Document:

Exhibit 10.1

 

 

Published CUSIP Number:
________________

 

CREDIT AGREEMENT

 

Dated as of October 3,
2012

 

among

 

 

THE TILE SHOP, LLC

and

 

CERTAIN SUBSIDIARIES

as Borrowers, 

 

TILE SHOP HOLDINGS,
INC.,

 

as a Guarantor

 

BANK OF AMERICA, N.A.,

as Administrative Agent, Swing Line Lender

and

L/C Issuer,

 

and

The Other Lenders Party
Hereto

 

HUNTINGTON BANK,

as Syndication Agent

 

BANK OF AMERICA MERRILL
LYNCH

as

Sole Lead Arranger and
Sole Book Manager

  

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	Section	 	Page
	 	 
	ARTICLE I.            DEFINITIONS AND ACCOUNTING TERMS	1
	 	 	 
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	29
	1.03	Accounting Terms	29
	1.04	Rounding	30
	1.05	Times of Day	30
	1.06	Letter of Credit Amounts	30
	 	 	 
	ARTICLE II.             the COMMITMENTS and Credit Extensions	31
	 	 
	2.01	Loans	31
	2.02	Borrowings, Conversions and Continuations of Loans	31
	2.03	Letters of Credit	33
	2.04	Swing Line Loans	42
	2.05	Prepayments. (a)  Optional	45
	2.06	Termination or Reduction of Revolving Credit Commitments	47
	2.07	Repayment of Loans	47
	2.08	Interest	48
	2.09	Fees	49
	2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	49
	2.11	Evidence of Debt	50
	2.12	Payments Generally; Administrative Agent’s Clawback	51
	2.13	Sharing of Payments by Lenders	52
	2.14	Designated Borrowers	53
	2.15	Incremental Term Loan Option; Increase in Revolving Credit Commitments	55
	2.16	Cash Collateral	56
	2.17	Defaulting Lenders	57
	 	 	 
	ARTICLE III.              TAXES, YIELD PROTECTION AND ILLEGALITY	60
	 	 
	3.01	Taxes	60
	3.02	Illegality	65
	3.03	Inability to Determine Rates	65
	3.04	Increased Costs; Reserves on Eurodollar Rate Loans	66
	3.05	Compensation for Losses	67
	3.06	Mitigation Obligations; Replacement of Lenders	68
	3.07	Survival	68
	 	 	 
	ARTICLE IV.             CONDITIONS PRECEDENT TO Credit Extensions	68
	 	 
	4.01	Conditions of Initial Credit Extension	69
	4.02	Conditions to all Credit Extensions	72
	 	 	 
	ARTICLE V.             REPRESENTATIONS AND WARRANTIES	72

 

    	i

    	 

    

 

	5.01	Existence, Qualification and Power	72
	5.02	Authorization; No Contravention	73
	5.03	Governmental Authorization; Other Consents	73
	5.04	Binding Effect	73
	5.05	Financial Statements; No Material Adverse Effect	73
	5.06	Litigation	74
	5.07	No Default	74
	5.08	Ownership of Property; Liens	74
	5.09	Environmental Compliance	74
	5.10	Insurance	74
	5.11	Taxes	74
	5.12	ERISA Compliance	75
	5.13	Subsidiaries; Equity Interests	75
	5.14	Margin Regulations; Investment Company Act	76
	5.15	Disclosure	76
	5.16	Compliance with Laws	76
	5.17	Taxpayer Identification Number	76
	5.18	OFAC	76
	5.19	Solvency	77
	5.20	Collateral Documents	77
	 	 	 
	ARTICLE VI.             AFFIRMATIVE COVENANTS	77
	 	 
	6.01	Financial Statements	77
	6.02	Certificates; Other Information	78
	6.03	Notices	79
	6.04	Payment of Obligations	80
	6.05	Preservation of Existence, Etc	80
	6.06	Maintenance of Properties	80
	6.07	Maintenance of Insurance	80
	6.08	Compliance with Laws	81
	6.09	Books and Records	81
	6.10	Inspection Rights	81
	6.11	Use of Proceeds	81
	6.12	Additional Subsidiaries and Real Property	81
	6.13	Compliance with Environmental Laws	83
	6.14	Preparation of Environmental Reports	83
	6.15	Further Assurances	84
	6.16	Compliance with Terms of Leaseholds	84
	6.17	Lien Searches	84
	6.18	Material Contracts	84
	6.19	Post-Closing Obligations	84
	 	 	 
	ARTICLE VII.             NEGATIVE COVENANTS	85
	 	 
	7.01	Liens	85
	7.02	Investments	86
	7.03	Indebtedness	86
	7.04	Fundamental Changes	87

 

    	ii

    	 

    

 

	7.05	Dispositions	87
	7.06	Restricted Payments	88
	7.07	Change in Nature of Business	88
	7.08	Transactions with Affiliates	88
	7.09	Burdensome Agreements	88
	7.10	Use of Proceeds	89
	7.11	Financial Covenants	89
	7.12	Capital Expenditures	89
	7.13	Sanctions	90
	7.14	Amendments of Organization Documents	90
	7.15	Prepayments, Etc. of Indebtedness	90
	7.16	Holding Company	90
	 	 	 
	ARTICLE VIII.             EVENTS OF DEFAULT AND REMEDIES	90
	 	 
	8.01	Events of Default	90
	8.02	Remedies Upon Event of Default	92
	8.03	Application of Funds	93
	 	 	 
	ARTICLE IX.             ADMINISTRATIVE AGENT	94
	 	 
	9.01	Appointment and Authority	94
	9.02	Rights as a Lender	95
	9.03	Exculpatory Provisions	95
	9.04	Reliance by Administrative Agent	96
	9.05	Delegation of Duties	96
	9.06	Resignation of Administrative Agent	97
	9.07	Non-Reliance on Administrative Agent and Other Lenders	98
	9.08	No Other Duties, Etc	98
	9.09	Administrative Agent May File Proofs of Claim; Credit Bidding	98
	9.10	Collateral and Guaranty Matters	100
	9.11	Secured Cash Management Agreements and Secured Hedge Agreements	101
	 	 	 
	ARTICLE X.             MISCELLANEOUS	101
	 	 
	10.01	Amendments, Etc	101
	10.02	Notices; Effectiveness; Electronic Communication	103
	10.03	No Waiver; Cumulative Remedies; Enforcement	105
	10.04	Expenses; Indemnity; Damage Waiver	106
	10.05	Payments Set Aside	108
	10.06	Successors and Assigns	108
	10.07	Treatment of Certain Information; Confidentiality	113
	10.08	Right of Setoff	114
	10.09	Interest Rate Limitation	114
	10.10	Counterparts; Integration; Effectiveness	114
	10.11	Survival of Representations and Warranties	115
	10.12	Severability	115
	10.13	Replacement of Lenders	115
	10.14	Governing Law; Jurisdiction; Etc	116
	10.15	Waiver of Jury Trial	117

 

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	10.16	No Advisory or Fiduciary Responsibility	118
	10.17	Electronic Execution of Assignments and Certain Other Documents	118
	10.18	USA PATRIOT Act	118
	 	 	 
	SIGNATURES	 	S-1

 

    	iv

    	 

    

 

SCHEDULES

 

	 	1.01(a)	Mortgaged Properties
	 	1.01(b)	Mortgage Property Support Documents
	 	2.01	Commitments and Applicable Percentages
	 	4.01(a)(xi)	Leased Locations
	 	5.06	Litigation
	 	5.13	Subsidiaries; Other Equity Investments
	 	6.19	Post-Closing Obligations
	 	7.01	Existing Liens
	 	7.03	Existing Indebtedness
	 	10.02	Administrative Agent’s Office; Certain Addresses for Notices

 

EXHIBITS

  

	 	 	Form of
	 	 	 
	 	A	Loan Notice
	 	B	Swing Line Loan Notice
	 	C-1	Revolving Credit Note
	 	C-2	Term Loan Note
	 	D	Compliance Certificate
	 	E	Assignment and Assumption
	 	F	Guaranty
	 	G	Pledge Agreement
	 	H	Security Agreement
	 	I	Opinion
	 	J	U.S. Tax Compliance Certificates
	 	K	Funding Indemnity Letter
	 	L	Designated Borrower Request
	 	M	Designated Borrower Notice

 

    	v

    	 

    

 

CREDIT
AGREEMENT

 

This CREDIT AGREEMENT
(“Agreement”) is entered into as of October 3, 2012, among TILE SHOP HOLDINGS, INC., a Delaware
corporation (“Holdings”), THE TILE SHOP, LLC, a Delaware limited liability company (the “Company”),
certain Subsidiaries of the Company party hereto pursuant to Section 2.14 as borrowers (each such Subsidiary, a “Designated
Borrower” and, together with the Company, the “Borrowers”), each lender from time to time party hereto
(collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A.,
as Administrative Agent, Swing Line Lender and L/C Issuer.

 

The Company has requested
that the Lenders provide a revolving credit facility and a term loan facility, and the Lenders are willing to do so on the terms
and conditions set forth herein.

 

In consideration of
the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE
I.           DEFINITIONS AND ACCOUNTING TERMS

 

1.01         Defined
Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Administrative
Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor
administrative agent.

 

“Administrative
Agent’s Office” means the Administrative Agent’s
address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Administrative
Agent may from time to time notify to the Company and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in the form approved by the Administrative Agent.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

 

“Aggregate
Commitments” means the Commitments of all the Lenders.

 

“Aggregate
Revolving Credit Commitments” means the Revolving Credit Commitments of all the Revolving Credit Lenders.

 

“Agreement”
means this Credit Agreement.

 

    	1

    	 

    

 

“Applicable
Percentage” means (a) in respect of the Term Loan Facility, with respect to any Term Loan Lender at any time, the percentage
(carried out to the ninth decimal place) of the Term Loan Facility represented by (i) on or prior to the Closing Date, such Term
Loan Lender’s Term Loan Commitment at such time and (ii) thereafter, the principal amount of such Term Loan Lender’s
Term Loans outstanding at such time, and (b) in respect of the Revolving Credit Facility, with respect to any Revolving Credit
Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Revolving Credit Commitments represented
by such Revolving Credit Lender’s Revolving Credit Commitment at such time, in each case, subject to adjustment as provided
in Section 2.17. If the commitment of each Revolving Credit Lender to make Revolving Credit Loans and the obligation of
the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, or if the Revolving Credit Commitments
have expired, then the Applicable Percentage of each Revolving Credit Lender in respect of the Revolving Credit Facility shall
be determined based on the Applicable Percentage of such Revolving Credit Lender in respect of the Revolving Credit Facility most
recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender in respect of
each Facility is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant
to which such Lender becomes a party hereto, as applicable.

 

“Applicable
Rate” means the applicable percentage per annum set forth below determined by reference to the Consolidated Total Rent
Adjusted Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to
Section 6.02(b):

 

	 	Pricing 
Level	 	 	Consolidated Total Rent 
Adjusted 
Leverage Ratio	 	Commitment Fee	 	 	Eurodollar  
Rate+ 
Letters of  
Credit	 	 	Base Rate  
+	 
	 	1	 	 	Less than 2.50 to 1.00	 	 	0.300	%	 	 	1.75	%	 	 	0.75	%
	 	2	 	 	Greater than or equal to 2.50 to 1.00, but less than 3.25 to 1.00	 	 	0.375	%	 	 	2.00	%	 	 	1.00	%
	 	3	 	 	Greater than or equal to 3.25 to 1.00	 	 	0.450	%	 	 	2.25	%	 	 	1.25	%

 

Any increase or decrease
in the Applicable Rate resulting from a change in the Consolidated Total Rent Adjusted Leverage Ratio shall become effective as
of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b);
provided, however, that (i) if a Compliance Certificate is not delivered when due in accordance with such Section,
then, upon the request of the Required Term Lenders (in the case of the Term Loan Facility) and the Required Revolving Lenders
(in the case of the Revolving Credit Facility), Pricing Level 3 shall apply in respect of the Term Loan Facility and the Revolving
Credit Facility, in each case as of the first Business Day after the date on which such Compliance Certificate was required to
have been delivered and in each case shall remain in effect until the date on which such Compliance Certificate is delivered, and
(ii) subject to the preceding proviso, from and after the Closing Date to the date of the delivery of the Compliance Certificate
for the fiscal quarter ending December 31, 2012, Pricing Level 2 shall apply.

 

    	2

    	 

    

 

Notwithstanding anything
to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions
of Section 2.10(b).

 

“Applicable
Revolving Credit Percentage” means with respect to any Revolving Credit Lender at any time, such Revolving Credit Lender’s
Applicable Percentage in respect of the Revolving Credit Facility at such time.

 

“Appropriate
Lender” means, at any time, (a) with respect to any Facility, a Lender that has a Commitment with respect to such Facility
or holds a Loan under such Facility at such time, (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuer and (ii)
if any Letters of Credit have been issued pursuant to Section 2.03(a), the Revolving Credit Lenders and (c) with respect
to the Swing Line Sublimit, (i) the Swing Line Lender and (ii) if any Swing Line Loans are outstanding pursuant to Section 2.04(a),
the Revolving Credit Lenders.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or
an Affiliate of an entity that administers or manages a Lender.

 

“Arranger”
means Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity as sole lead arranger and sole book manager.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit E or any other form (including electronic documentation generated by MarkitClear or other electronic
platform) approved by the Administrative Agent.

 

“Attributable
Indebtedness” means, on any date, (a) in respect of any capital lease of any Person, the capitalized amount thereof that
would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic
Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance
sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease.

 

“Audited Financial
Statements” means the audited consolidated balance sheet of the Company and its Subsidiaries for the fiscal year ended
December 31, 2011, and the related consolidated statements of income, members’ equity,
and cash flows for the year then ended, including the notes thereto.

 

“Availability
Period” means, in respect of the Revolving Credit Facility, the period from and including the Closing Date to the earliest
of (a) the Maturity Date for the Revolving Credit Facility, (b) the date of termination of the Revolving Credit Commitments pursuant
to Section 2.06(a), and (c) the date of termination of the commitment of each Revolving Credit Lender to make Revolving
Credit Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02.

 

“Bank of America”
means Bank of America, N.A. and its successors.

 

    	3

    	 

    

 

“Base Rate”
means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2
of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime
rate,” and (c) the Eurodollar Rate plus 1.00%. The “prime rate” is a rate set by Bank of America based
upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors,
and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change
in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public
announcement of such change.

 

“Base Rate
Loan” means a Revolving Credit Loan or a Term Loan that bears interest based on the Base Rate.

 

“Borrower”
and “Borrowers” each has the meaning specified in the introductory paragraph hereto. All singular references
to the Borrower shall mean any Borrower, each Borrower, the Borrower that has received a Credit Extension hereunder or all of the
Borrowers, as the context may require.

 

“Borrower
Materials” has the meaning specified in Section 6.02.

 

“Borrowing”
means a Revolving Credit Borrowing, a Swing Line Borrowing or a Term Loan Borrowing, as the context may require.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates
to any Eurodollar Rate Loan, means any such day that is also a London Banking Day.

 

“Capital Expenditures”
means, with respect to any Person for any period, any expenditure in respect of the purchase or other acquisition of any fixed
or capital asset (excluding normal replacements and maintenance which are properly charged to current operations). For purposes
of this definition, the purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment or
with insurance proceeds shall be included in Capital Expenditures only to the extent of the gross amount by which such purchase
price exceeds the credit granted by the seller of such equipment for the equipment being traded in at such time or the amount of
such insurance proceeds, as the case may be.

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the L/C Issuer or the
Revolving Credit Lenders, as collateral for L/C Obligations or obligations of the Revolving Credit Lenders to fund participations
in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the L/C Issuer shall agree
in their sole but reasonable discretion, other credit support, in each case pursuant to documentation in form and substance reasonably
satisfactory to the Administrative Agent and the L/C Issuer. “Cash Collateral” shall have a meaning correlative to
the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

    	4

    	 

    

 

“Cash Equivalents” means
any of the following types of Investments, to the extent owned by Holdings or any of its Subsidiaries free and clear of all Liens
(other than Liens created under the Collateral Documents and other Liens permitted hereunder):

 

(a)          readily
marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and
credit of the United States is pledged in support thereof;

 

(b)          time
deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is a Lender
or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking
subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the District of Columbia,
and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described
in clause (c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with
maturities of not more than 180 days from the date of acquisition thereof;

 

(c)          commercial
paper issued by any Person organized under the laws of any state of the United States and rated at least “Prime-1”
(or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each
case with maturities of not more than 180 days from the date of acquisition thereof; and

 

(d)          Investments,
classified in accordance with GAAP as current assets of Holdings or any of its Subsidiaries, in money market investment programs
registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating
obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character,
quality and maturity described in clauses (a), (b) and (c) of this definition.

 

“Cash Management
Agreement” means any agreement that is not prohibited by the terms hereof to provide treasury or cash management services,
including deposit accounts, overnight draft, credit cards, debit cards, p-cards (including purchasing cards and commercial cards),
funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox,
account reconciliation and reporting and trade finance services and other cash management services.

 

“Cash Management
Bank” means any Person in its capacity as a party to a Cash Management Agreement that, (a) at the time it enters
into a Cash Management Agreement with a Loan Party, is a Lender or an Affiliate of a Lender, or (b) at the time it (or its
Affiliate) becomes a Lender, is a party to a Cash Management Agreement with a Loan Party, in each case in its capacity as a party
to such Cash Management Agreement (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender);
provided, however, that for any of the foregoing to be included as a “Secured Cash Management Agreement”
on any date of determination by the Administrative Agent, the applicable Cash Management Bank (other than the Administrative Agent
or an Affiliate of the Administrative Agent) must have delivered a written notice to the Administrative Agent prior to such date
of determination.

 

    	5

    	 

    

 

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

 

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

 

(a)          any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined
in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial
ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately
or only after the passage of time (such right, an “option right”)), directly or indirectly, of 35%
or more of the equity securities of Holdings entitled to vote for members of the board of directors or equivalent governing body
of Holdings on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire
pursuant to any option right); provided, however, that this subsection (a) shall not apply to persons or groups that
beneficially own, directly or indirectly, equity securities of Holdings on and as of the Closing Date; or

 

(b)          during
any period of 12 consecutive months, a majority of the members of the board of directors or other
equivalent governing body of Holdings cease to be composed of individuals (i) who were members of that board or equivalent governing
body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved
by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority
of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body
was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or
nomination at least a majority of that board or equivalent governing body (excluding, in the case of both clause (ii) and
clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent
governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of
one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf
of the board of directors).

 

    	6

    	 

    

 

“Closing Date”
means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section
10.01.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Collateral”
means all of the property that is or is intended under the terms of the Collateral Documents to be subject to Liens in favor of
the Administrative Agent for the benefit of the Secured Parties, including all of the “Collateral” and “Mortgaged
Property” referred to therein.

 

“Collateral
Documents” means, collectively, the Security Agreement, the Pledge Agreement, each Mortgage, each of the mortgages,
collateral assignments, Security Agreement Supplements, security agreements, pledge agreements or other similar agreements delivered
to the Administrative Agent pursuant to Section 6.12, and each of the other agreements, instruments or documents that creates
or purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured Parties.

 

“Commitment”
means a Term Loan Commitment or a Revolving Credit Commitment, as the context may require.

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit D.

 

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

 

“Consolidated
EBITDAR” means, for any period, for Holdings and its Subsidiaries on a consolidated basis, an amount equal to Consolidated
Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i)
Consolidated Interest Charges for such period, (ii) the provision for Federal, state, local and foreign income taxes payable by
Holdings and its Subsidiaries for such period, (iii) depreciation and amortization expense, (iv) other non-cash expenses of Holdings
and its Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in such period or any future period,
(v) up to $2,500,000 per annum of non-recurring expenses of Holdings and its Subsidiaries reducing such Consolidated Net Income,
(vi) Consolidated Rental Expense, (vii) up to $250,000 of expenses incurred in connection with the negotiation and documentation
of this Agreement and the other Loan Documents and (viii) up to $7,768,000 of expenses incurred in connection with the transactions
contemplated by the Merger Agreement (including, without limitation, expenses incurred by the Company in connection with the termination
of its Equity Incentive Plan); and minus (b) the following to the extent included in calculating such Consolidated Net Income:
(i) Federal, state, local and foreign income tax credits of Holdings and its Subsidiaries for such period and (ii) all non-cash
items increasing Consolidated Net Income for such period which do not represent a cash item in such period or any future period.

 

“Consolidated
Fixed Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDAR for the period
of the four prior fiscal quarters ending on such date to (b) Consolidated Fixed Charges for such period.

 

    	7

    	 

    

 

“Consolidated
Fixed Charges” means, for any period, the sum of (a) Consolidated Interest Charges for such period, plus (b) scheduled
payments of principal on Indebtedness for money borrowed of Holdings and its Subsidiaries made or required to be made during such
period, plus (c) Consolidated Rental Expense for such period, plus (d) any Restricted Payments paid by Holdings
or its Subsidiaries in such period but in any event after the Closing Date. For the avoidance of doubt, the repayment of the
Indebtedness owed by the Company to Wells Fargo Bank, National Association, as contemplated by Section 4.01(a)(xvi), shall
not be deemed to be a scheduled payment of principal on Indebtedness for money borrowed for purposes of subsection (b) above.

 

“Consolidated
Funded Indebtedness” means, as of any date of determination, for Holdings and its Subsidiaries on a consolidated basis,
the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including
Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments,
(b) all purchase money Indebtedness, (c) the maximum amount available to be drawn under issued and outstanding letters of
credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments,
(d) all obligations in respect of the deferred purchase price of property or services (other than (i) trade accounts payable in
the ordinary course of business, and (ii) payments made to employees of the Company in connection with the termination of the Company’s
Equity Incentive Plan), (e) Attributable Indebtedness in respect of capital leases and Synthetic Lease Obligations, (f) without
duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e)
above of Persons other than Holdings or any Subsidiary, and (g) all Indebtedness of the types referred to in clauses (a)
through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which Holdings or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly
made non-recourse to Holdings or such Subsidiary.

 

“Consolidated
Interest Charges” means, for any period, for Holdings and its Subsidiaries on a consolidated basis, the sum of (a) all
interest, premium payments, debt discount, fees, charges and related expenses of Holdings and its Subsidiaries in connection with
borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the
extent treated as interest in accordance with GAAP, and (b) the portion of rent expense of Holdings and its Subsidiaries with respect
to such period under capital leases that is treated as interest in accordance with GAAP.

 

“Consolidated
Net Income” means, for any period, for Holdings and its Subsidiaries on a consolidated basis, the net income of Holdings
and its Subsidiaries (excluding extraordinary gains and extraordinary losses) for that period.

 

“Consolidated
Rental Expense” means, for any period, for Holdings and its Subsidiaries on a consolidated basis, the aggregate amount
of fixed and contingent rentals payable by Holdings and its Subsidiaries with respect to leases of real and personal property (excluding
capital lease obligations) determined in accordance with GAAP for such period.

 

    	8

    	 

    

 

“Consolidated
Total Rent Adjusted Leverage Ratio” means, as of any date of determination, the ratio of: (a) the sum of (i) Consolidated
Funded Indebtedness as of the date of determination plus (ii) eight (8) times Consolidated Rental Expense during the four
fiscal quarters most recently ended on or prior to such date to (b) Consolidated EBITDAR (for such four-quarter period).

 

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

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Credit Extension”
means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

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

 

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

 

“Default Rate”
means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus
(ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, however,
that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any
Applicable Rate) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit
Fees, a rate equal to the Applicable Rate under the Revolving Credit Facility plus 2% per annum.

 

    	9

    	 

    

 

“Defaulting
Lender” means, subject to Section 2.17(b),
any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans
were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Company in writing that such
failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions
precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii)
pay to the Administrative Agent, the L/C Issuer, the Swing Line Lender or any other Lender any other amount required to be paid
by it hereunder (including, in the case of any Revolving Credit Lender, in respect of its participation in Letters of Credit or
Swing Line Loans) within two Business Days of the date when due, (b) has notified the Company, the Administrative Agent, the L/C
Issuer or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made
a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a
Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding
(which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement)
cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower,
to confirm in writing to the Administrative Agent and the Company that it will comply with its prospective funding obligations
hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt
of such written confirmation by the Administrative Agent and the Company), or (d) has, or has a direct or indirect parent company
that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation
of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority
acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or
acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority
so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within
the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above,
and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed
to be a Defaulting Lender (subject to Section 2.17(b)) as of the date established therefor by the Administrative Agent in
a written notice of such determination, which shall be delivered by the Administrative Agent to the Company, the L/C Issuer, the
Swing Line Lender and each other Lender promptly following such determination.

 

“Designated Borrower”
has the meaning specified in the introductory paragraph hereto.

 

“Designated Borrower Notice”
has the meaning specified in Section 2.14.

 

“Designated Borrower Request and
Assumption Agreement” has the meaning specified in Section 2.14.

 

“Designated Jurisdiction”
means any country or territory to the extent that such country or territory itself is the subject of any Sanction.

 

“Direct Foreign
Subsidiary” means any Foreign Subsidiary if Equity Interests representing more than 50% of either the aggregate ordinary
voting power or the aggregate equity value represented by the issued and outstanding Equity Interests of such Person are owned
by the Company, a Domestic Subsidiary or any combination thereof.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse,
of any notes or accounts receivable or any rights and claims associated therewith.

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

    	10

    	 

    

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii) and (v)
(subject to such consents, if any, as may be required under Section 10.06(b)(iii)).

 

“Environmental
Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution
and the protection of the environment or the release of any materials into the environment, including those related to hazardous
substances or wastes, air emissions and discharges to waste or public systems.

 

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

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person,
all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital
stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition
from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

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

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of any Borrower or any ERISA Affiliate
from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer”
as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section
4062(e) of ERISA; (c) a complete or partial withdrawal by any Borrower or any ERISA Affiliate from a Multiemployer Plan or
notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of
a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings
to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan
is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the
Code or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Borrower or any ERISA Affiliate.

 

    	11

    	 

    

 

“Eurodollar
Rate” means:

 

(a) for any Interest
Period with respect to a Eurodollar Rate Loan, the rate per annum equal to (i) the British Bankers Association LIBOR Rate (“BBA
LIBOR”), as published by Reuters (or such other commercially available source providing quotations of BBA LIBOR as may
be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two London Banking Days
prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period or, (ii) if such rate is not available at such time for any reason, the rate per
annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such
Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted and
with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the
London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two London Banking Days prior to
the commencement of such Interest Period; and

 

(b)          for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to (i) BBA LIBOR, at approximately
11:00 a.m., London time determined two London Banking Days prior to such date for Dollar deposits being delivered in the London
interbank market for a term of one month commencing that day or (ii) if such published rate is not available at such time for any
reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the
date of determination in same day funds in the approximate amount of the Base Rate Loan being made or maintained and with a term
equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar
market at their request at the date and time of determination.

 

“Eurodollar
Rate Loan” means a Revolving Credit Loan or a Term Loan that bears interest at a rate based on clause (a) of the
definition of “Eurodollar Rate.”

 

“Event of
Default” has the meaning specified in Section 8.01.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in
effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other
than pursuant to an assignment request by the Company under Section 10.13) or (ii)
such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii) or (c),
amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party
hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure
to comply with Section 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to
FATCA.

 

    	12

    	 

    

 

“Extraordinary
Receipt” means any cash received by or paid to or for the account of any Person not in the ordinary course of business,
including tax refunds not received in the ordinary course of business, pension plan reversions, proceeds of insurance (other than
proceeds of business interruption insurance to the extent such proceeds constitute compensation for lost earnings), condemnation
awards (and payments in lieu thereof), indemnity payments and any purchase price adjustments.

 

“Facility”
means the Term Loan Facility or the Revolving Credit Facility, as the context may require.

 

“Facility
Termination Date” means the date as of which all of the following shall have occurred: (a) the Aggregate Commitments
have terminated, (b) all Obligations have been paid in full (other than contingent indemnification obligations), and (c) all
Letters of Credit have terminated or expired (other than Letters of Credit as to which other arrangements with respect thereto
satisfactory to the Administrative Agent and the L/C Issuer shall have been made).

 

“FASB ASC”
means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations
or official interpretations thereof.

 

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

 

“Fee Letter”
means the letter agreement, dated August 14, among the Company, Bank of America and the Arranger.

 

“Foreign Lender”
means with respect to any Borrower, any Lender that is organized under the Laws of a jurisdiction other than that in which such
Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District
of Columbia shall be deemed to constitute a single jurisdiction.

 

    	13

    	 

    

 

“Foreign Subsidiary”
means any Subsidiary that is not a Domestic Subsidiary.

 

“FRB”
means the Board of Governors of the Federal Reserve System of the United States.

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender that is a Revolving Credit Lender, (a) with respect to the
L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations
as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Credit Lenders or Cash
Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s
Applicable Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation
obligation has been reallocated to other Revolving Credit Lenders in accordance with the terms hereof.

 

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

“Funding Indemnity
Letter” means a funding indemnity letter, substantially in the form of Exhibit K.

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

    	14

    	 

    

 

“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease
property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of
the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor
to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee
in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss
in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation
of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount
equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee
is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the
guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.

 

“Guarantors”
means, collectively, Holdings, the Company, and each existing and future direct and indirect U.S. Subsidiary, and, to the extent
no material adverse tax consequences would result, Foreign Subsidiary of Holdings and each Borrower.

 

“Guaranty”
means the Guaranty made by the Guarantors in favor of the Administrative Agent and the Lenders, substantially in the form of Exhibit
F.

 

“Guaranty
Joinder Agreement” means each Guaranty Joinder Agreement, substantially in the form thereof attached to the Guaranty,
executed and delivered by a Guarantor or any other Person to the Administrative Agent pursuant to Section 6.12 or otherwise.

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.

 

“Hedge Bank”
means any Person that, (a) at the time it enters into a Swap Contract not prohibited under Article VI or VII, is
a Lender or an Affiliate of a Lender, or (b) at the time it (or its Affiliate) becomes a Lender, is a party to a Swap Contract
not prohibited under Article VI or VII, in each case, in its capacity as a party to such Swap Contract.

 

“Holdings”
has the meaning specified in the introductory paragraph hereto.

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness
or liabilities in accordance with GAAP:

 

(a)          all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b)          all
direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’
acceptances, bank guaranties, surety bonds and similar instruments;

 

(c)          net
obligations of such Person under any Swap Contract;

 

    	15

    	 

    

 

(d)          all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business);

 

(e)          indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness
arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed
by such Person or is limited in recourse;

 

(f)          capital
leases and Synthetic Lease Obligations;

 

(g)          all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest
in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or
involuntary liquidation preference plus accrued and unpaid dividends; and

 

(h)          all
Guarantees of such Person in respect of any of the foregoing.

 

For all purposes hereof,
the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that
is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such
Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date
shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease or Synthetic Lease Obligation
as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date.

 

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

 

“Indemnitees”
has the meaning specified in Section 10.04(b).

 

“Information”
has the meaning specified in Section 10.07.

 

“Interest
Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable
to such Loan and the Maturity Date of the Facility under which such Loan was made; provided, however, that if any
Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning
of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the
last Business Day of each March, June, September and December and the Maturity Date of the Facility
under which such Loan was made (with Swing Line Loans being deemed made under the Revolving Credit Facility for purposes of this
definition).

 

“Interest
Period” means as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed
or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter, as selected
by the Company in its Loan Notice; provided that:

 

    	16

    	 

    

 

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

 

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

 

(c)          no
Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption
of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including
any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness
of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another
Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually
invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 

“IRS”
means the United States Internal Revenue Service.

 

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

 

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

 

“Laws”
means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether
or not having the force of law.

 

“L/C Advance”
means, with respect to each Revolving Credit Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance
with its Applicable Revolving Credit Percentage.

 

    	17

    	 

    

 

“L/C Borrowing”
means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when
made or refinanced as a Revolving Credit Borrowing.

 

“L/C Credit
Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof,
or the increase of the amount thereof.

 

“L/C Issuer”
means Bank of America in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

 

“L/C Obligations”
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus
the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn
under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For
all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.

 

“Lender”
has the meaning specified in the introductory paragraph hereto and, unless the context requires otherwise, includes the Swing Line
Lender.

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire,
or such other office or offices as a Lender may from time to time notify the Company and the Administrative Agent.

 

“Letter of
Credit” means any standby letter of credit issued hereunder providing for the payment of cash upon the honoring of a
presentation thereunder. 

 

“Letter of
Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form
from time to time in use by the L/C Issuer.

 

“Letter of
Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect for the Revolving
Credit Facility (or, if such day is not a Business Day, the next preceding Business Day).

 

“Letter of
Credit Fee” has the meaning specified in Section 2.03(h).

 

“Letter of
Credit Sublimit” means an amount equal to the lesser of (a) $10,000,000
and (b) the Aggregate Revolving Credit Commitments. The Letter of Credit Sublimit is part of, and not in addition to,
the Revolving Credit Facility.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or
preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or
nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance
on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

 

    	18

    	 

    

 

“Loan”
means an extension of credit by a Lender to a Borrower under Article II in the form of a Term Loan, Revolving Credit Loan
or a Swing Line Loan.

 

“Loan Documents”
means, collectively, this Agreement, each Designated Borrower Request and Assumption Agreement, each Note, each Collateral Document,
each Issuer Document, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.16
of this Agreement, the Fee Letter, the Guaranty and Guaranty Joinder Agreements.

 

“Loan Notice”
means a notice of (a) a Term Loan Borrowing, (b) a Revolving Credit Borrowing, (c) a conversion of Loans from one Type to the other,
or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially
in the form of Exhibit A.

 

“Loan Parties”
means, collectively, each Borrower and each Guarantor.

 

“London Banking
Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar
market.

 

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

 

“Material
Contract” means, with respect to any Person, each contract to which such Person is a party involving aggregate consideration
payable to or by such Person of $3,000,000 or more or otherwise material to the business, condition (financial or otherwise), operations,
performance, properties or prospects of such Person.

 

“Maturity
Date” means October 3, 2017; provided, however, that if such date is not a Business Day, the Maturity Date
shall be the next preceding Business Day.

 

“Merger Agreement”
means that certain Contribution and Merger Agreement, dated June 27, 2012 (as amended, modified or supplemented from time to time),
by and among Holdings, JWC Acquisition Corp, the Company and its members, Nabron International, Inc. and Tile Shop Merger Sub,
Inc.

 

“Minimum Collateral
Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances provided
to reduce or eliminate Fronting Exposure when there is a Defaulting Lender, an amount equal to 105% of the Fronting Exposure of
the L/C Issuer with respect to Letters of Credit issued and outstanding at such time, (b) with respect to Cash Collateral consisting
of cash or deposit account balances provided in accordance with the provisions of Section 2.16(a)(i), (a)(ii) or
(a)(iii), an amount equal to 105% of the Outstanding Amount of all L/C Obligations, and (c) otherwise, an amount determined
by the Administrative Agent and the L/C Issuer in their sole but reasonable discretion.

 

    	19

    	 

    

 

“Mortgage”
or “Mortgages” means, individually and collectively, as the context requires, each of the fee or leasehold mortgages,
deeds of trust and deeds executed by a Loan Party that purport to grant a Lien to the Administrative Agent (or a trustee for the
benefit of the Administrative Agent) for the benefit of the Secured Parties in any Mortgaged Properties, in form and substance
satisfactory to the Administrative Agent.

 

“Mortgaged
Property” means any owned property of a Loan Party listed on Schedule 1.01(a) and any other owned real property
of a Loan Party that is or will become encumbered by a Mortgage in favor of the Administrative Agent in accordance with the terms
of this Agreement.

 

“Mortgaged
Property Support Documents” means with respect to any real property subject to a Mortgage, the deliveries and documents
described on Schedule 1.01(b) attached hereto.

 

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

 

“Multiple
Employer Plan” means a Plan which has two or more contributing sponsors (including any Borrower or any ERISA Affiliate)
at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

 

“Net Cash Proceeds” means:

 

(a)          with
respect to any Disposition by the Company or any of its Subsidiaries, or any Extraordinary Receipt received or paid to the account
of the Company or any of its Subsidiaries, the excess, if any, of (i) the sum of cash and Cash Equivalents received in connection
with such transaction (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization
of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount of any Indebtedness
that is secured by the applicable asset and that is required to be repaid in connection with such transaction (other than Indebtedness
under the Loan Documents), (B) the reasonable and customary out-of-pocket expenses incurred by the Company or such Subsidiary in
connection with such transaction and (C) Taxes reasonably estimated to be actually payable within four years of the date of the
relevant transaction as a result of any gain recognized in connection with the relevant transaction; provided that, if the
amount of any estimated Taxes pursuant to subclause (C) exceeds the amount of Taxes actually required to be paid in cash
in respect of such Disposition, the aggregate amount of such excess shall constitute Net Cash Proceeds

 

    	20

    	 

    

 

(b)          with
respect to the incurrence or issuance of any Indebtedness by the Company or any of its Subsidiaries, the excess of (i) the sum
of the cash and Cash Equivalents received in connection with such transaction over (ii) the underwriting discounts and commissions,
and other reasonable and customary out-of-pocket expenses, incurred by the Company or such Subsidiary in connection therewith.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all
Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (b) has been approved by the Required
Lenders.

 

“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Note”
means a Term Loan Note or a Revolving Credit Note, as the context may require.

 

“Obligations”
means (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any
Loan Document or otherwise with respect to any Loan, or Letter of Credit and (b) all costs and expenses incurred in connection
with enforcement and collection of the foregoing, including the fees, charges and disbursements of counsel, in each case whether
direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter
arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof
pursuant to any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether
such interest and fees are allowed claims in such proceeding.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or
equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability
company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation
or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable,
any certificate or articles of formation or organization of such entity.

 

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

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 3.06).

 

    	21

    	 

    

 

“Outstanding
Amount” means (a) with respect to Term Loans, Revolving Credit Loans and Swing Line Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans, Revolving
Credit Loans and Swing Line Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any
date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and
any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by
the Company of Unreimbursed Amounts.

 

“Participant”
has the meaning specified in Section 10.06(d).

 

“Participant
Register” has the meaning specified in Section 10.06(d).

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension Act”
means the Pension Protection Act of 2006.

 

“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment
thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section
412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432
and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension Plan”
means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed
to by any Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards
under Section 412 of the Code.

 

“Permitted
Liens” means the Liens permitted by Section 7.01.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees
of any Borrower or any ERISA Affiliate or any such Plan to which such Borrower or any ERISA Affiliate is required to contribute
on behalf of any of its employees.

 

“Platform”
has the meaning specified in Section 6.02.

 

“Pledge Agreement”
means that certain Securities Pledge Agreement dated as of the Closing Date among the Borrowers, the Guarantors party thereto and
the Administrative Agent, substantially in the form of Exhibit G, as supplemented from time to time by the execution and
delivery of Pledge Joinder Agreements and Pledge Agreement Supplements.

 

    	22

    	 

    

 

“Pledge Agreement
Supplement” means each Pledge Agreement Supplement, substantially in the form thereof attached to the Pledge Agreement
executed and delivered by a Guarantor or any other Person to the Administrative Agent pursuant to Section 6.12 or otherwise.

 

“Pledge Joinder
Agreement” means each Pledge Joinder Agreement, substantially in the form thereof attached to the Pledge Agreement executed
and delivered by a Guarantor or any other Person to the Administrative Agent pursuant to Section 6.12 or otherwise.

 

“Public Lender”
has the meaning specified in Section 6.02.

 

“Recipient”
means the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of
any obligation of any Loan Party hereunder.

 

“Register”
has the meaning specified in Section 10.06(c).

 

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

 

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

 

“Request for
Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Term Loans or Revolving Credit
Loans, a Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing
Line Loan, a Swing Line Loan Notice.

 

“Required
Facility Lenders” means (a) for the Revolving Credit Facility, the Required Revolving Lenders and (b) for the Term
Loan Facility, the Required Term Loan Lenders; provided that, at any time there are two (2) or more non-affiliated Lenders,
Required Facility Lenders shall be not fewer than two (2) non-affiliated Lenders.

 

“Required
Lenders” means, at any time, Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures
of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any
time; provided that, the amount of any participation in any Swing Line Loan and Unreimbursed Amounts that any Defaulting
Lender which is a Revolving Credit Lender has failed to fund that have not been reallocated to and funded by another Revolving
Credit Lender shall be deemed to be held by the Lender that is the Swing Line Lender or L/C Issuer, as the case may be, in making
such determination; provided, further, that at any time there are two (2) or more non-affiliated Lenders, Required
Lenders shall be not fewer than two (2) non-affiliated Lenders. 

 

    	23

    	 

    

 

“Required
Revolving Lenders” means, at any time, Revolving Credit Lenders having Total Revolving Credit Exposures representing
more than 50% of the Total Revolving Credit Exposures of all Revolving Credit Lenders. The Total Revolving Credit Exposure
of any Defaulting Lender which is a Revolving Credit Lender shall be disregarded in determining Required Revolving Credit
Lenders at any time; provided that, the amount of any participation in any Swing Line Loan and Unreimbursed Amounts that
such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Revolving Credit Lender shall
be deemed to be held by the Lender that is the Swing Line Lender or L/C Issuer, as the case may be, in making such determination;
provided, further, that at any time there are two (2) or more non-affiliated Revolving Lenders, Required Revolving
Lenders shall be not fewer than two (2) non-affiliated Revolving Lenders.

 

“Required
Term Loan Lenders” means, at any time, Term Loan Lenders having Total Term Loan Exposures representing more than
50% of the Total Term Loan Exposures of all Lenders. The Total Term Loan Exposure of any Defaulting Lender shall be disregarded
in determining Required Term Loan Lenders at any time; provided, further, that at any time there are two (2) or more
non-affiliated Term Loan Lenders, Required Term Loan Lenders shall be not fewer than two (2) non-affiliated Term Loan Lenders.

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller
of a Loan Party and solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01,
the secretary or any assistant secretary of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer
of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action
on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan
Party.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
capital stock or other Equity Interest of any Borrower or any Subsidiary, or any payment (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation
or termination of any such capital stock or other Equity Interest, or on account of any return of capital to any Borrower’s
stockholders, partners or members (or the equivalent Person thereof).

 

“Revolving
Credit Borrowing” means a borrowing consisting of simultaneous Revolving Credit Loans of the same Type and, in the case
of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

 

“Revolving
Credit Commitment” means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Credit Loans to the
Borrowers pursuant to Section 2.01(b), (b) purchase participations in L/C Obligations, and (c) purchase participations in
Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such
Lender’s name on Schedule 2.01 under the caption “Revolving Credit Commitment”
or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable,
as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Revolving
Credit Exposure” means, as to any Revolving Credit Lender at any time, the aggregate principal amount at such time of
its outstanding Revolving Credit Loans and such Revolving Credit Lender’s participation in L/C Obligations and Swing Line
Loans at such time.

 

    	24

    	 

    

 

“Revolving Credit Facility”
means, at any time, the revolving credit facility provided in this Agreement in the aggregate amount of the Revolving Credit Lenders’
Revolving Credit Commitments at such time.

 

“Revolving
Credit Lender” means, at any time, (a) so long as any Revolving Credit Commitment is in effect, any Lender that has a
Revolving Credit Commitment at such time or (b) if the Revolving Credit Commitments have terminated or expired, any Lender that
has a Revolving Credit Loan or a participation in L/C Obligations or Swing Line Loans at such time.

 

“Revolving
Credit Loan” has the meaning specified in Section 2.01(b).

 

“Revolving
Credit Note” means a promissory note made by the Borrowers in favor of a Revolving Credit Lender evidencing Revolving
Credit Loans or Swing Line Loans, as the case may be, made by such Revolving Credit Lender, substantially in the form of Exhibit
C-1.

 

“Sanction(s)”
means any international economic sanction administered or enforced by OFAC, the United Nations Security Council, the European Union,
Her Majesty’s Treasury or other relevant sanctions authority.

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secured Cash
Management Agreement” means any Cash Management Agreement that is entered into by and between any Loan Party and any
Cash Management Bank.

 

“Secured Hedge
Agreement” means any Swap Contract permitted under Article VI or VII that is entered into by and between
any Loan Party and any Hedge Bank.

 

“Secured Obligations”
means (a) all Obligations, (b) all obligations of any Loan Party arising under Secured Cash Management Agreements and
Secured Hedge Agreements and (c) all costs and expenses incurred in connection with enforcement and collection of the foregoing
by any Loan Party, including the fees, charges and disbursements of counsel, in each case whether direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest
and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor
Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims
in such proceeding.

 

“Secured Parties”
means, collectively, the Administrative Agent, the Lenders, the L/C Issuer, the Hedge Banks, the Cash Management Banks, each co-agent
or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05, and the other Persons the
Secured Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents.

 

“Security
Agreement” means the Security Agreement dated as of the Closing Date by the Borrowers and the Guarantors to the Administrative
Agent for the benefit of the Secured Parties, substantially in the form of Exhibit H, as supplemented from time to time
by the execution and delivery of Security Joinder Agreements.

 

    	25

    	 

    

 

“Security
Joinder Agreement” means each Security Joinder Agreement, substantially in the form thereof attached to the Security
Agreement, executed and delivered by a Guarantor or any other Person to the Administrative Agent pursuant to Section 6.12
or otherwise.

 

“Seller Notes”
means those certain subordinated convertible promissory notes made by Holdings in favor of certain former members of the Company
and Nabron International, Inc. in an aggregate principal amount of $69,771,111.00 issued to such Persons pursuant to the
Merger Agreement.

 

“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair
value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such
Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay
the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and
does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities
as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which such Person’s property would constitute an unreasonably small capital, and (e) such Person is able to pay its debts
and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of
contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body
(other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially
owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of Holdings.

 

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and
conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any
related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

 

    	26

    	 

    

 

“Swap Termination
Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out
and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date
referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts
(which may include a Lender or any Affiliate of a Lender).

 

“Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04.

 

“Swing Line
Lender” means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.

 

“Swing Line
Loan” has the meaning specified in Section 2.04(a).

 

“Swing Line
Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing, shall
be substantially in the form of Exhibit B.

 

“Swing Line
Sublimit” means, at any time, an amount equal to the lesser of (a) $10,000,000 and (b) the Aggregate Revolving Credit
Commitments. The Swing Line Sublimit is part of, and not in addition to, the Revolving Credit Facility.

 

“Synthetic
Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax
retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance
sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of
such Person (without regard to accounting treatment).

 

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

 

“Term Loan”
means an advance made by any Term Loan Lender under the Term Loan Facility.

 

“Term Loan
Borrowing” means a borrowing consisting of simultaneous Term Loans of the same Type and, in the case of Eurodollar Rate
Loans, having the same Interest Period made by each of the Term Loan Lenders pursuant to Section 2.01(a).

 

“Term Loan
Commitment” means, as to each Term Loan Lender, its obligation to make Term Loans to the Company pursuant to Section
2.01(a) in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term
Loan Lender’s name on Schedule 2.01 under the caption “Term Loan Commitment” or opposite such caption
in the Assignment and Assumption pursuant to which such Term Loan Lender becomes a party hereto, as applicable, as such amount
may be adjusted from time to time in accordance with this Agreement.

 

    	27

    	 

    

 

“Term Loan
Credit Exposure” means, as to any Term Loan Lender at any time, the aggregate principal amount at such time of its
outstanding Term Loans.

 

“Term Loan
Facility” means, at any time, the term loan facility provided in this Agreement in the aggregate principal amount of
the Term Loans of all Term Loan Lenders outstanding at such time.

 

“Term Loan
Lender” means (a) at any time on or prior to the Closing Date, any Lender that has a Term Loan Commitment at such time
and (b) at any time after the Closing Date, any Lender that holds Term Loans at such time.

 

“Term Loan
Note” means a promissory note made by the Company in favor of a Term Loan Lender evidencing Term Loans made by such Term
Loan Lender, substantially in the form of Exhibit C-2.

 

“Threshold
Amount” means $10,000,000.

 

“Total Credit
Exposure” means, as to any Lender at any time, the unused Commitments and Revolving Credit Exposure of such Lender at
such time.

 

“Total Revolving
Credit Exposure” means, as to any Revolving Credit Lender at any time, the unused Revolving Credit Commitments and Revolving
Credit Exposure of such Revolving Credit Lender at such time.

 

“Total Term
Loan Exposure” means, as to any Term Loan Lender at any time, the unused Term Loan Commitments and Term Loan Credit Exposure
of such Term Loan Lender at such time.

 

“Total Outstandings”
means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

 

“Total Revolving
Credit Outstandings” means the aggregate Outstanding Amount of all Revolving Credit Loans, Swing Line Loans and L/C Obligations.

 

“Type”
means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of perfection
or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect
in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from
time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection
or non-perfection or priority.

 

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

 

“Unreimbursed
Amount” has the meaning specified in Section 2.03(c)(i).

 

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

 

“U.S. Subsidiary”
means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

“U.S. Tax
Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III).

 

1.02       Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or
in such other Loan Document:

 

(a)          The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including
any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and
“hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such
Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan
Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating,
amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer
to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts and contract rights.

 

(b)          In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;”
and the word “through” means “to and including.”

 

(c)          Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.

 

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1.03       Accounting
Terms.

 

(a)          Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that
used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding
the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained
herein, Indebtedness of Holdings and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount
thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

 

(b)          Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either the Company or the Required Lenders shall so request, the Administrative Agent, the Lenders and the
Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such
change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio
or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Company shall
provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as
reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and
after giving effect to such change in GAAP.  Without limiting the foregoing, leases shall continue to be classified and
accounted for on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement,
notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment
addressing such changes, as provided for above.

 

1.04       Rounding.
Any financial ratios required to be maintained by the Company pursuant to this Agreement shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

1.05       Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern
time (daylight or standard, as applicable).

 

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

 

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ARTICLE
II.          the COMMITMENTS and Credit Extensions

 

2.01       Loans.

 

(a)          Term
Loan Borrowing. Subject to the terms and conditions set forth herein, each Term Loan Lender severally agrees to make a single
loan to the Company on the Closing Date in an amount not to exceed such Term Loan Lender’s Term Loan Commitment. The Term
Loan Borrowing shall consist of Term Loans made simultaneously by the Term Loan Lenders in accordance with their respective Term
Loan Commitments. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed. Term Loans may
be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; provided, however, that any Term Loan Borrowing
made on the Closing Date shall be made as Base Rate Loans unless the Company delivers a Funding Indemnity Letter not less than
three Business Days prior to the date of such Term Loan Borrowing.

 

(b)          Revolving
Credit Borrowings. Subject to the terms and conditions set forth herein, each Revolving Credit Lender severally agrees to make
loans (each such loan, a “Revolving Credit Loan”) to the Borrowers from time to time, on any Business Day during
the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolving
Credit Commitment; provided, however, that after giving effect to any Revolving Credit Borrowing, (i) the Total Revolving
Credit Outstandings shall not exceed the Aggregate Revolving Credit Commitments, and (ii) the Revolving Credit Exposure of any
Revolving Credit Lender shall not exceed such Lender’s Revolving Credit Commitment. Within the limits of each Revolving Credit
Lender’s Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under
this Section 2.01(b), prepay under Section 2.04, and reborrow under this Section 2.01(b). Revolving Credit
Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; provided, however, that any Revolving
Credit Borrowings made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base
Rate Loans unless the Borrowers deliver a Funding Indemnity Letter not less than three Business Days prior to the date of such
Revolving Credit Borrowing.

 

2.02       Borrowings,
Conversions and Continuations of Loans.

 

(a)          Each
Term Loan Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Credit Loans from one Type to
the other, and each continuation of Eurodollar Rate Loans shall be made upon the Company’s irrevocable notice to the Administrative
Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 11:00 a.m.
(i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans
or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate
Loans. Each telephonic notice by the Company pursuant to this Section 2.02(a) must be confirmed promptly by delivery to
the Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer of the Company.
Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a whole
multiple of $100,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or
conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each
Loan Notice (whether telephonic or written) shall specify (i) whether the Company is requesting a Term Loan Borrowing, a Revolving
Credit Borrowing, a conversion of Term Loans or Revolving Credit Loans from one Type to the other, or a continuation of Eurodollar
Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business
Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which
existing Term Loans or Revolving Credit Loans are to be converted, (v) if applicable, the duration of the Interest Period with
respect thereto, and (vi) if applicable, the Designated Borrower. If the Company fails to specify a Type of Loan in a Loan Notice
or if the Company fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving
Credit Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective
as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Company requests
a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest
Period, it will be deemed to have specified an Interest Period of one month.

 

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(b)          Following
receipt of a Loan Notice for a Facility, the Administrative Agent shall promptly notify each Appropriate Lender of the amount of
its Applicable Percentage under such Facility of the applicable Loans, and if no timely notice of a conversion or continuation
is provided by the Company, the Administrative Agent shall notify each Appropriate Lender of the details of any automatic conversion
to Base Rate Loans described in the preceding subsection. In the case of a Term Loan Borrowing or Revolving Credit Borrowing, each
Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the
Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in
the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section
4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all
funds so received available to the Company or the applicable Designated Borrower in like funds as received by the Administrative
Agent either by (i) crediting the account of such Borrower on the books of Bank of America with the amount of such funds or (ii)
wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative
Agent by the Company or such Designated Borrower; provided, however, that if, on the date a Loan Notice with respect
to a Revolving Credit Borrowing is given by the Company, there are L/C Borrowings outstanding, then the proceeds of such Revolving
Credit Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be
made available to the applicable Borrower as provided above.

 

(c)          Except
as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for
such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar
Rate Loans without the consent of the Required Lenders.

 

(d)          The
Administrative Agent shall promptly notify the Company and the Lenders of the interest rate applicable to any Interest Period for
Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative
Agent shall notify the Company and the Lenders of any change in Bank of America’s prime rate used in determining the Base
Rate promptly following the public announcement of such change.

 

(e)          After
giving effect to all Term Loan Borrowings, all conversions of Term Loans from one Type to the other, and all continuations of Term
Loans as the same Type, there shall not be more than five Interest Periods in effect in respect of the Term Loan Facility. After
giving effect to all Revolving Credit Borrowings, all conversions of Revolving Credit Loans from one Type to the other, and all
continuations of Revolving Credit Loans as the same Type, there shall not be more than ten Interest Periods in effect in respect
of the Revolving Credit Facility.

 

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2.03       Letters
of Credit.

 

(a)          The
Letter of Credit Commitment.

 

(i)          Subject
to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit
Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date
until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Company or any Designated Borrower,
and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor
drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit
issued for the account of the Company or any Designated Borrower and any drawings thereunder; provided that after giving
effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not
exceed the Aggregate Revolving Credit Commitments, (y) the Revolving Credit Exposure of any Revolving Credit Lender shall not exceed
such Lender’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter
of Credit Sublimit. Each request by the Company or a Designated Borrower for the issuance or amendment of a Letter of Credit shall
be deemed to be a representation by the Company or such Designated Borrower that the L/C Credit Extension so requested complies
with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and
conditions hereof, the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers
may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn
upon and reimbursed.

 

(ii)         The
L/C Issuer shall not issue any Letter of Credit if:

 

(A)         subject
to Section 2.03(b)(iii), the expiry date of the requested Letter of Credit would occur more than twelve months after
the date of issuance or last extension, unless the Required Revolving Lenders have approved such expiry date; or

 

(B)         the
expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Revolving
Credit Lenders have approved such expiry date.

 

(iii)        The
L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

 

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

 

(B)         the
issuance of the Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally;

 

(C)         except
as otherwise agreed by the Administrative Agent and the L/C Issuer, the Letter of Credit is in an initial stated amount less than
$100,000;

 

(D)         the
Letter of Credit is to be denominated in a currency other than Dollars; or

 

(E)         any
Revolving Credit Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the
delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Company or such Revolving Credit
Lender to eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.17(a)(iv))
with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit
and all other L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole
discretion.

 

(iv)        The
L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue the Letter of Credit
in its amended form under the terms hereof.

 

(v)         The
L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time
to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not
accept the proposed amendment to the Letter of Credit.

 

(vi)        The
L/C Issuer shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative
Agent in Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of
Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the
term “Administrative Agent” as used in Article IX included the L/C Issuer with respect to such acts or omissions,
and (B) as additionally provided herein with respect to the L/C Issuer.

 

    	34

    	 

    

 

(b)          Procedures
for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

(i)          Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the Company or a Designated Borrower delivered
to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed
and signed by a Responsible Officer of the Company or a Designated Borrower. Such Letter of Credit Application may be sent by facsimile,
by United States mail, by overnight courier, by electronic transmission using the system provided by the L/C Issuer, by personal
delivery or by any other means acceptable to the L/C Issuer. Such Letter of Credit Application must be received by the L/C Issuer
and the Administrative Agent not later than 11:00 a.m. at least two Business Days (or such later date and time as the Administrative
Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date
of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit
Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter
of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the
beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text
of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested
Letter of Credit; and (H) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding
Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter
of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed
amendment; and (D) such other matters as the L/C Issuer may require. Additionally, the Company or the applicable Designated Borrower,
as the case may be, shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining
to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative
Agent may require.

 

(ii)         Promptly
after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone or in
writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Company or a Designated
Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received
written notice from any Revolving Credit Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to
the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained
in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the
requested date, issue a Letter of Credit for the account of the Company or the applicable Designated Borrower or enter into the
applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices.
Immediately upon the issuance of each Letter of Credit, each Revolving Credit Lender shall be deemed to, and hereby irrevocably
and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to
the product of such Revolving Credit Lender’s Applicable Revolving Credit Percentage times the amount of such Letter
of Credit.

 

    	35

    	 

    

 

(iii)        If
the Company or a Designated Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole
discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter
of Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any
such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving
prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such
twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer,
neither the Company nor a Designated Borrower shall be required to make a specific request to the L/C Issuer for any such extension.
Once an Auto-Extension Letter of Credit has been issued, the Revolving Credit Lenders shall be
deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to
an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall
not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have no obligation,
at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions
of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone
or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative
Agent that the Required Revolving Lenders have elected not to permit such extension or (2) from
the Administrative Agent, any Revolving Credit Lender, the Company or a Designated Borrower that
one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing
the L/C Issuer not to permit such extension.

 

(iv)        Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to
the beneficiary thereof, the L/C Issuer will also deliver to the Company or the applicable Designated Borrower and the Administrative
Agent a true and complete copy of such Letter of Credit or amendment.

 

(c)          Drawings
and Reimbursements; Funding of Participations.

 

(i)          Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall
notify the Company, the applicable Designated Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date
of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Company or
the applicable Designated Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount
of such drawing. If the Company or such Designated Borrower fails to so reimburse the L/C Issuer by such time, the Administrative
Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed
Amount”), and the amount of such Lender’s Applicable Revolving Credit Percentage thereof. In such event, the Company
or the applicable Designated Borrower shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans to be disbursed
on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section
2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit
Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by
the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately
confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding
effect of such notice.

 

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(ii)         Each
Revolving Credit Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative
Agent may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer at the Administrative Agent’s
Office in an amount equal to its Applicable Revolving Credit Percentage of the Unreimbursed Amount not later than 1:00 p.m. on
the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii),
each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Company or the
applicable Designated Borrower in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer.

 

(iii)        With
respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the
conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Company or the applicable Designated
Borrower shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is
not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the
Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C
Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and
shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this Section
2.03.

 

(iv)        Until
each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse
the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Credit Lender’s Applicable
Revolving Credit Percentage of such amount shall be solely for the account of the L/C Issuer.

 

(v)         Each
Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse the L/C Issuer for amounts
drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not
be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving
Credit Lender may have against the L/C Issuer, the Company, any Designated Borrower or any other Person for any reason whatsoever;
(B) the occurrence or continuance of a Default; or (C) any other occurrence, event or condition, whether or not similar to any
of the foregoing; provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit
Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery
by the Company or the applicable Designated Borrower of a Loan Notice). No such making of an L/C Advance shall relieve or otherwise
impair the obligation of the Company or the applicable Designated Borrower to reimburse the L/C Issuer for the amount of any payment
made by the L/C Issuer under any Letter of Credit, together with interest as provided herein.

 

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(vi)        If
any Revolving Credit Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required
to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified
in Section 2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer shall be entitled
to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon
for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer
at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking
industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the
L/C Issuer in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid),
the amount so paid shall constitute such Revolving Credit Lender’s Revolving Credit Loan included in the relevant Revolving
Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted
to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi)
shall be conclusive absent manifest error.

 

(d)          Repayment
of Participations.

 

(i)          At
any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Credit Lender such
Revolving Credit Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative
Agent receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon
(whether directly from the Company or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent),
the Administrative Agent will distribute to such Revolving Credit Lender its Applicable Revolving Credit Percentage thereof in
the same funds as those received by the Administrative Agent.

 

(ii)         If
any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is required
to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into
by the L/C Issuer in its discretion), each Revolving Credit Lender shall pay to the Administrative Agent for the account of the
L/C Issuer its Applicable Revolving Credit Percentage thereof on demand of the Administrative Agent, plus interest thereon
from the date of such demand to the date such amount is returned by such Revolving Credit Lender, at a rate per annum equal to
the Federal Funds Rate from time to time in effect. The obligations of the Revolving Credit Lenders under this clause shall survive
the payment in full of the Obligations and the termination of this Agreement.

 

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(e)          Obligations
Absolute. The obligation of the Company or the applicable Designated Borrower, as the case may be, to reimburse the
L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable,
and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

 

(i)          any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)         the
existence of any claim, counterclaim, setoff, defense or other right that the Company, a Designated Borrower or any Subsidiary
may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary
or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions
contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)        any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv)        waiver
by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and not the protection of the Company or
the applicable Designated Borrower or any waiver by the L/C Issuer which does not in fact materially prejudice the Company or the
applicable Designated Borrower;

 

(v)         honor
of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

 

(vi)        any
payment made by the L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration date
of, or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized by
the UCC or the ISP;

 

(vii)       any
payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply
with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting
to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any Debtor Relief Law; or

 

(viii)      any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Company, a Designated Borrower or any Subsidiary.

 

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The Company or the
applicable Designated Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered
to it and, in the event of any claim of noncompliance with the Company’s or such Designated Borrower’s
instructions or other irregularity, the Company or such Designated Borrower will immediately notify the L/C Issuer. The Company
or the applicable Designated Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its
correspondents unless such notice is given as aforesaid.

 

(f)          Role
of L/C Issuer. Each Lender and each Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer
shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required
by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the
Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their respective Related
Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken
or omitted in connection herewith at the request or with the approval of the Revolving Credit Lenders or the Required Revolving
Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the
due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer
Document. The Company and each Designated Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee
with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and
shall not, preclude the Company or a Designated Borrower, as the case may be, from pursuing such rights and remedies as it may
have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the Administrative Agent,
any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable or responsible
for any of the matters described in clauses (i) through (viii) of Section 2.03(e); provided, however,
that anything in such clauses to the contrary notwithstanding, the Company or a Designated Borrower, as the case may be, may have
a claim against the L/C Issuer, and the L/C Issuer may be liable to the Company or a Designated Borrower, as the case may be, to
the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Company or
such Designated Borrower, as the case may be, which the Company or a Designated Borrower, as the case may be, proves were caused
by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter
of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms
and conditions of a Letter of Credit.  In furtherance and not in limitation of the foregoing, the L/C Issuer may accept
documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice
or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring
or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in
whole or in part, which may prove to be invalid or ineffective for any reason. The L/C Issuer may send a Letter of Credit or conduct
any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”)
message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

 

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(g)          Applicability
of ISP; Limitation of Liability. Unless otherwise expressly agreed by the L/C Issuer and the Company or the applicable
Designated Borrower when a Letter of Credit is issued the rules of the ISP shall apply to each Letter of Credit. Notwithstanding
the foregoing, the L/C Issuer shall not be responsible to any Borrower for, and the L/C Issuer’s rights and remedies against
any Borrower shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any law, order, or
practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order
of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions,
practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International
Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter
of Credit chooses such law or practice.

 

(h)          Letter
of Credit Fees. The Company or the applicable Designated Borrower shall pay to the Administrative Agent for the account of
each Revolving Credit Lender in accordance, subject to Section 2.17, with its Applicable Revolving Credit Percentage a Letter
of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit
equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing
the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March,
June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit,
on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is
any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall
be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was
in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Revolving Lenders, while
any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate.

 

(i)          Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer. The Company or the applicable Designated Borrower
shall pay directly to the L/C Issuer for its own account a fronting fee with respect to each Letter of Credit, at the rate per
annum specified in the Fee Letter, computed on the daily amount available to be drawn under such Letter of Credit on a quarterly
basis in arrears. Such fronting fee shall be due and payable on the tenth Business Day after the end of each March,
June, September and December in respect of the most recently-ended quarterly period (or portion thereof, in the case of
the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of
Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter
of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the Company
or the applicable Designated Borrower shall pay directly to the L/C Issuer for its own account the customary issuance, presentation,
amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from
time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

 

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(j)          Conflict
with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms
hereof shall control.

 

2.04         Swing
Line Loans.

 

(a)          The
Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of
the other Lenders set forth in this Section 2.04, shall make loans (each such loan, a “Swing Line Loan”)
to the Company or a Designated Borrower from time to time on any Business Day during the Availability Period in an aggregate amount
not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans,
when aggregated with the Applicable Revolving Credit Percentage of the Outstanding Amount of Revolving Credit Loans and L/C Obligations
of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Revolving Credit Commitment; provided,
however, that (i) after giving effect to any Swing Line Loan, (x) the Total Revolving Credit Outstandings shall not exceed
the Aggregate Revolving Credit Commitments, and (y) the Revolving Credit Exposure of any Revolving Credit Lender shall not exceed
such Lender’s Revolving Credit Commitment, (ii) neither the Company nor any Designated
Borrower shall use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan, and (iii) the Swing Line Lender
shall not be under any obligation to make any Swing Line Loan if it shall determine (which determination shall be conclusive and
binding absent manifest error) that it has, or by such Credit Extension may have, Fronting Exposure. Within the foregoing limits,
and subject to the other terms and conditions hereof, the Company and the Designated Borrowers may borrow under this Section
2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan shall be a Base Rate
Loan. Immediately upon the making of a Swing Line Loan, each Revolving Credit Lender shall be deemed to, and hereby irrevocably
and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal
to the product of such Revolving Credit Lender’s Applicable Revolving Credit Percentage times the amount of such Swing
Line Loan.

 

(b)          Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Company’s irrevocable notice to the Swing Line Lender and
the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative
Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be
a minimum of $100,000, (ii) the requested borrowing date, which shall be a Business Day and (iii)
whether the Company or a Designated Borrower will be the recipient of the Swing Line Borrowing. Each such telephonic notice must
be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately
completed and signed by a Responsible Officer of the Company. Promptly after receipt by the Swing Line Lender of any telephonic
Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the
Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative
Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in
writing) from the Administrative Agent (including at the request of any Revolving Credit Lender) prior to 2:00 p.m. on the date
of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations
set forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions
specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will,
not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan
available to the Company or the applicable Designated Borrower, as the case may be.

 

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(c)          Refinancing
of Swing Line Loans.

 

(i)          The
Swing Line Lender at any time in its sole discretion may request, on behalf of the Company or a Designated Borrower, as the case
may be (which hereby irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Revolving Credit Lender
make a Base Rate Loan in an amount equal to such Revolving Credit Lender’s Applicable Revolving Credit Percentage of the
amount of Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be
a Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum
and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate
Revolving Credit Commitments and the conditions set forth in Section 4.02. The Swing Line Lender shall furnish the Company
and, if applicable, the Designated Borrower with a copy of the applicable Loan Notice promptly after delivering such notice to
the Administrative Agent. Each Revolving Credit Lender shall make an amount equal to its Applicable Revolving Credit Percentage
of the amount specified in such Loan Notice available to the Administrative Agent in immediately available funds (and the Administrative
Agent may apply Cash Collateral available with respect to the applicable Swing Line Loan) for the account of the Swing Line Lender
at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such Loan Notice, whereupon, subject
to Section 2.04(c)(ii), each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate
Loan to the Company or the applicable Designated Borrower in such amount. The Administrative Agent shall remit the funds so received
to the Swing Line Lender.

 

(ii)         If
for any reason any Swing Line Loan cannot be refinanced by such a Revolving Credit Borrowing in accordance with Section 2.04(c)(i),
the request for Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing
Line Lender that each of the Revolving Credit Lenders fund its risk participation in the relevant Swing Line Loan and each Revolving
Credit Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i)
shall be deemed payment in respect of such participation.

 

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(iii)        If
any Revolving Credit Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount
required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in
Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Revolving Credit Lender (acting through
the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to
the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the
Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation,
plus any administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with the
foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute
such Revolving Credit Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or funded participation
in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any Lender (through the
Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.

 

(iv)        Each
Revolving Credit Lender’s obligation to make Revolving Credit Loans or to purchase and fund risk participations in Swing
Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender,
the Company, any Designated Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default,
or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however,
that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is
subject to the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair
the obligation of the Company or any Designated Borrower to repay Swing Line Loans, together with interest as provided herein.

 

(d)          Repayment
of Participations.

 

(i)          At
any time after any Revolving Credit Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line
Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Revolving Credit
Lender its Applicable Revolving Credit Percentage thereof in the same funds as those received by the Swing Line Lender.

 

(ii)         If
any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned
by the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement
entered into by the Swing Line Lender in its discretion), each Revolving Credit Lender shall pay to the Swing Line Lender its Applicable
Revolving Credit Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand
to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such
demand upon the request of the Swing Line Lender. The obligations of the Revolving Credit Lenders under this clause shall survive
the payment in full of the Obligations and the termination of this Agreement.

 

(e)          Interest
for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Company or the applicable Designated
Borrower for interest on the Swing Line Loans. Until each Revolving Credit Lender funds its Base Rate Loan or risk participation
pursuant to this Section 2.04 to refinance such Revolving Credit Lender’s Applicable Revolving Credit Percentage of
any Swing Line Loan, interest in respect of such Applicable Revolving Credit Percentage shall be solely for the account of the
Swing Line Lender.

 

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(f)          Payments
Directly to Swing Line Lender. The Company or the applicable Designated Borrower shall make all payments of principal and interest
in respect of the Swing Line Loans directly to the Swing Line Lender.

 

2.05         Prepayments.
(a) Optional. (i) Each Borrower may, upon notice by the Company to the Administrative Agent, at any time or from time
to time voluntarily prepay Term Loans or Revolving Credit Loans in whole or in part without premium or penalty; provided
that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m. (1) three Business Days prior to any
date of prepayment of Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurodollar
Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof; and (C) any prepayment
of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case,
if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment
and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The
Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s
ratable portion of such prepayment (based on such Lender’s Applicable Percentage in respect of the relevant Facility). If
such notice is given by the Company, the applicable Borrower shall make such prepayment and the payment amount specified in such
notice shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by
all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each
prepayment of the outstanding Term Loans pursuant to this Section 2.05(a) shall be applied to the principal repayment installments
thereof on a pro-rata basis. Subject to Section 2.17, such prepayments shall be paid to the Lenders in accordance
with their respective Applicable Percentages in respect of each of the relevant Facilities.

 

(ii)         Each
Borrower may, upon notice by the Company to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from
time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (A) such notice
must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment,
and (B) any such prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount
of such prepayment. If such notice is given by the Company, the applicable Borrower shall make such prepayment and the payment
amount specified in such notice shall be due and payable on the date specified therein.

 

(b)          Mandatory.
(i) If the Company or any of its Subsidiaries Disposes of any property permitted by Section 7.05(f) in excess of $500,000
in the aggregate during the term of this Agreement, which results in the realization by such Person of Net Cash Proceeds, the Borrowers
shall prepay an aggregate principal amount of Loans equal to 100% of such Net Cash Proceeds promptly after, and in no event later
than five Business Days after, receipt thereof by such Person (such prepayments to be applied as set forth in clauses (iv)
and (vii) below).

 

    	45

    	 

    

 

(ii)         Upon
the incurrence or issuance by the Company or any of its Subsidiaries of any Indebtedness (other than Indebtedness expressly permitted
to be incurred or issued pursuant to Section 7.03), the Borrowers shall prepay an aggregate principal amount of Loans equal
to 100% of all Net Cash Proceeds received therefrom promptly after, and in no event later than five Business Days after, receipt
thereof by the Company or such Subsidiary (such prepayments to be applied as set forth in clauses (iv) and (vi)
below).

 

(iii)        Upon
any Extraordinary Receipt in excess of $1,000,000 for each fiscal year received by or paid to or for the account of the Company
or any of its Subsidiaries, and not otherwise included in clause (i) or (ii) of this Section 2.05(b), the
Borrowers shall prepay an aggregate principal amount of Loans equal to 100% of all Net Cash Proceeds received therefrom promptly
after, and in no event later than five Business Days after, receipt thereof by the Company or such Subsidiary (such prepayments
to be applied as set forth in clauses (iv) and (vi) below).

 

(iv)        Each
prepayment of Loans pursuant to the foregoing provisions of this Section 2.05(b) shall be applied, first, to the
principal repayment installments of the Term Loans on a pro-rata basis and, second, to the Revolving Credit Facility in
the manner set forth in clause (vi) of this Section 2.05(b). Subject to Section 2.17, such prepayments shall
be paid to the Lenders in accordance with their respective Applicable Percentages in respect of the relevant Facilities.

 

(v)         If
for any reason the Total Revolving Credit Outstandings at any time exceed the Aggregate Revolving Credit Commitments at such time,
the Borrowers shall immediately prepay Revolving Credit Loans, Swing Line Loans and L/C Borrowings and/or Cash Collateralize the
L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrowers shall not be required
to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(v) unless, after the prepayment of the Revolving
Credit Loans and Swing Line Loans, the Total Revolving Credit Outstandings exceed the Aggregate Revolving Credit Commitments at
such time.

 

(vi)        Except
as otherwise provided in Section 2.17, prepayments of the Revolving Credit Facility made pursuant to this Section
2.05(b), first, shall be applied ratably to the L/C Borrowings and the Swing Line Loans, second, shall be applied
ratably to the outstanding Revolving Credit Loans, and, third, shall be used to Cash Collateralize the remaining L/C Obligations
in the Minimum Collateral Amount. Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as
Cash Collateral shall be applied (without any further action by or notice to or from the Borrowers or any other Loan Party or any
Defaulting Lender that has provided Cash Collateral) to reimburse the L/C Issuer or the Revolving Credit Lenders, as applicable.

 

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2.06         Termination
or Reduction of Revolving Credit Commitments. (a) Optional.  The Borrowers may, upon notice by the Company
to the Administrative Agent and without penalty or premium, terminate the Aggregate Revolving Credit Commitments, the Letter of
Credit Sublimit or the Swing Line Sublimit, or from time to time permanently reduce the Aggregate Revolving Credit Commitments,
the Letter of Credit Sublimit or the Swing Line Sublimit; provided that (i) any such notice shall be received by the Administrative
Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction
shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrowers shall
not terminate or reduce (A) the Aggregate Revolving Credit Commitments if, after giving effect thereto and to any concurrent prepayments
hereunder, the Total Revolving Credit Outstandings would exceed the Aggregate Revolving Credit Commitments, (B) the Letter of Credit
Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would
exceed the Letter of Credit Sublimit, or (C) the Swing Line Sublimit if, after giving effect thereto and to any concurrent prepayments
hereunder, the Outstanding Amount of Swing Line Loans would exceed the Swingline Sublimit and (iv) if, after giving effect to any
reduction or termination of the Aggregate Revolving Credit Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit
exceeds the amount of the Aggregate Revolving Credit Commitments, such Sublimit shall be automatically reduced by the amount of
such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate
Revolving Credit Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit. Any reduction of the Aggregate Revolving
Credit Commitments shall be applied to the Revolving Credit Commitment of each Revolving Credit Lender according to its Applicable
Revolving Credit Percentage. All fees accrued until the effective date of any termination of the Aggregate Revolving Credit Commitments
shall be paid on the effective date of such termination.

 

(b)          Mandatory.
(i) The aggregate Term Commitments shall be automatically and permanently reduced to zero following the funding of the entire Term
Loan on the Closing Date.

 

(ii)         If
after giving effect to any reduction or termination of Revolving Credit Commitments under Section 2.06(a), the Letter of
Credit Sublimit or the Swing Line Sublimit exceeds the Revolving Credit Facility at such time, the Letter of Credit Sublimit or
the Swing Line Sublimit, as the case may be, shall be automatically reduced by the amount of such excess.

 

(c)          Application
of Commitment Reductions; Payment of Fees. The Administrative Agent will promptly notify the Lenders of any termination or
reduction of the Letter of Credit Sublimit, the Swing Line Sublimit or the Revolving Credit Commitment under this Section 2.06.
Upon any reduction of the Revolving Credit Commitments, the Revolving Credit Commitment of each Revolving Credit Lender shall be
reduced by such Lender’s Applicable Revolving Credit Percentage of such reduction amount. All fees in respect of the Revolving
Credit Facility accrued until the effective date of any termination of the Revolving Credit Facility shall be paid on the effective
date of such termination.

 

2.07         Repayment
of Loans.

 

(a)          Term
Loans. On or before the last Business Day of each March, June, September and December, the
Company shall repay to the Term Loan Lenders the aggregate principal amount of all Term Loans in quarterly principal installments
of $875,000 each, commencing on December 31, 2012 (which principal amounts shall be reduced as a result of the application of prepayments
in accordance with the order of priority set forth in Section 2.05); provided, however, that the final principal
repayment installment of the Term Loans shall be repaid on the Maturity Date for the Term Loan Facility and in any event shall
be in an amount equal to the aggregate principal amount of all Term Loans outstanding on such date.

 

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(b)          Revolving
Credit Loans. Each Borrower shall repay to the Revolving Credit Lenders on the Maturity Date for the Revolving Credit Facility
the aggregate principal amount of all Revolving Credit Loans made to such Borrower outstanding on such date.

 

(c)          Swing
Line Loans. Each Borrower shall repay each Swing Line Loan made to such Borrower on the earlier to occur of (i) the date ten
Business Days after such Loan is made and (ii) the Maturity Date for the Revolving Credit Facility.

 

2.08         Interest.

 

(a)          Subject
to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on the outstanding principal
amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the
Applicable Rate; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing
date at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Swing Line Loan shall bear interest
on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus
the Applicable Rate.

 

(b)          (i)          If
any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times
equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)         If
any amount (other than principal of any Loan) payable by any Borrower under any Loan Document is not paid when due (without regard
to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required
Term Lenders (in the case of the Term Loan Facility) and the Required Revolving Lenders (in the case of the Revolving Credit Facility),
such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the
fullest extent permitted by applicable Laws.

 

(iii)        Upon
the request of the Required Term Lenders (in the case of the Term Loan Facility) and the Required Revolving Lenders (in the case
of the Revolving Credit Facility), while any Event of Default exists (other than as set forth in clauses (b)(i) and (b)(ii)
above), the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iv)        Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)          Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may
be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment,
and before and after the commencement of any proceeding under any Debtor Relief Law.

 

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2.09         Fees.
In addition to certain fees described in subsections (h) and (i) of Section 2.03:

 

(a)          Commitment
Fee. The Company shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance
with its Applicable Revolving Credit Percentage, a commitment fee equal to the Applicable Rate times the actual daily amount
by which the Aggregate Revolving Credit Commitments exceeds the sum of (i) the Outstanding Amount of Revolving Credit Loans and
(ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.17. For the avoidance of
doubt, the Outstanding Amount of Swing Line Loans shall not be counted towards or considered usage of the Aggregate Revolving Credit
Commitments for purposes of determining the commitment fee. The commitment fee shall accrue at all times during the Availability
Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and
payable quarterly in arrears on the last Business Day of each March, June, September and December,
commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The commitment
fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual
daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable
Rate was in effect.

 

(b)          Other
Fees. (i) The Company shall pay to the Arranger and the Administrative Agent for their own respective accounts
fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable
for any reason whatsoever.

 

(ii)         The
Company shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times
so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

2.10         Computation
of Interest and Fees; Retroactive Adjustments of Applicable Rate.

 

(a)          All
computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate) shall be
made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and
interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable,
being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is
made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided
that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one
day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all
purposes, absent manifest error.

 

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(b)          If,
as a result of any restatement of or other adjustment to the financial statements of the Company or for any other reason, the Company
or the Lenders determine that (i) the Consolidated Total Rent Adjusted Leverage Ratio as calculated by the Company as of any applicable
date was inaccurate and (ii) a proper calculation of the Consolidated Total Rent Adjusted Leverage Ratio would have resulted in
higher pricing for such period, each Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent
for the account of the applicable Lenders or the L/C Issuer, as the case may be, promptly on demand by the Administrative Agent
(or, after the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy
Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the L/C Issuer),
an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of
interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent, any Lender
or the L/C Issuer, as the case may be, under Section 2.03(c)(iii), 2.03(h) or 2.08(b) or under Article
VIII. The Borrowers’ obligations under this paragraph shall survive the termination of the Aggregate Commitments and
the repayment of all other Obligations hereunder.

 

2.11         Evidence
of Debt.

 

(a)          The
Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the
Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each
Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and
the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect
the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of
such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request
of any Lender made through the Administrative Agent, the Borrowers shall execute and deliver to such Lender (through the Administrative
Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules
to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

 

(b)          In
addition to the accounts and records referred to in subsection (a) above, each Lender and the Administrative Agent shall
maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations
in Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Administrative
Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error.

 

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2.12         Payments
Generally; Administrative Agent’s Clawback.

 

(a)          General.
All payments to be made by the Borrowers shall be made free and clear of and without condition or deduction for any counterclaim,
defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be
made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative
Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on
the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in respect
of the relevant Facility (or other applicable share as provided herein) of such payment in like funds as received by wire transfer
to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received
on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by any
Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such
extension of time shall be reflected in computing interest or fees, as the case may be.

 

(b)          (i)
Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from
a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans,
prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s
share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance
with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in
accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the
applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and
including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent,
at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar
fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made
by such Borrower, the interest rate applicable to Base Rate Loans. If such Borrower and such Lender shall pay such interest to
the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower
the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Borrowing to
the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment
by such Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make
such payment to the Administrative Agent.

 

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(ii)         Payments
by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder
that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on
such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate Lenders or the L/C Issuer,
as the case may be, the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Appropriate
Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount
so distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each day from and including
the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the
Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

A notice of the Administrative
Agent to any Lender or Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest
error.

 

(c)          Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by
such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to any Borrower
by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied
or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from
such Lender) to such Lender, without interest.

 

(d)          Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Term Loans and Revolving Credit Loans, to fund participations
in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The
failure of any Lender to make any Loan, to fund any such participation or to make any payment under Section 10.04(c) on
any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender
shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment
under Section 10.04(c).

 

(e)          Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner
or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place
or manner.

 

2.13         Sharing
of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment
in respect of (a) Obligations in respect of any of the Facilities due and payable to such Lender hereunder and under the other
Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due
and payable to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities due and payable
to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations in respect
of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the
Lenders at such time or (b) Obligations in respect of any of the Facilities owing (but not due and payable) to such Lender hereunder
and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of
such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the Obligations in
respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time)
of payments on account of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder
and under the other Loan Documents at such time obtained by all of the Lenders at such time, then, in each case under clauses
(a) and (b) above, the Lender receiving such greater proportion shall (A) notify the Administrative Agent of such fact,
and (B) purchase (for cash at face value) participations in the Loans and subparticipations in L/C Obligations and Swing Line Loans
of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared
by the Lenders ratably in accordance with the aggregate amount of Obligations in respect of the Facilities then due and payable
to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, provided that:

 

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(i)          if
any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest; and

 

(ii)         the
provisions of this Section shall not be construed to apply to (A) any payment made by or on behalf of a Borrower pursuant to and
in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting
Lender), (B) the application of Cash Collateral provided for in Section
2.16, or (C) any payment obtained by a Lender as consideration for the assignment
of or sale of a participation in any of its Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or
participant, other than an assignment to the Company or any Subsidiary
or Affiliate thereof (as to which the provisions of this Section shall apply).

 

Each
Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower
rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such
Borrower in the amount of such participation.

 

2.14         Designated
Borrowers. (a) Effective as of the date hereof there are no “Designated Borrowers” hereunder.

 

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(b)          The
Company may at any time, upon not less than ten Business Days’ notice from the Company to the Administrative Agent (or such
shorter period as may be agreed by the Administrative Agent in its sole discretion), designate any
U.S. Subsidiary of the Company (an “Applicant Borrower”) as a Designated Borrower to receive Revolving
Credit Loans and Swing Line Loans hereunder and to apply for Letters of Credit to be issued hereunder by delivering to the Administrative
Agent (which shall promptly deliver counterparts thereof to each Revolving Credit Lender) a duly executed notice and agreement
in substantially the form of Exhibit L (a “Designated Borrower Request and Assumption Agreement”). The
parties hereto acknowledge and agree that prior to any Applicant Borrower becoming entitled to utilize the credit facilities provided
for herein the Administrative Agent and the Revolving Credit Lenders shall have received such supporting resolutions, incumbency
certificates, opinions of counsel and other documents or information, in form, content and scope reasonably satisfactory to the
Administrative Agent, as may be required by the Administrative Agent or the Required Revolving Lenders in their reasonable discretion,
and Revolving Credit Notes signed by such new Borrowers to the extent any Revolving Credit Lenders so require. If the Administrative
Agent and the Required Revolving Lenders agree (such consent not to be unreasonably withheld, delayed or conditioned) that an Applicant
Borrower shall be entitled to receive Revolving Credit Loans and Swing Line Loans hereunder and to have Letters of Credit issued
for its account hereunder, then promptly following receipt of all such requested resolutions, incumbency certificates, opinions
of counsel and other documents or information, the Administrative Agent shall send a notice in substantially the form of Exhibit
M (a “Designated Borrower Notice”) to the Company and the Revolving Credit Lenders specifying the effective
date upon which the Applicant Borrower shall constitute a Designated Borrower for purposes hereof (which effective date shall not
be later than two Business Days following delivery of such notice), whereupon each of the Lenders agrees to permit such Designated
Borrower to receive Revolving Credit Loans and Swing Line Loans hereunder and to have Letters of Credit issued for its account
hereunder, in each case on the terms and conditions set forth herein, and each of the parties agrees that such Designated Borrower
otherwise shall be a Borrower for all purposes of this Agreement; provided that no Committed Loan Notice or Letter of Credit
Application may be submitted by or on behalf of such Designated Borrower before such effective date.

 

The Obligations (other
than Obligations with respect to the Term Facility) of the Company and each Designated Borrower shall be joint and several. Each
of Holdings and the Company shall guaranty the Obligations of each Designated Borrower pursuant to the terms of the Guaranty Agreement.

 

Each U.S. Subsidiary
of the Company that is or becomes a “Designated Borrower” pursuant to this Section
2.14 hereby irrevocably appoints the Company as its agent for all purposes relevant to this Agreement and each of the other
Loan Documents, including (i) the giving and receipt of notices, (ii) the execution and delivery of all documents, instruments
and certificates contemplated herein and all modifications hereto, and (iii) the receipt of the proceeds of any Loans made by the
Lenders, to any such Designated Borrower hereunder. Any acknowledgment, consent, direction, certification or other action which
might otherwise be valid or effective only if given or taken by all Borrowers, or by each Borrower acting singly, shall be valid
and effective if given or taken only by the Company, whether or not any such other Borrower joins therein. Any notice, demand,
consent, acknowledgement, direction, certification or other communication delivered to the Company in accordance with the terms
of this Agreement shall be deemed to have been delivered to each Designated Borrower.

 

The Company may from
time to time, upon not less than ten Business Days’ notice from the Company to the Administrative Agent (or such shorter
period as may be agreed by the Administrative Agent in its sole discretion), terminate a Designated Borrower’s status as
such; provided that there are no outstanding Revolving Credit or Swing Line Loans payable by such Designated Borrower, outstanding
Letters of Credit issued for the account such Designated Borrower, or other amounts payable by such Designated Borrower on account
of any Revolving Credit Loans or Swing Line Loans made to it or Letters of Credit issued for its account, as of the effective date
of such termination. The Administrative Agent will promptly notify the Revolving Credit Lenders of any such termination of a Designated
Borrower’s status.

 

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2.15         Incremental
Term Loan Option; Increase in Revolving Credit Commitments. At their election, the Borrowers may, upon notice from the
Company to the Administrative Agent (which shall promptly notify the Lenders), from time
to time on or after the Closing Date, request the addition of a new tranche of term loans (an “Incremental Term Facility”),
an increase in the Revolving Credit Commitments (a “Revolving Commitment Increase”) or a combination thereof;
provided that (i) at the time of any such request and upon the effectiveness of the Incremental Term Facility Amendment
or the Revolving Commitment Increase referred to below, no Default shall exist and Holdings shall be in pro forma compliance with
the financial covenants set forth in Section 7.11 (as demonstrated in a Compliance Certificate executed by a Responsible
Officer of Holdings), (ii) no existing Lender shall be required to provide any portion of any Incremental Term Facility or Revolving
Commitment Increase, (iii) each Incremental Term Facility or Revolving Commitment Increase shall be in a minimum amount of $10,000,000
and in increments of $1,000,000 in excess thereof, (iv) no more than three requests for a Revolving Commitment Increase or an Incremental
Term Facility may be made during the term of this Agreement and (v) the aggregate amount of all such Incremental Term Facilities
and Revolving Commitment Increases shall not exceed, collectively, $50,000,000. At the time of sending such notice, the Company
(in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond
(which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). Each Incremental
Term Facility (a) shall rank pari passu or junior in right of payment and of security with the Loans (and any such
Incremental Term Facility which is junior in right of payment shall have customary second lien, subordination, standstill and other
provisions reasonably acceptable to the Administrative Agent), (b) shall not mature earlier than the Maturity Date, (c) shall have
a weighted average life and contain terms as to prepayments, amortization and pricing that are reasonably acceptable to the Administrative
Agent and the Required Lenders, (d) shall contain provisions as to the requirement that any Lien thereunder on any property also
granted to or held by the Administrative Agent under any Loan Document shall be released on any Collateral Release Date as provided
herein, and (e) shall not contain additional or different covenants or financial covenants which are more restrictive in
any material respect than the covenants in the Loan Documents at the time of the incurrence of such Incremental Term Facility unless
either (x) such covenants benefit all of the Lenders or (y) such covenants apply only after the Facility Termination Date. Any
such notice shall set forth the amount and terms of the relevant Incremental Term Facility or Revolving Commitment Increase requested
by the Borrowers and to be agreed by any Lenders or Additional Lenders (as defined below) under such Incremental Term Facility
or providing such Revolving Commitment Increase. The Borrowers may arrange for one or more banks or other financial institutions,
each of which shall be reasonably satisfactory to the Administrative Agent and, with respect only to Revolving Commitment Increases,
the Swing Line Lenders and the L/C Issuers (any such bank or other financial institution being called an “Additional Lender”),
to extend commitments under the Incremental Term Facility or provide a portion of the Revolving Commitment Increase, and each existing
Lender shall be afforded an opportunity, but shall not be required, to provide a portion of any such Incremental Term Facility
or provide a portion of such Revolving Commitment Increase. Each Additional Lender shall become a Lender hereunder pursuant to
a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and its counsel. Each Incremental
Term Facility shall be evidenced by an amendment (an “Incremental Term Facility Amendment”) to this Agreement
and, as appropriate, the other Loan Documents, executed by the Borrowers, each existing Lender agreeing to provide any portion
of the Incremental Term Facility, if any, each Additional Lender, if any, and the Administrative Agent. An Incremental Term Facility
Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents
as are determined by the Administrative Agent to be reasonably necessary to effect the provisions of this Section. As a condition
precedent to any Revolving Commitment Increase or any Incremental Term Facility Amendment, the Company shall deliver to the Administrative
Agent a certificate of each Loan Party dated as of the effective date of any such Revolving Commitment Increase or Incremental
Term Facility Amendment, as the case may be, (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan
Party (a) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such Revolving Commitment
Increase or Incremental Term Facility Amendment, and (b) in the case of the Company, certifying that, before and after giving effect
to such Revolving Commitment Increase or Incremental Term Facility Amendment, (i) the representations and warranties contained
in Article V and the other Loan Documents are true and correct in all material respects on and as of the
effective date of any such Revolving Commitment Increase or Incremental Term Facility Amendment, except that (A)
if a qualifier relating to materiality, Material Adverse Effect or a similar concept applies,
such representation or warranty is true and correct in all respects, (B) to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date
(except that if a qualifier relating to materiality, Material Adverse Effect or a similar
concept applies, such representation or warranty is true and correct in all respects as of such earlier date), and
(C) for purposes of this Section 2.15, the representations and warranties contained in subsections (a)
and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a)
and (b), respectively, of Section 6.01, and (ii) no Default exists. No Revolving
Commitment Increase shall increase the Letter of Credit Sublimit or the Swing Line Sublimit without the written consent of the
L/C Issuers or the Swing Line Lenders, as applicable. This Section shall supersede any provisions in Sections 2.13 or 10.01
to the contrary. 

 

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2.16         Cash
Collateral.

 

(a)          Certain
Credit Support Events. If (i) the L/C Issuer has honored any full or partial drawing request under any Letter of Credit
and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any
reason remains outstanding, (iii) the Company shall be required to provide Cash Collateral pursuant to Section 8.02(c),
or (iv) there shall exist a Defaulting Lender, the Company shall immediately (in the case of clause (iii) above) or within
one Business Day (in all other cases) following any request by the Administrative Agent or the L/C Issuer, provide Cash Collateral
in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant
to clause (iv) above, after giving effect to Section 2.17(a)(iv) and any Cash Collateral provided by the Defaulting
Lender).

 

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(b)          Grant
of Security Interest. The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby
grant to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer
and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances
therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security
for the obligations to which such Cash Collateral may be applied pursuant to Section 2.16(c). If at any time the Administrative
Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the
L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the
Company will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral
in an amount sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting funds subject
to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. The Borrowers shall pay on
demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection
with the maintenance and disbursement of Cash Collateral.

 

(c)          Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided
under any of this Section 2.16 or Sections 2.03, 2.04, 2.05, 2.17 or 8.02 in respect
of Letters of Credit shall be held and applied to the satisfaction
of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Revolving
Credit Lender that is a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral
was so provided, prior to any other application of such property as may otherwise be provided for herein. 

 

(d)          Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall
be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto
(including by the termination of Defaulting Lender status of the applicable Revolving Credit Lender (or, as appropriate, its assignee
following compliance with Section 10.06(b)(vi))) or (ii) the determination by the Administrative Agent and the L/C Issuer
that there exists excess Cash Collateral; provided, however, (x) any such release shall be without prejudice to, and any
disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan Documents
and the other applicable provisions of the Loan Documents, and (y) the Person providing Cash Collateral and the L/C Issuer may
agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.

 

2.17         Defaulting
Lenders.

 

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

 

(i)          Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of “Required Lenders”, “Required Revolving
Credit Lenders”, “Required Term Lenders” and Section 10.01.

 

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(ii)         Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 10.08 shall be applied at such time or times as
may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, if such Defaulting Lender is a Revolving Credit Lender, to the payment
on a pro rata basis of any amounts owing by such Defaulting Lender to the L/C Issuer or Swing Line Lender hereunder; third,
if such Defaulting Lender is a Revolving Credit Lender, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect
to such Defaulting Lender in accordance with Section 2.16; fourth, as the Company may request (so long as
no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by
the Administrative Agent and the Company, to be held in a deposit account and released pro rata in
order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement
and (y) if such Defaulting Lender is a Revolving Credit Lender, Cash Collateralize the L/C Issuer’s future Fronting Exposure
with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with
Section 2.16; sixth, in the case of a Defaulting Lender under any Facility, to the payment of any amounts owing to
the other Lenders under such Facility (in the case of the Revolving Credit Facility, including the L/C Issuer or Swing Line Lender)
as a result of any judgment of a court of competent jurisdiction obtained by any Lender under such Facility (in the case of the
Revolving Credit Facility, including the L/C Issuer or the Swing Line Lender) against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default
exists, to the payment of any amounts owing to any Borrower as a result of any judgment of a court of competent jurisdiction obtained
by such Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement;
and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that
if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender
has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time
when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the
Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders under the applicable Facility on a pro rata basis (and ratably
among all applicable Facilities computed in accordance with the Defaulting Lenders’ respective funding deficiencies) prior
to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender under the applicable Facility
until such time as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders
pro rata in accordance with the Commitments hereunder without giving effect to Section 2.17(a)(iv). Any payments, prepayments
or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or
to post Cash Collateral pursuant to this Section 2.17(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto.

 

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(iii)        Certain
Fees.

 

(A)         No
Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a) for any period during which that Lender
is a Defaulting Lender (and no Borrower shall be required to pay any such fee that otherwise would have been required to have been
paid to that Defaulting Lender).

 

(B)         Each
Defaulting Lender which is a Revolving Credit Lender shall
be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent
allocable to its Applicable Revolving Credit Percentage of the stated amount of Letters of Credit for which it has provided Cash
Collateral pursuant to Section 2.16.

 

(C)         With
respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B)
above, the Borrowers shall (x) pay to each Non-Defaulting Lender which is a Revolving
Credit Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting
Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv)
below, (y) pay to the L/C Issuer the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable
to such L/C Issuer’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of
any such fee.

 

(iv)        Reallocation
of Applicable Revolving Credit Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation
in L/C Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders which are Revolving
Credit Lenders in accordance with their respective Applicable Revolving
Credit Percentages (calculated without regard to such Defaulting Lender’s Revolving
Credit Commitment) but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at the
time of such reallocation (and, unless the Company shall have otherwise notified the Administrative Agent at such time, the Borrowers
shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does
not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving
Credit Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against
a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender
as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)         Cash
Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (a)(iv) above cannot, or can only
partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to them hereunder or under applicable
Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lender’s Fronting Exposure and (y) second, Cash
Collateralize the L/C Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 2.16.

 

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(b)          Defaulting
Lender Cure. If the Company, the Administrative Agent and, in the case
that a Defaulting Lender is a Revolving Credit Lender, the Swing Line Lender and the L/C Issuer agree in writing that a Lender
is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date
specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash
Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Revolving Credit Loans of
the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Credit
Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders
in accordance with their Applicable Percentages (without giving effect to Section 2.17(a)(iv)), whereupon such Lender will
cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further,
that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender
will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender.

 

ARTICLE
III. TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.01         Taxes.

 

(a)          Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i)          Any
and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion
of the Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent
or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon
the basis of the information and documentation to be delivered pursuant to subsection (e) below.

 

(ii)         If
any Loan Party or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both
United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold
or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation
it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld
or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction
is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after
any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under
this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding
or deduction been made.

 

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(iii)        If
any Loan Party or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct
any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make
such deductions as are determined by it to be required based upon the information and documentation it has received pursuant to
subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely
pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent
that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be
increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable
to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would
have received had no such withholding or deduction been made.

 

(b)          Payment
of Other Taxes by the Borrowers. Without limiting the provisions of subsection (a) above, the Borrowers shall
timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent
timely reimburse it for the payment of, any Other Taxes.

 

(c)          Tax
Indemnifications. (i) Each Borrower shall, and does hereby, jointly and severally indemnify each Recipient, and shall make
payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified
Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient
or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Company by a Lender or the
L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender
or the L/C Issuer, shall be conclusive absent manifest error. Each Borrower shall, and does hereby, jointly and severally indemnify
the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which
a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section
3.01(c)(ii) below.

 

(ii)         Each
Lender and the L/C Issuer shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days
after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender or the L/C Issuer
(but only to the extent that the Borrowers have not already indemnified the Administrative Agent for such Indemnified Taxes and
without limiting the obligation of the Borrowers to do so), (y) the Administrative Agent and the Borrowers, as applicable, against
any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.06(d) relating to the
maintenance of a Participant Register and (z) the Administrative Agent and the Borrowers, as applicable, against any Excluded Taxes
attributable to such Lender or the L/C Issuer, in each case, that are payable or paid by the Administrative Agent or the Borrowers
in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to any Lender by the Administrative Agent or by any Borrower shall be conclusive absent
manifest error. Each Lender and the L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts
at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against
any amount due to the Administrative Agent under this clause (ii).

 

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(d)          Evidence
of Payments.  Upon request by the Company or the Administrative Agent, as the case may be, after any payment of Taxes
by the Borrowers or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Company
shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Company, as the case may be, the original
or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by
Laws to report such payment or other evidence of such payment reasonably satisfactory to the Company or the Administrative Agent,
as the case may be.

 

(e)          Status
of Lenders; Tax Documentation.

 

(i)          Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the Company or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Company or the Administrative Agent as will
permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Company or the Administrative Agent as will enable the Company or the Administrative Agent to determine whether
or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary
in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

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

 

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

 

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

 

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

 

(II)        executed
originals of IRS Form W-8ECI;

 

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

 

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

 

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

 

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

 

(iii)        Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Company and the Administrative
Agent in writing of its legal inability to do so.

 

(f)          Treatment
of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file
for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer,
any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be.
If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which
it has been indemnified by the Borrowers or with respect to which the Borrowers have paid additional amounts pursuant
to this Section 3.01, it shall pay to the Borrowers an amount equal to such refund (but only to the extent of indemnity
payments made, or additional amounts paid, by the Borrowers under this Section 3.01 with respect to the Taxes giving rise
to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than
any interest paid by the relevant Governmental Authority with respect to such refund), provided that each Borrower, upon
the request of the Recipient, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other
charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund
to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient
be required to pay any amount to the Borrowers pursuant to this subsection the payment of which would place the Recipient
in a less favorable net after-Tax position than such Recipient would have been in if the indemnification payments or additional
amounts giving rise to such refund had never been paid. This subsection shall not be construed to require any Recipient to make
available its tax returns (or any other information relating to its taxes that it deems confidential) to any Borrower or any other
Person.

 

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(g)          Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and
the repayment, satisfaction or discharge of all other Obligations.

 

3.02         Illegality.
If any Lender determines in good faith that any Law has made it unlawful, or that any Governmental Authority has asserted that
it is unlawful, for any Lender or its Lending Office to make, maintain or fund Loans whose interest is determined by reference
to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority
has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London
interbank market, then, on notice thereof by such Lender to the Company through the Administrative Agent, (i) any obligation of
such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended,
and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which
is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such
Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar
Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Company that the circumstances
giving rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrowers shall, upon demand from such
Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to
Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined
by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately,
if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of
such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period
of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until
the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge
interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest
on the amount so prepaid or converted.

 

3.03         Inability
to Determine Rates. If the Required Lenders determine that for any reason in connection with any request for a Eurodollar Rate
Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank
eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and reasonable means
do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan
or in connection with an existing or proposed Base Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with
respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan,
the Administrative Agent will promptly so notify the Company and each Lender. Thereafter, (x) the obligation of the Lenders to
make or maintain Eurodollar Rate Loans shall be suspended, and (y) in the event of a determination described in the preceding sentence
with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining
the Base Rate shall be suspended, in each case until the Administrative Agent (upon the instruction of the Required Lenders) revokes
such notice. Upon receipt of such notice, the Company may revoke any pending request for a Borrowing of, conversion to or continuation
of Eurodollar Rate Loans under the appropriate Facility or, failing that, will be deemed to have converted such request into a
request for a Borrowing of Base Rate Loans under the appropriate Facility in the amount specified therein.

 

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3.04         Increased
Costs; Reserves on Eurodollar Rate Loans.  

 

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

 

(i)          impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated
by Section 3.04(e)) or the L/C Issuer;

 

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

 

(iii)        impose
on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or
Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein;

 

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

 

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

 

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

 

(d)          Delay
in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing
provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to
demand such compensation, provided that the Borrowers shall not be required to compensate a Lender or the L/C Issuer pursuant
to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine months prior
to the date that such Lender or the L/C Issuer, as the case may be, notifies the Company of the Change in Law giving rise to such
increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except
that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred
to above shall be extended to include the period of retroactive effect thereof).

 

(e)          Reserves
on Eurodollar Rate Loans. The Borrowers shall pay to each Lender, as long as such Lender shall be required to maintain reserves
with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs
of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be
conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided that the Company
shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest
from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest
shall be due and payable 10 days from receipt of such notice.

 

3.05         Compensation
for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrowers shall promptly
compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(a)          any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

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(b)          any
failure by the Borrowers (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrowers; or

 

(c)          any
assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request
by the Company pursuant to Section 10.13;

 

including any loss or
expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate
the deposits from which such funds were obtained. The Borrowers shall also pay any customary administrative fees charged by such
Lender in connection with the foregoing.

 

For purposes of calculating
amounts payable by the Borrowers to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each
Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit
or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not
such Eurodollar Rate Loan was in fact so funded.

 

3.06         Mitigation
Obligations; Replacement of Lenders.

 

(a)          Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.04, or requires the Borrowers to
pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the account of
any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02,
then at the request of the Company such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different
Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the reasonable judgment of such Lender or the L/C Issuer, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate
the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or
the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender
or the L/C Issuer, as the case may be. Each Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender
or the L/C Issuer in connection with any such designation or assignment.

 

(b)          Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if any Borrower is required to pay any Indemnified
Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01
and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section
3.06(a), the Borrowers may replace such Lender in accordance with Section 10.13.

 

3.07         Survival.
All of the Borrowers’ obligations under this Article III shall survive termination of the Aggregate Commitments, repayment
of all other Obligations hereunder, and resignation of the Administrative Agent.

 

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ARTICLE
IV. CONDITIONS PRECEDENT TO Credit Extensions

 

4.01         Conditions
of Initial Credit Extension. The obligation of the L/C Issuer and each Lender to make its initial Credit Extension hereunder
is subject to satisfaction of the following conditions precedent:

 

(a)          The
Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals)
unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date
(or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance
satisfactory to the Administrative Agent and each of the Lenders:

 

(i)          executed
counterparts of this Agreement, the Guaranty, the Security Agreement, the Pledge Agreement, each
Mortgage Property Support Document and each other Collateral Document, sufficient in number for distribution to the
Administrative Agent, each Lender and the Borrower;

 

(ii)         a
Note executed by each Borrower in favor of each Lender requesting a Note;

 

(iii)        such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each
Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer
thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such
Loan Party is a party;

 

(iv)        such
documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized
or formed, and that each Loan Party is validly existing, in good standing and qualified to engage
in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;

 

(v)         a
favorable opinion of Block & Garden, LLP, counsel to the Loan Parties, addressed to the Administrative Agent and each Lender,
substantially in the form set forth in Exhibit I;

 

(vi)        a
certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required
in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan
Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that
no such consents, licenses or approvals are so required;

   

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(vii)       a
certificate signed by a Responsible Officer of Holdings certifying (A) that the conditions specified in Sections 4.02(a)
and (b) have been satisfied, and (B) that there has been no event or circumstance since June 30, 2012, that has had or could
be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect;

 

(viii)      searches
of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each Loan Party and each jurisdiction where
any Collateral is located or where a filing would need to be made in order to perfect the Administrative Agent’s security
interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other
than Permitted Liens;

 

(ix)         completed
UCC financing statements for each appropriate jurisdiction as is necessary, in the Administrative Agent’s sole discretion,
to perfect the Administrative Agent’s security interest in the Collateral;

 

(x)          stock
or membership certificates, if any, evidencing the Equity Interests pledged pursuant to the Collateral Documents and undated stock
or transfer powers duly executed in blank; in each case to the extent such Equity Interests are certificated;

 

(xi)         in
the case of any personal property Collateral located at premises leased by a Loan Party and set forth on Schedule 4.01(a)(xi),
such estoppel letters, consents and waivers from the landlords of such real property (such letters, consents and waivers shall
be in form and substance satisfactory to the Administrative Agent); provided, however, that if the Borrowers fail
to obtain any landlord waiver or other consent or document requested of any third party, then the requirements of this clause
(xi) shall be deemed to be satisfied if the Borrowers used commercially reasonable efforts to obtain the same but were unable
to do so;

 

(xii)        all
Mortgaged Property Support Documents with respect to each Mortgaged Property, in form and substance satisfactory to the Administrative
Agent and the Lenders;

 

(xiii)       copies
of insurance policies, declaration pages, certificates, and endorsements of insurance or insurance binders evidencing liability,
casualty, property, terrorism and business interruption insurance meeting the requirements set forth herein or in the Collateral
Documents or as required by the Administrative Agent, including, without limitation, (i) standard flood hazard determination
forms and (ii) if any property is located in a special flood hazard area (A) notices to (and confirmations of receipt
by) such Loan Party as to the existence of a special flood hazard and, if applicable, the unavailability of flood hazard insurance
under the National Flood Insurance Program and (B) evidence of applicable flood insurance, if available, in each case in such form,
on such terms and in such amounts as required by The National Flood Insurance Reform Act of 1994 or as otherwise required by the
Administrative Agent;

 

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(xiv)      a
Solvency Certificate signed by the chief financial officer of each of Holdings, each Borrower and each Guarantor as to the Solvency
and related matters of each Borrower, individually, and of each Guarantor, taken together with the Borrowers and all Guarantors,
after giving effect to the initial borrowings under the Loan Documents and the other transactions contemplated hereby;

 

(xv)       evidence
that the Seller Notes and all other existing indebtedness for borrowed money of Holdings and its Subsidiaries (other than Indebtedness
permitted under this Agreement), and all obligations in respect of the Seller Notes, have been or concurrently with the Closing
Date are being terminated and all Liens securing obligations thereunder have been or concurrently with the Closing Date are being
released or (B) to the extent any of the Seller Notes are not paid in full concurrently with the Closing Date, such continuing
Seller Notes are on terms and conditions, and are subject to subordination provisions, satisfactory to the Administrative Agent
and the Lenders;

 

(xvi)      evidence
that the Indebtedness owed by the Company to Wells Fargo Bank, National Association in the amount equal to approximately $1,200,000
has been or concurrently with the Closing Date is being repaid in full and all Liens securing obligations thereunder have been
or concurrently with the Closing Date are being released;

 

(xvii)     the
Administrative Agent and each Lender shall have received all documentation and other information requested by the Administrative
Agent or such Lender, as applicable, in order to comply with its obligations under applicable “know your customer”
and anti-money laundering rules and regulations, including the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law on
October 26, 2001)); and

 

(xviii)    such
other assurances, certificates, documents, consents or opinions as the Administrative Agent, the L/C Issuer, the Swing Line Lender
or the Required Lenders reasonably may require.

 

(b)          Any
fees required to be paid on or before the Closing Date shall have been paid.

 

(c)          Unless
waived by the Administrative Agent, the Borrowers shall have paid all fees, charges and disbursements of counsel to the Administrative
Agent (including any local counsel) (directly to such counsel if requested by the Administrative Agent) to the extent invoiced
prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute
its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings
(provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrowers and the Administrative
Agent).

 

Without limiting the
generality of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions
specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved
or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable
or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing
Date specifying its objection thereto. 

 

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4.02         Conditions
to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a Loan Notice
requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following
conditions precedent:

 

(a)          The
representations and warranties of Holdings and each Borrower contained in Article V or any other Loan Document, or which
are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct on
and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to
an earlier date, in which case they shall be true and correct as of such earlier date, and except that for purposes of this Section
4.02, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be
deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section
6.01.

 

(b)          No
Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.

 

(c)          The
Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall have received a Request for Credit Extension
in accordance with the requirements hereof.

 

Each Request for Credit
Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurodollar Rate
Loans) submitted by the Company shall be deemed to be a representation and warranty that the conditions specified in Sections
4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.

 

ARTICLE
V.REPRESENTATIONS AND WARRANTIES

 

Each of Holdings and
each Borrower represents and warrants to the Administrative Agent and the Lenders that:

 

5.01         Existence,
Qualification and Power. Each Loan Party and each Subsidiary thereof (a) is duly organized
or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization,
(b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i)
own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents
to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction
where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except
in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected
to have a Material Adverse Effect.

 

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5.02         Authorization;
No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is
party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene
the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of,
or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person
is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate
any Law.

 

5.03         Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery or
performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, (b) the grant by any Loan
Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under
the Collateral Documents (including the first priority nature thereof) or (d) the exercise by the Administrative Agent or any Lender
of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents.

 

5.04         Binding
Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and
delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered
will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto
in accordance with its terms, subject to applicable Debtor Relief Laws and subject to general principles of equity, regardless
of whether considered in a proceeding in equity or at law.

 

5.05         Financial
Statements; No Material Adverse Effect.

 

(a)          The
Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Company and its Subsidiaries as
of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and
other liabilities, direct or contingent, of the Company and its Subsidiaries as of the date thereof, including liabilities for
taxes, material commitments and Indebtedness.

 

(b)          The
unaudited consolidated balance sheet of the Company and its Subsidiaries dated June 30, 2012, and the related consolidated statements
of income, members’ equity, and cash flows for the six (6) month period then ended on that date (i) were prepared in accordance
with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly
present the financial condition of the Company and its Subsidiaries as of the date thereof and their results of operations for
the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal
year-end audit adjustments.

 

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(c)          Since
the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate,
that has had or could reasonably be expected to have a Material Adverse Effect.

 

5.06         Litigation.
There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Loan Parties after due and diligent
investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against
Holdings or any of its Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this
Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) except
as specifically disclosed in Schedule 5.06, either individually or in the aggregate, if determined adversely, could
reasonably be expected to have a Material Adverse Effect.

 

5.07         No
Default. Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to any Contractual Obligation
that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred
and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

 

5.08         Ownership
of Property; Liens. Each Loan Party has good record and marketable title in fee simple to, or valid leasehold interests in,
all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. The property of the Loan Parties is subject to no
Liens, other than Liens permitted by Section 7.01.

 

5.09         Environmental
Compliance. Except with respect to any matters that, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, neither the Company nor any other Loan Party (a) has received notice of any claim with
respect to any Environmental Liability or knows of any basis for any Environmental Liability, (b) has failed to comply with
any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental
Law or (c) has become subject to any Environmental Liability.

 

5.10         Insurance.
The properties of the Loan Parties are insured with financially sound and reputable insurance companies not Affiliates of the Loan
Parties, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar
businesses and owning similar properties in localities where the applicable Loan Party operates.

 

5.11         Taxes.
The Loan Parties have filed all Federal, state and other material tax returns and reports required to be filed, and have paid all
Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their
properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment
against Holdings or any Subsidiary that would, if made, have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary
thereof is party to any tax sharing agreement.

 

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5.12         ERISA
Compliance.

 

(a)          Each
Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state laws.
Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination
letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under Section 401(a) of the Code
and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section
501(a) of the Code, or an application for such a letter is currently being processed by the Internal Revenue Service. To the best
knowledge of the Borrowers, nothing has occurred that would prevent or cause the loss of such tax-qualified status.

 

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

 

(c)          (i)
No ERISA Event has occurred, and neither any Borrower nor any ERISA Affiliate is aware of any fact, event or circumstance that
could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) each Borrower and
each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no
waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most
recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code)
is 60% or higher and neither any Borrower nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be
expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent valuation
date; (iv) neither any Borrower nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums,
and there are no premium payments which have become due that are unpaid; (v) neither any Borrower nor any ERISA Affiliate has engaged
in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated
by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be
expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan.

 

5.13         Subsidiaries;
Equity Interests. As of the Closing Date, no Loan Party has any Subsidiaries other
than those specifically disclosed in Part (a) of Schedule 5.13, and all of the outstanding Equity Interests in such Subsidiaries
have been validly issued, are fully paid and nonassessable and are owned by a Loan Party in the amounts specified on Part (a) of
Schedule 5.13 free and clear of all Liens except those created under the Collateral Documents. No Loan Party has any equity
investments in any other corporation or entity other than those specifically disclosed in Part (b) of Schedule 5.13. All
of the outstanding Equity Interests in the Loan Parties have been validly issued and are fully
paid and nonassessable.

 

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5.14         Margin
Regulations; Investment Company Act.

 

(a)          No
Loan Party is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying
margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock.  

 

(b)          None
of the Holdings, any Person Controlling Holdings, or any Subsidiary is or is required to be registered as an “investment
company” under the Investment Company Act of 1940.

 

5.15         Disclosure.
The Loan Parties have disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other
restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate or
other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any
Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or
under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any untrue
statement of a material fact or omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to projected financial information,
each Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable
at the time.

 

5.16         Compliance
with Laws. Each Loan Party and each Subsidiary thereof is in compliance in all material respects with the requirements of all
Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a)
such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to
have a Material Adverse Effect.

 

5.17         Taxpayer
Identification Number. Each Borrower’s true and correct U.S. taxpayer identification number is set forth on SCHEDULE
10.02.

 

5.18         OFAC.
No Loan Party, nor, to the knowledge of any Loan Party, any Related Party, (a) is currently the subject of any Sanctions, (b)
is located, organized or residing in any Designated Jurisdiction, or (c) is or has been (within the previous five years) engaged
in any transaction with any Person who is now or was then the subject of Sanctions or who is located, organized or residing in
any Designated Jurisdiction. No Loan, nor the proceeds from any Loan, has been used, directly or indirectly, to lend, contribute,
provide or has otherwise made available to fund any activity or business in any Designated Jurisdiction or to fund any activity
or business of any Person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions,
or in any other manner that will result in any violation by any Person (including any Lender, the Arranger, the Administrative
Agent, the L/C Issuer or the Swing Line Lender) of Sanctions.

 

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5.19         Solvency.
Each Loan Party is, individually and together with its Subsidiaries on a consolidated basis, Solvent.

 

5.20         Collateral
Documents. The provisions of the Collateral Documents are effective to create in favor of the Administrative Agent for
the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section
7.01) on all right, title and interest of the respective Loan Parties in the Collateral described therein. Except for filings
completed prior to the Closing Date and as contemplated hereby and by the Collateral Documents, and except for the physical possession
by the Administrative Agent of certificates (if any) representing securities that are Collateral, no filing or other action will
be necessary to perfect or protect such Liens.

 

ARTICLE
VI. AFFIRMATIVE COVENANTS

 

So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of
Credit shall remain outstanding, the Company shall, and shall (where applicable) cause Holdings, each Designated Borrower and each
Subsidiary to:

 

6.01         Financial
Statements. Deliver to the Administrative Agent and each Lender, in form and detail reasonably satisfactory to the Administrative
Agent and the Required Lenders:

 

(a)          as
soon as available, but in any event within 120 days after the end of each fiscal year of Holdings, a consolidated balance sheet
of Holdings and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations,
changes in shareholders’ equity, and cash flows for such fiscal year, setting forth in each case in comparative form the
figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by
a report and opinion of an independent certified public accountant of nationally recognized standing, which report and opinion
shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern”
or like qualification or exception or any qualification or exception as to the scope of such audit;

 

(b)          as
soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year
of Holdings, a consolidated balance sheet of Holdings and its Subsidiaries as at the end of such fiscal quarter, the related consolidated
statements of income or operations for such fiscal quarter and for the portion of Holdings’ fiscal year then ended, and the
related consolidated statements of changes in shareholders’ equity, and cash flows for the portion of the Holdings’
fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal
quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, certified
by the chief executive officer, chief financial officer, treasurer or controller of Holdings as fairly presenting the financial
condition, results of operations, shareholders’ equity and cash flows of Holdings and its Subsidiaries in accordance with
GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; and

 

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(c)          as
soon as available, but in any event not later than the delivery of the financial statements described in Section 6.01(a),
budgets and forecasts prepared by management of Holdings, in form reasonably satisfactory to
the Administrative Agent and the Required Lenders, of consolidated balance sheets and statements of income or operations and cash
flows of Holdings and its Subsidiaries on a quarterly basis for the immediately following fiscal year (including the fiscal year
in which the Maturity Date occurs).

 

6.02         Certificates;
Other Information. Deliver to the Administrative Agent and each Lender, in form and detail reasonably satisfactory to the Administrative
Agent and the Required Lenders:

 

(a)          concurrently
with the delivery of the financial statements referred to in Section 6.01(a), a certificate of its independent certified
public accountants certifying such financial statements and stating that in making the examination necessary therefor no knowledge
was obtained of any Default under Section 7.11 or, if any such Default shall exist, stating the nature and status of such
event;

 

(b)          concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a duly completed Compliance
Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of Holdings (which delivery
may, unless the Administrative Agent, or a Lender requests executed originals, be by electronic communication including fax or
email and shall be deemed to be an original authentic counterpart thereof for all purposes);

 

(c)          promptly
after any request by the Administrative Agent or any Lender, copies of any detailed audit reports, management letters or recommendations
submitted to the board of directors (or the audit committee of the board of directors) of the Company or Holdings by independent
accountants in connection with the accounts or books of Holdings or any Subsidiary, or any audit of any of them;

 

(d)          promptly
after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent
to the stockholders of Holdings, and copies of all annual, regular, periodic and special reports and registration statements which
Holdings files with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be
delivered to the Administrative Agent pursuant hereto; and

 

(e)          promptly,
such additional information regarding the business, financial or corporate affairs of Holdings or any Subsidiary, or compliance
with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request.

 

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Documents required
to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(d) (to the extent any such documents are
included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have
been delivered on the date (i) on which Holdings posts such documents, or provides a link thereto on Holdings’ website on
the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on Holdings’
behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent); provided that: (i) Holdings shall deliver paper copies
of such documents to the Administrative Agent or any Lender upon its request to Holdings to deliver such paper copies until a written
request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) Holdings shall notify the
Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and provide to the
Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent
shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any
event shall have no responsibility to monitor compliance by Holdings with any such request by a Lender for delivery, and each Lender
shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

Each Borrower hereby
acknowledges that (a) the Administrative Agent and/or the Arranger may, but shall not be obligated to, make available to the Lenders
and the L/C Issuer materials and/or information provided by or on behalf of such Borrower hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on Debt Domain, IntraLinks, Syndtrak or another similar electronic system
(the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel
who do not wish to receive material non-public information with respect to any of the Borrowers or their respective Affiliates,
or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities
with respect to such Persons’ securities. Each Borrower hereby agrees that (w) all Borrower Materials that are to be made
available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that
the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,”
such Borrower shall be deemed to have authorized the Administrative Agent, the Arranger, the L/C Issuer and the Lenders to treat
such Borrower Materials as not containing any material non-public information with respect to any Borrower or its securities for
purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower
Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked
“PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;”
and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” Notwithstanding
the foregoing, the Borrowers shall be under no obligation to mark any Borrower Materials “PUBLIC.”

 

6.03         Notices.
Promptly notify the Administrative Agent and each Lender:

 

(a)          of
the occurrence of any Default;

 

(b)          of
any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance
of, or any default under, a Contractual Obligation of Holdings or any Subsidiary; (ii) any dispute, litigation, investigation,
proceeding or suspension between Holdings or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or any
material development in, any litigation or proceeding affecting Holdings or any Subsidiary, including pursuant to any applicable
Environmental Laws;

 

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(c)          of
the occurrence of any ERISA Event;

 

(d)          of
any material change in accounting policies or financial reporting practices by Holdings or any Subsidiary; and

 

(e)          of
the (i) occurrence of any Disposition of property or assets for which the Borrowers are required to make a mandatory prepayment
pursuant to Section 2.05(b)(i), (ii) incurrence or issuance of any Indebtedness for which the Borrowers are required to
make a mandatory prepayment pursuant to Section 2.05(b)(ii), and (iii) receipt of any Extraordinary Receipt for which the
Borrowers are required to make a mandatory prepayment pursuant to Section 2.0(b)(iii).

 

Each notice pursuant
to this Section 6.03 shall be accompanied by a statement of a Responsible Officer of the Company setting forth details of
the occurrence referred to therein and stating what action the Borrowers have taken and propose to take with respect thereto. Each
notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other
Loan Document that have been breached, if any.

 

6.04         Payment
of Obligations. Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including
(a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are
being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are
being maintained by Holdings or such Subsidiary; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property;
and (c) all Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument
or agreement evidencing such Indebtedness.

 

6.05         Preservation
of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal existence and good standing under the
Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05; (b) take
all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal
conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse
Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation
of which could reasonably be expected to have a Material Adverse Effect.

 

6.06         Maintenance
of Properties. (a) Maintain, preserve and protect all of its material properties and equipment necessary in the operation of
its business in good working order and condition, ordinary wear and tear excepted; (b) make all necessary repairs thereto and renewals
and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect;
and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities.

 

6.07         Maintenance
of Insurance. Maintain with financially sound and reputable insurance companies not Affiliates of Holdings or any Borrower,
insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons
engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances
by such other Persons.

 

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6.08         Compliance
with Laws. Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply
therewith could not reasonably be expected to have a Material Adverse Effect.

 

6.09         Books
and Records. (a) Maintain proper books of record and account, in which full, true and correct
entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets
and business of Holdings or such Subsidiary, as the case may be; and (b) maintain such books of record
and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction
over Holdings or such Subsidiary, as the case may be.

 

6.10         Inspection
Rights. Permit representatives and independent contractors of the Administrative Agent to visit and inspect any of its properties,
to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs,
finances and accounts with its directors, officers, and independent public accountants, all at the expense
of the Lender and at such reasonable times during normal business hours and as often as may be reasonably desired, upon
reasonable advance notice to the Company; provided, however, that when an Event of Default exists the Administrative
Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the
expense of the Borrowers at any time during normal business hours and without advance notice.

 

6.11         Use
of Proceeds. Use the proceeds of the Credit Extensions (a) for working capital, Capital Expenditures and other general corporate
purposes not in contravention of any Law or of any Loan Document and (b) to refinance existing Indebtedness outstanding under the
Seller Notes and certain other Indebtedness of the Borrowers.

 

6.12         Additional
Subsidiaries and Real Property. (a) As soon as practicable (but in any event within thirty days (or sixty days in the case
of clause (vii) below) or, in any such case, such longer period as the Administrative Agent may agree in its sole discretion)
after the acquisition, creation or designation of any Subsidiary (or the date a Subsidiary otherwise qualifies as a Subsidiary),
cause to be delivered to the Administrative Agent each of the following:

 

(i)          a
Guaranty Joinder Agreement duly executed by such Subsidiary;

 

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(ii)         required
Collateral Documents of such Subsidiary, including a Security Joinder Agreement duly executed by such Subsidiary (with all schedules
thereto appropriately completed), together with such Uniform Commercial Code financing statements on Form UCC-1 or otherwise duly
executed by such Subsidiary as “Debtor” and naming the Administrative Agent, for the benefit of the Secured Parties,
as “Secured Party,” in form, substance and number sufficient in the reasonable opinion of the Administrative Agent
to be filed in all Uniform Commercial Code filing offices in all jurisdictions in which filing is necessary or advisable to perfect
in favor of the Administrative Agent for the benefit of the Secured Parties the Lien on Collateral conferred under such Collateral
Document to the extent such Lien may be perfected by Uniform Commercial Code filing, and if such Subsidiary owns any Domestic Subsidiary
or Direct Foreign Subsidiary, a Pledge Joinder Agreement (with all schedules thereto appropriately completed) duly executed by
such Subsidiary;

 

(iii)        a
Pledge Joinder Agreement (or an amendment to a Pledge Joinder Agreement or a Pledge Agreement Supplement, as applicable) by the
direct owner of the Equity Interests in such Subsidiary, which Pledge Joinder Agreement (or amendment or supplement) effects the
pledge of the Equity Interests of such Subsidiary pursuant to the Pledge Agreement, together with such Uniform Commercial Code
financing statements on Form UCC-1 or otherwise duly executed by such pledgor as “Debtor” and naming the Administrative
Agent, for the benefit of the Secured Parties, as “Secured Party,” in form, substance and number sufficient in the
reasonable opinion of the Administrative Agent to be filed in all Uniform Commercial Code filing offices in all jurisdictions in
which filing is necessary or advisable to perfect in favor of the Administrative Agent for the benefit of the Secured Parties the
Lien on such Equity Interests;

 

(iv)        if
requested by the Administrative Agent, an opinion of counsel to the Subsidiary dated as of the date of delivery of the Guaranty
Joinder Agreement and other Loan Documents provided for in this Section 6.12 and addressed to the Administrative Agent and
the Lenders, in form and substance reasonably acceptable to the Administrative Agent, including opinions, assumptions and qualifications
similar to those contained in the opinions of counsel delivered pursuant to Section 4.01(a);

 

(v)         the
documents described in Sections 4.01(a)(iii) and (iv) with respect to such Subsidiary;

 

(vi)        evidence
satisfactory to the Administrative Agent that all taxes, filing fees, recording fees related to the perfection of the Liens securing
the Secured Obligations have been paid and all reasonable costs and expenses of the Administrative Agent in connection therewith
have been paid;

 

(vii)       if
such Subsidiary has any fee ownership interest in any real property and such real estate has a fair market value in excess of $500,000,
a Mortgage and such Mortgaged Property Support Documents as the Administrative Agent may request to cause such real estate to be
subject at all times to a first priority, perfected Lien (subject in each case to Liens permitted by the Loan Documents) in favor
of the Administrative Agent for the benefit of the Secured Parties to secure the Secured Obligations pursuant to the terms and
conditions of the Collateral Documents; and

 

(viii)      landlord
waivers with respect to any real property leased by such Subsidiary, which landlord waivers are duly executed by the applicable
landlords and in form and substance reasonably satisfactory to the Administrative Agent; provided that the Borrowers shall
only be required to use commercially reasonable efforts to obtain landlord waivers described in this clause (viii).

 

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(b)          If
any Loan Party intends to acquire a fee ownership interest in any real property after the Closing Date and such real estate has
a fair market value in excess of $500,000, it shall provide to the Administrative Agent promptly a Mortgage and such Mortgaged
Property Support Documents as the Administrative Agent may request to cause such real estate to be subject at all times to a first
priority, perfected Lien (subject in each case to permitted by the Loan Documents) in favor of the Administrative Agent for the
benefit of the Secured Parties to secure the Secured Obligations pursuant to the terms and conditions of the Collateral Documents.

 

6.13         Compliance
with Environmental Laws. Comply, and cause all lessees and other Persons operating or occupying its properties to comply, in
all material respects, with all applicable Environmental Laws and Environmental Permits; obtain and renew all Environmental Permits
necessary for its operations and properties; and conduct any investigation, study, sampling and testing, and undertake any cleanup,
removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties, in accordance
with the requirements of all Environmental Laws; provided, however, that neither Holdings nor any of its Subsidiaries
shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is
being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances
in accordance with GAAP.

 

6.14         Preparation
of Environmental Reports. At the request of the Required Lenders from time to time (but in no event more than once per calendar
year, unless an Event of Default has occurred and is continuing), provide to the Lenders within 90 days after such request, at
the expense of the Borrowers, an environmental site assessment report for any of its properties described in such request, prepared
by an environmental consulting firm reasonably acceptable to the Administrative Agent, indicating the presence or absence of Hazardous
Materials and the estimated cost of any compliance, removal or remedial action in connection with any Hazardous Materials on such
properties; without limiting the generality of the foregoing, if the Administrative Agent determines in good faith at any time
that a material risk exists that any such report will not be provided within the time referred to above, the Administrative Agent
may retain an environmental consulting firm to prepare such report at the expense of the Borrowers, and Holdings and the Borrowers
hereby grant and agree to cause any Subsidiary that owns any property described in such request to grant at the time of such request
to the Administrative Agent, the Lenders, such firm and any agents or representatives thereof an irrevocable non-exclusive license,
subject to the rights of tenants, to enter onto their respective properties during normal business hours to undertake such an assessment.

 

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6.15         Further
Assurances.  Promptly upon request by the Administrative Agent, or any Lender through the Administrative Agent, (a)
correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or
recordation thereof, and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any
and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender through
the Administrative Agent, may reasonably require from time to time in order to (i) carry out more effectively the purposes of the
Loan Documents, (ii) to the fullest extent permitted by applicable law, subject any Loan Party’s or any of its Subsidiaries’
properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Collateral Documents,
(iii) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended
to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto
the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document
or under any other instrument executed in connection with any Loan Document to which any Loan Party or any of its Subsidiaries
is or is to be a party, and cause each of its Subsidiaries to do so.

 

6.16         Compliance
with Terms of Leaseholds.  Make all payments and otherwise perform all obligations in respect of all leases of real
property to which Holdings or any of its Subsidiaries is a party, keep such leases in full force and effect and not allow such
leases to lapse or be terminated or any rights to renew such leases to be forfeited or cancelled, notify the Administrative Agent
of any material default by any party with respect to such leases and cooperate with the Administrative Agent in all reasonable
respects to cure any such default, and cause each of its Subsidiaries to do so, except, in any case, where the failure to do so,
either individually or in the aggregate, could not be reasonably likely to have a Material Adverse Effect.

 

6.17         Lien
Searches.  Promptly following receipt of the acknowledgment copy of any financing statements filed under the Uniform
Commercial Code in any jurisdiction by or on behalf of the Secured Parties, deliver to the Administrative Agent completed requests
for information listing such financing statement and all other effective financing statements filed in such jurisdiction that name
any Loan Party as debtor, together with copies of such other financing statements.

 

6.18         Material
Contracts.  Perform and observe all the terms and provisions of each Material Contract to be performed or observed
by it, maintain each such Material Contract in full force and effect, enforce each such Material Contract in accordance with its
terms, take all such action to such end as may be from time to time reasonably requested by the Administrative Agent and, upon
request of the Administrative Agent, make to each other party to each such Material Contract such demands and requests for information
and reports or for action as any Loan Party or any of its Subsidiaries is entitled to make under such Material Contract, and cause
each of its Subsidiaries to do so.

 

6.19         Post-Closing
Obligations.  Deliver, or cause to be delivered, to the Administrative Agent each of the agreements, instruments
and other documents (each in form and substance reasonably acceptable to the Administrative Agent) set forth on Schedule 6.19,
and to take, or cause to be taken, each of the actions set forth on Schedule 6.19, in each case within the time set forth
therein for each such agreement, instrument, document or action.

 

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ARTICLE
VII. NEGATIVE COVENANTS

 

So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of
Credit shall remain outstanding, Holdings and each Borrower shall not, nor shall they permit any Subsidiary to, directly or indirectly:

 

7.01       Liens.  Create,
incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired,
other than the following:

 

(a)          Liens
pursuant to any Loan Document;

 

(b)          Liens
existing on the date hereof and listed on Schedule 7.01 and any renewals or extensions thereof, provided that (i)
the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated
by Section 7.03(b), (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal
or extension of the obligations secured or benefited thereby is permitted by Section 7.03(b);

 

(c)          Liens
for taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate
reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(d)          carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course
of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person;

 

(e)          pledges
or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other
social security legislation, other than any Lien imposed by ERISA;

 

(f)          deposits
to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 

(g)          easements,
rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial
in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere
with the ordinary conduct of the business of the applicable Person;

 

(h)          Liens
securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h);

 

(i)          Liens
securing Indebtedness permitted under Section 7.03(g); and

 

(j)          Liens
securing Indebtedness permitted under Section 7.03(e); provided that (i) such Liens do not at any time encumber any
property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost
or fair market value, whichever is lower, of the property being acquired on the date of acquisition.

 

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7.02       Investments.  Make
any Investments, except:

 

(a)          Investments
held by Holdings or such Subsidiary in the form of Cash Equivalents;

 

(b)          advances
to officers, directors and employees of Holdings and Subsidiaries in an aggregate amount not to exceed $500,000 at any time outstanding,
for travel, entertainment, relocation and analogous ordinary business purposes;

 

(c)          Investments
of any Loan Party in any other Loan Party;

 

(d)          Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(e)          Guarantees
permitted by Section 7.03; and

 

(f)          other
Investments not exceeding $5,000,000 in the aggregate in any fiscal year of Holdings.

 

7.03       Indebtedness.  Create,
incur, assume or suffer to exist any Indebtedness, except:

 

(a)          Indebtedness
under the Loan Documents, including, without limitation, Indebtedness incurred pursuant to Section 2.15;

 

(b)          Indebtedness
outstanding on the date hereof and listed on Schedule 7.03 and any refinancings, refundings, renewals or extensions thereof;
provided that (i) the amount of such Indebtedness is not increased at the time of such
refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid,
and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments
unutilized thereunder and (ii) the terms relating to principal amount, amortization, maturity,
collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such refinancing, refunding,
renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are
no less favorable in any material respect to the Loan Parties or the Lenders than the terms of any agreement or instrument governing
the Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to any such refinancing, refunding,
renewing or extending Indebtedness does not exceed the then applicable market interest rate;

 

(c)          Guarantees
of any Loan Party in respect of Indebtedness otherwise permitted hereunder of any Loan Party;

 

(d)          obligations
(contingent or otherwise) of Holdings or any Subsidiary existing or arising under any Swap Contract, provided that (i) such
obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating
risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person,
or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view;”
and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments
on outstanding transactions to the defaulting party;

 

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(e)          Indebtedness
in respect of capital leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital assets within the
limitations set forth in Section 7.01(i); provided, however, that the aggregate amount of all such Indebtedness
at any one time outstanding when added to other Indebtedness permitted by clause (f) below shall not exceed $10,000,000;

 

(f)          unsecured
Indebtedness in an aggregate principal amount not to exceed, when added to other Indebtedness permitted by clause (e) above,
$10,000,000 at any time outstanding; and

 

(g)          Indebtedness
incurred through the issuance of bonds or procured from, or guaranteed by, any Governmental Authority, in any event for the acquisition
of property and not to exceed $5,000,000 in the aggregate during the term of this Agreement.

 

7.04       Fundamental
Changes.  Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction
or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor
of any Person, except that, so long as no Default exists or would result therefrom:

 

(a)          any
Subsidiary may merge with (i) Holdings, provided that Holdings shall be the continuing or surviving Person, (ii) any Borrower,
provided that such Borrower shall be the continuing or surviving Person, or (iii) any one or more other Subsidiaries, provided
that when any Guarantor is merging with another Subsidiary, the Guarantor
shall be the continuing or surviving Person; and

 

(b)          any
Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to Holdings, any Borrower
or to another Subsidiary; provided that if the transferor in such a transaction is a Guarantor,
then the transferee must be Holdings, a Borrower or a Guarantor.

 

7.05       Dispositions.  Make
any Disposition or enter into any agreement to make any Disposition, except:

 

(a)          Dispositions
of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 

(b)          Dispositions
of inventory in the ordinary course of business;

 

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

 

(d)          Dispositions
of property by any Subsidiary to Holdings, any Borrower or to a wholly-owned Subsidiary; provided that if the transferor
of such property is a Guarantor, the transferee thereof must be Holdings, a Borrower or a Guarantor;

 

(e)          Dispositions
permitted by Section 7.04; and

 

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(f)          Dispositions
by Holdings and its Subsidiaries not otherwise permitted under this Section 7.05; provided that (i) at the time of
such Disposition, no Default shall exist or would result from such Disposition and (ii) the aggregate book value of all property
Disposed of in reliance on this clause (f) in any fiscal year shall not exceed $1,500,000;

 

provided, however,
that any Disposition pursuant to subsections (a) through (f) shall be for fair
market value.

 

7.06       Restricted
Payments.  Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or
otherwise) to do so, except that:

 

(a)          each
Subsidiary may make Restricted Payments to Holdings, the Borrowers, the Guarantors and any other Person that owns an Equity Interest
in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted
Payment is being made;

 

(b)          Holdings,
each Borrower and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common stock
or other common Equity Interests of such Person; and

 

(c)          Holdings,
each Borrower and each Subsidiary may purchase, redeem or otherwise acquire Equity Interests issued by it;

 

provided, however,
that in the case of clauses (b) and (c) such Restricted Payment or the incurrence of the obligation to make such
Restricted Payment, as the case may be, shall only be permitted so long as no Default shall have occurred and be continuing at
the time of any such action or would result therefrom. 

 

7.07       Change
in Nature of Business.  Engage in any material line of business substantially different from those lines of business
conducted by Holdings and its Subsidiaries on the date hereof or any business substantially related or incidental thereto.

 

7.08       Transactions
with Affiliates.  Enter into any transaction of any kind with any Affiliate of Holdings, whether or not in the ordinary
course of business, other than on fair and reasonable terms substantially as favorable to Holdings or such Subsidiary as would
be obtainable by Holdings or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than
an Affiliate, provided that the foregoing restriction shall not apply to transactions between
or among Loan Parties.

 

7.09       Burdensome
Agreements.  Enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that (a)
limits the ability (i) of any Subsidiary to make Restricted Payments to Holdings, any Borrower or any Guarantor or to otherwise
transfer property to Holdings, any Borrower or any Guarantor, (ii) of any Subsidiary to Guarantee the Indebtedness of the Borrowers
or (iii) of Holdings, any Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person;
provided, however, that this clause (iii) shall not prohibit any negative pledge incurred or provided in favor
of any holder of Indebtedness permitted under Section 7.03(e) solely to the extent any such negative pledge relates to the
property financed by or the subject of such Indebtedness; or (b) requires the grant of a Lien to secure an obligation of such Person
if a Lien is granted to secure another obligation of such Person; provided however, that this Section 7.09 shall not prohibit:

 

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(a)          provisions
limiting Liens on property, and only on such property, subject to a prior Lien permitted under Section 7.01(c), (d),
(e), (f) and (i);

 

(b)          customary
restrictions and conditions contained in any agreement relating to the sale of any property permitted under Section 7.05
pending consummation of such sale; or

 

(c)          agreements
restricting assignments, subletting or other transfers contained in leases, licenses, joint venture agreements and similar agreements
entered into in the ordinary course of business, in each case relating solely to the assets subject to such lease or license or
assets relating solely to such joint venture agreement.

 

7.10       Use
of Proceeds.  Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately,
incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit
to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

 

7.11       Financial
Covenants.  

 

(a)          Consolidated
Fixed Charge Coverage Ratio.  Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal quarter
of Holdings to be less than 2.00 to 1.00.

 

(b)          Consolidated
Total Rent Adjusted Leverage Ratio.  Permit the Consolidated Total Rent Adjusted Leverage Ratio at any time during
any period of four fiscal quarters of Holdings set forth below to be greater than the ratio set forth below opposite such period:

 

	Four Fiscal Quarters Ending	 	Maximum

Consolidated

Total Rent

Adjusted

Leverage Ratio
	Closing Date through June 30, 2013	 	4.00 to 1.00
	September 30, 2013 through June 30, 2014	 	3.75 to 1.00
	September 30, 2014 and each fiscal quarter thereafter	 	3.50 to 1.00

 

7.12       Capital
Expenditures.  To the extent that the Consolidated Total Rent Adjusted Leverage Ratio
is greater than 3.50 to 1.00, make or become legally obligated to make any expenditure in respect of the purchase or other
acquisition of any fixed or capital asset (excluding normal replacements and maintenance which are properly charged to current
operations), except for Capital Expenditures in the ordinary course of business not exceeding $25,000,000 in the aggregate for
Holdings and its Subsidiaries during each fiscal year. 

 

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7.13       Sanctions.  Permit
any Loan or the proceeds of any Loan, directly or indirectly, (a) to be lent, contributed or otherwise made available to fund any
activity or business in any Designated Jurisdiction; (b) to fund any activity or business of any Person located, organized or residing
in any Designated Jurisdiction or who is the subject of any Sanctions; or (c) in any other manner that will result in any violation
by any Person (including any Lender, Arranger, Administrative Agent, L/C Issuer or Swing Line Lender) of any Sanctions.

 

7.14       Amendments
of Organization Documents.  Amend any of its Organization Documents in any way that has a material effect on the
Administrative Agent or any Lender.

 

7.15       Prepayments,
Etc. of Indebtedness.  Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof
in any manner, or make any payment in violation of any subordination terms of, any Indebtedness, except (a) the prepayment of the
Credit Extensions in accordance with the terms of this Agreement and (b) regularly scheduled or required repayments or redemptions
of Indebtedness set forth in Schedule 7.03 and refinancings and refundings of such Indebtedness in compliance with Section
7.03(b).

 

7.16       Holding
Company.  In the case of Holdings, engage in any business or activity other than (a) the ownership of Equity Interests
in the Company and in ILTS, LLC, a Delaware limited liability company, (b) maintaining its corporate existence, (c) participating
in tax, accounting and other administrative activities as the parent of the consolidated group of companies, including the Loan
Parties, (d) the execution and delivery of the Loan Documents to which it is a party and the performance of its obligations thereunder,
and (e) activities incidental to the businesses or activities described in clauses (a) through (d) of this Section
(which shall include, for the avoidance of doubt, Guaranteeing leases of Subsidiaries entered into in the ordinary course of business).

 

ARTICLE
VIII.         EVENTS OF DEFAULT AND REMEDIES

 

8.01       Events
of Default.  Any of the following shall constitute an Event of Default:

 

(a)          Non-Payment.  Any
Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or
any L/C Obligation, or (ii) within three days after the same becomes due, any interest on any Loan or on any L/C Obligation, or
any fee due hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or under any other
Loan Document; or

 

(b)          Specific
Covenants.  Holdings or any Borrower fails to perform or observe any term, covenant or agreement contained in any
of Section 6.01, 6.02, 6.03, 6.05,
6.10, 6.11, 6.12 or 6.19 or Article VII; or

 

(c)          Other
Defaults.  Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection
(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues
for 30 days; or

 

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(d)          Representations
and Warranties.  Any representation, warranty, certification or statement of fact made or deemed made by or on behalf
of any Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith
or therewith shall be incorrect or misleading in any material respect when made or deemed made (except to the extent such representation
or warranty is qualified by reference to materiality or Material Adverse Effect, in which case it shall be true and correct in
all respects); or

 

(e)          Cross-Default.  (i)
Any Loan Party (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand,
or otherwise) beyond any applicable grace period in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder
and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts and
including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount,
or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained
in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default
or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such
Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving
of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically
or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity,
or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract
an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as
to which any Loan Party is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined)
under such Swap Contract as to any Loan Party is an Affected Party (as so defined) and, in either event, the Swap Termination Value
owed by such Loan Party as a result thereof is greater than the Threshold Amount; or

 

(f)          Insolvency
Proceedings, Etc.  Any Loan Party or any of its Subsidiaries institutes or consents to the institution of any proceeding
under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment
of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material
part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed
without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days;
or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted
without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered
in any such proceeding; or

 

(g)          Inability
to Pay Debts; Attachment.  (i) Any Loan Party becomes unable or admits in writing its inability or fails generally
to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied
against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 30 days
after its issue or levy; or

 

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(h)          Judgments.  There
is entered against any Loan Party (i) one or more final judgments or orders for the payment of money in an aggregate amount (as
to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance
as to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings
are commenced by any creditor upon such judgment or order, or (B) there is a period of 15 consecutive
days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

(i)          ERISA.  (i)
An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to
result in liability of any Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate
amount in excess of the Threshold Amount, or (ii) any Borrower or any ERISA Affiliate fails to pay when due, after the expiration
of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under
a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or

 

(j)          Invalidity
of Loan Documents.  Any Loan Document, at any time after its execution and delivery and for any reason other than
as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect;
or any Loan Party or any other Person contests in any manner the validity or enforceability of any Loan Document; or any Loan Party
denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind
any Loan Document; or

 

(k)          Change
of Control.  There occurs any Change of Control; or

 

(l)          Collateral
Documents.  Any Collateral Document after delivery thereof pursuant to Section 4.01 or 6.12 shall for
any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority Lien (subject to Permitted
Liens) on the Collateral purported to be covered thereby.

 

8.02       Remedies
Upon Event of Default.  If any Event of Default occurs and is continuing, the Administrative Agent shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

(a)          declare
the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated,
whereupon such commitments and obligation shall be terminated;

 

(b)          declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived by the Borrowers;

 

(c)          require
that the Company Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto);
and

 

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(d)          exercise
on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under
the Loan Documents;

 

provided, however,
that upon the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy
Code of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit
Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts
as aforesaid shall automatically become due and payable, and the obligation of the Company to Cash Collateralize the L/C Obligations
as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender.

 

8.03       Application
of Funds.  After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically
become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth
in the proviso to Section 8.02), any amounts received on account of the Secured Obligations shall, subject to the provisions
of Sections 2.16 and 2.17, be applied by the Administrative Agent in the following order:

 

First, to payment
of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges
and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative
Agent in its capacity as such;

 

Second, to payment
of that portion of the Secured Obligations arising under the Loan Documents constituting fees, indemnities and other amounts (other
than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements
of counsel to the respective Lenders and the L/C Issuer (including fees and time charges for attorneys
who may be employees of any Lender or the L/C Issuer) and amounts payable under Article III), ratably among them
in proportion to the respective amounts described in this clause Second payable to them;

 

Third, to payment
of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C
Borrowings and other Secured Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuer in proportion
to the respective amounts described in this clause Third payable to them;

 

Fourth, to payment
of that portion of the Secured Obligations constituting unpaid principal of the Loans, L/C Borrowings and Secured Obligations then
owing under Secured Hedge Agreements and Secured Cash Management Agreements, ratably among the Lenders, the L/C Issuer, the Hedge
Banks and the Cash Management Banks in proportion to the respective amounts described in this clause Fourth held by them;

 

Fifth, to the
Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the
aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrowers pursuant to Sections
2.03 and 2.16; and

 

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Last, the balance,
if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Company or as otherwise required by Law.

 

Subject to Sections
2.03(c) and 2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause
Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur.  If any amount remains
on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall
be applied to the other Secured Obligations, if any, in the order set forth above.

 

Notwithstanding the foregoing,
Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from the application
described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation
as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.  Each
Cash Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence
shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the
terms of Article IX for itself and its Affiliates as if a “Lender” party hereto.

 

ARTICLE
IX. ADMINISTRATIVE AGENT

 

9.01       Appointment
and Authority.  (a) Each of the Lenders and the L/C Issuer hereby irrevocably appoints Bank of America to act on
its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to
take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or
thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article
IX are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and neither
any Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions.  It
is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar
term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to
create or reflect only an administrative relationship between contracting parties.

 

(b)          The
Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders
(including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) and the L/C Issuer hereby irrevocably
appoints and authorizes the Administrative Agent to act as the agent of such Lender and the L/C Issuer for purposes of acquiring,
holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations,
together with such powers and discretion as are reasonably incidental thereto.  In this connection, the Administrative
Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent
pursuant to Section 9.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted
under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent),
shall be entitled to the benefits of all provisions of this Article IX and Article X (including Section 10.04(c),
as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as
if set forth in full herein with respect thereto.

 

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9.02       Rights
as a Lender.  The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such Person and its Affiliates
may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for
and generally engage in any kind of business with the Borrowers or any Subsidiary or other Affiliate thereof as if such Person
were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

9.03       Exculpatory
Provisions.  The Administrative Agent shall not have any duties or obligations except those expressly set forth herein
and in the other Loan Documents, and its duties hereunder shall be administrative in nature.  Without limiting the generality
of the foregoing, the Administrative Agent:

 

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

 

(b)          shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in
its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document
or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor
Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any
Debtor Relief Law; and

 

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

 

The Administrative
Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence
of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable
judgment.  The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing
such Default is given in writing to the Administrative Agent by the Company, a Lender or the L/C Issuer.

 

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

 

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

 

9.05       Delegation
of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder
or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.  The
Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through
their respective Related Parties.  The exculpatory provisions of this Article IX shall apply to any such sub-agent
and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.  The
Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court
of competent jurisdiction determines in a final and non appealable judgment that the Administrative Agent acted with gross negligence
or willful misconduct in the selection of such sub-agents.

 

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9.06       Resignation
of Administrative Agent.  

 

(a)          The
Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Company.  Upon
receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint
a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the
United States.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such
appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as
shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative
Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent
meeting the qualifications set forth above.  Whether or not a successor has been appointed, such resignation shall become
effective in accordance with such notice on the Resignation Effective Date.

 

(b)          If
the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the
Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Company and such Person remove such
Person as Administrative Agent and, in consultation with the Company, appoint a successor. If no such successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed
by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance
with such notice on the Removal Effective Date.

 

(c)          With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except
that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any
of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such
collateral security until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity
payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly,
until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above.  Upon
the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than as provided
in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative
Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative
Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged
therefrom as provided above in this Section).  The fees payable by the Borrowers to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor.  After
the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions
of this Article IX and Section 10.04 shall continue in effect for the benefit of such retiring or removed Administrative
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring or removed Administrative Agent was acting as Administrative Agent.

 

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(d)          Any
resignation by Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation as L/C Issuer
and Swing Line Lender.  If Bank
of America resigns as an L/C Issuer, it shall retain all the rights, powers, privileges
and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its
resignation as L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base
Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c).  If Bank of America
resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing
Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders
to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).  Upon
the appointment by the Company of a successor L/C Issuer or Swing Line Lender hereunder (which successor shall in all cases be
a Lender other than a Defaulting Lender), (i) such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring L/C Issuer or Swing Line Lender, as applicable, (ii) the retiring L/C Issuer and Swing Line
Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and
(iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at
the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of
Bank of America with respect to such Letters of Credit.

 

9.07       Non-Reliance
on Administrative Agent and Other Lenders.  Each Lender and the L/C Issuer acknowledges that it has, independently
and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each
Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any
other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or
any related agreement or any document furnished hereunder or thereunder.

 

9.08       No
Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the Administrative Agent, the Syndication
Agent, the Bookrunner or Arranger listed on the cover page hereof shall have any powers, duties or responsibilities under this
Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the
L/C Issuer hereunder.

 

9.09       Administrative
Agent May File Proofs of Claim; Credit Bidding.  In case of the pendency of any
proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan
Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand
on any Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise

 

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(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in
order to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and
counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.03(h) and (i),
2.09 and 10.04) allowed in such judicial proceeding; and

 

(b)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Lender and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall
consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount
due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel,
and any other amounts due the Administrative Agent under Sections 2.09 and 10.04.

 

Nothing
contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf
of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations
or the rights of any Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender
or the L/C Issuer in any such proceeding.

 

The Loan Parties and
the Secured Parties hereby irrevocably authorize the Administrative Agent, based upon the instruction of the Required Lenders,
to (i) credit bid and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion
of the Collateral at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under
Section 363 of the Bankruptcy Code of the United States or any similar Laws in any other jurisdictions to which a Loan Party
is subject, or (ii) credit bid and in such manner purchase (either directly or through one or more acquisition vehicles) all
or any portion of the Collateral at any other sale or foreclosure conducted by (or with the consent or at the direction of) the
Administrative Agent (whether by judicial action or otherwise) in accordance with applicable Law.  In connection with
any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit
bid on a ratable basis (with Secured Obligations with respect to contingent or unliquidated claims being estimated for such purpose
if the fixing or liquidation thereof would not unduly delay the ability of the Administrative Agent to credit bid and purchase
at such sale or other disposition of the Collateral and, if such claims cannot be estimated without unduly delaying the ability
of the Administrative Agent to credit bid, then such claims shall be disregarded, not credit bid, and not entitled to any interest
in the asset or assets purchased by means of such credit bid) and the Secured Parties whose Secured Obligations are credit bid
shall be entitled to receive interests (ratably based upon the proportion of their Secured Obligations credit bid in relation to
the aggregate amount of Secured Obligations so credit bid) in the asset or assets so purchased (or in the Equity Interests of the
acquisition vehicle or vehicles that are used to consummate such purchase).  Except as provided above and otherwise expressly
provided for herein or in the other Collateral Documents, the Administrative Agent will not execute and deliver a release of any
Lien on any Collateral.  Upon request by the Administrative Agent or the Company at any time, the Secured Parties will
confirm in writing the Administrative Agent’s authority to release any such Liens on particular types or items of Collateral
pursuant to this Section 9.09.

 

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9.10       Collateral
and Guaranty Matters.  Each of the Lenders (including in its capacities
as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuer irrevocably authorize the Administrative Agent,
at its option and in its discretion,

 

(a)          to
release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon the Facility
Termination Date, (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection
with any sale or other disposition permitted hereunder or under any other Loan Document, or (iii) if approved, authorized
or ratified in writing by the Required Lenders in accordance with Section 10.01;

 

(b)          to
subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any
Lien on such property that is permitted by Section 7.01(i); and

 

(c)          to
release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction
permitted under the Loan Documents.

 

Upon request by the
Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release
or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the
Guaranty pursuant to this Section 9.10.  In each case as specified in this Section 9.10, the Administrative
Agent will, at the Borrowers’ expense, execute and deliver to the applicable Loan Party such documents as such Loan Party
may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under
the Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the
Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.10.

 

The Administrative
Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence,
value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon,
or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable
to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

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9.11       Secured
Cash Management Agreements and Secured Hedge Agreements.  Except as otherwise expressly set forth herein, no Cash
Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03, the Guaranty or any Collateral
by virtue of the provisions hereof or any Collateral Document shall have any right to notice of any action or to consent to, direct
or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release
or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof
or of the Guaranty or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent expressly
provided in the Loan Documents.  Notwithstanding any other provision of this Article IX to the contrary, the Administrative
Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured
Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements except to the extent expressly provided
herein and unless the Administrative Agent has received written notice of such Secured Obligations, together with such supporting
documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may
be.  The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements
have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements
in the case of a Facility Termination Date.

 

ARTICLE
X. MISCELLANEOUS

 

10.01       Amendments,
Etc.  No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any
departure by the Borrowers or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders
and the Borrowers or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such
waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided,
however, that no such amendment, waiver or consent shall:

 

(a)          waive
any condition set forth in Section 4.01(a) without the written consent of each Lender;

 

(b)          without
limiting the generality of clause (a) above, waive any condition set forth in Section 4.02 as to any Credit Extension
under a particular Facility without the written consent of the Required Revolving Lenders or the Required Term Lenders, as the
case may be;

 

(c)          extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written
consent of such Lender;

 

(d)          postpone
any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees
or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of
each Lender directly affected thereby;

 

(e)          reduce
the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv)
of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document,
or change the manner of computation of any financial ratio (including any change in any applicable defined term) used in determining
the Applicable Rate that would result in a reduction of any interest rate on any Loan or any fee payable hereunder without the
written consent of each Lender directly affected thereby; provided, however, that only the consent of the Required
Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrowers to
pay interest or Letter of Credit Fees at the Default Rate;

 

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(f)          change
(i) Section 8.03, 2.13 or any other term with respect to pro rata sharing of payments in a manner that would alter
the pro rata sharing of payments required thereby without the written consent of each Lender or (ii) the order of application of
any reduction in the Commitments or any prepayment of Loans among the Facilities from the application thereof set forth in the
applicable provisions of Section 2.05(b) or 2.06(b), respectively, in any manner that materially and adversely affects
the Lenders under a Facility without the written consent of the Required Facility Lenders under such Facility;

 

(g)          change
any provision of this Section or the definition of “Required Lenders”, “Required Facility Lenders”, “Required
Revolving Lenders”, “Required Term Loan Lenders”, or any other provision hereof specifying the number or percentage
of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder,
without the written consent of each Lender;

 

(h)          release
all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of
each Lender;

 

(i)          release
all or substantially all of the value of the Guaranty without the written consent of each Lender, except to the extent the release
of any Guarantor is permitted pursuant to Section 9.10 (in which case such release may be made by the Administrative Agent
acting alone);or

 

(j)          impose
any greater restriction on the ability of any Lender under a Facility to assign any of its rights or obligations hereunder without
the written consent of the Required Facility Lenders under such Facility;

 

and, provided
further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the
Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any
Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the
Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement;
(iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders
required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and
(iv) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.  Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender
or all Lenders or each affected Lender under a Facility may be effected with the consent of the applicable Lenders other than Defaulting
Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without
the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected
Lender or all Lenders or each affected Lender under a Facility that by its terms affects any Defaulting Lender disproportionately
adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.

 

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Notwithstanding any
provision herein to the contrary, this Agreement may be amended with the written consent of the Required Lenders, the Administrative
Agent and the Borrowers (i) to add one or more additional revolving credit or term loan facilities to this Agreement, in each case
subject to the limitations in Section 2.15, and to permit the extensions of credit and all related obligations and liabilities
arising in connection therewith from time to time outstanding to share ratably (or on a basis subordinated to the existing facilities
hereunder) in the benefits of this Agreement and the other Loan Documents with the obligations and liabilities from time to time
outstanding in respect of the existing facilities hereunder, and (ii) in connection with the foregoing, to permit, as deemed appropriate
by the Administrative Agent and approved by the Required Lenders, the Lenders providing such additional credit facilities to participate
in any required vote or action required to be approved by the Required Lenders or by any other number, percentage or class of Lenders
hereunder.

 

10.02       Notices;
Effectiveness; Electronic Communication.  

 

(a)          Notices
Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and
except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows,
and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable
telephone number, as follows:

 

(i)          if
to a Borrower or any other Loan Party, the Administrative Agent, the L/C Issuer or the Swing Line Lender, to the address, facsimile
number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and

 

(ii)         if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative
Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire
then in effect for the delivery of notices that may contain material non-public information relating to a Borrower).

 

Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day
for the recipient).  Notices and other communications delivered through electronic communications to the extent provided
in subsection (b) below, shall be effective as provided in such subsection (b).

 

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(b)          Electronic
Communications.  Notices and other communications to the Lenders and the L/C Issuer hereunder may be delivered or
furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the
Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant to
Article II if such Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of
receiving notices under such Article by electronic communication.  The Administrative Agent, the Swing Line Lender, the
L/C Issuer or the Company may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular
notices or communications.

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described
in the foregoing clause (i) of notification that such notice or communication is available and identifying the website
address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication
is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been
sent at the opening of business on the next business day for the recipient.

 

(c)          The
Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED
BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM
FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In
no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have
any liability to Holdings, any Borrower, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities
or expenses of any kind (whether in tort, contract or otherwise) arising out of Holdings’, any Borrower’s, any Loan
Party’s or the Administrative Agent’s transmission of Borrower Materials through the Internet.

 

(d)          Change
of Address, Etc.  Each of Holdings, the Borrowers, the Administrative Agent, the L/C Issuer and the Swing Line Lender
may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties
hereto.  Each other Lender may change its address, facsimile or telephone number for notices and other communications
hereunder by notice to the Company, the Administrative Agent, the L/C Issuer and the Swing Line Lender.  In addition,
each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i)
an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications
may be sent and (ii) accurate wire instructions for such Lender.  Furthermore, each Public Lender agrees to cause at
least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information”
or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate,
in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state
securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information”
portion of the Platform and that may contain material non-public information with respect to any Borrower or their securities for
purposes of United States Federal or state securities laws.

 

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(e)          Reliance
by Administrative Agent, L/C Issuer and Lenders.  The Administrative Agent, the L/C Issuer and the Lenders shall
be entitled to rely and act upon any notices (including telephonic or electronic Loan Notices, Letter of Credit Applications and
Swing Line Loan Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified
herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof,
as understood by the recipient, varied from any confirmation thereof.  The Borrowers shall indemnify the Administrative
Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting
from the reliance by such Person on each notice purportedly given by or on behalf of any Borrower.  All telephonic notices
to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the
parties hereto hereby consents to such recording.

 

10.03       No
Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender, the L/C Issuer or the Administrative Agent to
exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan
Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights,
remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

 

Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings
at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance
with Section 8.02 for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing
shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit
(solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swing
Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line
Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance
with Section 10.08 (subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing
and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law;
and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under
the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant
to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding
proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies
available to it and as authorized by the Required Lenders.

 

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10.04      Expenses;
Indemnity; Damage Waiver.   

 

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

 

(b)          Indemnification
by the Borrowers.  The Company and each Designated Borrower shall indemnify the Administrative Agent (and any sub-agent
thereof), each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called
an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities
and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee
or asserted against any Indemnitee by any Person (including any Borrower or any other Loan Party) other than such Indemnitee and
its Related Parties arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of
their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or,
in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement
and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or Letter
of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment
under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such
Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or
operated by any Borrower or any of their respective Subsidiaries, or any Environmental Liability related in any way to any Borrower
or any of their respective Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any
Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
(x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by any Borrower or any other Loan Party
against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document,
if such Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by
a court of competent jurisdiction.  Without limiting the provisions of Section 3.01(c), this Section 10.04(b)
shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax
claim.

 

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(c)          Reimbursement
by Lenders.  To the extent that the Borrowers for any reason fails to indefeasibly pay any amount required under
subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof),
the L/C Issuer, the Swing Line Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the
Administrative Agent (or any such sub-agent), the L/C Issuer, the Swing Line Lender or such Related Party, as the case may be,
such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is
sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including any such
unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’
Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), provided,
further that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may
be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swing Line Lender
in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such
sub-agent), the L/C Issuer or the Swing Line Lender in connection with such capacity.  The obligations of the Lenders
under this subsection (c) are subject to the provisions of Section 2.12(d).

 

(d)          Waiver
of Consequential Damages, Etc.  To the fullest extent permitted by applicable law, neither Holdings nor any Borrower
shall assert, and each of Holdings and the Borrowers hereby waive and acknowledge, that no other Person shall have, any claim against
any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.  No
Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients
of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct
of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction.

 

(e)          Payments.  All
amounts due under this Section shall be payable not later than ten Business Days after demand therefor.

 

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(f)          Survival.  The
agreements in this Section and the indemnity provisions of Section 10.02(e) shall survive the resignation of the Administrative
Agent, the L/C Issuer and the Swing Line Lender, the replacement of any Lender, the termination
of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

10.05      Payments
Set Aside.  To the extent that any payment by or on behalf of any Borrower or Holdings is made to the Administrative
Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and
such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer or such Lender
in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief
Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall
be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b)
each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication)
of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand
to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The
obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full
of the Obligations and the termination of this Agreement.

 

10.06      Successors
and Assigns.  

 

(a)          Successors
and Assigns Generally.  The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither
Holdings nor any Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or
obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii)
by way of participation in accordance with the provisions of subsection (d) of this Section, or
(iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section
(and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

 

(b)          Assignments
by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection
(b), participations in L/C Obligations and in Swing Line Loans) at the time owing to it); provided that any such assignment
shall be subject to the following conditions:

 

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(i)          Minimum
Amounts.

 

(A)         in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under
any Facility and/or the Loans at the time owing to it or contemporaneous assignments to related Approved Funds that equal
at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to
a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)         in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans
of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date, shall not be less than $5,000,000, in the case of any assignment in respect of
the Revolving Credit Facility, or $1,000.000, in the case of any assignment in respect of the Term Loan Facility, unless
each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents
(each such consent not to be unreasonably withheld or delayed).

 

(ii)         Proportionate
Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii)
shall not (A) apply to the Swing Line Lender’s rights and obligations in respect of Swing
Line Loans or (B) prohibit any Lender from assigning all or a portion of its rights and obligations
among the revolving credit facility provided hereunder and any separate revolving credit or term loan facilities provided pursuant
to the last paragraph of Section 10.01 on a non-pro rata basis;

 

(iii)        Required
Consents.  No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B)
of this Section and, in addition:

 

(A)         the
consent of the Borrowers (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default
has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or
an Approved Fund; provided that the Borrowers shall be deemed
to have consented to any such assignment unless they shall object thereto by written notice to the Administrative Agent within
five (5) Business Days after having received notice thereof;

 

(B)         the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments in respect of (i) any unfunded Term Commitment or any Revolving Credit Commitment if such assignment is to a
Person that is not a Lender with a Commitment in respect of the applicable Facility, an Affiliate
of such Lender or an Approved Fund with respect to such Lender or (ii) any Term Loan to a Person that
is not a Lender, an Affiliate of a Lender or an Approved Fund; and

 

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(C)         the
consent of the L/C Issuer and the Swing Line Lender shall be required for any assignment in respect
of the Revolving Credit Facility.

 

(iv)        Assignment
and Assumption.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the
Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The
assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)         No
Assignment to Certain Persons.  No such assignment shall be made (A) to the Company or any of the Company’s
Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person
who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C)
to a natural person.  

 

(vi)        Certain
Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder,
no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties
to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Company and the Administrative Agent, the applicable pro rata
share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the
Administrative Agent, the L/C Issuer or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable
Percentage.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting
Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the
assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance
and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective
date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent
of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and
the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to
the benefits of Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring
prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected
parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender.  Upon request, the Borrowers (at their expense) shall execute and
deliver a Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation
in such rights and obligations in accordance with subsection (d) of this Section.

 

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(c)          Register.  The
Administrative Agent, acting solely for this purpose as an agent of the Borrowers (and such agency being solely for tax purposes),
shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent
thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof
from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest
error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available
for inspection by each of the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)          Participations.  Any
Lender may at any time, without the consent of, or notice to, any Borrower or the Administrative Agent, sell participations to
any Person (other than a natural Person, a Defaulting Lender or the Company or any of the Company’s Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations
and/or Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (iii) the Borrowers, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  For
the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.04(c) without regard to the
existence of any participation.

 

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Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or
other modification described in the first proviso to Section 10.01 that affects such Participant.  Each Borrower
agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section
(it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the
participation) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection
(b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 3.06
and 10.13 as if it were an assignee under subsection (b) of this Section and (B) shall not be entitled to receive
any greater payment under Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom it
acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater
payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  Each Lender
that sells a participation agrees, at the Company's request and expense, to use reasonable efforts to cooperate with the Company
to effectuate the provisions of Section 3.06 with respect to any Participant.  To the extent permitted by law,
each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender; provided
that such Participant agrees to be subject to Section 2.13 as though it were a Lender.  Each Lender that
sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain a register on which it enters
the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in
the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no
Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant
or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under
any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan,
letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The
entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name
is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any
notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register.

 

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

 

(f)          Resignation
as L/C Issuer or Swing Line Lender after Assignment.  Notwithstanding anything to the contrary contained herein, if at
any time Bank of America assigns all of its Revolving Credit Commitment and Revolving
Credit Loans pursuant to subsection (b) above, Bank of America may, (i) upon 30
days’ notice to the Company and the Lenders, resign as L/C Issuer and/or (ii) upon 30 days’
notice to the Company, resign as Swing Line Lender.  In the event of any such resignation as L/C Issuer or Swing Line
Lender, the Company shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder;
provided, however, that no failure by the Company to appoint any such successor shall affect the resignation of Bank
of America as L/C Issuer or Swing Line Lender, as the case may be.  If Bank of America resigns as L/C Issuer, it shall
retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding
as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to
require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).  If
Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with
respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require
the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).  Upon
the appointment of a successor L/C Issuer and/or Swing Line Lender, (x) such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (y) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of
such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America
with respect to such Letters of Credit.

 

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10.07      Treatment
of Certain Information; Confidentiality.  Each of the Administrative Agent, the Lenders and the L/C Issuer agrees
to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates
and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any
regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority,
such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by
any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder
or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement
of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section,
to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under
this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.15(c)
or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under
which payments are to be made by reference to a Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential
basis to (i) any rating agency in connection with rating the Company or its Subsidiaries or the credit facilities provided hereunder
or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other
market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Company or (i) to the
extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available
to the Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a
source other than the Company.  For purposes of this Section, “Information” means all information received
from the Company or any Subsidiary relating to the Company or any Subsidiary or any of their respective businesses, other than
any such information that is available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis prior
to disclosure by the Company or any Subsidiary.  Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same
degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

Each of the Administrative
Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may include material non-public information concerning
a Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in accordance with applicable Law, including United States
Federal and state securities Laws.

 

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10.08       Right
of Setoff.   If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of
their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable
law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency)
at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate
to or for the credit or the account of any Borrower or Holdings against any and all of
the obligations of such Borrower or Holdings now or hereafter existing under this Agreement
or any other Loan Document to such Lender or the L/C Issuer or their respective Affiliates, irrespective of whether or not such
Lender, L/C Issuer or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations
of such Borrower or Holdings may be contingent or unmatured or are owed to a branch, office
or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated
on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such
right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application
in accordance with the provisions of Section 2.17 and, pending such payment, shall be segregated by such Defaulting Lender
from its other funds and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and
(y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured
Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each
Lender, the L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including
other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have.  Each Lender and the
L/C Issuer agrees to notify the Company and the Administrative Agent promptly after any such setoff and application, provided
that the failure to give such notice shall not affect the validity of such setoff and application.  

 

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

 

10.10       Counterparts;
Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This
Agreement, the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent
or the L/C Issuer, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and
all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided
in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and
when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of
the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or
other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed
counterpart of this Agreement.

 

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10.11      Survival
of Representations and Warranties.  All representations and warranties made hereunder and in any other Loan Document
or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery
hereof and thereof.  Such representations and warranties have been or will be relied upon by the Administrative Agent
and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension,
and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied
or any Letter of Credit shall remain outstanding.

 

10.12      Severability.  If
any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.  Without limiting the foregoing provisions of this Section 10.12, if
and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by
Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable,
then such provisions shall be deemed to be in effect only to the extent not so limited.

 

10.13      Replacement
of Lenders.  If the Company is entitled to replace a Lender pursuant to the provisions of Section 3.06, or
if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Company may, at its sole expense and effort,
upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance
with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights
(other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement
and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender,
if a Lender accepts such assignment), provided that:

 

(a)          the
Company shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 10.06(b);

 

(b)          such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company
(in the case of all other amounts);

 

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(c)          in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made
pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

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

 

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

 

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

 

10.14      Governing
Law; Jurisdiction; Etc.

 

(a)          GOVERNING
LAW.  This Agreement and the other Loan Documents and any claims, controversy,
dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement
or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated
hereby and thereby shall be governed by, and construed in accordance with, the law of the State of NEW
yORK.

 

(b)          SUBMISSION
TO JURISDICTION.  EACH BORROWER AND HOLDINGS IRREVOCABLY AND UNCONDITIONALLY
agrees that it will not commence any action, litigation or proceeding of any kind or description,
whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent, any Lender, the l/c Issuer,
or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the transactions relating
hereto or thereto, in any forum other than THE COURTS OF THE STATE OF NEW YORK SITTING
IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY
BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED
BY LAW.  NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT,
ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT AGAINST HOLDINGS, ANY BORROWER OR THEIR RESPECTIVE PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

    	116

    	 

    

 

(c)          WAIVER
OF VENUE.  EACH BORROWER AND HOLDINGS IRREVOCABLY AND UNCONDITIONALLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B)
OF THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)          SERVICE
OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.  NOTHING
IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

10.15      Waiver
of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

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10.16       No
Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Borrowers
and Holdings acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:
(a) (i) the arranging and other services regarding this Agreement provided by the Administrative Agent,
the Arranger, and the Lenders are arm’s-length commercial transactions between such Borrower, Holdings and their
respective Affiliates, on the one hand, and the Administrative Agent, the Arranger and
the Lenders, on the other hand, (ii) each of the Borrowers and Holdings has consulted
its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) each Borrower and Holdings
is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby
and by the other Loan Documents; (b) (i) the Administrative Agent, the Arranger and each Lender
is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been,
is not, and will not be acting as an advisor, agent or fiduciary for the any Borrower, Holdings or any of their
respective Affiliates, or any other Person and (ii) neither the Administrative Agent,
the Arranger nor any Lender has any obligation to any Borrower, Holdings or any of their respective
Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the
other Loan Documents; and (c) the Administrative Agent, the Arranger and
the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of such Borrower, Holdings and their respective Affiliates, and neither the
Administrative Agent, the Arranger nor any Lender has any obligation to disclose any of such
interests to any Borrower, Holdings or any of their respective Affiliates.  To the
fullest extent permitted by law, each of the Borrowers and Holdings hereby waives and releases
any claims that it may have against the Administrative Agent, the Arranger or any Lender with
respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated
hereby.

 

10.17       Electronic
Execution of Assignments and Certain Other Documents.  The words “execute,” “execution,”
“signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or
other modification hereof (including waivers and consents) shall be deemed to include electronic signatures, the electronic matching
of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

10.18       USA
PATRIOT Act.  Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies Holdings and the Borrowers that pursuant to the requirements of the USA PATRIOT
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify
and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and
other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance
with the Act.  Holdings and each Borrower shall, promptly following a request by the Administrative Agent or any Lender,
provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its
ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including
the Act.

 

[Remainder of page intentionally
left blank; signature pages follow.]

 

    	118

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	THE TILE SHOP, LLC
	 	 	 
	 	By:	/s/ Timothy C. Clayton
	 	Name:   	Timothy C. Clayton
	 	Title:	CFO & Senior Vice President

 

The Tile Shop, LLC

Credit Agreement

Signature Page

 

    	S-1

    	 

    

 

	 	TILE SHOP HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Timothy C. Clayton
	 	Name:   	Timothy C. Clayton
	 	Title:	CFO & Senior Vice President

 

The Tile Shop, LLC

Credit Agreement

Signature Page

 

    	S-2

    	 

    

 

	 	bank of america, n.a., as
	 	Administrative Agent
	 	 	 
	 	By:	/s/ Charlene Wright - Jones                        
	 	Name:   	Charlene Wright - Jones
	 	Title:	Vice President

 

The Tile Shop, LLC

Credit Agreement

Signature Page

 

    	S-3

    	 

    

 

	 	bank of america, n.a., as a Lender, L/C Issuer and Swing Line Lender
	 	 	 
	 	By:	/s/ A. Quinn Richardson
	 	Name:   	A. Quinn Richardson
	 	Title:	Senior Vice President

 

The Tile Shop, LLC

Credit Agreement

Signature Page

 

    	S-4

    	 

    

 

	 	THE HUNTINGTON NATIONAL bank, as a Lender
	 	 	 
	 	By:	/s/ Marc D. Adams
	 	Name:   	Marc D. Adams
	 	Title:	Vice President

 

The Tile Shop, LLC

Credit Agreement

Signature Page

 

    	S-5Exhibit 10.2

 

SECURITY AGREEMENT

 

THIS SECURITY AGREEMENT
dated as of October 3, 2012 (this “Security Agreement”) is being entered into among TILE SHOP HOLDINGS, INC.,
a Delaware corporation (“Holdings”), THE TILE SHOP, LLC, a Delaware limited liability company (the “Company”),
EACH OF THE UNDERSIGNED SUBSIDIARIES OF HOLDINGS OR THE COMPANY AND EACH OTHER PERSON WHO SHALL BECOME A PARTY HERETO BY EXECUTION
OF A SECURITY JOINDER AGREEMENT (each a “Guarantor” and, together with Holdings and the Company, collectively,
the “Grantors”), and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative
Agent”) for each of the Secured Parties (as defined in the Credit Agreement referenced) below.

 

RECITALS:

 

A.           Pursuant
to a Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among Holdings, the Company, the Subsidiaries of the Company from time to time
party thereto, the Administrative Agent, Bank of America, N.A., as L/C Issuer and Swing Line Lender, and the lenders now or hereafter
party thereto (the “Lenders”), the Lenders have agreed to provide to the Borrowers a term loan facility and
a revolving credit facility with a letter of credit sublimit and swing line facility.

 

B.           Certain
additional extensions of credit may be made from time to time for the benefit of the Grantors pursuant to certain Secured Cash
Management Agreements and Secured Hedge Agreements (each as defined in the Credit Agreement).

 

C.           It
is a condition precedent to the Secured Parties’ obligations to make and maintain such extensions of credit that the Grantors
shall have executed and delivered this Security Agreement to the Administrative Agent.

 

In order to induce
the Secured Parties to from time to time make and maintain extensions of credit under the Credit Agreement and such Secured Cash
Management Agreements and Secured Hedge Agreements, the parties hereto agree as follows:

 

1.          Certain
Definitions. All capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto in the
Credit Agreement. Terms used in this Security Agreement that are not otherwise expressly defined herein or in the Credit Agreement,
and for which meanings are provided in the Uniform Commercial Code of the State of New York (the “UCC”), shall
have such meanings unless the context requires otherwise. In addition, for purposes of this Security Agreement, the following terms
have the following definitions:

 

“Excluded
Asset” means the real property and all improvements, including any structures, located at the Company’s distribution
center in Ottawa Lake, Michigan.

 

    	1

    	 

    

 

“Qualifying
Control Agreement” means (a) with respect to Investment Property credited to any securities account, an agreement executed
by the applicable securities intermediary substantially in such form and substance as may be reasonably consented to by the Administrative
Agent; (b) with respect to any Deposit Account, a deposit account control agreement executed by the applicable depositary bank
substantially in such form and substance as may be reasonably consented to by the Administrative Agent; and (c) with respect to
any Investment Property in the form of uncertificated securities, an agreement of the issuer of such Investment Property in such
form and substance as may be reasonably consented to by the Administrative Agent sufficient to confer control (within the meaning
of Section 9-106 of the UCC) over such property and containing such other terms and provisions as the Administrative Agent may
reasonably request.

 

“Secured Obligations”
means (a) as to each Borrower, all of the Obligations, including, the payment and performance of its obligations and liabilities
(whether now existing or hereafter arising) (i) under the Credit Agreement and each of the other Loan Documents (including this
Security Agreement) to which it is now or hereafter becomes a party, and (ii) any Secured Cash Management Agreements and Secured
Hedge Agreements to which any Loan Party is now or hereafter becomes a party, and (b) as to each Guarantor, the payment and performance
of its obligations and liabilities (whether now existing or hereafter arising) (i) under the Guaranty and each of the other Loan
Documents (including this Security Agreement) to which it is now or hereafter becomes a party, and (ii) any Secured Cash Management
Agreements and Secured Hedge Agreements to which it is now or hereafter becomes a party.

 

2.          Grant
of Security Interest. Each Grantor grants as collateral security for the payment, performance and satisfaction of the Secured
Obligations to the Administrative Agent for the benefit of the Secured Parties a continuing first priority security interest in
and to, and collaterally assigns to the Administrative Agent for the benefit of the Secured Parties, all of the assets of such
Grantor (other than the Excluded Asset) or in which such Grantor has or may have or acquire an interest or the power to transfer
rights therein, whether now owned or existing or hereafter created, acquired or arising and wheresoever located, including the
following:

 

(a)          All
accounts, and including accounts receivable, contracts, bills, acceptances, choses in action, and other forms of monetary obligations
at any time owing to such Grantor arising out of property sold, leased, licensed, assigned or otherwise disposed of or for services
rendered or to be rendered by such Grantor, and all of such Grantor’s rights with respect to any property represented thereby,
whether or not delivered, property returned by customers and all rights as an unpaid vendor or lienor, including rights of stoppage
in transit and of recovering possession by proceedings including replevin and reclamation (collectively referred to hereinafter
as “Accounts”);

 

(b)          All
inventory, including all goods manufactured or acquired for sale or lease, and any piece goods, raw materials, work in process
and finished merchandise, component materials, and all supplies, goods, incidentals, office supplies, packaging materials and any
and all items used or consumed in the operation of the business of such Grantor or which may contribute to the finished product
or to the sale, promotion and shipment thereof, in which such Grantor now or at any time hereafter may have an interest, whether
or not the same is in transit or in the constructive, actual or exclusive occupancy or possession of such Grantor or is held by
such Grantor or by others for such Grantor’s account (collectively referred to hereinafter as “Inventory”);

 

    	2

    	 

    

 

(c)          All
goods, including all machinery, equipment, motor vehicles, parts, supplies, apparatus, appliances, tools, patterns, molds, dies,
blueprints, fittings, furniture, furnishings, fixtures and articles of tangible personal property of every description, and all
computer programs embedded in any of the foregoing and all supporting information relating to such computer programs (collectively
referred to hereinafter as “Equipment”);

 

(d)         All
general intangibles, including all rights now or hereafter accruing to such Grantor under contracts, leases, agreements or other
instruments, including all contracts or contract rights to perform or receive services, to purchase or sell goods, or to hold or
use land or facilities, and to enforce all rights thereunder, all causes of action, corporate or business records, inventions,
patents and patent rights, rights in mask works, designs, trade names and trademarks and all goodwill associated therewith, trade
secrets, trade processes, copyrights, licenses, permits, franchises, customer lists, computer programs and software, all internet
domain names and registration rights thereto, all internet websites and the content thereof, all payment intangibles, all claims
under guaranties, tax refund claims, all rights and claims against carriers and shippers, leases, all claims under insurance policies,
all interests in general and limited partnerships, limited liability companies, and other Persons not constituting Investment Property
(as defined below), all rights to indemnification and all other intangible personal property and intellectual property of every
kind and nature (collectively referred to hereinafter as “General Intangibles”);

 

(e)          All
deposit accounts, including demand, time, savings, passbook, or other similar accounts maintained with any bank by or for the benefit
of such Grantor (collectively referred to hereinafter as “Deposit Accounts”);

 

(f)          All
chattel paper, including tangible chattel paper, electronic chattel paper, or any hybrid thereof (collectively referred to hereinafter
as “Chattel Paper”);

 

(g)         All
investment property, including all securities, security entitlements, securities accounts, commodity contracts and commodity accounts
of or maintained for the benefit of such Grantor, but excluding Pledged Interests subject to any Pledge Agreement and Equity Interests
in Foreign Subsidiaries not required to be Pledged under the Pledge Agreement (collectively referred to hereinafter as “Investment
Property”);

 

(h)         All
instruments, including all promissory notes (collectively referred to hereinafter as “Instruments”);

 

(i)          All
documents, including warehouse receipts, bills of lading and other documents of title (collectively referred to hereinafter as
“Documents”);

 

    	3

    	 

    

 

(j)          All
rights to payment or performance under letters of credit including rights to proceeds of letters of credit (“Letter-of-Credit
Rights”), and all guaranties, endorsements, Liens, other Guarantee obligations or supporting obligations of any Person
securing or supporting the payment, performance, value or liquidation of any of the foregoing (collectively, with Letter-of-Credit
Rights, referred to hereinafter as “Supporting Obligations”);

 

(k)         All
books and records relating to any of the forgoing (including customer data, credit files, ledgers, computer programs, printouts,
and other computer materials and records (and all media on which such data, files, programs, materials and records are or may be
stored)); and

 

(l)          All
proceeds, products and replacements of, accessions to, and substitutions for, any of the foregoing, including without limitation
proceeds of insurance policies insuring any of the foregoing.

 

All of the property
and interests in property described in subsections (a) through (l) are herein collectively referred to as the “Collateral.”
For the avoidance of doubt, the Collateral shall not mean or include the Excluded Asset.

 

3.          Perfection. As
of the date of execution of this Security Agreement or Security Joinder Agreement by each Grantor, as applicable (with respect
to each Grantor, its “Applicable Date”), such Grantor shall have:

 

(a)         furnished
the Administrative Agent with duly authorized financing statements in form, number and substance suitable for filing, sufficient
under applicable law, and satisfactory to the Administrative Agent in order that upon the filing of the same the Administrative
Agent, for the benefit of the Secured Parties, shall have a duly perfected security interest in all Collateral in which a security
interest can be perfected by the filing of financing statements;

 

(b)        to
the extent expressly required by the terms hereof or of the Credit Agreement, or otherwise as the Administrative Agent may request,
furnished the Administrative Agent with properly executed Qualifying Control Agreements, issuer acknowledgments of the Administrative
Agent’s interest in Letter-of-Credit Rights, and evidence of the placement of a restrictive legend on tangible chattel paper
(and the tangible components of electronic Chattel Paper), and taken appropriate action acceptable to the Administrative Agent
sufficient to establish the Administrative Agent’s control of electronic Chattel Paper (and the electronic components of
hybrid Chattel Paper), as appropriate, with respect to Collateral in which either (i) a security interest can be perfected only
by control or such restrictive legending, or (ii) a security interest perfected by control or accompanied by such restrictive legending
shall have priority as against a lien creditor, a purchaser of such Collateral from the applicable Grantor, or a security interest
perfected by Persons not having control or not accompanied by such restrictive legending, in each case in form and substance acceptable
to the Administrative Agent and sufficient under applicable law so that the Administrative Agent, for the benefit of the Secured
Parties, shall have a security interest in all such Collateral perfected by control; and

 

    	4

    	 

    

 

(c)         to
the extent expressly required by the terms hereof or of the Credit Agreement, or otherwise as the Administrative Agent may request,
delivered to the Administrative Agent possession of all Collateral with respect to which either a security interest can be perfected
only by possession or a security interest perfected by possession shall have priority as against Persons not having possession,
and including in the case of Instruments, Documents, and Investment Property in the form of certificated securities, duly executed
endorsements or stock powers in blank, as the case may be, affixed thereto in form and substance acceptable to the Administrative
Agent and sufficient under applicable law so that the Administrative Agent, for the benefit of the Secured Parties, shall have
a security interest in all such Collateral perfected by possession;

 

with the effect that the Liens conferred
in favor of the Administrative Agent shall be and remain duly perfected and of first priority subject only, to the extent applicable,
to Liens allowed to exist under Section 7.01 of the Credit Agreement (“Permitted Liens”). All financing
statements (including all amendments thereto and continuations thereof), control agreements, certificates, acknowledgments, stock
powers and other documents, electronic identification, restrictive legends, and instruments furnished in connection with the creation,
enforcement, protection, perfection or priority of the Administrative Agent’s security interest in Collateral, including
such items as are described above in this Section 3, are sometimes referred to herein as “Perfection Documents”.
The delivery of possession of items of or evidencing Collateral, causing other Persons to execute and deliver Perfection Documents
as appropriate, the filing or recordation of Perfection Documents, the establishment of control over items of Collateral, and the
taking of such other actions as may be necessary or advisable in the determination of the Administrative Agent to create, enforce,
protect, perfect, or establish or maintain the priority of, the security interest of the Administrative Agent for the benefit of
the Secured Parties in the Collateral is sometimes referred to herein as “Perfection Action”.

 

4.          Maintenance
of Security Interest; Further Assurances. 

 

(a)         Each
Grantor will from time to time at its own expense, deliver specific assignments of Collateral or such other Perfection Documents,
and take such other or additional Perfection Action, as may be required by the terms of the Loan Documents or as the Administrative
Agent may reasonably request in connection with the administration or enforcement of this Security Agreement or related to the
Collateral or any part thereof in order to carry out the terms of this Security Agreement, to perfect, protect, maintain the priority
of or enforce the Administrative Agent’s security interest in the Collateral, subject only to Permitted Liens, or otherwise
to better assure and confirm unto the Administrative Agent its rights, powers and remedies for the benefit of the Secured Parties
hereunder. Without limiting the foregoing, each Grantor hereby irrevocably authorizes the Administrative Agent to file (with, or
to the extent permitted by applicable law, without the signature of the Grantor appearing thereon) financing statements (including
amendments thereto and initial financing statements in lieu of continuation statements) or other Perfection Documents (including
copies thereof) showing such Grantor as “debtor” at such time or times and in all filing offices as the Administrative
Agent may from time to time determine to be necessary or advisable to perfect or protect the rights of the Administrative Agent
and the Secured Parties hereunder, or otherwise to give effect to the transactions herein contemplated, any of which Perfection
Documents, at the Administrative Agent’s election, may describe the Collateral as or including all personal property of the
Grantor. Each Grantor hereby irrevocably ratifies and acknowledges the Administrative Agent’s authority to have effected
filings of Perfection Documents made by the Administrative Agent prior to its Applicable Date.

    	5

    	 

    

 

(b)         With
respect to any and all Collateral, each Grantor agrees to do and cause to be done all things necessary to perfect, maintain the
priority of and keep in full force the security interest granted in favor of the Administrative Agent for the benefit of the Secured
Parties, including, but not limited to, the prompt payment upon demand therefor by the Administrative Agent of all fees and expenses
(including documentary stamp, excise or intangibles taxes) incurred in connection with the preparation, delivery, or filing of
any Perfection Document or the taking of any Perfection Action to perfect, protect or enforce a security interest in Collateral
in favor of the Administrative Agent for the benefit of the Secured Parties, subject only to Permitted Liens. All amounts not so
paid when due shall constitute additional Secured Obligations and (in addition to other rights and remedies resulting from such
nonpayment) shall bear interest from the date of demand until paid in full at the Default Rate.

 

(c)         Each
Grantor agrees to maintain among its books and records appropriate notations or evidence of, and to make or cause to be made appropriate
disclosure upon its financial statements of, the security interest granted hereunder to the Administrative Agent for the benefit
of the Secured Parties.

 

(d)         Each
Grantor agrees that, in the event any proceeds (other than goods) of Collateral shall be or become commingled with other property
not constituting Collateral, then such proceeds may, to the extent permitted by law, be identified by application of the lowest
intermediate balance rule to such commingled property.

 

5.           Receipt
of Payment. In the event an Event of Default shall occur and be continuing and a Grantor (or any of its Affiliates, subsidiaries,
stockholders, directors, officers, employees or agents) shall receive any proceeds of Collateral, including without limitation
monies, checks, notes, drafts or any other items of payment, each Grantor shall hold all such items of payment in trust for the
Administrative Agent for the benefit of the Secured Parties, and as the property of the Administrative Agent for the benefit of
the Secured Parties, separate from the funds and other property of such Grantor, and no later than the first Business Day following
the receipt thereof, at the election of the Administrative Agent, such Grantor shall cause such Collateral to be forwarded to the
Administrative Agent for its custody, possession and disposition on behalf of the Secured Parties in accordance with the terms
hereof and of the other Loan Documents.

 

    	6

    	 

    

 

6.           Preservation
and Protection of Collateral.

 

(a)         The
Administrative Agent shall be under no duty or liability with respect to the collection, protection or preservation of the Collateral,
or otherwise. Each Grantor shall be responsible for the safekeeping of its Collateral, and in no event shall the Administrative
Agent have any responsibility for (i) any loss or damage thereto or destruction thereof occurring or arising in any manner or fashion
from any cause, (ii) any diminution in the value thereof, or (iii) any act or default of any carrier, warehouseman, bailee or forwarding
agency thereof or other Person in any way dealing with or handling such Collateral.

 

(b)         Each
Grantor shall keep and maintain its tangible personal property Collateral in good operating condition and repair, ordinary wear
and tear excepted. No Grantor shall permit any such items to become a fixture to real property (unless such Grantor has granted
the Administrative Agent for the benefit of the Secured Parties a Lien on such real property having a priority acceptable to the
Administrative Agent) or accessions to other personal property.

 

(c)         Each
Grantor agrees (i) to pay when due all taxes, charges and assessments against the Collateral in which it has any interest, unless
being contested in good faith by appropriate proceedings diligently conducted and against which adequate reserves have been established
in accordance with GAAP applied on a basis consistent with the application of GAAP in the Audited Financial Statements and evidenced
to the satisfaction of the Administrative Agent and provided that all enforcement proceedings in the nature of levy or foreclosure
are effectively stayed, and (ii) to cause to be terminated and released all Liens (other than Permitted Liens) on the Collateral.
Upon the failure of any Grantor to so pay or contest such taxes, charges, or assessments, or cause such Liens to be terminated,
the Administrative Agent at its option may pay or contest any of them or amounts relating thereto (the Administrative Agent having
the sole right to determine the legality or validity and the amount necessary to discharge such taxes, charges, Liens or assessments)
but shall not have any obligation to make any such payment or contest. All sums so disbursed by the Administrative Agent, including
all reasonable fees and expenses of counsel (collectively, “Attorneys’ Costs”), court costs, expenses
and other charges related thereto, shall be payable on demand by the applicable Grantor to the Administrative Agent and shall be
additional Secured Obligations secured by the Collateral, and any amounts not so paid on demand (in addition to other rights and
remedies resulting from such nonpayment) shall bear interest from the date of demand until paid in full at the Default Rate.

 

7.          Status
of Grantors and Collateral Generally. Each Grantor represents and warrants to, and covenants with, the Administrative Agent
for the benefit of the Secured Parties, with respect to itself and the Collateral as to which it has or acquires any interest,
that:

 

    	7

    	 

    

 

(a)          It
is at its Applicable Date (or as to Collateral acquired after its Applicable Date will be upon the acquisition of the same) and,
except as permitted by the Credit Agreement and subsection (b) of this Section 7, will continue to be, the owner
of the Collateral, free and clear of all Liens, other than the security interest hereunder in favor of the Administrative Agent
for the benefit of the Secured Parties and Permitted Liens, and that it will at its own cost and expense defend such Collateral
and any products and proceeds thereof against all claims and demands of all Persons (other than holders of Permitted Liens) to
the extent of their claims permitted under the Credit Agreement at any time claiming the same or any interest therein adverse to
the Secured Parties. Upon the failure of any Grantor to so defend, the Administrative Agent may do so at its option but shall not
have any obligation to do so. All sums so disbursed by the Administrative Agent, including Attorneys’ Costs, court costs,
expenses and other charges related thereto, shall be payable on demand by the applicable Grantor to the Administrative Agent and
shall be additional Secured Obligations secured by the Collateral, and any amounts not so paid on demand (in addition to other
rights and remedies resulting from such nonpayment) shall bear interest from the date of demand until paid in full at the Default
Rate.

 

(b)          It
shall not (i) sell, assign, transfer, lease, license or otherwise dispose of any of, or grant any option with respect to, the Collateral,
except for Dispositions permitted under the Credit Agreement, (ii) create or suffer to exist any Lien upon or with respect to any
of the Collateral except for the security interests created by this Security Agreement and Permitted Liens, or (iii) take any other
action in connection with any of the Collateral that would materially impair the value of the interest or rights of such Grantor
in the Collateral taken as a whole or that would materially impair the interest or rights of the Administrative Agent for the benefit
of the Secured Parties.

 

(c)          It
has full power, legal right and lawful authority to enter into this Security Agreement (and any Security Joinder Agreement applicable
to it) and to perform its terms, including the grant of the security interests in the Collateral herein provided for.

 

(d)          No
authorization, consent, approval or other action by, and no notice to or filing with, any Governmental Authority or any other Person
which has not been given or obtained, as the case may be, is required either (i) for the grant by such Grantor of the security
interests granted hereby or for the execution, delivery or performance of this Security Agreement (or any Security Joinder Agreement)
by such Grantor, or (ii) for the perfection of or the exercise by the Administrative Agent, on behalf of the Secured Parties, of
its rights and remedies hereunder, except for action required by the UCC to perfect and exercise remedies with respect to the security
interest conferred hereunder.

 

(e)          No
effective financing statement or other Perfection Document similar in effect, nor any other Perfection Action, covering all or
any part of the Collateral purported to be granted or taken by or on behalf of such Grantor (or by or on behalf of any other Person
and which remains effective as against all or any part of the Collateral) has been filed in any recording office, delivered to
another Person for filing (whether upon the occurrence of a contingency or otherwise), or otherwise taken, as the case may be,
except such as pertain to Permitted Liens and such as may have been filed for the benefit of, delivered to, or taken in favor of,
the Administrative Agent for the benefit of the Secured Parties in connection with the security interests conferred hereunder.

 

    	8

    	 

    

 

(f)          Schedule
7(f) attached hereto contains true and complete information as to each of the following: (i) the exact legal name of each Grantor
as it appears in its Organization Documents as of its Applicable Date and at any time during the five (5) year period ending as
of its Applicable Date (the “Covered Period”), (ii) the jurisdiction of formation and form of organization of
each Grantor, and the identification number of such Grantor in its jurisdiction of formation (if any), (iii) each address of the
chief executive office of each Grantor as of its Applicable Date and at any time during the Covered Period, (iv) all trade names
or trade styles used by such Grantor as of its Applicable Date and at any time during the Covered Period, (v) the address of each
location of such Grantor at which any tangible personal property Collateral (including Account Records and Account Documents) is
located at its Applicable Date or has been located at any time during the Covered Period, (vi) with respect to each location described
in clause (v) that is not owned beneficially and of record by such Grantor, the name and address of the owner thereof; and
(vii) the name of each Person other than such Grantor and the address of such Person at which any tangible personal property Collateral
of such Grantor is held under any warehouse, consignment, bailment or other arrangement as of its Applicable Date. No Grantor shall
change its name, change its jurisdiction of formation (whether by reincorporation, merger or otherwise), change the location of
its chief executive office, or utilize any additional location where tangible personal property Collateral (including Account Records
and Account Documents) may be located, except in each case upon giving not less than thirty (30) days’ prior written notice
to the Administrative Agent and taking or causing to be taken at such Grantor’s expense all such Perfection Action, including
the delivery of such Perfection Documents, as may be reasonably requested by the Administrative Agent to perfect or protect, or
maintain the perfection and priority of, the Lien of the Administrative Agent for the benefit of the Secured Parties in Collateral
contemplated hereunder.

 

(g)        No
Grantor shall engage in any consignment transaction in respect of any of the Collateral, whether as consignee or consignor, without
the prior written consent of the Administrative Agent in each instance, other than consignments by such Grantor as consignor of
Inventory at no time having an aggregate value in excess of $500,000.

 

(h)        No
Grantor shall cause, suffer or permit any of the tangible personal property Collateral (i) to be evidenced by any document of title
(except for shipping documents as necessary or customary to effect the receipt of raw materials or components or the delivery of
inventory to customers, in each case in the ordinary course of business) or (ii) except for Inventory in transit in the ordinary
course of business, to be in the possession, custody or control of any warehouseman or other bailee without the prior written consent
of the Administrative Agent in each instance, unless such location and Person are set forth on Schedule 7(f).

 

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(i)          No
tangible personal property Collateral is or shall be located at any location that is leased by such Grantor from any other Person
other than Inventory the value of which, when aggregated with all other Inventory kept at any location which is leased by all Grantors,
is less than $500,000, unless (x) such location and lessor is set forth on Schedule 7(f) attached hereto or such Grantor
provides not less than thirty (30) days’ prior written notice thereof to the Administrative Agent, (y) such Granor has complied
with the requirements of Section 4.01(a)(xi) of the Credit Agreement with respect to such location, and (z) the Grantor
shall have caused at its expense to be prepared and executed such additional Perfection Documents and to be taken such other Perfection
Action as the Administrative Agent may deem necessary or advisable to carry out the transactions contemplated by this Security
Agreement.

 

8.            Inspection.
The Administrative Agent (by any of its officers, employees and agents), on behalf of the Secured Parties, shall have the right
upon prior notice to an executive officer of any Grantor, and at any reasonable times during such Grantor’s usual business
hours, to inspect the Collateral, all records related thereto (and to make extracts or copies from such records), and the premises
upon which any of the Collateral is located, to discuss such Grantor’s affairs and finances with any Person (other than Persons
obligated on any Accounts (“Account Debtors”) except as expressly otherwise permitted in the Loan Documents)
and to verify with any Person other than (except as expressly otherwise permitted in the Loan Documents) Account Debtors the amount,
quality, quantity, value and condition of, or any other matter relating to, the Collateral and, if an Event of Default has occurred
and is continuing, to discuss such Grantor’s affairs and finances with such Grantor’s Account Debtors and to verify
the amount, quality, value and condition of, or any other matter relating to, the Collateral with such Account Debtors; provided,
however, that when an Event of Default exists the Administrative Agent or any Lender (or any of their respective officers
and designated representatives) may do any of the foregoing at the expense of the Grantors at any time during normal business hours
and without advance notice. 

 

9.            Specific
Collateral.

 

(a)           Accounts.
With respect to its Accounts whether now existing or hereafter created or acquired and wheresoever located, each Grantor represents,
warrants and covenants to the Administrative Agent for the benefit of the Secured Parties that:

 

(i)          Each
Grantor shall keep accurate and complete records of its Accounts (“Account Records”) and from time to time at
intervals designated by the Administrative Agent such Grantor shall provide the Administrative Agent with a schedule of Accounts
in form and substance reasonably acceptable to the Administrative Agent describing all Accounts created or acquired by such Grantor
(“Schedule of Accounts”); provided, however, that such Grantor’s failure to execute and
deliver any such Schedule of Accounts shall not affect or limit the Administrative Agent’s security interest or other rights
in and to any Accounts for the benefit of the Secured Parties. If requested by the Administrative Agent, each Grantor shall furnish
the Administrative Agent with copies of proof of delivery and other documents relating to the Accounts so scheduled, including
without limitation repayment histories and present status reports (collectively, “Account Documents”) and such
other matter and information relating to the status of then existing Accounts as the Administrative Agent shall request.

 

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(ii)        All Account Records
and Account Documents are and shall at all times be located only at such Grantor’s current chief executive office as set
forth on Schedule 7(f) attached hereto, such other locations as are specifically identified on Schedule 7(f) attached
hereto as an “Account Documents location,” or as to which the Grantor has complied with Section 7(f) hereof.

 

(iii)        The
Accounts are genuine, are in all respects what they purport to be, are not evidenced by an instrument or document or, if evidenced
by an instrument or document, are only evidenced by one original instrument or document.

 

(iv)        The
Accounts cover bona fide sales, leases, licenses or other dispositions of property usually dealt in by such Grantor, or the rendition
by such Grantor of services, to an Account Debtor in the ordinary course of business.

 

(v)         The
property or services giving rise thereto are not, and were not at the time of the sale or performance thereof, subject to any Lien,
claim, encumbrance or security interest, except those of the Administrative Agent for the benefit of Secured Parties and Permitted
Liens.

 

(vi)        The
amounts of the face value of any Account shown or reflected on any Schedule of Accounts, invoice statement, or certificate delivered
to the Administrative Agent, are actually owing to such Grantor and are not contingent for any reason; and there are no setoffs,
discounts, allowances, claims, counterclaims or disputes of any kind or description in an amount greater than $500,000 in the aggregate,
or greater than $250,000 individually, existing or asserted with respect thereto and such Grantor has not made any agreement with
any Account Debtor thereunder for any deduction therefrom, except as may be stated in the Schedule of Accounts and reflected in
the calculation of the face value of each respective invoice related thereto.

 

(b)          Inventory.
With respect to its Inventory whether now existing or hereafter created or acquired and wheresoever located, each Grantor represents,
warrants and covenants to the Administrative Agent for the benefit of the Secured Parties that:

 

(i)          Each
Grantor shall keep accurate and complete records itemizing and describing the kind, type, location and quantity of Inventory, its
cost therefor and the selling price of Inventory held for sale, and the daily withdrawals therefrom and additions thereto, and
shall furnish to the Administrative Agent from time to time at reasonable intervals designated by the Administrative Agent, a current
schedule of Inventory (“Schedule of Inventory”) based upon its most recent physical inventory and its daily
inventory records. Each Grantor shall conduct a physical inventory no less frequently than annually, and shall furnish to the Administrative
Agent such other documents and reports thereof as the Administrative Agent shall reasonably request with respect to the Inventory.

 

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(ii)         All
Inventory, other than Inventory having a value of less than $500,000 in the aggregate for all locations, is and shall at all times
be located only at such Grantor’s locations as set forth on Schedule 7(f) attached hereto or at such other locations
as to which such Grantor has complied with Section 7(f) hereof or is in transit to such a location1. No Grantor
shall, other than in the ordinary course of business in connection with its transit, sale, lease, license or other permitted Disposition,
remove any Inventory having an aggregate value in excess of that stated in the preceding sentence from such locations.

 

(iii )      If any Account Debtor
returns any Inventory to a Grantor after shipment thereof, and such return generates a credit in excess of $50,000 on any individual
Account or $200,000 in the aggregate on any Accounts of such Account Debtor, such Grantor shall notify the Administrative Agent
in writing of the same as soon as practicable.

 

(c)          Equipment.
With respect to its Equipment whether now existing or hereafter created or acquired and wheresoever located, each Grantor represents,
warrants and covenants to the Administrative Agent for the benefit of the Secured Parties that:

 

(i)          The
Grantors, as soon as practicable following a request therefor by the Administrative Agent, shall deliver to the Administrative
Agent any and all evidence of ownership of any of the Equipment (including without limitation certificates of title and applications
for title).

 

(ii)         The
Grantors shall maintain accurate, itemized records describing the kind, type, quality, quantity and value of its Equipment and
shall furnish the Administrative Agent upon request with a current schedule containing the foregoing information, but, other than
during the continuance of an Event of Default, not more often than once per fiscal quarter.

 

(iii)        All
Equipment, other than Equipment having a value of less than $500,000 in the aggregate for all locations, is and shall at
all times be located only at such Grantor’s locations as set forth on Schedule 7(f) attached hereto or at such other
locations as to which such Grantor has complied with Section 7(f) hereof. No Grantor shall, other than as expressly permitted
under the Credit Agreement, sell, lease, transfer, dispose of or remove any Equipment having an aggregate value in excess of that
stated in the preceding sentence from such locations.

 

(d)          Supporting
Obligations. With respect to its Supporting Obligations whether now existing or hereafter created or acquired and wheresoever
located, each Grantor represents, warrants and covenants to the Administrative Agent for the benefit of the Secured Parties that
each Grantor shall, upon the request of the Administrative Agent from time to time following the occurrence and during the continuance
of any Default or Event of Default, deliver to the Administrative Agent the originals of all documents evidencing or constituting
Supporting Obligations, together with such other documentation (executed as appropriate by the Grantor) and information as may
be necessary to enable the Administrative Agent to realize upon the Supporting Obligations in accordance with their respective
terms or transfer the Supporting Obligations as may be permitted under the Loan Documents or by applicable law.

 

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(e)          Investment
Property. With respect to its Investment Property whether now existing or hereafter created or acquired and wheresoever
located, each Grantor represents, warrants and covenants to the Administrative Agent for the benefit of the Secured Parties that:

 

(i)         
Schedule 9(e) attached hereto contains a true and complete description of (x) the name and address of each securities intermediary
with which such Grantor maintains a securities account in which Investment Property is or may at any time be credited or maintained,
and (y) all other Investment Property of such Grantor other than interests in Subsidiaries in which such Grantor has granted a
Lien to the Administrative Agent for the benefit of the Secured Parties pursuant to a Pledge Agreement.

 

(ii)         Except
with the express prior written consent of the Administrative Agent in each instance, all Investment Property other than interests
in Subsidiaries in which such Grantor has granted a Lien to the Administrative Agent for the benefit of the Secured Parties pursuant
to a Pledge Agreement shall be maintained at all times in the form of (a) certificated securities, which certificates shall have
been delivered to the Administrative Agent together with duly executed undated stock powers endorsed in blank pertaining thereto,
or (b) security entitlements credited to one or more securities accounts as to each of which the Administrative Agent has received
(1) copies of the account agreement between the applicable securities intermediary and the Grantor and the most recent statement
of account pertaining to such securities account (each certified to be true and correct by an officer of the Grantor) and (2) a
Qualifying Control Agreement from the applicable securities intermediary which remains in full force and effect and as to which
the Administrative Agent has not received any notice of termination. Without limiting the generality of the foregoing, no Grantor
shall cause, suffer or permit any Investment Property to be credited to or maintained in any securities account not listed on Schedule
9(e) attached hereto except in each case upon giving not less than thirty (30) days’ prior written notice to the Administrative
Agent and taking or causing to be taken at such Grantor’s expense all such Perfection Action, including the delivery of such
Perfection Documents, as may be reasonably requested by the Administrative Agent to perfect or protect, or maintain the perfection
and priority of, the Lien of the Administrative Agent for the benefit of the Secured Parties in Collateral contemplated hereunder.

 

(iii)        All
dividends and other distributions with respect to any of the Investment Property shall be subject to the security interest conferred
hereunder, provided, however, that cash dividends paid to a Grantor as record owner of the Investment Property may
be disbursed to and retained by such Grantor so long as no Default or Event of Default shall have occurred and be continuing, free
from any Lien hereunder.

 

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(iv)        So
long as no Default or Event of Default shall have occurred and be continuing, the registration of Investment Property in the name
of a Grantor as record and beneficial owner shall not be changed and such Grantor shall be entitled to exercise all voting and
other rights and powers pertaining to Investment Property for all purposes not inconsistent with the terms hereof or of any Qualifying
Control Agreement relating thereto.

 

(v)         Upon
the occurrence and during the continuance of any Default or Event of Default, at the option of the Administrative Agent, all rights
of the Grantors to exercise the voting or consensual rights and powers which it is authorized to exercise pursuant to clause
(iv) immediately above shall cease and the Administrative Agent may thereupon (but shall not be obligated to), at its request,
cause such Collateral to be registered in the name of the Administrative Agent or its nominee or agent for the benefit of the Secured
Parties and/or exercise such voting or consensual rights and powers as appertain to ownership of such Collateral, and to that end
each Grantor hereby appoints the Administrative Agent as its proxy, with full power of substitution, to vote and exercise all other
rights as a shareholder with respect to such Investment Property upon the occurrence and during the continuance of any Default
or Event of Default, which proxy is coupled with an interest and is irrevocable until the Facility Termination Date, and each Grantor
hereby agrees to provide such further proxies as the Administrative Agent may request; provided, however, that the Administrative
Agent in its discretion may from time to time refrain from exercising, and shall not be obligated to exercise, any such voting
or consensual rights or such proxy.

 

(vi)        Upon
the occurrence and during the continuance of any Default or Event of Default, all rights of the Grantors to receive and retain
cash dividends and other distributions upon or in respect to Investment Property pursuant to clause (iii) above shall cease
and shall thereupon be vested in the Administrative Agent for the benefit of the Secured Parties, and each Grantor shall, or shall
cause, all such cash dividends and other distributions with respect to the Investment Property to be promptly delivered to the
Administrative Agent (together, if the Administrative Agent shall request, with any documents related thereto) to be held, released
or disposed of by it hereunder or, at the option of the Administrative Agent, to be applied to the Secured Obligations.

 

(f)          Deposit
Accounts. With respect to its Deposit Accounts whether now existing or hereafter created or acquired and wheresoever located,
each Grantor represents, warrants and covenants to the Administrative Agent for the benefit of the Secured Parties that:

 

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(i)          Schedule
9(f) attached hereto contains a true and complete description of the name and address of each depositary institution with which
such Grantor maintains a Deposit Account in which collected balances or deposits in excess of $100,000 are or may at any time be
credited or maintained.

 

(ii)         Except
with the express prior written consent of the Administrative Agent in each instance, all Deposit Accounts in which collected balances
or deposits in excess of $100,000 are or may at any time be credited or maintained shall be maintained at all times with depositary
institutions as to which the Administrative Agent shall have received a Qualifying Control Agreement. Without limiting the generality
of the foregoing, no Grantor shall cause, suffer or permit (x) any deposit in excess of $100,000 to be evidenced by a certificate
of deposit unless such certificate of deposit is a negotiable instrument and immediately upon receipt thereof such certificate
shall have been delivered to the Administrative Agent, together with a duly executed undated assignment in blank affixed thereto,
or (y) any Deposit Account not listed on Schedule 9(f) attached hereto in which collected balances or deposits in excess
of $100,000 are or may at any time be credited or maintained to be opened or maintained except in each case upon giving not less
than thirty (30) days’ prior written notice to the Administrative Agent and taking or causing to be taken at such Grantor’s
expense all such Perfection Action, including the delivery of such Perfection Documents, as may be reasonably requested by the
Administrative Agent to perfect or protect, or maintain the perfection and priority of, the Lien of the Administrative Agent for
the benefit of the Secured Parties in Collateral contemplated hereunder.

 

(g)          Chattel
Paper. With respect to its Chattel Paper whether now existing or hereafter created or acquired and wheresoever located,
each Grantor represents, warrants and covenants to the Administrative Agent for the benefit of the Secured Parties that:

 

(i)          Each
Grantor shall at all times retain sole physical possession of the originals of all Chattel Paper (other than electronic Chattel
Paper and the electronic components of hybrid Chattel Paper); provided, however, that (x) upon the request of the
Administrative Agent upon the occurrence and during the continuance of any Default or Event of Default, such Grantor shall immediately
deliver physical possession of such Chattel Paper to the Administrative Agent or its designee, and (y) in the event that there
shall be created more than one original counterpart of any physical document that alone or in conjunction with any other physical
or electronic document constitutes Chattel Paper, then such counterparts shall be numbered consecutively starting with “1”
and such Grantor shall retain the counterpart numbered “1”.

 

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(ii)         All
counterparts of all tangible Chattel Paper (and the tangible components of hybrid Chattel Paper) shall immediately upon the creation
or acquisition thereof by any Grantor be conspicuously legended as follows: “A FIRST PRIORITY SECURITY INTEREST IN THIS CHATTEL
PAPER HAS BEEN GRANTED TO BANK OF AMERICA, N.A., FOR ITSELF AND AS ADMINISTRATIVE AGENT FOR CERTAIN SECURED PARTIES PURSUANT TO
A SECURITY AGREEMENT DATED AS OF OCTOBER 3, 2012, AS AMENDED FROM TIME TO TIME. NO SECURITY INTEREST OR OTHER INTEREST IN FAVOR
OF ANY OTHER PERSON MAY BE CREATED BY THE TRANSFER OF PHYSICAL POSSESSION OF THIS CHATTEL PAPER OR OF ANY COUNTERPART HEREOF EXCEPT
BY OR WITH THE CONSENT OF THE AFORESAID ADMINISTRATIVE AGENT AS PROVIDED IN SUCH SECURITY AGREEMENT.” In the case of electronic
Chattel Paper (including the electronic components of hybrid Chattel Paper), no Grantor shall create or acquire any such Chattel
Paper unless, prior to such acquisition or creation, it shall have taken such Perfection Action as the Administrative Agent may
require to perfect by control the security interest of the Administrative Agent for the benefit of the Secured Parties in such
Collateral.

 

(iii)        Other
than in the ordinary course of business and in keeping with reasonable and customary practice, no Grantor shall amend, modify,
waive or terminate any provision of, or fail to exercise promptly and diligently each material right or remedy conferred under
or in connection with, any Chattel Paper, in any case in such a manner as could reasonably be expected to materially adversely
affect the value of affected Chattel Paper as collateral.

 

(h)          Instruments.
With respect to its Instruments whether now existing or hereafter created or acquired and wheresoever located, each Grantor represents,
warrants and covenants to the Administrative Agent for the benefit of the Secured Parties that:

 

(i)          Each
Grantor shall upon the request of the Administrative Agent from time to time following the occurrence and during the continuance
of any Default or Event of Default, deliver to the Administrative Agent the originals of all such Instruments, together with duly
executed undated endorsements in blank affixed thereto and such other documentation and information as may be necessary to enable
the Administrative Agent to realize upon the Instruments in accordance with their respective terms or transfer the Instruments
as may be permitted under the Loan Documents or by applicable law.

 

(ii)         Other
than in the ordinary course of business and in keeping with reasonable and customary practice, no Grantor shall amend, modify,
waive or terminate any provision of, or fail to exercise promptly and diligently each material right or remedy conferred under
or in connection with, any Instrument, in any case in such a manner as could reasonably be expected to materially adversely affect
the value of affected Instrument as collateral.

 

10.         Casualty
and Liability Insurance Required. 

 

(a)          Each
Grantor will keep the Collateral continuously insured against such risks as are customarily insured against by businesses of like
size and type engaged in the same or similar operations including:

 

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(i)          casualty
insurance on the Inventory and the Equipment in an amount not less than the full insurable value thereof, against loss or damage
by theft, fire, lightning and other hazards ordinarily included under uniform broad form standard extended coverage policies, limited
only as may be provided in the standard broad form of extended coverage endorsement at the time in use in the states in which the
Collateral is located;

 

(ii)         comprehensive
general liability insurance against claims for bodily injury, death or property damage occurring with or about such Collateral
(such coverage to include provisions waiving subrogation against the Secured Parties), with the Administrative Agent and the Lenders
as additional insureds thereunder, in amounts as shall be reasonably satisfactory to Administrative Agent;

 

(iii)        liability
insurance with respect to the operation of its facilities under the workers’ compensation laws of the states in which such
Collateral is located, in amounts as shall be reasonably satisfactory to Administrative Agent; and

 

(iv)        business
interruption insurance in amounts as shall be reasonably satisfactory to Administrative Agent.

 

(b)          Each
insurance policy obtained in satisfaction of the requirements of Section 10(a):

 

(i)          may
be provided by blanket policies now or hereafter maintained by each or any Grantor or by any Borrower;

 

(ii)         shall
be issued by such insurer (or insurers) as shall be financially responsible, of recognized standing and reasonably acceptable to
the Administrative Agent;

 

(iii)        shall
be in such form and have such provisions (including without limitation the loss payable clause, the waiver of subrogation clause,
the deductible amount, if any, and the standard mortgagee endorsement clause) as are generally considered standard provisions for
the type of insurance involved and are reasonably acceptable in all respects to the Administrative Agent;

 

(iv)        shall
prohibit cancellation or substantial modification, termination or lapse in coverage by the insurer without at least thirty (30)
days’ prior written notice to the Administrative Agent, except for non-payment of premium, as to which such policies shall
provide for at least ten (10) days’ prior written notice to the Administrative Agent;

 

(v)         without
limiting the generality of the foregoing, all insurance policies where applicable under Section 10(a)(i) carried on the
Collateral shall name the Administrative Agent, for the benefit of the Secured Parties, as loss payee and the Administrative Agent
and Lenders as parties insured thereunder in respect of any claim for payment.

 

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(c)         Prior
to expiration of any such policy, such Grantor shall furnish the Administrative Agent with evidence satisfactory to the Administrative
Agent that the policy or certificate has been renewed or replaced or is no longer required by this Security Agreement.

 

(d)         Each
Grantor hereby makes, constitutes and appoints the Administrative Agent (and all officers, employees or agents designated by the
Administrative Agent), for the benefit of the Secured Parties, as such Grantor’s true and lawful attorney (and agent-in-fact)
for the purpose of making, settling and adjusting claims under such policies of insurance, endorsing the name of such Grantor on
any check, draft, instrument or other item or payment for the proceeds of such policies of insurance and for making all determinations
and decisions with respect to such policies of insurance, which appointment is coupled with an interest and is irrevocable; provided,
however, that the powers pursuant to such appointment shall be exercisable only upon the occurrence and during the continuation
of an Event of Default.

 

(e)         In
the event such Grantor shall fail to maintain, or fail to cause to be maintained, the full insurance coverage required hereunder
or shall fail to keep any of its Collateral in good repair and good operating condition, the Administrative Agent may (but shall
be under no obligation to), without waiving or releasing any Secured Obligation or Default or Event of Default by such Grantor
hereunder, contract for the required policies of insurance and pay the premiums on the same or make any required repairs, renewals
and replacements; and all sums so disbursed by Administrative Agent, including reasonable Attorneys’ Costs, court costs,
expenses and other charges related thereto, shall be payable on demand by such Grantor to the Administrative Agent, shall be additional
Secured Obligations secured by the Collateral, and (in addition to other rights and remedies resulting from such nonpayment) shall
bear interest from the date of demand until paid in full at the Default Rate.

 

(f)          Each
Grantor agrees that to the extent that it shall fail to maintain, or fail to cause to be maintained, the full insurance coverage
required by Section 10(a), it shall in the event of any loss or casualty pay promptly to the Administrative Agent, for the
benefit of the Secured Parties, such amount as would have been received as an Extraordinary Receipt by the Administrative Agent,
for the benefit of the Secured Parties, had such insurance been carried to the extent required.

 

(g)         Any
Extraordinary Receipt received in connection with the insurance carried pursuant to the provisions of Sections 10(a)(i),
10(a)(ii) and 10(a)(iii) shall be applied in accordance with Section 2.05 of the Credit Agreement.

 

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(h)         In
case of any material damage to, destruction or loss of, or claim or proceeding against, all or any material part of the Collateral
pledged hereunder by a Grantor, such Grantor shall give prompt notice thereof to the Administrative Agent. Each such notice shall
describe generally the nature and extent of such damage, destruction, loss, claim or proceeding. Subject to Section 10(d),
each Grantor is hereby authorized and empowered to adjust or compromise any loss under any such insurance other than losses relating
to claims made directly against any Secured Party as to which the insurance described in Section 10(a)(ii) or (iii)
is applicable.

 

(i)          The
provisions contained in this Security Agreement pertaining to insurance shall be cumulative with any additional provisions imposing
additional insurance requirements with respect to the Collateral or any other property on which a Lien is conferred under any Collateral
Document.

 

11.         Rights
and Remedies Upon Event of Default. Upon and after an Event of Default, the Administrative Agent shall have the following
rights and remedies on behalf of the Secured Parties in addition to any rights and remedies set forth elsewhere in this Security
Agreement or the other Loan Documents, all of which may be exercised with or, if allowed by law, without notice to a Grantor:

 

(a)         All
of the rights and remedies of a secured party under the UCC or under other applicable law, all of which rights and remedies shall
be cumulative, and none of which shall be exclusive, to the extent permitted by law, in addition to any other rights and remedies
contained in this Security Agreement or any other Loan Document;

 

(b)         The
right to foreclose the Liens and security interests created under this Security Agreement by any available judicial procedure or
without judicial process;

 

(c)         The
right to (i) enter upon the premises of a Grantor through self-help and without judicial process, without first obtaining a final
judgment or giving such Grantor notice or opportunity for a hearing on the validity of the Administrative Agent’s claim and
without any obligation to pay rent to such Grantor, or any other place or places where any Collateral is located and kept, and
remove the Collateral therefrom to the premises of the Administrative Agent or any agent of the Administrative Agent, for such
time as the Administrative Agent may desire, in order effectively to collect or liquidate the Collateral, (ii) require such Grantor
or any bailee or other agent of such Grantor to assemble the Collateral and make it available to the Administrative Agent at a
place to be designated by the Administrative Agent that is reasonably convenient to both parties, and (iii) notify any or all Persons
party to a Qualifying Control Agreement or who otherwise have possession of or control over any Collateral of the occurrence of
an Event of Default and other appropriate circumstances, and exercise control over and take possession or custody of any or all
Collateral in the possession, custody or control of such other Persons;

 

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(d)          The
right to (i) exercise all of a Grantor’s rights and remedies with respect to the collection of Accounts, Chattel Paper, Instruments,
Supporting Obligations and General Intangibles (collectively, “Payment Collateral”), including the right to
demand payment thereof and enforce payment, by legal proceedings or otherwise; (ii) settle, adjust, compromise, extend or renew
all or any Payment Collateral or any legal proceedings pertaining thereto; (iii) discharge and release all or any Payment Collateral;
(iv) take control, in any manner, of any item of payment or proceeds referred to in Section 5 above; (v) prepare, file and
sign a Grantor’s name on any Proof of Claim in bankruptcy, notice of Lien, assignment or satisfaction of Lien or similar
document in any action or proceeding adverse to any obligor under any Payment Collateral or otherwise in connection with any Payment
Collateral; (vi) endorse the name of a Grantor upon any chattel paper, document, instrument, invoice, freight bill, bill of lading
or similar document or agreement relating to any Collateral; (vii) use the information recorded on or contained on a Grantor’s
internet website or otherwise in any data processing equipment and computer hardware and software relating to any Collateral to
which a Grantor has access; (viii) open such Grantor’s mail and collect any and all amounts due to such Grantor from any
Account Debtors or other obligor in respect of Payment Collateral; (ix) take over such Grantor’s post office boxes or make
other arrangements as the Administrative Agent, on behalf of the Secured Parties, deems necessary to receive such Grantor’s
mail, including notifying the post office authorities to change the address for delivery of such Grantor’s mail to such address
as the Administrative Agent, on behalf of the Secured Parties, may designate; (x) notify any or all Account Debtors or other obligor
on any Payment Collateral that such Payment Collateral has been assigned to the Administrative Agent for the benefit of the Secured
Parties and that Administrative Agent has a security interest therein for the benefit of the Secured Parties (provided that the
Administrative Agent may at any time give such notice to an Account Debtor that is a department, agency or authority of the United
States government); each Grantor hereby agrees that any such notice, in the Administrative Agent’s sole discretion, may (but
need not) be sent on such Grantor’s stationery, in which event such Grantor shall co-sign such notice with the Administrative
Agent if requested to do so by the Administrative Agent; and (xi) do all acts and things and execute all documents necessary, in
Administrative Agent’s sole discretion, to collect the Payment Collateral; and

 

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(e)          The
right to sell all or any Collateral in its then existing condition, or after any further manufacturing or processing thereof, at
such time or times, at public or private sale or sales, with such notice as may be required by law, in lots or in bulk, for cash
or on credit, with or without representations and warranties, all as the Administrative Agent, in its sole discretion, may deem
advisable. The Administrative Agent shall have the right to conduct such sales on a Grantor’s premises or elsewhere and shall
have the right to use a Grantor’s premises without charge for such sales for such time or times as the Administrative Agent
may see fit. The Administrative Agent may, if it deems it reasonable, postpone or adjourn any sale of the Collateral from time
to time by an announcement at the time and place of such postponed or adjourned sale, and such sale may, without further notice,
be made at the time and place to which it was so adjourned. Each Grantor agrees that the Administrative Agent has no obligation
to preserve rights to the Collateral against prior parties or to marshal any Collateral for the benefit of any Person. The Administrative
Agent for the benefit of the Secured Parties is hereby granted an irrevocable fully paid license or other right (including each
Grantor’s rights under any license or any franchise agreement), each of which shall remain in full force and effect until
the Facility Termination Date, to use, without charge, each of the labels, patents, copyrights, names, trade secrets, trade names,
trademarks and advertising matter, or any property of a similar nature owned or licensed by any Grantor, as it pertains to the
Collateral, in completing production of, advertising for sale and selling any Collateral. If any of the Collateral shall require
repairs, maintenance, preparation or the like, or is in process or other unfinished state, the Administrative Agent shall have
the right, but shall not be obligated, to perform such repairs, maintenance, preparation, processing or completion of manufacturing
for the purpose of putting the same in such saleable form as the Administrative Agent shall deem appropriate, but the Administrative
Agent shall have the right to sell or dispose of the Collateral without such processing and no Grantor shall have any claim against
the Administrative Agent for the value that may have been added to such Collateral with such processing. In addition, each Grantor
agrees that in the event notice is necessary under applicable law, written notice mailed to such Grantor in the manner specified
herein ten (10) days prior to the date of public sale of any of the Collateral or prior to the date after which any private sale
or other disposition of the Collateral will be made shall constitute commercially reasonable notice to such Grantor. All notice
is hereby waived with respect to any of the Collateral which threatens to decline speedily in value or is of a type customarily
sold on a recognized market. The Administrative Agent may purchase all or any part of the Collateral at public or, if permitted
by law, private sale, free from any right of redemption which is hereby expressly waived by such Grantor and, in lieu of actual
payment of such purchase price, may set off the amount of such price against the Secured Obligations.

 

The net cash proceeds
resulting from the collection, liquidation, sale or other disposition of the Collateral shall be applied first to the expenses
(including all Attorneys’ Costs) of retaking, holding, storing, processing and preparing for sale, selling, collecting, liquidating
and the like, and then to the satisfaction of all Secured Obligations in accordance with the terms of Section 8.03 of the
Credit Agreement. Each Grantor shall be liable to the Administrative Agent, for the benefit of the Secured Parties, and shall pay
to the Administrative Agent, for the benefit of the Secured Parties, on demand any deficiency which may remain after such sale,
disposition, collection or liquidation of the Collateral.

 

12.         Attorney-in-Fact.
Each Grantor hereby appoints the Administrative Agent as the Grantor’s attorney-in-fact for the purposes of carrying out
the provisions of this Security Agreement and taking any action and executing any instrument which the Administrative Agent may
deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest; provided,
that the Administrative Agent shall have and may exercise rights under this power of attorney only upon the occurrence and during
the continuance of an Event of Default. Without limiting the generality of the foregoing, upon the occurrence and during the continuance
of an Event of Default, the Administrative Agent shall have the right and power

 

(a)          to
ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due
under or in respect of any of the Collateral;

 

(b)          to
receive, endorse and collect any drafts or other instruments, documents and chattel paper in connection with clause (a)
above;

 

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(c)          to
endorse such Grantor’s name on any checks, notes, drafts or any other payment relating to or constituting proceeds of the
Collateral which comes into the Administrative Agent’s possession or the Administrative Agent’s control, and deposit
the same to the account of the Administrative Agent, for the benefit of the Secured Parties, on account and for payment of the
Secured Obligations;

 

(d)          to
file any claims or take any action or institute any proceedings that the Administrative Agent may deem necessary or desirable for
the collection of any of the Collateral or otherwise to enforce the rights of the Administrative Agent, for the benefit of the
Secured Parties, with respect to any of the Collateral; and

 

(e)          to
execute, in connection with any sale or other disposition of Collateral provided for herein, any endorsement, assignments, or other
instruments of conveyance or transfer with respect thereto.

 

13.         Reinstatement.
The granting of a security interest in the Collateral and the other provisions hereof shall continue to be effective or be reinstated,
as the case may be, if at any time any payment of any of the Secured Obligations is rescinded or must otherwise be returned by
any Secured Party or is repaid by any Secured Party in whole or in part in good faith settlement of a pending or threatened avoidance
claim, whether upon the insolvency, bankruptcy or reorganization of any Grantor or any other Loan Party or otherwise, all as though
such payment had not been made. The provisions of this Section 13 shall survive repayment of all of the Secured Obligations
and the termination or expiration of this Security Agreement in any manner, including but not limited to termination upon occurrence
of the Facility Termination Date.

 

14.         Certain
Waivers by the Grantors. Each Grantor waives to the extent permitted by applicable law (a) any right to require any Secured
Party or any other obligee of the Secured Obligations to (x) proceed against any Person or entity, including without limitation
any Loan Party, (y) proceed against or exhaust any Collateral or other collateral for the Secured Obligations, or (z) pursue any
other remedy in its power; (b) any defense arising by reason of any disability or other defense of any other Person, or by reason
of the cessation from any cause whatsoever of the liability of any other Person or entity, (c) any right of subrogation, and (d)
any right to enforce any remedy which any Secured Party or any other obligee of the Secured Obligations now has or may hereafter
have against any other Person and any benefit of and any right to participate in any collateral or security whatsoever now or hereafter
held by the Administrative Agent for the benefit of the Secured Parties. Each Grantor authorizes each Secured Party and each other
obligee of the Secured Obligations without notice (except notice required by applicable law) or demand and without affecting its
liability hereunder or under the Loan Documents from time to time to: (i) take and hold security, other than the Collateral herein
described, for the payment of such Secured Obligations or any part thereof, and exchange, enforce, waive and release the Collateral
herein described or any part thereof or any such other security; and (ii) apply such Collateral or other security and direct the
order or manner of sale thereof as such Secured Party or obligee in its discretion may determine.

 

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The Administrative
Agent may at any time deliver (without representation, recourse or warranty) the Collateral or any part thereof to a Grantor and
the receipt thereof by such Grantor shall be a complete and full acquittance for the Collateral so delivered, and the Administrative
Agent shall thereafter be discharged from any liability or responsibility therefor.

 

15.         Continued
Powers. Until the Facility Termination Date shall have occurred, the power of sale and other rights, powers and remedies
granted to the Administrative Agent for the benefit of the Secured Parties hereunder shall continue to exist and may be exercised
by the Administrative Agent at any time and from time to time irrespective of the fact that any of the Secured Obligations or any
part thereof may have become barred by any statute of limitations or that any part of the liability of any Grantor may have ceased.

 

16.         Other
Rights. The rights, powers and remedies given to the Administrative Agent for the benefit of the Secured Parties by this
Security Agreement shall be in addition to all rights, powers and remedies given to the Administrative Agent or any Secured Party
under any other Loan Document or by virtue of any statute or rule of law. Any forbearance or failure or delay by the Administrative
Agent in exercising any right, power or remedy hereunder shall not be deemed to be a waiver of such right, power or remedy, and
any single or partial exercise of any right, power or remedy hereunder shall not preclude the further exercise thereof; and every
right, power and remedy of the Secured Parties shall continue in full force and effect until such right, power or remedy is specifically
waived in accordance with the terms of the Credit Agreement.

 

17.         Anti-Marshaling
Provisions. The right is hereby given by each Grantor to the Administrative Agent, for the benefit of the Secured Parties,
to make releases (whether in whole or in part) of all or any part of the Collateral agreeable to the Administrative Agent without
notice to, or the consent, approval or agreement of other parties and interests, including junior lienors, which releases shall
not impair in any manner the validity of or priority of the Liens and security interests in the remaining Collateral conferred
hereunder, nor release any Grantor from personal liability for the Secured Obligations. Notwithstanding the existence of any other
security interest in the Collateral held by the Administrative Agent, for the benefit of the Secured Parties, the Administrative
Agent shall have the right to determine the order in which any or all of the Collateral shall be subjected to the remedies provided
in this Security Agreement. Each Grantor hereby waives any and all right to require the marshaling of assets in connection with
the exercise of any of the remedies permitted by applicable law or provided herein or in any other Loan Document.

 

18.         Entire
Agreement. This Security Agreement and each Security Joinder Agreement, together with the Credit Agreement and other Loan
Documents, constitutes and expresses the entire understanding between the parties hereto with respect to the subject matter hereof,
and supersedes all prior negotiations, agreements and understandings, inducements, commitments or conditions, express or implied,
oral or written, except as contained in the Loan Documents. The express terms hereof and of the Security Joinder Agreements control
and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof or thereof. Neither this
Security Agreement nor any Security Joinder Agreement nor any portion or provision hereof or thereof may be changed, altered, modified,
supplemented, discharged, canceled, terminated, or amended orally or in any manner other than as provided in the Credit Agreement.

 

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19.         Third
Party Reliance. Each Grantor hereby consents and agrees that all issuers of or obligors in respect of any Collateral, and
all securities intermediaries, warehousemen, bailees, public officials and other Persons having any interest in, possession of,
control over or right, privilege, duty or discretion in respect of, any Collateral shall be entitled to accept the provisions hereof
and of the Security Joinder Agreements as conclusive evidence of the right of the Administrative Agent, on behalf of the Secured
Parties, to exercise its rights hereunder or thereunder with respect to the Collateral, notwithstanding any other notice or direction
to the contrary heretofore or hereafter given by any Grantor or any other Person to any of such Persons.

 

20.         Binding
Agreement; Assignment. This Security Agreement and each Security Joinder Agreement, and the terms, covenants and conditions
hereof and thereof, shall be binding upon and inure to the benefit of the parties hereto, and to their respective successors and
assigns, except that no Grantor shall be permitted to assign this Security Agreement, any Security Joinder Agreement or any interest
herein or therein or, except as expressly permitted herein or in the Credit Agreement, in the Collateral or any part thereof or
interest therein. Without limiting the generality of the foregoing sentence of this Section 20, any Lender may assign to
one or more Persons, or grant to one or more Persons participations in or to, all or any part of its rights and obligations under
the Credit Agreement (to the extent permitted by the Credit Agreement); and to the extent of any such assignment or participation
such other Person shall, to the fullest extent permitted by law, thereupon become vested with all the benefits in respect thereof
granted to such Lender herein or otherwise, subject however, to the provisions of the Credit Agreement, including Article IX
thereof (concerning the Administrative Agent) and Section 10.06 thereof (concerning assignments and participations). All
references herein to the Administrative Agent and to the Secured Parties shall include any successor thereof or permitted assignee,
and any other obligees from time to time of the Secured Obligations.

 

21.         Secured
Cash Management Agreements and Secured Hedging Agreements. No Secured Party (other than the Administrative Agent) that
obtains the benefit of this Security Agreement shall have any right to notice of any action or to consent to, direct or object
to any action hereunder or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other
than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding
any other provision of this Security Agreement to the contrary, the Administrative Agent shall only be required to verify the payment
of, or that other satisfactory arrangement have been made with respect to, the Secured Obligations arising under Secured Cash Management
Agreements and Secured Hedge Agreements to the extent the Administrative Agent has received written notice of such Obligations,
together with such supporting documentation as it may request, from the applicable Cash Management Bank or Hedge Bank, as the case
may be. Each Secured Party not a party to the Credit Agreement that obtains the benefit of this Security Agreement shall be deemed
to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of the Credit Agreement, and
that with respect to the actions and omissions of the Administrative Agent hereunder or otherwise relating hereto that do or may
affect such Secured Party, the Administrative Agent and each of its Related Parties shall be entitled to all the rights, benefits
and immunities conferred under Article IX of the Credit Agreement.

 

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22.         Severability.
The provisions of this Security Agreement are independent of and separable from each other. If any provision hereof shall for any
reason be held invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of
any other provision hereof, but this Security Agreement shall be construed as if such invalid or unenforceable provision had never
been contained herein.

 

23.         Counterparts.
This Security Agreement may be executed in any number of counterparts each of which when so executed and delivered shall be deemed
an original, and it shall not be necessary in making proof of this Security Agreement to produce or account for more than one such
counterpart executed by the Grantor against whom enforcement is sought. Without limiting the foregoing provisions of this Section
23, the provisions of Section 10.10 of the Credit Agreement shall be applicable to this Security Agreement.

 

24.         Termination.
Subject to the provisions of Section 13, this Security Agreement and each Security Joinder Agreement, and all obligations
of the Grantors hereunder (excluding those obligations and liabilities that expressly survive such termination) shall terminate
without delivery of any instrument or performance of any act by any party on the Facility Termination Date. Upon such termination
of this Security Agreement, the Administrative Agent shall, at the request and sole expense of the Grantors, promptly deliver to
the Grantors such termination statements and take such further actions as the Grantors may reasonably request to terminate of record,
or otherwise to give appropriate notice of the termination of, any Lien conferred hereunder.

 

25.         Notices.
Any notice required or permitted hereunder shall be given (a) with respect to the Borrowers, at the address for the giving of notice
to the Company then in effect under the Credit Agreement, (b) with respect to any Grantor, at the address then in effect for the
giving of notices to such Grantor under the Guaranty to which it is a party, and (c) with respect to the Administrative Agent or
a Lender, at the Administrative Agent’s address indicated in Schedule 10.02 of the Credit Agreement. All such addresses
may be modified, and all such notices shall be given and shall be effective, as provided in Schedule 10.02 of the Credit
Agreement for the giving and effectiveness of notices and modifications of addresses thereunder.

 

26.         Joinder.
Each Person that shall at any time execute and deliver to the Administrative Agent a Security Joinder Agreement substantially
in the form attached as Exhibit A hereto shall thereupon irrevocably, absolutely and unconditionally become a party hereto
and obligated hereunder as a Grantor and shall have thereupon pursuant to Section 2 hereof granted a security interest in
and collaterally assigned to the Administrative Agent for the benefit of the Secured Parties all Collateral in which it has at
its Applicable Date or thereafter acquires any interest or the power to transfer, and all references herein and in the other Loan
Documents to the Grantors or to the parties to this Security Agreement shall be deemed to include such Person as a Grantor hereunder.
Each Security Joinder Agreement shall be accompanied by the Supplemental Schedules referred to therein, appropriately completed
with information relating to the Grantor executing such Security Joinder Agreement and its property. Each of the applicable Schedules
attached hereto shall be deemed amended and supplemented without further action by such information reflected on the Supplemental
Schedules.

 

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27.         Rules
of Interpretation. The rules of interpretation contained in Section 1.02 of the Credit Agreement shall be applicable
to this Security Agreement and each Security Joinder Agreement and are hereby incorporated by reference. All representations and
warranties contained herein shall survive the delivery of documents and any Credit Extensions referred to herein or secured hereby.

 

28.         Governing
Law; Waivers.

 

(a)          THIS
SECURITY AGREEMENT AND EACH SECURITY JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE; PROVIDED THAT (i) WITH RESPECT TO
THOSE INSTANCES IN WHICH THE APPLICABLE CHOICE OF LAWS RULES OF SUCH STATE, INCLUDING SECTION 9-301 OF THE UCC, REQUIRE THAT THE
MANNER OF CREATION OF A SECURITY INTEREST IN SPECIFIC COLLATERAL OR THE MANNER OR EFFECT OF PERFECTION OR NONPERFECTION OR THE
RULES GOVERNING PRIORITY OF SECURITY INTERESTS ARE TO BE GOVERNED BY THE LAWS OF ANOTHER JURISDICTION, THEN THE LAWS OF SUCH OTHER
JURISDICTION SHALL GOVERN SUCH MATTERS, (ii) EACH CONTROL AGREEMENT (INCLUDING EACH QUALIFYING CONTROL AGREEMENT) APPLICABLE TO
ANY SECURITIES ACCOUNT OR DEPOSIT ACCOUNT SHALL BE GOVERNED BY THE LAWS OF THE JURISDICTION SPECIFIED IN SUCH CONTROL AGREEMENT,
OR OTHERWISE BY THE LAWS OF THE JURISDICTION THAT GOVERN THE SECURITIES ACCOUNT OR DEPOSIT ACCOUNT TO WHICH SUCH CONTROL AGREEMENT
RELATES, AND (iii) IN THOSE INSTANCES IN WHICH THE LAWS OF THE JURISDICTION IN WHICH COLLATERAL IS LOCATED GOVERN MATTERS PERTAINING
TO THE METHODS AND EFFECT OF REALIZING ON COLLATERAL, SUCH LAWS SHALL BE GIVEN EFFECT WITH RESPECT TO SUCH MATTERS.

 

(b)          EACH
GRANTOR HEREBY EXPRESSLY AND IRREVOCABLY AGREES AND CONSENTS THAT ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS SECURITY AGREEMENT OR ANY SECURITY JOINDER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN MAY BE INSTITUTED
IN ANY STATE OR FEDERAL COURT SITTING IN THE COUNTY OF NEW YORK STATE OF NEW YORK, UNITED STATES OF AMERICA AND, BY THE EXECUTION
AND DELIVERY OF THIS SECURITY AGREEMENT OR A SECURITY JOINDER AGREEMENT, EXPRESSLY WAIVES ANY OBJECTION THAT IT MAY HAVE NOW OR
HEREAFTER TO THE LAYING OF THE VENUE OR TO THE JURISDICTION OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND IRREVOCABLY SUBMITS GENERALLY
AND UNCONDITIONALLY TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING.

 

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(c)          EACH
GRANTOR AGREES THAT SERVICE OF PROCESS MAY BE MADE BY PERSONAL SERVICE OF A COPY OF THE SUMMONS AND COMPLAINT OR OTHER LEGAL PROCESS
IN ANY SUCH SUIT, ACTION OR PROCEEDING, OR BY REGISTERED OR CERTIFIED MAIL (POSTAGE PREPAID) TO THE ADDRESS OF SUCH PARTY PROVIDED
IN SECTION 25 OR BY ANY OTHER METHOD OF SERVICE PROVIDED FOR UNDER THE APPLICABLE LAWS IN EFFECT IN THE STATE OF NEW YORK.

 

(d)          NOTHING
CONTAINED IN SUBSECTIONS (b) OR (c) HEREOF SHALL PRECLUDE THE ADMINISTRATIVE AGENT FROM BRINGING ANY SUIT, ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY SECURITY JOINDER AGREEMENT OR THE OTHER LOAN DOCUMENTS
IN THE COURTS OF ANY PLACE WHERE ANY OTHER PARTY OR ANY OF SUCH PARTY’S PROPERTY OR ASSETS MAY BE FOUND OR LOCATED. TO THE
EXTENT PERMITTED BY THE APPLICABLE LAWS OF ANY SUCH JURISDICTION, EACH GRANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF
ANY SUCH COURT AND EXPRESSLY WAIVES, IN RESPECT OF ANY SUCH SUIT, ACTION OR PROCEEDING, THE JURISDICTION OF ANY OTHER COURT OR
COURTS WHICH NOW OR HEREAFTER, BY REASON OF ITS PRESENT OR FUTURE DOMICILE, OR OTHERWISE, MAY BE AVAILABLE UNDER APPLICABLE LAW.

 

(e)          IN
ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER OR RELATED TO THIS SECURITY AGREEMENT OR ANY SECURITY
JOINDER AGREEMENT OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR THAT MAY IN THE FUTURE BE DELIVERED IN CONNECTION
WITH THE FOREGOING, EACH PARTY HEREBY AGREES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, THAT ANY SUCH ACTION OR PROCEEDING SHALL
BE TRIED BEFORE A COURT AND NOT BEFORE A JURY AND HEREBY EXPRESSLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
SUCH PERSON MAY HAVE TO TRIAL BY JURY IN ANY SUCH ACTION, SUIT OR PROCEEDING.

 

(f)          EACH
GRANTOR HEREBY EXPRESSLY WAIVES ANY OBJECTION IT MAY HAVE THAT ANY COURT TO WHOSE JURISDICTION IT HAS SUBMITTED PURSUANT TO THE
TERMS HEREOF IS AN INCONVENIENT FORUM.

 

[Signature pages follow.]

 

    	27

    	 

    

 

IN WITNESS WHEREOF,
the parties have duly executed this Security Agreement on the day and year first written above.

 

	 	GRANTORS:
	 	 
	 	TILE SHOP HOLDINGS, INC.
	 	 
	 	By:	/s/ Timothy C. Clayton
	 	Name:   	Timothy C. Clayton
	 	Title:	CFO & Senior Vice President

 

	 	THE TILE SHOP, LLC
	 	 
	 	By:	/s/ Timothy C. Clayton
	 	Name:   	Timothy C. Clayton
	 	Title:	CFO & Senior Vice President
	 	 
	 	ILTS, LLC
	 	 
	 	By:	/s/ Timothy C. Clayton
	 	Name:	Timothy C. Clayton
	 	Title:	CFO & Senior Vice President

 

	 	JWC ACQUISITION CORP.
	 	 
	 	By:	/s/ Timothy C. Clayton
	 	Name:   	Timothy C. Clayton
	 	Title:	CFO & Senior Vice President

 

	 	THE TILE SHOP OF MICHIGAN, LLC
	 	 
	 	By:	/s/ Timothy C. Clayton
	 	Name:   	Timothy C. Clayton
	 	Title:	CFO & Senior Vice President

 

Security Agreement

Signature Page

 

    	 

    	 

    

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	BANK OF AMERICA,  N.A., as Administrative Agent
	 	 
	 	By:	/s/ Charlene Wright - Jones                        
	 	Name:    	Charlene Wright - Jones
	 	Title:	Vice President

 

Security Agreement

Signature Page

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