer Registration Statement or Shelf Registration
Statement or the related Prospectus or any Free Writing Prospectus or any document incorporated therein by reference or file any
other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of
the Registrable Securities, such Prospectus or Free Writing Prospectus, as the case may be, will not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and the Company and the Guarantors shall notify the Participating Holders (in the
case of a Shelf Registration Statement) and the Initial Purchasers and any Participating Broker-Dealers known to the Company (in
the case of an Exchange Offer Registration Statement) to suspend use of the Prospectus or any Free Writing Prospectus as promptly
as practicable after the occurrence of such an event, and such Participating Holders, such Participating Broker-Dealers and the
Initial Purchasers, as applicable, hereby agree to suspend use of the Prospectus or any Free Writing Prospectus, as the case may
be, until the Company and the Guarantors have amended or supplemented the Prospectus or the Free Writing Prospectus, as the case
may be, to correct such misstatement or omission;

 

(xi)       a
reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing Prospectus, any amendment
to a Registration Statement or amendment or supplement to a Prospectus or a Free Writing Prospectus or of any document that is
to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus after initial filing
of a Registration Statement, provide copies of such document to the Initial Purchasers and their counsel (and, in the case of
a Shelf Registration Statement, to the Inspector (as defined herein) and its counsel and other representatives) and make such
of the representatives of the Company and the Guarantors as shall be reasonably requested by the Initial Purchasers or their counsel
(and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel) available for discussion of such
document; and the Company and the Guarantors shall not, at any time after initial filing of a Registration Statement, use or file
any Prospectus, any Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus or a Free
Writing Prospectus, or any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free
Writing Prospectus, of which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the
Inspector and its counsel and other representatives) shall not have previously been advised and furnished a copy or to which the
Initial

 

    13 

     

    

Purchasers or
their counsel (and, in the case of a Shelf Registration Statement, the Inspector or its counsel or other representatives) shall
reasonably object; provided that the requirements of this paragraph shall not apply to the Company’s or any Guarantor’s
annual report on Form 10-K, its quarterly reports on Form 10-Q, its current reports on Form 8-K or any other documents filed pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act;

 

(xii)       obtain
a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the initial effective
date of a Registration Statement;

 

(xiii)       cause
the Indenture to be qualified under the Trust Indenture Act in connection with the registration of the Exchange Securities or
Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to the Indenture
as may be required for the Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and execute,
and use their reasonable best efforts to cause the Trustee to execute, all documents as may be required to effect such changes
and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner;

 

(xiv)       in
the case of a Shelf Registration, upon reasonable notice, make available for inspection by a representative of the Participating
Holders (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration
Statement, any attorneys and accountants designated by a majority in aggregate principal amount of the Securities held by the
Participating Holders and any attorneys and accountants designated by such Underwriter, at reasonable times and in a reasonable
manner, all pertinent financial and other records, documents and properties of the Company and its subsidiaries, and cause the
respective officers, directors and employees of the Company and the Guarantors to supply all information reasonably requested
by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement; provided
that if any such information is identified by the Company or any Guarantor as being confidential or proprietary, each Person receiving
such information shall take such actions as are reasonably necessary to protect the confidentiality of such information to the
extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of any Inspector,
Holder or Underwriter);

 

(xv)        in
the case of a Shelf Registration, use their reasonable best efforts to cause all Registrable Securities to be listed on any securities
exchange or any automated quotation system on which similar securities issued or guaranteed by the Company or any Guarantor are
then listed if requested by the Majority Holders, to the extent such Registrable Securities satisfy applicable listing requirements;

 

    14 

     

    

(xvi)       if
reasonably requested by any Participating Holder, promptly include in a Prospectus supplement or post-effective amendment such
information with respect to such Participating Holder as such Participating Holder reasonably requests to be included therein
and make all required filings of such Prospectus supplement or such post-effective amendment promptly after the Company has received
notification of the matters to be so included in such filing;

 

(xvii)       in
the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith
(including those reasonably requested by the Holders of a majority in principal amount of the Registrable Securities covered by
the Shelf Registration Statement) in order to expedite or facilitate the disposition of such Registrable Securities including,
but not limited to, an Underwritten Offering and in such connection, (1) to the extent possible, make such representations and
warranties to the Participating Holders and any Underwriters of such Registrable Securities with respect to the business of the
Company and its subsidiaries and the Registration Statement, Prospectus, any Free Writing Prospectus and documents incorporated
by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by
issuers to underwriters in underwritten offerings and confirm the same if and when required by the applicable underwriting agreement,
(2) obtain opinions of counsel to the Company and the Guarantors (which counsel and opinions, in form, scope and substance, shall
be reasonably satisfactory to the Participating Holders and such Underwriters and their respective counsel) addressed to each
Participating Holder and Underwriter of Registrable Securities, in customary form subject to customary limitations, assumptions
and exclusions and covering the matters customarily covered in opinions requested in underwritten offerings, (3) obtain “comfort”
letters from the independent registered public accountants of the Company and the Guarantors (and, if necessary, any other registered
public accountant of any subsidiary of the Company or any Guarantor, or of any business acquired by the Company or any Guarantor
for which financial statements and financial data are or are required to be included in the Registration Statement) addressed
to each Participating Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities,
such letters to be in customary form and covering matters of the type customarily covered in “comfort” letters in
connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus,
Prospectus or Free Writing Prospectus and (4) deliver such documents and certificates as may be reasonably requested by the
Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily
delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Company and
the Guarantors made pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting
agreement; and

 

    15 

     

    

(xviii)       so
long as any Registrable Securities remain outstanding, cause each Additional Guarantor upon the creation or acquisition by the
Company of such Additional Guarantor (or the effectiveness of the applicable Guarantee, if later), to execute a counterpart to
this Agreement in the form attached hereto as Annex A and to deliver such counterpart, together with an opinion of counsel as
to the enforceability thereof against such entity, to the Initial Purchasers no later than five Business Days following the execution
thereof.

 

(b)       In
the case of a Shelf Registration Statement, the Company may require, as a condition to including a Holder’s Registrable
Securities in the Registration Statement, each Holder of Registrable Securities to furnish to the Company a Notice and Questionnaire
and such other information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as
the Company and the Guarantors may from time to time reasonably request in writing.

 

(c)       Each
Participating Holder agrees that, upon receipt of any notice from the Company and the Guarantors of the happening of any event
of the kind described in Section 3(a)(vi)(3) or Section 3(a)(vi)(5) hereof, such Participating Holder will forthwith
discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement until such Participating Holder’s
receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus contemplated by Section 3(a)(x)
hereof and, if so directed by the Company and the Guarantors, such Participating Holder will deliver to the Company and the Guarantors
all copies in its possession, other than permanent file copies then in such Participating Holder’s possession, of the Prospectus
and any Free Writing Prospectus covering such Registrable Securities that is current at the time of receipt of such notice.

 

(d)       If
the Company and the Guarantors shall give any notice to suspend the disposition of Registrable Securities pursuant to a Registration
Statement, the Company and the Guarantors shall extend the period during which such Registration Statement shall be maintained
effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such
notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented
or amended Prospectus or any Free Writing Prospectus necessary to resume such dispositions. The Company and the Guarantors may
give any such notice only twice during any 365-day period and any such suspensions shall not exceed 60 days for each suspension
and there shall not be more than two suspensions in effect during any 365-day period.

 

(e)       The
Participating Holders who desire to do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten
Offering, the investment bank or investment banks and manager or managers (each an “Underwriter”) that will
administer the offering will be selected by the Holders of a majority in principal amount of the Registrable Securities included
in

 

    16 

     

    

such offering;
provided that any such Underwriter shall be reasonably satisfactory to the Company.

 

4.       Participation
of Broker-Dealers in Exchange Offer. (a) The Staff has taken the position that any broker-dealer that receives Exchange Securities
for its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making
or other trading activities (a “Participating Broker-Dealer”) may be deemed to be an “underwriter”
within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection
with any resale of such Exchange Securities.

 

The Company
and the Guarantors understand that it is the Staff’s position that if the Prospectus contained in the Exchange Offer Registration
Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers
may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying the amount of Exchange Securities
owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available
to purchasers) to satisfy their prospectus delivery obligation under the Securities Act in connection with resales of Exchange
Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act.

 

(b)       In
light of the above, and notwithstanding the other provisions of this Agreement, the Company and the Guarantors agree to amend
or supplement the Prospectus contained in the Exchange Offer Registration Statement for a period of up to 180 days after the last
Exchange Date (as such period may be extended pursuant to Section 3(d) hereof), in order to expedite or facilitate the disposition
of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a)
above. The Company and the Guarantors further agree that Participating Broker-Dealers shall be authorized to deliver such Prospectus
(or, to the extent permitted by law, make available) during such period in connection with the resales contemplated by this Section 4.

 

(c)       The
Initial Purchasers shall have no liability to the Company, any Guarantor or any Holder with respect to any request that they may
make pursuant to Section 4(b) hereof.

 

5.       Indemnification
and Contribution. (a) The Company and each Guarantor, jointly and severally, agree to indemnify and hold harmless each Initial
Purchaser and each Holder, their respective affiliates, employees, agents, directors and officers and each person, if any, who
controls any such Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonably
incurred and

 

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documented legal
fees and other reasonably incurred and documented expenses incurred in connection with any suit, action or proceeding or any claim
asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement
or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to
state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading,
or (2) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, any Free Writing Prospectus
or any “issuer information” (“Issuer Information”) filed or required to be filed pursuant to Rule
433(d) under the Securities Act, or any omission or alleged omission to state therein a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar
as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser or information
relating to any Holder furnished to the Company in writing through the Representatives or any selling Holder, respectively, expressly
for use therein. In connection with any Underwritten Offering permitted by Section 3, the Company and the Guarantors, jointly
and severally, will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals
participating in the distribution, their respective affiliates and each Person who controls such Persons (within the meaning of
the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders,
if requested in connection with any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information.

 

(b)       Each
Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors, the Initial Purchasers and
the other selling Holders, the directors of the Company and the Guarantors, each officer of the Company and the Guarantors who
signed the Registration Statement and each Person, if any, who controls the Company, the Guarantors, any Initial Purchaser and
any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to
the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities
that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with any information relating to such Holder furnished to the Company in writing by such Holder expressly
for use in any Registration Statement, any Prospectus and any Free Writing Prospectus.

 

(c)       If
any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted
against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person
(the “Indemnified Person”) shall promptly notify the person against whom such indemnification may be sought

 

    18 

     

    

(the “Indemnifying
Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any
liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through
the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify
the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under
paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have
notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified
Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 5 that the
Indemnifying Person may designate in such proceeding and shall pay the reasonably incurred fees and expenses of such proceeding
and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified
Person shall have the right to retain its own counsel, but the reasonably incurred fees and expenses of such counsel shall be
at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed
to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to
the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available
to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such
proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is
understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same
jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified
Persons, and that all such reasonably incurred fees and expenses shall be paid or reimbursed as they are incurred. Any such separate
firm (x) for any Initial Purchaser, its affiliates, employees, agents, directors and officers and any control persons of such
Initial Purchaser shall be designated in writing by the Representatives, (y) for any Holder, its directors and officers and any
control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated
in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its
written consent, but if settled with such consent, the Indemnifying Person agrees to indemnify each Indemnified Person from and
against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time
an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for reasonably incurred
fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of
any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by
the Indemnifying Person of such

 

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request and
(ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date
of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement
of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification
could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such
Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that
are the subject matter of such proceeding and (B) does not include any statement as to or any admission of fault, culpability
or a failure to act by or on behalf of any Indemnified Person. (d)If the indemnification provided for in paragraph (a) or
(b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred
to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall
contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities
(i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors from the
offering of the Securities and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange
Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted
by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but
also the relative fault of the Company and the Guarantors on the one hand and the Holders on the other in connection with the
statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company and the Guarantors on the one hand and the Holders on the other
shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Company
from the sale of the Securities or Exchange Securities and the total discounts and commissions received by the Initial Purchasers
in connection therewith, as provided in the Purchase Agreement, bear to the aggregate offering price of the Securities or Exchange
Securities. The relative fault of the Company and the Guarantors on the one hand and the Holders on the other shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company and the Guarantors or by the Holders and the
parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

(e)       The
Company, the Guarantors and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 5
were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other
method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount
paid or payable by an Indemnified Person as a result of the losses, claims,

 

    20 

     

    

damages and
liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal
or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions
of this Section 5, in no event shall a Holder be required to contribute any amount in excess of the amount by which the total
price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant
to this Section 5 are several and not joint.

 

(f)       The
remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies which may otherwise
be available to any Indemnified Person at law or in equity.

 

(g)       The
indemnity and contribution provisions contained in this Section 5 shall remain operative and in full force and effect regardless
of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder
or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or the Guarantors or the officers
or directors of or any Person controlling the Company or the Guarantors, (iii) acceptance of any of the Exchange Securities and
(iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement.

 

(h)       Any
stamp duties, stamp duty reserve tax, documentary, issuance, transfer, capital, registration or other similar taxes or duties
imposed in the United Kingdom (“Transfer Taxes”) payable in connection with the exchange of Registrable Securities
for Exchange Securities in the manner contemplated by this Agreement (including, without limitation, in respect of the delivery
and cancellation of Registrable Securities and the issuance of Exchange Securities) shall be paid by the Company and the Company
shall indemnify Holders against any liability to such Transfer Taxes.

 

6.       General.

 

(a)       No
Inconsistent Agreements.  The Company and the Guarantors represent, warrant and agree that (i) the rights granted to the Holders
hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding
securities issued or guaranteed by the Company or any Guarantor under any other agreement and (ii) neither the Company nor any
Guarantor has entered into, or on or after the date of this Agreement will enter into, any agreement that is inconsistent with
the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof.

 

    21 

     

    

(b)       Amendments
and Waivers.  The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantors
have obtained the written consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable
Securities affected by such amendment, modification, supplement, waiver or consent; provided that no amendment, modification,
supplement, waiver or consent to any departure from the provisions of Section 5 hereof shall be effective as against any
Holder of Registrable Securities unless consented to in writing by such Holder. Any amendments, modifications, supplements, waivers
or consents pursuant to this Section 6(b) shall be by a writing executed by each of the parties hereto.

 

(c)       Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telecopier, electronic transmission or any courier guaranteeing overnight delivery (i) if to a Holder, at the
most current address given by such Holder to the Company by means of a notice given in accordance with the provisions of this
Section 6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement;
(ii) if to the Company and the Guarantors, initially at the Company’s address set forth in the Purchase Agreement and thereafter
at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such
other persons at their respective addresses as provided in the Purchase Agreement and thereafter at such other address, notice
of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed
to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the
mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied or electronically transmitted; and on the next Business
Day if timely delivered to an air courier guaranteeing overnight delivery. Copies of all such notices, demands or other communications
shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture.

 

(d)       Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each
of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided
that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation
of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities
in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all the terms of
this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the
benefits hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or

 

    22 

     

    

obligation to
the Company or the Guarantors with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the
obligations of such Holder under this Agreement.

 

(e)       Third
Party Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder between the Company and
the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements
directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder.

 

(f)       Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN
Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes.

 

(g)       Headings.
The headings in this Agreement are for convenience of reference only, are not a part of this Agreement and shall not limit
or otherwise affect the meaning hereof.

 

(h)       Governing
Law. This Agreement, and any claim, controversy or dispute arising under or related to this Agreement, shall be governed by
and construed in accordance with the laws of the State of New York.

 

(j)       Waiver
of Jury Trial. The Company and the Guarantors hereby irrevocably waive, to the 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 transactions contemplated
hereby.

 

(k)        Entire
Agreement; Severability. This Agreement contains the entire agreement between the parties relating to the subject matter hereof
and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained
in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or against public policy,
the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and
shall in no way be affected, impaired or invalidated. The Company, the Guarantors and the Initial Purchasers shall endeavor in
good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of
which comes as close as possible to that of the invalid, void or unenforceable provisions.

 

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(m)       Submission
to Jurisdiction. The Company and the Guarantors hereby submit to the exclusive jurisdiction of the U.S. federal and New York
state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby. The Company and the Guarantors waive any objection which it may now or hereafter
have to the laying of venue of any such suit or proceeding in such courts. Each of the Company and the Guarantors agrees that
final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and
each Guarantor, as applicable, and may be enforced in any court to the jurisdiction of which Company or the Guarantor is subject
by a suit upon such judgment. The Company and the Guarantors irrevocably appoint CSC North America, located in New York, New York,
as its authorized agent in the Borough of Manhattan in The City of New York upon which process may be served in any such suit
or proceeding, and agrees that service of process upon such authorized agent, and written notice of such service to the Company
or any such Guarantor, as the case may be, by the person serving the same to the address provided in Section 6(c), shall be deemed
in every respect effective service of process upon the Company and such Guarantor in any such suit or proceeding. The Company
and the Guarantors hereby represent and warrant that such authorized agent has accepted such appointment and has agreed to act
as such authorized agent for service of process. The Company and the Guarantors further agree to take any and all action as may
be necessary to maintain such designation and appointment of such authorized agent in full force and effect for a period of seven
years from the date of this Agreement.

 

(n)       Judgment
Currency. The Company and the Guarantors, jointly and severally, agree to indemnify each Initial Purchaser, its directors,
officers, affiliates and each person, if any, who controls such Initial Purchaser within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act, against any loss incurred by such Initial Purchaser as a result of any judgment or order
being given or made for any amount due hereunder and such judgment or order being expressed and paid in a currency (the “judgment
currency”) other than U.S. dollars and as a result of any variation as between (i) the rate of exchange at which the U.S.
dollar amount is converted into the judgment currency for the purpose of such judgment or order, and (ii) the rate of exchange
at which such indemnified person is able to purchase U.S. dollars with the amount of the judgment currency actually received by
the indemnified person. The foregoing indemnity shall constitute the joint and several obligation of the Company and the Guarantors
and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange”
shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant
currency.

 

(o)       Waiver
of Immunity. To the extent that the Company and the Guarantors may acquire any immunity (sovereign or otherwise) from jurisdiction
of any court of (i) England and Wales, (ii) the United States or the State of New

 

    24 

     

    

York, (iii)
any jurisdiction in which it owns or leases property or assets or from any legal process (whether through service of notice, attachment
prior to judgment, attachment in aid of execution, execution, set-off or otherwise) with respect to themselves or their respective
property and assets or this Agreement, the Company and the Guarantors hereby irrevocably waive such immunity in respect of its
obligations under this Agreement to the fullest extent permitted by applicable law.

 

    25 

     

    

IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first written above.

 

	 	ROYALTY PHARMA PLC
	 	 
	 	 
	 	By /s/ Pablo Legorreta
	 	Name: Pablo Legorreta
	 	Title: Director

 

 

 

ROYALTY
PHARMA HOLDINGS, LTD.

By /s/ Pablo Legorreta

Name: Pablo Legorreta

Title: Director

 

     

     

    

Confirmed and
accepted as of the date first above written:

 

BOFA SECURITIES, INC.

CITIGROUP GLOBAL MARKETS
INC.

GOLDMAN SACHS &
CO. LLC

J.P. MORGAN SECURITIES
LLC

MORGAN STANLEY &
CO. LLC

 

For itself and on behalf
of the 

several Initial Purchasers
listed 

in Schedule 1 hereto.

 

 

BOFA SECURITIES, INC.

 

 

By: /s/ Douglas Muller                

Name: Douglas Muller

Title: Managing Director 

 

CITIGROUP GLOBAL MARKETS INC.

 

 

By: /s/ Brian D. Bednarski           
 Name: Brian D. Bednarski

Title: Managing Director

 

 

GOLDMAN SACHS & CO. LLC

 

 

By: /s/ Sam Chaffin                    

Name: Sam Chaffin

Title: Vice
President

 

 

J.P. MORGAN SECURITIES LLC

 

 

By: /s/ Som Bhattacharyya         

Name: Som Bhattacharyya

Title: Executive Director

 

 

MORGAN STANLEY & CO. LLC

 

 

By: /s/ Ian Drewe                       

Name: Ian Drewe

Title: Executive Director 

 

     

     

    

Schedule
1

 

Initial
Guarantor

 

Royalty
Pharma Holdings, Ltd.

 

 

     

     

    

Annex
A

 

Counterpart
to Registration Rights Agreement

 

The
undersigned hereby absolutely, unconditionally and irrevocably agrees as a Guarantor (as defined in the Registration Rights Agreement,
dated September 2, 2020 by and among Royalty Pharma plc, an English public limited company incorporated in England and Wales,
the guarantors party thereto and BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan
Securities LLC, and Morgan Stanley & Co LLC) to be bound by the terms and provisions of such Registration Rights Agreement.

 

IN
WITNESS WHEREOF, the undersigned has executed this counterpart as of _______________, 202_.

 

 

	 	[GUARANTOR]
	 	By___________________________
	 	Name:
	 	Title:Exhibit 10.1

AMENDMENT NO. 7
to
CREDIT AGREEMENT
​
THIS AMENDMENT NO. 7 TO CREDIT AGREEMENT (this “Amendment”) is dated as of September 2, 2020, by and among WINMARK CORPORATION, WIRTH BUSINESS CREDIT, INC., WINMARK CAPITAL CORPORATION and GROW BIZ GAMES, INC. (each of the foregoing are referred to herein individually as a “Loan Party” and collectively as the “Loan Parties”), CIBC BANK USA (formerly known as The PrivateBank and Trust Company) (the “Administrative Agent” and a “Lender”), and, for the limited purpose of Section 2 of this Amendment, BMO HARRIS BANK N.A. (formerly known as HARRIS N.A.) (“BMO”).
RECITALS:
​
A.The Loan Parties, the Administrative Agent, the Lender, and BMO are parties to that certain Credit Agreement, dated as of July 13, 2010, as amended prior to the date hereof (the “Credit Agreement”).
​
B.The Loan Parties have requested to decrease the Aggregate Commitments (as defined in the Credit Agreement) to $25,000,000 and to extend the Termination Date (as defined in the Credit Agreement). 
​
C.The Loan Parties, the Administrative Agent, and the Lender desire to further amend the Credit Agreement as provided herein.
​
AGREEMENTS:
​
IN CONSIDERATION of the premises and mutual covenants herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
​
1.Definitions.  Capitalized terms not otherwise defined in this Amendment have the same meanings as set forth in the Credit Agreement.
2.Decrease in the Aggregate Commitment.  The parties acknowledge and agree that as of the effective date of this Amendment, (i) the Aggregate Commitments shall decrease from $40,000,000 to $25,000,000 and (ii) BMO will not have any Commitment, and it will no longer be a Lender under the Credit Agreement. 
3.Amendment of Section 1.1.  Section 1.1 of the Credit Agreement is hereby amended first by deleting the definitions of “LIBOR Rate”, “Termination Date” and “Net Cash Proceeds”, and second by adding the following definitions to such Section in their correct alphabetical order: 

1
​

“Additional Prudential Debt” means Debt owing to Prudential in an aggregate amount incurred not to exceed $25,000,000, to the extent that each of the following conditions shall have been satisfied:
(a)no Unmatured Event of Default or Event of Default shall exist at the time of funding or effectiveness of such Additional Prudential Debt;
(b)the Company and the Subsidiaries shall be in pro forma compliance with the financial covenants contained in Section 11.15, 11.16, and 11.17 at the time of funding or effectiveness of such Additional Prudential Debt; 
(c)at the time of funding or effectiveness of such Additional Prudential Debt, all representations and warranties by the Loan Parties contained herein or in any other Loan Document shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of the date of incurrence of such Additional Prudential Debt and after giving pro forma effect thereto, except to the extent that such representation or warranty expressly relates to an earlier date (in which event such representations and warranties shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date);
(d)the Additional Prudential Debt shall be on terms and conditions acceptable to the Agent and the Lenders; provided, however that Agent and the Lenders shall grant such acceptance if such Additional Prudential Debt is issued and subject to substantially the same terms and conditions of Debt owed to Prudential prior to the Seventh Amendment Effective Date (other than with respect to applicable maturity dates and interest rates); 
(e)Agent shall have received true, correct, and complete copies all documents entered into by any Loan Party in connection therewith, each of which shall be in form and substance acceptable to the Agent; and
(f)the Agent shall have received a certificate of a Senior Officer of the Loan Parties certifying as to the foregoing.
“LIBOR Rate”:  For any Interest Period for a LIBOR Loan, a rate of interest equal to the greater of (a) (i) the per annum rate of interest at which United States dollar deposits for a period equal to the relevant Interest Period are offered in the London Interbank Eurodollar market at 11:00 A.M. (London time) two (2) Business Days prior to the commencement of such Interest Period (or three (3) Business Days prior to the commencement of such Interest Period if banks in London, England were not open and dealing in offshore United States dollars on such second preceding Business Day), as displayed in the Bloomberg Financial Markets system (or other authoritative source selected by the Administrative Agent in its sole discretion), divided by (ii) a number determined by subtracting from 1.00 the then stated maximum reserve percentage for determining reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency funding or liabilities as defined in Regulation D (or any successor category of liabilities under Regulation D), or as LIBOR is otherwise determined by the 

2
​

Administrative Agent in its sole and absolute discretion and (b) 0.00% per annum.  The Administrative Agent 's determination of the LIBOR Rate shall be conclusive, absent manifest error and shall remain fixed during such Interest Period.  The Lenders may lend to their customers at rates that are at, above, or below the LIBOR Rate.
“Net Cash Proceeds”:  
(a)With respect to any Asset Disposition, the aggregate cash proceeds (including cash proceeds received pursuant to policies of insurance or by way of deferred payment of principal pursuant to a note, installment receivable or otherwise, but only as and when received) received by any Loan Party pursuant to such Asset Disposition net of (i) the direct costs relating to such sale, transfer or other disposition (including sales commissions and legal, accounting and investment banking fees), (ii) taxes paid or reasonably estimated by Loan Parties to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements) and (iii) amounts required to be applied to the repayment of any Debt secured by a Lien on the asset subject to such Asset Disposition (other than the Loans);
(b)with respect to any issuance of Capital Securities, the aggregate cash proceeds received by any Loan Party pursuant to such issuance, net of the direct costs relating to such issuance (including sales and underwriters’ commissions); and
(c)with respect to any issuance of Debt (other than the Debt issued to Prudential (i) on or about the Fourth Amendment Effective Date, (ii) on or about the Fifth Amendment Effective Date, and (iii) constituting Additional Prudential Debt), the aggregate cash proceeds received by any Loan Party pursuant to such issuance, net of the direct costs of such issuance (including up-front, underwriters’ and placement fees).

“Seventh Amendment”:  That certain Amendment No. 7 to Credit Agreement, dated as of September 2, 2020, by and among the Loan Parties, the Administrative Agent and the Lenders.
“Seventh Amendment Effective Date”:  The date on which all of the conditions set forth in the Seventh Amendment have been satisfied or waived in writing by the Lenders and the Administrative Agent.
“Termination Date”:  The earlier to occur of (a) August 31, 2024, or (b) such other date on which the Commitment terminates pursuant to Section 13. 
4.Amendment of Section 6.3.  Section 6.3 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
6.3Reduction of Aggregate Commitments.  The Loan Parties may, at any time, upon not less than 30 days’ prior written notice from the Company to Agent and each Lender, reduce the amount of the Aggregate Commitments, with any such reduction in a minimum amount of $1,000,000, or, if more, in an integral multiple of $500,000 and on a 

3
​

pro rata basis for each Commitment; provided, however, that the Loan Parties may not at any time reduce the amount of Aggregate Commitments below the Outstandings. Upon any reduction as provided herein, the Administrative Agent shall deliver an updated Schedule 2.1 to the Loan Parties and the Lenders. 
5.Amendment of Section 11.1(j).  Section 11.1(j) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(j)(i) Debt existing prior to the Seventh Amendment Effective Date and owed to Prudential but only so long as the Prudential Intercreditor Agreement is in full force and effect and (ii) the Additional Prudential Debt but only so long as the Prudential Intercreditor Agreement is in full force and effect.  
6.Amendment of Section 11.15.  Section 11.15 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
11.15Tangible Net Worth.  Not permit the Tangible Net Worth of the Loan Parties to be:
​
(a)as of September 26, 2020, less than $120,000,000; and
​
(b)as of the last day of each fiscal month following the fiscal month ended September 26, 2020, the sum of the minimum Tangible Net Worth from the immediately preceding fiscal month plus fifty percent (50%) of the net income of the fiscal month then ended, if positive.
​
Notwithstanding the foregoing, the parties acknowledge and agree that effect of each of the 2015 Tender Offer (as such term is defined in the Fourth Amendment) (the “2015 Tender Offer”), the 2017 Tender Offer (as such term is defined in the Fifth Amendment) (the “2017 Tender Offer”), and the 2020 Tender Offer (as such term is defined in the Sixth Amendment)(the “2020 Tender Offer”) shall be excluded in the foregoing covenant calculation.
​
7.Global Amendment. All references in the Credit Agreement to “The PrivateBank and Trust Company” shall be amended to read to “CIBC Bank USA (formerly known as The PrivateBank and Trust Company)” and all references to “PrivateBank” shall be amended to read “CIBC”. 
8.Amendment of Schedule 2.1.  Schedule 2.1 of the Credit Agreement (Commitments and Applicable Percentages) is hereby amended in its entirety to read as set forth in the Exhibit A attached to this Amendment.
9.Amendment of Exhibit B.  Exhibit B of the Credit Agreement (Form of Compliance Certificate) is hereby amended in its entirety to read as set forth in the Exhibit B attached to this Amendment.

4
​

10.Amendment of Exhibit C.  Exhibit C of the Credit Agreement (Form of Borrowing Base Certificate) is hereby amended in its entirety to read as set forth in the Exhibit C attached to this Amendment.
11.Conditions to Effectiveness.  The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:
(a)The Administrative Agent shall have received a counterpart signature page to this Amendment, duly executed by the Loan Parties and the Lenders.
(b)The Lenders and the Administrative Agent shall have received an amendment to the Note Agreement, dated May 14, 2015 (as amended) with Prudential, in form and substance acceptable to the Lenders and the Administrative Agent, duly executed by Prudential and the Loan Parties.
(c)The Lenders and the Administrative Agent shall have received an amendment to the Prudential Intercreditor Agreement, in form and substance acceptable to the Lenders and the Administrative Agent, duly executed by Prudential and the Loan Parties.
(d)CIBC shall have received payment of the Amendment Fee as forth in Section 18 of this Amendment.
(e)The Administrative Agent shall have received such certificates of good standing, certified organizational documents, legal opinions, and officer’s certificates, in each case respecting the Loan Parties, as the Administrative Agent may request.
(f)The Administrative Agent shall have received a completed pro forma Borrowing Base Certificate, in form and substance acceptable to the Administrative Agent.
(g)The Administrative Agent shall have received a pro forma Compliance Certificate, in form and substance acceptable to the Administrative Agent.
(h)The representations and warranties set forth in Section 12 below shall be true and correct as of the effective date.
(i)The Administrative Agent shall be satisfied that since December 28, 2019, there has been no Material Adverse Effect.
(j)All legal, tax, environmental and regulatory matters shall be satisfactory to the Administrative Agent.
For the avoidance of doubt, the amendments and consent contemplated by this Amendment shall not be effective until each of the foregoing conditions have been satisfied or waived in writing by the Lenders and the Administrative Agent.  
​

5
​

12.Representations and Warranties.  To induce the Administrative Agent and the Lenders to enter into this Amendment, the Loan Parties, jointly and severally, represent and warrant to the Administrative Agent and the Lenders as follows:
(a)The execution, delivery and performance by the Loan Parties of this Amendment and any other documents required to be executed and/or delivered by the Loan Parties by the terms of this Amendment have been duly authorized by all necessary corporate action, do not require any approval or consent of, or any registration, qualification or filing with, any government agency or authority or any approval or consent of any other person, do not and will not conflict with, result in any violation of or constitute any default under, any provision of the Loan Parties’ organizational documents, any agreement binding on or applicable to the Loan Parties or any of their property, or any law or governmental regulation or court decree or order, binding upon or applicable to the Loan Parties or of any of their property and will not result in the creation or imposition of any Lien in or on any of their property pursuant to the provisions of any agreement applicable to the Loan Parties or any of their property, other than Liens in favor of the Administrative Agent.
​
(b)Both before and after giving effect to this Amendment, the representations and warranties contained in the Credit Agreement are true and correct as of the date hereof and will be true and correct as of the effectiveness of this Amendment, as though made on each such date, except to the extent that such representations and warranties relate solely to an earlier date.
​
(c)There does not exist any Unmatured Event of Default or Event of Default.
​
13.No Waiver.  This Amendment is not intended to operate as, and shall not be construed as, a waiver of any Unmatured Event of Default or Event of Default whether known to the Administrative Agent and/or the Lenders, or unknown, as to which all rights and remedies of the Administrative Agent and the Lenders shall remain reserved.
14.Binding Nature of Loan Documents.  Each Loan Party acknowledges and agrees that the terms, conditions and provisions of the Credit Agreement and of each Loan Document are fully binding and enforceable agreements, and are not subject to any defense, counterclaim, set off or other claim of any kind or nature.  Each Loan Party hereby reaffirms and restates its duties, obligations and liability under the Credit Agreement, as amended hereby, and each other Loan Document.
15.Reference to the Loan Documents.  From and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference to the “Credit Agreement” or “Agreement”, “thereunder”, “thereof”, “therein” or words of like import referring to the Credit Agreement in any other Loan Document, shall mean and be a reference to the Credit Agreement as amended hereby.

6
​

16.Release.  Each Loan Party hereby releases, acquits, and forever discharges each of the Administrative Agent and the Lenders and each and every past and present subsidiary, affiliate, stockholder, officer, director, agent, servant, employee, representative, and attorney of any of them from any and all claims, causes of action, suits, debts, liens, obligations, liabilities, demands, losses, costs and expenses (including attorneys’ fees) of any kind, character, or nature whatsoever, known or unknown, fixed or contingent, which any Loan Party may have or claim to have now or which may hereafter arise out of or be connected with any act of commission or omission of the Administrative Agent and/or the Lenders existing or occurring prior to the date of this Amendment or any instrument executed prior to the date of this Amendment including, without limitation, any claims, liabilities or obligations arising with respect to the indebtedness evidenced by any Loan Document.  The provisions of this Section shall survive payment of all Obligations and shall be binding upon the Loan Parties and shall inure to the benefit of the Administrative Agent and the Lenders and their respective successors and assigns.
17.Estoppel.  Each Loan Party represents and warrants that there are no known claims, causes of action, suits, debts, liens, obligations, liabilities, demands, losses, costs and expenses (including attorneys’ fees) of any kind, character or nature whatsoever, fixed or contingent, which any Loan Party may have or claim to have against the Administrative Agent and/or the Lenders, which might arise out of or be connected with any act of commission or omission of the Administrative Agent and/or the Lenders existing or occurring on or prior to the date of this Amendment, including, without limitation, any claims, liabilities or obligations arising with respect to the indebtedness evidenced by any Loan Document.
18.Amendment Fee. The Loan Parties, jointly and severally, agree to pay to CIBC an amendment fee as set forth in that certain Amendment No. 7 Fee Letter dated as of the date hereof (the “Amendment Fee”).  Such Amendment Fee shall be due and payable upon the execution of this Amendment and shall be fully earned when paid and shall not be refundable for any reason whatsoever.
19.Expenses.  Without in any way limiting the generality of Section 16.5 of the Credit Agreement, the Loan Parties, jointly and severally, hereby agree to pay to the Administrative Agent all of the Administrative Agent’s reasonable legal fees and expenses incurred in connection with this Amendment, the Credit Agreement and/or any other Loan Document, which amount shall be due and payable upon execution of this Amendment.
20.Captions.  The captions or headings herein are for convenience only and in no way define, limit or describe the scope or intent of any provision of this Amendment.
21.Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.  Any executed counterpart of this Amendment delivered by facsimile or other electronic transmission to a party hereto shall constitute an original counterpart of this Amendment.

7
​

22.No Other Modification.  Except as expressly amended by the terms of this Amendment, all other terms of the Credit Agreement shall remain unchanged and in full force and effect.
​
[The signature pages follow.]

8
​

THE PARTIES HAVE EXECUTED this Amendment No. 7 to Credit Agreement in the manner appropriate to each as of the date and year first above written.
​
LOAN PARTIES:
WINMARK CORPORATION 
​
​
​
By: /s/ Brett D. Heffes
Name:  Brett D. Heffes
Title:    Chairman of the Board and Chief Executive Officer 
​
​
WIRTH BUSINESS CREDIT, INC.
​
​
​
By: /s/ Brett D. Heffes
Name:  Brett D. Heffes
Title:    President
​
​
WINMARK CAPITAL CORPORATION 
​
​
​
By: /s/ Brett D. Heffes
Name:  Brett D. Heffes
Title:    President
​
​
GROW BIZ GAMES, INC.
​
​
​
By: /s/ Brett D. Heffes
Name:  Brett D. Heffes
Title:    President
(Signatures continue on next page.)

​

ADMINISTRATIVE AGENT
AND A LENDER:
CIBC BANK USA (formerly known as The PrivateBank and Trust Company)
​
​
​
By: /s/ Leanne Manning
Name:  Leanne Manning 
Title:    Managing Director
​
(Signatures continue on next page.)

​

BMO is signing solely
for purposes of Section 2 of
the Amendment, and to
acknowledge its agreement
that after giving effect to
the Amendment, it will not
have any Commitment, and
it will no longer be a Lender
	under the Credit Agreement:
	BMO HARRIS BANK N.A. (f/k/a Harris N.A.)

​
​
By: /s/ Kirk Pauley​ ​ ​ ​​ ​
Name: Kirk Pauley
Title:   Vice President

​

EXHIBIT A
​
SCHEDULE 2.1
​
COMMITMENTS
AND APPLICABLE PERCENTAGES
​
(updated as of September 2, 2020)
​
​
	Lender
	Commitment
	Applicable Percentage

	​
	​
	​

	CIBC BANK USA 
	$25,000,000
	100%

	​
	​
	​

	Total
	$25,000,000
	100%

	​
	​
	​

​

​

EXHIBIT B
​
FORM OF COMPLIANCE CERTIFICATE
​
		TO:
	CIBC BANK USA (formerly known as The PrivateBank and Trust Company) (the “Administrative Agent”) and the other Lenders referred to below

​
Please refer to the Credit Agreement dated as of July 13, 2010 (as amended, restated, supplemented  or otherwise modified from time to time, the “Credit Agreement”) among Winmark Corporation (the “Company”) and its subsidiaries (together with the Company, the “Loan Parties”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and CIBC BANK USA (formerly known as The PrivateBank and Trust Company), as a Lender and as Administrative Agent for the Lenders.  Terms used but not otherwise defined herein are used herein as defined in the Credit Agreement.
​
		I.
	Reports.  Enclosed herewith is a copy of the monthly report of the Loan Parties as of __________________, 20___ (the “Computation Date”), which report fairly presents in all material respects the financial condition and results of operations of the Loan Parties as of the Computation Date and has been prepared in accordance with GAAP consistently applied.

​
		II.
	Tangible Net Worth.  The Company hereby certifies and warrants to you that the following is a true and correct computation of the Tangible Net Worth requirement set forth in Section 11.15 of the Credit Agreement, which is equal to or greater than the sum of the minimum Tangible Net Worth from the immediately preceding month plus fifty percent (50%) of the net income of the month then ended, if positive:

​
	​
2020 Tender Offer amount
Total shareholders’ equity
​

	​
​
​

	​
​ ​​ ​​
​

	A.Shareholders’ equity:

Common Stock
Other comprehensive income
Retained earnings
            2015 Tender Offer amount
2017 Tender Offer amount
2020 Tender Offer amount
​
Total shareholders’ equity
	​
​
$​ ​​ ​
$​ ​​ ​
$​ ​​ ​
$___________
$___________
$___________
	​
​
​
​
​
​
​
​​
​
$​ ​​ ​

	​
	​
	​

	B.Subordinated Debt
	​
	$​ ​​ ​

	​
	​
	​

		​
​
$​ ​​ ​
$​ ​​ ​
$​ ​​ ​
$​ ​​ ​
​
	​
​
​
​
​
​
​
​
​
​
​
​
​
​
​​

1 Excludes Income Tax Refund Receivable

​

	C.Intangible items:

Goodwill
Trademarks
Trade names
Service marks
Copyrights
Patents
Licenses
Deferred items
Unamortized Debt discount
Prepaid expenses1
Other intangible items

Total Intangible Items
	$​ ​​ ​
$​ ​​ ​
$​ ​​ ​
$​ ​​ ​
$​ ​​ ​
$​ ​​ ​
$​ ​​ ​
	$​ ​​ ​

	​
	​
	​

	D.Investments:

Investment in Tomsten, Inc.
Investment in Bridge Funds Limited
Additional Investments

Total Investments
	​
​
$​ ​​ ​
$​ ​​ ​
$​ ​​ ​
	​
​
​
​
​
​
$​ ​​ ​

	​
	​
	​

	Actual Tangible Net Worth [(A+B) - (C + D)]

Minimum Tangible Net Worth from
prior month end
plus 50% of positive current
month end net income
Required Minimum Tangible Net Worth
	​
​
​
$​ ​​ ​

$​ ​​ ​
	$​ ​​ ​

$​ ​​ ​

​
		III.
	Fixed Charge Coverage Ratio.  The Company hereby certifies and warrants to you that the following is a true and correct computation of the Fixed Charge Coverage Ratio requirement set forth in Section 11.16 of the Credit Agreement, which is not less than the ratio set forth in Section 11.16 of the Credit Agreement.

​
	A.TTM EBITDA:

(i)TTM income from operations
(ii)TTM leasing related cash interest 
expense
(iii)TTM depreciation
(iv)TTM amortization
(v)TTM compensation related to
stock options

TTM EBITDA [(i + ii + iii + iv + v)]
	​
​
$​ ​​ ​

$​ ​​ ​
$​ ​​ ​
$​ ​​ ​

$​ ​​ ​
	​
​
​
​
​
​
​
​
​
​
$​ ​​ ​

	​
	​
	​

​

	B.Cash flow available for Debt service:

(i)TTM EBITDA
(ii)TTM cash taxes 
(iii)TTM capital expenditures
(iv)TTM dividends and distributions

Cash flow available for Debt service 
[i - (ii + iii + iv)]
	​
​
$​ ​​ ​
$​ ​​ ​
$​ ​​ ​
$​ ​​ ​

​
	​
​
​
​
​
​
​
​
$​ ​​ ​

	​
	​
	​

	C.Debt Service:

(i)TTM principal payments
(ii)TTM cash interest expense 
(including leasing related cash 
interest expense)

Debt Service [i + ii]
	​
​
$​ ​​ ​

$​ ​​ ​
	​
​
​
​
​
​
​
$​ ​​ ​

	​
	​
	​

	Actual Fixed Charge Coverage Ratio [B/C]:

Required minimum covenant level
	​
	​ ​​ ​​
​
​ ​​ ​​

​
		IV.
	Leverage Ratio.  The Company hereby certifies and warrants to you that the following is a true and correct computation of the Leverage Ratio requirement set forth in Section 11.17 of the Credit Agreement, which is not greater than the ratio set forth in Section 11.17 of the Credit Agreement:

​
	A.Recourse senior Debt:
	$​ ​​ ​
	​

	​
	​
	​

	B.TTM EBITDA:
	$​ ​​ ​
	​

	​
	​
	​

	Actual Leverage Ratio [A/B]:

Maximum covenant level
	​
	​ ​​ ​​
​
​ ​​ ​​

​
The Company further certifies to you that no Event of Default or Unmatured Event of Default has occurred and is continuing.
​
The Company has caused this Certificate to be executed and delivered by its duly authorized officer on ​ ​​ ​ ___, 20___.
​
​
WINMARK CORPORATION
​
​
By:​ ​​ ​​ ​​ ​​ ​​ ​​ ​

​

Name:​ ​​ ​​ ​​ ​​ ​​ ​​ ​
Title:​ ​​ ​​ ​​ ​​ ​​ ​​ ​

​

EXHIBIT C
​
FORM OF BORROWING BASE CERTIFICATE
​
	TO:
	CIBC BANK USA (formerly known as The PrivateBank and Trust Company) (the “Administrative Agent”) and the Lenders referred to below

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Please refer to the Credit Agreement dated as of July 13, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among Winmark Corporation (the “Company”) and its subsidiaries (together with the Company, the “Loan Parties”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), CIBC BANK USA (formerly known as The PrivateBank and Trust Company), as a Lender and as Administrative Agent for the Lenders.  Capitalized terms used but not otherwise defined herein shall have the same meanings herein as in the Credit Agreement.
The Company hereby certifies and warrants to the Administrative Agent and the Lenders that at the close of business on ______________, 20___ (the “Calculation Date”), the Borrowing Base was $_________________, computed as set forth on the schedule attached hereto.
Attached hereto is an aging of the Loan Parties’ lease receivables as of the date hereof.
The Company has caused this Certificate to be executed and delivered by its officer thereunto duly authorized on ________________, 20___.
WINMARK CORPORATION
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By: ​ ​​ ​​ ​​ ​​ ​​ ​
Name: ​ ​​ ​​ ​​ ​​ ​​ ​
Title: ​ ​​ ​​ ​​ ​​ ​​ ​

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