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pgre-ex101_8.htm

EXHIBIT 10.1

EXECUTION COPY

Published Deal CUSIP Number: 69924LAF8
Published Revolver CUSIP Number: 69924LAG6

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of December 17, 2021

among

PARAMOUNT GROUP OPERATING PARTNERSHIP LP,

as the Borrower,

PARAMOUNT GROUP, INC.,

CERTAIN SUBSIDIARIES OF PARAMOUNT GROUP, INC.

FROM TIME TO TIME PARTY HERETO,

as Guarantors

BANK OF AMERICA, N.A.,
as Administrative Agent

WELLS FARGO BANK, NATIONAL ASSOCIATION,

JPMORGAN CHASE BANK, N.A.

and

U.S. BANK NATIONAL ASSOCIATION,

as Syndication Agents

CITIZENS BANK, NATIONAL ASSOCIATION and
CAPITAL ONE, NATIONAL ASSOCIATION,

as Documentation Agents

MORGAN STANLEY SENIOR FUNDING, INC., GOLDMAN SACHS BANK USA,
SIGNATURE BANK and TD BANK, N.A.

as Managing Agents

BofA SECURITIES, INC.,
as Sustainability Structuring Agent

and

THE LENDERS AND L/C ISSUERS FROM TIME TO TIME PARTY HERETO

 

BofA SECURITIES, INC., WELLS FARGO SECURITIES, LLC,
JPMORGAN CHASE BANK, N.A., U.S. BANK NATIONAL ASSOCIATION,
CITIZENS BANK, NATIONAL ASSOCIATION and CAPITAL ONE, NATIONAL ASSOCIATION,

as Joint Lead Arrangers

 

BofA SECURITIES, INC.,

WELLS FARGO SECURITIES, LLC,

JPMORGAN CHASE BANK, N.A.

and

U.S. BANK NATIONAL ASSOCIATION,

as Joint Bookrunners

 

 

170783214

 

 

			
	
 
	
TABLE OF CONTENTS
	
 

	
 
	
 
	
 

	
Section
	
 
	
Page

	
 
	
 
	
 

	
ARTICLE I.
	
     DEFINITIONS AND ACCOUNTING TERMS
	
1

	
1.01
	
Defined Terms
	
1

	
1.02
	
Other Interpretive Provisions
	
44

	
1.03
	
Accounting Terms
	
45

	
1.04
	
Rounding
	
46

	
1.05
	
Times of Day
	
46

	
1.06
	
Letter of Credit Amounts
	
46

	
1.07
	
Interest Rates
	
46

	
1.08
	
Sustainability Adjustments
	
47

	
ARTICLE II.
	
     THE COMMITMENTS AND CREDIT EXTENSIONS
	
49

	
2.01
	
Committed Loans
	
49

	
2.02
	
Borrowings, Conversions and Continuations of Committed Loans
	
49

	
2.03
	
[Intentionally Omitted]
	
51

	
2.04
	
Letters of Credit
	
51

	
2.05
	
Special Revolving Advances
	
61

	
2.06
	
[Intentionally Omitted]
	
64

	
2.07
	
Prepayments
	
64

	
2.08
	
Termination or Reduction of Revolving Credit Facility
	
65

	
2.09
	
Repayment of Loans
	
66

	
2.10
	
Interest
	
66

	
2.11
	
Fees
	
66

	
2.12
	
Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
	
67

	
2.13
	
Evidence of Debt
	
68

	
2.14
	
Payments Generally; Administrative Agent’s Clawback
	
68

	
2.15
	
Sharing of Payments by Lenders
	
70

	
2.16
	
Extension of Revolver Maturity Date
	
71

	
2.17
	
[Intentionally Omitted]
	
72

	
2.18
	
Incremental Facilities
	
72

	
2.19
	
Cash Collateral
	
75

	
2.20
	
Defaulting Lenders
	
77

	
ARTICLE III.
	
     TAXES, YIELD PROTECTION AND ILLEGALITY
	
79

	
3.01
	
Taxes
	
79

	
3.02
	
Illegality
	
83

	
3.03
	
Inability to Determine Rates; Replacement of Term SOFR and/or SOFR or a Successor Rate
	
84

	
3.04
	
Increased Costs
	
86

	
3.05
	
Compensation for Losses
	
88

	
3.06
	
Mitigation Obligations; Replacement of Lenders
	
88

	
3.07
	
Survival
	
89

	
ARTICLE IV.
	
     CONDITIONS PRECEDENT
	
89

	
4.01
	
Conditions of Effectiveness
	
89

	
4.02
	
Conditions to all Credit Extensions
	
91

 

 

			
	
ARTICLE V.
	
     REPRESENTATIONS AND WARRANTIES
	
92

	
5.01
	
Existence, Qualification and Power
	
92

	
5.02
	
Authorization; No Contravention
	
92

	
5.03
	
Governmental Authorization; Other Consents
	
92

	
5.04
	
Binding Effect
	
92

	
5.05
	
Financial Statements; No Material Adverse Effect
	
93

	
5.06
	
Litigation
	
93

	
5.07
	
No Default
	
93

	
5.08
	
Ownership of Property
	
93

	
5.09
	
Environmental Compliance
	
93

	
5.10
	
Insurance
	
94

	
5.11
	
Taxes
	
94

	
5.12
	
ERISA Compliance
	
94

	
5.13
	
Subsidiaries; Equity Interests
	
95

	
5.14
	
Margin Regulations; Investment Company Act
	
95

	
5.15
	
Disclosure
	
95

	
5.16
	
Compliance with Laws
	
96

	
5.17
	
[Intentionally Omitted]
	
96

	
5.18
	
Solvency
	
96

	
5.19
	
OFAC
	
96

	
5.20
	
Anti-Money Laundering Laws; Anti-Corruption Laws
	
96

	
5.21
	
REIT Status; Stock Exchange Listing
	
97

	
5.22
	
Unencumbered Properties
	
97

	
5.23
	
Subsidiary Guarantors
	
97

	
5.24
	
Affected Financial Institution
	
97

	
5.25
	
Covered Entities
	
97

	
ARTICLE VI.
	
     AFFIRMATIVE COVENANTS
	
97

	
6.01
	
Financial Statements
	
97

	
6.02
	
Certificates; Other Information
	
98

	
6.03
	
Notices
	
100

	
6.04
	
Payment of Taxes
	
101

	
6.05
	
Preservation of Existence, Etc
	
101

	
6.06
	
Maintenance of Properties
	
101

	
6.07
	
Maintenance of Insurance
	
101

	
6.08
	
Compliance with Laws
	
101

	
6.09
	
Books and Records
	
101

	
6.10
	
Inspection Rights; Appraisals
	
102

	
6.11
	
Use of Proceeds
	
102

	
6.12
	
Additional Guarantors
	
102

	
6.13
	
Compliance with Environmental Laws
	
103

	
6.14
	
Minimum Property Condition
	
104

	
6.15
	
[Reserved]
	
104

	
6.16
	
Anti-Corruption Laws; Sanctions
	
104

	
6.17
	
Maintenance of REIT Status; Stock Exchange Listing
	
104

	
ARTICLE VII.
	
     NEGATIVE COVENANTS
	
104

	
7.01
	
Liens
	
104

	
 
	
 
	
 

ii

 

			
	
7.02
	
Investments
	
104

	
7.03
	
Indebtedness
	
105

	
7.04
	
[Intentionally Omitted]
	
105

	
7.05
	
Fundamental Changes; Dispositions
	
105

	
7.06
	
Restricted Payments
	
106

	
7.07
	
Change in Nature of Business
	
107

	
7.08
	
Transactions with Affiliates
	
107

	
7.09
	
Burdensome Agreements
	
107

	
7.10
	
Use of Proceeds
	
108

	
7.11
	
Financial Covenants
	
108

	
7.12
	
Amendments of Organization Documents
	
109

	
7.13
	
Accounting Changes
	
109

	
7.14
	
Anti-Money Laundering; Sanctions; Anti-Corruption Laws
	
109

	
7.15
	
Compliance with Environmental Laws
	
109

	
7.16
	
REIT Covenants
	
110

	
ARTICLE VIII.
	
     EVENTS OF DEFAULT AND REMEDIES
	
111

	
8.01
	
Events of Default
	
111

	
8.02
	
Remedies Upon Event of Default
	
113

	
8.03
	
Application of Funds
	
113

	
ARTICLE IX.
	
     ADMINISTRATIVE AGENT
	
114

	
9.01
	
Appointment and Authority
	
114

	
9.02
	
Rights as a Lender
	
115

	
9.03
	
Exculpatory Provisions
	
115

	
9.04
	
Reliance by Administrative Agent
	
116

	
9.05
	
Delegation of Duties
	
116

	
9.06
	
Resignation of Administrative Agent
	
117

	
9.07
	
Non-Reliance on Administrative Agent, Arrangers and Other Lenders
	
118

	
9.08
	
No Other Duties, Etc
	
119

	
9.09
	
Administrative Agent May File Proofs of Claim
	
119

	
9.10
	
Guaranty Matters
	
120

	
9.11
	
Certain ERISA Matters
	
120

	
9.12
	
Recovery of Erroneous Payments
	
121

	
ARTICLE X.
	
     CONTINUING GUARANTY
	
122

	
10.01
	
Guaranty
	
122

	
10.02
	
Rights of Lenders
	
122

	
10.03
	
Certain Waivers
	
122

	
10.04
	
Obligations Independent
	
123

	
10.05
	
Subrogation
	
123

	
10.06
	
Termination; Reinstatement
	
123

	
10.07
	
Subordination
	
124

	
10.08
	
Stay of Acceleration
	
124

	
10.09
	
Condition of the Borrower
	
124

	
10.10
	
Contribution
	
124

	
10.11
	
REIT Guarantee Effectiveness
	
125

	
ARTICLE XI.
	
     MISCELLANEOUS
	
126

	
11.01
	
Amendments, Etc
	
126

	
 
	
 
	
 

iii

 

			
	
11.02
	
Notices; Effectiveness; Electronic Communication
	
129

	
11.03
	
No Waiver; Cumulative Remedies; Enforcement
	
131

	
11.04
	
Expenses; Indemnity; Damage Waiver
	
131

	
11.05
	
Payments Set Aside
	
134

	
11.06
	
Successors and Assigns
	
134

	
11.07
	
Treatment of Certain Information; Confidentiality
	
140

	
11.08
	
Right of Setoff
	
141

	
11.09
	
Interest Rate Limitation
	
142

	
11.10
	
Integration; Effectiveness
	
142

	
11.11
	
Survival of Representations and Warranties
	
142

	
11.12
	
Severability
	
143

	
11.13
	
Replacement of Lenders
	
143

	
11.14
	
Governing Law; Jurisdiction; Etc
	
144

	
11.15
	
Waiver of Jury Trial
	
145

	
11.16
	
No Advisory or Fiduciary Responsibility
	
145

	
11.17
	
Electronic Execution; Electronic Records; Counterparts
	
146

	
11.18
	
USA PATRIOT Act
	
147

	
11.19
	
Releases of Guarantors
	
147

	
11.20
	
ENTIRE AGREEMENT
	
151

	
11.21
	
Acknowledgement and Consent to Bail-In of Affected Financial Institutions
	
151

	
11.22
	
No Novation
	
152

	
11.23
	
Exiting Lenders
	
152

	
11.24
	
Acknowledgement Regarding Any Supported QFCs
	
152

	
11.25
	
Appraisals
	
153

 

iv

 

 

SCHEDULES

			
	
1.01A
	
 
	
Closing Date Unencumbered Eligible Properties

	
1.08
	
 
	
Sustainability Table

	
2.01
	
 
	
Revolving Credit Commitments, Applicable Percentages and Sublimits

	
2.04
	
 
	
Existing Letters of Credit

	
5.13
	
 
	
Subsidiaries; Equity Interests; Loan Parties

	
11.02
	
 
	
Administrative Agent’s Office; Certain Addresses for Notices

 

 

EXHIBITS

			
	
A
	
 
	
Form of Committed Loan Notice

	
B
	
 
	
[Reserved]

	
C
	
 
	
[Reserved]

	
D
	
 
	
Form of Note

	
E
	
 
	
Form of Compliance Certificate

	
F-1
	
 
	
Form of Assignment and Assumption

	
F-2
	
 
	
Form of Administrative Questionnaire

	
G
	
 
	
Forms of U.S. Tax Compliance Certificates

	
H
	
 
	
Form of Joinder Agreement

	
I
	
 
	
Form of Solvency Certificate

	
J
	
 
	
Form of Pricing Certificate

 

 

v

 

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

This SECOND AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of December 17, 2021, among PARAMOUNT GROUP OPERATING PARTNERSHIP LP, a Delaware limited partnership (the “Borrower”), PARAMOUNT GROUP, INC., a Maryland corporation (the “REIT”), certain subsidiaries of the REIT from time to time party hereto, as Guarantors, each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), BANK OF AMERICA, N.A., as Administrative Agent, and the financial institutions party hereto as L/C Issuers.

The Borrower, the REIT, certain subsidiaries of the REIT party thereto, as guarantors, Bank of America, as administrative agent, letter of credit issuer and swing line lender, certain other lenders and certain financial institutions party thereto as letter of credit issuers are party to that certain Amended and Restated Credit Agreement, dated as of January 10, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”), pursuant to which such lenders and financial institutions provided revolving credit facilities, letters of credit and other extensions of credit to the Borrower on the terms and conditions set forth therein.

The Borrower, the Administrative Agent, and the Lenders party hereto have agreed to enter into this Agreement to amend and restate in its entirety the Existing Credit Agreement 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

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

“Accepting Lenders” has the meaning specified in Section 11.01.

“Acquisition” means (a) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the Equity Interests of another Person or (b) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the assets of another Person that constitute a business unit.

“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 11.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders in accordance with the provisions of Section 11.02.

“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit F-2 or any other form approved by the Administrative Agent.

 

 

“Affected Facility” has the meaning specified in Section 11.01.

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

“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.  In no event shall the Administrative Agent or any Lender be deemed to be an Affiliate of the REIT or any of its Subsidiaries.

“Aggregate Deficit Amount” has the meaning specified in Section 10.10.

“Aggregate Excess Amount” has the meaning specified in Section 10.10.

“Agreement” has the meaning specified in the first introductory paragraph hereto.

“Anti-Corruption Laws” means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”) or any other applicable anti-corruption law.

“Applicable Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Revolving Credit Facility represented by such Lender’s Revolving Credit Commitment at such time, subject to adjustment as provided in Section 2.20; provided, that if the commitment of each Lender to make Loans and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if all Lender Revolving Credit Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments made in accordance with the terms of this Agreement.  The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption or New Lender Joinder Agreement pursuant to which such Lender becomes a party hereto, as applicable.

“Applicable Rate” means, for any day, with respect to any Term SOFR Loan, Daily SOFR Loan, Base Rate Loan, Letter of Credit Fee and Facility Fee, as the case may be:

(a)until the Investment Grade Pricing Effective Date, the applicable rate per annum set forth below, based upon the range into which the Leverage Ratio then falls in accordance with the following table (the “Leveraged-Based Applicable Rate”):

					
	
Pricing Level
	
Leverage Ratio
	
Facility Fee
	
Term SOFR Loans, Daily SOFR Loans  and Letter of Credit Fees
	
Base Rate Loans

	
Category 1
	
≤ 35%
	
0.15%
	
1.10%
	
0.10%

	
Category 2
	
> 35% and ≤ 45%
	
0.20%
	
1.15%
	
0.15%

	
Category 3
	
> 45% and ≤ 50%
	
0.20%
	
1.35%
	
0.35%

2

 

					
	
Pricing Level
	
Leverage Ratio
	
Facility Fee
	
Term SOFR Loans, Daily SOFR Loans  and Letter of Credit Fees
	
Base Rate Loans

	
Category 4
	
> 50% and ≤ 55%
	
0.30%
	
1.40%
	
0.40%

	
Category 5
	
> 55%
	
0.30%
	
1.60%
	
0.60%

The Leverage Ratio shall be determined as of the end of each fiscal quarter based on the financial statements and related Compliance Certificate delivered pursuant to Section 6.01 and Section 6.02(b), respectively, in respect of such fiscal quarter or fiscal year, and each change in rates resulting from a change in the Leverage Ratio shall be effective from and including the first Business Day immediately following the date when the Administrative Agent receives such financial statements and related Compliance Certificate indicating such change to but excluding the effective date of the next such change.  Notwithstanding the foregoing, if either the financial statements or related Compliance Certificate are not delivered when due in accordance with Section 6.01 and Section 6.02(b), respectively, then the highest pricing (at Pricing Level Category 5) shall apply as of the first Business Day after the date on which such financial statements and related Compliance Certificate were required to have been delivered and shall continue to apply until the first Business Day immediately following the date on which both such financial statements and related Compliance Certificate have been delivered in accordance with Section 6.01 and Section 6.02(b), respectively, whereupon the Applicable Rate shall be adjusted based upon the calculation of the Leverage Ratio contained in such Compliance Certificate.  The Applicable Rate in effect from the Closing Date through the first Business Day immediately following the date financial statements and a Compliance Certificate are required to be delivered pursuant to Section 6.01(a) and Section 6.02(b), respectively, for the fiscal year ending December 31, 2021 shall be at Pricing Level Category 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 2.12(b); or

(b)at all times on and after the Investment Grade Pricing Effective Date, the applicable rate per annum set forth below, based upon the Borrower’s or the REIT’s, as applicable, Debt Rating as set forth below applicable on such date (the “Ratings-Based Applicable Rate”):

					
	
Pricing Level
	
Debt Rating

(S&P and Fitch/Moody’s)
	
Facility Fee
	
Term SOFR Loans, Daily SOFR Loans  and Letter of Credit Fees
	
Base Rate Loans

	
Category 1
	
≥ A- / A3
	
0.125%
	
0.725%
	
0.00%

	
Category 2
	
BBB+ / Baa1
	
0.150%
	
0.775%
	
0.00%

	
Category 3
	
BBB / Baa2
	
0.200%
	
0.850%
	
0.00%

	
Category 4
	
BBB- / Baa3
	
0.250%
	
1.050%
	
0.05%

3

 

					
	
Pricing Level
	
Debt Rating

(S&P and Fitch/Moody’s)
	
Facility Fee
	
Term SOFR Loans, Daily SOFR Loans  and Letter of Credit Fees
	
Base Rate Loans

	
Category 5
	
< BBB- / Baa3 

(or unrated)
	
0.300%
	
1.400%
	
0.40%

For purposes hereof, if at any time the Borrower or the REIT, as applicable, has two (2) Debt Ratings, and such Debt Ratings are not equivalent, then: (A) if the difference between such Debt Ratings is one ratings category (e.g., Baa2 by Moody's and BBB- by S&P or Fitch), the Applicable Rate shall be determined based on the higher of the Debt Ratings; and (B) if the difference between such Debt Ratings is two ratings categories (e.g., Baa1 by Moody's and BBB- by S&P or Fitch) or more, the Applicable Rate shall be determined based on the Debt Rating that is one lower than the highest of the applicable Debt Ratings.  If at any time the Borrower or the REIT, as applicable, has three (3) Debt Ratings, and such Debt Ratings are split, then: (A) if the difference between the highest and the lowest such Debt Ratings is one ratings category (e.g., Baa2 by Moody’s and BBB- by S&P or Fitch), the Applicable Rate shall be the rate per annum that would be applicable if the highest of the Debt Ratings were used; and (B) if the difference between such Debt Ratings is two ratings categories (e.g., Baa1 by Moody’s and BBB- by S&P or Fitch) or more, the Applicable Rate shall be the rate per annum that would be applicable if the average of the two (2) highest Debt Ratings were used, provided that if such average is not a recognized rating category, then the Applicable Rate shall be the rate per annum that would be applicable if the second highest Debt Rating of the three were used.  If at any time the Borrower or the REIT, as applicable, has no Debt Rating or only one Debt Rating by Fitch, then the Applicable Rate shall be at Pricing Level Category 5.

It is hereby understood and agreed that the Applicable Rate shall be adjusted from time to time based upon the Sustainability Margin Adjustment (to be calculated and applied as set forth in Section 1.08); provided that in no event shall the Applicable Rate be less than zero.

“Appraised Value” means, at any time, (a) in the case of the Property commonly referred to as “1633 Broadway”, the “as‐is” appraised value (on an individual, as opposed to portfolio value, basis) of such Property as reflected in the most recent Approved Appraisal for such Property furnished to the Administrative Agent (for distribution to the Lenders), which on the Closing Date is $2,400,000,000 and (b) in the case of the Property commonly referred to as “1301 Avenue of the Americas”, the “as‐is” appraised value (on an individual, as opposed to portfolio value, basis) of such Property as reflected in the most recent Approved Appraisal for such Property furnished to the Administrative Agent (for distribution to the Lenders), which on the Closing Date is $1,325,000,000.

“Approved Appraisal” means a written appraisal (a) prepared by a qualified professional independent MAI appraiser selected by the Administrative Agent and who is not an employee of any member of the Consolidated Group or any of their Affiliates, the Administrative Agent or any Lender and (b) reasonably acceptable to the Administrative Agent as to form, assumptions, substance and appraisal date.

4

 

“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.

“Arrangers” means BofA Securities, Inc., Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., U.S. Bank National Association, Citizens Bank, National Association and Capital One, National Association, each in its capacity as a joint lead arranger. 

“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 11.06(b)(iii)), and accepted by the Administrative Agent, in substantially the form of Exhibit F-1 or any other form (including electronic documentation generated by use of an electronic platform) reasonably 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 REIT for the fiscal year ended December 31, 2020, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the REIT, including the notes thereto.

“Availability Period” means the period from and including the Closing Date to the earliest of (a) the Revolver Maturity Date, (b) the date of termination of the Revolving Credit Facility pursuant to Section 2.08, and (c) the date of termination of the commitment of each Lender to make Loans and of the obligation of the L/C Issuers to make L/C Credit Extensions pursuant to Section 8.02.

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

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

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

“Bankruptcy Plan” has the meaning specified in Section 11.06(h)(iv).

5

 

“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,” (c) Term SOFR plus 1.00% and (d) 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.  If the Base Rate is being used as an alternate rate of interest pursuant to Section 3.03, then the Base Rate shall be the greatest of clauses (a), (b) and (d) above and shall be determined without reference to clause (c) above.

“Base Rate Loan” means a Loan that bears interest based on the Base Rate.

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

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

“Big Four Accounting Firm” means any of the following accounting firms:  (a) Deloitte & Touche LLP, (b) Ernst & Young LLP, (c) KPMG LLP and (d) PricewaterhouseCoopers LLP.

“Bookrunners” means, collectively, BofA Securities, Inc., Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., and U.S. Bank National Association, each in its capacity as a joint bookrunner. 

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

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

“Borrowing” means a Committed Borrowing or a TL Tranche Borrowing.

“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. 

“Capital Expenditure Amount” means, for any Property for any period, an amount equal to $0.25 per net rentable square foot of such Property during such period; provided that the Consolidated Group’s Ownership Share of the Capital Expenditure Amount with respect to any Real Property owned or ground leased by an Unconsolidated Affiliate during any period will be included in the calculation of Capital Expenditure Amount for such period on a basis consistent with the above described treatment for Properties, and the Capital Expenditure Amount with respect to any Property that is owned by a non-Wholly-Owned Subsidiary of the Borrower or a non-Wholly-Owned Subsidiary of the REIT (other than the Borrower and its Subsidiaries) shall be adjusted to account for Partial Interests in such non-Wholly-Owned Subsidiary.

6

 

“Capitalization Rate” means 6.00%.

“Capitalized Lease” means any lease that has been or is required to be, in accordance with GAAP, recorded, classified and accounted for as a capitalized lease or finance lease.

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

“Cash Equivalents” means any of the following types of Investments:

(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)demand or time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (A) is a Lender or (B) (i) 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 $500,000,000, in each case with maturities of not more than one year 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-2” (or the then equivalent grade) by Moody’s or at least “A-2” (or the then equivalent grade) by S&P, in each case with maturities of not more than 270 days from the date of acquisition thereof; and

(d)investments, classified in accordance with GAAP as current assets of the Borrower 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 at least the second 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.

“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, 

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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, 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, 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 the REIT entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right);

(b)during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the REIT 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; or

(c)the REIT shall cease to be the sole general partner of the Borrower or shall otherwise cease to exclusively Control the Borrower.

“Closing Date” means December 17, 2021.

“CME” means CME Group Benchmark Administration Limited.

“Code” means the Internal Revenue Code of 1986.

“Combined EBITDA” means, for any period, an amount determined in accordance with GAAP equal to: (a) Net Income for such period; plus (b) the sum of the following (without duplication and to the extent reflected as a charge or deduction in the statement of such Net Income for such period):  (i) depreciation and amortization expense, (ii) Interest Expense, 

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(iii) income tax expense, (iv) amortization of intangibles (including goodwill) and organization costs, (v) any non-recurring expenses or losses, (vi) any expense or loss resulting from termination of a Swap Contract during such period, (vii) any other non-cash charges (including non-cash impairment charges), (viii) all commissions, guaranty fees, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs of such Person under Swap Contracts in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP, (ix) the Consolidated Group’s Ownership Share of the foregoing items and components referenced in clauses (b)(i) through (b)(viii) above attributable to Unconsolidated Affiliates, and (x) reasonable transaction fees and expenses incurred in respect of the Revolving Credit Facility and any Acquisition or debt incurrence (in each case whether or not consummated); minus (c) the sum of the following (to the extent included in the statement of such Net Income for such period):  (i) interest income (except to the extent deducted in determining such Net Income), (ii) any non-recurring income or gains, (iii) any gain resulting from termination of a Swap Contract during such period, (iv) any non-cash income (including non-cash income arising from changes in fair market value of an asset), (v) any cash payments made during such period in respect of items described in clause (b)(vii) above subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were reflected as a charge in the statement of Net Income, and (vi) the Consolidated Group’s Ownership Share of the foregoing items and components referenced in clauses (c)(i) through (c)(v) above attributable to Unconsolidated Affiliates; provided that without duplication to the extent already excluded pursuant to the foregoing, Combined EBITDA shall not include the portion of the foregoing items and components referenced in clauses (b) and (c) above that is attributable to Partial Interests; provided further that Combined EBITDA shall only be reduced by general and administrative expenses that are attributable to the management and operation of the assets in accordance with GAAP and shall not be reduced by any corporate general or administrative expenses of the Borrower and the REIT and their consolidated Subsidiaries, or of Unconsolidated Affiliates.

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

“Committed Loan” has the meaning specified in Section 2.01.

“Committed Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to another, or (c) a continuation of Term SOFR Loans, pursuant to Section 2.02(a), substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

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

“Communication” means this Agreement, any Loan Document and any document, any amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to any Loan Document.

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“Conforming Changes” means, with respect to the use, administration of or any conventions associated with SOFR or any proposed Successor Rate or Term SOFR or Daily Simple SOFR, as applicable, any conforming changes to the definitions of “Base Rate”, “Daily Simple SOFR”, “SOFR”, “Term SOFR” and “Interest Period”, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definitions of “Business Day” and “U.S. Government Securities Business Day”, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent (in consultation with the Borrower), to reflect the adoption and implementation of such applicable rate(s) and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate exists, in such other manner of administration as the Administrative Agent determines (in consultation with the Borrower) is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).

“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 Affiliate” means any Person that is not a Subsidiary of the REIT (a) in which any member of the Consolidated Group, directly or indirectly, holds an Equity Interest and (b) whose financial results are consolidated with the financial results of the REIT under GAAP.

“Consolidated Group” means the REIT and its consolidated Subsidiaries, as determined in accordance with GAAP.

“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.

“Controlled Affiliate” means a Person that directly, or indirectly through one or more intermediaries, is Controlled by the Borrower.

“Covered Entity” has the meaning specified in Section 11.24(b).

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

“Creditor Parties” means, collectively, the Administrative Agent, the Lenders, the L/C Issuers, and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05, and the other Persons to whom the Obligations are owing.

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“Customary Non-Recourse Carve-outs” means, with respect to any Non-Recourse Indebtedness, exclusions from the exculpation provisions with respect to such Non-Recourse Indebtedness for fraud, misrepresentation, misapplication of funds, waste, environmental claims, voluntary bankruptcy, collusive involuntary bankruptcy, prohibited transfers, violations of single purpose entity covenants and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate indemnification agreements in non-recourse financings of real estate.

“Daily Simple SOFR” means the rate per annum equal to SOFR determined for any day pursuant to the definition thereof plus the SOFR Adjustment.  Any change in Daily Simple SOFR shall be effective from and including the date of such change without further notice.  If the rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

“Daily SOFR Loan” means a Loan that bears interest at a rate based on Daily Simple SOFR.

“Debt Rating” means, as of any date of determination with respect to any Person, the rating as determined by S&P, Moody’s and/or Fitch of such Person’s non-credit enhanced, senior unsecured long-term debt as in effect on such date.

“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 and affecting the rights of creditors generally.

“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) prior to the Investment Grade Pricing Effective Date, the Leveraged-Based Applicable Rate at Pricing Level Category 5 and on and after the Investment Grade Pricing Effective Date, the Ratings-Based Applicable Rate at Pricing Level Category 5, in each case applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Daily SOFR Loan or a Term SOFR Loan, the Default Rate shall be an interest rate equal to (i) Daily Simple SOFR or Term SOFR, as applicable, plus (ii) prior to the Investment Grade Pricing Effective Date, the Leveraged-Based Applicable Rate at Pricing Level Category 5 and on and after the Investment Grade Pricing Effective Date, the Ratings-Based Applicable Rate at Pricing Level Category 5, in each case applicable to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to prior to the Investment Grade Pricing Effective Date, the Leveraged-Based Applicable Rate at Pricing Level Category 5 and on and after the Investment Grade Pricing Effective Date, the Ratings-Based Applicable Rate at Pricing Level Category 5, plus 2% per annum.

“Defaulting Lender” means, subject to Section 2.20(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 

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required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any L/C Issuer in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s good faith determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, 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 2.20(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 Borrower, each L/C Issuer and each other Lender promptly following such determination.  

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

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (in one transaction or in a series of transactions and whether effected pursuant to a Division or otherwise) of any property by any Person (including any sale and leaseback transaction and any issuance of Equity Interests by a Subsidiary of such 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.

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“Disqualified Institution” means (a) any Person that is specifically identified by name by the Borrower in a written list furnished to the Bookrunners prior to the Closing Date and (b) any Affiliate of any such identified Person that (i) has been specifically identified to the Administrative Agent in writing by the Borrower or (ii) is clearly identifiable on the basis of such Affiliate’s name.  The list of Disqualified Institutions shall be generally available to the Lenders on or prior to the Closing Date and may be updated in writing from time to time after the Closing Date upon the written request of the Borrower to the Administrative Agent and, during the continuance of an Event of Default, consented to in writing by the Administrative Agent (but no such update shall become effective until the second Business Day after it is provided by the Borrower to the Administrative Agent for dissemination to the Lenders (or, if applicable, consented to by the Administrative Agent), or apply retroactively to a Person that already acquired and continues to hold (or has and remains committed to acquire, without giving retroactive effect to any such commitment) an assignment or participation interest in the Revolving Credit Facility).

“Dividing Person” has the meaning specified in the definition of “Division”.

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

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

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

“DQ List” has the meaning specified in Section 11.06(h)(v).

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

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

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

“Electronic Copy” has the meaning specified in Section 11.17.

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“Electronic Record” has the meaning specified in Section 11.17.

“Electronic Signature” has the meaning specified in Section 11.17.

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Sections 11.06(b)(iii) and 11.06(b)(v) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)).  For the avoidance of doubt, any Disqualified Institution is subject to Section 11.06(h).

“Eligible Ground Lease” means a ground lease with a Wholly-Owned Subsidiary of the REIT as lessee as to which no default or event of default has occurred or with the passage of time or the giving of notice would occur and containing the following terms and conditions: (a) a remaining term (inclusive of any unexercised extension options) of thirty (30) years or more from the date the Property is included as an Unencumbered Eligible Property; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosure, and fails to do so; (d) reasonable transferability of the lessee's interest under such lease, including the ability to sublease; and (e) such other rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease.

“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 Hazardous Material 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 Borrower, 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 

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

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the 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 the 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 the Borrower or any ERISA Affiliate.

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

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

“Excluded Subsidiary” means any Subsidiary of the Borrower that:

(a)does not own or ground lease all or any portion of any Unencumbered Eligible Property; 

(b)does not, directly or indirectly, own all or any portion of the Equity Interests of any Subsidiary of the Borrower that owns an Unencumbered Eligible Property; and 

(c)is: 

(i)not a Wholly-Owned Subsidiary of the Borrower; 

(ii)a borrower or guarantor of Secured Indebtedness owed to a non-Affiliate of the REIT and the terms of such Secured Indebtedness prohibit such Subsidiary from becoming a Guarantor (or is a direct or indirect parent of such borrower or guarantor (other than the Borrower or the REIT)); or

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(iii)an Immaterial Subsidiary.

“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 Revolving Credit Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Revolving Credit Commitment (other than pursuant to an assignment request by the Borrower under Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(b) or (d), 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(g) and (d) any withholding Taxes imposed pursuant to FATCA.

“Existing Credit Agreement” has the meaning specified in the second introductory paragraph hereto.

“Existing Letters of Credit” means the letters of credit, if any, issued under the Existing Credit Agreement and outstanding on the Closing Date and set forth on Schedule 2.04, and “Existing Letter of Credit” means any of them individually.

“Facilities” means, collectively, the Revolving Credit Facility and each TL Tranche. 

“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 and any agreements entered into pursuant to Section 1471(b)(1) of the Code, as of the date of this Agreement (or any amended or successor version described above) and any intergovernmental agreement (and related fiscal or regulatory legislation, or related official rules or practices) implementing the foregoing.

“Federal Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed zero for purposes of this Agreement.

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“Fee Letters” means, collectively, the several letter agreements, each dated on or after November 7, 2021 and prior to the Closing Date, among the Borrower and a Bookrunner and any other parties thereto, that are identified therein as a “Fee Letter”, and “Fee Letter” means any of them individually.

“First Extended Revolver Maturity Date” means September 17, 2026.

“Fitch” means Fitch Ratings, Inc. and any successor thereto.

“Fixed Charges” means, for any period, the sum (without duplication) of (a)  Interest Expense for such period, (b) all regularly scheduled principal payments made or required to be made with respect to Indebtedness of the REIT and its Subsidiaries during such period, other than any balloon or bullet payments necessary to repay maturing Indebtedness in full, (c) Restricted Payments with respect to preferred Equity Interests of the REIT or a Subsidiary thereof that are paid in cash during such period to a Person that is not a Wholly-Owned Subsidiary of the REIT, and (d) the Consolidated Group’s Ownership Share of the foregoing items and components referenced in clauses (b) and (c) attributable to the Consolidated Group’s interests in Unconsolidated Affiliates; provided that Fixed Charges shall not include the portion of the foregoing items and components referenced in clauses (a) through (c) above that is attributable to Partial Interests.

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

“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, with respect to the L/C Issuers, 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 Lenders or Cash Collateralized 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.

“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, 

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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).

“Greenhouse Gas Emissions” means Scope 1 and Scope 2 emissions, as defined in The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard: Revised Edition as published by the World Business Council for Sustainable Development and the World Resources Institute and in effect on the date of this Agreement, and as calculated at the end of a fiscal year and which shall be reported in the applicable KPI Metric Report.

“Greenhouse Gas Emissions Applicable Rate Adjustment Amount” means, with respect to any period between Sustainability Pricing Adjustment Dates, negative 0.01%, if the Greenhouse Gas Emissions for such period as set forth in the KPI Metric Report are less than or equal to Greenhouse Gas Emissions Target A for such period (or zero if the Greenhouse Gas Emissions for such period as set forth in the KPI Metric Report are greater than the Greenhouse Gas Emission Target A for such period).

“Greenhouse Gas Emissions Target A” means, with respect to any calendar year, the Greenhouse Gas Emissions Target A for such calendar year as set forth in the Sustainability Table.

“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.

“Guaranteed Obligations” has the meaning specified in Section 10.01.

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“Guarantor Release Notice” means a written request by the Borrower for the release of a Guarantor pursuant to Section 11.19(b), (c) or (d).

“Guarantors” means, collectively, (a) upon and at all times following a REIT Guaranty Event, the REIT, unless released in accordance with Section 11.19(d), and (b) each Subsidiary Guarantor.  For the avoidance of doubt, the REIT shall not be a Guarantor on the Closing Date.

“Guaranty” means the Guaranty made by the Guarantors under Article X in favor of the Creditor Parties.

“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.

“IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements delivered under or referred to herein.

“Immaterial Subsidiary” means, on any date of determination, a Subsidiary of the REIT whose total assets as of the last day of the then most recently ended fiscal quarter were less than 3.0% of Total Asset Value.

“Incremental Facilities” has the meaning specified in Section 2.18(a).

“Incremental Facility Amendment” has the meaning specified in Section 2.18(f).

“Incremental Revolving Increase” has the meaning specified in Section 2.18(a).

“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;

(d)all obligations of such Person to pay the deferred purchase price of property or services (other than trade payables and accrued expenses incurred by any Person in accordance with customary practices and in the ordinary course of business of such Person);

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(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)the principal portion of Capitalized 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; provided, that an obligation of the Borrower to redeem its Equity Interests from a limited partner thereof shall not constitute Indebtedness if the Borrower in its sole discretion may satisfy such obligation by delivering (or causing to be delivered) to such limited partner common Equity Interests in the REIT; 

(h)the principal portion of Off-Balance Sheet Arrangements of such Person; and

(i)all Guarantees of such Person in respect of any of the foregoing, excluding guarantees of Non-Recourse Indebtedness for which recourse is limited to liability for Customary Non-Recourse Carveouts.

For all purposes hereof, (i) Indebtedness shall include the Consolidated Group’s Ownership Share of the foregoing items and components attributable to Indebtedness of Unconsolidated Affiliates, (ii) 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 and (iii) Indebtedness shall not include the portion of the foregoing items and components referenced in clauses (a) through (i) above attributable to Partial Interests.  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 Capitalized 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 (a), Other Taxes.

“Indemnitees” has the meaning specified in Section 11.04(b).

“Information” has the meaning specified in Section 11.07.

“Initial Revolver Maturity Date” means March 17, 2026.

“Interest Expense” means, for any period, without duplication, the sum of (i) total interest expense of the REIT and its consolidated Subsidiaries determined in accordance with GAAP 

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(including for the avoidance of doubt interest attributable to Capitalized Leases) excluding the portion thereof that is attributable to Partial Interests and (ii) the Consolidated Group’s Ownership Share of the Interest Expense of Unconsolidated Affiliates.

“Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan or a Daily SOFR Loan, the last day of each Interest Period applicable to such Loan and the Revolver Maturity Date; provided, however, that if any Interest Period for a Term SOFR 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; (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Revolver Maturity Date; and (c) as to any Daily SOFR Loan, the last Business Day of each month and the Revolver Maturity Date.

“Interest Period” means, as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to or continued as a Term SOFR Loan and ending on the date one, three or six months thereafter (in each case, subject to availability), as selected by the Borrower in its Committed Loan Notice; provided that:

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

(ii)any Interest Period pertaining to a Term SOFR 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

(iii)no Interest Period shall extend beyond the Revolver Maturity Date.

“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 capital stock or other securities 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.

“Investment Grade Credit Rating” means receipt by the Borrower or the REIT of a Debt Rating of BBB- or better from S&P or Baa3 or better from Moody’s.

“Investment Grade Pricing Effective Date” means the first Business Day following the date on which (a) the Borrower or the REIT has obtained an Investment Grade Credit Rating and (b) the Borrower has delivered to the Administrative Agent an Officer’s Certificate (i) certifying that an Investment Grade Credit Rating has been obtained and is in effect (which certification shall also set forth the Debt Rating(s) received, if any, from each of S&P and Moody’s as of such 

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date) and (ii) notifying the Administrative Agent that the Borrower has irrevocably elected to have the Ratings-Based Applicable Rate apply to the pricing of the Revolving Credit Facility.

“Investment Grade Release” has the meaning specified in Section 11.19(a).

“Investment Grade Tenant” means (a) a tenant with a Debt Rating of at least Baa3 or better from Moody’s and/or BBB- or better from S&P (it being understood that in the event there is a discrepancy between the Moody’s rating and the S&P rating, the higher of the two ratings will be utilized) or (b) a tenant that is a Wholly-Owned Subsidiary of an entity that meets such ratings requirement provided that such entity has guaranteed such tenant’s obligations under the applicable lease, which guaranty is reasonably acceptable in form and substance to the Administrative Agent.

“IRS” means the United States Internal Revenue Service.

“ISP” means the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time).

“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 an L/C Issuer and the Borrower (or any Subsidiary or Controlled Affiliate thereof) or in favor of such L/C Issuer and relating to such Letter of Credit.

“KPI Metric” means Greenhouse Gas Emissions.

“KPI Metric Auditor” means Sustainable Investment Group (SIG), or any replacement auditor thereof as designated from time to time by the Borrower; provided, that, any such replacement KPI Metric Auditor (a) shall be (i) a Big Four Accounting Firm or (ii) another nationally recognized auditing firm designated by the Borrower and identified to the Lenders, so long as Lenders constituting the Required Lenders do not object to such designation pursuant to this clause (a)(ii) within 5 Business Days after notice thereof, and (b) shall apply auditing standards and methodology that (i) are consistent with then generally accepted industry standards or (ii) if not so consistent, are proposed by the Borrower and notified to the Lenders, so long as Lenders constituting Required Lenders do not object to such changes within 5 Business Days after notice thereof.

“KPI Metric Report” means an annual report (it being understood that this annual report may take the form of the annual Sustainability Report) audited by the KPI Metric Auditor that sets forth the calculations for each KPI Metric for a specific calendar year.

“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.

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

“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 Committed 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 Issuers” means, collectively, (i) Bank of America, (ii) Wells Fargo Bank, National Association, (iii) JPMorgan Chase Bank, and (iv) U.S. Bank National Association, in each case, 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, (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time , including any automatic or scheduled increases provided for by the terms of such Letters of Credit, determined without regard to whether any conditions to drawing could be met at that time, plus (b) the aggregate amount of all Unreimbursed Amounts, including all L/C Borrowings.  The L/C Obligations of any Lender at any time shall be its Applicable Percentage of the total L/C Obligations at such time. 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 Article 29(a) of the UCP or Rule 3.13 or Rule 3.14 of the ISP or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender shall remain in full force and effect until the L/C Issuers and the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit. 

“Lease” means each existing or future lease, sublease (to the extent of any rights thereunder of the Borrower or any Unencumbered Property Subsidiary), license, or other agreement (other than an Eligible Ground Lease) under the terms of which any Person has or acquires any right to occupy or use any Real Property, or any part thereof, or interest therein, and each existing or future guaranty of payment or performance thereunder.

“Lender” has the meaning specified in the first introductory paragraph hereto.

“Lender Party” and “Lender Recipient Party” means collectively, the Lenders and the L/C Issuers.

“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 Borrower and the Administrative Agent, which office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or 

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such Affiliate. Unless the context otherwise requires each reference to a Lender shall include its applicable Lending Office.

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

“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 applicable L/C Issuer.

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

“Letter of Credit Fee” has the meaning specified in Section 2.04(h).

“Letter of Credit Subfacility” means, at any time, an amount equal to the lesser of (a) the aggregate amount of the L/C Issuers’ Letter of Credit Sublimits at such time and (b) the Revolving Credit Facility at such time.  The Letter of Credit Subfacility is part of, and not in addition to, the Revolving Credit Facility. On the Closing Date, the amount of the Letter of Credit Subfacility is $125,000,000.

“Letter of Credit Sublimit” means, as to each L/C Issuer, its agreement as set forth in Section 2.04 to issue, amend and extend Letters of Credit 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 or in the Assignment and Assumption, New Lender Joinder Agreement or other documentation, which other documentation shall be in form and substance reasonably satisfactory to the Administrative Agent, pursuant to which such L/C Issuer becomes an L/C Issuer hereunder, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

“Leverage Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (i) Total Indebtedness, divided by (ii) Total Asset Value.

“Leveraged-Based Applicable Rate” has the meaning specified in the definition of “Applicable Rate.”

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, negative pledge 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).

“Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a Committed Loan or a loan under a TL Tranche.

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“Loan Documents” means this Agreement (including the Guaranty), including schedules and exhibits hereto, each Note, each Issuer Document, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.19 of this Agreement, each Fee Letter and any amendments, modifications or supplements hereto or to any other Loan Document or waivers hereof or to any other Loan Document. 

“Loan Modification Offer” has the meaning specified in Section 11.01.

“Loan Parties” means, collectively, (a) the Borrower, (b) the REIT, (c) at all times prior to an Investment Grade Release, each Subsidiary Guarantor and (d) upon and at all times following an Investment Grade Release, each Unencumbered Property Subsidiary, and “Loan Party” means any of them individually.

“Management Fees” means, with respect to each Property for any period, an amount equal to the actual management fees payable with respect thereto.

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

“Minimum Collateral Amount” means, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 103% of the Fronting Exposure of the applicable L/C Issuer with respect to Letters of Credit issued by it that are outstanding at such time and (ii) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.19(a)(i), (a)(ii) or (a)(iii), or Section 8.02(c) an amount equal to 103% of the Outstanding Amount of all L/C Obligations. 

“Minimum Property Condition” means, at any time that (i) there are at least two (2) Unencumbered Eligible Properties, (ii) the aggregate Unencumbered Asset Value of all Unencumbered Eligible Properties is at least $900,000,000 and (iii) the aggregate Occupancy Rate for all Unencumbered Eligible Properties is at least seventy five percent (75%).

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the 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 the 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.

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“Net Equity Proceeds” means all cash or other assets received by the REIT or the Borrower as a result of the sale of common shares, preferred shares, convertible securities or other ownership or equity interests in the REIT or the Borrower, less customary costs and discounts of issuance paid by the REIT or the Borrower to Persons that are not Affiliates of the REIT. 

“Net Income” means, with respect to the REIT for any period and without duplication, the sum of (i) the consolidated net income (or loss) of the REIT and its Subsidiaries, determined in accordance with GAAP, excluding the portion thereof that is attributable to Partial Interests and (ii) the Consolidated Group’s Ownership Share of the net income (or loss) attributable to Unconsolidated Affiliates.

“New Lender Joinder Agreement” has the meaning specified in Section 2.18(b).

“NOI” means, with respect to any Property for any period, (a) property rental and other income derived from the operation of such Property from tenants paying rent as determined in accordance with GAAP, minus (b) the amount of all expenses (as determined in accordance with GAAP) incurred in connection with and directly attributable to the ownership and operation of such Property for such period, including, without limitation, Management Fees and amounts accrued for the payment of real estate taxes and insurance premiums, but excluding (i) the portion of the foregoing items and components that is attributable to Partial Interests, (ii) any general and administrative expenses related to the operation of the REIT and its Subsidiaries, (iii) any interest expense or other debt service charges and (iv) any non-cash charges such as depreciation or amortization of financing costs.

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 11.01 and (ii) 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.

“Non-Recourse Indebtedness” means, with respect to a Person, (a) any Indebtedness of such Person in which the holder of such Indebtedness may not look to such Person personally for repayment, other than to the extent of any security therefor or pursuant to Customary Non-Recourse Carve-Outs, (b) if such Person is a Single Asset Entity, any Indebtedness of such Person (other than Indebtedness described in the immediately following clause (c)), or (c) if such Person is a Single Asset Holding Company, any Indebtedness of such Single Asset Holding Company resulting from a Guarantee of, or lien securing, Indebtedness of a Single Asset Entity that is a Subsidiary of such Single Asset Holding Company, so long as, in each case, either (i) the holder of such Indebtedness may not look to such Single Asset Holding Company personally for repayment, other than to the Equity Interests held by such Single Asset Holding Company in such Single Asset Entity or pursuant to Customary Non-Recourse Carve-Outs or (ii) such Single Asset Holding Company has no assets other than Equity Interests in such Single Asset Entity and cash or cash equivalents and other assets of nominal value incidental to the ownership of such Single Asset Entity.  For the avoidance of doubt, a guaranty for completion in 

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connection with Indebtedness shall be deemed Non-Recourse Indebtedness, unless and except to the extent of a claim made under such guaranty that remains unpaid.

“Note” means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit D.

“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 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; provided that, without limiting the foregoing, the Obligations include (i) the obligation to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, indemnities and other amounts payable by any Loan Party under any Loan Document and (ii) the obligation of the Loan Parties to reimburse any amount in respect of any of the foregoing that the Administrative Agent or any Lender, in each case in its sole discretion, may elect to pay or advance on behalf of the Loan Parties.

“Occupancy Rate” means, with respect to any Property at any time, the ratio (expressed as a percentage) of (a) the total amount of rentable space in such Property that is in service in accordance with GAAP leased to Qualified Tenants, to (b) the aggregate rentable space in such Property that is in service in accordance with GAAP; provided, that not more than 3% of the total amount of rentable space in Unencumbered Eligible Properties that are leased to Borrower, the REIT or any of their respective affiliates will be included for purposes of determining whether the requirement in clause (iii) of the Minimum Property Condition is satisfied.

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

“Off-Balance Sheet Arrangement” means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the REIT is a party, under which the REIT or the Borrower has:

(a)any obligation under a guarantee contract that has any of the characteristics identified in FASB ASC 460-10-15-4;  

(b)a retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to such entity for such assets; 

(c)any obligation, including a contingent obligation, under a contract that would be accounted for as a derivative instrument, except that it is both indexed to the REIT’s Equity Interests and classified in stockholders’ equity in the REIT’s statement of financial position, as described in FASB ASC 815-10-15-74; or

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(d)any obligation, including a contingent obligation, arising out of a variable interest (as defined in the FASB ASC Master Glossary) in an unconsolidated entity that is held by, and material to, the REIT or the Borrower, where such entity provides financing, liquidity, market risk or credit risk support to, or engages in leasing, hedging or research and development services with, the REIT or its Subsidiaries.

“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 (or similar constituent document); 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.

“Original Note” means a “Note” as defined in the Existing Credit Agreement.

“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).

“Outstanding Amount” means (a) with respect to Committed Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans 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 Borrower of Unreimbursed Amounts.

“Ownership Share” means, with respect to any Subsidiary or Consolidated Affiliate of a Person (other than a Wholly-Owned Subsidiary thereof) or any Unconsolidated Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary, Consolidated Affiliate or Unconsolidated Affiliate or (b) such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary, Consolidated Affiliate or Unconsolidated Affiliate determined in 

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accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary, Consolidated Affiliate or Unconsolidated Affiliate.

“Partial Interest” means, with respect to any Person that is a direct or indirect non-Wholly-Owned Subsidiary or Consolidated Affiliate of (i) the Borrower or (ii) the REIT (other than the Borrower and its Subsidiaries), the Ownership Share of such Person that is held by a Person other than the REIT, the Borrower or a Wholly-Owned Subsidiary of the REIT or the Borrower.

“Participant” has the meaning specified in Section 11.06(d).

“Participant Register” has the meaning specified in Section 11.06(d).

“PATRIOT Act” has the meaning specified in Section 11.18.

“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 the Borrower and any ERISA Affiliate or with respect to which the Borrower or any ERISA Affiliate has any liability and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.

“Permitted Amendments” means, with respect to any Affected Facility, an extension of the final maturity date of the applicable Loans and/or Revolving Credit Commitments of the Accepting Lenders thereof on customary terms (provided that such extensions may not result in having more than two maturity dates at any time with respect to the Revolving Credit Facility without the consent of the Administrative Agent) and, in connection therewith, a change in the Applicable Rate with respect to the applicable Loans and/or Revolving Credit Commitments of the Accepting Lenders thereof (including by implementation or adjustment of an interest rate floor) and the payment of any additional fees to such Accepting Lenders.

“Permitted Equity Encumbrances” means: 

(a)Liens pursuant to any Loan Document; and

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(b)Liens imposed by law for taxes, assessments, governmental charges or levies that are not yet overdue for a period of more than thirty (30) days or are being contested in compliance with Section 6.04.

“Permitted Property Encumbrances” means: 

(a)Liens pursuant to any Loan Document;

(b)easements, zoning restrictions, rights of way, sewers, electric lines, telegraph and telephone lines, encroachments, protrusions and similar encumbrances on real property imposed by law or arising in the ordinary course of business or other title and survey exceptions disclosed in the applicable title insurance policies, in any such case that do not secure any monetary obligations and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of the REIT or any Subsidiary thereof;

(c)carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business that are not yet overdue for a period of more than thirty (30) days or are being contested in good faith and by appropriate actions or proceedings diligently conducted (which actions or proceedings have the effect of preventing the forfeiture or sale of the property of assets subject to any such Lien), if adequate reserves with respect thereto are maintained on the books of the applicable Person;

(d)any interest or right of a lessee of a Property under leases entered into in the ordinary course of business of the applicable lessor; and

(e)rights of lessors under Eligible Ground Leases.

“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 the Borrower or any ERISA Affiliate or any such Plan to which the 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.

“Pricing Certificate” means a certificate substantially in the form of Exhibit J executed by a Responsible Officer of the Borrower setting forth the Sustainability Margin Adjustment for the period covered thereby and attaching true and correct copies of the KPI Metric Report for the most recently ended calendar year.

“Pro Forma Basis” means, for purposes of calculating compliance with Section 7.11 or determining the Leveraged-Based Applicable Rate (as defined in the definition of Applicable Rate) in respect of a proposed Pro Forma Transaction, such transaction shall be deemed to have occurred as of the first day of the four (4) fiscal-quarter period ending as of the most recent fiscal 

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quarter end preceding the date of such transaction with respect to which the Administrative Agent has received the Required Financial Information (such period, the “Measuring Period”).  As used herein, “Pro Forma Transaction” means (a) any incurrence or assumption of Indebtedness, (b) any removal of a Property as an Unencumbered Eligible Property (including a release of any Unencumbered Property Subsidiary from its obligations under the Guaranty) or any direct or indirect Disposition of any Person or Property (including through a merger, dissolution, liquidation or consolidation thereof), or (c) the making of any Investment or any other acquisition of any Person (including by merger) or property (including any property for which a ground lease was entered into).  In connection with any calculation relating to Section 7.11 upon giving effect to a Pro Forma Transaction on a Pro Forma Basis for the applicable Measuring Period, in each case to the extent applicable and in a manner reasonably satisfactory to the Administrative Agent:

(i)any Indebtedness (x) that is to be incurred in connection with such Pro Forma Transaction, and the aggregate amount of all other Indebtedness incurred since the last day of such Measuring Period, shall be included and deemed to have been incurred as of the first day of the applicable period, and (y) that is to be retired or repaid in connection with such Pro Forma Transaction, and the aggregate amount of all other Indebtedness retired or repaid since the last day of such Measuring Period, shall be excluded and deemed to have been retired as of the first day of such Measuring Period;

(ii)income statement items (whether positive or negative) attributable to (x) any Person or Property being directly or indirectly Disposed of or removed in connection with such Pro Forma Transaction, and all other Persons and Properties directly or indirectly Disposed of or removed since the last day of such Measuring Period, shall be excluded and (y) any Person or Property being acquired in connection with such Pro Forma Transaction, and all other Persons and Properties acquired since the last day of such Measuring Period, shall be included as of the first day of such Measuring Period;

(iii)Total Asset Value shall (x) exclude the portion of Total Asset Value attributable to any Person or Property being directly or indirectly Disposed of or removed in connection with such Pro Forma Transaction and all other Persons and Properties directly or indirectly Disposed of or removed since the last day of such Measuring Period, and (y) include, as of the first day of such Measuring Period, the acquisition price of any Person or Property being acquired in connection with such Pro Forma Transaction and the acquisition price paid for all other Persons and Properties acquired since the last day of such Measuring Period;

(iv)Unencumbered Asset Value shall (x) exclude the portion of Unencumbered Asset Value attributable to any Unencumbered Eligible Property being directly or indirectly Disposed of or removed in connection with such Pro Forma Transaction and all other Unencumbered Properties directly or indirectly Disposed of or removed since the last day of such Measuring Period, and (ii) include, as of the first day of such Measuring Period, the acquisition price of any Property being acquired in connection with such Pro Forma Transaction (to the extent such property will be an Unencumbered Eligible Property upon the acquisition thereof) and the acquisition price 

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paid for all other Unencumbered Eligible Properties acquired since the last day of such Measuring Period; and

(v)to the extent any other pro forma adjustments are to be included in connection with any such calculation, such adjustments are (A) directly attributable to such Pro Forma Transaction, (B) expected to have a continuing impact on the Consolidated Group and (C) factually supportable (in the judgment of the Administrative Agent).

“Property” means any Real Property which is owned or ground leased, directly or indirectly, by the REIT or a Subsidiary thereof.

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

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

“Qualified Tenants” means a tenant that is party to a lease of all or a portion of a Property and is not (i) in default with respect to the payment of base rent under such lease or any material nonmonetary default thereunder, in each case for a period of sixty (60) days or more and (ii) not subject to any proceeding under any Debtor Relief Law.

“Real Property” as to any Person means all of the right, title, and interest of such Person in and to land, improvements, and fixtures.

“Recipient” means the Administrative Agent, any Lender, any 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.

“Recourse Indebtedness” means Indebtedness that is not Non-Recourse Indebtedness; provided that personal recourse for Customary Non-Recourse Carve-Outs shall not, by itself, cause such Indebtedness to be characterized as Recourse Indebtedness.

“Register” has the meaning specified in Section 11.06(c).

“REIT” has the meaning specified in the first introductory paragraph hereto.

“REIT Guaranty Election Notice” means a written notice provided by the REIT to the Administrative Agent to the effect that the REIT has irrevocably elected to Guarantee the Revolving Credit Facility.

“REIT Guaranty Event” means the occurrence of either (a) the receipt by the Administrative Agent of a REIT Guaranty Election Notice or (ii) the REIT becomes a borrower or guarantor of, or otherwise obligated in respect of any Indebtedness.

“REIT Status” means, with respect to any Person, (a) the qualification of such Person as a real estate investment trust under the provisions of Sections 856 et seq. of the Code and (b) the 

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applicability to such Person and its shareholders of the method of taxation provided for in Sections 857 et seq. of the Code.

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

“Relevant Payment” has the meaning specified in Section 10.10.

“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 Committed Loans, a Committed Loan Notice, and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.

“Required Financial Information” means, with respect to each fiscal period or quarter of the REIT (a) the financial statements required to be delivered to the Administrative Agent pursuant to Section 6.01(a) or Section 6.01(b), as applicable, and (b) the Compliance Certificate and other calculations required to be delivered to the Administrative Agent pursuant to Section 6.02(b).

“Required Lenders” means, at any time, Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders or, if the commitment of each Lender to make Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount of each Lender’s participation in L/C Obligations being deemed “held” by such Lender for purposes of this computation).  The Total Credit Exposure of, and Total Outstandings held by, any Defaulting Lender shall be disregarded in determining Required Lenders at any time; provided that, the amount of any participation in any Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lenders that are the applicable L/C Issuer in making such determination.

“Rescindable Amount” has the meaning as defined in Section 2.14(b)(ii).

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

“Responsible Officer” means (i) in the case of any Loan Party that has one or more officers, the chief executive officer, president, chief financial officer, chief accounting officer, executive vice president, vice president - treasury, vice president, treasurer, assistant treasurer or controller of such Loan Party, (ii) in the case of any Loan Party that does not have any officers, the chief executive officer, president, chief financial officer, chief accounting officer, executive vice president, vice president - treasury, vice president, treasurer, assistant treasurer or controller of the REIT or such Loan Party’s general partner, as applicable, (iii) solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of the REIT, and (iv) solely for purposes of notices given pursuant to Article II, any 

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other officer or employee of the applicable Loan Party so designated by any of the foregoing officers listed in clause (i) (and, in the case of a Loan Party that does not have any officers, any other officer or employee of the REIT or such Loan Party’s general partner so designated by any of the foregoing officers listed in clause (ii)) in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party (and, in the case of a Loan Party that does not have any officers, any other officer or employee of the REIT or such Loan Party’s general partner) designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent.  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, in the case of a Loan Party that does not have any officers, the REIT or such Loan Party’s general partner) and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party (and, in the case of a Loan Party that does not have any officers, the REIT or such Loan Party’s general partner).

“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 Person or any Subsidiary thereof, 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 such Person’s stockholders, partners or members (or the equivalent Person thereof).

“Revolver Maturity Date” means the later of (i) the Initial Revolver Maturity Date and (ii) if the Initial Revolver Maturity Date is extended pursuant to Section 2.16, such extended maturity date as determined pursuant to such Section; provided, however, that, in each case, if such date is not a Business Day, the Revolver Maturity Date shall be the next preceding Business Day.

“Revolving Credit Commitment” means, as to each Lender, its obligation to (a) make Committed Loans to the Borrower pursuant to Section 2.01, and (b) purchase participations in L/C Obligations, 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 or in the Assignment and Assumption or New Lender Joinder Agreement 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 Lender at any time, the aggregate principal amount at such time of its outstanding Loans and such Lender’s participation in L/C Obligations at such time. 

“Revolving Credit Facility” means, at any time, the aggregate amount of the Lenders’ Revolving Credit Commitments at such time.  On the Closing Date, the Revolving Credit Facility is $750,000,000.

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

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and any successor thereto.

“Scheduled Unavailability Date” has the meaning specified in Section 3.03(b)(ii).

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

“Second Extended Revolver Maturity Date” means March 17, 2027.

“Secured Debt Reserve” has the meaning specified in Section 7.11(b).

“Secured Indebtedness” means Indebtedness of any Person that is secured by a Lien on any asset (including without limitation any Equity Interest) owned or leased by the REIT, any Subsidiary thereof or any Unconsolidated Affiliate, as applicable, and in connection with any calculation relating to Section 7.11, means, at any time, Total Indebtedness that is Secured Indebtedness.  

“Secured Leverage Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Secured Indebtedness, divided by (b) Total Asset Value.

“Securities Act” means the Securities Act of 1933.

“Securities Exchange Act” means the Securities Exchange Act of 1934.

“Significant Subsidiary” means, on any date of determination, each Subsidiary or group of Subsidiaries of the REIT whose contribution to Total Asset Value as of the last day of the then most recently ended fiscal quarter was equal to or greater than 5% of the Total Asset Value at such date (it being understood that such calculations shall be determined in the aggregate for all Subsidiaries of the REIT subject to any of the events specified in clause (e), (f), (g) or (h) of Section 8.01).

“Single Asset Entity” means a Person (other than an individual) that (a) only owns or ground leases pursuant to an Eligible Ground Lease a Property and/or cash or cash equivalents and other assets of nominal value incidental to such Person’s ownership of such Property; (b) is engaged only in the business of owning, developing and/or leasing such Property; and (c) receives substantially all of its gross revenues from such Property. In addition, if the assets of a Person consist solely of (i) Equity Interests in one or more other Single Asset Entities and (ii) cash or cash equivalents and other assets of nominal value incidental to such Person’s ownership of the other Single Asset Entities, such Person shall also be deemed to be a Single Asset Entity for purposes hereof (such an entity, a “Single Asset Holding Company”).

“Single Asset Holding Company” has the meaning specified in the definition of Single Asset Entity.

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“SOFR” means, with respect to any applicable determination date, the Secured Overnight Financing Rate published on the fifth U.S. Government Securities Business Day preceding such date by the SOFR Administrator on the Federal Reserve Bank of New York’s website (or any successor source); provided however that if such determination date is not a U.S. Government Securities Business Day, then SOFR means such rate that applied on the first U.S. Government Securities Business Day immediately prior thereto.

“SOFR Adjustment” (a) with respect to Daily Simple SOFR, means 0.10% (10 basis points) and (b) with respect to Term SOFR, means 0.10% (10 basis points) for an Interest Period of one-month’s duration, 0.15% (15 basis points) for an Interest Period of three-months’ duration and 0.25% (25 basis points) for an Interest Period of six-months’ duration.

“Solvency Certificate” means a solvency certificate of the chief financial officer, chief accounting officer or vice president - treasury of the REIT, as general partner of the Borrower, substantially in the form of Exhibit I.

“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. 

“Special Revolving Advance” has the meaning specified in Section 2.05(a).

“Subsidiary” means, with respect to any 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 the REIT.

“Subsidiary Guarantor” means, (a) at all times prior to an Investment Grade Release, all existing and future direct and indirect Subsidiaries of the REIT other than Excluded Subsidiaries and (b) upon and at all times following an Investment Grade Release, each Unencumbered Property Subsidiary (if any) that is a co-borrower or guarantor of, or otherwise is obligated in respect of, any Unsecured Indebtedness, unless, in each case under clauses (a) and (b), released 

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in accordance with Section 11.19(b) or (c), as applicable, or otherwise with the consent of the Administrative Agent and Required Lenders.

“Successor Rate” has the meaning specified in Section 3.03(b).

“Sustainability Pricing Adjustment Date” has the meaning specified in Section 1.08(a).

“Sustainability Margin Adjustment” means with respect to any KPI Metric Report for any period between Sustainability Pricing Adjustment Dates, an amount (whether negative or zero), expressed as a percentage, equal to the Greenhouse Gas Emissions Applicable Rate Adjustment Amount.

“Sustainability Report” means the annual non-financial disclosure according to the Global Reporting Initiative (GRI) Standard for Sustainability Reporting publicly reported by the Borrower and published on an Internet or intranet website to which each Lender and the Administrative Agent have been granted access free of charge (or at the expense of the Borrower).

“Sustainability Table” means the Sustainability Table set forth on Schedule 1.08.

“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.

“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 nationally recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).

“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 

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Person but which, upon the application of any Debtor Relief Laws to 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 SOFR” means 

(a)with respect to any Interest Period, the rate per annum equal to the Term SOFR Screen Rate two U.S. Government Securities Business Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided that if the rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the first U.S. Government Securities Business Day immediately prior thereto, in each case, plus the SOFR Adjustment for 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 the Term SOFR Screen Rate with a term of one month commencing that day;

provided that if Term SOFR determined in accordance with either of the foregoing provisions (a) or (b) of this definition would otherwise be less than zero, Term SOFR shall be deemed zero for purposes of this Agreement.

“Term SOFR Loan” means a Loan that bears interest at a rate based on clause (a) of the definition of Term SOFR.

“Term SOFR Screen Rate” means the forward-looking SOFR term rate administered by CME (or any successor administrator satisfactory to the Administrative Agent) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time).

“Threshold Amount” means (a) with respect to Recourse Indebtedness of any Person, $50,000,000, (b) with respect to Nonrecourse Indebtedness of any Person, $150,000,000, (c) with respect to the Swap Termination Value owed by any Person, $50,000,000 and (d) in all other cases, $50,000,000.

“TL Tranche” has the meaning specified in Section 2.18(a).

“TL Tranche Borrowing” means, with respect to any TL Tranche, a borrowing consisting of simultaneous loans of the same Type and, in the case of Term SOFR Loans, having the same Interest Period made by each of the Lenders participating in such TL Tranche.

“Total Asset Value” means, on any date of determination, the sum of (a) the quotient obtained by dividing (i) (A) for all Properties that have been owned or ground leased by a member of the Consolidated Group for the period of eight full fiscal quarters most recently ended on or prior to such date of determination, the aggregate NOI from such Properties for the fiscal quarter most recently ended on or prior to such date of determination (excluding the NOI of any Property not owned or ground leased for the entirety of such eight fiscal quarter period) 

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multiplied by (B) four, by (ii) the Capitalization Rate, (b) for any acquired Property (other than land, or properties that are under construction or otherwise under development and not yet substantially complete) that has not been owned or ground leased by a member of the Consolidated Group for the period of eight full fiscal quarters most recently ended on or prior to such date of determination, the acquisition price paid for such Property, (c) the fair market value of publicly traded securities, cash and Cash Equivalents (without duplication), in each case owned by the REIT and its Subsidiaries as of the last day of the fiscal quarter most recently ended on or prior to such date of determination, (d) the aggregate GAAP book value of all Properties that constitute unimproved land as of the last day of the fiscal quarter most recently ended on or prior to such date of determination, (e) the aggregate GAAP book value of all mortgage notes receivable held by the REIT and its Subsidiaries as of the last day of the fiscal quarter most recently ended on or prior to such date of determination, (f) the aggregate GAAP book value of all Properties that are under construction or otherwise under development and not substantially complete as of the last day of the fiscal quarter most recently ended on or prior to such date of determination and (g) prepaid expenses and fully refundable cash funds owned by the Borrower or a Subsidiary thereof that are held in escrow, such as fully refundable deposits made by the Borrower and its Subsidiaries under sales agreements; provided that the Consolidated Group’s Ownership Share of assets held by Unconsolidated Affiliates (excluding assets of the type described in clause (c) above) will be included in the calculation of Total Asset Value on a basis consistent with the above described treatment for Wholly-Owned Properties and other assets, and Total Asset Value shall not include the portion of the foregoing items and components referenced in clauses (a) through (g) above that is attributable to Partial Interests.

Notwithstanding anything to the contrary contained in this definition, for purposes of calculating Total Asset Value at any time:

(I)Each calculation pursuant to clause (a) or clause (b) of the foregoing paragraph shall exclude therefrom the Properties commonly referred to as “1633 Broadway” and “1301 Avenue of the Americas”; and

(II)Each calculation of Total Asset Value shall include:

a.with respect to the Property commonly referred to as “1633 Broadway”, an amount equal to the greater of (i) the Appraised Value of such Property on such date of determination and (ii) the quotient obtained by dividing (A) the NOI for the fiscal quarter most recently ended on or prior to the date of determination that is attributable to the Property commonly referred to as “1633 Broadway”, annualized on a basis reasonably acceptable to the Administrative Agent, by (B) the Capitalization Rate; and

b.with respect to the Property commonly referred to as “1301 Avenue of the Americas”, an amount equal to the greater of (i) the Appraised Value of such Property on such date of determination and (ii) the quotient obtained by dividing (A) the NOI for the fiscal quarter most recently ended on or prior to the date of determination that is attributable to the Property commonly 

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referred to as “1301 Avenue of the Americas”, annualized on a basis reasonably acceptable to the Administrative Agent, by (B) the Capitalization Rate; and

(III)Not more than 35% of the Total Asset Value at any time may be attributable to Investments in the following types of assets (after giving effect to such Investment), with any excess over the foregoing limit being excluded from Total Asset Value:

a.unimproved land holdings (including through the purchase or other acquisition of all of the Equity Interests of any Person that owns unimproved land holdings);

b.mortgages, mezzanine loans and notes receivable;

c.real property assets that are under construction or development, but not yet substantially complete (excluding for the avoidance of doubt, Properties under renovation);

d.Unconsolidated Affiliates (including through the purchase or other acquisition of Equity Interests of any Unconsolidated Affiliate); and

e.real property assets that are not office properties (it being understood that office properties may include retail components).

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

“Total Indebtedness” means, as of any date of determination, the then aggregate outstanding amount of all Indebtedness of the REIT and its Subsidiaries on a consolidated basis.

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

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

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

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, 

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which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

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

“Unconsolidated Affiliates” means any Person (a) in which any member of the Consolidated Group, directly or indirectly, holds an Equity Interest, which investment is accounted for in the consolidated financial statements of the REIT on an equity basis of accounting and (b) whose financial results are not consolidated with the financial results of the REIT under GAAP.

“Unencumbered Asset Value” means, as of any date of determination, the sum of (a) the quotient obtained by dividing (i) (A) for all Unencumbered Eligible Properties owned or ground leased pursuant to an Eligible Ground Lease for the period of eight full fiscal quarters most recently ended on or prior to such date of determination, the aggregate Unencumbered NOI from such Properties for the fiscal quarter most recently ended on or prior to the date of determination (excluding the Unencumbered NOI of any Property not owned or ground leased for the entirety of such eight fiscal quarter period) multiplied by four, by (ii) the Capitalization Rate, plus (b) for all Unencumbered Eligible Properties owned or ground leased pursuant to an Eligible Ground Lease as of the last day of the fiscal quarter most recently ended on or prior to such date of determination for a period less than eight full fiscal quarters most recently ended on or prior to such date of determination, the aggregate acquisition cost of such Properties.  

“Unencumbered Eligible Property” has the meaning specified in the definition of “Unencumbered Property Criteria,” and on the Closing Date shall include the Properties listed on Schedule 1.01A.  For the avoidance of doubt, each Unencumbered Eligible Property that is owned or ground leased directly or indirectly by an Unencumbered Property Subsidiary that is the subject of a release pursuant to Section 11.19(b) will immediately upon such release cease to be an Unencumbered Eligible Property unless (x) such Property satisfies all of the Unencumbered Property Criteria (other than the criterion requiring such Unencumbered Property Subsidiary to be a Guarantor) and (y) the Administrative Agent provides its prior written consent.

“Unencumbered Interest Coverage Ratio” means, as of the last day of each fiscal quarter, the ratio of (a) the aggregate Unencumbered NOI with respect to all Unencumbered Eligible Properties for such fiscal quarter, to (b) the portion of Interest Expense for such fiscal quarter that is attributable to Unsecured Indebtedness.

“Unencumbered NOI” means, for any period for each Unencumbered Eligible Property, the remainder of (a) NOI for such Unencumbered Eligible Property for such period less (b) the Capital Expenditure Amount for such Unencumbered Eligible Property; provided that for purposes of calculating the aggregate Unencumbered NOI for all Unencumbered Eligible Properties at any time:

(a)not more than 25% of the aggregate Unencumbered NOI for all Unencumbered Eligible Properties at any time may come from any single tenant that is 

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not an Investment Grade Tenant, with any excess over the foregoing limit being excluded from such aggregate Unencumbered NOI; and

(b)not more than 20% of the aggregate Unencumbered NOI for all Unencumbered Eligible Properties at any time may be in respect of Properties that are not office properties, with any excess over the foregoing limit being excluded from such aggregate Unencumbered NOI. 

“Unencumbered Property Criteria” means, in order for any Property to be included as an Unencumbered Eligible Property it must meet and continue to satisfy each of the following criteria (each such property that meets such criteria being referred to as an “Unencumbered Eligible Property”):

(a)The Property is an office property (and may include retail components).

(b)The Property is Wholly-Owned in fee simple directly by, or is ground leased pursuant to an Eligible Ground Lease directly to the Borrower or an Unencumbered Property Subsidiary that is a Subsidiary Guarantor or, after the occurrence of the Investment Grade Release, is not required to be a Subsidiary Guarantor.

(c)Each Unencumbered Property Subsidiary with respect to the Property is organized in a state within the United States or in the District of Columbia, and the Property itself is located in a state within the United States or in the District of Columbia.

(d)The Equity Interests (and the right to any income therefrom or proceeds thereof) of each Unencumbered Property Subsidiary with respect to such Property are not subject to any Liens or other encumbrances (other than Permitted Equity Encumbrances).

(e)The Property (and the right to any income therefrom or proceeds thereof) is not subject to any ground lease (other than an Eligible Ground Lease), Lien and/or encumbrance or any restriction on the ability of the REIT, the Borrower and each Unencumbered Property Subsidiary with respect to such Property to transfer or encumber such Property or income therefrom or proceeds thereof (other than Permitted Property Encumbrances).

(f)The Property does not have any title, survey, environmental, structural, architectural or other defects that would interfere with the use of such properties for their intended purpose in any material respect and shall not be subject to any condemnation or similar proceeding.

(g)No Unencumbered Property Subsidiary with respect to such Property is subject to any proceedings under any Debtor Relief Law.

(h)No Unencumbered Property Subsidiary with respect to such Property shall incur or otherwise be liable for any Indebtedness (other than (x) Indebtedness under the Revolving Credit Facility, (y) guaranties of Unsecured Indebtedness so long as such Unencumbered Property Subsidiary is a Subsidiary Guarantor and (z) in the case of an Unencumbered Property Subsidiary that indirectly owns all or any portion of an 

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Unencumbered Eligible Property (an “Indirect Owner”), unsecured guaranties of Non-Recourse Indebtedness of a Subsidiary thereof for which recourse to such Indirect Owner is contractually limited to liability for Customary Non-Recourse Carve-Outs).

In addition, the Administrative Agent may in its discretion agree to include as an Unencumbered Eligible Property a Property that (a) is not an office property, subject to (i) compliance with all other Unencumbered Property Criteria, as same may be adjusted by the Administrative Agent, acting in consultation with the Borrower, to reflect the type of Property to be included and (ii) adjustment of the definitions of Capital Expenditure Amount and Capitalization Rate and such other terms and conditions of this Agreement as the Administrative Agent, acting in consultation with the Borrower, reasonably deems appropriate to reflect the type of Property to be included or (b) otherwise does not satisfy all the Unencumbered Property Criteria but only to the extent contemplated in Section 6.12(c).

“Unencumbered Property Subsidiary” means each Subsidiary of the Borrower that owns or ground leases, directly or indirectly, all or a portion of any Unencumbered Eligible Property.

“Unsecured Debt Reserve” has the meaning specified in Section 7.11(d).

“Unsecured Leverage Ratio” means as of any date of determination, the quotient (expressed as a percentage) of (i) Unsecured Indebtedness, divided by (ii) Unencumbered Asset Value. 

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

“Unreimbursed Amount” has the meaning specified in Section 2.04(c)(i).

“Unrestricted Cash” means, as of any date, an amount equal to aggregate amount of cash and Cash Equivalents of the Consolidated Group on such date that are not subject to any pledge, Lien or control agreement (excluding statutory Liens in favor of any depositary bank where such cash and Cash Equivalents are maintained).

“Unsecured Indebtedness” means Indebtedness of any Person that is not Secured Indebtedness, and in connection with any calculation relating to Section 7.11, means, at any time, Total Indebtedness that is not Secured Indebtedness.

“U.S. Government Securities Business Day” means any Business Day, except any Business Day on which any of the Securities Industry and Financial Markets Association, the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because such day is a legal holiday under the federal laws of the United States or the laws of the State of New York, as applicable.

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

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

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“Wholly-Owned” means, with respect to the ownership by any Person of any Property, that one hundred percent (100%) of the title to such Property is held in fee directly or indirectly by, or one hundred percent (100%) of such Property is ground leased pursuant to an Eligible Ground Lease directly or indirectly by, such Person.

“Wholly-Owned Subsidiary” means, with respect to any Person on any date, any corporation, partnership, limited liability company or other entity of which one hundred percent (100%) of the Equity Interests and one hundred percent (100%) of the ordinary voting power are, as of such date, owned and Controlled, directly or indirectly, by such Person.  For purposes hereof, so long as the Borrower remains a Subsidiary of the REIT, the Borrower and its Wholly-Owned Subsidiaries shall be deemed to be Wholly-Owned Subsidiaries of the REIT.

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

1.02Other 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, rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented from time to time, (vi) the words “asset” and “property” shall be construed to have the same meaning and 

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effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (vii) the phrase “would not reasonably be expected to have a Material Adverse Effect” and words of similar import shall be construed to mean  “would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect” and the phrase “would reasonably be expected to have a Material Adverse Effect” and words of similar import shall be construed to mean  “would, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.”

(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.

(d)Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a Division as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person.  Any Division Successor shall constitute a separate Person hereunder (and each Division of any Person that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

1.03Accounting 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 or determining the Leveraged-Based Applicable Rate (as defined in the definition of Applicable Rate), Indebtedness of the Borrower 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  (including the adoption of IFRS) would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower 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, (A) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (B) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested 

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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.

(c)Consolidation of Variable Interest Entities.  All references herein to consolidated financial statements of the REIT and its Subsidiaries or to the determination of any amount for the REIT and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that the REIT is required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein. 

1.04Rounding.  Any financial ratios required to be maintained 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).

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

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

1.07Interest Rates.  The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to any reference rate referred to herein or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an alternative or replacement for or successor to any such rate (including any Successor Rate) (or any component of any of the foregoing) or the effect of any of the foregoing, or of any Conforming Changes.  The Administrative Agent and its affiliates or other related entities may engage in transactions or other activities that affect any reference rate referred to herein, or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of any of the foregoing) or any related spread or other adjustments thereto, in each case, in a manner adverse to the Borrower.  The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any reference rate referred to herein or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of any of the foregoing), in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, 

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special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or other action or omission related to or affecting the selection, determination, or calculation of any rate (or component thereof) provided by any such information source or service.

1.08Sustainability Adjustments.  

(a)Following the date on which the Borrower provides a Pricing Certificate in respect of the most recently ended calendar year, the Applicable Rate shall be decreased (or not adjusted), as applicable, pursuant to the Sustainability Margin Adjustment as set forth in such Pricing Certificate. For purposes of the foregoing, (A) the Sustainability Margin Adjustment shall be determined as of the fifth Business Day following receipt by the Administrative Agent of a Pricing Certificate delivered pursuant to Section 1.08(f) based upon the KPI Metric set forth in such Pricing Certificate and the calculations of the Sustainability Margin Adjustment, therein (such day, the “Sustainability Pricing Adjustment Date”) and (B) each change in the Applicable Rate resulting from a Pricing Certificate shall be effective during the period commencing on and including the applicable Sustainability Pricing Adjustment Date and ending on the date immediately preceding the next such Sustainability Pricing Adjustment Date (or, in the case of non-delivery of a Pricing Certificate, the last day such Pricing Certificate could have been delivered pursuant to the terms of Section 1.08(f)).

(b)For the avoidance of doubt, only one Pricing Certificate may be delivered in respect of any calendar year. It is further understood and agreed that the Applicable Rate will never be reduced by more than 0.01%, pursuant to the Sustainability Margin Adjustment during any calendar year. For the avoidance of doubt, any adjustment to the Applicable Rate by reason of meeting the KPI Metric in any year shall not be cumulative year-over-year. Each applicable adjustment shall only apply until the date on which the next adjustment is due to take place.

(c)It is hereby understood and agreed that if no such Pricing Certificate is delivered by the Borrower within the period set forth in Section 1.08(f), no Sustainability Margin Adjustment will be made to the Applicable Rate commencing on the last day such Pricing Certificate could have been delivered pursuant to the terms of Section 1.08(f) and continuing until the Borrower delivers a Pricing Certificate to the Administrative Age.

(d)If (i)(A) the Borrower or any Lender becomes aware of any material inaccuracy in the Sustainability Margin Adjustment or the KPI Metric as reported in a Pricing Certificate (any such material inaccuracy, a “Pricing Certificate Inaccuracy”) and, in the case of any Lender, such Lender delivers, not later than 10 Business Days after obtaining knowledge thereof, a written notice to the Administrative Agent describing such Pricing Certificate Inaccuracy in reasonable detail (which description shall be shared with each Lender and the Borrower), or (B) the Borrower and the Lenders agree that there was a Pricing Certificate Inaccuracy at the time of delivery of a Pricing Certificate, and (ii) a proper calculation of the Sustainability Margin Adjustment or the KPI Metric would have resulted in no adjustment to the Applicable Rate for any period, the Borrower shall be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the applicable L/C Issuers, 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 the Borrower under the Bankruptcy Code of the United States (or any 

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comparable event under non- U.S. Debtor Relief Laws), automatically and without further action by the Administrative Agent, any Lender or any L/C Issuer), but in any event within 10 Business Days after the Borrower has received written notice of, or has agreed in writing that there was, a Pricing Certificate Inaccuracy, an amount equal to the excess of (1) the amount of interest and fees that should have been paid for such period over (2) the amount of interest and fees actually paid for such period. If the Borrower becomes aware of any Pricing Certificate Inaccuracy and, in connection therewith, if a proper calculation of the Sustainability Margin Adjustment or the KPI Metric would have resulted in a decrease in the Applicable Rate for any period, then, upon receipt by the Administrative Agent of notice from the Borrower of such Pricing Certificate Inaccuracy (which notice shall include corrections to the calculations of the Sustainability Margin Adjustment or the KPI Metric, as applicable), commencing on the Business Day following receipt by the Administrative Agent of such notice, the Applicable Rate shall be adjusted to reflect the corrected calculations of the Sustainability Margin Adjustment or the KPI Metric, as applicable.

It is understood and agreed that any Pricing Certificate Inaccuracy shall not constitute a Default or Event of Default or otherwise result in the failure of any condition precedent to any advance or the issuance of any letter of credit; provided, that, the Borrower complies with the terms of this Section 1.08(d) with respect to such Pricing Certificate Inaccuracy. Notwithstanding anything to the contrary herein, unless such amounts shall be due upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States (or any comparable event under non-U.S. Debtor Relief Laws), (a) any additional amounts required to be paid pursuant the immediate preceding paragraph shall not be due and payable until a written demand is made for such payment by the Administrative Agent in accordance with such paragraph, (b) any nonpayment of such additional amounts prior to or concurrently with such demand for payment by the Administrative Agent shall not constitute a Default (whether retroactively or otherwise) and (c) none of such additional amounts shall be deemed overdue prior to such a demand or shall accrue interest at the Default Rate prior to such a demand.

(e)Each party hereto hereby agrees that neither the Administrative Agent nor the Sustainability Structuring Agent shall have any responsibility for (or liability in respect of) reviewing, auditing or otherwise evaluating any calculation by the Borrower of any Sustainability Margin Adjustment (or any of the data or computations that are part of or related to any such calculation) set forth in any Pricing Certificate (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry).

(f)As soon as available and in any event within 120 days following the end of each calendar year (commencing with the calendar year ending December 31, 2021), Borrower may deliver a Pricing Certificate to the Administrative Agent (and the Administrative Agent shall promptly provide a copy to each Lender) for the most recently-ended calendar year; provided, that, for any calendar year the Borrower may elect not to deliver a Pricing Certificate, and such election shall not constitute a Default or Event of Default (but such failure to so deliver a Pricing Certificate by the end of such 120-day period shall result in the Sustainability Margin Adjustment being applied as set forth in Section 1.08(c)). In the event the Borrower’s fiscal year is changed to a non-calendar year fiscal year, the Borrower will be permitted to adjust the timing of delivery of the Pricing Certificate at its election.

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ARTICLE II.the COMMITMENTS and Credit Extensions

2.01Committed Loans.  Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans denominated in Dollars (each such loan, a “Committed Loan”) to the 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 such Lender’s Revolving Credit Commitment; provided, however, that after giving effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Revolving Credit Facility and (ii) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Revolving Credit Commitment.  Within the limits of each Lender’s Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01, prepay under Section 2.07, and reborrow under this Section 2.01.  Committed Loans may be Base Rate Loans, Daily SOFR Loans or Term SOFR Loans, as further provided herein.

2.02Borrowings, Conversions and Continuations of Committed Loans.  

(a)Each Borrowing, each conversion of Loans from one Type to another, and each continuation of Term SOFR Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Committed Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Committed Loan Notice. Each such Committed Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) two Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Term SOFR Loans or of any conversion of Term SOFR Loans to Daily SOFR Loans or Base Rate Loans, and (ii) on the requested date of any Borrowing of Daily SOFR Loans or Base Rate Loans or conversion of Daily SOFR Loans to Base Rate Loans or Base Rate Loans to Daily SOFR Loans.  Each Borrowing of, conversion to or continuation of Term SOFR Loans shall be in a minimum principal amount of $5,000,000 or a whole multiple of $100,000 in excess thereof.  Except as provided in Sections 2.04(c), each Borrowing of or conversion to Daily SOFR Loans or Base Rate Loans shall be in a minimum principal amount of $500,000 or a whole multiple of $100,000 in excess thereof.  Each Committed Loan Notice shall specify (i) whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to another, or a continuation of Term SOFR Loans and, if applicable, the Facility under which such request is being made, (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 Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto.  If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable 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 Term SOFR Loans.  If the Borrower requests a Borrowing of, conversion to, or continuation of Term SOFR Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

(b)Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the applicable Loans, 

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and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in the preceding subsection.  In the case of a Borrowing, each 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 Committed 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 Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the 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 Borrower; provided, however, that if, on the date a Committed Loan Notice with respect to a Committed Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Committed Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above; provided, further that the Administrative Agent shall notify the Borrower in the event that any proceeds of any Committed Borrowing are applied to the payment of any L/C Borrowings.

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

(d)The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for Term SOFR Loans upon determination of such interest rate.

(e)After giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to another, and all continuations of Committed Loans as the same Type, there shall not be more than ten Interest Periods in effect with respect to Committed Loans.

(f)Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent, and such Lender.

(g)With respect to SOFR, Daily Simple SOFR or Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective.

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2.03[Intentionally Omitted].  

2.04Letters of Credit.  

(a)The Letter of Credit Commitment.

(i)Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.04, (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 Borrower or its Subsidiaries and Controlled Affiliates, 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 Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and Controlled Affiliates 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 Outstandings shall not exceed the Revolving Credit Facility, (y) the Revolving Credit Exposure of any 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 Subfacility.  Each request by the Borrower for the issuance or amendment (including any extension) of a Letter of Credit shall be deemed to be a representation by the 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 Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower 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. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

(ii)No L/C Issuer shall issue any Letter of Credit, if:

(A)subject to Section 2.04(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 Administrative Agent, the applicable L/C Issuer and the Required Lenders have approved such expiry date; or

(B)the expiry date of the requested Letter of Credit would occur after the first anniversary of the Revolver Maturity Date; provided that, if the expiry date of any Letter of Credit is beyond the Revolver Maturity Date, the Borrower shall comply with the requirements of Section 2.19(a).

(iii)No L/C Issuer shall be under any obligation to issue any Letter of Credit if: 

(A)any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such L/C Issuer from issuing the Letter of Credit, or any Law applicable to such L/C Issuer or any 

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request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or request that such L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon such L/C Issuer with respect to the Letter of Credit any restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such 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 such L/C Issuer applicable to letters of credit generally; 

(C)except as otherwise agreed by the Administrative Agent and such L/C Issuer, the Letter of Credit is in an initial stated amount less than $50,000; 

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

(E)any Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, reasonably satisfactory to such L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate such L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.20(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 such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or

(F)after giving effect to any L/C Credit Extension with respect to such Letter of Credit, the L/C Obligations with respect to all Letters of Credit issued by such L/C Issuer would exceed such L/C Issuer’s Letter of Credit Sublimit; provided that, subject to the limitations set forth in the proviso to the first sentence of Section 2.04(a)(i), any L/C Issuer in its sole discretion may issue Letters of Credit in excess of its Letter of Credit Sublimit. 

(iv)No L/C Issuer shall amend or extend any Letter of Credit if such 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)No L/C Issuer shall be under any obligation to amend or extend any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue the Letter of Credit in its amended or extended 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)Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and such L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative 

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Agent in Article IX with respect to any acts taken or omissions suffered by such 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 such L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to each L/C Issuer.

(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, by a single L/C Issuer selected by the Borrower, upon the request of the Borrower delivered to such 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 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 such L/C Issuer, by personal delivery or by any other means acceptable to such L/C Issuer.  Such Letter of Credit Application must be received by the applicable L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least five Business Days (or such later date and time as the Administrative Agent and such 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 reasonable detail satisfactory to the applicable 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 applicable L/C Issuer may reasonably 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 reasonable detail satisfactory to the applicable 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 applicable L/C Issuer may reasonably require.  Additionally, the Borrower shall furnish to the applicable 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 applicable L/C Issuer or the Administrative Agent may reasonably require.

(ii)Promptly after receipt of any Letter of Credit Application for a Letter of Credit, the applicable 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 Borrower and, if not, such L/C Issuer will provide the Administrative Agent (who shall in turn make available same to the Lenders) with a copy thereof.  Unless such L/C Issuer has received written notice from any Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested 

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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, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or the applicable Subsidiary or Controlled Affiliate) or enter into the applicable amendment, as the case may be, in each case in accordance with such L/C Issuer’s usual and customary business practices.  Immediately upon the issuance of each Letter of Credit by an L/C Issuer, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of Credit.

(iii)If the Borrower so requests in any applicable Letter of Credit Application in respect of a Letter of Credit, the applicable 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 such 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 such L/C Issuer, the Borrower shall not be required to make a specific request to such L/C Issuer for any such extension.  Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) such 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 such L/C Issuer shall not permit any such extension if (A) such 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 2.04(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 Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing such L/C Issuer not to permit such extension.

(iv)If the Borrower so requests in any applicable Letter of Credit Application for a Letter of Credit, the applicable L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that permits the automatic reinstatement of all or a portion of the stated amount thereof after any drawing thereunder (each, an “Auto-Reinstatement Letter of Credit”).  The Borrower shall not be required to make a specific request to such L/C Issuer to permit such reinstatement.  Once an Auto-Reinstatement Letter of Credit has been issued, except as provided in the following sentence, the Lenders shall be deemed to have authorized (but may not require) such L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance with the provisions of such Letter of Credit.  Notwithstanding the foregoing, if such Auto-Reinstatement Letter of Credit permits such L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after a 

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drawing thereunder by giving notice of such non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement Deadline”), such L/C Issuer shall not permit such reinstatement if it has received a notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Reinstatement Deadline (A) from the Administrative Agent that the Required Lenders have elected not to permit such reinstatement or (B) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied (treating such reinstatement as an L/C Credit Extension for purposes of this clause) and, in each case, directing such L/C Issuer not to permit such reinstatement.

(v)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 applicable L/C Issuer will also deliver to the 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 compliant notice of a drawing under such Letter of Credit, the applicable L/C Issuer shall notify the Borrower and the Administrative Agent thereof (such notification provided by an L/C Issuer to the Borrower and the Administrative Agent being referred to herein as an “L/C Draw Notice”).  If an L/C Draw Notice with respect to a Letter of Credit is received by the Borrower (x) on or prior to 11:00 a.m. on the date of any payment by such L/C Issuer under a Letter of Credit (each such date, a “L/C Honor Date”), then, not later than 1:00 p.m. on the L/C Honor Date, the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing or (y) after 11:00 a.m. on the L/C Honor Date, then, not later than 11:00 a.m. on the first Business Day following the L/C Honor Date, the Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing (such date on which the Borrower, pursuant to clauses (x) and (y) of this sentence, is required to reimburse the L/C Issuer for a drawing under a Letter of Credit is referred to herein as the “L/C Reimbursement Date”); provided, however, that if the L/C Reimbursement Date for a drawing under a Letter of Credit is the Business Day following the L/C Honor Date pursuant to clause (y) of this sentence, the Unreimbursed Amount shall accrue interest from and including the L/C Honor Date until such time as the L/C Issuer is reimbursed in full therefor (whether through payment by the Borrower and/or through a Committed Loan or L/C Borrowing made in accordance with paragraph (ii) or (iii) of this Section 2.04(c)) at a rate equal to (A) for the period from and including the L/C Honor Date to but excluding the first Business Day to occur thereafter, the rate of interest then applicable to a Base Rate Loan and (B) thereafter, at the Default Rate applicable to a Base Rate Loan.  Interest accruing on the Unreimbursed Amount pursuant to the proviso to the immediately preceding sentence shall be payable by the Borrower upon demand to the Administrative Agent, solely for the account of the applicable L/C Issuer.  If the Borrower fails to reimburse the applicable L/C Issuer for the full amount of the Unreimbursed Amount in accordance with the preceding sentence on the applicable L/C Reimbursement Date, the Administrative Agent shall promptly notify each Lender that a payment was made on the Letter of Credit, the L/C Honor Date, the L/C Reimbursement 

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Date (if different from the L/C Honor Date), the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof.  In such event, the Borrower shall be deemed to have requested a Committed Borrowing of Base Rate Loans to be disbursed on the L/C 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 Facility and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice).  Any notice given by an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(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.

(ii)Each Lender shall upon any notice pursuant to Section 2.04(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable L/C Issuer at the Administrative Agent’s Office in an amount equal to its Applicable 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 2.04(c)(iii), each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount.  The Administrative Agent shall remit the funds so received to the applicable L/C Issuer. 

(iii)With respect to any Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the applicable 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 Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(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 Lender in satisfaction of its participation obligation under this Section 2.04.

(iv)Until each Lender funds its Committed Loan or L/C Advance pursuant to this Section 2.04(c) to reimburse the applicable L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the account of such L/C Issuer.

(v)Each Lender’s obligation to make Committed Loans or L/C Advances to reimburse the applicable L/C Issuers for amounts drawn under any Letters of Credit, as contemplated by 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 such L/C Issuer, the 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 Lender’s obligation to make Committed 

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Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Committed Loan Notice).  No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the applicable L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit issued by such L/C Issuer, together with interest as provided herein.

(vi)If any Lender fails to make available to the Administrative Agent for the account of the applicable L/C Issuer 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)(ii), then, without limiting the other provisions of this Agreement, such L/C Issuer shall be entitled to recover from such 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 such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing.  If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.  A certificate of the applicable L/C Issuer submitted to any 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 an L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.04(c), if the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable 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 an L/C Issuer pursuant to Section 2.04(c)(i) is required to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of such L/C Issuer its Applicable 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 Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the 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 Borrower to reimburse each L/C Issuer for each drawing under each Letter of Credit issued by such L/C Issuer 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 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), such 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 such L/C Issuer of any requirement that exists for such L/C Issuer’s protection and not the protection of the Borrower or any waiver by such L/C Issuer which does not in fact materially prejudice the 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 such 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, the ISP or the UCP, as applicable;

(vii)any payment by such 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 such 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 Borrower or any Loan Party.

The 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 Borrower’s instructions or other irregularity, the Borrower will immediately notify the 

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applicable L/C Issuer.  The Borrower shall be conclusively deemed to have waived any such claim against such L/C Issuer and its correspondents unless such notice is given as aforesaid.

(f)Role of L/C Issuers.  Each Lender and the Borrower agrees that, in paying any drawing under a Letter of Credit, the applicable L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such 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 Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of any 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 Lenders or the Required 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 Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.  None of the L/C Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of any L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (viii) of Section 2.04(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against an L/C Issuer, and an L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by such L/C Issuer’s willful misconduct or gross negligence or such 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, any 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 such 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.  Any 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.

(g)Applicability of ISP and UCP; Limitation of Liability.  Unless otherwise expressly agreed by the applicable L/C Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to each Letter of Credit (or UCP if required, subject to the applicable Letter of Credit Issuer’s approval).  Notwithstanding the foregoing, no L/C Issuer shall be responsible to the Borrower for, and no L/C Issuer’s rights and remedies against the Borrower shall be impaired by, any action or inaction of such 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 such L/C Issuer or the beneficiary is located, the 

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practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

(h)Letter of Credit Fees.  The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance, subject to Section 2.20, with its Applicable 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 tenth 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 expiry date with respect to such Letter of Credit 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 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 Issuers.  The Borrower shall pay directly to each L/C Issuer for its own account a fronting fee with respect to each Letter of Credit issued by such L/C Issuer, at a per annum rate equal to 0.125% 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 expiry date of such Letter of Credit 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 Borrower shall pay directly to each L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such 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.

(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.

(k)Letters of Credit Issued for Subsidiaries and Controlled Affiliates.  Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary or Controlled Affiliate, the Borrower shall be obligated to reimburse the applicable L/C Issuer hereunder for any and all drawings under such Letter of Credit.  The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries or Controlled Affiliates inures to the benefit of the Borrower, and that 

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the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries and Controlled Affiliates.

(l)L/C Issuer Reports to Administrative Agent.  Unless otherwise agreed by the Administrative Agent, each L/C Issuer shall, in addition to its notification obligations set forth elsewhere in this Section, provide the Administrative Agent with written reports from time to time, as follows:

(i)reasonably prior to the time that such L/C Issuer issues, amends, renews, increases or extends a Letter of Credit, a written report that includes the date of such issuance, amendment, renewal, increase or extension and the stated amount and currency of the applicable Letters of Credit after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed);

(ii)on each Business Day on which such L/C Issuer makes a payment pursuant to a Letter of Credit, a written report that includes the date and amount of such payment;

(iii)on any Business Day on which the Borrower fails to reimburse a payment made pursuant to a Letter of Credit required to be reimbursed to such L/C Issuer on such day, a written report that includes the date of such failure and the amount of such payment;

(iv)on any other Business Day, a written report that includes such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such L/C Issuer; and

(v)(x) on the last Business Day of each calendar month and (y) on each date that (1) an L/C Credit Extension occurs or (2) there is any expiration, cancellation and/or disbursement, in each case, with respect to any Letter of Credit issued by such L/C Issuer, a written report that includes the information for every outstanding Letter of Credit issued by such L/C Issuer. 

2.05Special Revolving Advances.  

(a)Request for Special Revolving Advance.  From time to time, subject to the terms and conditions set forth herein, the Borrower may request, by written notice to the Administrative Agent (for distribution to the applicable Lenders) at least 30 days prior to the proposed date of a Committed Borrowing, that the proceeds of such Committed Borrowing be used to refinance certain secured mortgage Indebtedness of the Borrower and/or its Subsidiaries that is secured by a parcel of Real Property that will, upon such refinancing constitute a Property, in which event, a portion of the Committed Loans equal to the amount of the Committed Borrowing made hereunder in connection with such refinancing (each a “Special Revolving Advance”) may, at the Borrower’s election, be secured by the refinanced mortgage (prior to any such refinancing, an “Existing Mortgage”).  For the avoidance of doubt an Assigned Mortgage will not include a leasehold mortgage.

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(b)Conditions Precedent to a Special Revolving Advance.  Without limiting any other provisions of this Agreement and in addition to the conditions precedent set forth in Section 4.02 with respect to the funding of Loans, the obligation of each Lender to fund its Applicable Percentage of each Special Revolving Advance is subject to the Administrative Agent’s receipt of each of the following, in form and substance reasonably satisfactory to the Administrative Agent:

(i)written confirmation from the existing lender (the “Existing Mortgage Lender”) of the outstanding principal amount of the loan secured by the Existing Mortgage (the “Existing Mortgage Debt”) and evidence that the loan secured by the Existing Mortgage will be paid and satisfied in full concurrently with the funding of the Special Revolving Advance, which may be in the form of a payoff letter (and related documentation) that is in form and substance reasonably satisfactory to the Administrative Agent; 

(ii)the originals of each outstanding promissory note evidencing the Existing Mortgage Debt (the “Existing Mortgage Note”) (or if the original Existing Mortgage Note shall have been lost, destroyed or mutilated, a copy of the Existing Mortgage Note and a lost note affidavit by the Existing Mortgage Lender in favor of Administrative Agent), and if available, all other notes evidencing the Existing Mortgage Debt;

(iii)an allonge to or assignment of the Existing Mortgage Note, duly executed and delivered by the Existing Mortgage Lender to the Administrative Agent;

(iv)an assignment of the Existing Mortgage in form recordable and otherwise acceptable to the Administrative Agent (provided such assignment may assign the Existing Mortgage without representation or warranty), duly executed and acknowledged by the Existing Mortgage Lender, together with the original Existing Mortgage (or, if the original Existing Mortgage is not available, a copy of same duly certified as true and correct by a title company, title agent or title abstracter reasonably acceptable to Administrative Agent);

(v)an amendment or amendment and restatement of each of the Existing Mortgage and the Existing Mortgage Note, as applicable, to provide for economic and other terms which are identical to those of the Loans (e.g., the maturity date shall be amended to be the applicable maturity date hereunder and the interest rate and payment terms will be amended to be the same as those hereunder, together with such other modifications to the terms of such Existing Mortgage and Existing Mortgage Note as reasonably requested by the Administrative Agent, (each such amended or amended and restated Existing Mortgage being referred to herein as an “Assigned Mortgage” and each such amended or amended and restated Existing Mortgage Note being referred to herein as an “Assigned Mortgage Note”), duly executed by each Loan Party party thereto;

(vi)evidence that no portion of the Mortgage Property is or will, under the Flood Disaster Protection Act of 1973, be located in a “Special Flood Hazard Area,” or within a “Flood Zone” designated A or V in a participating community located within a Special Flood Hazard Area;

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(vii)a duly executed environmental indemnity agreement among the Borrower, the Subsidiary, if any, that is the owner of such Mortgage Property and the Administrative Agent;

(viii)evidence that all mortgage recording taxes shall have been paid with respect to the Assigned Mortgage;

(ix)if requested by the Administrative Agent or any Lender, a customary and favorable written legal opinion of Willkie Farr & Gallagher LLP and/or other counsel to the Loan Parties, addressed to the Administrative Agent and the Lenders, covering matters customarily addressed in connection with the grant of a real estate mortgage and relating to the documents delivered pursuant to this Section 2.05 as the Administrative Agent shall reasonably request; and

(x)such other documents, agreements and instruments as the Administrative Agent (or any Lender through the Administrative Agent) may reasonably request.

(c)Limitations on Special Revolving Advances.  Notwithstanding anything to the contrary contained herein, (i) no more than one Special Revolving Advance shall be outstanding, and no more than one Assigned Mortgage shall be in effect, at any time and (ii) no more than three Special Revolving Advances will be made, and no more than three Assigned Mortgages, will be accepted by the Administrative Agent, during the term of the Facilities.

(d)Termination and Release.  

(i)Any Assigned Mortgage may be released at any time at the request of the Borrower, and in connection therewith the Administrative Agent shall, at the Borrower’s sole expense, enter into such documents and instruments as are required to effect such release, in each case in form and substance reasonably acceptable to the Borrower and the Administrative Agent.

(ii)The Administrative Agent may, and shall at the direction of the Required Lenders, terminate and release any Assigned Mortgage; provided that the Administrative Agent shall have given the Borrower notice thereof at least ten (10) Business Days prior to any such termination and release, except that the Administrative Agent shall not be required to give any such prior notice to the Borrower if the Administrative Agent, in its reasonable discretion, has determined that delay of such termination and release would be detrimental to the Administrative Agent, the L/C Issuers or the Lenders.  In connection with any such termination and release, the Borrower shall, at its sole expense, enter into such documents and instruments as are required to effect such release, in each case in form and substance reasonably acceptable to the Administrative Agent, and upon any such termination and release the Borrower will be required to prepay the related Special Revolving Advance.

(iii)Notwithstanding anything to the contrary contained in this Agreement, the termination and/or release of any Assigned Mortgage shall not constitute a waiver, termination or release of any of the other rights and remedies of the Administrative Agent, the L/C Issuers or the Lenders under the Loan Documents.

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(e)Indemnification.  Neither the Administrative Agent nor any of the Lenders will be responsible for any losses, costs or expenses incurred by the Borrower or any of its Affiliates in connection with the loss of any mortgage recording tax credits pertaining to any Existing Mortgage or any Assigned Mortgage.  Further, without limitation of any of the Borrower’s obligations under Section 11.04(b) or any other indemnification obligations of the Borrower under this Agreement, the Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative Agent, each Lender and each other Indemnitee from and against any and all losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the fees and the reasonable and documented fees, charges and disbursements of one primary counsel to all Indemnitees and, if necessary, one local counsel in each relevant jurisdiction, unless conflicts of interests require the retention of an additional counsel, incurred in connection with any litigation, investigation, claim or proceeding or any advice rendered in connection therewith) actually incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party) other than such Indemnitee and its Related Parties in connection with, arising out of, or by reason of, any of the transactions or arrangements contemplated under this Section 2.05 or any suit, cause of action, claim, arbitration, investigation or settlement, consent decree, subpoena or other proceeding relating thereto, including, without limitation, any losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses resulting from the failure of any Person to pay any mortgage recording taxes associated with as Existing Mortgage or any Assigned Mortgage.

(f)Sharing of Proceeds from a Foreclosure or other Exercise of Remedies in respect of an Assigned Mortgage.  Notwithstanding the fact that an Assigned Mortgage only secures a Special Revolving Advance (and not any Obligations in respect of any other Loans or Credit Extensions), each Lender hereby agrees (and directs the Administrative Agent) that in the event of a foreclosure or other exercise of remedies in respect of the Assigned Mortgage (whether pursuant to any contract, Law (including any Debtor Relief Law) or otherwise), all proceeds received in respect thereof shall be applied to all Obligations in accordance with Section 8.03.  In furtherance thereof, each Lender hereby agrees that if, in connection with a foreclosure or other exercise of remedies in respect of an Assigned Mortgage, such Lender obtains any payment in respect thereof in excess of its ratable share due to all Lenders under Section 8.03, then such Lender 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 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 Section 8.03, provided that 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.

2.06[Intentionally Omitted].

2.07Prepayments.

(a)The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Committed Loans in whole or in part without premium or penalty; provided that (i) such notice must be in a form reasonably acceptable to the 

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Administrative Agent and be received by the Administrative Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of Term SOFR Loans and (B) on the date of prepayment of Daily SOFR Loans and Base Rate Loans; (ii) any prepayment of Term SOFR Loans shall be in a minimum principal amount of $2,000,000 or a whole multiple of $100,000 in excess thereof; and (iii) any prepayment of Daily SOFR Loans and Base Rate Loans shall be in a minimum 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 Committed Loans to be prepaid and, if Term SOFR 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 Applicable Percentage of such prepayment.  If such notice is given by the Borrower, the 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 any Loan shall be accompanied by all accrued interest on the amount prepaid, together, in the case of any Term SOFR Loan, any additional amounts required pursuant to Section 3.05.  Subject to Section 2.20, each such prepayment received (i) at a time that no Event of Default is continuing shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages and (ii) at a time that an Event of Default is continuing shall be applied to or, in the case of L/C Obligations that consist of the aggregate amount available to be drawn under all outstanding Letters of Credit, Cash Collateralize, the Revolving Credit Exposure of all Lenders in accordance with their respective Applicable Percentages.  

(b)[Intentionally omitted].

(c)If for any reason the Total Outstandings at any time exceed the Revolving Credit Facility then in effect, the Borrower shall immediately prepay Committed Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.07(c) unless after the prepayment in full of the Committed Loans the Total Outstandings exceed the Revolving Credit Facility then in effect; provided further that no such prepayment shall be applied to any Special Revolving Advance until all other then outstanding amounts under the Revolving Credit Facility have been prepaid or Cash Collateralized.

2.08Termination or Reduction of Revolving Credit Facility.  The Borrower may, upon notice to the Administrative Agent, terminate the Revolving Credit Facility, or from time to time permanently reduce the Revolving Credit Facility; provided that (a) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three Business Days prior to the date of termination or reduction, (b) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof and (c) the Borrower shall not terminate or reduce the Revolving Credit Facility if, after giving effect thereto and to any concurrent prepayments hereunder, (i) the Total Outstandings would exceed the Revolving Credit Facility, or (ii) the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Subfacility.  The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Revolving Credit Facility.  Any reduction of the Revolving Credit Facility shall be applied to the Revolving 

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Credit Commitment of each Lender according to its Applicable Percentage, and upon any resulting reduction of the Letter of Credit Subfacility, the Letter of Credit Sublimit of each L/C Issuer shall be reduced on a pro rata basis.  All fees accrued until the effective date of any termination of the Revolving Credit Commitment shall be paid on the effective date of such termination.  Following any such termination or reduction, the Administrative Agent may in its discretion replace the existing Schedule 2.01 with an amended and restated schedule that reflects all such terminations and reductions.

2.09Repayment of Loans.  The Borrower shall repay to the Lenders on the Revolver Maturity Date the aggregate principal amount of Committed Loans outstanding on such date.

2.10Interest.

(a)Subject to the provisions of subsection (b) below, (i) each Term SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to Term SOFR 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 Daily SOFR Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Daily Simple SOFR plus the Applicable Rate.

(b)(i)While any Event of Default exists under Section 8.01(a), Section 8.01(f) or Section 8.01(g), the Borrower 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 (subject, in all cases other than an Event of Default under Section 8.01 in the payment of principal when due or an Event of Default under Section 8.01(f) or Section 8.01(g), to the request of the Required Lenders).

(ii)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.

2.11Fees.  In addition to certain fees described in subsections (h) and (i) of Section 2.04, subsection (b) of Section 2.16 and subsection (d) of Section 2.18:

(a)Facility Fee.  The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, a facility fee equal to the Applicable Rate times the actual daily amount of the Revolving Credit Facility (or, if the Revolving Credit Facility has terminated, on the Outstanding Amount of all Committed Loans and L/C Obligations), regardless of usage, subject to adjustment as provided in Section 2.20.  The facility fee shall accrue at all times during the Availability Period (and thereafter so long as any Committed Loans or L/C Obligations remain outstanding), including at any time during 

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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 (and, if applicable, thereafter on demand).  The facility 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 Borrower shall pay to the Bookrunners and the Administrative Agent for their own respective accounts fees in the amounts and at the times specified in the Fee Letters.  Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever absent manifest error.

(ii) The Borrower 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 absent manifest error.

2.12Computation 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 Term SOFR) 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, including those with respect to Daily SOFR Loans and Term SOFR Loans, 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 2.14(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. 

(b)If, as a result of any restatement of or other adjustment to the financial statements of the REIT or for any other reason, the Borrower or the Lenders determine that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall promptly and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders or L/C Issuers, as the case may be, promptly on (and in any event within ten Business Days after) demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the 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; provided that no Default or Event of Default shall be deemed to have occurred as a result of any non-payment following demand until the expiration of such ten Business Day period.  This paragraph shall not limit the 

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rights of the Administrative Agent, any Lender or any L/C Issuer, as the case may be, under Section 2.04(c)(iii), 2.04(h) or 2.10(b) or under Article VIII.  The Borrower’s obligations under this paragraph shall survive the termination of the Revolving Credit Facility and the repayment of all other Obligations hereunder.

2.13Evidence of Debt.  

(a)The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender in the ordinary course of business.  The Administrative Agent shall maintain the Register in accordance with Section 11.06(c).  The accounts or records maintained by each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower 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 Borrower 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 Register, the Register shall control in the absence of manifest error.  Upon the request of any Lender made through the Administrative Agent, the Borrower 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; provided that the Borrower’s obligation to deliver such Note shall only apply if the Lender does not already have a Note issued for such obligation.  Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its applicable 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.  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.

2.14Payments Generally; Administrative Agent’s Clawback.

(a)General.  All payments to be made by the Borrower or any other Loan Party 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 Borrower or any other Loan Party 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 (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., at the option of the Administrative Agent, 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 the Borrower or any other Loan Party shall come due on a day other than a Business Day, payment shall be made on the next following 

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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 Term SOFR Loans (or, in the case of any Borrowing of Daily SOFR Loans or 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 Daily SOFR Loans or 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 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 Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, but, in the case of the Borrower, without duplication of any interest otherwise payable hereunder, for each day from and including the date such amount is made available to the 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 the Borrower, the interest rate applicable to Base Rate Loans.  If the 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 the Borrower the amount of such interest paid by the 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 the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.  

(ii) Payments by Borrower; Presumptions by Administrative Agent.  Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of any of the Lenders or any of the L/C Issuers hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lenders or applicable L/C Issuers, as the case may be, the amount due.

With respect to any payment that the Administrative Agent makes for the account of the Lenders or any L/C Issuer hereunder as to which the Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the “Rescindable Amount”): (1) the Borrower has not in fact made such payment; (2) the Administrative Agent has made a payment in excess of the amount so paid by the Borrower (whether or not then owed); or (3) the Administrative agent has for any reason otherwise erroneously made such payment; then each of the applicable Lenders or applicable 

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L/C Issuers, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Lender or such 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 the 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 the 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 Committed Loans, to fund participations in Letters of Credit and to make payments pursuant to Section 11.04(c) are several and not joint.  The failure of any Lender to make any Committed Loan required to be made by such Lender, to fund any such participation required to be funded by such Lender or to make any payment under Section 11.04(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 Committed Loan, to purchase its participation or to make its payment under Section 11.04(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.

(f)Insufficient Funds.  If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, toward payment of principal and L/C Borrowings then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and L/C Borrowings then due to such parties.

2.15Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Committed Loans made by it, or the participations in L/C Obligations held by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Committed Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then 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 

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Committed Loans and subparticipations in L/C Obligations of the other applicable Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by all applicable Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Committed Loans and other amounts owing them, provided that:

(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 (w) any payment made by or on behalf of the 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 or Disqualified Institution), (x) allocation of optional prepayments among the Committed Loans made in accordance with Section 2.07(a), (y) the application of Cash Collateral provided for in Section 2.19, or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed Loans or subparticipations in L/C Obligations to any assignee or participant, other than an assignment to the Borrower or any Affiliate thereof (as to which the provisions of this Section shall apply).

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

2.16Extension of Revolver Maturity Date. 

(a)Notification of Extension.  The Borrower may, by written notice to the Administrative Agent (such notice, an “Extension Notice”) not earlier than 125 days and not later than 30 days prior to (i) the Initial Revolver Maturity Date, elect to extend the Revolver Maturity Date to the First Extended Revolver Maturity Date and (ii) the First Extended Revolver Maturity Date, elect to extend the Revolver Maturity Date to the Second Extended Revolver Maturity Date.  The Administrative Agent shall distribute each Extension Notice promptly to the Lenders following its receipt thereof.

(b)Conditions Precedent to Effectiveness of Revolver Maturity Date Extension.  As conditions precedent to each extension of the Revolver Maturity Date, the Borrower shall, on or prior to the then applicable Revolver Maturity Date, satisfy each of the following requirements for such extension to become effective:

(i)The Administrative Agent shall have received an Extension Notice within the period required under clause (a) above;

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(ii)On the date of such Extension Notice and both immediately before and immediately after giving effect to such extension of the Revolver Maturity Date, no Event of Default shall have occurred and be continuing;

(iii)The Borrower shall have paid to the Administrative Agent, for the pro rata benefit of the Lenders based on their respective Applicable Percentages as in effect on the date the proposed extension is to become effective, an extension fee in an amount equal to 0.0625% of the Revolving Credit Facility as of such date (it being agreed that each such extension fee shall be fully earned when paid and shall not be refundable for any reason); and

(iv)The Administrative Agent shall have received a certificate of the Borrower dated as of the date the proposed extension is to become effective signed by a Responsible Officer of the Borrower (i) (x) certifying and attaching the resolutions adopted by each Loan Party approving or consenting to such extension or (y) certifying that, as of the date the proposed extension is to become effective, the resolutions delivered to the Administrative Agent and the Lenders on the Closing Date (if such resolutions included approval for an extension of the Revolver Maturity Date to the First Extended Revolver Maturity Date and/or the Second Extended Revolver Maturity Date, as applicable) are and remain in full force and effect and have not been modified, rescinded or superseded since the date of adoption and (ii) certifying that, before and after giving effect to such extension, (A) 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 date the proposed extension is to become effective, except (x) 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, (y) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such date (including such earlier date set forth in the foregoing clause (x)) after giving effect to such qualification and (z) for purposes of this Section 2.16, 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, and (B) no Event of Default exists. 

(c)Conflicting Provisions.  This Section shall supersede any provisions in Section 11.01 to the contrary.

2.17[Intentionally Omitted].  

2.18Incremental Facilities.  

(a)Request for Increase.  Provided that no Event of Default shall have occurred and is then continuing, upon written notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may from time to time request an increase in the Revolving Credit Facility (each such increase, an “Incremental Revolving Increase”) or the establishment of a new (or increasing an existing) tranche of term loans that are pari passu with the Revolving Credit Facility (except to the extent that the Revolving Credit Facility is at any time secured by an Assigned Mortgage) and all other existing tranches of term loans (each a “TL Tranche”; each TL Tranche and Incremental Revolving Increase are collectively referred to as “Incremental 

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Facilities”); provided that (i) after giving effect to each such increase or establishment, the sum of the Revolving Credit Facility and the aggregate principal amount of all TL Tranches shall not exceed $1,500,000,000 in the aggregate, (ii) any such request for an increase or establishment shall be in a minimum amount of $25,000,000 or any lesser amount if such amount represents all remaining availability under the aggregate limit set forth in clause (i) above (or such lesser amount as the Borrower and the Administrative Agent may reasonably agree), (iii) all Incremental Facilities that constitute an increase in the Revolving Credit Facility or an increase in an existing TL Tranche, being on the same terms as the Revolving Credit Facility or the TL Tranche being increased, as the case may be, and (iv) all incremental commitments and loans provided as part of a newly established TL Tranche shall be on terms agreed to by the Borrower and the Lenders providing such TL Tranche; provided, that if the terms of such TL Tranche (other than the final maturity therefor) are not the same as the terms of a then existing TL Tranche, the operational, technical and administrative provisions of such TL Tranche shall be on terms reasonably acceptable to the Administrative Agent. 

(b)Participation in Incremental Facility.  Each notice from the Borrower pursuant to Section 2.18(a) shall specify (i) whether it proposes an Incremental Revolving Increase or a TL Tranche and (ii) if it proposes a TL Tranche, the proposed terms thereof.  At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender (if any) identified in such notice is requested to respond (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to such Lender).  Each Lender (if any) identified in such notice shall endeavor to notify the Administrative Agent within the specified period for a response whether or not it agrees to provide all or a portion of such increase and, if so, the amount of such requested increase that it proposes to provide.  Any Lender approached to provide all or a portion of such increase may elect or decline, in its sole discretion, to provide all or a portion of such increase in the applicable facility offered to it.  Any Lender not responding within such time period shall be deemed to have declined to provide any portion of the requested increase.  Any Eligible Assignee providing any portion of the requested increase that is not an existing Lender shall become a Lender pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and its counsel (a “New Lender Joinder Agreement”).  The Administrative Agent shall promptly notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder.

(c)Effective Date and Allocations.  If any Facility is increased or established in accordance with this Section, the Administrative Agent and the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such Incremental Facility.  The Administrative Agent shall promptly notify the Lenders of the final allocation of such Incremental Facility, the Increase Effective Date and, (x) in the case of an Incremental Revolving Increase, the amount of the Revolving Credit Commitment and Applicable Percentage of each Lender as a result thereof and (y) in the case of a TL Tranche, the amount of the term loan and pro rata share thereof each Lender as a result thereof.  The Administrative Agent is authorized and directed to amend and distribute to the Lenders, including any party becoming a Lender on the Increase Effective Date, a revised Schedule 2.01 that gives effect to the Incremental Facility and the allocation among the Lenders.  Upon the effectiveness of any Incremental Facility, unless otherwise specifically provided herein, all references in the Loan Documents to Loans shall be deemed, unless the context otherwise requires, to include 

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references to Committed Loans made pursuant to Incremental Revolving Increases and term loans that are made pursuant to TL Tranches.

(d)Conditions to Effectiveness of Increase.  As conditions precedent to each such Incremental Facility, (i) the Borrower shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date signed by a Responsible Officer of such Loan Party (x) (1) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such Incremental Facility or (2) certifying that, as of such Increase Effective Date, the resolutions delivered to the Administrative Agent and the Lenders on the Closing Date (if such resolutions included approval to increase the aggregate principal amount of the Facilities to an amount at least equal to the sum of the Revolving Credit Facility and the aggregate principal amount of all outstanding TL Tranches after giving effect to such Incremental Facility) are and remain in full force and effect and have not been modified, rescinded or superseded since the date of adoption, and (y) in the case of the Borrower, certifying that, before and after giving effect to such Incremental Facility, (A) 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 such Increase Effective Date, except to the extent that (1) 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, (2) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (1)) after giving effect to such qualification and (3) for purposes of this Section 2.18, 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, and (B) no Event of Default shall have occurred and is then continuing, (ii) the Administrative Agent shall have received (x) a New Lender Joinder Agreement duly executed by the Borrower and each Eligible Assignee that is becoming a Lender in connection with such Incremental Facility, which New Lender Joinder Agreement shall be acknowledged and consented to in writing by the Administrative Agent and each L/C Issuer in the case of an Incremental Revolving Increase and (y) written confirmation from each existing Lender, if any, participating in such increase of the amount by which its Revolving Credit Commitment will be increased and/or the amount of the TL Tranche to be provided by it, which confirmation shall be acknowledged and consented to in writing by each L/C Issuer in the case of an Incremental Revolving Increase, (iii) if requested by the Administrative Agent or any new Lender or Lender participating in the Incremental Facility, the Administrative Agent shall have received a customary opinion of counsel (which counsel shall be reasonably acceptable to the Administrative Agent), addressed to the Administrative Agent and each Lender, as to such customary matters concerning the Incremental Facility, (iv) if requested by any new Lender joining on the Increase Effective Date, the Administrative Agent shall have received a Note executed by the Borrower in favor of such new Lender, (v) the Borrower shall have paid any applicable fees and expenses as are due and payable in connection therewith and (vi) upon the reasonable request of any existing or new Lender that has proposed to participate in an Incremental Facility made at least ten (10) Business Days prior to the Increase Effective Date, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including, the PATRIOT Act 

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and the Beneficial Ownership Regulation, in each case not later than five (5) Business Days prior to such Increase Effective Date. 

(e)Settlement Procedures.  On each Increase Effective Date, promptly following fulfillment of the conditions set forth in clause (d) of this Section 2.18, the Administrative Agent shall notify the Lenders of the occurrence of the Incremental Facility effected on such Increase Effective Date and the amount of the Revolving Credit Commitment and/or TL Tranche and Applicable Percentage of each Lender as a result thereof.  In the event that the increase in the Revolving Credit Facility results in any change to the Applicable Percentage of any Lender, then on the Increase Effective Date (i) the participation interests of the Lenders in any outstanding Letters of Credit shall be automatically reallocated among the Lenders in accordance with their respective Applicable Percentages after giving effect to such increase, (ii) any new Lender, and any existing Lender whose Revolving Credit Commitment has increased, shall pay to the Administrative Agent such amounts as are necessary to fund its new or increased Applicable Percentage of all existing Committed Loans, (iii) the Administrative Agent will use the proceeds thereof to pay to all existing Lenders whose Applicable Percentage is decreasing such amounts as are necessary so that each Lender’s participation in existing Committed Loans will be equal to its adjusted Applicable Percentage, and (iv) if the Increase Effective Date occurs on a date other than the last day of an Interest Period applicable to any outstanding Term SOFR Loan, then the Borrower shall pay any amounts required pursuant to Section 3.05 on account of the payments made pursuant to clause (iii) of this sentence.  In the event of a TL Tranche, on the Increase Effective Date each Lender participating in such Incremental Facility shall make a term loan to the Borrower in an amount equal to its pro rata share of such TL Tranche.

(f)Amendments.  If any amendment to this Agreement or any other Loan Document is required to give effect to any Incremental Facility or any Loan made pursuant thereto in accordance with this Section 2.18, then such amendment shall be effective if executed by the Borrower, each Lender (including any new Lender) participating in such Incremental Facility and the Administrative Agent (each such amendment is an “Incremental Facility Amendment”).  Notwithstanding anything to the contrary in Section 11.01, the Incremental Facility Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.18.

(g)Conflicting Provisions.  This Section shall supersede any provisions in Section 2.15 or 11.01 to the contrary.

2.19Cash Collateral.  

(a)Certain Credit Support Events.  If (i) any 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 expiry date of any Letter of Credit is after the Revolver Maturity Date, (iv) the Borrower shall be required to provide Cash Collateral pursuant to Section 8.02(c), or (v) there shall exist a Defaulting Lender, the Borrower shall (x) at least thirty (30) days prior to the Revolver Maturity Date (or, in the case of a Letter of Credit issued or extended on or after thirty (30) days prior to the Revolver Maturity Date, on the date of such issuance or extension, as 

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applicable) (in the case of clause (iii) above) or (y) immediately (in the case of clause (ii) above), or within one Business Day (in all other cases) following any request by the Administrative Agent or the applicable 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 (v) above, after giving effect to Section 2.19(a)(iv) and any Cash Collateral provided by the Defaulting Lender).

(b)Grant of Security Interest.  The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuers 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 2.19(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 Issuers as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. 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 Borrower 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 2.19 or Sections 2.04, 2.07, 2.20 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 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 Lender (or, as appropriate, its assignee following compliance with Section 11.06(b)(vi))) or (ii) the determination by the Administrative Agent and the applicable L/C Issuer(s) that there exists excess Cash Collateral; provided, however, (x) Cash Collateral furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default (and following application as provided in this Section 2.19 may be otherwise applied in accordance with Section 8.03), and (y) the Person providing Cash Collateral and the applicable L/C Issuer(s) may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.

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2.20Defaulting 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” and Section 11.01.

(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 11.08 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, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to an L/C Issuer hereunder; third, to Cash Collateralize any L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.20; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the applicable L/C Issuers’ future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued by such L/C Issuer(s) under this Agreement, in accordance with Section 2.20; sixth, to the payment of any amounts owing to the Lenders or the L/C Issuers as a result of any judgment of a court of competent jurisdiction obtained by any Lender or any L/C Issuer against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or 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 applicable Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the applicable Revolving Credit Commitments hereunder without giving effect to Section 2.20(a)(iv). Any payments, prepayments or other amounts paid or 

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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 2.20(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.  

(iii)Certain Fees.

(A)No Lender that is a Defaulting Lender shall be entitled to receive any fee payable under Section 2.11(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender under this Agreement).

(B)Each Lender that is a Defaulting 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 Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.19.

(C)With respect to any fee payable under Section 2.11(a) or any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the applicable L/C Issuers 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 Percentages to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Revolving Credit Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Credit Commitment.  Subject to Section 11.21, 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.  If the reallocation described in clause (a)(iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.19.

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(b)Defaulting Lender Cure.  If the Borrower, the Administrative Agent and the L/C Issuers agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Committed Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.20(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 Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

ARTICLE III.TAXES, YIELD PROTECTION AND ILLEGALITY

3.01Taxes.    

(a)Defined Terms. For purposes of this Section 3.01, the term “applicable Law” includes FATCA.

(b)Payments Free of Taxes.  Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Law.  If any applicable Law (as determined in the good faith discretion of an applicable withholding agent ) requires the deduction or withholding of any Tax from any such payment by the applicable withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

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

(d)Indemnification by Loan Parties.  Each of the Loan Parties shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by 

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the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

(e)Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.06(d) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this clause (e).

(f)Evidence of Payments.  As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

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

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

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

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

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

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

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

(IV)to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-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 

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Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-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 Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

(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 Borrower and the Administrative Agent at the time or times prescribed by applicable Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

(E)if the Administrative Agent does not have an obligation to provide such forms by reason of being a Lender, then, at the times reasonably requested by the Borrower in writing, the Administrative Agent shall deliver to the Borrower whichever of the following is applicable: (x) if the Administrative Agent is a U.S. Person, executed copies of IRS Form W-9 with respect to fees received on its own behalf, certifying that Administrative Agent is exempt from U.S. federal backup withholding tax, (y) if the Administrative Agent is not a U.S. Person, executed copies of IRS Form W-8ECI or IRS Form W-IMY (accompanied by all required supporting certificates and documentation), as applicable, with respect to fees received, and (z) if the Administrative Agent is not a U.S. Person, executed copies of Form W-8IMY with respect to other amounts received for the account of others which shall certify that the Administrative Agent is a “qualified intermediary” or a “U.S. branch”.

(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 

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shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

(h)Treatment of Certain Refunds.  Unless required by applicable Law, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or an L/C Issuer, or have any obligation to pay to any Lender or any L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or such 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 any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to the Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by a Loan Party 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 the Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to the Loan Party (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 clause (h), in no event will the applicable Recipient be required to pay any amount to the Loan Party pursuant to this clause (h) 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 Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This 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 Loan Party or any other Person.

(i)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 an L/C Issuer, the termination of the Revolving Credit Commitments and the repayment, satisfaction or discharge of all other Obligations

3.02Illegality.  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 applicable Lending Office to perform any of its obligations hereunder or make, maintain or fund any Credit Extensions or charge interest with respect to any Credit Extension or to determine or charge interest rates based upon SOFR, Daily Simple SOFR and/ or Term SOFR, then, on notice thereof in reasonable detail by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to issue, make, maintain, fund or charge interest with respect to any such Credit Extension or continue Daily SOFR Loans or Term SOFR Loans or to convert Base Rate Loans to Daily SOFR Loans or Term SOFR 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 Term SOFR 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 Term SOFR component of the Base Rate, in each case until such Lender notifies the 

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Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist.  Upon the Borrower’s receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Daily SOFR Loans and Term SOFR 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 Term SOFR component of the Base Rate), either on the last day of the Interest Period therefor (in the case of Term SOFR Loans), if such Lender may lawfully continue to maintain such Term SOFR Loans to such day, or immediately, in the case of Daily SOFR Loans or if such Lender may not lawfully continue to maintain such Term SOFR Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon SOFR the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Term SOFR component thereof until the Administrative Agent is advised in writing by such Lender (such Lender to advise the Administrative Agent promptly after knowledge of the change in circumstances) that it is no longer illegal  for such Lender to determine or charge interest rates based upon SOFR.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 3.05.

3.03Inability to Determine Rates; Replacement of Term SOFR and/or SOFR or a Successor Rate.  

(a)Inability to Determine Rates.  If in connection with any request for a Daily SOFR Loan or a Term SOFR Loan, any conversion of a Base Rate Loan or a Daily SOFR Loan to a Term SOFR Loan, any conversion of a Base Rate Loan or a Term SOFR Loan to a Daily SOFR Loan, or any continuation of a Term SOFR Loan, (i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (A) no Successor Rate has been determined in accordance with Section 3.03(b), and the circumstances under clause (i) of Section 3.03(b) or the Scheduled Unavailability Date has occurred, or (B) adequate and reasonable means do not exist for determining Term SOFR for any requested Interest Period with respect to a proposed Term SOFR Loan or in connection with an existing or proposed Base Rate Loan or for determining the Daily Simple SOFR for any determination date with respect to an existing or proposed Daily SOFR Loan, or (ii) the Administrative Agent or the Required Lenders determine that for any reason Term SOFR for any requested Interest Period with respect to a proposed Term SOFR Loan or the Daily Simple SOFR with respect to an existing or proposed Daily SOFR Loan, as the case may be, does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender.  

Thereafter, (x) the obligation of the Lenders to make or maintain Term SOFR Loans and/or to make Daily SOFR Loans, as applicable, or to convert Base Rate Loans or Daily SOFR Loans to Term SOFR Loans or Base Rate Loans or Term SOFR Loans to Daily SOFR Loans, shall be suspended, (to the extent of the affected Term SOFR Loans, Daily SOFR Loans or Interest Periods), and (y) in the event of a determination described in clause (i)(B) of the preceding paragraph with respect to the Term SOFR component of the Base Rate, the utilization of the Term SOFR component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case of a determination by the Required Lenders 

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described in clause (ii) of the first paragraph of this Section 3.03(a), until the Administrative Agent upon instruction of the Required Lenders) revokes such notice.  

Upon receipt of such notice, (i) the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Term SOFR Loans or a Borrowing of or conversion to Daily SOFR Loans (to the extent of the affected Term SOFR Loans, Daily SOFR Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein and (ii) any outstanding Term SOFR Loans and Daily SOFR Loans shall be deemed to have been converted to Base Rate Loans immediately, in the case of Daily SOFR Loans, and at the end of their respective applicable Interest Period, in the case of Term SOFR Loans.

(b)Replacement of Term SOFR and SOFR or a Successor Rate.  Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable) have determined, that:

(i)adequate and reasonable means do not exist for ascertaining both SOFR and one month, three month and six month interest periods of Term SOFR, including, without limitation, because SOFR is not available or published on a current basis or the Term SOFR Screen Rate is not available or published on a current basis, as applicable, and such circumstances are unlikely to be temporary; or 

(ii)CME or any successor administrator of the Term SOFR Screen Rate, and the Federal Reserve Bank of New York or any successor administrator of SOFR, or a Governmental Authority having jurisdiction over the Administrative Agent or any such administrator with respect to its publication of SOFR and/or Term SOFR, as applicable, in each case acting in such capacity, has made a public statement identifying a specific date after which SOFR and one month, three month and six month interest periods of Term SOFR or the Term SOFR Screen Rate, as applicable, shall or will no longer be made available, or permitted to be used for determining the interest rate of Dollar denominated syndicated loans, or shall or will otherwise cease; provided that, at the time of such statement, there are no successor administrators that are satisfactory to the Administrative Agent, that will continue to provide SOFR or such interest periods of Term SOFR, as applicable, after such specific date (the latest date on which SOFR or one month, three month and six month interest periods of Term SOFR or the Term SOFR Screen Rate are no longer available permanently or indefinitely, the “Scheduled Unavailability Date”);

or if the events or circumstances of the type described in Section 3.03(b)(i) or (ii) have occurred with respect to the Successor Rate then in effect, then, on a date and time determined by the Administrative Agent (any such date, the “Replacement Date”), which date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and, solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date, the Administrative Agent and the Borrower may amend this Agreement solely for the purpose of 

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replacing SOFR and Term SOFR or any then current Successor Rate in accordance with this Section 3.03, with an alternative benchmark rate giving due consideration to any evolving or then existing convention for similar Dollar denominated credit facilities syndicated and agented in the United States for such alternative benchmark, and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar Dollar denominated credit facilities syndicated and agented in the United States for such benchmark, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated in its reasonable discretion (and any such proposed rate, including for the avoidance of doubt, any adjustment thereto, a “Successor Rate”), and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object to such amendment.

The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of the implementation of any Successor Rate.

Any Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.

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

In connection with the implementation of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective.

3.04Increased Costs.    

(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 or any 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, 

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or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

(iii)impose on any Lender or any L/C Issuer any other condition, cost or expense (other than Taxes) affecting this Agreement or Term SOFR 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 (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or such 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 such L/C Issuer, the Borrower will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered.

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

(c)Certificates for Reimbursement.  A certificate of a Lender or an L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or such 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 Borrower shall be conclusive absent manifest error.  The Borrower shall pay such Lender or such 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 any 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 such L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or an L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or such L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or 

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reductions and of such Lender’s or such 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 six-month period referred to above shall be extended to include the period of retroactive effect thereof).

(e)Notwithstanding the foregoing, each Lender agrees that amounts claimed under this Section 3.04 shall be reasonably determined by such Lender (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and consistent with similarly situated customers of the applicable Lender under agreements having provisions similar to this Section 3.04 after consideration of such factors as such Lender then determines in good faith to be relevant); provided that in no event shall any Lender be required to disclose information of other borrowers.

3.05Compensation for Losses.  Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower 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 or a Daily SOFR 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);

(b)any failure by the Borrower (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 or a Daily SOFR Loan on the date or in the amount notified by the Borrower; or

(c)any assignment of a Term SOFR Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 11.13;

including any loss or expense arising from the liquidation or reemployment of funds (but not loss of profits) obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.  The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

3.06Mitigation Obligations; Replacement of Lenders.    

(a)Designation of a Different Lending Office.  Each Lender may make any Credit Extension to the Borrower through any Lending Office, provided that the exercise of this option shall not affect the obligation of the Borrower to repay the Credit Extension in accordance with the terms of this Agreement. If any Lender requests compensation under Section 3.04, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender, any L/C Issuer, or any Governmental Authority for the account of any Lender or any 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 Borrower such Lender or such 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 judgment of such Lender or such 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 

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each case, would not subject such Lender or such L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or such L/C Issuer, as the case may be.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or any 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 the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01 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 Borrower may replace such Lender in accordance with Section 11.13.

3.07Survival.  All of the Borrower’s obligations under this Article III shall survive termination of the Revolving Credit Facility, repayment of all other Obligations hereunder, and resignation of the Administrative Agent.

ARTICLE IV.CONDITIONS PRECEDENT

4.01Conditions of Effectiveness.  The effectiveness of this Agreement is subject to satisfaction (or waiver) of the following conditions precedent:

(a)The Administrative Agent’s receipt of the following, each of which shall be originals or email (in a .pdf format) (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, if applicable, 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 reasonably satisfactory to the Administrative Agent:

(i)executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;

(ii)a Note executed by the 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 reasonably 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 (A) its jurisdiction of organization and (B) 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 would not reasonably be expected to have a Material Adverse Effect;

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(v)a customary opinion of (i) Willkie Farr & Gallagher LLP, counsel to the Loan Parties and (ii) Venable LLP, counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request; 

(vi)[reserved];

(vii)a certificate signed by a Responsible Officer of the Borrower certifying that (A) the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) no action, suit, investigation or proceeding is pending or, to the knowledge of any Loan Party, threatened in writing in any court or before any arbitrator or governmental authority related to the credit facilities being provided under this Agreement and the other Loan Documents or that would reasonably be expected to have a Material Adverse Effect and (C) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect;

(viii)a duly executed Solvency Certificate;

(ix)a duly completed Compliance Certificate signed by the chief financial officer of the Borrower, giving pro forma effect to the transactions to occur on the Closing Date (including, without limitation, all Credit Extensions to occur on the Closing Date), together with rent rolls with respect to each Unencumbered Eligible Property listed on Schedule 1.01A;

(x)new Approved Appraisals for the Property commonly referred to as “1633 Broadway” and the Property commonly referred to as “1301 Avenue of the Americas”;

(xi)the financial statements referenced in Section 5.05(a) and (b); and

(xii)such customary documents, instruments, agreements or material information and such additional assurances or certifications with respect to satisfaction of the conditions precedent in this Section 4.01 as the Administrative Agent, any L/C Issuer or the Required Lenders reasonably may require.

(b)At least five Business Days prior to the Closing Date, the Administrative Agent and each Lender shall have received documentation and other information with respect to each of the Loan Parties requested at least ten Business Days prior to the Closing Date, that is required, in the Administrative Agent’s or such Lender’s judgment, by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act and regulations implemented by the US Treasury’s Financial Crimes Enforcement Network under the Bank Secrecy Act.

(c)Any fees required to be paid to the Administrative Agent (for its own account or the account of the Lenders) and the Bookrunners on or before the Closing Date shall have been paid.

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(d)Unless waived by the Administrative Agent, the Borrower shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced (which invoice may be in summary form) at least two Business Days 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 Borrower 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 written notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

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

(a)The representations and warranties of the Borrower and each other Loan Party 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 in all material respects on and as of the date of such Credit Extension, except (i) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, (ii) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (i)) after giving effect to such qualification and (iii) 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 applicable L/C Issuer, shall have received a Request for Credit Extension in accordance with the requirements hereof.

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to another Type or a continuation of Term SOFR Loans) submitted by the Borrower 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.

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ARTICLE V.REPRESENTATIONS AND WARRANTIES

Each Loan Party represents and warrants to the Administrative Agent and the Lenders that:

5.01Existence, 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, except, solely in the case of a Subsidiary that is not a Loan Party, to the extent that the failure of such Subsidiary to be duly organized or formed and in good standing would not reasonably be expected to have a Material Adverse Effect, (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 would not reasonably be expected to have a Material Adverse Effect.

5.02Authorization; 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 (other than under the Loan Documents) 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, except with respect to any breach or contravention or payment referred to in clauses (b) and (c), to the extent that such conflict, breach, contravention or payment would not reasonably be expected to have a Material Adverse Effect.

5.03Governmental 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 the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document (other than as have been duly obtained and are in full force and effect).

5.04Binding 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, except as such enforceability may be limited by bankruptcy insolvency, reorganization, receivership, moratorium or other laws affecting creditors’ rights generally and by general principles of equity.

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5.05Financial 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 consolidated financial condition of the REIT and its Subsidiaries as of the date thereof and the consolidated results of their 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 REIT and its Subsidiaries as of the date thereof required to be disclosed therein in accordance with GAAP.

(b)The unaudited consolidated balance sheet of the REIT and its Subsidiaries dated September 30, 2021, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter 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 consolidated financial condition of the REIT and its Subsidiaries as of the date thereof and the consolidated results of their 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.

(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 would reasonably be expected to have a Material Adverse Effect.

5.06Litigation.  There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of any Loan Party, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party 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 have a material effect on any Loan Party’s ability to pay the Obligations or perform its obligations under the Loan Documents, or (b) either individually or in the aggregate would reasonably be expected to have a Material Adverse Effect.

5.07No 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.

5.08Ownership of Property.  Each Loan Party and each Subsidiary thereof 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 would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

5.09Environmental Compliance.  The Loan Parties and their respective Subsidiaries are in compliance with all applicable Environmental Laws, except where failure to be in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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5.10Insurance.  The properties of the REIT and its Subsidiaries that are necessary for the operation of their businesses are insured with financially sound insurance companies not Affiliates of the REIT, in such amounts, and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the REIT or the applicable Subsidiary operates.

5.11Taxes.  The REIT and each of its Subsidiaries have filed all Federal and state and other tax returns and reports required to be filed, and have paid all Federal and state and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those (a) which are not overdue for more than thirty (30) days, (b) which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP or (c) to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect.  To the best knowledge of each Loan Party, there is no proposed tax assessment against the REIT or any Subsidiary thereof that would, if made, have a Material Adverse Effect.

5.12ERISA Compliance.

(a)Except as would not reasonably be expected to have a Material Adverse Effect, each Plan is in compliance with the applicable provisions of ERISA, the Code and other Federal or state laws.  Each Plan (other than a Multiemployer 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 each Loan Party, nothing has occurred that would prevent or cause the loss of such tax-qualified status.

(b)Except as would not reasonably be expected to have a Material Adverse Effect, there are no pending or, to the best knowledge of any Loan Party, threatened claims, actions or  lawsuits, or action by any Governmental Authority, with respect to any Plan.  There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or would reasonably be expected to result in a Material Adverse Effect.

(c)Except as would not reasonably be expected to have a Material Adverse Effect, (i) no ERISA Event has occurred, and no Loan Party is aware of any fact, event or circumstance that would reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) each Loan Party 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 no Loan Party knows of any facts or circumstances that would 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 Loan Party nor any ERISA Affiliate has incurred any liability to the PBGC other than for the 

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payment of premiums, and there are no premium payments which have become due that are unpaid; (v) neither any Loan Party 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 would reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan. 

(d)Except as would not reasonably be expected to have a Material Adverse Effect, neither the Borrower nor any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation to contribute to, or liability under, any active or terminated Pension Plan other than Pension Plans not otherwise prohibited by this Agreement.

(e)The Borrower is not and will not be using “plan assets” (within the meaning of Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Revolving Credit Commitments.  

5.13Subsidiaries; Equity Interests.  Set forth on Schedule 5.13 (a) is a complete and accurate list of all Subsidiaries of the REIT as of the Closing Date, showing as of the Closing Date (as to each such Person) the jurisdiction of its incorporation or organization, the type of organization it is and its true and correct U.S. taxpayer ID number and (b) sets forth the REIT’s true and correct U.S. taxpayer ID number.

5.14Margin Regulations; Investment Company Act.  

(a)No Loan Party is engaged 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.  Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) will be margin stock.

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

5.15Disclosure.  No written information (other than projections, budgets, estimates, forward-looking statements and information of a general and/or economic nature) furnished 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) at the time so furnished, when taken as a whole, contains any material misstatement of 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 (including any projections, budgets, estimates, forward-looking statements and information of a general and/or economic nature), the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood that such projected financial 

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information shall not be viewed as facts and is not a guarantee of future performance and actual results may differ materially from those set forth in such projected financial information).

5.16Compliance 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 binding on them or on their 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, would not reasonably be expected to have a Material Adverse Effect.

5.17[Intentionally Omitted].  

5.18Solvency.  The Loan Parties and their Subsidiaries, taken as a whole and on a consolidated basis, are Solvent.

5.19OFAC.  None of the Loan Parties, any of their respective Subsidiaries, or, to the knowledge of the Borrower and its Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction.  No Loan, nor the proceeds from any Loan, has been used, directly or, to the knowledge of any Loan Party, 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 the REIT or any Subsidiary thereof or any other Person located, organized or residing in any Designated Jurisdiction or who, at the time of such funding, is the subject of any Sanctions, or in any other manner that will result in any violation by any Person (including any Lender, any Bookrunner, any Arranger, the Administrative Agent or any L/C Issuer) of Sanctions.

5.20Anti-Money Laundering Laws; Anti-Corruption Laws.  

(a)Neither the Borrower, nor any of its Subsidiaries, nor, to the knowledge of the Borrower and its Subsidiaries, any Related Party thereof (i) has violated or is in violation of any applicable anti-money laundering law or (ii) has engaged or engages in any transaction, investment, undertaking or activity that conceals the identity, source or destination of the proceeds from any category of offenses designated in any applicable law, regulation or other binding measure implementing the "Forty Recommendations" and "Nine Special Recommendations" published by the Organisation for Economic Cooperation and Development's Financial Action Task Force on Money Laundering.

(b)The Borrower and its Subsidiaries have conducted their businesses in compliance in all material respects with applicable Anti-Corruption Laws and have instituted and maintained policies and procedures reasonably designed to promote and achieve compliance with such laws.

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5.21REIT Status; Stock Exchange Listing.  

(a)The REIT is organized and operated in a manner that allows it to qualify for REIT Status.

(b)The REIT is publicly traded with securities listed on the New York Stock Exchange or The NASDAQ Stock Market.

5.22Unencumbered Properties.  Each Property included in any calculation of Unencumbered Asset Value or Unencumbered NOI satisfied, at the time of such calculation, all of the requirements contained in the definition of “Unencumbered Property Criteria.”  As of the Closing Date, Schedule 1.01A is a true and complete list of all Unencumbered Eligible Properties.

5.23Subsidiary Guarantors.  Prior to the Investment Grade Pricing Effective Date, each Subsidiary of the REIT, other than Excluded Subsidiaries, is a Subsidiary Guarantor.  On and after the Investment Grade Pricing Effective Date, each Unencumbered Property Subsidiary (if any) that is a co-borrower or guarantor of, or otherwise is obligated in respect of, any Unsecured Indebtedness is a Subsidiary Guarantor.

5.24Affected Financial Institution.  Neither the Borrower nor any Guarantor is an Affected Financial Institution.

5.25Covered Entities.  No Loan Party is a Covered Entity.

 

ARTICLE VI.AFFIRMATIVE COVENANTS

So long as any Lender shall have any Revolving Credit Commitment hereunder, any Loan or other Obligation hereunder (other than any indemnification obligations arising hereunder which are not then due and payable) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless Cash Collateralized), each Loan Party shall, and shall cause each of its Subsidiaries to (or, solely in the case of the covenants set forth in Sections 6.01, 6.02, 6.03, 6.10(b) and 6.12 the Borrower shall, and solely in the case of the covenants set forth in Section 6.17, the REIT shall):

6.01Financial Statements.  Deliver to the Administrative Agent for further distribution to each Lender:

(a)within 90 days after the end of each fiscal year of the REIT (or, if earlier, 15 days after the date required to be filed with the SEC (without giving effect to any extension permitted by the SEC)) (commencing with the fiscal year ending December 31, 2021), a consolidated balance sheet of the REIT 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, to the extent required to be included in the REIT’s filings with the SEC, in comparative form the figures as of the end of and for the previous fiscal year (which comparative shall in the form and to the extent required to be included in the REIT’s 

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filings with the SEC), all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of a Big Four Accounting Firm or, if not a Big Four Accounting Firm, such other independent certified public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent, 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 (other than any such qualification or exception with respect to the Obligations being treated as short-term indebtedness resulting solely from a maturity date under this Agreement occurring within one year from the time such opinion is delivered); and

(b)within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the REIT (or, if earlier, 5 days after the date required to be filed with the SEC (without giving effect to any extension permitted by the SEC)) (commencing with the fiscal quarter ending March 31, 2022), a consolidated balance sheet of the REIT 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 the REIT’s fiscal year then ended, and the related consolidated statements of changes in shareholders’ equity, and cash flows for the portion of the REIT’s 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, chief accounting officer, vice president - treasury, treasurer or controller of the REIT as fairly presenting in all material respects the financial condition, results of operations, shareholders’ equity and cash flows of the REIT and its Subsidiaries in accordance with GAAP.

As to any information contained in materials furnished pursuant to Section 6.02(d), the Borrower shall not be separately required to furnish such information under subsection (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in subsections (a) and (b) above at the times specified therein.

6.02Certificates; Other Information.  Deliver to the Administrative Agent for further distribution to each Lender:

(a)[reserved];

(b)concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b) (commencing with the delivery of the financial statements for the fiscal year ending December 31, 2021) a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, chief accounting officer, vice president - treasury, treasurer or controller of the REIT (which delivery may, unless the Administrative Agent 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), including a calculation, in form and substance reasonably satisfactory to the Administrative Agent, of Unencumbered Asset Value as of the last day of the fiscal period covered by such Compliance Certificate, together with rent rolls with respect to each Unencumbered Eligible Property included in such calculation; 

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(c)promptly after any request by the Administrative Agent, copies of any audit or management reports submitted to the REIT or its board of directors by its independent accountants in connection with any annual, interim or special audit of the accounts or books of the REIT;

(d)promptly after the same are available, (i) copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of the REIT, (ii) copies of each annual report, proxy or financial statement or other financial report sent to the limited partners of the Borrower and (iii) copies of all annual, regular, periodic and special reports and registration statements which the REIT may file or be required to file 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;

(e)[reserved];

(f)promptly, and in any event within five Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding material issues concerning financial or other operational results of any Loan Party or any Subsidiary thereof; and

(g)promptly, such additional material information regarding the business, financial or corporate affairs of any Loan Party or any Subsidiary thereof, or compliance with the terms of the Loan Documents, as the Administrative Agent (including at the direction of the Required Lenders) may from time to time reasonably request.

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 the REIT posts such documents, or provides a link thereto on the REIT’s website on the Internet at the website address listed on Schedule 11.02 (as such website address may be updated by the Borrower from time to time by written notice to the Administrative Agent); or (ii) on which such documents are posted on the REIT’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that the REIT shall notify the Administrative Agent (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 the REIT 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 Loan Party hereby acknowledges that (a) the Administrative Agent, any Bookrunner and/or any Arranger may, but shall not be obligated to, make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of any Loan Party hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on Debt 

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Domain, IntraLinks, Syndtrak, ClearPar, 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 the REIT or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.  Each Loan Party hereby agrees that (w) they will identify that portion of the Borrower Materials that may 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,” each Loan Party shall be deemed to have authorized the Administrative Agent, the Bookrunners, the Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Loan Parties or their respective 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 11.07); (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, the Bookrunners and the Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” 

6.03Notices.  Promptly notify the Administrative Agent for further distribution to each Lender:

(a)of the occurrence of any Default;

(b)of any matter that has resulted or would reasonably be expected to result in a Material Adverse Effect;

(c)of the occurrence of any ERISA Event that would reasonably be expected to result in a liability in excess of the Threshold Amount;

(d)[reserved]; 

(e)of any material change in accounting policies or financial reporting practices by the REIT or any Subsidiary, including any determination by the Borrower referred to in Section 2.12(b); 

(f)of any announcement by Moody’s or S&P of any change or possible change in a Debt Rating of the REIT or the Borrower; provided, that the provisions of this clause (f) shall not apply until such time, if any, as the REIT or the Borrower obtains an Investment Grade Credit Rating; and

(g)at the time that the REIT becomes a borrower or a guarantor of, or otherwise is obligated in respect of, any Indebtedness.

Each notice pursuant to this Section 6.03 (other than Sections 6.03(e) through (g)) shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Loan Parties have taken, if 

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applicable, and proposes to take with respect thereto.  Each notice pursuant to Section 6.03(a) shall describe with reasonable detail any and all provisions of this Agreement and any other Loan Document that have been breached.

6.04Payment of Taxes.  Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including all Federal and state and other 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 such Loan Party or such Subsidiary or except as could not reasonably be expected to give rise to a Material Adverse Effect.

6.05Preservation 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 7.05 and except, solely in the case of a Subsidiary that is not a Loan Party, where the failure to do so would not reasonably be expected to have a Material Adverse Effect or constitute an Event of Default; (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 would 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 would reasonably be expected to have a Material Adverse Effect.

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

6.07Maintenance of Insurance.  Maintain with financially sound insurance companies not Affiliates of the REIT, insurance with respect to its properties and its business against general liability, property casualty and such casualties and contingencies as shall be commercially reasonable and in accordance with the customary and general practices of businesses having similar operations in similar geographic areas and in amounts, containing such terms, in such forms and for such periods as may be reasonable and prudent for such businesses.

6.08Compliance 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 would not reasonably be expected to have a Material Adverse Effect. 

6.09Books and Records.  (a)  Maintain proper books of record and account, in which full, true and correct entries in conformity in all material respects with GAAP consistently 

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applied shall be made of all financial transactions and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be; and (b) maintain such books of record and account in conformity in all material respects with the applicable requirements of any Governmental Authority having regulatory jurisdiction over such Loan Party or such Subsidiary, as the case may be.

6.10Inspection Rights; Appraisals.  

(a)Permit representatives and independent contractors of the Administrative Agent (who may be accompanied by representatives and independent contractors of any Lender) 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 Borrower and at such reasonable times during normal business hours, upon reasonable advance notice to the Borrower; provided, that unless an Event of Default has occurred and is continuing, such visits shall be limited to once in any calendar year and only one such visit by the Administrative Agent per calendar year shall be at the expense of the Borrower.  Notwithstanding anything to the contrary in this Section 6.10, none of the Loan Parties or any Restricted Subsidiary will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of (i) any document, information or other matter that (x) constitutes non-financial trade secrets or non-financial proprietary information or (y) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by any Law or any binding agreement (if entered into in good faith without the intent of limiting this Section 6.10) or (ii) that is subject to attorney-client and/or attorney work product privilege.

(b)Permit and cooperate with the Administrative Agent or professionals (including consultants and appraisers) retained by the Administrative Agent to obtain an updated Approved Appraisal for the Property commonly referred to as “1633 Broadway” and/or for the Property commonly referred to as “1301 Avenue of the Americas”, which appraisals the Administrative Agent shall have the right to obtain at any time and from time to time, but no more than one (1) time in any two year period for each such Property, in each case, at the sole expense of the Borrower.

6.11Use of Proceeds.  Use the proceeds of the Credit Extensions for general corporate purposes not in contravention of any Law or of any Loan Document.

6.12Additional Guarantors.  

(a)Prior to the Investment Grade Release, notify the Administrative Agent at the time that any Person becomes a Subsidiary of the REIT or no longer qualifies as an Excluded Subsidiary, and promptly thereafter (and in any event within 45 days or such longer period as the Administrative Agent shall agree), cause such Subsidiary (unless such Subsidiary is an Excluded Subsidiary) to (i) become a Guarantor by executing and delivering to the Administrative Agent a joinder agreement in substantially the form attached hereto as Exhibit H or such other document as the Administrative Agent shall deem appropriate for such purpose, (ii) if requested by the Administrative Agent, (x) deliver to the Administrative Agent documents of the types referred to 

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in Section 4.01(a)(iii) and (iv) with respect to such Subsidiary and (y) customary opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (a)), all in form and substance reasonably satisfactory to the Administrative Agent, (iii) provide the Administrative Agent with the U.S. taxpayer identification for such Subsidiary and (iv) provide the Administrative Agent with all documentation and other information that the Administrative Agent, or any Lender through the Administrative Agent, reasonably requests in order to comply with its obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act, and the results of any such “know your customer” or similar investigation conducted by the Administrative Agent or any Lender shall be reasonably satisfactory to the Administrative Agent or such Lender.

(b)On and after the Investment Grade Release, notify the Administrative Agent at the time that any Unencumbered Property Subsidiary becomes a co-borrower or a guarantor of, or otherwise is obligated in respect of, any Indebtedness of the Borrower or the REIT, and promptly thereafter (and in any event within 45 days or such longer period as the Administrative Agent shall agree), cause such Person to (i) become a Guarantor by executing and delivering to the Administrative Agent a joinder agreement in substantially the form attached hereto as Exhibit H or such other document as the Administrative Agent shall reasonably deem appropriate for such purpose, and (ii) if reasonably requested by the Administrative Agent, (x) deliver to the Administrative Agent documents of the types referred to in Section 4.01(a)(iii) and (iv) with respect to such Subsidiary and (y) customary opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (a)), all in form and substance reasonably satisfactory to the Administrative Agent, (iii) provide the Administrative Agent with the U.S. taxpayer identification for such Subsidiary and (iv) provide the Administrative Agent and each Lender with all documentation and other information that the Administrative Agent or such Lender reasonably requests in order to comply with its obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act, and the results of any such “know your customer” or similar investigation conducted by the Administrative Agent or any Lender shall be reasonably satisfactory to the Administrative Agent or such Lender.

(c)Notwithstanding anything to the contrary contained in this Agreement, in the event that the results of any such “know your customer” or similar investigation conducted by the Administrative Agent or any Lender with respect to any Subsidiary of the REIT are not reasonably satisfactory to the Administrative Agent or any Lender, such Subsidiary shall not be permitted to become a Guarantor, and for the avoidance of doubt no Property owned or ground leased, directly or indirectly, by such Subsidiary shall be included as an Unencumbered Eligible Property unless (i) such Property satisfies all of the Unencumbered Property Criteria (other than the criterion requiring such Subsidiary to be a Guarantor) and (ii) the Administrative Agent provides its prior written consent.

6.13Compliance with Environmental Laws.  Except as would not reasonably be expected to have a Material Adverse Effect, comply, and use commercially reasonable efforts to 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 

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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 applicable Environmental Laws; provided, however, that neither the REIT 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.

6.14Minimum Property Condition.  The Loan Parties shall maintain compliance with the Minimum Property Condition at all times.

6.15[Reserved].  

6.16Anti-Corruption Laws; Sanctions.  Conduct its businesses in compliance with applicable Anti-Corruption Laws and with all applicable Sanctions, and maintain policies and procedures designed to promote and achieve compliance with such laws and Sanctions. 

6.17Maintenance of REIT Status; Stock Exchange Listing.  The REIT will, at all times (i) continue to be organized and operated in a manner that will allow it to qualify for REIT Status and (ii) remain publicly traded with securities listed on the New York Stock Exchange or the NASDAQ Stock Market.

ARTICLE VII.NEGATIVE COVENANTS

So long as any Lender shall have any Revolving Credit Commitment hereunder, any Loan or other Obligation hereunder (other than any indemnification obligations arising hereunder which are not then due and payable) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless Cash Collateralized), no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly:

7.01Liens.  Create, incur, assume or suffer to exist any Lien on any (i) Unencumbered Eligible Property (or any income from or proceeds of any thereof) other than Permitted Property Encumbrances or (ii) any Equity Interest (or any income from or proceeds thereof) of the Borrower or any Unencumbered Property Subsidiary other than Permitted Equity Encumbrances; or sign, file or authorize under the Uniform Commercial Code of any jurisdiction a financing statement that includes in its collateral description any portion of any Unencumbered Eligible Property or any Equity Interest of the Borrower or any Unencumbered Property Subsidiary. 

7.02Investments.  Make any Investments, except:

(a)Investments in the form of cash or Cash Equivalents, and Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit;

(b)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 

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Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors;

(c)other Investments, so long as (i) no Event of Default has occurred and is continuing immediately before and after the making of such Investment and (ii) immediately after giving effect to the making of such Investment, the REIT and its Subsidiaries shall be in compliance (x) with the provisions of Section 7.07 and (y) on a Pro Forma Basis, with the provisions of Section 7.11.

Notwithstanding anything to the contrary contained herein, the REIT shall not be permitted to make any Investment at any time that it is not a Guarantor, except as permitted under Section 7.16.

7.03Indebtedness.  Create, incur, assume or suffer to exist any Indebtedness unless (a) no Event of Default has occurred and is continuing immediately before and after the incurrence of such Indebtedness and (b) immediately after giving effect to the incurrence of such Indebtedness, the REIT and its Subsidiaries shall be in compliance, on a Pro Forma Basis, with the provisions of Section 7.11.

7.04[Intentionally Omitted]. 

7.05Fundamental Changes; Dispositions.  Merge, dissolve, liquidate, consolidate with or into another Person, make any Disposition (including, in each case, pursuant to a Division) or, in the case of any Subsidiary of the REIT, issue, sell or otherwise Dispose of any of such Subsidiary’s Equity Interests to any Person, except:

(a)any Subsidiary of the Borrower may merge or consolidate with (i) the Borrower, provided that the Borrower shall be the continuing or surviving Person or (ii) any one or more other Subsidiaries of the Borrower, provided that if any Subsidiary Guarantor is merging with another Subsidiary of the Borrower that is not a Subsidiary Guarantor, such Subsidiary Guarantor shall be the continuing or surviving Person (unless such Subsidiary Guarantor ceases to be a Subsidiary Guarantor as the result of such merger or consolidation);

(b)any Subsidiary of the Borrower may Dispose of all or substantially all of its assets (upon voluntary liquidation, pursuant to a Division or otherwise) to the Borrower or another Subsidiary of the Borrower; provided that if the transferor in such a transaction is a Subsidiary Guarantor that will remain a Subsidiary Guarantor after giving effect to such Disposition, then the transferee must be the Borrower or a Subsidiary Guarantor; and provided, further, that if any Subsidiary Guarantor consummates a Division, the Borrower must comply with applicable obligations under Section 6.12 with respect to each Division Successor;

(c)Dispositions of obsolete or worn out equipment, whether now owned or hereafter acquired, in the ordinary course of business or in accordance with past practice;

(d)Dispositions of property by any Subsidiary of the Borrower to the Borrower or another Subsidiary of the Borrower; provided that if the transferor is a Subsidiary Guarantor, then the transferee must be the Borrower or a Subsidiary Guarantor; and provided, further, that if 

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any Subsidiary Guarantor consummates a Division, the Borrower must comply with applicable obligations under Section 6.12 with respect to each Division Successor;

(e)Investments permitted by Section 7.02; and

(f)mergers, dissolutions, liquidations, consolidations or Dispositions not otherwise permitted above; provided that:

(i)no Event of Default has occurred and is continuing immediately before and after such transaction;

(ii)immediately upon giving effect thereto, the REIT and its Subsidiaries shall be in compliance, on a Pro Forma Basis, with the provisions of Section 7.11; and

(iii)in the event of the Disposition of an Unencumbered Eligible Property for which an Unencumbered Property Subsidiary is a Subsidiary Guarantor, or the Disposition, dissolution or liquidation of any Unencumbered Property Subsidiary of an Unencumbered Eligible Property, the provisions of Section 11.19(b) or (c), as applicable, shall be satisfied (and, in the case of any such Disposition that is effected pursuant to a Division, the Borrower must comply with applicable obligations under Section 6.12 with respect to each Division Successor).

Notwithstanding anything to the contrary contained herein, in no event shall the Borrower be permitted to (i) merge, dissolve or liquidate or consolidate with or into any other Person unless after giving effect thereto the Borrower is the sole surviving Person of such transaction and no Change of Control results therefrom, (ii) consummate a Division or (iii) engage in any transaction pursuant to which it is reorganized or reincorporated in any jurisdiction other than a state of the United States or the District of Columbia.  

7.06Restricted Payments.  Make, directly or indirectly, any Restricted Payment, except that the following shall be permitted:

(a)each Subsidiary of the Borrower may make Restricted Payments ratably to the holders of such Subsidiary’s Equity Interests according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made, so long as the Borrower (directly or indirectly through its Subsidiaries) receives its proportionate share thereof;

(b)Restricted Payments payable solely in common Equity Interests of a member of the Consolidated Group;

(c)the Borrower may make Restricted Payments; provided, that, (i) if an Event of Default under Section 8.01(a) shall have occurred and be continuing or would result therefrom, the Borrower shall only be permitted to make cash Restricted Payments in an amount that will result in the REIT receiving the minimum amount of funds required to be distributed to its equity holders in order for the REIT to maintain its status as a REIT for federal and state income tax purposes and to pay franchise and similar Taxes to maintain its corporate existence, and (ii) no cash Restricted Payments shall be permitted under this clause (c) following an acceleration of the 

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Obligations pursuant to Section 8.02 or following the occurrence of any Event of Default under Section 8.01(f) or (g); and

(d)the REIT shall be permitted to make Restricted Payments with any amounts received by it from the Borrower pursuant to Section 7.06(c). 

7.07Change in Nature of Business.  Engage in any material line of business substantially different from those lines of business conducted by the REIT and its Subsidiaries on the date hereof or any business(es) that are not reasonably similar, ancillary, incidental, complimentary or related to, or a reasonable extension, development or expansion of, the business conducted on the date hereof.

7.08Transactions with Affiliates.  Enter into any transaction of any kind with any Affiliate of the REIT, whether or not in the ordinary course of business, involving aggregate payments or consideration for all such transactions in excess of $15,000,000 other than on fair and reasonable terms substantially as favorable to the REIT or such Subsidiary as would be obtainable by the REIT 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 (i) Investments and Restricted Payments expressly permitted hereunder, (ii) transactions between or among the Borrower and its Subsidiaries at any time that the REIT is not a Guarantor, and transactions between or among the REIT and its Subsidiaries at any time that the REIT is a Guarantor, (iii) fees and compensation (whether in the form of cash, equity or otherwise) paid or provided to, and any indemnity provided on behalf of, officers, directors or employees of the REIT or any Subsidiary thereof as determined in good faith by the board of directors of the REIT and in the ordinary course of business and (iv) transactions and arrangements existing on the Closing Date and disclosed in the reports filed by the REIT with the SEC under the Securities Act or the Securities Exchange Act prior to the Closing Date.

7.09Burdensome Agreements.  Enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that limits the ability of (i) any Subsidiary to make Restricted Payments to the REIT, the Borrower, any Subsidiary Guarantor or to otherwise transfer property to the REIT, the Borrower or any Subsidiary Guarantor, (ii) the REIT or any Subsidiary of the Borrower (other than an Excluded Subsidiary) to Guarantee any Obligations or (iii) any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person to secure any Obligations; provided, that clauses (i) and (iii) of this Section 7.09 shall not prohibit any (A) limitation on Restricted Payments or negative pledges incurred or provided in favor of any holder of Secured Indebtedness that is owned to a non-Affiliate of the REIT and that is permitted under Section 7.03 (provided that such limitation on negative pledges shall only be effective against the assets or property securing such Indebtedness), (B) negative pledges contained in any agreement in connection with a Disposition permitted by Section 7.05 (provided that such limitation shall only be effective against the assets or property that are the subject of Disposition), (C) limitation on Restricted Payments by reason of customary provisions in joint venture agreements or other similar agreements applicable to Subsidiaries that are not Wholly-Owned Subsidiaries, (D) any limitation on Restricted Payments or negative pledges by reason of customary provisions limiting the disposition or distribution of assets or property in asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements in the ordinary course of business, which limitation is applicable only to the assets that are the 

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subject of such agreements, and (E) limitation on Restricted Payments by reason of restrictions on cash or other deposits or net worth imposed by customers, suppliers or landlords or required by insurance, surety or bonding companies, in each case, under contracts entered into in the ordinary course of business; provided, further, that notwithstanding the foregoing, in no event shall any negative pledge be permitted with respect to any Unencumbered Eligible Property or any Equity Interests of any Unencumbered Property Subsidiary.

7.10Use 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.

7.11Financial Covenants.  

(a)Maximum Leverage Ratio.  Permit the Leverage Ratio to exceed 60% as of the last day of any fiscal quarter of the REIT; provided that, at Borrower’s option, for any fiscal quarter in which a member of the Consolidated Group consummates an acquisition of Real Estate and for up to the next three subsequent consecutive fiscal quarters, such maximum ratio may be increased to 65%; provided, further that in no event may such maximum ratio be more than 60% for more than four consecutive fiscal quarters in any five fiscal quarter period.  For purposes of this covenant, (i) Total Indebtedness shall be adjusted by deducting therefrom, without duplication, the amount of the Secured Debt Reserve and the Unsecured Debt Reserve and (ii) Total Asset Value shall be adjusted by deducting therefrom the amount by which Total Indebtedness is adjusted pursuant to clause (i) above.

(b)Maximum Secured Leverage Ratio.  Permit the Secured Leverage Ratio to exceed 50% as of the last day of any fiscal quarter of the REIT.  For purposes of this covenant, (i) Secured Indebtedness shall be adjusted by deducting therefrom the sum of (x) Unrestricted Cash and (y) escrow and other deposits, in each case under clauses (x) and (y), to the extent available for the repayment of Secured Indebtedness that matures within 24 months of the applicable date of the calculation, to the extent that such sum exceeds $35,000,000 and there is an equivalent amount of funded Indebtedness included in Secured Indebtedness that matures within 24 months of the applicable date of the calculation (the “Secured Debt Reserve”), and without duplication of the Unsecured Debt Reserve and (ii) Total Asset Value shall be adjusted by deducting therefrom the amount by which Secured Indebtedness is adjusted pursuant to clause (i) above.

(c)Minimum Fixed Charge Coverage Ratio.  Permit the ratio of Combined EBITDA to Fixed Charges for any fiscal quarter to be less than 1.50:1.00 as of the last day of such fiscal quarter of the REIT.

(d)Maximum Unsecured Leverage Ratio.  Permit the Unsecured Leverage Ratio to exceed 60% as of the last day of any fiscal quarter of the REIT; provided that, at Borrower’s option, for any fiscal quarter in which a member of the Consolidated 

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Group consummates an acquisition of Real Estate and for up to the next three subsequent consecutive fiscal quarters, such maximum ratio may be increased to 65%; provided, further that in no event may such maximum ratio be more than 60% for more than four consecutive fiscal quarters in any five fiscal quarter period.  For purposes of this covenant, (i) Unsecured Indebtedness shall be adjusted by deducting therefrom the amount of Unrestricted Cash in excess of $35,000,000 to the extent that there is an equivalent amount of funded Indebtedness included in Unsecured Indebtedness that matures within 24 months of the applicable date of the calculation (the “Unsecured Debt Reserve”), and without duplication of the Secured Debt Reserve and (ii) Unencumbered Asset Value shall be adjusted by deducting therefrom the amount by which Unsecured Indebtedness is adjusted pursuant to clause (i) above.

(e)Minimum Unencumbered Interest Coverage Ratio.  Permit the Unencumbered Interest Coverage Ratio for any fiscal quarter to be less than 1.75:1.00 as of the last day of such fiscal quarter of the REIT. 

7.12Amendments of Organization Documents.  At any time cause or permit any of its Organization Documents to be modified, amended or supplemented in any respect whatsoever, without, in each case, the express prior written consent or approval of the Administrative Agent, if such changes would adversely affect in any material respect (taken as a whole) the rights of the Administrative Agent, any of the L/C Issuers or any of the Lenders hereunder or under any of the other Loan Documents.

7.13Accounting Changes.  Make any change in (a) accounting policies or reporting practices, except as required or permitted by GAAP, or (b) fiscal year.

7.14Anti-Money Laundering; Sanctions; Anti-Corruption Laws.  

(a)Directly or, to its knowledge, indirectly, engage in any transaction, investment, undertaking or activity that conceals the identity, source or destination of the proceeds from any category of prohibited offenses designated in any applicable law, regulation or other binding measure by the Organisation for Economic Cooperation and Development’s Financial Action Task Force on Money Laundering or violate these laws or any other applicable anti-money laundering law or engage in these actions.

(b)Directly or, to its knowledge, indirectly use the proceeds of any Credit Extension for any purpose which would breach any Anti-Corruption Laws.

(c)Directly or, to its knowledge, indirectly, use the proceeds of any Credit Extension, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person (including any Lender, any Bookrunner, any Arranger, the Administrative Agent or any L/C Issuer) of Sanctions. 

7.15Compliance with Environmental Laws.  Do, or permit any other Person to generate, use, treat, store, release or dispose of, or permit the generation, use, treatment, storage, 

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release or disposal of, Hazardous Materials on any Real Property or transport or permit the transportation of Hazardous Materials to or from any such Real Property other than in compliance with applicable Environmental Laws and in the ordinary course of business, except with respect to any Real Property other than an Unencumbered Eligible Property where any such use, generation, conduct or other activity has not had and would not reasonably be expected to have a Material Adverse Effect.

7.16REIT Covenants.  Notwithstanding anything to the contrary contained herein or elsewhere, at any time that the REIT is not a Guarantor, the REIT shall not: 

(a)directly or indirectly enter into or conduct any business other than in connection with the ownership, acquisition and disposition of interests in the Borrower and, if applicable, direct interests in the Borrower, and the management of the business of the Borrower, and such activities as are incidental thereto, all of which shall be solely in furtherance of the business of the Borrower;

(b)own any assets other than (i) interests, rights, options, warrants or convertible or exchangeable securities of the Borrower, (ii) assets that have been distributed to the REIT by its Subsidiaries in accordance with Section 7.06 that are held for ten (10) Business Days or less pending further distribution to equity holders of the REIT, (iii) assets received by the REIT from third parties (including the Net Equity Proceeds from any issuance and sale by the REIT of any its Equity Interests), that are held for ten (10) Business Days or less pending contribution of same to the Borrower, (iv) such bank accounts or similar instruments as it deems necessary to carry out its responsibilities under the Organization Documents of the Borrower and (v) other tangible and intangible assets that, taken as a whole, are de minimis in relation to the net assets of the Borrower and its Subsidiaries, but which shall in no event include any Equity Interests other than those permitted in clauses (i) and (iii) of this clause (b);

(c)incur any Indebtedness unless the terms and conditions thereof expressly provide that recourse of the holders of such Indebtedness is limited to the REIT’s interests in the Borrower;

(d)make any Investment other than as permitted under clause (b) of this Section 7.16; and

(e)permit any Liens on any of its assets other than Liens in favor of a banking or other financial institution arising as a matter of law or under customary general terms and conditions encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry.

Nothing in this Section 7.16 shall prevent the REIT from (i) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (ii) the performance of its obligations with respect to the Loan Documents, (iii) any public offering of its common stock or any other issuance or sale of its Equity Interests, (iv) the payment of dividends, (v) making contributions to the capital of the Borrower, (vi) participating in tax, accounting and other administrative matters as a member of the Consolidated Group, (vii) providing indemnification to officers, managers and directors, (viii) any activities incidental 

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to compliance with the provisions of the Securities Act, the Exchange Act, and the rules of national securities exchanges, in each case, as applicable to companies with listed equity or debt securities, as well as activities incidental to investor relations, shareholder meetings and reports to shareholders or debt holders and (ix) any activities incidental to the foregoing.

ARTICLE VIII.EVENTS OF DEFAULT AND REMEDIES 

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

(a)Non-Payment.  The 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 Business 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 Business Days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

(b)Specific Covenants.  Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 6.02(f), 6.03(a), 6.03(b), 6.03(c), 6.05 (with respect to the REIT, the Borrower and each Unencumbered Property Subsidiary) or 6.08 or Article VII or Article X; 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 after the earlier of (x) the date upon which a Responsible Officer of any Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent; or

(d)Representations and Warranties.  Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the 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 or any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be incorrect or misleading in any respect after giving effect to such qualification when made or deemed made; or

(e)Cross-Default.  (i) The Borrower, the REIT or any Significant Subsidiary (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) 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 

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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 the Borrower, the REIT or such Significant Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which the Borrower, the REIT or such Significant Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the Borrower, the REIT or such Significant Subsidiary as a result thereof is greater than the Threshold Amount; or

(f)Insolvency Proceedings, Etc.  The Borrower, the REIT or any Significant Subsidiary 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) The Borrower, the REIT or any Significant Subsidiary 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 60 days after its issue or levy; or

(h)Judgments.  There is entered against the Borrower, the REIT or any Significant Subsidiary (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 has been notified of the potential claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or would 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 60 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 would reasonably be expected to result in liability of any Loan Party 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 Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any 

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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 member of the Consolidated Group or any Consolidated Affiliate contests in any manner the validity or enforceability of any provision 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 provision of any Loan Document; or

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

(l)REIT Status.  The REIT shall, for any reason, fail to maintain its REIT Status.

8.02Remedies 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 Issuers 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 Loan Parties; 

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

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

provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the any Loan Party under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of each 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 Borrower 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.

8.03Application 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 Obligations shall, subject to the 

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provisions of Sections 2.19 and 2.20, be applied by the Administrative Agent in the following order:

First, to payment of that portion of the 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 Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel to the respective Lenders and L/C Issuers 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 Obligations constituting accrued and unpaid Letter of Credit Fees, Facility Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause Third payable to them;

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, ratably among the Lenders, the L/C Issuers, 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 Issuers, 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 Borrower pursuant to Sections 2.04 and 2.19; and

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

Subject to Sections 2.04(c) and 2.19, 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 Obligations, if any, in the order set forth above.

ARTICLE IX.ADMINISTRATIVE AGENT

9.01Appointment and Authority.  Each of the Lenders and L/C Issuers 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 are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuers, and neither the 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 

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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.

9.02Rights 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 Borrower 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.

9.03Exculpatory Provisions.  None of the Administrative Agent, any Arranger or any Bookrunner shall 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, the Arrangers or the Bookrunners, as applicable:

(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 any automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; 

(c)shall not have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to any Lender or any L/C Issuer, any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their Affiliates, that is communicated to, obtained or in the possession of, the Administrative Agent, any Arranger, any Bookrunner or any of their Related Parties in any capacity, except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein;

(d)shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.01 and 8.02) or (ii) in the absence of its own gross 

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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 Borrower, a Lender or an L/C Issuer; and

(e)shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) 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.

9.04Reliance 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 an L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or such 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 the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

9.05Delegation 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 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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9.06Resignation of Administrative Agent.  

(a)The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower (which consent of the Borrower (x) shall not be required during the existence of an Event of Default, (y) shall not be unreasonably withheld or delayed and (z) shall be deemed given if the Borrower fails to respond within ten (10) Business Days after written notice thereof), 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, if required, consented to by the Borrower) 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 Issuers, appoint a successor Administrative Agent meeting the qualifications set forth above, provided that in no event shall any such successor Administrative Agent be a Defaulting Lender or a Disqualified Institution.  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 Borrower and such Person remove such Person as Administrative Agent and, with the consent of the Borrower (which consent of the Borrower (x) shall not be required during the existence of an Event of Default, (y) shall not be unreasonably withheld or delayed and (z) shall be deemed given if the Borrower fails to respond within ten (10) Business Days after written notice thereof), appoint a successor. If no such successor shall have been so appointed by the Required Lenders (and, if required, consented to by the Borrower) 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) (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) 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 each 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(i) 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 

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fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower 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 and Section 11.04 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 (i) while the retiring or removed Administrative Agent was acting as Administrative Agent and (ii) after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including (A) acting as collateral agent or otherwise holding any collateral security on behalf of any of the Lenders and (B) in respect of any actions taken in connection with transferring the agency to any successor Administrative Agent.

(d)Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation as an L/C Issuer.  If Bank of America resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit issued by it that are outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Revolving Lenders to make Committed Loans that are Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.04(c).  Upon the appointment by the Borrower of an L/C Issuer that is the successor L/C Issuer to Bank of America (which successor shall in all cases be a Lender other than a Defaulting Lender or a Disqualified Institution), (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of an L/C Issuer, (b) the retiring L/C Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer to Bank of America shall issue letters of credit in substitution for the Letters of Credit issued by Bank of America, 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.

9.07Non-Reliance on Administrative Agent, Arrangers and Other Lenders.  Each Lender and L/C Issuer expressly acknowledges that none of the Administrative Agent nor any Arranger has made any representation or warranty to it, and that no act by the Administrative Agent or any Arranger hereafter taken, including any consent to, and acceptance of any assignment or review of the affairs of any Loan Party of any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent or any such Arranger to any Lender or any L/C Issuer as to any matter, including whether the Administrative Agent or any such Arranger have disclosed material information in their (or their Related Parties’) possession.  Each Lender and each L/C Issuer represents to the Administrative Agent and each Arranger that it has, independently and without reliance upon the Administrative Agent, any Arranger, 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 of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower hereunder.  Each Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon the 

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Administrative Agent, any Arranger, 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 credit analysis, appraisals and 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, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties.  Each Lender and each L/C Issuer represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender or L/C Issuer for the purpose of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable to such Lender or L/C Issuer, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and each Lender and each L/C Issuer agrees not to assert a claim in contravention of the foregoing. Each Lender and each L/C Issuer represents and warrants that it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such L/C Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.

9.08No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the Bookrunners, Arrangers, Syndication Agents or other titles 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 an L/C Issuer hereunder.

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

(a)to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Administrative Agent under Sections 2.04(h) and (i), 2.11 and 11.04) 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;

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and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each 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 Issuers, 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 2.11 and 11.04.

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 any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or any L/C Issuer in any such proceeding.

9.10Guaranty Matters.  Without limiting the provisions of Section 9.09, each Lender and each L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion to release any Guarantor from its obligations under the Guaranty if required or permitted pursuant to the terms hereof.  Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10 and in accordance with the terms of this Agreement.

9.11Certain ERISA Matters.  

(a)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Bookrunners and the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

(i)such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Revolving Credit Commitments or this Agreement,

(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Revolving Credit Commitments and this Agreement,

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(iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Revolving Credit Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Revolving Credit Commitments and this Agreement, or,

(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

(b)In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Revolving Credit Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

9.12.Recovery of Erroneous Payments.  Without limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender Recipient Party, whether or not in respect of an Obligation due and owing by the Borrower at such time, where such payment is a Rescindable Amount, then in any such event, each Lender Recipient Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Lender Recipient Party  in immediately available funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by 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. Each Lender Recipient Party irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount.  The Administrative Agent shall inform each Lender Recipient Party promptly upon determining that any payment made to such Lender Recipient Party comprised, in whole or in part, a Rescindable Amount.

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ARTICLE X.CONTINUING GUARANTY

10.01Guaranty.  Each Guarantor, jointly and severally with the other Guarantors, hereby absolutely, irrevocably and unconditionally guarantees, as a guaranty of payment and performance and not a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all of the Obligations, whether for principal, interest, premiums, fees, indemnities, damages, costs, expenses or otherwise, and whether arising hereunder or under any other Loan Document (including all renewals, extensions, amendments, refinancings and other modifications thereof and all out-of-pocket costs, reasonable and documented attorneys’ fees and expenses incurred in connection with the collection or enforcement thereof) (for each Guarantor, subject to the proviso in this sentence, its “Guaranteed Obligations”) the liability of each Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount (taking into account any amounts payable to such Guarantor under Section 10.10) that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law.  The Administrative Agent’s books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon the Guarantors, and conclusive for the purpose of establishing the amount of the Guaranteed Obligations.  This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of any Guarantor under this Guaranty, and each Guarantor hereby, to the extent permitted by applicable Law, waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.  

10.02Rights of Lenders.  Each Guarantor consents and agrees that the Creditor Parties may, at any time and from time to time, without notice or demand, without the consent of such Guarantor, and without affecting the enforceability or continuing effectiveness hereof:  (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, sell, or otherwise dispose of, or impair or fail to perfect any Lien on, any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent, the L/C Issuers and the Lenders in their sole discretion (but, for the avoidance of doubt, in accordance with the terms of the Loan Documents) may determine; and (d) release or substitute any other Guarantor or one or more of any endorsers or other guarantors of any of the Guaranteed Obligations.  Without limiting the generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantors under this Guaranty or which, but for this provision, might operate as a discharge of one or more of the Guarantors.

10.03Certain Waivers.  Each Guarantor hereby, to the extent permitted by applicable Law, waives (a) any defense arising by reason of any disability or other defense of the Borrower, any other Loan Party or any other guarantor of the Guaranteed Obligations or any part thereof, or 

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the cessation from any cause whatsoever (including any act or omission of any Creditor Party) of the liability of the Borrower (other than the defense of prior payment in full of the Guaranteed Obligations); (b) any defense based on any claim that such Guarantor’s obligations exceed or are more burdensome than those of the Borrower; (c) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder; (d) any requirement to proceed against the Borrower or any other Loan Party, proceed against or exhaust any security for the Guaranteed Obligations, or pursue any other remedy in the power of any Creditor Party whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by any Creditor Party; and (f) to the fullest extent permitted by law, any and all other defenses (other than the defense of prior payment in full of the Guaranteed Obligations) or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties.  Each Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations.

10.04Obligations Independent.  The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations of any other guarantor of the Guaranteed Obligations or any part thereof, and a separate action may be brought against any Guarantor to enforce this Guaranty whether or not the Borrower or any other Person is joined as a party. 

10.05Subrogation.  No Guarantor shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty (other than contingent obligations for which no claim has been made) have been paid and performed in full and all Revolving Credit Commitments are terminated, and all Letters of Credit have been cancelled, have expired or terminated or have been collateralized to the satisfaction of the Administrative Agent and the L/C Issuers that issued such Letters of Credit.  If any amounts are paid to any Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust by such Guarantor for the benefit of the Creditor Parties and shall forthwith be paid to the Administrative Agent for the benefit of the Creditor Parties to reduce the amount of the Guaranteed Obligations, whether matured or unmatured.

10.06Termination; Reinstatement.  This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Revolving Credit Commitments are terminated, all Obligations and any other amounts payable under this Guaranty are indefeasibly paid in full in cash and all Letters or Credit have been cancelled, have expired or terminated or have been collateralized to the reasonable satisfaction of the Administrative Agent and the L/C Issuers that issued such Letters of Credit.  Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrower or any other Guarantor is made, or any of the Creditor Parties exercises its right of setoff, in respect of the Guaranteed Obligations 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 any of the Creditor Parties in their 

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discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Creditor Parties are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction.  The obligations of the Guarantors under this paragraph shall survive termination of this Guaranty. 

10.07Subordination.  Each Guarantor hereby subordinates the payment of all obligations and indebtedness of the Borrower owing to such Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of the Borrower to such Guarantor as subrogee of the Creditor Parties or resulting from such Guarantor’s performance under this Guaranty, to the payment in full in cash of all Guaranteed Obligations.  If the Creditor Parties so request, any such obligation or indebtedness of the Borrower to any Guarantor shall be enforced and performance received by such Guarantor as trustee for the Creditor Parties and the proceeds thereof shall be paid over to the Administrative Agent on account of the Guaranteed Obligations, but without reducing or affecting in any manner the liability of any Guarantor under this Guaranty.

10.08Stay of Acceleration.  If acceleration of the time for payment of any of the Guaranteed Obligations is stayed, in connection with any case commenced by or against the Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Guarantors immediately upon demand by the Creditor Parties.

10.09Condition of the Borrower.  Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower and any other guarantor of the Guaranteed Obligations such information concerning the financial condition, business and operations of the Borrower and any such other guarantor as such Guarantor requires, and that none of the Creditor Parties has any duty, and such Guarantor is not relying on the Creditor Parties at any time, to disclose to such Guarantor any information relating to the business, operations or financial condition of the Borrower or any other guarantor of the Guaranteed Obligations (such Guarantor waiving any duty on the part of the Creditor Parties to disclose such information and any defense relating to the failure to provide the same).

10.10Contribution.  At any time a payment in respect of the Guaranteed Obligations is made under this Guaranty, the right of contribution of each Guarantor against each other Guarantor shall be determined as provided in the immediately following sentence, with the right of contribution of each Guarantor to be revised and restated as of each date on which a payment (a “Relevant Payment”) is made on the Guaranteed Obligations under this Guaranty.  At any time that a Relevant Payment is made by a Guarantor that results in the aggregate payments made by such Guarantor in respect of the Guaranteed Obligations to and including the date of the Relevant Payment exceeding such Guarantor’s Contribution Percentage (as defined below) of the aggregate payments made by all Guarantors in respect of the Guaranteed Obligations to and including the date of the Relevant Payment (such excess, the “Aggregate Excess Amount”), each such Guarantor shall have a right of contribution against each other Guarantor who either has not made any payments or has made payments in respect of the Guaranteed Obligations to and including the date of the Relevant Payment in an aggregate amount less than such other Guarantor’s Contribution Percentage of the aggregate payments made to and including the date 

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of the Relevant Payment by all Guarantors in respect of the Guaranteed Obligations (the aggregate amount of such deficit, the “Aggregate Deficit Amount”) in an amount equal to (x) a fraction the numerator of which is the Aggregate Excess Amount of such Guarantor and the denominator of which is the Aggregate Excess Amount of all Guarantors multiplied by (y) the Aggregate Deficit Amount of such other Guarantor.  A Guarantor’s right of contribution pursuant to the preceding sentences shall arise at the time of each computation, subject to adjustment at the time of each computation; provided, that no Guarantor may take any action to enforce such right until after all Guaranteed Obligations and any other amounts payable under this Guaranty (other than contingent obligations for which no claim has been made) are paid in full in cash and all Revolving Credit Commitments are terminated and all Letters of Credit have been cancelled, have expired or terminated or have been collateralized to the reasonable satisfaction of the Administrative Agent and the L/C Issuers that issued such Letters of Credit, it being expressly recognized and agreed by all parties hereto that any Guarantor’s right of contribution arising pursuant to this Section 10.10 against any other Guarantor shall be expressly junior and subordinate to such other Guarantor’s obligations and liabilities in respect of the Guaranteed Obligations and any other obligations owing under this Guaranty.  As used in this Section 10.10, (i) each Guarantor’s “Contribution Percentage” shall mean the percentage obtained by dividing (x) the Adjusted Net Worth (as defined below) of such Guarantor by (y) the aggregate Adjusted Net Worth of all Guarantors; (ii) the “Adjusted Net Worth” of each Guarantor shall mean the greater of (x) the Net Worth (as defined below) of such Guarantor and (y) zero; and (iii) the “Net Worth” of each Guarantor shall mean the amount by which the fair saleable value of such Guarantor’s assets on the date of any Relevant Payment exceeds its existing debts and other liabilities (including contingent liabilities, but without giving effect to any Guaranteed Obligations arising under this Guaranty) on such date.  All parties hereto recognize and agree that, except for any right of contribution arising pursuant to this Section 10.10, each Guarantor who makes any payment in respect of the Guaranteed Obligations shall have no right of contribution or subrogation against any other Guarantor in respect of such payment until after all Guaranteed Obligations and any other amounts payable under this Guaranty (other than contingent obligations for which no claim has been made) are paid in full in cash and all Revolving Credit Commitments are terminated and all Letters of Credit have been cancelled, have expired or terminated or have been collateralized to the reasonable satisfaction of the Administrative Agent and the L/C Issuers that issued such Letters of Credit.  Each of the Guarantors recognizes and acknowledges that the rights to contribution arising hereunder shall constitute an asset in favor of the party entitled to such contribution.  In this connection, each Guarantor has the right to waive its contribution right against any Guarantor to the extent that after giving effect to such waiver such Guarantor would remain Solvent, in the determination of the Administrative Agent or the Required Lenders.

10.11REIT Guarantee Effectiveness.  Notwithstanding anything to the contrary contained herein or elsewhere, at all times prior to the occurrence of a REIT Guaranty Event, the REIT shall not be a Guarantor under the Guaranty.  For the avoidance of doubt, immediately upon the occurrence of a REIT Guaranty Event, and at all times on and after the occurrence of such REIT Guaranty Event until such time, if any, as the REIT is released in accordance with Section 11.19(d), the REIT shall be a Guarantor under the Guaranty, without any further action by the REIT, any other Loan Party, the Agent or the Lenders; provided that the REIT hereby agrees to promptly, in each case following a written request by the Administrative Agent, (a) execute and deliver all such documents as the Administrative Agent may reasonably request 

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to evidence the effectiveness of the Guaranty with respect to the REIT, and (b) deliver customary opinions of counsel to the REIT (which shall cover, among other things, the legality, validity, binding effect and enforceability of the Guaranty), all of which shall be in form, content and scope reasonably satisfactory to the Administrative Agent.

ARTICLE XI.MISCELLANEOUS

11.01Amendments, Etc.  Subject to Section 2.18(g), Section 3.03 and the last two paragraphs of this Section 11.01, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower 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)in the case of the initial Credit Extension, waive any condition set forth in Section 4.01 or Section 4.02 without the written consent of each Lender;

(b)extend (except as provided in Section 2.16) or increase any Revolving Credit Commitment of any Lender (or reinstate any Revolving Credit Commitment terminated pursuant to Section 8.02) without the written consent of such Lender;

(c)postpone any date fixed by this Agreement or any other Loan Document for any payment 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; 

(d)reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iii) of the second proviso to this Section 11.01) 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 (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder;

(e)change Section 2.15, Section 8.03 or any other provision hereof in a manner that would alter the pro rata sharing required thereby (including, without limitation, the adoption or amendment of any provision in a manner that would have the effect of altering the ratable reduction of Commitments or the pro rata sharing of payments otherwise required) without the written consent of each Lender;

(f)change any provision of this Section 11.01 or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required 

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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;

(g)release, or have the effect of releasing, (i) the REIT following a REIT Guaranty Event or (ii) all or substantially all of the value of the Guaranty, in each case, without the written consent of each Lender, except as expressly provided in the Loan Documents; 

(h)subordinate, or have the effect of subordinating, the Obligations hereunder to any other Indebtedness or other obligation without the written consent of each Lender; or

(i)at any time that both a revolving credit facility and a term loan facility exist under this Agreement, (i) waive conditions precedent to extensions of credit under one such facility, (ii) impose any greater restriction on the ability of any Lender under one such facility to assign any of its rights or obligations hereunder or (iii) directly and materially adversely affect the rights of Lenders holding commitments or Loans under one such facility differently from the rights of Lenders holding commitments or Loans under another such facility, without, in each case, the written consent of each Lender under such facility;

and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the applicable L/C Issuer in addition to the Lenders required above, affect the rights or duties of such 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 Administrative Agent in addition to the Lenders required above, (x) affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document or (y) amend or waive or consent to any departure from, or have the effect of amending, waiving or consenting to any departure from, Section 3.03 or any term defined in such section or any other term or provision in this Agreement relating to SOFR, Daily Simple SOFR, Term SOFR or any Successor Rates or the replacement of any such rate or any Successor Rates; and (iii) the Fee Letter(s) may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.  

Notwithstanding anything to the contrary herein, 

(i)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 may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) any Revolving Credit 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 that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender;

(ii)the Administrative Agent, with the consent of the Borrower, may amend, modify or supplement any Loan Document without the consent of any Lender or the Required Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect or correct any typographical error or other manifest error in any Loan Document; 

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provided that the Administrative Agent shall promptly give the Lenders notice of any such amendment, modification or supplement;

(iii)the Administrative Agent and the Borrower may, without the consent of any Lender or any Guarantor then party hereto, amend this Agreement to add a Subsidiary as a “Guarantor” hereunder pursuant to a joinder agreement in substantially the form of Exhibit H; and

(iv)this Agreement may be amended and restated without the consent of any Lender (but with the consent of the Loan Parties and the Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated), the Commitments of such Lender shall have terminated, such Lender shall have no other commitment or other obligation hereunder and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement.

In addition, notwithstanding any provision herein to the contrary, the Borrower may, by written notice to the Administrative Agent from time to time, make one or more offers (each, a “Loan Modification Offer”) to all the Lenders of one or more of the facilities hereunder (including any revolving credit or term loan additional facilities added hereto pursuant to the immediately preceding paragraph) (each facility subject to such a Loan Modification Offer, an “Affected Facility”) to make one or more Permitted Amendments pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrower, as the case may be. Such notice shall set forth (i) the terms and conditions of the requested Permitted Amendment and (ii) the date on which such Permitted Amendment is requested to become effective (which shall not be less than 10 Business Days nor more than 30 Business Days after the date of such notice, unless otherwise agreed to by the Administrative Agent). Permitted Amendments shall become effective (i) only with respect to the Loans and/or Revolving Credit Commitments of the Lenders of the Affected Facility that accept the applicable Loan Modification Offer (such Lenders, the “Accepting Lenders”) (provided that any Lender that fails to provide such written notice by the date a Permitted Amendment is to become effective shall be deemed to be a non-Accepting Lender for all purposes hereunder), (ii) only to the extent the Accepting Lenders constitute at least a majority of the Lenders of the Affected Facility, (iii) in the case of any Accepting Lender, only with respect to such Lender’s Loans and Revolving Credit Commitments of such Affected Facility as to which such Lender's acceptance has been made and (iv) only if (x) all Accepting Lenders shall be treated on a consistent basis and (y) all non-Accepting Lenders shall be treated on a consistent basis.  Upon the acceptance of a Loan Modification Offer by the requisite Lenders, the applicable Loan Parties and each Accepting Lender shall execute and deliver to the Administrative Agent such documentation (which may include legal opinions, board resolutions and/or certificates consistent with those delivered on the Closing Date) as the Administrative Agent shall reasonably specify to evidence the acceptance of the Permitted Amendments and the terms and conditions thereof.  The Administrative Agent shall promptly notify each Lender as to the effectiveness of such Permitted Amendments. Each of the parties hereto hereby agrees that, upon the effectiveness of any Permitted Amendments, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of such Permitted Amendment and only with respect to the Loans and Revolving Credit Commitments of the Accepting Lenders of the 

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Affected Facility.  For avoidance of doubt, notwithstanding a Permitted Amendment with Accepting Lenders, non-Accepting Lenders rights, remedies and existing obligations will in no way be deemed as modified or waived and are otherwise not affected by the Permitted Amendment.

11.02Notices; 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 or electronic mail 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 the Borrower or any other Loan Party, the Administrative Agent or any L/C Issuer, to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 11.02; 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 the 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).

(b)Electronic Communications.  Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e‐mail, FpML messaging, 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 any L/C Issuer pursuant to Article II if such Lender or such 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, any L/C Issuer or the Borrower 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” 

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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 the Borrower, any Lender, any 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 the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet.

(d)Change of Address, Etc.  Each of the Borrower, the Administrative Agent and each L/C Issuer 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 Borrower, the Administrative Agent and the L/C Issuers.  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 the Borrower or its securities for purposes of United States Federal or state securities laws.

(e)Reliance by Administrative Agent, L/C Issuers and Lenders.  The Administrative Agent, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices, Committed Loan Notices and Letter of Credit Applications) 

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purportedly given by or on behalf of the 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 Borrower shall indemnify the Administrative Agent, each 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 the 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.

11.03No Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender, any 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 Issuers; 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) any L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as an L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.15), 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 2.15, 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.

11.04Expenses; Indemnity; Damage Waiver.     

(a)Costs and Expenses.  The Borrower shall pay, or cause to be paid, (i) all reasonable and documented out-of-pocket fees and expenses incurred by the Administrative Agent, the Bookrunners and their respective Affiliates (including the reasonable and documented fees, charges and disbursements of one primary counsel for the Administrative Agent and the Bookrunners, taken as a whole), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this 

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Agreement and the other Loan Documents or any amendments, amendments and restatements, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out‐of‐pocket expenses incurred by each L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit issued by it or any demand for payment thereunder and (iii) all reasonable and documented out‐of‐pocket expenses incurred by the Administrative Agent, any Lender or any L/C Issuer (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or any 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 reasonable and documented out‐of‐pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

(b)Indemnification by the Borrower.  The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), the Bookrunners, the Arrangers, each Lender and each 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 (and will reimburse each Indemnitee as the same are incurred for) any and all losses, claims, damages, liabilities and reasonable and documented out-of-pocket expenses (including the reasonable and documented fees, charges and disbursements of one primary counsel to all Indemnitees and, if necessary, one local counsel in each relevant jurisdiction, unless conflicts of interests require the retention of an additional counsel and settlement costs to the extent the Borrower approves the settlement (such approval not to be withheld or delayed unreasonably)), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the 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 (including, without limitation, the Indemnitee’s reliance on any Communication executed using an Electronic Signature, or in the form of an Electronic Record, the performance by the parties hereto of their respective obligations hereunder or thereunder, or 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), including any Indemnitee’s reliance on any document (including this Agreement), amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Agreement executed using an Electronic Signature, or in the form of an Electronic Record, that such Indemnitee reasonably believes is made by the Borrower or any other Loan Party or any other party to this Agreement or any of the other Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any 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 the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any 

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other Loan Party, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (x) the gross negligence or willful misconduct of such Indemnitee, (y) in the case of a proceeding initiated by the Borrower or any other Loan Party, a material breach of any agreement contained in any Loan Document by such Indemnitee or (z) any dispute solely among Indemnitees other than (A) any claims against the Administrative Agent (and any sub-agent thereof), any Bookrunner or any Arranger in their respective capacities, as or in fulfilling their respective roles, as an administrative agent, bookrunner or arranger in respect of this Agreement and the transactions contemplated hereby and (B) any claims arising out of any act or omission on the part of the Borrower or its Affiliates.  Without limiting the provisions of Section 3.01(d), this Section 11.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

(c)Reimbursement by Lenders.  To the extent that the Borrower 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), any Bookrunner, any Arranger, any L/C Issuer or any Related Party of any of the foregoing (and without any obligation to do so), each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such Bookrunner, such Arranger, such L/C Issuer 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 in respect of the Revolving Credit Facility (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) or any L/C Issuer 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) or any L/C Issuer in connection with such capacity.  The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.14(d).

(d)Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby waives, and acknowledges 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 

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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.

(f)Survival.  The agreements in this Section 11.04 and the indemnity provisions of Section 11.02(e) shall survive the resignation of the Administrative Agent and any L/C Issuer, the replacement of any Lender, the termination of the Revolving Credit Facility and the repayment, satisfaction or discharge of all the other Obligations.

11.05Payments Set Aside.  To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, any L/C Issuer or any Lender, or the Administrative Agent, any 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, such 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 each 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 Issuers under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

11.06Successors 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 the Borrower nor any other Loan Party 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 (e) of this Section (and, except as set forth in Section 11.06(h), 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 Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

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(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 Revolving Credit Commitment(s) and the Loans (including for purposes of this subsection (b), participations in L/C Obligations) at the time owing to it); provided that any such assignment shall be subject to the following conditions:

(i)Minimum Amounts.

(A)in the case of an assignment of the entire remaining amount of the assigning Lender’s Revolving Credit Commitment and/or the Loans at the time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such Assignments) 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 Revolving Credit Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Revolving Credit 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 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower 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 Revolving Credit Commitment assigned, except that this clause (ii) shall not 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 next to last paragraph of Section 11.01 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 Borrower (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 with respect to such Lender; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof;

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(B)the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund with respect to such Lender; and

(C)the consent of each L/C Issuer shall be required for any assignment.

(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 Borrower or any of the Borrower’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 (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of one or more natural Persons).  

(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 Borrower 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, any 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 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 

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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 11.04 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 Borrower (at its 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.

(c)Register.  The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Revolving Credit Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by the Borrower and any Lender, 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, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, a Defaulting Lender or the Borrower or any of the Borrower’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 Revolving Credit Commitment(s) and/or the Loans (including such Lender’s participations in L/C Obligations) 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 Borrower, the Administrative Agent, the Lenders and the L/C Issuers 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 11.04(c) without regard to the existence of any participation.

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 11.01 that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to requirements and limitations therein) to the same extent as if it were a Lender and had acquired its interest by assignment 

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pursuant to subsection (b) of this Section (it being understood that the documentation required under Section 3.01(g) 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 paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 11.13 as if it were an assignee under paragraph (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 Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower 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 11.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.15 as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under 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 or any other central 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)[Reserved]. 

(g)Resignation as L/C Issuer after Assignment.  Notwithstanding anything to the contrary contained herein, if at any time any Lender that is an L/C Issuer assigns all of its Revolving Credit Commitments and Loans pursuant to subsection (b) above, such Lender may, upon 30 days’ notice to the Borrower and the Lenders, resign as an L/C Issuer.  In the event of any such resignation as an L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder to replace such retiring L/C Issuer; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such other L/C Issuer, as an L/C Issuer.  If any L/C Issuer resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all Letters of 

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Credit issued by it that are outstanding as of the effective date of its resignation as an 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 2.04(c)). Upon the appointment of a successor L/C Issuer, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, issued by the retiring L/C Issuer that are outstanding at the time of such succession or make other arrangements satisfactory to such retiring L/C Issuer to effectively assume the obligations of such retiring L/C Issuer with respect to the outstanding Letters of Credit issued by it.

(h)Disqualified Institutions.  

(i)Neither the Administrative Agent nor any assigning Lender shall be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions of this Agreement or any other Loan Document relating to Disqualified Institutions.  Without limiting the generality of the foregoing, neither the Administrative Agent nor any assigning Lender shall ‎(x) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Institution or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any ‎Disqualified Institution.‎

(ii)No assignment or participation shall be made to any Person that was a Disqualified Institution as of the date (the “Trade Date”) on which the assigning Lender entered into a binding agreement to sell and assign all or a portion of its rights and obligations under this Agreement to such Person (unless, so long as no Event of Default has occurred and is continuing, the Borrower, or if an Event of Default has occurred and is continuing, the Administrative Agent, has consented to such assignment in writing in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Institution for the purpose of such assignment or participation).  For the avoidance of doubt, with respect to any assignee that becomes a Disqualified Institution after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the notice period referred to in, the definition of “Disqualified Institution”), (x) such assignee shall not retroactively be disqualified from becoming a Lender and (y) the execution by the Borrower of an Assignment and Assumption with respect to such assignee will not by itself result in such assignee no longer being considered a Disqualified Institution.  Any assignment in violation of this clause (h)(ii) shall not be void, but the other provisions of this clause (h) shall apply.

(iii)If any assignment or participation is made to any Disqualified Institution without the Borrower’s prior written consent in violation of clause (ii) above, or if any Person becomes a Disqualified Institution after the applicable Trade Date, the Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative Agent, (A) terminate any Revolving Credit Commitment of such Disqualified Institution and repay all Obligations of the Borrower owing to such Disqualified Institution in connection with such Revolving Credit Commitment (but only to the extent that no proceeds of Loans are used to make such repayment), and/or 

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(B) require such Disqualified Institution to assign, without recourse (in accordance with and subject to the restrictions contained in this Section 11.06), all of its interest, rights and obligations under this Agreement to one or more Eligible Assignees at the lesser of (x) the outstanding principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such interests, rights and obligations, in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder.

(iv)Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions (A) will not (x) have the right to receive information, reports or other materials provided to Lenders by the Borrower, the Administrative Agent or any other Lender, (y) attend or participate in meetings attended by the Lenders or the Administrative Agent, or (z) access the Platform or any other electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders and (B) (x) for purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified Institution will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Institutions consented to such matter, and (y) for purposes of voting on any plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws (a “Bankruptcy Plan”), each Disqualified Institution party hereto hereby agrees (1) not to vote on such Bankruptcy Plan, (2) if such Disqualified Institution does vote on such Bankruptcy Plan notwithstanding the restriction in the foregoing clause (1), such vote will be deemed not to be in good faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such Bankruptcy Plan in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (3) not to contest any request by any party for a determination by the bankruptcy court (or other applicable court of competent jurisdiction) effectuating the foregoing clause (2).

(v)The Administrative Agent shall have the right, and the Borrower hereby expressly authorizes the Administrative Agent, to (A) post the list of Disqualified Institutions provided by the Borrower and any updates thereto from time to time (collectively, the “DQ List”) on the Platform, including that portion of the Platform that is designated for “public side” Lenders and/or (B) provide the DQ List to each Lender requesting the same.

11.07Treatment of Certain Information; Confidentiality.  Each of the Administrative Agent, the Lenders and the L/C Issuers agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates, its auditors and 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 

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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 2.18(b) or Section 11.01 or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the REIT, the Borrower 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 written consent of the Borrower 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, any L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or another Loan Party.  In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent, the Syndication Agents and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Revolving Credit Commitments.  For purposes of this Section, “Information” means all information received from the REIT or any Subsidiary thereof relating to the REIT or any Subsidiary thereof or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by the REIT or any Subsidiary thereof, provided that, in the case of information received from the REIT or any Subsidiary thereof after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised at least 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 Issuers acknowledges that (a) the Information may include material non-public information concerning the 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.

11.08Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender, each L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, 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, such L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under 

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this Agreement or any other Loan Document to such Lender or such 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 the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or such 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 2.20 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 Issuers and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender, each 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, such L/C Issuer or their respective Affiliates may have.  Each Lender and each L/C Issuer agrees to notify the Borrower 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. 

11.09Interest 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 Borrower.  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.

11.10Integration; Effectiveness.  This Agreement, the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent or the L/C Issuers, 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.

11.11Survival 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 

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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.

11.12Severability.  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 11.12, 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 or any L/C Issuer, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited. 

11.13Replacement of Lenders.  If the Borrower 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 or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower 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 11.06), 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 Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(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 Borrower (in the case of all other amounts);

(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.

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

11.14Governing 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 PARTY HERETO 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 ANY OTHER PARTY 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 PARTY 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 BROUGHT, HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH PARTY 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.

(c)WAIVER OF VENUE.  EACH PARTY HERETO 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 PARTY 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 

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SECTION 11.02.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

11.15Waiver 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.

11.16No 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), the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Bookrunners, the Arrangers, and the Lenders are arm’s-length commercial transactions between the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent, the Bookrunners, the Arrangers, and the Lenders, on the other hand, (B) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, each Bookrunner, each 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 Borrower, any other Loan Party or any of their respective Affiliates, or any other Person and (B) neither the Administrative Agent, any Bookrunner, any Arranger nor any Lender has any obligation to the Borrower, any other Loan Party 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 (iii) the Administrative Agent, the Bookrunners, the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the Administrative Agent, any Bookrunner, any Arranger, nor any Lender has any obligation to disclose any of such interests to the Borrower, any other Loan Party or any of their respective Affiliates.  Each of the Borrower and the other Loan Parties hereby agrees that it will not claim that any of the Administrative Agent, the Bookrunners, the Arrangers, the Lenders or their respective Affiliates has rendered advisory services of any nature 

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or respect or owes any fiduciary duty to it (including your stockholders, employees or creditors) in connection with any aspect of any transaction contemplated hereby.

11.17Electronic Execution; Electronic Records; Counterparts.  This Agreement, any Loan Document and any other Communication, including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures.  Each of the Loan Parties and each of the Administrative Agent and the Lender Parties agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on such Person to the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered.  Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention.  The Administrative Agent and each of the Lender Parties may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper document.  All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record.  Notwithstanding anything contained herein to the contrary, neither the Administrative Agent nor any L/C Issuer is under any obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by such Person pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Administrative Agent and/or any L/C Issuer has agreed to accept such Electronic Signature, the Administrative Agent and each of the Lender Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party and/or any Lender Party without further verification and (b) upon the request of the Administrative Agent or any Lender Party, any Electronic Signature shall be promptly followed by such manually executed counterpart.  For purposes hereof, “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

Neither the Administrative Agent nor any L/C Issuer shall be responsible for or have any duty to ascertain or inquire into the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document (including, for the avoidance of doubt, in connection with the Administrative Agent’s or any L/C Issuer’s reliance on any Electronic Signature transmitted by emailed .pdf or any other electronic means). The Administrative Agent and L/C Issuers shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any Communication (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution or signed using an Electronic Signature) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise 

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authenticated (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).  

Each of the Loan Parties and each Lender Party hereby waives (i) any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement and/or any other Loan Document based solely on the lack of paper original copies of this Agreement and/or such other Loan Document, and (ii) waives any claim against the Administrative Agent, each Lender Party and each Related Party for any liabilities arising solely from the Administrative Agent’s and/or any Lender Party’s reliance on or use of Electronic Signatures, including any liabilities arising as a result of the failure of the Loan Parties to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

11.18USA PATRIOT Act.  Each Lender that is subject to the PATRIOT Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Loan Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Loan Parties in accordance with the PATRIOT Act.  The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide or cause to be provided 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 PATRIOT Act and the Beneficial Ownership Regulation.

11.19Releases of Guarantors.

(a)Investment Grade Release.  If at any time the Borrower or the REIT obtains an Investment Grade Credit Rating, the Administrative Agent shall (at the sole cost of the Borrower and pursuant to documentation reasonably satisfactory to the Administrative Agent) promptly release all of the Subsidiary Guarantors (other than any Unencumbered Property Subsidiary that is a co-borrower or guarantor of, or otherwise is obligated in respect of, any Unsecured Indebtedness) from their obligations under the Guaranty (the “Investment Grade Release”), subject to satisfaction of the following conditions:

(i)The Borrower shall have delivered to the Administrative Agent, on or prior to the date that is ten (10) Business Days (or such shorter period of time as agreed to by the Administrative Agent) before the date on which the Investment Grade Release is to be effected, an Officer’s Certificate,

(A)certifying that the Borrower has obtained an Investment Grade Credit Rating, and 

(B)notifying the Administrative Agent and the Lenders that it is requesting the Investment Grade Release and identifying the Subsidiary Guarantors to be released; and

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(C)certifying that no Subsidiary Guarantor to be released is a co-borrower or guarantor of, or otherwise is obligated in respect of, any Unsecured Indebtedness; and 

(ii)The Borrower shall have submitted to the Administrative Agent and the Lenders, within one (1) Business Day prior to the date on which the Investment Grade Release is to be effected, an Officer’s Certificate certifying to the Administrative Agent and the Lenders that, immediately before and immediately after giving effect to the Investment Grade Release, 

(A)no Default has occurred and is continuing or would result therefrom (including as a result of the failure to satisfy the Minimum Property Condition), and

(B)the representations and warranties 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, are true and correct in all material respects on and as of the date of such release and immediately after giving effect to such release, except (1) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, (2) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (1)) after giving effect to such qualification and (3) for purposes of this Section 11.19(a), 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.

(b)Release upon Disposition of Equity Interests.  In the event that any Subsidiary Guarantor is dissolved or liquidated, or all of the capital stock or other Equity Interests of any Subsidiary Guarantor are sold or otherwise disposed of (except to the extent that such sale or disposition is to the Borrower or any other Loan Party) or becomes an Excluded Subsidiary, in each case in a transaction permitted by Section 7.05, then, at the request, and at the sole expense, of the Borrower, such Subsidiary Guarantor shall be released from its obligations under the Guaranty, subject to satisfaction of the following conditions: 

(i)the Borrower shall have delivered to the Administrative Agent, at least five (5) Business Days prior to the date of the proposed release (or such shorter period of time as agreed to by the Administrative Agent in writing), a Guarantor Release Notice which shall identify the Subsidiary Guarantor to which it applies and the proposed date of the release, 

(ii)immediately after giving effect to such release the REIT and its Subsidiaries shall be in compliance, on a Pro Forma Basis, with the provisions of Section 7.11, 

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(iii)no Default shall have occurred and be continuing or would result under any other provision of this Agreement after giving effect to such release (including as a result of the failure to satisfy the Minimum Property Condition), and

(iv)the Borrower shall have delivered to the Administrative Agent an Officer’s Certificate certifying that the conditions in clauses (ii) and (iii) above have been satisfied.  

The Administrative Agent will (at the sole cost of the Borrower) following receipt of such Guarantor Release Notice and Officer’s Certificate, and each of the Lenders and the L/C Issuers irrevocably authorizes the Administrative Agent to, execute and deliver such documents as the Borrower or such Subsidiary Guarantor may reasonably request to evidence the release of such Subsidiary Guarantor from its obligations under the Guaranty, which documents shall be reasonably satisfactory to the Administrative Agent. 

(c)Release following an Investment Grade Release.  At any time following an Investment Grade Release, at the request of the Borrower the Administrative Agent may release any Subsidiary Guarantor from its obligations under the Guaranty, subject to satisfaction of the following conditions: 

(i)the Borrower shall have delivered to the Administrative Agent, at least five (5) Business Days prior to the date of the proposed release (or such shorter period of time as agreed to by the Administrative Agent in writing), a Guarantor Release Notice (which notice shall identify the Subsidiary Guarantor to which it applies and specify, inter alia, that such Subsidiary Guarantor will not be a co-borrower or guarantor of, or otherwise be obligated in respect of, any Unsecured Indebtedness after giving effect to the requested release), 

(ii)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 such release and, both before and after giving effect to such release, except (A) 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, (B) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (A)) after giving effect to such qualification and (C) for purposes of this Section 11.19(c), 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, 

(iii)immediately after giving effect to such release the REIT and its Subsidiaries shall be in compliance, on a Pro Forma Basis, with the provisions of Section 7.11, 

(iv)no Default shall have occurred and be continuing (unless such Default relates solely to an Unencumbered Eligible Property owned or leased by such Subsidiary 

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Guarantor and such Unencumbered Eligible Property will not be included for purposes of determining Unencumbered Asset Value after giving effect to such release) or would result under any other provision of this Agreement after giving effect to such release (including as a result of the failure to satisfy the Minimum Property Condition), and

(v)the Borrower shall have delivered to the Administrative Agent an Officer’s Certificate certifying that the conditions in clauses (ii) through (iv) above have been satisfied.  

The Administrative Agent will (at the sole cost of the Borrower) following receipt of such Guarantor Release Notice and Officer’s Certificate, and each of the Lenders and the L/C Issuers irrevocably authorizes the Administrative Agent to, execute and deliver such documents as the Borrower or such Subsidiary Guarantor may reasonably request to evidence the release of such Subsidiary Guarantor from its obligations under the Guaranty, which documents shall be reasonably satisfactory to the Administrative Agent.

(d)Release of the REIT.  At any time that the REIT is a Guarantor, at the request of the Borrower the Administrative Agent may release the REIT from its obligations under the Guaranty, subject to satisfaction of the following conditions: 

(i)the Borrower shall have delivered to the Administrative Agent, at least five (5) Business Days prior to the date of the proposed release (or such shorter period of time as agreed to by the Administrative Agent in writing), a Guarantor Release Notice (which notice shall specify, inter alia, that the REIT will not be a borrower or guarantor of, or otherwise obligated in respect of, any Indebtedness after giving effect to the requested release), 

(ii)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 such release and, both before and after giving effect to such release, except (A) 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, (B) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (A)) after giving effect to such qualification and (C) for purposes of this Section 11.19(d), 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, 

(iii)immediately after giving effect to such release the REIT and its Subsidiaries shall be in compliance, on a Pro Forma Basis, with the provisions of Section 7.11, 

(iv)no Default shall have occurred and be continuing or would result under any other provision of this Agreement, including Section 7.16, after giving effect to such release, and

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(v)the Borrower shall have delivered to the Administrative Agent an Officer’s Certificate certifying that the conditions in clauses (ii) through (iv) above have been satisfied.  

The Administrative Agent will (at the sole cost of the Borrower) following receipt of such Guarantor Release Notice and Officer’s Certificate, and each of the Lenders and the L/C Issuers irrevocably authorizes the Administrative Agent to, execute and deliver such documents as the Borrower or the REIT may reasonably request to evidence the release of the REIT from its obligations under the Guaranty, which documents shall be reasonably satisfactory to the Administrative Agent.

(e)The Administrative Agent shall promptly notify the Lenders of any such release hereunder, and this Agreement and each other Loan Document shall be deemed amended to delete the name of any Subsidiary Guarantor released pursuant to this Section 11.19.

11.20ENTIRE AGREEMENT.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

11.21Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Solely to the extent any Lender or L/C Issuer that is an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer that is an Affected Financial Institution; and

(b)the effects of any Bail-In Action on any such liability, including, if applicable;

(i)a reduction in full or in part or cancellation of any such liability; 

(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

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11.22No Novation.  

(a)This Agreement amends, restates and supersedes the Existing Credit Agreement in its entirety and is not intended to be or operate as a novation or an accord and satisfaction of the Existing Credit Agreement or the obligations evidenced thereby or provided for thereunder. Without limiting the generality of the foregoing (i) all “Loans” under (and as defined in) the Existing Credit Agreement shall on the Closing Date become Loans hereunder and (ii) all other Obligations outstanding under the Existing Credit Agreement shall on the Closing Date be Obligations under this Agreement.

On the Closing Date, the Original Note, if any, held by each Lender shall be deemed to be cancelled and, if such Lender has requested a Note hereunder, amended and restated by the Note delivered hereunder on or about the Closing Date (regardless of whether any Lender shall have delivered to the Borrower for cancellation any Original Note held by it).  Each Lender, whether or not requesting a Note hereunder, shall use its commercially reasonable efforts to deliver any Original Note held by it to the Borrower for cancellation and/or amendment and restatement.  All amounts owing under, and evidenced by, any Original Note held by a Lender as of the Closing Date shall continue to be outstanding hereunder, and shall from and after the Closing Date, if requested by the Lender holding such Original Note, be evidenced by the Note, and shall in any event be evidenced by, and governed by the terms of, this Agreement.  Each Lender hereby agrees to indemnify and hold harmless the Borrower from and against any and all liabilities, losses, damages, actions or claims that may be imposed on, incurred by or asserted against the Borrower arising out of such Lender’s failure to deliver any Original Note held by it to the Borrower for cancellation, subject to the condition that no Borrower shall make any payment to any Person claiming to be the holder of any Original Note unless such Lender is first notified of such claim and is given the opportunity, at such Lender’s sole cost and expense, to assert any defenses to such payment.

11.23Exiting Lenders.  On the Closing Date, the commitment of each lender that is a party to the Existing Credit Agreement but is not a party to this Agreement (an “Exiting Lender”) will be terminated, all outstanding obligations owing to the Exiting Lenders will be repaid in full, the Original B Note, if any, held by each Exiting Lender shall be deemed to be cancelled (regardless of whether any Exiting Lender shall have delivered to the Borrower for cancellation any Original Note held by it) and each Exiting Lender will cease to be a Lender under the Existing Credit Agreement and will not be a Lender under this Agreement.  To the extent the Existing Credit Agreement provides that certain terms survive the termination of the Existing Credit Agreement or survive the payment in full of principal, interest and all other amounts payable thereunder, then such terms shall survive the amendment and restatement of the Existing Credit Agreement for the benefit of the Exiting Lenders.

11.24 Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) 

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in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

(a)In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

(b)As used in this Section 11.24, the following terms have the following meanings:

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

“Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

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

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

11.25Appraisals.  The Borrower shall have the right to request that the Administrative Agent or professionals (including consultants and appraisers) retained by the Administrative Agent promptly obtain or provide, as applicable, an updated Approved Appraisal for the Property commonly referred to as “1633 Broadway” and/or for the Property commonly referred to as “1301 Avenue of the Americas”, in each case at the sole expense of the Borrower; provided that not more than one updated Approved Appraisal for either such Property may be so requested by the Borrower during the term of the Facilities.

 

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

PARAMOUNT GROUP OPERATING PARTNERSHIP LP

 

By: Paramount Group, Inc., a Maryland corporation

Its:  General Partner

 

	
 
	
By:     /s/ Wilbur Paes
	

  Name:  Wilbur Paes

  Title:    Chief Operating Officer, Chief 
               Financial Officer

 

 

 

 

PARAMOUNT GROUP, INC., a Maryland corporation, as a Loan Party

 

 

	
 
	
By:     /s/ Wilbur Paes
	

  Name:  Wilbur Paes

  Title:    Chief Operating Officer, Chief 
               Financial Officer

 

 

1325 AVENUE OF THE AMERICAS, L.P, a New York limited partnership, as a Guarantor

 

By:  1325 Rental GP, L.L.C., a Delaware limited liability company

Its:  General Partner

 

	
 
	
By:     /s/ Wilbur Paes
	

  Name:  Wilbur Paes

  Title:    Vice President and Treasurer

 

 

1325 RENTAL GP, L.L.C., a Delaware limited liability company, as a Guarantor

 

	
 
	
By:     /s/ Wilbur Paes
	

  Name:  Wilbur Paes

  Title:    Vice President and Treasurer

 

 

1325 AVENUE MERGER SUB LP, a Delaware limited partnership, as a Guarantor

 

By:  1325 Avenue Merger Sub GP LLC, a Delaware limited liability company

Its:    General Partner

 

	
 
	
By:     /s/ Wilbur Paes
	

  Name:  Wilbur Paes

  Title:    Vice President and Treasurer

 

 

 

 

 

1325 AVENUE MERGER SUB GP LLC, a Delaware limited liability company, as a Guarantor

 

	
 
	
By:     /s/ Wilbur Paes
	

  Name:  Wilbur Paes

  Title:    Vice President and Treasurer

 

 

900 THIRD AVENUE, L.P., a Delaware limited partnership, as a Guarantor

 

By:  900 Third GP, LLC, a Delaware limited liability company

Its:   General Partner

 

	
 
	
By:     /s/ Wilbur Paes
	

  Name:  Wilbur Paes

  Title:    Vice President and Treasurer

 

 

900 THIRD GP, LLC, a Delaware limited liability company, as a Guarantor

 

	
 
	
By:     /s/ Wilbur Paes
	

  Name:  Wilbur Paes

  Title:    Vice President and Treasurer

 

 

ONE FRONT STREET OWNER LP, a Delaware limited partnership, as a Guarantor

 

By:  One Front Street Owner GP LLC, a Delaware limited liability company

Its:   General Partner

 

	
 
	
By:     /s/ Wilbur Paes
	

  Name:  Wilbur Paes

  Title:    Vice President and Treasurer

 

 

 

 

 

ONE FRONT STREET OWNER GP LLC, a Delaware limited liability company, as a Guarantor

 

	
 
	
By:     /s/ Wilbur Paes
	

  Name:  Wilbur Paes

  Title:    Vice President and Treasurer

 

 

ONE FRONT STREET INVESTOR LP, a Delaware limited partnership, as a Guarantor

 

By:  One Front Street Investor GP LLC, a Delaware limited liability company

Its:   General Partner 

 

 

	
 
	
By:     /s/ Wilbur Paes
	

  Name:  Wilbur Paes

  Title:    Vice President and Treasurer

 

 

ONE FRONT STREET INVESTOR GP LLC, a Delaware limited liability company, as a Guarantor

 

 

	
 
	
By:     /s/ Wilbur Paes
	

  Name:  Wilbur Paes

  Title:    Vice President and Treasurer

 

 

 

 

bank of america, n.a., as Administrative Agent

	
 
	
By:    /s/ Priscilla Ruffin
	

Name:  Priscilla Ruffin

Title:    AVP

 

 

 

bank of america, n.a., as a Lender and an L/C Issuer

	
 
	
By:    /s/ Thomas W. Nowak
	

Name:  Thomas W. Nowak

Title:    Vice President

 

 

 

 

wells fargo bank, national association, as a Lender and an L/C Issuer

	
 
	
By:    /s/ Scott S. Solis
	

Name:  Scott S. Solis

Title:    Managing Director

 

 

 

jpmorgan chase Bank, N.A., as a Lender and an L/C Issuer

	
 
	
By:    /s/ Cody Canafax
	

Name:  Cody A. Canafax

Title:    Vice President

 

 

 

U.S. Bank NATIONAL ASSOCIATION, as a Lender and an L/C Issuer

	
 
	
By:    /s/ Kimberly Feldman
	

Name:  Kimberly Feldman

Title:    Vice President

 

 

 

CITIZENS BANK, NATIONAL ASSOCIATION, as a Lender

	
 
	
By:    /s/ Donald Woods
	

Name:  Donald Woods

Title:    SVP

 

 

 

CAPITAL ONE, NATIONAL ASSOCIATION , as a Lender

	
 
	
By:    /s/ Jessica W. Phillips
	

Name:  Jessica W. Phillips

Title:    Authorized Signatory

 

 

 

morgan STANLEY Bank, N.A., as a Lender

	
 
	
By:    /s/ Michael King
	

Name:  Michael King

Title:    Authorized Signatory

 

 

 

GOLDMAN SACHS BANK USA, as a Lender

	
 
	
By:    /s/ Rebecca Kratz
	

Name:  Rebecca Kratz

Title:    Authorized Signatory

 

 

 

SIGNATURE BANK, as a Lender

	
 
	
By:    /s/ Sean McGowan
	

Name:  Sean McGowan

Title:    Vice President - Lender

 

 

 

TD BANK, N.A., as a Lender

	
 
	
By:    /s/ CJ Csontos
	

Name:  CJ Csontos

Title:    Vice President

 

 

 

THE BANK OF NEW YORK MELLON, as a Lender

	
 
	
By:    /s/ Abdullah Dahman
	

Name:  Abdullah Dahman

Title:    Director

 

 

 

THE BANK OF EAST ASIA, LIMITED, NEW YORK BRANCH, as a Lender

	
 
	
By:    /s/ Victor Cheong
	

Name:  Victor Cheong

Title:    Senior Vice President

 

 

 

THE BANK OF EAST ASIA, LIMITED, NEW YORK BRANCH, as a Lender

	
 
	
By:    /s/ Chong Tan
	

Name:  Chong Tan

Title:    Senior Vice President

 

 

 

 

ING CAPITAL LLC, as a Lender

	
 
	
By:    /s/ Sofya Shuster
	

Name:  Sofya Shuster

Title:    Director

 

 

 

ING CAPITAL LLC, as a Lender

	
 
	
By:    /s/ Craig Bender
	

Name:  Craig Bender

Title:    Managing DirectorExhibit 10.1

 

Execution Version

  

AMENDMENT
No. 4, dated as of December 16, 2021 (this “Amendment”), to the Credit Agreement,
dated as of October 14, 2020 (as amended by Amendment No. 1 , dated as of May 7, 2021, Amendment No. 2, dated as of June 2, 2021, and
Amendment No. 3, dated as of August 6, 2021 and as may be further amended, restated, amended and restated, extended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among BALDWIN
RISK PARTNERS, LLC, a Delaware limited liability company (the “Borrower”), the Guarantors from time to time
party thereto, the several Lenders from time to time party thereto and JPMorgan Chase Bank, N.A.,
as Administrative Agent. Capitalized terms used but not defined herein having the meaning provided in the Credit Agreement (as amended
hereby).

 

WHEREAS,
the Borrower desires (a) to incur Additional Incremental Term B-1 Loans pursuant to amendments authorized by Section 2.25 of the Credit
Agreement, which Additional Incremental Term B-1 Loans shall be made on the terms set forth in the Credit Agreement (as amended hereby)
and be in a principal amount equal to $350,000,000 and (b) use the proceeds thereof for the repayment of certain Revolving Loans, Permitted
Acquisitions and other general corporate purposes;

 

WHEREAS,
each Person listed on Schedule I hereto as an Additional Incremental Term B-1 Lender will make Additional Incremental Term B-1 Loans
in the amount set forth therein on the Amendment No. 4 Effective Date to the Borrower;

 

WHEREAS,
JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, Capital One, National Association and Cadence Bank, N.A. are the joint lead arrangers
and joint bookrunners for this Amendment and the Additional Incremental Term B-1 Loans (as defined in the Credit Agreement (as amended
hereby)) (the “Amendment No. 4 Arrangers”);

 

NOW,
THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

Section
1.                Amendments.
The Credit Agreement is, effective as of the Amendment No. 4 Effective Date (as defined below), hereby amended to delete the stricken
text (indicated textually in the same manner as the following example: stricken text)
and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages attached as Annex A hereto.

 

Section
2.                Representations
and Warranties. Each Loan Party represents and warrants to the Lenders as of the Amendment No. 4 Effective Date that:

 

(a)               Such
Loan Party is duly organized (or where applicable in the relevant jurisdiction, registered or incorporated), validly existing and
(where applicable in the relevant jurisdiction) in good standing under the laws of the jurisdiction of its organization,
registration or incorporation, as the case may be, (b) has the power and authority to own and operate its property, to lease
the property it operates as lessee and to conduct the business in which it is currently engaged and (c) is in compliance with
all Requirements of Law, except in the case of clauses (a) (except as it relates to the due organization and valid existence of
the Borrower), (b) and (c) above, to the extent that the failure to comply 

 

     

     

    

therewith would not, in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(b)              
Such Loan Party has the power and authority, and the legal right, to enter into, make, deliver and
perform this Amendment and the other Loan Documents to which it is a party and, in the case of the Borrower, to obtain extensions of
credit hereunder. Such Loan Party has taken all necessary organizational action to authorize the execution, delivery and performance
of this Amendment and, in the case of the Borrower, to authorize the extensions of credit on the terms and conditions of this Amendment.

 

(c)              
Such Loan Party has duly executed and delivered this Amendment and upon such execution, this Amendment
will constitute, a legal, valid and binding obligation of each applicable Loan Party, enforceable against each such Loan Party in accordance
with its terms, except as enforceability may be limited by such Legal Reservations.

 

(d)              
Neither the execution, delivery or performance by such Loan Party of this Amendment nor compliance
with the terms and provisions hereof nor the other transactions contemplated hereby will (a) violate any Contractual Obligation of the
Borrower or any Group Member (except, individually or in the aggregate, as would not reasonably be expected to result in a Material Adverse
Effect), or violate any material Requirement of Law or the Organizational Documents of such Loan Party and (ii)  result in, or require,
the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law, any such
Organizational Documents or any such Contractual Obligation (other than the Liens created by the Security Documents and other than any
other Permitted Liens) except, individually or in the aggregate, as would not reasonably be expected to result in a Material Adverse
Effect.

 

(e)              
Before and after giving effect to this Amendment, each of the representations and warranties made
by such Loan Party herein or pursuant to the Loan Documents are true and correct in all material respects (except where such representations
and warranties are already qualified by materiality, in which case such representation and warranty are accurate in all respects) on
and as of the date hereof as if made on and as of the date hereof, except to the extent such representations and warranties expressly
relate to an earlier date, in which case such representations and warranties are true and correct in all material respects (except where
such representations and warranties are already qualified by materiality, in which case such representation and warranty are accurate
in all respects) as of such earlier date.

 

(f)               
At the time of and after giving effect to this Amendment, no Default or Event of Default has occurred
and is continuing.

 

Section
3.                Additional
Incremental Term B-1 Loan Commitments; Additional Incremental Term B-1 Loans. On the Amendment No. 4 Effective Date, each of
the Additional Incremental Term B-1 Lenders agrees to make Additional Incremental Term B-1 Loans to the Borrower in a principal amount
not to exceed such Additional Incremental Term B-1 Lender’s Additional Incremental Term B-1 Loan Commitment, with such Additional
Incremental Term B-1 Loans having terms identical to the Term B-1 Loans outstanding 

 

    2 

     

    

immediately prior
to the effectiveness of this Amendment (the “Existing Term B-1 Loans”) (other than any original issue discount or
upfront fees). Unless previously terminated, the Additional Incremental Term B-1 Loan Commitments shall terminate at 11:59 p.m., New
York City time, on the Amendment No. 4 Effective Date. The Additional Incremental Term B-1 Loans shall be one Class with, and
increase the amount of, the Existing Term B-1 Loans.

 

Section
4.                Conditions
to Effectiveness of Amendment. This Amendment shall become effective on the first Business Day on which all of the following
conditions are satisfied (the “Amendment No. 4 Effective Date”):

 

(a)              
The Administrative Agent shall have received from the Borrower, each other Loan Party and each Additional
Incremental Term B-1 Lender either (i) a counterpart of this Amendment duly executed and delivered on behalf of such party or (ii) written
evidence satisfactory to the Administrative Agent (which may include facsimile or other electronic transmission of a signed counterpart
of this Amendment) that such party has duly executed and delivered a counterpart of this Amendment;

 

(b)              
The Administrative Agent shall have received (i) the executed legal opinion of Davis Polk &
Wardwell LLP, New York counsel to the Loan Parties, (ii) the executed legal opinion of Morris, Nichols, Arsht & Tunnell LLP, as Delaware
counsel to the Loan Parties and (iii) the executed legal opinion of Hill Ward Henderson, as Florida local counsel to the Loan Parties.
The Borrower, the other Loan Parties and the Administrative Agent hereby instruct such counsel to deliver such legal opinion;

 

(c)              
The Borrower shall have (i) paid to the Amendment No. 4 Arrangers the fees in the amounts previously
agreed in writing pursuant to the Engagement Letter dated as of December 5, 2021 between JPMorgan Chase Bank, N.A. and Baldwin Risk Partners,
LLC (as amended, the “Engagement Letter”) to be received on the Amendment No. 4 Effective Date and (ii) reimbursed
the Administrative Agent for all reasonable costs and expenses as set forth in the Engagement Letter (limited, in the case of legal fees,
costs and expenses, to the reasonable fees, disbursements and other charges of Cahill Gordon & Reindel llp,
counsel for the Amendment No. 4 Arrangers and the Administrative Agent) of the Administrative Agent for which invoices have been presented
at least three (3) Business Days prior to the Amendment No. 4 Effective Date;

 

(d)              
At the time of and immediately after giving effect to the Amendment no Default or Event of Default
shall have occurred and be continuing;

 

(e)              
The Administrative Agent (or its counsel) shall have received (i) a certificate of each of the Borrower
and each Guarantor, dated as of the Amendment No. 4 Effective Date, with appropriate insertions, executed by any authorized officer (or
in the case of the Borrower, any director or authorized agent of the Borrower) and the Secretary or any Assistant Secretary (or another
authorized officer) of the Borrower and each Guarantor, as applicable, and attaching the documents referred to in Section 5.1(c) of the
Credit Agreement or (ii) a certificate of the Borrower on behalf of each Loan Party, dated as of the Amendment No. 4 Effective Date and
executed by an Authorized Officer of the Borrower, certifying that, except as otherwise indicated therein, there have been no amendments,
supplements or modifications to the 

 

    3 

     

    

documents required
to be delivered on the Closing Date pursuant to Section 5.1(c) of the Credit Agreement since the most recent date of delivery of
such documents to the Administrative Agent;

 

(f)               
The Administrative Agent shall have received at least three days prior to the Amendment No. 4 Effective
Date, (i) a Beneficial Ownership Certification for the Borrower and (ii) such other documentation and information as is reasonably requested
in writing at least ten Business Days prior to the Amendment No. 4 Effective Date by the Administrative Agent about the Loan Parties
to the extent the Administrative Agent and the Borrower in good faith mutually agree such documentation or information is required by
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including,
without limitation, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
(USA PATRIOT) Act of 2001;

 

(g)              
The Administrative Agent shall have received a Solvency Certificate, which demonstrates that the
Borrower and its Subsidiaries, on a consolidated basis, are, immediately following the making of the Additional Incremental Term B-1
Loans on the Amendment No. 4 Effective Date and after giving effect to the application of the proceeds of such Additional Incremental
Term B-1 Loans, Solvent;

 

(h)              
The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower
to the effect that the representations and warranties made in Section 2 of this Amendment are true and correct in all material respects
(provided that any such representations and warranties which are qualified by materiality, Material Adverse Effect or similar
language shall be true and correct in all respects); and

 

(i)                
The Administrative Agent shall have received a Borrowing Request with respect to the Additional
Incremental Term B-1 Loans.

 

Section
5.                Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which, when taken together, shall constitute a single contract. Delivery of an executed counterpart of a signature
page of this Amendment by electronic imaging shall be as effective as delivery of a manually executed counterpart of this Amendment.
The words “execution,” “signed,” “signature,” “delivery,” and words of like import in
or relating to this Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries 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, physical delivery thereof 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. 

 

Section
6.                Governing
Law; Submission to Jurisdiction; Waivers, Waivers of Jury Trial. The applicable law, submission to jurisdiction and waiver provisions
set forth in Sections 11.13, 11.14 and 11.18 of the Credit Agreement shall apply to this Amendment, mutatis mutandis.

 

    4 

     

    

Section
7.                Headings.
The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

Section
8.                Effect
of Amendment.

 

(a)              
This Amendment shall not constitute a novation of the Credit Agreement or any of the Loan Documents.
Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise
affect the rights and remedies of the Lenders or the Agents under the Credit Agreement or any other Loan Document, and shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement
or any other provision of the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and
shall continue in full force and effect. By executing and delivering a copy hereof, each Loan Party hereby consents to this Amendment
and the transactions contemplated hereby and hereby ratifies and reaffirms its respective guarantees, pledges and grants of security
interests, as applicable, under and subject to the terms of each of the Loan Documents to which it is party, and agrees that, after giving
effect to this Amendment, such guarantees, pledges and grants of security interests, and the terms of each of the Security Documents
to which it is a party, shall continue to be in full force and effect, including to secure the Obligations (including, without limitation,
the Additional Incremental Term B-1 Loans). For the avoidance of doubt, on and after the Amendment No. 4 Effective Date, this Amendment
shall for all purposes constitute a “Loan Document” and “Incremental Amendment.”

 

(b)              
Each Additional Incremental Term B-1 Lender party hereto (i) confirms that it has received a copy
of the Credit Agreement, this Amendment and the other Loan Documents, together with such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Amendment; (ii) agrees that it will, independently and without
reliance upon the Administrative Agent, any other Agent, any Amendment No. 4 Arranger or any other Additional Incremental Term B-1 Lender
or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such
action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement and the other Loan Documents as are
delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto;
and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement
are required to be performed by it as a Lender.  Upon the Amendment No. 4 Effective Date, the undersigned Additional Incremental
Term B-1 Lender shall become a Lender under the Credit Agreement (as amended hereby) and shall have the respective Additional Incremental
Term B-1 Loan Commitment set forth next to its name on Schedule I hereto.

 

Section
9.                The
parties hereto agree to treat the Additional Incremental Term B-1 Loans to be issued pursuant to this Amendment as fungible for U.S.
federal income tax purposes with the Existing Term B-1 Loans.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    5 

     

    

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

 

	 	BALDWIN RISK PARTNERS, LLC, as the Borrower
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Brad Hale
	 	 	Name:	Brad Hale
	 	 	Title:	Chief Financial Officer

 

 [BRP
– Signature Page to Amendment No. 4]

     

     

    

 

	 	Baldwin Krystyn
    Sherman Partners, LLC 
	 	BRP Colleague
    Inc.
	 	BRP Insurance
    Intermediary Holdings, LLC 
	 	BRP Main Street
    Insurance Holdings, LLC 
	 	BRP Medicare
    Insurance Holdings, LLC 
	 	BRP Medicare
    Insurance, LLC 
	 	BRP Medicare
    Insurance II, LLC 
	 	BRP Medicare
    Insurance III, LLC 
	 	Connected Risk
    Solutions, LLC 
	 	Guided Insurance
    Solutions, LLC 
	 	BRP Financial
    Services Holdings, LLC 
	 	BKS Financial
    Investments, LLC 
	 	BRP Securities,
    LLC 
	 	League City
    Office Building, LLC 
	 	Millennial Specialty
    Insurance, LLC 
	 	BRP Pendulum,
    LLC 
	 	BKS Venture
    Investments, LLC 
	 	Armfield, Harrison
    & Thomas, LLC 
	 	BRP Middle Market
    Insurance Holdings, LLC 
	 	Insgroup, LLC
    
	 	Insgroup Dallas,
    LLC 
	 	360 RX Solutions,
    LLC 
	 	Burnham Benefits
    Insurance Services, LLC 
	 	Burnham Gibson
    Wealth Advisors, LLC 
	 	Burnham Risk
    and Insurance Solutions, LLC 
	 	BRP Effective
    Coverage, LLC,
	 	CONNECTED CAPTIVE
    SOLUTIONS, LLC 
	 	THE CAPITAL
    GROUP INVESTMENT ADVISORY SERVICES, LLC
	 	as Guarantors
	 	 
	 	 
	 	By:	/s/ Brad Hale
	 	 	Name:	Brad Hale
	 	 	Title:	Chief Financial Officer

 

[BRP – Signature Page to Amendment No. 4]

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent and Collateral Agent
	 	 
	 	 
	 	By:	/s/ Edyn Hengst
	 	 	Name:	Edyn Hengst
	 	 	Title:	Authorized Officer

 

 

 

	 	JPMORGAN CHASE BANK, N.A., as Additional Incremental Term B-1 Lender
	 	 
	 	 
	 	By:	/s/ Edyn Hengst
	 	 	Name:	Edyn Hengst
	 	 	Title:	Authorized Officer

 

[BRP – Signature Page
to Amendment No. 4] 

     

     

    

Schedule I

 

	Additional
    Incremental Term B-1 Lender	Additional
    Incremental Term B-1 Loan Commitment
	JPMorgan
    Chase Bank, N.A.	$350,000,000
	TOTAL	$350,000,000

 

I-1 

     

     

    

 

ANNEX A

 

CREDIT AGREEMENT

 

among

 

BALDWIN RISK PARTNERS,
LLC,

 

as Borrower,

 

the Guarantors from
time to time party hereto,

 

the several Lenders
from time to time party hereto,

 

and

 

JPMORGAN CHASE BANK,
N.A.,

as Administrative Agent

 

 

 

Dated as of October
14, 2020

 

as amended by Amendment
No. 1, dated as of May 7, 2021,

 

as amended by Amendment
No. 2, dated as of June 2, 2021,

 

as
amended by Amendment No. 3, dated as of August 6, 2021,

 

as
amended by Amendment No. 4, dated as of December 16, 2021

 

 

 

 

JPMORGAN CHASE BANK,
N.A.,

WELLS FARGO SECURITIES,
LLC,

BOFA SECURITIES, INC.,

CAPITAL ONE, NATIONAL
ASSOCIATION

CADENCE BANK, N.A.

and

LAKE FOREST BANK
& TRUST COMPANY, N.A.,

 

as Joint Lead Arrangers
and Joint Bookrunners

 

 

WELLS FARGO SECURITIES,
LLC,

BOFA SECURITIES,
INC.,

and

CAPITAL ONE, NATIONAL
ASSOCIATION

 

as Co-Syndication
Agents

 

     

     

    

TABLE OF CONTENTS

 

Page

 

	SECTION 1. DEFINITIONS	1
	 	 
	1.1	Defined Terms	1
	1.2	Other Interpretive Provisions	9493
	1.3	Accounting	9594
	1.4	Limited Condition Transactions	9594
	1.5	Financial Ratio Calculations	9695
	1.6	Currency Equivalents Generally	9696
	1.7	Treatment of Subsidiaries Prior to Joinder	9796
	1.8	Interest Rates; Eurocurrency Notification	9797
	1.9	Divisions	9897
	 	 	 
	SECTION 2. AMOUNT AND TERMS OF COMMITMENTS	9898
	 	 
	2.1	Term Commitments	9898
	2.2	Procedure for Borrowing Term Loans	9998
	2.3	Repayment of Term Loans	9999
	2.4	Revolving Commitments	10099
	2.5	Procedure for Borrowing of Revolving Loans	10099
	2.6	Designated Acquisition Swingline Commitment	101100
	2.7	Procedure for Designated Acquisition Swingline Borrowing; Refunding of Designated Acquisition Swingline Loans	101100
	2.8	Commitment Fees, etc	103102
	2.9	Termination or Reduction of Revolving Commitments	103103
	2.10	Optional Prepayments	104103
	2.11	Mandatory Prepayments and Commitment Reductions	105104
	2.12	Conversion and Continuation Options	108107
	2.13	Limitations on Eurocurrency Tranches	109108
	2.14	Interest Rates and Payment Dates	109108
	2.15	Computation of Interest and Fees	110109
	2.16	Inability to Determine Interest Rate; Illegality	110109
	2.17	Pro Rata Treatment and Payments	113112
	2.18	Requirements of Law	114113
	2.19	Taxes	115114
	2.20	[Reserved]	119118
	2.21	Indemnity	119118
	2.22	Change of Lending Office	119118
	2.23	Replacement of Lenders	120119
	2.24	Notes	120119
	2.25	Incremental Credit Extensions	121120
	2.26	Refinancing Amendments	125124
	2.27	Defaulting Lenders	127126
	2.28	Loan Modification Offers	129128
	 	 	 
	SECTION 3. LETTERS OF CREDIT	131130
	 	 
	3.1	L/C Commitment	131130
	3.2	Procedure for Issuance of Letter of Credit	132131
	3.3	Fees and Other Charges	133132
	 	 	 

     

     

    

 

	3.4	L/C Participations	134133
	3.5	Reimbursement Obligation of the Borrower	135133
	3.6	Obligations Absolute	135134
	3.7	Letter of Credit Payments	136135
	3.8	Applications	136135
	3.9	Letter of Credit Amounts	136135
	 	 	 
	SECTION 4. REPRESENTATIONS AND WARRANTIES	137135
	 	 
	4.1	Financial Condition	137136
	4.2	No Change	137136
	4.3	Existence; Compliance with Law	137136
	4.4	Power; Authorization; Enforceable Obligations	137136
	4.5	No Legal Bar	138137
	4.6	Litigation	138137
	4.7	Ownership of Property; Liens	138137
	4.8	Intellectual Property	138137
	4.9	Taxes	139137
	4.10	Federal Regulations	139138
	4.11	Employee Benefit Plans	139138
	4.12	Affected Financial Institution. No Loan Party is an Affected Financial Institution	139138
	4.13	Investment Company Act	139138
	4.14	Environmental Matters	140138
	4.15	Accuracy of Information, etc	140139
	4.16	Security Documents	141139
	4.17	Solvency	141140
	4.18	Patriot Act; FCPA; OFAC; Sanctions Laws	141140
	4.19	Status as Senior Indebtedness	142140
	 	 	 
	SECTION 5. CONDITIONS PRECEDENT	142141
	 	 
	5.1	Conditions to Closing Date	142141
	5.2	Conditions to Each Borrowing Date	144143
	 	 	 
	SECTION 6. AFFIRMATIVE COVENANTS	145143
	 	 
	6.1	Financial Statements	145144
	6.2	Certificates; Other Information	146145
	6.3	Payment of Taxes	148146
	6.4	Maintenance of Existence; Compliance with Law	148147
	6.5	Maintenance of Property; Insurance	148147
	6.6	Inspection of Property; Books and Records; Discussions	149147
	6.7	Notices	149148
	6.8	Environmental Laws	150148
	6.9	Additional Collateral, etc	150149
	6.10	Credit Ratings	152150
	6.11	Further Assurances	152151
	6.12	Designation of Unrestricted Subsidiaries	152151
	6.13	Employee Benefit Plans	153152
	6.14	Use of Proceeds	153149
	 	 	 

-ii-

     

     

    

 

	6.15	Post-Closing Matters	153149
	6.16	FCPA; OFAC	153149
	6.17	Lender Calls	153149
	 	 	 
	SECTION 7. NEGATIVE COVENANTS	154149
	 	 
	7.1	Financial Covenants	154150
	7.2	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	154150
	7.3	Limitation on Restricted Payments; Restricted Debt Payments; Investments	161156
	7.4	Dividend and Other Payment Restrictions Affecting Subsidiaries	167162
	7.5	Asset Sales	170165
	7.6	Transactions with Affiliates	171166
	7.7	Liens	174169
	7.8	Fundamental Changes	174169
	7.9	Use of Proceeds	176171
	7.10	Changes in Fiscal Periods	176171
	7.11	Negative Pledge Clauses	176171
	7.12	Lines of Business	176171
	7.13	Amendments to Organizational Documents	177171
	 	 	 
	SECTION 8. GUARANTEE	177172
	 	 
	8.1	The Guarantee	177172
	8.2	Obligations Unconditional	177172
	8.3	Reinstatement	179173
	8.4	No Subrogation	179173
	8.5	Remedies	179174
	8.6	[Reserved]	179174
	8.7	Continuing Guarantee	179174
	8.8	General Limitation on Guarantor Obligations	179174
	8.9	Release of Guarantors	180174
	8.10	Right of Contribution	180175
	8.11	Keepwell	180175
	 	 	 
	SECTION 9. EVENTS OF DEFAULT	181175
	 	 
	9.1	Events of Default	181175
	9.2	Action in Event of Default	183178
	9.3	Right to Cure	185179
	9.4	Application of Proceeds	186180
	 	 	 
	SECTION 10. ADMINISTRATIVE AGENT	187181
	 	 
	10.1	Appointment and Authority	187181
	10.2	Rights as a Lender	188182
	10.3	Exculpatory Provisions	188182
	10.4	Reliance by Administrative Agent	189183
	10.5	Delegation of Duties	190184
	10.6	Resignation and Removal of Administrative Agent	190184
	10.7	Certain ERISA Matters	191185
	 	 	 

-iii-

     

     

    

 

	10.8	No Other Duties, Etc.	192190
	10.9	Administrative Agent May File Proofs of Claim.	192190
	10.10	Collateral and Guaranty Matters	193191
	10.11	Intercreditor Agreements	195193
	10.12	Withholding Tax Indemnity	195194
	10.13	Indemnification	196194
	10.14	Appointment of Incremental Arrangers, Refinancing Arrangers and Loan Modification Agents	196194
	10.15	Credit Bidding	197195
	10.16	Acknowledgment of Lenders	198196
	 	 	 
	SECTION 11. MISCELLANEOUS	199197
	 	 
	11.1	Amendments and Waivers	199197
	11.2	Notices	203202
	11.3	No Waiver; Cumulative Remedies	206204
	11.4	Survival of Representations and Warranties	206204
	11.5	Payment of Expenses; Indemnity; Limitation of Liability	206204
	11.6	Successors and Assigns; Participations and Assignments	208206
	11.7	[Reserved]	215214
	11.8	Adjustments; Set-off	215214
	11.9	[Reserved]	216214
	11.10	Counterparts; Electronic Execution	216214
	11.11	Severability	217215
	11.12	Integration	217215
	11.13	Governing Law	217216
	11.14	Submission To Jurisdiction; Waivers	218216
	11.15	Acknowledgements	218216
	11.16	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	218217
	11.17	Confidentiality	219217
	11.18	Waivers Of Jury Trial	220218
	11.19	USA Patriot Act Notification; Beneficial Ownership	220218
	11.20	Maximum Amount	221219
	11.21	Lender Action	221219
	11.22	No Fiduciary Duty	221219
	11.23	Acknowledgments Regarding any Supported QFCs	222220
	 	 	 

-iv-

     

     

    

SCHEDULES:

 

	1.1A-1	Commitments
	1.1A-2	L/C Sublimit
	1.1B	[Reserved]
	1.1C	Permitted Investments
	1.1D	Permitted Liens
	1.1G	Existing Swap Agreements
	5.1(f)	Local Counsel Opinions
	6.15	Post-Closing Undertakings
	7.2	Permitted Indebtedness
	11.2	Notice Addresses for Administrative Agent and Issuing Lenders

 

EXHIBITS: 

 

	A	Form of Security Agreement
	B	Form of Assignment and Assumption
	C	Form of Compliance Certificate
	D	Form of Terms of Intercreditor (pari passu)
	E	Form of Prepayment Notice
	F-1	Form of Revolving Loan Note
	F-2	Form of Term Loan Note
	F-3	Form of Designated Acquisition Swingline Note
	G	Form of Guarantor Joinder Agreement
	H	Form of Borrowing and Conversion/Continuation Request
	I	Form of Solvency Certificate
	J	Form of Global Intercompany Note
	K-1	Form of U.S. Tax Compliance Certificate (Non-U.S. Lenders That Are Not Partnerships)
	K-2	Form of U.S. Tax Compliance Certificate
    (Non-U.S. Participants That Are Not Partnerships)
	K-3	Form of U.S. Tax Compliance Certificate (Non-U.S.
    Participants That Are Partnerships)
	K-4	Form of U.S. Tax Compliance Certificate (Non-U.S.
    Lenders That Are Partnerships)

 

-v- 

     

     

    

CREDIT
AGREEMENT (this “Agreement”), dated as of October 14, 2020, among Baldwin Risk Partners, LLC, a Delaware limited liability
company (the “Borrower”), the Guarantors from time to time party hereto (including through delivery of a Guarantor
Joinder Agreement in accordance with the terms of this Agreement), the several banks, financial institutions, institutional investors
and other entities from time to time party hereto as lenders (the “Lenders”), the Issuing Lenders from time to time
party hereto and JPMorgan Chase Bank, N.A. (“JPMCB”), as Administrative Agent.

 

W I T N E S S
E T H:

 

WHEREAS,
to finance a portion of the Existing Debt Release/Repayment and for other purposes described herein, the Lenders agreed to extend certain
credit facilities consisting of (i) Term Loans made available to the Borrower in an aggregate principal amount of $400,000,000 and (ii)
Revolving Commitments (which Revolving Commitments include the subfacilities as set forth herein with respect to L/C Commitments) made
available to the Borrower in an aggregate principal amount of $400,000,000;

 

WHEREAS,
the Borrower agreed to secure all of the Obligations by granting to the Administrative Agent, for the benefit of the Secured Parties,
a lien on substantially all of its assets (subject to certain limitations set forth in the Loan Documents); and

 

WHEREAS,
each Guarantor has agreed to guarantee the Obligations of the Borrower and to secure the Obligations by granting to the Administrative
Agent, for the benefit of the Secured Parties, a lien on substantially all of its assets (subject, in each case, to certain limitations
set forth in the Loan Documents).

 

NOW,
THEREFORE, the parties hereto hereby agree as follows:

 

SECTION
1.

DEFINITIONS

 

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

 

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

 

“Acceptable
Price”: as defined in the definition of “Dutch Auction.”

 

“Accepting
Lenders”: as defined in Section 2.28(a).

 

“Acquired
Indebtedness”: with respect to any specified Person:

 

(a)       Indebtedness
of any other Person existing at the time such other Person is merged, amalgamated or consolidated with or into or became a Restricted
Subsidiary of such specified Person whether or not such Indebtedness is Incurred in connection with, or in contemplation of, such other
Person merging, amalgamating or consolidating with or into, or becoming a Restricted Subsidiary of such specified Person; and

 

(b)       Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person;

 

     

     

    

provided
that any Indebtedness of such Person that is extinguished, redeemed, defeased, retired or otherwise repaid at the time of or immediately
upon consummation of the transaction pursuant to which such other Person becomes a Subsidiary of the specified Person will not be Acquired
Indebtedness.

 

“Additional
ECF Reduction Amounts”: for any Excess Cash Flow Period, the sum, without duplication, of:

 

(a)       without
duplication of amounts included in the Additional ECF Reduction Amount in prior fiscal years, the aggregate amount actually paid by the
Borrower and the Restricted Subsidiaries in cash during such Excess Cash Flow Period on account of Capital Expenditures (excluding (x)
the principal amount of Indebtedness Incurred in connection with such expenditures (other than Indebtedness under any revolving facility)
and (y) Capital Expenditures made in such Excess Cash Flow Period where a certificate in the form contemplated by the following clause
(b) below was previously delivered); and

 

(b)       without
duplication of amounts included in the Additional ECF Reduction Amount in prior fiscal years, the aggregate amount of Capital Expenditures,
Permitted Acquisitions and other Permitted Investments (other than with respect to Investments made pursuant to clause (1) or
(2) of the definition thereof) permitted hereunder that any Group Member shall, during such Excess Cash Flow Period (or following
such period and prior to the applicable Excess Cash Flow Application Date), become committed to be made (including pursuant to any letter
of intent); provided that the Borrower shall deliver an Officer’s Certificate to the Administrative Agent not later than
such Excess Cash Flow Application Date, certifying that such Capital Expenditure, Permitted Acquisition or other Investment permitted
hereunder, as applicable, will be made (or is reasonably expected to be made) in the following Excess Cash Flow Period; provided, further,
however, that if such Capital Expenditure, Permitted Acquisition or other Investment permitted hereunder, as applicable, are not actually
made in cash after the end of such Excess Cash Flow Period, such amount shall be added back to Excess Cash Flow for the subsequent Excess
Cash Flow Period.

 

“Additional
Lender”: at any time, any bank or other financial institution that agrees to provide any portion of any (a) Revolving Commitment
Increase, Additional/Replacement Revolving Commitments or Incremental Term Loans pursuant to an Incremental Amendment in accordance with
Section 2.25 or (b) Permitted Credit Agreement Refinancing Debt pursuant to a Refinancing Amendment in accordance with Section
2.26; provided that (i) the Administrative Agent, each Issuing Lender and the Designated Acquisition Swingline Lender shall
have consented (not to be unreasonably withheld, conditioned or delayed) to such Additional Lender if such consent would be required
under Section 11.6(b) for an assignment of Loans or Revolving Commitments, as applicable, to such Additional Lender, (ii) the
Borrower shall have consented to such Additional Lender, (iii) if such Additional Lender is an Affiliated Lender, such Additional Lender
must comply with the limitations and restrictions set forth in Section 11.6(b)(iv) and (iv) such Additional Lender will become
a party to this Agreement.

 

“Additional
Incremental Term B-1 Lender” means a Person with an Additional Incremental Term B-1 Loan Commitment to make Additional Incremental
Term B-1 Loans to the Borrower on the Amendment No. 4 Effective Date. For the avoidance of doubt, each Additional Incremental Term B-1
Lender is an Additional Lender.

 

“Additional
Incremental Term B-1 Loan Commitment” means, with respect to an Additional Incremental Term B-1 Lender, the commitment of such
Additional Incremental Term B-1 Lender to make an Additional Incremental Term B-1 Loan on the Amendment No. 4 Effective Date, in the
amount set forth on Schedule I to Amendment No. 4. The aggregate amount of the Additional Incremental Term B-1 Loan Commitments of all
Additional Incremental Term B-1 Lenders on the Amendment No. 4 Effective 

 

    2 

     

    

Date
equals $350,000,000. For the avoidance of doubt, each Additional Incremental Term B-1 Loan Commitment is an Incremental Term Commitment.

 

“Additional
Incremental Term B-1 Loans” means a Term Loan that is made pursuant to Section 3 of Amendment No. 4. For the avoidance of doubt,
each Additional Incremental Term B-1 Loan is an Incremental Term Loan.

 

“Additional/Replacement
Revolving Commitments”: as defined in Section 2.25(a).

 

“Additional
Term B-1 Lender” shall mean a Person with an Additional Term B-1 Loan Commitment on the Amendment No. 2 Effective Date.

 

“Additional
Term B-1 Loan” shall mean a Term Loan in Dollars that is made pursuant to Section 2.1(b)(ii) on the Amendment No. 2
Effective Date.

 

“Additional
Term B-1 Loan Commitment” shall mean, with respect to an Additional Term B-1 Lender, the commitment of such Additional Term
B-1 Lender to make Additional Term B-1 Loans on the Amendment No. 2 Effective Date, in an amount set forth on the Amendment No. 2 Allocation
Schedule.

 

“Adjusted
LIBO Rate” means the Eurocurrency Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities.

 

“Administrative
Agent”: JPMorgan Chase Bank, N.A., as the administrative agent for the Lenders this Agreement and the other Loan Documents,
together with any of its successors in such capacity.

 

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

 

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

 

“Affiliate
Transaction” as defined in Section 7.6(a).

 

“Affiliated
Lender”: any Debt Fund Affiliate or Non-Debt Fund Affiliate.

 

“Aggregate
Exposure”: with respect to any Lender at any time, an amount equal to (a) until the Closing Date, the aggregate Dollar Equivalent
of the amount of such Lender’s Commitments at such time and (b) thereafter, the sum of (i) the aggregate Dollar Equivalent of the
then unpaid principal amount of such Lender’s Term Loans and (ii) the amount of such Lender’s Revolving Commitment then in
effect or, if the Revolving Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding.

 

“Aggregate
Exposure Percentage”: with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s
Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time.

 

    3 

     

    

“Agreement”:
as defined in the preamble hereto.

 

“All-In
Yield” means, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, original issue discount,
upfront fees, interest rate floors, or otherwise, in each case, incurred or payable by the borrower generally to all the lenders of such
Indebtedness; provided that upfront fees and original issue discount shall be equated to interest rate based upon an assumed four year
average life to maturity on a straight-line basis (e.g. 100 basis points of original issue discount equals 25 basis points of interest
rate margin for a four year average life to maturity); provided, further, that “All-In Yield” shall exclude any structuring,
commitment, underwriting, ticking and arranger fees, other similar fees and, if applicable, consent fees for an amendment (in each case
regardless of whether any such fees are paid to or shared in whole or in part with any lender) or other fees not paid generally to all
lenders ratably in the primary syndication of such Indebtedness.

 

“ALTA”:
the American Land Title Association.

 

“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if
such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that for the purpose of this definition, the
Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month
Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due
to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such
change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate
rate of interest pursuant to Section 2.16 (for the avoidance of doubt, only until the Benchmark Replacement has
been determined pursuant to Section 2.16(c)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and
shall be determined without reference to clause (c) above. For the avoidance of doubt, (x) with respect to any Revolving Loan, if the
Alternate Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes
of this Agreement and (y) with respect to any Term Loan, if the Alternate Base Rate as determined pursuant to the foregoing would be
less than 1.50%, such rate shall be deemed to be 1.50% for purposes of this Agreement.

 

“Alternative
Currency”: each of Euro, British Pounds Sterling and Canadian Dollars.

 

“Alternative
Currency Letter of Credit” means a Letter of Credit denominated in an Alternative Currency.

 

“Amendment
No. 1” shall mean Amendment No. 1 to this Agreement, dated as of May 7, 2021.

 

“Amendment
No. 2” shall mean Amendment No. 2 to this Agreement, dated as of June 2, 2021.

 

“Amendment
No. 2 Allocation Schedule” shall have the meaning provided in Amendment No. 2.

 

“Amendment
No. 2 Arrangers” shall have the meaning provided in Amendment No. 2.

 

“Amendment
No. 2 Effective Date” shall mean June 2, 2021, the first Business Day on which all conditions precedent set forth in Section
3 of Amendment No. 2 are satisfied.

 

“Amendment
No. 3” shall mean Amendment No. 3 to this Agreement, dated as of August 6, 2021.

 

    4 

     

    

“Amendment
No. 3 Effective Date” means the date on which the conditions precedent set forth in Section 5 of the Amendment No. 3 were satisfied
or waived in accordance therewith.

 

“Amendment
No. 4” shall mean Amendment No. 4 to this Agreement, dated as of December 16, 2021.

 

“Amendment
No. 4 Arrangers” shall have the meaning provided in Amendment No. 4.

 

“Amendment
No. 4 Effective Date” shall mean December 16, 2021, the first Business Day on which all conditions precedent set forth in Section
4 of Amendment No. 4 are satisfied. 

 

“Ancillary
Document”: as defined in Section 11.10.

 

“Anti-Corruption
Laws”: Laws relating to anti-bribery or anti-corruption, including Laws that prohibit the corrupt payment, offer, promise,
receipt, request or authorization of the payment or transfer of anything of value (including gifts or entertainment), directly or indirectly,
including the U.S. Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act of 2010, and any other Law that relates to anti-bribery
or anti-corruption.

 

“Applicable
Discount”: as defined in the definition of “Dutch Auction.”

 

“Applicable
Margin”: with respect to:

 

(a)       any
Revolving Loan, (i) initially, 2.00% per annum in the case of Eurocurrency Loans and 1.00% per annum in the case of ABR Loans and (ii)
from and after the first Business Day immediately following the delivery to the Administrative Agent of a Compliance Certificate (pursuant
to Section 6.2(c)), commencing with the first full fiscal quarter of the Borrower ending after the Closing Date, wherein the Total
Net Leverage Ratio, determined on a Pro Forma Basis as of the last day of the most recently ended Test Period, is (A) greater than 3.75
to 1.00, 3.00% per annum in the case of Eurocurrency Loans and 2.00% per annum in the case of ABR Loans, (B) less than or equal to 3.75
to 1.00 but greater than 3.00 to 1.00, 2.50% per annum in the case of Eurocurrency Loans and 1.50% per annum in the case of ABR Loans,
(C) less than or equal to 3.00 to 1.00 but greater than 2.50 to 1.00, 2.25% per annum in the case of Eurocurrency Loans and 1.25% per
annum in the case of ABR Loans and (D) less than or equal to 2.50 to 1.00, 2.00% per annum in the case of Eurocurrency Loans and 1.00%
per annum in the case of ABR Loans;

 

(b)       (i)
any Initial Term Loan, 4.00% per annum in the case of Eurocurrency Loans and 3.00% per annum in the case of ABR Loans and (ii) any Term
B-1 Loans, 3.50% per annum in the case of Eurocurrency Loans and 2.50% per annum in the case of ABR Loans;

 

(c)       any
Incremental Term Loan, the Applicable Margin shall be as set forth in the Incremental Amendment relating to the Incremental Term Commitment
in respect of such Incremental Term Loan;

 

(d)       any
Other Term Loan or any Other Revolving Loan, the Applicable Margin shall be as set forth in the Refinancing Amendment relating to such
Loan; and

 

(e)       any
Extended Term Loan or any Extended Revolving Loan, the Applicable Margin shall be as set forth in the Loan Modification Agreement relating
to such Loan.

 

    5 

     

    

Any
increase or decrease in the Applicable Margin resulting from a change in the Total Net Leverage Ratio shall become effective as of the
first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.2(c); provided
that the pricing level as set forth above in clause (a)(ii)(A) shall apply as of the first Business Day after the date on
which a Compliance Certificate was required to have been delivered but was not delivered, and shall continue to so apply to and including
the date on which such Compliance Certificate is so delivered (and thereafter the pricing level otherwise determined in accordance with
this definition shall apply).

 

In
the event that any financial statements delivered pursuant to Section 6.1 or a Compliance Certificate delivered pursuant to Section
6.2(c) are shown to be inaccurate at any time that this Agreement is in effect and any Loans or Commitments are outstanding hereunder
when such inaccuracy is discovered and such inaccuracy, if corrected, would have led to a higher Applicable Margin for any period (an
“Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall promptly
(and in no event later than five (5) Business Days thereafter) deliver to the Administrative Agent a correct Compliance Certificate for
such Applicable Period, (ii) from and after the date such corrected Compliance Certificate is delivered, the Applicable Margin shall
be determined by reference to the corrected Compliance Certificate (but in no event shall the Lenders owe any amounts to the Borrower)
and (iii) the Borrower shall pay to the Administrative Agent promptly (and in no event later than ten Business Days after knowledge by
the chief financial officer or treasurer of the Borrower that such payment is due) any additional interest owing as a result of such
increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance
with the terms hereof. This paragraph will not limit the rights of the Administrative Agent or the Lenders hereunder. Notwithstanding
anything to the contrary in this Agreement, any additional interest hereunder shall not be due and payable until such payment is due
pursuant to clause (iii) above and accordingly, any nonpayment of such interest as a result of any such inaccuracy shall not constitute
a Default (whether retroactively or otherwise), and no such amounts shall be deemed overdue (and no amounts shall accrue interest at
the default rate set forth in Section 2.14(c)), at any time prior to the date that is ten Business Days following such knowledge by the
chief financial officer or treasurer of the Borrower.

 

“Applicable
Period” as defined in the definition of “Applicable Margin.”

 

“Applicable
Requirements”: in respect of any Indebtedness, Indebtedness that satisfies the following requirements:

 

(a)       subject
to the Permitted Earlier Maturity Indebtedness Exception, such Indebtedness (x) except in connection with a Qualifying Bridge Facility,
does not mature prior to the then Latest Maturity Date applicable to outstanding Term Loans, does not have any greater scheduled amortization
than that which is applicable to the Term Loans and is not subject to mandatory redemption or prepayment (except, in each case, (i) customary
asset sale or change of control provisions or (ii) other mandatory redemptions that are also made or offered, on a pro rata basis,
to holders of outstanding Term Loans that are First Lien Obligations) and (y) except in connection with a customary high-yield bridge
facility, so long as the long-term debt into which any such customary bridge facility is to be converted or exchanged satisfies this
clause (a) and any such conversion or exchange is subject only to customary conditions for similar conversions or exchanges (a “Qualifying
Bridge Facility”), does not have a Weighted Average Life to Maturity shorter than the Weighted Average Life to Maturity of
any then outstanding Term Loans (without giving effect to any prepayments that would otherwise modify the Weighted Average Life to Maturity
of the Term Loans);

 

(b)       if
such Indebtedness is secured by the Collateral, a Senior Representative acting on behalf of the holders of such Indebtedness has become,
or is, party to an Intercreditor Agreement,

 

    6 

     

    

which results in such Senior Representative
having rights to share in the Collateral on a pari passu or junior basis, as applicable;

 

(c)       to
the extent such Indebtedness is secured, it is not secured by any property or assets of any Loan Party or any other Restricted Subsidiary
(other than the Collateral except for exclusions with respect to cash collateral customary for pre-funded (and similar) letter of credit
facilities, as applicable and Escrowed Proceeds) (it being agreed that such Indebtedness shall not be required to be secured by all of
the Collateral); provided that Indebtedness that may be Incurred by Non-Guarantor Subsidiaries pursuant to Section 7.2
may be secured by assets of Non-Guarantor Subsidiaries;

 

(d)       if
such Indebtedness is Incurred by (i) any Non-Guarantor Subsidiary, such Indebtedness shall not be guaranteed by any Loan Party or (ii)
the Borrower or any Guarantor, such Indebtedness shall not be guaranteed by any Person other than the Borrower or Guarantors; and

 

(e)       the
other terms and conditions of such Indebtedness (excluding pricing, fees, rate floors, discounts, premiums, optional prepayment or optional
redemption provisions and financial covenants), if more restrictive on the Group Members, taken as a whole, than the terms of the Initial
Term Loans or the Revolving Commitments in existence as of the Closing Date, as applicable, are reasonably satisfactory to the Administrative
Agent, it being understood and agreed that the determination as to whether such terms and conditions are more restrictive on the Group
Members, taken as a whole, than the terms of the Initial Term Loans or the Revolving Commitments in existence as of the Closing Date,
as applicable, shall exclude any terms and conditions which are (1) only applicable after the Latest Maturity Date and/or (2) incorporated
into this Agreement (or any other applicable Loan Document) pursuant to an amendment executed by the Administrative Agent and the Borrower
for the benefit of all existing Lenders (to the extent applicable), it being understood and agreed that such amendment shall require
no additional consent;

 

provided
that if an Officer’s Certificate signed on behalf of the Borrower delivered to the Administrative Agent for posting to the
Lenders at least five (5) Business Days (or a shorter period acceptable to the Administrative Agent) prior to the Incurrence of such
Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of
the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the
requirements of this definition, and the Required Lenders shall not have notified the Borrower and the Administrative Agent that they
disagree with such determination within such five (5) Business Day period (including a statement of the basis upon which each such Lender
disagrees), then such certificate shall be conclusive evidence that such terms and conditions satisfy the requirements of this definition.

 

“Applicable
Tax Laws” shall mean the Code and any other applicable Requirement of Law relating to Taxes, as in effect from time to time.

 

“Application”:
an application, in such form as the applicable Issuing Lender may specify from time to time, requesting such Issuing Lender to issue
a Letter of Credit.

 

“Approved
Commercial Bank”: a commercial bank with a consolidated combined capital and surplus of at least $5,000,000,000.

 

“Approved
Electronic Communications”: as defined in Section 11.2.

 

“Approved
Fund”: as defined in Section 11.6.

 

    7 

     

    

“Asset
Sale”:

 

(1)       the
sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions) of property or
assets (including by way of a Sale Leaseback Transaction) of the Borrower or any Restricted Subsidiary (each referred to in this definition
as a “disposition”); or

 

(2)       the
issuance or sale of Equity Interests of any Restricted Subsidiary (other than, in each case, (x) directors’ qualifying shares or
shares or interests required to be held by non-U.S. nationals or other third parties to the extent required by applicable law or (y)
Preferred Stock or Disqualified Stock of a Restricted Subsidiary issued in compliance with Section 7.2), other than by any Restricted
Subsidiary to the Borrower or another Restricted Subsidiary (whether in a single transaction or a series of related transactions), in
each case other than:

 

(a)       a
sale, exchange, transfer or other disposition of Cash Equivalents or Investment Grade Securities or uneconomical, obsolete, damaged,
unnecessary, surplus, unsuitable or worn out equipment or any sale or disposition of property or assets in connection with scheduled
turnarounds, maintenance and equipment and facility updates or any disposition of inventory or goods (or other assets) held for sale
or no longer used in the ordinary course of business;

 

(b)       the
sale, conveyance, transfer or other disposition of all or substantially all of the assets of the Borrower and its Restricted Subsidiaries
(on a consolidated basis) in a manner pursuant to Section 7.8;

 

(c)       any
Permitted Investment or Restricted Payment that is permitted to be made, and is made, under Section 7.3;

 

(d)       any
disposition of assets of the Borrower or any Restricted Subsidiary, or the issuance or sale of Equity Interests of any Restricted Subsidiary,
with an aggregate Fair Market Value of less than the greater of $11,250,000 and 15.0% of Consolidated EBITDA determined on a Pro Forma
Basis as of the most recently ended Test Period;

 

(e)       (i)
any transfer or disposition of property or assets by a Restricted Subsidiary to the Borrower or (ii) by the Borrower or a Restricted
Subsidiary to a Restricted Subsidiary;

 

(f)       sales
of assets received by the Borrower or any Restricted Subsidiary upon the foreclosure on a Lien;

 

(g)       any
issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary or any joint venture that
is not a Subsidiary of the Borrower;

 

(h)       the
unwinding of any Hedging Obligations;

 

(i)       the
sale, lease, assignment, license or sublease of inventory, equipment, accounts receivable, notes receivable or other current assets held
for sale, lease, assignment, license or sublease in the ordinary course of business or the conversion of accounts receivable into a notes
receivable;

 

(j)       the
lease, assignment or sublease of any real or personal property in the ordinary course of business and dispositions to landlords of improvements
made to leased real property pursuant to customary terms of leases;

 

    8 

     

    

(k)       a
sale of accounts receivable and related assets of the type specified in the definition of “Receivables Financing” to a Receivables
Subsidiary in a Qualified Receivables Financing or in factoring or similar transactions;

 

(l)       a
transfer of accounts receivable and related assets of the type specified in the definition of “Receivables Financing” (or
a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified Receivables Financing;

 

(m)       any
financing transaction with respect to property owned, built or acquired by the Borrower or any Restricted Subsidiary, including Sale
Leaseback Transactions permitted under this Agreement;

 

(n)       any
exchange of assets for assets (including a combination of assets and Cash Equivalents) related to a Similar Business of comparable or
greater market value or usefulness to the business of the Borrower and the Restricted Subsidiaries, as a whole, as determined in good
faith by the Borrower;

 

(o)       the
grant of any license or sub-license of patents, trademarks, know-how and any other intellectual property in the ordinary course of business
or which do not materially interfere with the ordinary conduct of the business of the Borrower or any Restricted Subsidiary;

 

(p)       any
sale or other disposition deemed to occur with creating, granting or perfecting a Lien not otherwise prohibited by this Agreement or
the Loan Documents;

 

(q)       the
surrender or waiver of contract rights or settlement, release or surrender of a contract, tort or other litigation claim in the ordinary
course of business;

 

(r)       foreclosures,
condemnations or any similar action on assets;

 

(s)       sales
of any non-core assets to obtain the approval of an anti-trust authority to a Permitted Acquisition or other permitted Investment;

 

(t)       sales,
transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell
arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

 

(u)       transfers
of property pursuant to a Recovery Event; and

 

(v)       the
lapse, abandonment or other disposition of intellectual property rights in the ordinary course of business, which in the reasonable good
faith determination of the Borrower are no longer commercially reasonable to maintain or are not material to the conduct of the business
of the Borrower and the Restricted Subsidiaries taken as a whole.

 

For
purposes of determining compliance with Section 7.5, in the event that any disposition (or any portion thereof) meets the criteria
of more than one of the above categories or of the categories under Section 7.5 (including in part of one category and in part
of another category), the Borrower shall, in its sole discretion, at the time of making such disposition, divide and/or classify such
disposition (or any portion thereof) in one or more of the above categories or in any category under Section 7.5 (including in
part in one category and in part in another category).

 

“Assignee”:
as defined in Section 11.6(b)(i).

 

    9 

     

    

“Assignment
and Assumption”: an Assignment and Assumption, substantially in the form of Exhibit B, or such other form acceptable
to the Administrative Agent.

 

“Auction
Purchase”: a purchase of Loans or Commitments pursuant to a Dutch Auction (x) in the case of a Permitted Auction Purchaser,
in accordance with the provisions of Section 11.6(b)(iii) or (y) in the case of an Affiliated Lender, in accordance with the provisions
of Section 11.6(b)(iv).

 

“Available
Amount”: means, at any time, the sum of:

 

		(A)	if
                                            positive, 50% of the Consolidated Net Income of the Borrower for the period (taken as one
                                            accounting period) from October 1, 2020 to the end of the most recently ended Test Period,
                                            plus

 

		(B)	100%
                                            of the aggregate net proceeds, including cash and the Fair Market Value of assets other than
                                            cash, received by the Borrower after the Closing Date from (1) the issue or sale of Equity
                                            Interests of the Borrower or (2) the issue or sale of Equity Interests of any direct or indirect
                                            parent of the Borrower (in the case of both (1) and (2) other than (without duplication)
                                            any Cure Amount, Refunding Capital Stock, Designated Preferred Stock, Cash Contribution Amount,
                                            Excluded Contributions and Disqualified Stock), including Equity Interests issued upon conversion
                                            of Indebtedness or upon exercise of warrants or options (other than an issuance or sale to
                                            a Restricted Subsidiary or an employee stock ownership plan or trust established by the Borrower
                                            or any of its Subsidiaries), plus

 

		(C)	100%
                                            of the aggregate amount of contributions to the common or preferred (if preferred, on terms
                                            substantially the same (or better for the Borrower) as the Existing Preferred Equity; provided
                                            that in no event shall preferred contributions have a final scheduled maturity date or
                                            any required payment prior the Latest Maturity Date) capital of the Borrower received in
                                            cash and the Fair Market Value of property other than cash after the Closing Date (other
                                            than (without duplication) any Cure Amount, Excluded Contributions, Refunding Capital Stock,
                                            Designated Preferred Stock and Disqualified Stock and the Cash Contribution Amount), plus

 

		(D)	the
                                            principal amount of any Indebtedness, or the liquidation preference or maximum fixed repurchase
                                            price, as the case may be, of any Disqualified Stock, of the Borrower or any Restricted Subsidiary
                                            thereof issued after the Closing Date (other than any Indebtedness or Disqualified Stock
                                            issued to the Borrower or any Restricted Subsidiary) that has been converted into or exchanged
                                            for Equity Interests in the Borrower or any direct or indirect parent of the Borrower (other
                                            than Disqualified Stock), plus

 

		(E)	100%
                                            of the aggregate amount received by the Borrower or any Restricted Subsidiary in cash and
                                            the Fair Market Value of property other than cash received by the Borrower or any Restricted
                                            Subsidiary from:

 

		(I)	the
                                            sale or other disposition (other than to the Borrower or a Restricted Subsidiary) of Investments
                                            made by the Borrower and the Restricted Subsidiaries after the Closing Date the permissibility
                                            of which was contingent upon the utilization of the Available Amount and from repurchases
                                            and redemptions of such Investments from the Borrower and

 

    10 

     

    

the
Restricted Subsidiaries by any Person (other than the Borrower or any of its Subsidiaries) and from repayments of loans or advances which
constituted Investments (excluding Investments made pursuant to clause (26)(b) of the definition of “Permitted Investments”),

 

		(II)	the
                                            sale (other than to the Borrower or a Restricted Subsidiary) of the Capital Stock of an Unrestricted
                                            Subsidiary of the Borrower, or

 

		(III)	any
                                            distribution or dividend from any Unrestricted Subsidiary of the Borrower (to the extent
                                            such distributions or dividend is not already included in the calculation of Consolidated
                                            Net Income); plus

 

		(F)	in
                                            the event any Unrestricted Subsidiary of the Borrower has been redesignated as a Restricted
                                            Subsidiary or has been merged or consolidated with or into, or transfers or conveys its assets
                                            to, or is liquidated into, the Borrower or a Restricted Subsidiary, in each case after the
                                            Closing Date, the Fair Market Value of the Investment of the Borrower in such Unrestricted
                                            Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred
                                            or conveyed, as applicable), after deducting any Indebtedness associated with such Unrestricted
                                            Subsidiary so designated or combined or any Indebtedness associated with the assets so transferred
                                            or conveyed (other than in each case to the extent that the designation of such Subsidiary
                                            as an Unrestricted Subsidiary was made pursuant to clause (30) of the definition of
                                            “Permitted Investments”); plus

 

		(G)	an
                                            amount equal to any returns in Cash Equivalents (including dividends, interest, distributions,
                                            returns of principal, profits on sale, repayments, income and similar amounts) actually received
                                            by the Borrower or any Restricted Subsidiary in respect of Investments made pursuant to clause
                                            (3) of the definition of “Permitted Investments”; plus

 

		(H)	the
                                            greater of $15,000,000 and 20.0% of Consolidated EBITDA determined on a Pro Forma Basis as
                                            of the most recently ended Test Period.

 

minus, the sum of:

 

		(A)	the
                                            amount of Restricted Payments made after the Closing Date pursuant to Section 7.3(b)(iii);

 

		(B)	the
                                            amount of any Investments made after the Closing Date pursuant to clause (3) of the
                                            definition of “Permitted Investments”; and

 

		(C)	the
                                            amount of prepayments of Junior Indebtedness made after the Closing Date pursuant to Section
                                            7.3(d)(iii).

 

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

 

“Available
Tenor”: as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark
or payment period for interest calculated with

 

    11 

     

    

reference to such Benchmark, as applicable,
that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including,
for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant
to clause (f) of Section 2.16.

 

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

 

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

 

“Bankruptcy
Code”: Title 11 of the United States Code entitled “Bankruptcy”, as now and hereinafter in effect, or any successor
statute.

 

“Basel
III”: the Basel Committee on Banking Supervision’s (the “Committee”) revised rules relating to capital
requirements set out in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Guidance
for national authorities operating the countercyclical capital buffer” and “Basel III: International framework for liquidity
risk measurement, standards and monitoring” published by the Committee in December 2010, “Revisions to the Basel II market
risk framework” published by the Committee in February 2011, the rules for global systemically important banks contained in “Global
systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text” published
by the Committee in November 2011, as amended, supplemented or restated, and any further guidance or standards published by the Committee
in connection with these rules.

 

“Benchmark”:
initially, Adjusted LIBO Rate; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election,
as applicable, and its related Benchmark Replacement Date have occurred with respect to Adjusted LIBO Rate or the then-current Benchmark,
then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such
prior benchmark rate pursuant to clause (c) or clause (d) of Section 2.16.

 

“Benchmark
Replacement”: for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative
Agent for the applicable Benchmark Replacement Date:

 

(1)
the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(2)
the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3)
the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for
the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of
a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for

 

    12 

     

    

the then-current Benchmark for dollar-denominated
syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;

 

provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that
publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided further that,
notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Transition
Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall
revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause
(1) of this definition (subject to the first proviso above).

 

If
the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement
will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement
for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)
for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the
order below that can be determined by the Administrative Agent:

 

(a)
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or
zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended
by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the
applicable Corresponding Tenor;

 

(b)
the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first
set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be
effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

(2)
for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating
or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative
Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread
adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable
Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving
or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities;

 

provided
that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such
Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.

 

“Benchmark
Replacement Conforming Changes”: with respect to any Benchmark Replacement, any technical, administrative or operational changes
(including changes to the definition of “Alternate

 

    13 

     

    

Base Rate,” the definition of
“Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments
of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability
of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides in its reasonable
discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration
thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides
that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that
no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative
Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

 

“Benchmark
Replacement Date”: the earliest to occur of the following events with respect to the then-current Benchmark:

 

(1)
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public
statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published
component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such
component thereof);

 

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

 

(3)
in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the Lenders
and the Borrower pursuant to Section 2.16(d); or

 

(4)
in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day
after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election
from Lenders comprising the Required Lenders.

 

For
the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the
Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference
Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause
(1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all
then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

 

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

 

(1)
a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

    14 

     

    

(2)
a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator
for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component)
or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component),
which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
or

 

(3)
a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no
longer representative.

 

For
the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a
public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such
Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Unavailability Period”: the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses
(1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all
purposes hereunder and under any Loan Document in accordance with Section 2.16 and (y) ending at the time that a Benchmark Replacement
has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.16.

 

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

 

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

 

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

 

“Benefited
Lender”: as defined in Section 11.8(a).

 

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

 

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

 

“Board
of Directors”: as to any Person, the board of directors or managers, sole member, managing member or other governing body,
as applicable, of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner
of such Person) or any duly authorized committee thereof.

 

    15 

     

    

“Borrower”:
as defined in the preamble hereto.

 

“Borrowing”:
a Revolving Borrowing, a Designated Acquisition Swingline Borrowing or a Term Borrowing, as the context may require.

 

“Borrowing
Date”: any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans
hereunder or to treat BRP C Corp Acquisition Indebtedness assumed or guaranteed by the Borrower as a Designated Acquisition Swingline
Borrowing.

 

“Borrowing
Minimum”: $1,000,000.

 

“Borrowing
Multiple”: $100,000.

 

“Borrowing
Request”: a certificate duly executed by a Responsible Officer substantially in the form of Exhibit H; provided
that if the Borrower has submitted an Officer’s Certificate pursuant to the definition of BRP C Corp Acquisition Indebtedness,
then such Officer’s Certificate shall constitute a Borrowing Request for all purposes hereunder.

 

“British
Pounds Sterling” and “£” mean freely transferable lawful money of the United Kingdom (expressed in
pounds sterling).

 

“BRP
C Corp Acquisition”: an acquisition by BRP Group or one or more of its direct or indirect Subsidiaries (a “BRP DRE
Subsidiary”) of a group of target entities, one or more which are treated as a “C” corporation for US federal income
tax purposes (such group, a “C Corp Target Group”), which entity or entities may (but shall not be required to) take
such actions (by election, conversion, merger or otherwise) that are necessary or appropriate to cause such entity or entities (or successor(s))
to be treated as a partnership or disregarded entity for US federal income tax purposes, after which the C Corp Target Group is contributed
(or the BRP DRE Subsidiary is contributed) to the Borrower in exchange for additional equity of the Borrower and substantially concurrently
therewith the Borrower assumes or guarantees the associated BRP C Corp Acquisition Indebtedness.

 

“BRP
C Corp Acquisition Indebtedness”: Indebtedness of BRP Group or a BRP DRE Subsidiary that is assumed, or in the case of Indebtedness
of a BRP DRE Subsidiary guaranteed, by the Borrower in connection with a BRP C Corp Acquisition; provided that (A) the aggregate
principal amount of such BRP C Corp Acquisition Indebtedness shall not exceed the cash portion of closing date purchase price paid by
BRP Group or the BRP DRE Subsidiary, as applicable, for the C Corp Target Group plus transaction costs and expenses in connection therewith,
(B) the Borrower shall notify the Administrative Agent at least thirty days prior to the consummation of the BRP C Corp Acquisition pursuant
to an Officer’s Certificate delivered to the Administrative Agent, that (i) describes in reasonable detail the aggregate principal
amount of such BRP C Corp Acquisition Indebtedness and the other material terms thereof and (ii) irrevocably elects whether such BRP
C Corp Acquisition Indebtedness shall be assumed or guaranteed by the Borrower as either an Incremental Loan, Indebtedness permitted
by Section 7.2(b)(vi) or as a Designated Acquisition Swingline Loan (each, a “Specified Acquisition Basket”),
(C) the Borrower shall notify the Administrative Agent at least 10 days prior to the consummation of the BRP C Corp Acquisition of the
identity of the Designated Acquisition Swingline Lender or other lender of BRP C Corp Acquisition Indebtedness, (D) the
Borrower shall treat all such BRP C Corp Acquisition Indebtedness and all commitments for such BRP C Corp Acquisition Indebtedness (pursuant
to an Officer’s Certificate delivered to the Administrative Agent at least 3 Business Days prior to the consummation of
the BRP C Corp Acquisition) (such amount until revoked as described below, the “Elected
Amount”) which is to be assumed or guaranteed by the Borrower (or any commitment in respect thereof), as being incurred, as
the case may be, as of the Calculation Date (or, in the case of Designated 

 

    16 

     

    

Acquisition
Swingline Loans, as incurred as of the date of delivery of such notice and as of the Calculation Date) and (i) any subsequent incurrence
of such Indebtedness under such commitment (so long as the total amount under such Indebtedness does not exceed the Elected Amount) shall
not be deemed, for purposes of this calculation, to be an incurrence of additional Indebtedness at such subsequent time, (ii) the Borrower
may revoke an election of an Elected Amount, pursuant to an Officer’s Certificate delivered to the Administrative Agent; provided
that such BRP C Corp Acquisition Indebtedness shall either be repaid or commitments for such debt terminated and (iii) for purposes of
calculations of the Total First Lien Net Leverage Ratio, Total Net Leverage Ratio, Total Secured Net Leverage Ratio, Debt Service Coverage
Ratio, and Revolving Commitments and Designated Acquisition Swingline Commitment (in the case of Designated Acquisition Swingline Loans)
after the delivery of such notice with respect thereto, and until the incurrence (or earlier revocation) thereof, the Elected Amount
shall be deemed to have been incurred and the related BRP C Corp Acquisition consummated, (E) the
BRP C Corp Acquisition pursuant to which the BRP C Corp Acquisition Indebtedness was incurred would meet all of the requirements of a
Permitted Acquisition were it to be consummated by the Borrower instead of BRP Group or the BRP DRE Subsidiary, as applicable, (F) the
Borrower shall assume or guarantee such BRP C Corp Acquisition Indebtedness immediately following the consummation of such BRP C Corp
Acquisition pursuant to documentation reasonably acceptable to the Administrative Agent and, in the case of an assumption, pursuant to
which the Borrower shall succeed to, and be substituted for and may exercise every right and power of, BRP Group or the BRP DRE Subsidiary,
as applicable, under such BRP C Corp Acquisition Indebtedness with the same force and effect as if such BRP Group Acquisition Indebtedness
had been issued hereunder, (G) such BRP C Corp Acquisition Indebtedness, both when incurred by BRP Group or the BRP DRE Subsidiary, as
applicable, and when assumed or guaranteed by the Borrower, would meet all of the requirements of the Specified Acquisition Basket that
the Borrower has elected as if incurred hereunder and (H) if the BRP C Corp Acquisition Indebtedness is initially incurred by a BRP DRE
Subsidiary, after giving effect to the transactions contemplated by the BRP C Corp Acquisition, (i) such BRP DRE Subsidiary shall become
a Guarantor hereunder on the date of such BRP C Corp Acquisition and the Borrower shall satisfy the requirements of Section 6.9
on such date and (ii) to the extent that such BRP C Corp Acquisition Indebtedness is not assumed by the Borrower, such BRP C Corp Acquisition
Indebtedness shall be fully and unconditionally guaranteed by the Borrower and the Guarantors pursuant to a guarantee in form and substance
consistent with Section 8 pursuant to which such BRP C Corp Acquisition Indebtedness shall constitute a “Guarantee Obligation”
hereunder; provided, further, that if the foregoing are satisfied, such BRP C Corp Acquisition Indebtedness will be deemed
incurred and outstanding under the relevant Specified Acquisition Basket.

 

“BRP
Group” means BRP Group, Inc., a Delaware corporation.

 

“BRP
Operating Agreement” means Borrower’s Third Amended and Restated Limited Liability Company Agreement, as amended, restated,
supplemented or otherwise modified from time to time.

 

“Business”:
as defined in Section 4.14(b).

 

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

 

“Calculation
Date”: (i) with respect to Section 7.1 and the determination of “Applicable Margin”, “Commitment Fee
Rate” and “ECF Percentage”, the last day of the applicable Test Period and (ii) otherwise, the applicable date with
respect to which the Debt Service Coverage Ratio, Total First Lien Net Leverage Ratio, Total Secured Net Leverage Ratio or Total Net
Leverage Ratio is tested.

 

    17 

     

    

“Canadian
Dollars” or “C$” means lawful currency of Canada.

 

“Cancellation”
or “Cancelled”: the cancellation, termination and forgiveness by Permitted Auction Purchaser of all Loans, Commitments
and related Obligations acquired in connection with an Auction Purchase or other acquisition of Term Loans, which cancellation shall
be consummated as described in Section 11.6(b)(iii)(C) and the definition of “Eligible Assignee.”

 

“Capital
Expenditures”: for any period, with respect to any Person, the aggregate of all expenditures, including payments of Contractual
Obligations, by such Person or any Restricted Subsidiary thereof during such period for the acquisition or leasing (pursuant to a capital
lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such
period), or software expenditures that, in conformity with GAAP, are required to be or may be included as “capital expenditures”
in the consolidated statement of cash flows provided pursuant to Section 6.1. For the avoidance of doubt, Capital Expenditures
shall exclude costs incurred in a cloud computing arrangement that are accounted for in accordance with Financial Accounting Standards
Board ASU No. 2018-15.

 

“Capital
Stock”: (1) in the case of a corporation, corporate stock or share capital; (2) in the case of an association or business entity,
any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (3) in the case of
an exempted company, shares; (4) in the case of a partnership or limited liability company, partnership or membership interests (whether
general or limited); and (5) any other interest or participation that confers on a Person the right to receive a share of the profits
and losses of, or distributions of assets of, the issuing Person.

 

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

 

“Captive
Insurance Subsidiary”: any direct or indirect Subsidiary of the Borrower that bears financial risk or exposure relating to
insurance or reinsurance activities and any segregated accounts associated with any such Person.

 

“Cash-Capped
Incremental Amount”: an amount equal to the greater of $75,000,000 and 100% of Consolidated EBITDA determined on a Pro Forma
Basis as of the most recently ended Test Period less the aggregate principal amount of Indebtedness previously Incurred under
Section 2.25(a)(i)(z), Section 7.2(b)(vi)(z) (or Section 7.2(b)(xvi) in respect of amounts previously incurred under
Section 7.2(b)(vi)(z)).

 

“Cash-Capped
Incremental Facility”: as defined in Section 2.25(a)(i).

 

“Cash
Collateral”: as defined in the definition of “Collateralize.”

 

“Cash
Collateral Account”: means a blocked, non-interest bearing deposit account of one or more of the Loan Parties at JPMorgan Chase
Bank, N.A. or another commercial bank in the name of the Administrative Agent and under the sole dominion and control of the Administrative
Agent, and otherwise established in a manner satisfactory to the Administrative Agent.

 

“Cash
Collateralize”: as defined in Section 3.2(b).

 

“Cash
Contribution Amount”: the aggregate amount of cash contributions made to the capital of the Borrower or any Restricted Subsidiary
described in the definition of “Contribution Indebtedness.”

 

    18 

     

    

“Cash
Distributions” means a Distribution made in cash, but excluding any Distribution made in connection with a redemption pursuant
to Article 10 of the BRP Operating Agreement to the extent all cash distributed was contributed to Borrower by BRP Group in accordance
with the BRP Operating Agreement.

 

“Cash
Equivalents”:

 

(1)       Dollars,
Canadian Dollars, British Pounds Sterling, Euros, the national currency of any participating member state of the European Union and other
local currencies held by the Borrower and the Restricted Subsidiaries from time to time in the ordinary course of business in connection
with any business conducted by such Person in such jurisdiction;

 

(2)       securities
issued or directly and fully guaranteed or insured by the government of the United States, Canada, any country that is a member of the
European Union, Switzerland or the United Kingdom or any agency or instrumentality thereof in each case with maturities not exceeding
two years from the date of acquisition;

 

(3)       certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances, in each case with maturities not exceeding one year, and overnight bank deposits, in each case with any commercial bank
having capital and surplus in excess of $250,000,000, in the case of U.S. banks, and $100,000,000 (or the foreign currency equivalent
thereof), in the case of non-U.S. banks, and whose long-term debt is rated with an Investment Grade Rating by Moody’s or S&P
(or reasonably equivalent ratings of another internationally recognized ratings agency);

 

(4)       repurchase
obligations for underlying securities of the types described in clauses (2) and (3) above entered into with any financial
institution meeting the qualifications specified in clause (3) above;

 

(5)       commercial
paper issued by a corporation (other than an Affiliate of Borrower) rated at least “P-1/A-1” or the equivalent thereof by
Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing
within one year after the date of acquisition;

 

(6)       readily
marketable direct obligations issued by any state or commonwealth of the United States of America, Canada, any country that is a member
of the European Union, the United Kingdom or Switzerland or any political subdivision of the foregoing having one of the two highest
rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized
ratings agency) in each case with maturities not exceeding two years from the date of acquisition;

 

(7)       Indebtedness
or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s
in each case with maturities not exceeding two years from the date of acquisition;

 

(8)       investment
funds investing at least 95% of their assets in securities of the types described in clauses (1) through (7) above; and

 

(9)       instruments
equivalent to those referred to in clauses (1) through (7) above denominated in Canadian Dollars, British Pounds Sterling
or Euros or any other currency comparable in credit quality and tenor to those referred to above and customarily used by corporations
for cash management purposes

 

    19 

     

    

in any jurisdiction outside the United
States to the extent reasonably required in connection with (a) any business conducted by any Restricted Subsidiary organized in such
jurisdiction or (b) any Investment in the jurisdiction where such Investment is made.

 

“Cash
Management Agreement”: any agreement to provide Cash Management Services.

 

“Cash
Management Obligations”: all obligations, including guarantees thereof, of any Group Member to a Cash Management Provider that
has appointed in writing the Administrative Agent as its collateral agent in a manner reasonably acceptable to the Administrative Agent
and has agreed in writing with the Administrative Agent that it is providing Cash Management Services to one or more Group Members arising
from transactions in the ordinary course of business of any Group Member, to the extent such obligations are primary obligations of a
Loan Party or are guaranteed by a Loan Party.

 

“Cash
Management Provider”: any Person that, as of the Closing Date or as of the date it enters into any Cash Management Agreement,
is the Administrative Agent, a Joint Lead Arranger, a Lender or an Affiliate of the Administrative Agent or a Lender, in its capacity
as a counterparty to such Cash Management Agreement, in each case, whether or not such Person subsequently ceased to be the Administrative
Agent, a Joint Lead Arranger, a Lender or an Affiliate of the Administrative Agent or a Lender.

 

“Cash
Management Services”: any cash management facilities or services, including (i) treasury, depositary and overdraft services,
automated clearinghouse transfer of funds, (ii) foreign exchange, netting and currency management services and (iii) purchase cards,
credit or debit cards, credit card processing, electronic funds transfer, automated clearinghouse arrangements or similar services.

 

“Cashless
Option Term B-1 Lender” shall mean each Existing Initial Term Loan Lender that has executed and delivered a Consent to Amendment
No. 2.

 

“CFC”:
a “controlled foreign corporation” within the meaning of Section 957(a) of the Code.

 

“CFC
Holdco”: any Subsidiary that has no material assets other than Capital Stock (or Capital Stock and Indebtedness) of one or
more direct or indirect Foreign Subsidiaries that are CFCs.

 

“Change
in Law”: the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether
or not having the force of law) by any Governmental Authority; provided that, for the avoidance of doubt, (x) the U.S. Dodd-Frank
Wall Street Reform and Consumer Protection Act, the European Capital Requirements Directive IV and in each case 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”.

 

“Change
of Control”: shall be deemed to occur if:

 

(a)       the
occurrence of any of the following, in a single transaction or any series of transactions: (i) the sale, transfer, conveyance, lease
or other disposition (other than by way of merger or consolidation) to any Person (other than to Borrower or any Guarantor) of all or
substantially all of the assets of Borrower and its subsidiaries, taken as a whole; (ii) (A) the adoption of a plan relating to the

 

    20 

     

    

dissolution, liquidation or winding-up
of Borrower or any Guarantor, (B) the consummation of any sale, issuance, transfer, exchange, exercise or conversion of Capital Stock,
or (C) any merger, consolidation, recapitalization, reorganization or other transaction, which in any such case of (A), (B ) or (C) results
in a Person (other than BRP Group or any subsidiary of BRP Group or Permitted Holders) becoming the managing member of Borrower; and
(iii) (A) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation)
of all or substantially all of BRP Group’s assets and the assets of its subsidiaries, taken as a whole, to any Person (other than
BRP Group, one of its subsidiaries or Permitted Holders); or (B) BRP Group becomes aware of (by way of a report or any other filing pursuant
to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by any Person (other than Permitted Holders)
or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any
group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange
Act), but excluding Permitted Holders, in a single transaction or in a related series of transactions, by way of acquisition, merger,
amalgamation, consolidation, transfer, conveyance or other business combination or purchase of beneficial ownership (within the meaning
of Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50% of the total voting power of the Voting Stock of BRP
Group, other than by virtue of the reincorporation of BRP Group in another jurisdiction, so long as the Beneficial Owners of the Voting
Interests of BRP Group immediately prior to such transaction hold a majority of the voting power of the Voting Stock of such holding
company or reincorporation entity immediately thereafter; or

 

(b)
a “change of control” or similar event shall occur with respect to any agreement governing Indebtedness of any Group Member
incurred pursuant to Section 7.2(a), 7.2(b)(iv), 7.2(b)(v), 7.2(b)(vi), or 7.2(b)(xxii) or any Refinancing
Indebtedness in respect of the foregoing, in each case the outstanding principal amount of which exceeds, in the aggregate at the time
of determination, the greater of $15,000,000 and 20.0% of Consolidated EBITDA on a Pro Forma Basis for the most recently ended Test Period.

 

Notwithstanding
the foregoing, a transaction will not be deemed to involve a change of control under clause (a)(iii)(B) above if (x) BRP Group becomes
a direct or indirect wholly owned subsidiary of a holding company and (y)(A) the direct or indirect holders of the Voting Stock of such
holding company immediately following that transaction are substantially the same as the holders of BRP Group Voting Stock immediately
prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements
of this sentence) is the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The
term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

“Class”:
(a) with respect to Commitments or Loans, those of such Commitments or Loans that have the same terms and conditions and (b) with respect
to Lenders, those of such Lenders that have Commitments or Loans of a particular Class. For the avoidance of doubt, the Incremental Term
B-1 Loans, the Additional Incremental Term B-1 Loans and the Refinancing
Term B-1 Loans are one Class of Loans.

 

“Closing
Date”: October 14, 2020.

 

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

 

“Collateral”:
all of the assets and property of the Loan Parties and any other Person, now owned or hereafter acquired, whether real, personal or mixed,
upon which a Lien is purported to be created by any Security Document; provided, however, that the Collateral shall not
include any Excluded Assets.

 

    21 

     

    

“Collateralize”:
to (i) pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Issuing Lenders and the Revolving Lenders,
as collateral for the L/C Obligations, cash or deposit account balances (“Cash Collateral”) pursuant to documentation
in form and substance reasonably satisfactory to the Administrative Agent or (ii) issue back to back letters of credit for the benefit
of the Issuing Lenders in a form and substance reasonably satisfactory to the Administrative Agent, in each case, in an amount equal
to 102% of the outstanding L/C Obligations.

 

“Commitment”:
as to any Lender, the sum of the Term Commitment and the Revolving Commitment of such Lender.

 

“Commitment
Fee”: as defined in Section 2.8(a).

 

“Commitment
Fee Rate”: initially, 0.25% per annum, and from and after the first Business Day immediately following the delivery to the
Administrative Agent of a Compliance Certificate (pursuant to Section 6.2(c)), commencing with the Compliance Certificate delivered
in respect of the first full fiscal quarter of the Borrower ending after the Closing Date, wherein the Total Net Leverage Ratio determined
on a Pro Forma Basis as of the most recent Test Period, is (x) less than or equal to 3.75 to 1.00 but greater than 3.00 to 1.00, 0.35%
per annum, (y) ) less than or equal to 3.00 to 1.00 but greater than 2.50 to 1.00, 0.30% per annum and (z) less than or equal to 2.50
to 1.00, 0.25% per annum and (z) otherwise, 0.40% per annum.

 

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

 

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

 

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

 

“Consent
to Amendment No. 2” shall mean a consent to Amendment No. 2 substantially in the form of Exhibit A-1 attached thereto.

 

“Consolidated
Current Assets”: at any date, all amounts (other than Cash Equivalents, amounts related to assets held for sale, loans (permitted)
to third parties, deferred bank fees, deferred tax assets and excluding the effects of adjustments pursuant to GAAP resulting from the
application of recapitalization accounting or purchase accounting, as the case may be, in relation to the Transactions or any consummated
acquisition) that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption)
on a consolidated balance sheet at such date.

 

“Consolidated
Current Liabilities”: at any date, all amounts that would, in conformity with GAAP, be set forth opposite the caption “total
current liabilities” (or any like caption) on a consolidated balance sheet of the Borrower and the Restricted Subsidiaries at such
date, but excluding (a) the current portion of any Funded Debt the Borrower and the Restricted Subsidiaries, (b) without duplication
of clause (a) above, all Indebtedness consisting of Loans to the extent otherwise included therein, (c) the current portion of
interest, (d) the current portion of Capitalized Lease Obligations and (e) liabilities in respect of unpaid earn-outs, deferred tax assets,
unearned revenue and, furthermore, excluding the effects of adjustments pursuant to GAAP resulting from the application of recapitalization
accounting or purchase accounting, as the case may be, in relation to the Transactions or any consummated acquisition.

 

    22 

     

    

“Consolidated
EBITDA”: the Consolidated Net Income of the Borrower and the Restricted Subsidiaries for such period:

 

(1)       increased
(without duplication) by:

 

(a)       provision
for Taxes based on income or profits or capital (or Taxes based on revenue in lieu of Taxes based on income or profits or capital), including
federal, foreign, state, local, franchise, unitary, property, excise, value added and similar Taxes and foreign withholding Taxes of
such Person paid or accrued during such period deducted (and not added back) in computing Consolidated Net Income and payroll taxes related
to stock compensation costs, including (i) an amount equal to the amount of distributions actually made to the holders of Capital Stock
of such Person or any direct or indirect parent of such Person in respect of such period in accordance with Section 7.3(b)(xii),
which shall be included as though such amounts had been paid as income Taxes directly by such Person and (ii) penalties and interest
related to such taxes or arising from any tax examinations; plus

 

(b)       consolidated
Fixed Charges for such period (including (x) bank fees and (y) costs of surety bonds in connection with financing activities and surety
bonds outstanding, in each case, to the extent included in Fixed Charges), together with items excluded from the definition of “Consolidated
Interest Expense” pursuant to clauses (1)(b)(i) through (1)(b)(ix) thereof, in each case, to the extent the same
was deducted (and not added back) in calculating such Consolidated Net Income; plus

 

(c)       Consolidated
Non-Cash Charges for such period to the extent such non-cash charges were deducted (and not added back) in computing Consolidated Net
Income; plus

 

(d)       any
expenses (including legal and professional expenses) or charges (other than depreciation or amortization expense) related to any Equity
Offering, Investment, acquisition, disposition, dividend, distribution, return of capital, recapitalization or the Incurrence of Indebtedness,
including a refinancing thereof, and any amendment or modification to the terms of any such transaction (in each case, (i) including
any such transactions consummated prior to the Closing Date, (ii) whether or not such transaction is undertaken but not completed, (iii)
whether or not such transaction is permitted by this Agreement and (iv) including any such transaction incurred by any direct or indirect
parent company of the Borrower), including such fees, expenses or charges related to the Transactions, in each case, deducted (and not
added back) in computing Consolidated Net Income; plus

 

(e)       the
amount of any restructuring charges, accruals or reserves deducted (and not added back) in such period in computing Consolidated Net
Income, including any such costs Incurred in connection with acquisitions before or after the Closing Date (including entry into new
market/channels and new service or product offerings) and costs related to the closure, reconfiguration and/or consolidation of facilities
and costs to relocate employees, integration and transaction costs, retention charges, severance (including, for the avoidance of doubt,
any costs and expenses relating to the repurchasing or extinguishing of any equity interests, or equity-like interests, held by severed
Persons), contract termination costs, recruiting and signing bonuses and expenses, future lease commitments, systems establishment costs,
conversion costs and excess pension charges and consulting fees, expenses attributable to the implementation of costs savings initiatives,
costs associated with tax projects/audits and costs consisting of professional consulting or other fees relating to any of the foregoing;
plus

 

(f)       any
salaries and wages earned by employees classified as a part of the New Producer Program; provided that the aggregate amount of
such net operating costs set forth in this clause (f) shall not exceed 10% of Consolidated EBITDA (calculated after taking account of
the add-back in this clause (f)) for any such period (which calculated pro forma impact will be derived from the income

 

    23 

     

    

statement separately maintained for
financial reporting purposes for the New Producer Program and will not include any net operating costs from employees otherwise excluded
or separate from the New Producer Program); plus

 

(g)       the
amount of any noncontrolling interest expense consisting of Subsidiary income attributable to minority equity interests of third parties
in any non-Wholly Owned Subsidiary of the Borrower deducted (and not added back) in such period in calculating Consolidated Net Income;
plus

 

(h)       the
amount of directors’ fees and expenses, in each case, to the extent deducted (and not added back) in computing Consolidated Net
Income; plus

 

(i)       the
“run rate” expected cost savings, operating expense reductions, other operating improvements and initiatives, restructuring
charges and expenses and synergies that are expected in good faith to be realized as a result of actions with respect to which substantial
steps have been, will be, or are expected in good faith to be, taken within 12 months after the date of any acquisition, disposition,
divestiture, restructuring, other operational changes or the implementation of a cost savings or other similar initiative, as applicable
(calculated on a pro forma basis as though such cost savings, operating expense reductions, other operating improvements and initiatives,
restructuring charges and expenses and synergies had been realized on the first day of such period as if such cost savings, operating
expense reductions, other operating improvements and initiatives, restructuring charges and expenses and synergies were realized during
the entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided that
(A) such actions or substantial steps have been, will be, or are expected in good faith to be, taken within 12 months after (x) if such
cost savings, expense reductions, charge, expense, acquisition, divestiture, restructuring or initiative is initiated on or prior to
the Closing Date, the Closing Date or (y) if such cost savings, expense reductions, charge, expense, acquisition, divestiture, restructuring,
other operational changes or initiative is initiated after the Closing Date, the date on which such cost savings, expense reductions,
charge, expense, acquisition, divestiture, restructuring, other operational changes or initiative is initiated and (B) no cost savings,
operating expense reductions, restructuring charges and expenses or synergies shall be added pursuant to this defined term to the extent
duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for
such period (which adjustments may be incremental to pro forma adjustments made pursuant to the
definition of “Debt Service Coverage Ratio”); provided that the aggregate amount of all items added back pursuant
to this clause (i) shall not exceed, together with amounts added back pursuant to clause (j) below, 20% of Consolidated
EBITDA (after giving effect to this clause (i)) for such period; plus

 

(j)       the
“run rate” expected cost savings, operating expense reductions, other operating improvements and initiatives, restructuring
charges and expenses and synergies related to the Transactions projected by the Borrower in good faith to result from actions with respect
to which substantial steps have been, will be, or are expected to be, taken (in the good faith determination of the Borrower) within
12 months after the Closing Date, calculated on a pro forma basis as though such cost savings, operating expense reductions, other operating
improvements and initiatives, restructuring charges and expenses and synergies had been realized on the first day of such period as if
such cost savings, operating expense reductions, restructuring charges and expenses and synergies were realized during the entirety of
such period), net of the amount of actual benefits realized during such period from such actions and which
adjustments may be incremental to pro forma adjustments made pursuant to the definition of “Debt Service Coverage Ratio”;
provided that the aggregate amount of all items added back pursuant to this clause (j) shall not exceed, together
with amounts added back pursuant to clause (i) above, 20% of Consolidated EBITDA (after giving effect to this clause (j))
for such period; plus

 

    24 

     

    

(k)       the
amount of loss or discount on sale of receivables and related assets to the Receivables Subsidiary in connection with a Receivables Financing,
to the extent deducted (and not added back) in computing Consolidated Net Income; plus

 

(l)       any
costs or expenses incurred pursuant to any management equity plan or stock option plan or any other management or employee benefit plan
or agreement or any stock subscription or shareholder agreement or any accelerated vesting of awards in anticipation of the Transactions,
to the extent that such costs or expenses are funded with cash proceeds contributed to the capital of Borrower or net cash proceeds of
an issuance of Equity Interest of the Borrower (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded
from the calculation of the Available Amount to the extent deducted (and not added back) in computing Consolidated Net Income; plus

 

(m)       [Reserved.];

 

(n)       the
Tax effect of any items excluded from the calculation of Consolidated Net Income pursuant to clauses (1), (3), (4),
(7), (8) and (17) of the definition thereof; plus

 

(o)       [Reserved.];
plus

 

(p)       all
charges attributable to, and payments of, legal settlements, fines, judgments or orders; plus

 

(q)       [Reserved];

 

(2)       decreased
by (without duplication), non-cash gains increasing Consolidated Net Income for such period, excluding any non-cash gains to the extent
they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period;
and

 

(3)       increased
(by losses) or decreased (by gains) by (without duplication) the application of FASB Interpretation No. 45 (Guarantees).

 

Notwithstanding
the foregoing, the Consolidated EBITDA in respect of any Permitted Acquisition that is a Material Acquisition shall not be included in
the calculation of Consolidated EBITDA unless the “Consolidated EBITDA” is verified by a Quality of Earnings Report from
CBIZ, Inc. or such other diligence firm reasonably acceptable to Administrative Agent (it being agreed that any public accounting firm
of nationally recognized standing shall be acceptable to Administrative Agent).

 

“Consolidated
Interest Expense”: with respect to the Borrower and the Restricted Subsidiaries for any period, the sum, without duplication,
of

 

(1)       consolidated
interest expense for such period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income ((a)
including (i) amortization of original issue discount resulting from the issuance of Indebtedness at less than par, (ii) all commissions,
discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (iii) non-cash interest payments
(but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of Hedging Obligations or other
derivative instruments pursuant to GAAP), (iv) the interest component of Capitalized Lease Obligations and (v) net payments and receipts
(if any) pursuant to interest rate Hedging Obligations with respect to Indebtedness, and (b) excluding (i) any prepayment premium or
penalty, (ii) costs associated with obtaining Hedging Obligations and breakage costs in respect of Hedging Obligations related to interest
rates, (iii) any expense resulting from the discounting of any Indebtedness in connection with the application of purchase accounting
in connection with the

 

    25 

     

    

Transactions or any acquisition, (iv)
penalties and interest relating to Taxes, (v) any “additional interest” or “penalty interest” with respect to
any securities, (vi) any accretion or accrued interest of discounted liabilities, (vii) amortization of deferred financing fees, amendment
or consent fees, debt issuance costs, commissions, discounts, fees and expenses, (viii) any expensing of bridge, commitment and other
financing fees, cost of surety bonds, charges owed with respect to letters of credit, bankers’ acceptances or similar facilities
and (ix) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Receivables Financing);
plus

 

(2)       consolidated
capitalized interest for such period, whether paid or accrued; less

 

(3)       interest
income for such period;

 

provided
that, for purposes of calculating Consolidated Interest Expense, no effect shall be given to the discount and/or premium resulting from
the bifurcation of derivatives under FASB ASC 815 and related interpretations as a result of the terms of the Indebtedness to which such
Consolidated Interest Expense relates.

 

For
purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined
by the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

 

Notwithstanding
the foregoing, any additional charges arising from (i) the application of Accounting Standards Codification Topic 480-10-25-4 “Distinguishing
Liabilities from Equity—Overall—Recognition” to any series of Preferred Stock other than Disqualified Stock or (ii)
the application of Accounting Standards Codification Topic 470-20 “Debt—Debt with Conversion Options—Recognition,”
in each case, shall be disregarded in the calculation of Fixed Charges.

 

“Consolidated
Net Income”: for any period, the Net Income of the Borrower and the Restricted Subsidiaries for such period, on a consolidated
basis, and otherwise determined in accordance with GAAP; provided, however, that, without duplication:

 

(1)       any
after-Tax effect of infrequent, non-recurring, non-operating or unusual gains, losses, income or expenses (including all fees and expenses
relating thereto) (including costs and expenses relating to the Transactions), severance, recruiting and relocation costs, contract termination
costs, system establishment charges, consolidation and closing costs, integration and facilities opening costs, business optimization
costs, transition costs, restructuring costs, signing, retention, incentive or completion bonuses or payments and curtailments or modifications
to pension and post-retirement employee benefit plans shall be excluded,

 

(2)       the
cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies,
whether or not effected through a cumulative effect adjustment or a retroactive application or otherwise in each case in accordance with
GAAP, shall be excluded,

 

(3)       any
net after-Tax effect of income or loss from disposed, abandoned or discontinued operations and any net after-Tax gains or losses on disposal
of disposed, abandoned, transferred, closed or discontinued operations shall be excluded,

 

(4)       any
net after-Tax effect of gains or losses (including all fees and expenses relating thereto) attributable to business dispositions or asset
dispositions or the sale or other disposition of any

 

    26 

     

    

Capital Stock of any Person other than
in the ordinary course of business, as determined in good faith by the Borrower, shall be excluded,

 

(5)       the
Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the
equity method of accounting (other than a Guarantor), shall be excluded; provided that the Consolidated Net Income of the Borrower
shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted
into cash) to the referent Person or a Restricted Subsidiary thereof in respect of such period or a prior period to the extent not previously
included,

 

(6)       solely
for the purpose of the definition of “Excess Cash Flow” and determining the amount available for Restricted Payments under
clause (A) of the definition of “Available Amount”, the Net Income for such period of any Restricted Subsidiary (other
than any Loan Party) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by such Restricted
Subsidiary of its Net Income is not at the date of determination permitted without any prior Governmental Approval (which has not been
obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with
respect to the payment of dividends or similar distributions has been legally waived, provided that Consolidated Net Income of
the Borrower will be increased by the amount of dividends or other distributions or other payments actually paid in Cash Equivalents
(or to the extent converted into Cash Equivalents) to the Borrower or any of the Restricted Subsidiaries (to the extent not subject to
any such restriction) in respect of such period or a prior period, to the extent not previously included,

 

(7)       effects
of adjustments (including the effects of such adjustments pushed down to the Restricted Subsidiaries) in any line item in such Person’s
consolidated financial statements (including, but not limited to, any step-ups or reductions with respect to re-valuing assets and liabilities)
pursuant to GAAP and related authoritative pronouncements resulting from the application in accordance with GAAP of purchase accounting
in relation to the Transactions or any investment, acquisition, merger or consolidation (or reorganization or restructuring) that is
consummated after the Closing Date or the depreciation, amortization or write-off of any amounts thereof, net of taxes, shall be excluded,

 

(8)       any
net after-Tax income (loss) from the early extinguishment of (i) Indebtedness, (ii) Hedging Obligations or (iii) other derivative instruments
shall be excluded,

 

(9)       any
impairment charge or expense, asset write-off or write-down, including impairment charges or asset write-offs or write-downs related
to intangible assets, long-lived assets or investments in debt and equity securities or as a result of a change in law or regulations,
in each case, pursuant to GAAP and the amortization of intangibles arising pursuant to GAAP shall be excluded,

 

(10)       [reserved],

 

(11)       any
fees and expenses or other charges (including any make-whole premium or penalties) incurred during such period, or any amortization thereof
for such period, in connection with any acquisition, Investment, recapitalization, Asset Sale, issuance or repayment of Indebtedness,
Equity Offering, refinancing transaction or amendment or modification of any debt instrument (in each case, (i) including any such transactions
consummated prior to the Closing Date, (ii) whether or not such transaction is undertaken but not completed, (iii) whether or not such
transaction is permitted by this Agreement and (iv) including any such transaction incurred by any direct or indirect parent company
of the Borrower) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction shall
be excluded,

 

    27 

     

    

(12)       accruals
and reserves that are established and not reversed within 12 months after the Closing Date that are so required to be established as
a result of the Transactions (or within 12 months after the closing of any acquisition that are so required to be established as a result
of such acquisition) in accordance with GAAP shall be excluded,

 

(13)       losses
or by gains arising from mark-to-market changes in earn-out and other similar obligations;

 

(14)       any
charges resulting from the application of Accounting Standards Codification Topic 805 “Business Combinations,” Accounting
Standards Codification Topic 350 “Intangibles—Goodwill and Other,” Accounting Standards Codification Topic 360-10-35-15
“Impairment or Disposal of Long-Lived Assets,” Accounting Standards Codification Topic 480-10-25-4 “Distinguishing
Liabilities from Equity—Overall—Recognition” or Accounting Standards Codification Topic 820 “Fair Value Measurements
and Disclosures” shall be excluded,

 

(15)       non-cash
interest expense resulting from the application of Accounting Standards Codification Topic 470-20 “Debt—Debt with Conversion
Options—Recognition” shall be excluded,

 

(16)       any
non-cash rent, non-cash interest expense and non-cash interest income shall be excluded; provided that, if any such non-cash item
represents an accrual or reserve for potential cash item in any future period, (i) the Borrower may elect not to exclude such non-cash
item in the current period and (ii) to the extent the Borrower elects to exclude such non-cash item, the cash payment in respect thereof
in such future period shall reduce or increase, as applicable, Consolidated Net Income in such future period to the extent paid,

 

(17)       the
net after-Tax effect of carve-out related items (including audit and legal expenses, elimination of duplicative costs (including with
respect to software licensing expenses and fees with respect to transaction services agreements) and costs and expenses related to information
and technology systems establishment or modification), in each case in connection with the performance of the rights and obligations
under any transitions services agreement, shall be excluded,

 

(18)       any
non-cash expenses, accruals, reserves or income related to adjustments to historical tax exposures or tax asset valuation allowances
shall be excluded;

 

(19)       [reserved];
and

 

(20)       the
following items shall be excluded:

 

(a)       any
net unrealized gain or loss (after any offset) resulting in such period from Hedging Obligations and the application of Accounting Standards
Codification Topic 815 “Derivatives and Hedging”; and

 

(b)       any
net foreign exchange gains or losses (whether or not realized) resulting from the impact of foreign currency changes on the valuation
of assets and liabilities on the consolidated balance sheet of the Borrower and the Restricted Subsidiaries (in each case, including
any net loss or gain resulting from hedge arrangements for currency exchange risk) and any net foreign exchange gains or losses (whether
or not realized) from the impact of foreign currency changes on intercompany accounts and in any event including any foreign exchange
translation or transaction gains or losses.

 

Solely
for purposes of calculating Consolidated EBITDA, the Net Income of the Borrower and the Restricted Subsidiaries shall be calculated without
deducting the income attributable to the minority

 

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equity interests of third parties in
any non-Wholly Owned Restricted Subsidiary except to the extent of dividends declared or paid in respect of such period or any prior
period on the shares of Capital Stock of such Restricted Subsidiary held by such third parties.

 

In
addition, to the extent not already accounted for in the Consolidated Net Income of the Borrower and the Restricted Subsidiaries, notwithstanding
anything to the contrary in the foregoing, Consolidated Net Income shall include (i) the amount of proceeds received during such period
from business interruption insurance in respect of insured claims for such period, (ii) the amount of proceeds as to which the Borrower
has determined that there is a reasonable basis that it will be reimbursed by the insurer in respect of such period from business interruption
insurance (with a deduction for any amount so added back to the extent denied by the applicable carrier in writing within 180 days or
not so reimbursed within 365 days) and (iii) reimbursements of any expenses and charges that are covered by indemnification, reimbursement,
guaranty, purchase price adjustment or other similar provisions in connection with any Permitted Investment or any sale, conveyance,
transfer or other disposition of assets permitted hereunder.

 

Notwithstanding
the foregoing, (x) for the purpose of Section 7.3 only (other than clauses (E) and (F) of the definition of Available
Amount), there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition not constituting
a Permitted Investment made by the Borrower and the Restricted Subsidiaries, any repurchases and redemptions of Investments that are
not Permitted Investments from the Borrower and the Restricted Subsidiaries, any repayments of loans and advances which do not constitute
Permitted Investments by the Borrower or any of the Restricted Subsidiaries, any sale of the stock of an Unrestricted Subsidiary or any
distribution or dividend from an Unrestricted Subsidiary , in each case only to the extent such amounts increase the amount of Restricted
Payments, Investments and/or Restricted Debt Payments permitted under such covenant pursuant to clauses (E) and (F) of
the definition of Available Amount and (y) for the purpose of the definition of “Excess Cash Flow” only, there shall be excluded
the income (or deficit) of any Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated
with the Borrower or any Restricted Subsidiary thereof.

 

“Consolidated
Non-Cash Charges”: for any period, the aggregate depreciation, amortization (including amortization of intangibles, deferred
financing fees, debt issuance costs, commissions, fees and expenses, expensing of any bridge, commitment or other financing fees, the
non-cash portion of interest expense resulting from the reduction in the carrying value under purchase accounting of outstanding Indebtedness
and commissions, discounts, yield and other fees and charges but excluding amortization of prepaid cash expenses that were paid in a
prior period), non-cash impairment, non-cash compensation (including in connection with options, restricted stock, restricted stock units
or other equity level awards under any Borrower incentive plan), non-cash rent and other non-cash expenses reducing Consolidated Net
Income for such period on a consolidated basis and otherwise determined in accordance with GAAP; provided that if any non-cash
charges referred to in this definition represent an accrual or reserve for potential cash items in any future period, the cash payment
in respect thereof in such future period shall be subtracted from Consolidated EBITDA in such future period to such extent paid.

 

“Consolidated
Total Indebtedness”: as of any date of determination, the aggregate principal amount of Indebtedness of the Borrower and the
Restricted Subsidiaries described in clauses (a)(i), (a)(ii) (excluding, for the avoidance of doubt, surety bonds, performance
bonds and similar instruments) and (solely with respect to the definition of “Total Net Leverage Ratio”) and (a)(iv)
of the definition of “Indebtedness”, determined on a consolidated basis, to the extent required to be recorded on a balance
sheet in accordance with GAAP, including, without duplication, the outstanding principal amount of the

 

    29 

     

    

Term Loans; provided, that the
amount of revolving Indebtedness under this Agreement and any other revolving credit facility shall be computed based upon the period-ending
value of such Indebtedness during the applicable period; provided, further, that Consolidated Total Indebtedness shall
not include (x) Indebtedness in respect of any Qualified Receivables Financing permitted pursuant to Section 7.2(b)(xxi) or (y)
obligations in respect of letters of credit (including Letters of Credit), except to the extent of unreimbursed amounts thereunder.

 

“Consolidated
Working Capital”: at any date, the excess of Consolidated Current Assets on such date over Consolidated Current Liabilities
on such date.

 

“Consolidated
Working Capital Adjustment”: for any period on a consolidated basis, the amount (which may be a negative number) by which Consolidated
Working Capital as of the beginning of such period exceeds (or is less than (in which case the Consolidated Working Capital Adjustment
will be a negative number)) Consolidated Working Capital as of the end of such period.

 

“Contingent
Obligations”: with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations
that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any
manner, whether directly or indirectly, including, any obligation of such Person, whether or not contingent:

 

(1)       to
purchase any such primary obligation or any property constituting direct or indirect security therefor,

 

(2)       to
advance or supply funds:

 

(a)       for
the purchase or payment of any such primary obligation; or

 

(b)       to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor;
or

 

(3)       to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability
of the primary obligor to make payment of such primary obligation against loss in respect thereof.

 

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

 

“Contribution
Indebtedness”: Indebtedness of the Borrower or any Restricted Subsidiary in an aggregate principal amount not greater than
the aggregate amount of cash contributions (including such contributions in exchange for Equity Interests in the Borrower) (other than
Excluded Contributions, any contributions received in connection with the exercise of the Cure Right or any such cash contributions that
have been used to increase the Available Amount) made to the common equity capital of the Borrower after the Closing Date, in each case
to the extent not previously applied in determining the permissibility of a transaction under the Loan Documents where such permissibility
was (or may have been) contingent on the receipt of availability of such amount.

 

“control”:
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.

 

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“Corresponding
Tenor”: with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment
period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Covered
Party” as defined in Section 11.23.

 

“Cure
Amount”: as defined in Section 9.3(a).

 

“Cure
Period”: as defined in Section 9.3(a).

 

“Cure
Right”: as defined in Section 9.3(a).

 

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

 

“Debt
Fund Affiliate”: an Affiliate of the Borrower (other than the Borrower and any of its Subsidiaries) that is a bona fide debt
fund or an investment vehicle that is engaged in the making, purchasing, holding or otherwise investing in commercial loans, bonds and
similar extensions of credit in the ordinary course of business with respect to which the Borrower and its Affiliates (other than Debt
Fund Affiliates) do not directly or indirectly possess the power to direct or cause the direction of the investment policies of such
entity.

 

“Debt
Service Coverage Ratio”: the ratio of:

 

(a)       Consolidated
EBITDA less Capital Expenditures, less cash Taxes (including, without any limitation, any payment(s) made in cash for Tax
on net income or any Cash Distributions to Borrower or its members for purposes of paying income tax liabilities), each for the most
recently completed four fiscal quarter period for which the financial statements required by Section 6.1(a) or (b), as
the case may be, have been or were required to have been delivered hereunder, to

 

(b)       Consolidated
Interest Expense paid in cash plus the principal amount of all Indebtedness scheduled to be paid, during the most recently completed
four fiscal quarter period.

 

For
purposes of making the computation referred to above, Investments (including any designation of a Subsidiary as a Restricted Subsidiary
or an Unrestricted Subsidiary), acquisitions, dispositions, mergers, consolidations and disposed or discontinued operations (as determined
in accordance with GAAP), in each case with respect to an operating unit of a business, and Operational Changes that the Borrower or
any of the Restricted Subsidiaries has both determined to make and made after the Closing Date and during the four-quarter reference
period or subsequent to such reference period and on or prior to or substantially simultaneously with the Calculation Date (each, for
purposes of this definition, a “pro forma event”) shall be calculated on a Pro Forma Basis assuming that all such
Investments, acquisitions, dispositions, mergers (including the Transactions), consolidations, Operational Changes and discontinued operations
(and the change of any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on
the first day of the four-quarter reference period. If, since the beginning of such period, any Person that subsequently became a Restricted
Subsidiary or was merged with or into the Borrower or any Restricted Subsidiary since the beginning of such period shall have made or
effected any Investment, acquisition, disposition, merger, 

 

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consolidation
or discontinued operation, in each case with respect to an operating unit of a business, or Operational Changes that would have required
adjustment pursuant to this definition, then the Debt Service Coverage Ratio shall be calculated giving pro forma effect thereto for
such period as if such Investment, acquisition, disposition, merger, consolidation, discontinued operation or Operational Changes had
occurred at the beginning of the applicable four-quarter period.

 

For
purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made
in good faith by a responsible financial or accounting officer of the Borrower to the extent identifiable and supportable. Any such pro
forma calculation may include, without duplication, adjustments appropriate to reflect cost savings, operating expense reductions, restructuring
charges and expenses and synergies reasonably expected to result from the applicable event to the extent set forth in the definition
of “Consolidated EBITDA”.

 

If
any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated
as if the rate in effect on the Debt Service Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking
into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest
implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest
on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance
of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based
upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon
the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate. In connection with any
Limited Condition Transaction, the Borrower may determine baskets and ratios in accordance with Section 1.4.

 

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

 

“Declined
Proceeds”: as defined in Section 2.11(f).

 

“Default”:
any of the events specified in Section 9.1, whether or not any requirement for the giving of notice, the lapse of time, or both,
has been satisfied.

 

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

 

“Defaulting
Lender”: any Lender that (a) has refused (whether verbally or in writing) to fund (and has not retracted such refusal), or
has failed to fund, any portion of the Term Loans, Revolving Loans, participations in L/C Obligations or participations in Designated
Acquisition Swingline Loans required to be funded by it hereunder (collectively, its “Funding Obligations”) within
one Business Day of the date required to be funded by such Lender hereunder unless such Lender notifies the Administrative Agent and
the Borrower 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),
(b) has notified the Administrative Agent or the Borrower in writing that it does not intend to (or will not be able to) satisfy such
Funding Obligations or has made a public statement to that effect with respect to its Funding

 

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Obligations or generally under other
agreements in which it commits to extend credit (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 otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required
to be paid by it hereunder within one Business Day of the date when due, (d) has failed, within three (3) Business Days after written
request by the Administrative Agent, to confirm in a manner reasonably satisfactory to the Administrative Agent that it will comply with
its Funding Obligations; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (d) upon
the Administrative Agent’s receipt of such confirmation, or (e) has, or has a direct or indirect parent company that has, (i) admitted
in writing that it is insolvent or pay its debts as they become due, (ii) become the subject of a proceeding under any Debtor Relief
Law, (iii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or a substantial part of its assets or a custodian appointed for it, (iv) is or becomes
subject to a forced liquidation, (v) makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined
by any Governmental Authority having regulatory authority over such person or its assets to be insolvent or bankrupt, (vi) taken any
action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment or action or
(vii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender under this clause (e)
solely by virtue of the ownership or acquisition of any equity interest in that Lender or the existence of an Undisclosed Administration
in respect of that Lender (or, in such any case, any direct or indirect parent company thereof) by a Governmental Authority so long as
such ownership interest or Undisclosed Administration 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.

 

“Defaulting
Lender Fronting Exposure”: at any time there is a Defaulting Lender, (a) with respect to an Issuing Lender, such Defaulting
Lender’s Pro Rata Share of the Outstanding Amount of L/C Obligations of such Issuing Lender other than L/C Obligations as to which
such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with
the terms hereof and (b) with respect to the Designated Acquisition Swingline Lender, such Defaulting Lender’s Pro Rata Share of
Designated Acquisition Swingline Loans other than Designated Acquisition Swingline Loans as to which such Defaulting Lender’s participation
obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof.

 

“Designated
Non-cash Consideration”: the Fair Market Value of non-cash consideration received by the Borrower or any of its Restricted
Subsidiaries in connection with an Asset Sale that is determined by the Borrower to be Designated Non-cash Consideration, less
the amount of Cash Equivalents received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration.

 

“Designated
Preferred Stock”: Preferred Stock of the Borrower or any direct or indirect parent of the Borrower, as applicable (other than
Disqualified Stock), that is issued for cash (other than to the Borrower or any of the Subsidiaries or an employee stock ownership plan
or trust established by the Borrower or any of its Subsidiaries) and is so determined by the Borrower to be Designated Preferred Stock,
the cash proceeds of which are excluded from the calculation set forth in clauses (B) and (C) of the definition of “Available
Amount”.

 

    33 

     

    

“Designated
Acquisition Swingline Borrowing”: utilization of the Designated Acquisition Swingline Commitment consisting of the assumption
of or guarantee by the Borrower of BRP C Corp Acquisition Indebtedness treated as a Designated Acquisition Swingline Loan hereunder.

 

“Designated
Acquisition Swingline Commitment”: the obligation of one or more Designated Acquisition Swingline Lenders to hold Designated
Acquisition Swingline Loans pursuant to Section 2.6 in an aggregate principal amount at any one time outstanding not to exceed
the lesser of (x) the aggregate outstanding principal amount of any BRP C Corp Acquisition Indebtedness and (y) $300,000,000 (or such
higher amount agreed to by the Designated Acquisition Swingline Lenders). For the avoidance of doubt, the availability of Designated
Acquisition Swingline Commitments shall be reduced by the amount of BRP C Corp. Acquisition Indebtedness that are Designated Acquisition
Swingline Loans.

 

“Designated
Acquisition Swingline Lender”: (i) JPMCB, in its capacity as the lender of Designated Acquisition Swingline Loans or (ii) one
or more other Revolving Lenders approved by the Administrative Agent and the Borrower and that agrees in writing to act in such capacity
(in such capacity).

 

“Designated
Acquisition Swingline Loan Note”: a promissory note substantially in the form of Exhibit F-3.

 

“Designated
Acquisition Swingline Loans”: as defined in Section 2.6.

 

“Designated
Acquisition Swingline Participation Amount”: as defined in Section 2.7(c).

 

“Disposition”:
with respect to any property (including Capital Stock of the Borrower or any Restricted Subsidiary), any sale, lease, Sale Leaseback
Transaction, assignment, conveyance, transfer or other disposition thereof (including by allocation of assets by division, merger or
consolidation or amalgamation, or allocation of assets to any series of a limited liability company and excluding the granting of a Lien
permitted hereunder) and any issuance of Capital Stock of any Restricted Subsidiary. The terms “Dispose” and “Disposed
of” shall have correlative meanings.

 

“Disqualified
Lender”: (i) such banks, financial institutions or other Persons separately identified in writing by the Borrower to the Joint
Lead Arrangers on September 22, 2020 (or any affiliates of such entities that are readily identifiable as affiliates solely on the basis
of their names), (ii) competitors of the Borrower or any of its Subsidiaries (other than bona fide fixed income investors or debt funds)
identified in writing from time to time by email to JPMDQ_contact@jpmorgan.com (and affiliates of such entities that are readily identifiable
as affiliates solely on the basis of their names or that are identified to us from time to time in writing by you (other than bona fide
fixed income investors or debt funds); provided that any additional designation permitted by the foregoing shall not become effective
until three (3) Business Days following delivery to the Administrative Agent by email; provided, further, that in no event
shall any notice given pursuant to this definition apply to retroactively disqualify any Person who previously acquired and continues
to hold, any Loans, Commitments or participations prior to the receipt of such notice.

 

“Disqualified
Stock”: with respect to any Person, any Capital Stock of such Person that, by its terms (or by the terms of any security into
which it is convertible or for which it is redeemable or exchangeable, in each case at the option of the holder thereof), or upon the
happening of any event:

 

(1)       matures
or is mandatorily redeemable (other than as a result of a change of control or asset sale), pursuant to a sinking fund obligation or
otherwise,

 

    34 

     

    

(2)       is
convertible or exchangeable for Indebtedness or Disqualified Stock, or

 

(3)       is
redeemable at the option of the holder thereof, in whole or in part,

 

in
each case prior to the then Latest Maturity Date in respect of the Term Facility (other than as a result of a change of control or asset
sale to the extent permitted under clause (1) above); provided, however, that only the portion of Capital Stock
that so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof
prior to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock
is issued to any plan for the benefit of employees of the Borrower or its Subsidiaries or by any such plan to such employees, such Capital
Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower or any Restricted Subsidiary
in order to satisfy applicable statutory or regulatory obligations; provided, further, however, that any Capital
Stock held by any future, current or former employee, director, manager or consultant (or their respective trusts, estates, investment
funds, investment vehicles or immediate family members), of the Borrower, any of its Subsidiaries, any of its direct or indirect parent
companies or any other entity in which the Borrower or a Restricted Subsidiary has an Investment and is designated in good faith as an
“affiliate” by the Board of Directors of the Borrower (or the compensation committee thereof), in each case pursuant to any
stockholders’ agreement, management equity plan, stock option plan or any other management or employee benefit plan or agreement
shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower or any Restricted Subsidiary;
provided, further, however, that any class of Capital Stock of such Person that by its terms authorizes such Person
to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified
Stock.

 

“Distribution”
for any Person means, with respect to any Capital Stock of that Person, (i) the declaration or payment of any dividend or distribution
on or with respect to such Capital Stock, (ii) the retirement, redemption, purchase, withdrawal, or other acquisition for value of such
Capital Stock (including the purchase of warrants, rights, or other options to acquire such interests), or (iii) any other payment by
that Person with respect to such Capital Stock.

 

“Dollar
Equivalent” means, on any date of determination, (a) with respect to any amount denominated in Dollars, such amount, and (b)
with respect to any amount in any other currency, the equivalent in Dollars of such amount, determined by the Administrative Agent or
the Issuing Lender, as applicable, pursuant to Section 1.6 using the Exchange Rate with respect to such currency at the time in
effect under the provisions of such Section.

 

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

 

“Dutch
Auction”: one or more purchases (each, a “Purchase”) by a Permitted Auction Purchaser or an Affiliated Lender
(either, a “Purchaser”) of Term Loans; provided that, each such Purchase is made on the following basis:

 

(a)       (i)
the Purchaser will notify the Administrative Agent in writing (a “Purchase Notice”) (and the Administrative Agent
will deliver such Purchase Notice to each relevant Lender) that such Purchaser wishes to make an offer to purchase from each Term Lender
and/or each Lender with respect to any Class of Term Loans on an individual tranche basis Term Loans, in an aggregate principal amount
as is specified by such Purchaser (the “Term Loan Purchase Amount”) with respect to each applicable tranche, subject
to a range or minimum discount to par expressed as a price at which range or price such Purchaser would consummate the Purchase (the
“Offer Price”) of such Term Loans to be purchased (it being understood that different Offer Prices and/or Term Loan
Purchase Amounts, as applicable, may be offered with respect to different tranches of Term Loans and, in such an event, each

 

    35 

     

    

such offer will be treated as a separate
offer pursuant to the terms of this definition); provided that the Purchase Notice shall specify that each Return Bid (as defined
below) must be submitted by a date and time to be specified in the Purchase Notice, which date shall be no earlier than the second Business
Day following the date of the Purchase Notice and (ii) the Term Loan Purchase Amount specified in each Purchase Notice delivered by such
Purchaser to the Administrative Agent shall not be less than $10,000,000 in the aggregate;

 

(b)       such
Purchaser will allow each Lender holding the Class of Term Loans subject to the Purchase Notice to submit a notice of participation (each,
a “Return Bid”) which shall specify (i) one or more discounts to par of such Lender’s tranche or tranches of
Term Loans subject to the Purchase Notice expressed as a price (each, an “Acceptable Price”) (but in no event will
any such Acceptable Price be greater than the highest Offer Price for the Purchase subject to such Purchase Notice) and (ii) the principal
amount of such Lender’s tranches of Term Loans at which such Lender is willing to permit a purchase of all or a portion of its
Term Loans to occur at each such Acceptable Price (the “Reply Amount”);

 

(c)       based
on the Acceptable Prices and Reply Amounts of the Term Loans as are specified by the Lenders, such Purchaser will determine the applicable
discount (the “Applicable Discount”), which will be the lower of (i) the lowest Acceptable Price at which such Purchaser
can complete the Purchase for the entire Term Loan Purchase Amount and (ii) in the event that the aggregate Reply Amounts relating to
such Purchase Notice are insufficient to allow such Purchaser to complete a purchase of the entire Term Loan Purchase Amount, the highest
Acceptable Price that is less than or equal to the Offer Price;

 

(d)       such
Purchaser shall purchase Term Loans from each Lender with one or more Acceptable Prices that are equal to or less than the Applicable
Discount at the Applicable Discount (such Term Loans being referred to as “Qualifying Loans” and such Lenders being
referred to as “Qualifying Lenders”), subject to clauses (e), (f), (g) and (h) below;

 

(e)       such
Purchaser shall purchase the Qualifying Loans offered by the Qualifying Lenders at the Applicable Discount; provided that if the
aggregate principal amount required to purchase the Qualifying Loans would exceed the Term Loan Purchase Amount, such Purchaser shall
purchase Qualifying Loans ratably based on the aggregate principal amounts of all such Qualifying Loans tendered by each such Qualifying
Lender;

 

(f)       the
Purchase shall be consummated pursuant to and in accordance with Section 11.6(b) and, to the extent not otherwise provided herein,
shall otherwise be consummated pursuant to procedures (including as to timing, rounding and minimum amounts, Interest Periods, and other
notices by such Purchaser) reasonably acceptable to the Administrative Agent (provided that, subject to the proviso of clause
(g) of this definition, such Purchase shall be required to be consummated no later than ten (10) Business Days after the time that
Return Bids are required to be submitted by Lenders pursuant to the applicable Purchase Notice);

 

(g)       upon
submission by a Lender of a Return Bid, subject to the foregoing clause (f), such Lender will be irrevocably obligated to sell
the entirety or its pro rata portion (as applicable pursuant to clause (e) above) of the Reply Amount at the Applicable
Discount plus accrued and unpaid interest through the date of purchase to such Purchaser pursuant to Section 11.6(b) and
as otherwise provided herein; provided that as long as no Return Bids have been submitted each Purchaser may rescind its Purchase
Notice by notice to the Administrative Agent; and

 

    36 

     

    

(h)       purchases
by a Permitted Auction Purchaser of Qualifying Loans shall result in the immediate Cancellation of such Qualifying Loans.

 

“Early
Opt-in Election”: if the then-current Benchmark is Adjusted LIBO Rate, the occurrence of:

 

		(1)	a notification by the Administrative
                                            Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the
                                            other parties hereto that at least five currently outstanding dollar-denominated syndicated
                                            credit facilities at such time contain (as a result of amendment or as originally executed)
                                            a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark
                                            rate (and such syndicated credit facilities are identified in such notice and are publicly
                                            available for review), and

 

		(2)	the joint election by the Administrative
                                            Agent and the Borrower to trigger a fallback from Adjusted LIBO Rate and the provision by
                                            the Administrative Agent of written notice of such election to the Lenders.

 

“ECF
Percentage”: (a) 50% so long as the Total First Lien Net Leverage Ratio determined on a Pro Forma Basis as of the last day
of such fiscal year is greater than 4.75 to 1.00 (with only the amount of Excess Cash Flow required to be swept so that the Total First
Lien Net Leverage Ratio determined on a Pro Forma Basis as of the last day of such fiscal year would be no greater than 4.75 to 1.00)
and (b) otherwise, 0%.

 

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

 

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

 

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

 

“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted
by a Person with the intent to sign, authenticate or accept such contract or record.

 

“Eligible
Assignee”: (a) any Lender, any Affiliate of a Lender and any Approved Fund (any two or more Approved Funds with respect to
a particular Lender being treated as a single Eligible Assignee for all purposes hereof), and (b) any commercial bank, insurance company,
financial institution, investment or mutual fund or other entity that is an “accredited investor” (as defined in Regulation
D under the Securities Act) and which extends credit or buys commercial loans in the ordinary course; provided that “Eligible
Assignee” (x) shall include (i) Affiliated Lenders, subject to the provisions of Section 11.6(b)(iv) and (ii) Permitted
Auction Purchasers, subject to the provisions of Section 11.6(b)(iii), and solely to the extent that such Permitted Auction Purchasers
purchase or acquire Term Loans pursuant to a Dutch Auction or in open market purchases and effect a Cancellation immediately

 

    37 

     

    

upon such contribution, purchase or
acquisition pursuant to documentation reasonably satisfactory to the Administrative Agent and (y) shall not include any Disqualified
Lender or any natural person.

 

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

 

“Equity
Holder”: any direct or indirect equity holder of the Borrower.

 

“Equity
Interests”: Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any Indebtedness
that is convertible into, or exchangeable for, Capital Stock).

 

“Equity
Offering”: any public or private sale after the Closing Date of common stock or Preferred Stock of the Borrower or any direct
or indirect parent of the Borrower, as applicable (other than Disqualified Stock), other than:

 

(1)       public
offerings with respect to such Person’s common stock registered on Form S-8; and

 

(2)       an
issuance to any Restricted Subsidiary.

 

“ERISA”:
the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“ERISA
Event” as defined in Section 4.11.

 

“Escrowed
Proceeds” means the proceeds of Indebtedness permitted by Section 7.2 which are maintained under escrow or a similar contingent
release arrangement and are permitted to be released solely for (x) Permitted Acquisitions subject to such Indebtedness being permitted
by Section 7.2 on a pro forma basis on the date of release from escrow or similar contingent release arrangement and/or (y) repayment
of Indebtedness. For the avoidance of doubt, funds in the Segregated Acquisition Amount Deposit Account are Escrowed Proceeds.

 

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

 

“Euro”
and “€” means the lawful currency of the European Union as constituted by the Treaty of Rome which established
the European Community, as such treaty may be amended from time to time and as referred to in the European Monetary Union legislation.

 

“Eurocurrency
Loans”: Loans that bear interest at a rate based on the definition of “Eurocurrency Rate”, other than any ABR Loan.

 

“Eurocurrency
Rate”: with respect to any Borrowing of Eurocurrency Loans for any Interest Period, the London interbank offered rate as administered
by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for the applicable currency for
a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate
(or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays
such rate, or on the appropriate page of such

 

    38 

     

    

other information service that publishes
such rate from time to time as selected by the Administrative Agent in its reasonable discretion at approximately 11:00 a.m., London
time, on the relevant Quotation Date (the “LIBOR Screen Rate”); provided that (a) with respect to any Revolving
Loan, if the LIBOR Screen Rate shall be less than 0.00%, such rate shall be deemed to be 0.00% for purposes of this Agreement and (b)
with respect to any Term Loan, if the LIBOR Screen Rate shall be less than 0.50%, such rate shall be deemed to be 0.50% for purposes
of this Agreement; provided further that if the LIBOR Screen Rate shall not be available at such time for such Interest Period
(an “Impacted Interest Period”) with respect to the applicable currency then the Eurocurrency Rate shall be the Interpolated
Rate; provided that (x) with respect to any Revolving Loan, if any Interpolated Rate shall be less than 0.00%, such rate shall
be deemed to be 0.00% for purposes of this Agreement and (y) with respect to any Term Loan, if any Interpolated Rate shall be less than
0.50%, such rate shall be deemed to be 0.50% for purposes of this Agreement; and

 

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

 

“Event
of Default”: any of the events specified in Section 9.1; provided that any requirement for the giving of notice,
the lapse of time, or both, has been satisfied.

 

“Excess
Cash Flow”: for any Excess Cash Flow Period, the excess, if positive, of

 

(a)       the
sum, without duplication, of

 

(i)       Consolidated
Net Income for such Excess Cash Flow Period,

 

(ii)       the
amount of Consolidated Non-Cash Charges deducted in arriving at such Consolidated Net Income, but excluding any such Consolidated Non-Cash
Charges representing an accrual or reserve for a potential cash item in any future period,

 

(iii)       the
Consolidated Working Capital Adjustment for such Excess Cash Flow Period,

 

(iv)       the
aggregate net amount of non-cash loss on the Disposition of property by the Borrower and the Restricted Subsidiaries during such Excess
Cash Flow Period (other than sales in the ordinary course of business), to the extent deducted in arriving at such Consolidated Net Income,

 

(v)       [reserved],
and

 

(vi)       cash
receipts in respect of Swap Agreements during such Excess Cash Flow Period to the extent not otherwise included in Consolidated Net Income,
over

 

(b)       the
sum, without duplication, of

 

(i)       the
amount of all non-cash credits included in arriving at such Consolidated Net Income (but excluding any non-cash credit to the extent
representing a reversal of an accrual or reserve described in clause (a)(ii)),

 

(ii)       to
the extent not deducted in determining Consolidated Net Income, Permitted Tax Distributions and Taxes of any Group Member paid or payable
with respect to such 

 

    39 

     

    

Excess Cash
Flow Period and, if payable, for which reserves have been established to the extent required by GAAP, 

 

(iii)       all
mandatory prepayments of the Term Loans pursuant to Section 2.11 made during such Excess Cash Flow Period as a result of any Asset
Sale or Recovery Event, but only to the extent that such Asset Sale or Recovery Event resulted in a corresponding increase in Consolidated
Net Income,

 

(iv)       the
aggregate amount actually paid by the Borrower and the Restricted Subsidiaries in cash during such Excess Cash Flow Period on account
of Permitted Acquisitions or other Investments permitted hereunder (including any earn-out payments, deferred consideration and other
contingent consideration, but excluding (A) the principal amount of Indebtedness Incurred in connection with such expenditures (other
than Indebtedness under any revolving credit facility), (B) the proceeds of equity contributions to, or equity issuances by the Borrower
or any Restricted Subsidiary to finance such expenditures) and (C) Permitted Acquisitions and other Investments made in such Excess Cash
Flow Period where a certificate in the form contemplated by the preceding clause (iii) was previously delivered,

 

(v)       to
the extent not funded with the proceeds of Indebtedness (other than Indebtedness under any revolving credit facility), the aggregate
amount of all regularly scheduled principal amortization payments of Funded Debt made on their due date during such Excess Cash Flow
Period (including payments in respect of Capitalized Lease Obligations to the extent not deducted in the calculation of Consolidated
Net Income),

 

(vi)       to
the extent not funded with the proceeds of Indebtedness (other than Indebtedness under any revolving credit facility), the aggregate
amount of all optional prepayments, repurchases and redemptions of Indebtedness (other than (x) the Loans and (y) in respect of any revolving
credit facility to the extent there is not an equivalent permanent reduction in commitments thereunder) made during the Excess Cash Flow
Period,

 

(vii)       the
aggregate net amount of non-cash gains on the Disposition of property by the Borrower and the Restricted Subsidiaries during such Excess
Cash Flow Period (other than sales of inventory in the ordinary course of business), to the extent included in arriving at such Consolidated
Net Income,

 

(viii)       to
the extent not funded with proceeds of Indebtedness (other than Indebtedness under any revolving credit facility), the aggregate amount
of all Restricted Payments made in cash (other than such Restricted Payments made to the Borrower or any Restricted Subsidiary), during
such Excess Cash Flow Period,

 

(ix)       any
cash payments that are made during such Excess Cash Flow Period and have the effect of reducing an accrued liability that was not accrued
during such period,

 

(x)       the
amount of Taxes paid in cash during such Excess Cash Flow Period to the extent they exceed the amount of Tax expense deducted in determining
Consolidated Net Income for such period,

 

(xi)       to
the extent not deducted in determining Consolidated Net Income for such period, any amounts paid by the Restricted Subsidiaries during
such period that are reimbursable by the seller, or other unrelated third party, in connection with a Permitted Acquisition or other
permitted 

 

    40 

     

    

Investments
(and provided that once so reimbursed, such amounts shall increase Excess Cash Flow for the period in which received),

 

(xii)       the
aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and any Restricted Subsidiary during
such period that are required to be made in connection with any prepayment or satisfaction and discharge of Indebtedness,

 

(xiii)       cash
expenditures in respect of Swap Agreements during such Excess Cash Flow Period to the extent not deducted in arriving at such Consolidated
Net Income,

 

(xiv)       the
amount of cash payments made in respect of pensions and other post-employment benefits in such period to the extent not deducted in arriving
at such Consolidated Net Income,

 

(xv)       the
amount of Cash Equivalents subject to cash collateral or other deposit arrangements made with respect to Letters of Credit or Swap Agreements;
provided, that if such Cash Equivalents cease to be subject to those arrangements, such amount shall be added back to Excess Cash
Flow for the subsequent Excess Cash Flow Period when such arrangements cease,

 

(xvi)       a
reserve established by the Borrower or any Restricted Subsidiary in good faith in respect of deferred revenue that any Group Member generated
during such Excess Cash Flow Period; provided that, to the extent all or any portion of such deferred revenue is not returned
to customers during the immediately succeeding Excess Cash Flow Period or otherwise included in the Consolidated Net Income in the immediately
subsequent year, such deferred revenue shall be added back to Excess Cash Flow for such subsequent Excess Cash Flow Period, 

 

(xvii)       to
the extent not funded with the proceeds of Indebtedness (other than Indebtedness under any revolving credit facility), cash payments
by the Borrower and the Restricted Subsidiaries in respect of long-term liabilities to the extent not deducted in arriving at such Consolidated
Net Income; provided that no such payments are with respect to long-term liabilities with an Affiliate of the Borrower (or are
guaranteed by an Affiliate of the Borrower), and

 

(xviii)       amounts
added to Consolidated Net Income pursuant to clauses (1), (3), (4), (11), (17) and (18) of
the definition of “Consolidated Net Income.”

 

“Excess
Cash Flow Application Date”: as defined in Section 2.11(b).

 

“Excess
Cash Flow Period”: each fiscal year of the Borrower beginning with the fiscal year ending December 31, 2021.

 

“Exchange
Act”: the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.

 

“Exchange
Rate” means, on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at
which such other currency may be exchanged into Dollars at the time of determination on such day on the Reuters WRLD Page for such currency.
In the event that such rate does not appear on any Reuters WRLD Page, the Exchange Rate shall be determined by reference to such other
publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower, or, in the
absence of such an agreement, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative
Agent in the market where its foreign currency exchange operations in respect of such currency are then being

 

    41 

     

    

conducted, at or about such time as
the Administrative Agent shall elect after determining that such rates shall be the basis for determining the Exchange Rate, on such
date for the purchase of Dollars for delivery two Business Days later, provided that if at the time of any such determination,
for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine
such rate, and such determination shall be conclusive absent manifest error.

 

“Excluded
Assets”: shall mean, with respect to any Loan Party, (i) any fee-owned real property not constituting Material Property and
any leasehold interest in real property (it being understood there will be no requirement to obtain any landlord waivers, estoppels or
collateral access letters), (ii) motor vehicles, aircraft and other assets subject to certificates of title, except to the extent a security
interest therein can be perfected by the filing of a UCC financing statement, (iii) letter of credit rights (other than to the extent
consisting of supporting obligations with respect to other collateral to the extent a security interest therein can be perfected by the
filing of a UCC financing statement) and commercial tort claims with a value of less than $15,000,000, (iv) any governmental licenses
or state or local franchises, charters and authorizations, to the extent security interests in such licenses, franchises, charters or
authorizations are prohibited or restricted thereby after giving effect to the applicable anti-assignment provisions of the UCC or other
applicable law, (v) pledges and security interests prohibited or restricted by applicable law, rule or regulation (including any requirement
thereunder to obtain the consent of any governmental or regulatory authority) after giving effect to the applicable anti-assignment provisions
of the UCC or other applicable law, (vi) (A) Margin Stock, (B) Equity Interests in any Person that is not a wholly-owned Restricted Subsidiary,
but only to the extent that (x) the organizational documents or other agreements with other equity holders restrict or do not permit
the pledge of such Equity Interests or (y) the pledge of such Equity Interests (including any exercise of remedies) would result in a
change of control, repurchase obligation or any adverse regulatory consequences to any of the Loan Parties or such Restricted Subsidiary,
(C) Equity Interests in Captive Insurance Subsidiaries, and (D) voting stock of any CFC or CFC Holdco in excess of 65% of the voting
stock of such CFC or CFC Holdco, (vii) any lease, license or agreement or any property subject to a purchase money security interest,
capital lease obligations or similar arrangement permitted under this Agreement, in each case, to the extent that a grant of a security
interest therein would violate or invalidate such lease, license or agreement or purchase money or similar arrangement or create a right
of termination in favor of any other party thereto (other than a Loan Party or Restricted Subsidiary) after giving effect to the applicable
anti-assignment provisions of the UCC or other applicable law, other than proceeds and receivables thereof, the assignment of which is
expressly deemed effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition, (viii) any intent-to-use
trademark application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” with respect thereto,
to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the
validity or enforceability of such intent-to-use trademark application under applicable federal law, (ix) (A) payroll and other employee
wage and benefit accounts, (B) withholding tax accounts, including, without limitation, sales tax accounts, (C) escrow accounts (other
than segregated escrow accounts or similar accounts holding Escrowed Proceeds (including, for the avoidance of doubt, the Segregated
Acquisition Amount Deposit Account)) and (D) fiduciary or trust accounts, in each case of clauses (A) through (D), to the
extent maintained for the benefit of unaffiliated third parties (other than a Loan Party) solely for such purpose, and the funds or other
property held in or maintained in such account for such purposes, and (x) assets in circumstances where the cost or burden of obtaining
a security interest in such assets would be excessive in light of the practical benefit to the Lenders afforded thereby as reasonably
determined between the Borrower and the Administrative Agent; provided, however, that Excluded Assets shall not include
any proceeds, substitutions or replacements of any Excluded Assets referred to in clause (i) through (x) (unless such proceeds,
substitutions or replacements would constitute Excluded Assets referred to in clauses (i) through (x)).

 

    42 

     

    

“Excluded
Contributions”: the net cash proceeds and Cash Equivalents or Fair Market Value of assets or property received by or contributed
to the Borrower or any Restricted Subsidiary after the Closing Date (other than (i) such amounts provided by or contributed to the Borrower
or any Restricted Subsidiary from or by any Restricted Subsidiary and (ii) Permitted Cure Securities) from:

 

(a)       contributions
to its common or preferred equity capital, and

 

(b)       the
sale (other than to the Borrower or a Restricted Subsidiary or management equity plan or stock option plan or any other management or
employee benefit plan or agreement) of Capital Stock (other than Refunding Capital Stock, Disqualified Stock and Designated Preferred
Stock) of the Borrower or any direct or indirect parent, in each case of clauses (a) and (b) designated by the Borrower
as an Excluded Contribution, the proceeds of which are excluded from the calculation set forth in clause (C) of the definition
of “Available Amount.”

 

“Excluded
ECP Guarantor”: in respect of any Swap Obligation, any Loan Party that is not a Qualified ECP Guarantor at the time such Swap
Obligation is Incurred.

 

“Excluded
Subsidiary”: any Subsidiary of the Borrower that is, at any time of determination, (i) not a Wholly Owned Subsidiary, provided
that such Subsidiary shall cease to be an Excluded Subsidiary at the time such Subsidiary becomes a Wholly Owned Subsidiary, (ii)
a special purpose securitization vehicle (or similar entity), including any Receivables Subsidiary created pursuant to a transaction
permitted under this Agreement, in each case reasonably satisfactory to the Administrative Agent, (iii) [reserved], (iv) a not-for-profit
Subsidiary, (v) a Captive Insurance Subsidiary, (vi) a CFC, (vii) a CFC Holdco, (viii) a Subsidiary of a CFC, (ix) an Unrestricted Subsidiary,
(x) any Foreign Subsidiary, (xi) any Immaterial Subsidiary (provided that, in the absence of any other applicable limitation,
such Subsidiary shall cease to be an Excluded Subsidiary at the time such Subsidiary is no longer an Immaterial Subsidiary), (xii) for
which the granting of a pledge or security interest would be prohibited or restricted by applicable law whether on the Closing Date or
thereafter or by contract existing on the Closing Date, or, if such Subsidiary is acquired after the Closing Date, by contract existing
when such Subsidiary is acquired (so long as such prohibition is not created in contemplation of such acquisition), including any requirement
to obtain the consent of any Governmental Authority or third party pursuant to such contract (unless such consent has been obtained),
(xiii) [reserved] or (xiv) for which the cost of providing a Guarantee is excessive in relation to the value afforded thereby (as reasonably
agreed by the Borrower and the Administrative Agent); provided that, notwithstanding the foregoing, the Borrower may designate
any U.S. Subsidiary that is an Excluded Subsidiary as a Guarantor and may designate, with the consent of the Administrative Agent any
Foreign Subsidiary that is an Excluded Subsidiary as a Guarantor, by causing such Subsidiary to execute a Guarantor Joinder Agreement,
whereupon such Subsidiary shall cease to constitute an Excluded Subsidiary and such Subsidiary and the Loan Party that holds the Equity
Interests of such Subsidiary shall in connection therewith comply with the provisions of Section 6.9(c) and may, thereafter, re-designate
such Subsidiary as an Excluded Subsidiary (so long as such Subsidiary otherwise then qualified as an Excluded Subsidiary), upon which
re-designation such Subsidiary shall automatically be released from its Guarantee in accordance with Section 8.9.

 

“Excluded
Swap Obligation”: any obligation (a “Swap Obligation”) of any Excluded ECP Guarantor to pay or perform under
any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange
Act, if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security
interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule,
regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue
of such Guarantor’s failure for any reason not to constitute an “eligible contract participant” as defined in the Commodity
Exchange Act.

 

    43 

     

    

“Excluded
Taxes”: any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a
payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the
case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof)
or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or
for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date
on which (i) such Lender acquires such interest in the applicable Commitment or, to the extent a Lender acquires an interest in a Loan
not funded pursuant to a prior Commitment, acquires such interest in such Loan (other than pursuant to an assignment request by the Borrower
under Section 2.23) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section
2.19, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party
hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to
comply with paragraph (e) or (f) of Section 2.19, and (d) any withholding Taxes imposed under FATCA.

 

“Existing
Debt Release/Repayment”: collectively, the repayment in full of obligations, termination of commitments and release of any
security interests and guarantees with respect to that certain Fourth Amended and Restated Credit Agreement dated as of December 19,
2019, among, inter alia, the Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent.

 

“Existing
Initial Term Loan” shall have the meaning provided in Amendment No. 2.

 

“Existing
Initial Term Loan Lender” shall have the meaning provided in Amendment No. 2.

 

“Existing
Swap Agreement”: each Swap Agreement listed on Schedule 1.1G.

 

“Extended
Revolving Commitments”: one or more Classes of extended Revolving Commitments that result from a Permitted Amendment.

 

“Extended
Revolving Loans”: the Revolving Loans made pursuant to any Extended Revolving Commitment or otherwise extended pursuant to
a Permitted Amendment.

 

“Extended
Term Loans”: one or more classes of extended Term Loans that result from a Permitted Amendment.

 

“Facility”:
(a) any Term Facility and (b) any Revolving Facility, as the context may require.

 

“Fair
Market Value”: with respect to any Investment, asset, property or transaction, the price which could be negotiated in an arm’s
length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure
or compulsion to complete the transaction (as determined in good faith by the Borrower).

 

“FATCA”:
Sections 1471 through 1474 of the Code as in existence on the Closing Date (and any amended or successor versions of such provisions
to the extent such versions are substantively comparable and not materially more onerous to comply with), any current or future U.S.
Treasury regulations thereunder and official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the
Code and any fiscal, tax or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or
convention entered into in connection with the implementation of such Sections of the Code and/or U.S. Treasury regulations thereunder.

 

    44 

     

    

“Federal
Funds Effective Rate”: for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by
depositary institutions, as determined in such manner as shall be set forth on the NYFRB’s Website from time to time, and published
on the next succeeding Business Day by the NYFRB as the effective federal funds rate; provided that if the Federal Funds Effective
Rate as so determined would be less than 0.50%, such rate shall be deemed to be 0.50% for the purposes of this Agreement.

 

“Fee
Payment Date”: (a) the last Business Day of each March, June, September and December (commencing on December 31, 2020), (b)
the Revolving Termination Date and (c) the date the Total Revolving Commitments are reduced to zero.

 

“Financial
Covenant Event of Default”: as defined in Section 9.2(b).

 

“Financial
Definitions”: the definitions of Consolidated Interest Expense, Consolidated Net Income, Total First Lien Net Leverage Ratio,
Total Net Leverage Ratio, Total Secured Net Leverage Ratio, Consolidated Total Indebtedness, Consolidated EBITDA, Fixed Charge Coverage
Ratio, Debt Service Coverage Ratio and Net Income, and any defined term or section reference included in such definitions.

 

“First
Lien Obligations”: any Indebtedness that is secured on a pari passu basis with the Liens that secure the Term B-1 Loans,
the Revolving Loans (if any) and the Revolving Commitments (or any refinancing of the Term B-1 Loans, Revolving Loans (if any) or Revolving
Commitments with loans or commitments having the same Lien priority as the Term B-1 Loans, Revolving Loans (if any) or Revolving Commitments,
as applicable, prior to such refinancing). For the avoidance of doubt, “First Lien Obligations” shall include the Initial
Term Loans, the Term B-1 Loans, the Revolving Loans (if any) or Revolving Commitments (or the loans or commitments that Refinance the
Initial Term Loans, the Term B-1 Loans Revolving Loans (if any) or Revolving Commitments).

 

“First
Priority Refinancing Revolving Facility”: as defined in the definition of “Permitted First Priority Refinancing Debt.”

 

“First
Priority Refinancing Term Facility”: as defined in the definition of “Permitted First Priority Refinancing Debt.”

 

“Fixed
Amounts”: as defined in Section 1.5.

 

“Fixed
Charge Coverage Ratio”: for any period, the ratio of Consolidated EBITDA for such period to the Fixed Charges for such period.
In the event that the Borrower or any of the Restricted Subsidiaries Incurs, assumes, guarantees, redeems (or gives irrevocable notice
of redemption for), retires or extinguishes any Indebtedness (other than in the case of revolving advances under any Qualified Receivables
Financing in which case interest expense shall be computed based upon the average daily balance of such Indebtedness during the applicable
period) or issues or redeems (or gives irrevocable notice of redemption for) Disqualified Stock or Preferred Stock subsequent to the
commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously with the event
for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Coverage Ratio Calculation Date”),
then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such Incurrence, assumption, guarantee, redemption
(including as contemplated by any such irrevocable notice of redemption), retirement or extinguishment of Indebtedness, or such issuance
or redemption (including as contemplated by any such irrevocable notice of redemption) of Disqualified Stock or Preferred Stock, as if
the same had occurred at the beginning of the applicable four-quarter period.

 

    45 

     

    

For
purposes of making the computation referred to above, Investments (including any designation of a Subsidiary as a Restricted Subsidiary
or an Unrestricted Subsidiary), acquisitions, dispositions, mergers (including the Transactions), consolidations and disposed or discontinued
operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and Operational Changes
that the Borrower or any of the Restricted Subsidiaries has both determined to make and made after the Closing Date and during the four-quarter
reference period or subsequent to such reference period and on or prior to or substantially simultaneously with the Calculation Date
(each, for purposes of this definition, a “pro forma event”) shall be calculated on a Pro Forma Basis assuming that
all such Investments, acquisitions, dispositions, mergers (including the Transactions), consolidations, Operational Changes and discontinued
operations (and the change of any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had
occurred on the first day of the four-quarter reference period. If, since the beginning of such period, any Person that subsequently
became a Restricted Subsidiary or was merged with or into the Borrower or any Restricted Subsidiary since the beginning of such period
shall have made or effected any Investment, acquisition, disposition, merger, consolidation or discontinued operation, in each case with
respect to an operating unit of a business, or Operational Changes that would have required adjustment pursuant to this definition, then
the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition,
disposition, merger, consolidation, discontinued operation or Operational Changes had occurred at the beginning of the applicable four-quarter
period.

 

For
purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made
in good faith by a responsible financial or accounting officer of the Borrower to the extent identifiable and supportable. Any such pro
forma calculation may include, without duplication, adjustments appropriate to reflect cost savings, operating expense reductions, restructuring
charges and expenses and synergies reasonably expected to result from the applicable event to the extent set forth in the definition
of “Consolidated EBITDA”.

 

If
any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated
as if the rate in effect on the Fixed Charge Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking
into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest
implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest
on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance
of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based
upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon
the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate. In connection with any
Limited Condition Transaction, the Borrower may determine baskets and ratios in accordance with Section 1.4.

 

“Fixed
Charges”: with respect to the Borrower and the Restricted Subsidiaries for any period, the sum of:

 

(1)       Consolidated
Interest Expense paid in cash during such period; and

 

(2)       all
cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock or Disqualified Stock of the Borrower
and the Restricted Subsidiaries;

 

    46 

     

    

provided,
however, that, notwithstanding the foregoing, any charges arising from (i) the application of Accounting Standards Codification
Topic 480-10-25-4 “Distinguishing Liabilities from Equity—Overall—Recognition” to any series of Preferred Stock
other than Disqualified Stock or (ii) the application of Accounting Standards Codification Topic 470-20 “Debt—Debt with Conversion
Options—Recognition,” in each case, shall be disregarded in the calculation of Fixed Charges.

 

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

 

“Floor”:
the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment
or renewal of this Agreement or otherwise) with respect to Adjusted LIBO Rate.

 

“Foreign
Benefit Plan Event”: with respect to any Foreign Plan, (a) the existence of unfunded liabilities in excess of the amount permitted
under any applicable law, or in excess of the amount that would be permitted absent a waiver from a Governmental Authority, (b) the failure
to make the required contributions or payments, under any applicable law or the terms of the Foreign Plan, on or before the due date
for such contributions or payments, (c) the receipt of a notice by a Governmental Authority relating to the intention to terminate any
such Foreign Plan or to appoint a trustee or similar official to administer any such Foreign Plan, (d) the incurrence of any liability
by a Loan Party or any of Subsidiary of a Loan Party on account of the complete or partial termination of such Foreign Plan or the complete
or partial withdrawal of any participating employer therein, (e) the occurrence of any transaction that could result in a Loan Party
or any Subsidiary of a Loan Party incurring, or the imposition on a Loan Party or any Subsidiary of a Loan Party of, any fine, excise
tax or penalty resulting from any noncompliance with applicable law or (f) any other event or condition with respect to a Foreign Plan
that is not in compliance with applicable law that could result in liability of a Loan Party or any Subsidiary of a Loan Party.

 

“Foreign
Plan”: any pension plan, employee benefit plan, fund or other similar program established, maintained or contributed to by
a Loan Party or any Subsidiary of a Loan Party primarily for the benefit of individuals residing outside the United States (other than
plans, funds or similar programs that are sponsored, maintained or administered by a Governmental Authority), and which is not subject
to ERISA or the Code.

 

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

 

“Funded
Debt”: as to any Person, all Indebtedness described in clauses (a)(i), (a)(ii) (excluding, for the avoidance
of doubt, surety bonds, performance bonds and similar instruments) and (a)(iv) of the definition of “Indebtedness”
of such Person that matures more than one year from the date of its creation or matures within one year from such date but is renewable
or extendible, at the option of such Person, to a date more than one year from such date or arises under a revolving credit or similar
agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including all current
maturities and current sinking fund payments in respect of such Indebtedness whether or not required to be paid within one year from
the date of its creation and, in the case of the Borrower, Indebtedness in respect of the Loans.

 

“Funding
Default”: as defined in Section 2.17(d).

 

    47 

     

    

“Funding
Obligations” as defined in the definition of “Defaulting Lender.”

 

“GAAP”:
generally accepted accounting principles in the United States of America that are in as in effect from time to time (for all other purposes
of this Agreement); provided that any leases which would have been classified as operating leases in accordance with GAAP prior
to December 31, 2018 (whether or not such operating lease obligations were in effect on such date) shall be classified as operating leases
for the purposes of this Agreement regardless of any change in or application of GAAP following such date pursuant to ASC 842 or otherwise
that would require such leases (on a prospective or retroactive basis or otherwise) to be treated as capital leases.

 

“Global
Intercompany Note”: a note substantially in the form of Exhibit J.

 

“Governmental
Approval”: any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration,
filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 

“Governmental
Authority”: any nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality,
regulatory body, court, central bank, administrative tribunal or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government (including any supra-national bodies exercising such powers or functions,
such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory
capital rules or standards (including the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee
on Banking Supervision or any successor or similar authority to any of the foregoing).

 

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

 

“guarantee”:
as to any Person, a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business),
direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of
any Indebtedness of another Person.

 

“Guarantee”:
as defined in Section 8.2(b).

 

“Guarantee
Obligation”: as to any Person (the “guaranteeing person”), any obligation, including a reimbursement, counterindemnity
or similar obligation, of the guaranteeing person that guarantees or in effect guarantees, or which is given to induce the creation of
a separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any
Indebtedness (the “primary obligations”) of any other third Person (the “primary obligor”) in any
manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (a) to purchase
any such primary obligation or any property constituting direct or indirect security therefor, (b) to advance or supply funds (i) for
the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or
otherwise to maintain the net worth or solvency of the primary obligor, (c) to purchase property, securities or services primarily for
the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary
obligation or (d) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided,
however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary
course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount
equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the
maximum amount for which such

 

    48 

     

    

guaranteeing person may be liable pursuant
to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such
guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such
guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith.

 

“Guarantor
Joinder Agreement”: an agreement substantially in the form of Exhibit G, or such
other form as the Administrative Agent and Borrower may agree.

 

“Guarantor
Obligations”: as defined in Section 8.1.

 

“Guarantors”:
the collective reference to (a) each Restricted Subsidiary that executes this Agreement as a “Guarantor” and each Restricted
Subsidiary that executes a Guarantor Joinder Agreement (except to the extent released in accordance with this Agreement) and (b) the
Borrower with respect to any Designated Acquisition Swingline Loan that is borrowed by a BRP DRE Subsidiary; provided, however,
that the Guarantors shall not include any Excluded Subsidiary unless designated by the Borrower pursuant to the proviso in the definition
of “Excluded Subsidiary”.

 

“Hedging
Obligations”: with respect to any Person, the obligations of such Person under Swap Agreements.

 

“Honor
Date”: as defined in Section 3.5.

 

“Immaterial
Subsidiary”: each Subsidiary which, as of the most recently ended Test Period, contributed 5.0% or less of Consolidated EBITDA
for such period; provided that, if, as of the most recently ended Test Period, the aggregate amount of Consolidated EBITDA attributable
to all Subsidiaries that are Immaterial Subsidiaries exceeds 10% of Consolidated EBITDA for any such period, the Borrower shall designate
sufficient Subsidiaries to eliminate such excess, and such designated Subsidiaries shall no longer constitute Immaterial Subsidiaries
under this Agreement.

 

“Impacted
Interest Period” as defined in the definition of “Eurocurrency Rate.”

 

“Incremental
Amendment”: as defined in Section 2.25(c).

 

“Incremental
Arranger”: as defined in Section 2.25(a).

 

“Incremental
Facility”: any Class of Incremental Term Commitments or Revolving Commitment Increases and the extensions of credit made thereunder,
as the context may require.

 

“Incremental
Facility Closing Date”: as defined in Section 2.25(c).

 

“Incremental
Loan”: any Class of Incremental Term Loans or Incremental Revolving Loans, as the context may require.

 

“Incremental
No. 1 Revolving Credit Commitments” means the Revolving Commitments made on the Amendment No. 3 Effective Date pursuant to
the Amendment No. 3.

 

“Incremental
Revolving Lender”: as defined in Section 2.25(a).

 

“Incremental
Revolving Loans”: as defined in Section 2.25(a).

 

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“Incremental
Term B-1 Loan Commitment” means, with respect to an Incremental Term B-1 Lender, the commitment of such Incremental Term B-1
Lender to make an Incremental Term B-1 Loan on the Amendment No. 2 Effective Date, in the amount set forth on the joinder agreement of
such Incremental Term B-1 Lender to Amendment No. 2. The aggregate amount of the Incremental Term B-1 Loan Commitments of all Incremental
Term B-1 Lenders equals $102,000,000. For the avoidance of doubt, each Incremental Term B-1 Loan Commitment is an Incremental Term Commitment.

 

“Incremental
Term Commitments”: as defined in Section 2.25(a).

 

“Incremental
Term B-1 Lender” means a Person with an Incremental Term B-1 Loan Commitment to make Incremental Term B-1 Loans to the Borrower
on the Amendment No. 2 Effective Date. For the avoidance of doubt, each Incremental Term B-1 Lender is an Additional Lender.

 

“Incremental
Term Lender”: as defined in Section 2.25(a).

 

“Incremental
Term Loan Maturity Date”: the date on which an Incremental Term Loan matures as set forth in the Incremental Amendment relating
to such Incremental Term Loan.

 

“Incremental
Term B-1 Loans” means a Term Loan that is made pursuant to Section 3 of Amendment No. 2. For the avoidance of doubt, each Incremental
Term B-1 Loan is an Incremental Term Loan.

 

“Incremental
Term Loans”: as defined in Section 2.25(a).

 

“Incremental
Term Percentage”: as to any Incremental Term Lender at any time, the percentage which such Lender’s Incremental Term
Commitments then constitutes of the aggregate Incremental Term Commitments then outstanding.

 

“Incremental
Yield Differential”: as defined in Section 2.25(a)(vii).

 

“Incur”:
with respect to any Indebtedness, issue, assume, guarantee, incur or otherwise become liable for; provided, however, that
any Indebtedness or Capital Stock of a Person existing at the time such person becomes a Subsidiary (whether by merger, consolidation,
acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary.

 

“Incurrence-Based
Amounts”: as defined in Section 1.5.

 

“Indebtedness”:
with respect to any Person:

 

(a)       the
principal and premium (if any) of any Indebtedness of such Person, whether or not contingent, (i) in respect of borrowed money, (ii)
evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication,
reimbursement agreements in respect thereof), (iii) representing the deferred and unpaid purchase price of any property, asset or business,
except (x) any such balance that constitutes a trade payable, accrued expense or similar obligation to a trade creditor and (y) any acquisition
earn-out obligations, (iv) in respect of Capitalized Lease Obligations or purchase money debt or (v) representing any Hedging Obligations,
other than Hedging Obligations that are incurred in the normal course of business and not for speculative purposes, and that do not increase
the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in interest rates, commodity prices or
foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder, if and to the extent that any
of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability on a

 

    50 

     

    

balance sheet (excluding the footnotes
thereto) of such Person prepared in accordance with GAAP, provided that Indebtedness of any direct or indirect parent of the Borrower
appearing upon the balance sheet of the Borrower solely by reason of push-down accounting under GAAP shall be excluded;

 

(b)       to
the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on
the obligations described in clause (a) of another Person (other than by endorsement of negotiable instruments for collection
in the ordinary course of business); and

 

(c)       to
the extent not otherwise included, obligations described in clause (a) of another Person secured by a Lien on any asset owned
by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such
Indebtedness will be the lesser of (i) the Fair Market Value of such asset at such date of determination, and (ii) the amount of such
Indebtedness of such other Person;

 

provided
that (a) Contingent Obligations, (b) obligations under or in respect of Receivables Financings, (c) Obligations associated with other
post-employment benefits and pension plans, workers’ compensation claims, deferred compensation or employee or director equity
plans, social security or wage taxes, (d) [reserved], (e) in connection with the purchase by the Borrower or any Restricted Subsidiary
of any business, post-closing payment adjustments to which the seller may be entitled to the extent such payment is determined by a final
closing balance sheet or such payment depends on the performance of such business after the closing until 30 days after any such obligation
becomes contractually due and payable, (f) deferred or prepaid revenues, (g) any Capital Stock (other than Disqualified Stock), (h) purchase
price holdbacks (including “live-out” payments) in respect of a portion of the purchase price of an asset to satisfy warranty
or other unperformed obligations of the respective seller, (i) premiums payable to, and advance commissions or claims payments from,
insurance companies, (j) earn-out, contingent payments or similar obligations, (k) intercompany indebtedness made in the ordinary course
of business and having a term not exceeding 364 days, (l) deferred compensation to employees of the Borrower and its Subsidiaries incurred
in the ordinary course of business, and (m) obligations, to the extent such obligations would otherwise constitute Indebtedness, under
any agreement that have been defeased or satisfied and discharged pursuant to the terms of such agreement shall in each case not constitute
Indebtedness.

 

“Indemnified
Liabilities”: as defined in Section 11.5.

 

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

 

“Indemnitee”:
as defined in Section 11.5.

 

“Independent
Financial Advisor”: an accounting, appraisal or investment banking firm or consultant, in each case of nationally recognized
standing that is, in the good faith determination of the Borrower or its direct or indirect parent, qualified to perform the task for
which it has been engaged.

 

“Initial
Term Loan”: a Term Loan made on the Closing Date pursuant to Section 2.1.

 

“Insolvency”:
with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA.

 

“Insolvent”:
pertaining to a condition of Insolvency.

 

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“Intellectual
Property Security Agreements”: collectively, (a) each of the intellectual property security agreements among the Loan Parties
party thereto and the Administrative Agent, in each case substantially in a form reasonably acceptable to the Administrative Agent and
(b) each other intellectual property security agreement or intellectual property security agreement supplement executed and delivered
pursuant to Section 6.9, Section 6.11, or Section 6.15, in each case as amended, restated, supplemented, replaced
or otherwise modified from time to time in accordance with its terms.

 

“Intercreditor
Agreement”: (i) any intercreditor agreement executed in connection with any transaction requiring such agreement to be executed
pursuant to the terms hereof, among the Administrative Agent, the Borrower, the Guarantors and one or more Senior Representatives in
respect of such Indebtedness or any other party, as the case may be, substantially on terms set forth on Exhibit D (except to
the extent otherwise reasonably agreed by the Borrower, the Administrative Agent and the Required Lenders, which changes will be deemed
approved by each Lender who has not objected within five (5) Business Days following the posting thereof by the Administrative Agent
to the Lenders (or such other time as reasonably agreed by the Administrative Agent and the Borrower)) and such other terms that are
reasonably satisfactory to the Administrative Agent, in each case, as amended, restated, supplemented, replaced or otherwise modified
from time to time with the consent of the Administrative Agent (such consent not be unreasonably withheld, conditioned or delayed) and
(ii) an intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent, (which intercreditor agreement
will be deemed approved by each Lender who has not objected within five (5) Business Days following the posting thereof by the Administrative
Agent to the Lenders (or such other time as reasonably agreed by the Administrative Agent and the Borrower)), in each case as amended,
restated, supplemented, replaced or otherwise modified from time to time in accordance with its terms.

 

“Interest
Payment Date”: (a) as to any ABR Loan (including any Designated Acquisition Swingline Loan), the last Business Day of each
March, June, September and December (commencing on December 31, 2020) and the final maturity date of such Loan, (b) as to any Eurocurrency
Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any Eurocurrency Loan having
an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such
Interest Period and the last day of such Interest Period and (d) as to any Eurocurrency Loan (except in the case of the repayment or
prepayment of all Loans or, as to any Revolving Loan, the Revolving Termination Date or such earlier date on which the Revolving Commitments
are terminated), the date of any repayment or prepayment made in respect thereof.

 

“Interest
Period”: as to any Eurocurrency Loan, the period commencing on the borrowing, continuation or conversion date, as the case
may be, with respect to such Eurocurrency Loan and ending (i) one, two, three or six (in each case, subject to availability) months thereafter
or (ii) if approved by all Lenders under the relevant Facility, twelve months thereafter, one week thereafter or such other period as
all relevant Lenders shall agree, in each case as selected by the Borrower in its irrevocable notice of borrowing, continuation or conversion,
substantially in the form of Exhibit H, or such other form as may be approved by the Administrative Agent (including any form
on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed
and signed by a Responsible Officer of the Borrower; provided that all of the foregoing provisions relating to Interest Periods
are subject to the following:

 

(i)       if
any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such
Interest Period shall end on the immediately preceding Business Day;

 

    52 

     

    

(ii)       the
Borrower may not select an Interest Period under any Revolving Facility that would extend beyond the Revolving Termination Date and the
Borrower (with respect to the Term Loans) may not select an Interest Period under the Term Facility beyond the date final payment is
due on the Term Loans;

 

(iii)       any
Interest Period 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 a calendar month; and

 

(iv)       if
the Borrower shall fail to specify the Interest Period in any notice of borrowing of, conversion to, or continuation of, Eurocurrency
Loans, the Borrower shall be deemed to have selected an Interest Period of one month.

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places
as the LIBOR Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest
error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBOR Screen Rate for the longest period
for which the LIBOR Screen Rate is available for the applicable currency that is shorter than the Impacted Interest Period; and (b) the
LIBOR Screen Rate for the shortest period (for which that LIBOR Screen Rate is available for the applicable currency) that exceeds the
Impacted Interest Period, in each case, at such time.

 

“Investment
Grade Rating”: a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P,
or an equivalent rating by any other rating agency.

 

“Investment
Grade Securities”:

 

(1)       securities
issued or directly and fully guaranteed or insured by the government or any agency or instrumentality thereof (other than Cash Equivalents)
of the U.S., Canada, any country that is a member of the European Union, or the United Kingdom;

 

(2)       securities
that have an Investment Grade Rating;

 

(3)       investments
in any fund that invests at least 95% of its assets in investments of the type described in clauses (1) and (2) which fund
may also hold immaterial amounts of cash pending investment and/or distribution; and

 

(4)       corresponding
instruments in countries other than the United States customarily utilized for high quality investments.

 

“Investments”:
with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees),
advances or capital contributions (excluding accounts receivable, trade credit and advances or extensions of credit to customers and
vendors, commission, travel and similar advances to officers, directors, employees and consultants made in the ordinary course of business)
and purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person.
For purposes of the definition of “Unrestricted Subsidiary” and Section 7.3:

 

(1)       “Investments”
shall include the portion (proportionate to the Borrower’s direct or indirect equity interest in such Subsidiary) of the Fair Market
Value of the net assets of a Subsidiary of the Borrower at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided,

 

    53 

     

    

however, that upon a redesignation
of such Subsidiary as a Restricted Subsidiary, the Borrower shall be deemed to continue to have a permanent “Investment”
in an Unrestricted Subsidiary equal to an amount (if positive) equal to:

 

(a)       the
Borrower’s direct or indirect “Investment” in such Subsidiary at the time of such redesignation less

 

(b)       the
portion (proportionate to the Borrower’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such
Subsidiary at the time of such redesignation; and

 

(2)       any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer.

 

For
the avoidance of doubt, a guarantee by the Borrower or a Restricted Subsidiary of the obligations of another Person (the “primary
obligor”) shall not be deemed to be an Investment by the Borrower or such Restricted Subsidiary in the primary obligor to the extent
that such obligations of the primary obligor are in favor of the Borrower or any Restricted Subsidiary, and in no event shall (x) a guarantee
of an operating lease or other business contract of the Borrower or any Restricted Subsidiary, (y) intercompany indebtedness among the
Borrower and the Restricted Subsidiaries made in the ordinary course of business and having a term not exceeding 364 days or (z) acquisitions
of books of business from individuals or groups of individuals or hiring of individuals and related recruiting costs, signing or incentive
bonuses or other payments of a similar nature be deemed an Investment.

 

“IRS”:
the Internal Revenue Service.

 

“ISDA
Definitions”: the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor
thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published
from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Issuing
Lender”: (i) each of JPMCB, Wells Fargo Bank, N.A., Bank of America, N.A., Capital One, National Association, Cadence Bank,
N.A. and Lake Forest Bank & Trust Company, N.A., or in each case any of their respective affiliates, each in its capacity as issuer
of any Letter of Credit and (ii) such other Revolving Lenders or Affiliates of Revolving Lenders that are reasonably acceptable to the
Administrative Agent and the Borrower that agrees, pursuant to an agreement with and in form and substance reasonably satisfactory to
the Administrative Agent and the Borrower, to be bound by the terms hereof applicable to such Issuing Lender. Any Issuing Lender may
cause Letters of Credit to be issued by designated Affiliates or financial institutions and such Letters of Credit shall be treated as
issued by such Issuing Lender for all purposes under the Loan Documents.

 

“Joint
Bookrunners”: collectively, (i) the Joint Bookrunners
listed on the cover page hereof and, (ii)
from and after the Amendment No. 2 Effective Date, the Amendment No. 2 Arrangers,
(iii) from and after the Amendment No. 3 Effective Date, the Amendment No. 3 Arrangers (as defined in Amendment No. 3) and (iii) from
and after the Amendment No. 4 Effective Date, the Amendment No. 4 Arrangers.

 

“Joint
Lead Arrangers”: collectively, (i) the Joint Lead Arrangers
listed on the cover page hereof and, (ii)
from and after the Amendment No. 2 Effective Date, the Amendment No. 2 Arrangers,
(iii) from and after the Amendment No. 3 Effective Date, the Amendment No. 3 Arrangers (as defined in Amendment No. 3) and (iv) from
and after the Amendment No. 4 Effective Date, the Amendment No. 4 Arrangers.

 

    54 

     

    

“JPMCB”
has the meaning specified in the introductory paragraph to this Agreement.

 

“Junior
Indebtedness”: collectively, (i) Subordinated Indebtedness and (ii) Junior Lien Obligations.

 

“Junior
Lien Obligations”: any Indebtedness that is secured on a junior basis to the First Lien Obligations.

 

“Junior
Priority Refinancing Revolving Facility”: as defined in the definition of “Permitted Junior Priority Refinancing Debt.”

 

“Junior
Priority Refinancing Term Facility”: as defined in the definition of “Permitted Junior Priority Refinancing Debt.”

 

“Latest
Maturity Date”: at any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder
at such time, including the latest maturity or expiration date of any Incremental Term Loans, Other Term Loan, any Other Term Commitment,
any Other Revolving Loan or any Other Revolving Commitment.

 

“Laws”:
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”: with respect to each L/C Participant, such L/C Participant’s funding of its participation in any Letter of
Credit in accordance with Section 3.4(a).

 

“L/C
Borrowing”: 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 Borrowing.

 

“L/C
Commitment”: $5,000,000.

 

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

 

“L/C
Obligations”: at any time, an amount equal to the sum of (a) the aggregate Dollar Equivalent of the then undrawn and unexpired
amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then
been reimbursed pursuant to Section 3.5. 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 3.9 and, if on any date of determination a
Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the
ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 

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

 

    55 

     

    

“L/C
Sublimit”: with respect to any Issuing Lender, (i) the amount set forth opposite the name of such Issuing Lender on Schedule
1.1A-2 or (ii) such other amount specified in the agreement by which such Issuing Lender becomes an Issuing Lender hereunder.

 

“LCT
Election” as defined in Section 1.4.

 

“LCT
Test Date” as defined in Section 1.4.

 

“Legal
Reservations”: the principle that enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement
is sought by proceedings in equity or at law).

 

“Lender-Related
Parties” as defined in Section 11.5.

 

“Lenders”:
as defined in the preamble hereto; provided that, unless the context otherwise requires, each reference herein to the Lenders
shall be deemed to include the Issuing Lenders and the Designated Acquisition Swingline Lender.

 

“Letter
of Credit Expiration Date”: the day that is five (5) Business Days prior to the scheduled Revolving Termination Date (or, if
such day is not a Business Day, the immediately preceding Business Day).

 

“Letters
of Credit”: as defined in Section 3.1(a).

 

“Liabilities”:
any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

 

“LIBOR
Screen Rate”: as defined in the definition of “Eurocurrency Rate”.

 

“Lien”:
any mortgage, deed of trust, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge or other security interest or any preference, priority or other security agreement or similar preferential arrangement (including
any conditional sale or other title retention agreement and any capital lease having substantially the same economic effect as any of
the foregoing).

 

“Limited
Condition Transaction”: (a) any acquisition or other Investment permitted hereunder, including by way of merger, amalgamation
or consolidation, by the Borrower or one or more of the Restricted Subsidiaries, whose consummation is not conditioned upon the availability
of, or on obtaining, third party financing (or, if such a condition does exist, the Borrower or any Restricted Subsidiary, as applicable,
would be required to pay any fee, liquidated damages or other amount or be subject to any indemnity, claim or other liability as a result
of such third party financing not having been available or obtained) or (b) any redemption, satisfaction and discharge or repayment of
Indebtedness or Preferred Stock requiring irrevocable notice in advance of such redemption, satisfaction and discharge or repayment;
provided that the Consolidated Net Income (and any other financial term derived therefrom), other than for purposes of calculating
any ratios in connection with the Limited Condition Transaction, shall not include any Consolidated Net Income of, or attributable to,
the target company or assets associated with any such Limited Condition Transaction unless and until the closing of such Limited Condition
Transaction shall have actually occurred.

 

“Loan”:
any loan made or maintained by any Lender pursuant to this Agreement.

 

    56 

     

    

“Loan
Documents”: this Agreement, Amendment No. 1, Amendment No. 2, Amendment
No. 3, Amendment No. 4, the Notes, the Security Documents, any Guarantor Joinder Agreement, any Intercreditor Agreement or
other intercreditor agreement to which the Administrative Agent is a party any Refinancing Amendment, any Incremental Amendment, any
Loan Modification Agreement and any other document designated as a “Loan Document” by the Administrative Agent and the Borrower
from time to time.

 

“Loan
Modification Agent”: as defined in Section 2.28(a).

 

“Loan
Modification Agreement”: as defined in Section 2.28(b).

 

“Loan
Modification Offer”: as defined in Section 2.28(a).

 

“Loan
Parties”: the collective reference to the Borrower and the Guarantors.

 

“Majority
Facility Lenders”: (a) with respect to any Revolving Facility, the Majority Revolving Lenders with respect to such Revolving
Facility and (b) with respect to any Term Facility, the Majority Term Lenders with respect to such Term Facility.

 

“Majority
Revolving Lenders”: at any time with respect to any Revolving Facility, (i) prior to the termination of all Revolving Commitments
with respect to such Revolving Facility, non-Defaulting Lenders holding more than 50% of the Total Revolving Commitments and (ii) after
the termination of all the Revolving Commitments with respect to such Revolving Facility, non-Defaulting Lenders holding more than 50%
of the Total Revolving Extensions of Credit with respect to such Revolving Facility.

 

“Majority
Term Lenders”: at any time with respect to any Term Facility, Term Lenders that are non-Defaulting Lenders having Term Loans
and unused and outstanding Term Commitments with respect to such Term Facility representing more than 50% of the sum of all Term Loans
outstanding and unused and outstanding Term Commitments with respect to such Term Facility at such time.

 

“Margin
Stock”: as set forth in Regulation U of the Board of Governors of the United States Federal Reserve System, or any successor
thereto.

 

“Market
Capitalization”: an amount equal to (a) the total number of issued and outstanding shares of common Capital Stock of the Borrower
or any direct or indirect parent company thereof on the date of the declaration of a Restricted Payment permitted pursuant to Section
7.3(b)(viii) multiplied by (b) the arithmetic mean of the closing prices per share of such common Capital Stock on the principal
securities exchange on which such shares of common Capital Stock are traded for the thirty (30) consecutive trading days immediately
preceding the date of declaration of such Restricted Payment.

 

“Material
Adverse Effect”: a material adverse effect on (a) the business, assets, liabilities, operations, financial condition or operating
results of the Borrower and the Restricted Subsidiaries taken as a whole, (b) the ability of the Loan Parties (taken as a whole) to perform
their payment obligations under the Loan Documents or (c) the rights, remedies and benefits available to, or conferred upon, the Administrative
Agent, any Lender or any Secured Party hereunder or thereunder.

 

“Material
Acquisition” means any Permitted Acquisition that includes a minimum cash payment at the close of such transaction of not less
than $20.0 million.

 

“Material
Property”: any individual fee owned real property located in the United States with a Fair Market Value equal to or greater
than $10,000,000 (such Fair Market Value to be determined (x) in

 

    57 

     

    

the case of any real property owned
on the Closing Date, as of the Closing Date, and (y) in the case of any real property acquired after the Closing Date, as of the date
of acquisition thereof).

 

“Materials
of Environmental Concern”: any chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, any petroleum
or petroleum products, asbestos, polychlorinated biphenyls, lead or lead-based paints or materials, radon, urea-formaldehyde insulation,
toxic molds, fungi and mycotoxins, and radioactive materials that are regulated pursuant to Environmental Law or have an adverse effect
on human health or the environment.

 

“Maximum
Amount”: as defined in Section 11.20(a).

 

“MFN
Excluded Loans”: any Incremental Term Loans or Indebtedness incurred under Section 7.2(b)(xxii) and subject to clause (ii)
of the proviso thereto up to an aggregate amount equal to the greater of $37,500,000 and 50.0% of Consolidated EBITDA determined on a
Pro Forma Basis as of the most recently ended Test Period.

 

“Minimum
Extension Condition”: as defined in Section 2.28(c).

 

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

 

“Mortgage”:
any deed of trust, mortgage or deed to secure debt in respect of Material Property in the U.S. made by a Loan Party in favor or for the
benefit of the Administrative Agent on behalf of the Secured Parties in form and substance reasonably satisfactory to the Administrative
Agent, in each case as the same may be amended, amended and restated, extended, supplemented, substituted or otherwise modified from
time to time.

 

“Mortgaged
Properties”: the real properties as to which, pursuant to Section 6.9(b) or otherwise, the Administrative Agent, for
the benefit of the Secured Parties, shall be granted a Lien pursuant to the Mortgages.

 

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

 

“Net
Cash Proceeds”: (a) in connection with any Asset Sale, any Recovery Event or any other sale of assets the proceeds thereof
actually received in the form of Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant
to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as and when received), net of (i)
attorneys’ fees, accountants’ fees, investment banking fees, and other bona fide fees, costs and expenses actually incurred
in connection therewith, (ii) amounts required to be applied to the repayment of Indebtedness secured by a Lien not prohibited hereunder
on any asset that is the subject of such Asset Sale, Recovery Event or other sale of assets (other than any Lien pursuant to a Security
Document), (iii) Taxes paid and the Borrower’s reasonable and good faith estimate of income, franchise, sales, and other applicable
Taxes required to be paid by any Group Member or any Equity Holder in connection with such Asset Sale, Recovery Event or other sale of
assets, (iv) a reasonable reserve for any indemnification payments (fixed or contingent) attributable to the seller’s indemnities
and representations and warranties to the purchaser in respect of such Asset Sale, Recovery Event or other sale of assets owing by any
Group Member in connection therewith and which are reasonably expected to be required to be paid; provided that to the extent
such indemnification payments are not made and are no longer reserved for, such reserve amount shall constitute Net Cash Proceeds, (v)
cash escrows to any Group Member from the sale price for such Asset Sale, Recovery Event or other sale of assets; provided that
any cash released from

 

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such escrow shall constitute Net Cash
Proceeds upon such release, (vi) in the case of a Recovery Event, costs of preparing assets for transfer upon a taking or condemnation,
(vii) in the case of any Asset Sale or any Recovery Event by a non-Wholly Owned Restricted Subsidiary, the pro rata portion (calculated
without regard to this clause (vii)) attributable to minority interests and not available for distribution to or for the account
of the Borrower or a Wholly Owned Restricted Subsidiary and (viii) other customary fees and expenses actually incurred in connection
therewith and net of Taxes paid or reasonably estimated to be payable as a result thereof, and (b) in connection with any issuance or
sale of Capital Stock or any incurrence or issuance of Indebtedness, the proceeds thereof received in the form of Cash Equivalents from
any such issuance, sale or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts
and commissions and other bona fide fees and expenses actually incurred in connection therewith.

 

“Net
Income”: with respect to any Person, the net income (loss) attributable to such Person, determined in accordance with GAAP
and before any reduction in respect of Preferred Stock dividends.

 

“New
Producer Program”: the salary and benefits in the first twelve months of employment for specific sales personnel hired by Borrower
of which the performance of such personnel is being tracked separately for financial reporting purposes.

 

“Non-Consenting
Existing Initial Term Loan Lender” shall mean each Existing Initial Term Loan Lender that did not execute and deliver a Consent
to Amendment No. 2 on or prior to the Amendment No.1 Effective Date.

 

“Non-Debt
Fund Affiliate”: any Affiliate of the Borrower other than (i) any Subsidiary of the Borrower and (ii) any natural person.

 

“Non-Guarantor
Subsidiary”: any Subsidiary that is not a Guarantor.

 

“Non-U.S.
Lender”: as defined in Section 2.19(e)(ii)(2).

 

“Note”:
a Term Loan Note, a Revolving Loan Note or a Designated Acquisition Swingline Loan Note.

 

“Notice
of Intent to Cure”: written notice (including via e-mail) from the Borrower to the Administrative Agent, with respect to each
Test Period for which a Cure Right will be exercised, within ten (10) Business Days after the date the financial statements required
under Section 6.1(a) or (b) have been or were required to have been delivered with respect to the most recently ended Test
Period.

 

“NYFRB”
means the Federal Reserve Bank of New York.

 

“NYFRB’s
Website”: the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

 

“NYFRB
Rate”: for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding
Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that
if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal
funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing
selected by it; provided, further, that if any of the aforesaid rates as so determined be less than 0.50%, such rate shall be
deemed to be 0.50% for purposes of this Agreement.

 

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“Obligations”:
the unpaid principal of and interest on (including interest accruing after the maturity of the Loans or the maturity of Cash Management
Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization
or like proceeding, relating to the Borrower or any Guarantor, whether or not a claim for post-filing or post-petition interest is allowed
in such proceeding) the Loans, to the extent expressly assumed by the Borrower as an Incremental Loan or Designated Acquisition Swingline
Loan, BRP Group C Corp Acquisition Indebtedness, all Reimbursement Obligations and all other obligations and liabilities of the Borrower
or any other Loan Party (including with respect to guarantees) to the Administrative Agent, any Lender or any other Secured Party, whether
direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of,
or in connection with, this Agreement, or any other Loan Document or any other document made, delivered or given in connection herewith
or therewith or any Qualified Hedging Agreement (other than, in the case of any Excluded ECP Guarantor, any Excluded Swap Obligations
arising thereunder) or any Specified Cash Management Agreement, whether on account of principal, interest, reimbursement obligations,
fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender
that are required to be paid by the Borrower or any Guarantor pursuant to any Loan Document), Guarantee Obligations or otherwise (including
all fees, expenses, liabilities and other obligations accruing after the filing of any petition in bankruptcy, or the commencement of
any insolvency, reorganization or like proceeding, whether or not a claim is allowed or allowable in such proceeding) .

 

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

 

“Offer
Price”: as defined in the definition of “Dutch Auction.”

 

“Officer’s
Certificate”: a certificate signed on behalf of the Borrower or any other Group Member by any Responsible Officer thereof.

 

“OID”:
with respect to any Term Loan or Revolving Facility (or repricing thereof), or any Incremental Term Loan, Additional/Replacement Revolving
Commitment or Revolving Commitment Increase, as the case may be, the amount of any original issue discount or upfront fees (which shall
be deemed to constitute a like amount of original issue discount) paid by a Borrower, but excluding (i) any arrangement, structuring,
syndication, commitment, ticking, unused line or other fees payable in connection therewith that are not shared with all Lenders in the
primary syndication thereof (and excluding any bona fide arranger, structuring, syndication, commitment, ticking, unused line or similar
fees paid to a Lender or an Affiliate of a Lender in its capacity as a commitment party or arranger and regardless of whether such Indebtedness
is syndicated to third parties) and (ii) customary consent fees for any amendment paid generally to consenting lenders, in each case,
which excluded fees shall not be included and equated to the interest rate.

 

“Operational
Changes” means any cost savings initiative, business optimization expense, operating expense reduction, restructuring charge
or similar charges, in each case, consistent with the type specified in the definition of “Consolidated EBITDA”.

 

“Organizational
Document”: (i) relative to each Person that is a corporation, its charter and its by-laws (or similar documents), (ii) relative
to each Person that is a limited liability company, its certificate of formation and its operating agreement (or similar documents),
(iii) relative to each Person that is a limited partnership, its certificate of formation or registration and its limited partnership
agreement (or similar documents), (iv) relative to each Person that is a general partnership, its partnership agreement (or similar document),
(v) relative to each Person that is an exempted limited partnership, its exempted limited partnership agreement, (vi) relative to each
Person that is an exempted

 

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company, its memorandum and articles
of association and (vii) relative to any Person that is any other type of entity, such documents as shall be comparable to the foregoing.

 

“Other
Applicable Indebtedness”: as defined in Section 2.11(b).

 

“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).

 

“Other
Obligations”: any principal, interest, penalties, fees, indemnifications, reimbursements (including reimbursement obligations
with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing
any Indebtedness; provided that Other Obligations with respect to the Loans shall not include fees or indemnification in favor
of third parties other than the Secured Parties.

 

“Other
Revolving Commitments”: one or more Classes of revolving credit commitments hereunder or Extended Revolving Commitments hereunder
that result from a Refinancing Amendment.

 

“Other
Revolving Loans”: the Revolving Loans made pursuant to any Other Revolving Commitment.

 

“Other
Taxes”: any and all present or future stamp or documentary or similar Taxes arising from any payment made hereunder or from
the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, except any such Taxes
that are Other Connection Taxes imposed with respect to an assignment (other than an assignment pursuant to Section 2.23 (other
than Section 2.23(c)).

 

“Other
Term Commitments”: one or more Classes of term loan commitments hereunder that result from a Refinancing Amendment.

 

“Other
Term Loans”: one or more Classes of Term Loans that result from a Refinancing Amendment.

 

“Outstanding
Amount”: (a) with respect to the Term Loans, Revolving Loans and Designated Acquisition Swingline Loans on any date, the aggregate
Dollar Equivalent of the outstanding principal amount thereof on such date after giving effect to any borrowings and prepayments or repayments
of Term Loans, Revolving Loans (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions
as a Revolving Borrowing) and Designated Acquisition Swingline Loans, as the case may be, occurring on such date and (b) with respect
to any L/C Obligations on any date, the aggregate Dollar Equivalent of the outstanding amount thereof on such date after giving effect
to any L/C Credit Extension occurring on such date and any other changes thereto as of such date, including as a result of any reimbursements
of outstanding unpaid drawings under any Letters of Credit (including any refinancing of outstanding unpaid drawings under Letters of
Credit or L/C Credit Extensions as a Revolving Borrowing) or any reductions in the maximum amount available for drawing under Letters
of Credit taking effect on such date.

 

“Overnight
Bank Funding Rate”: for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by
U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the
NYFRB’s Website from time to

 

    61 

     

    

time, and published on the next succeeding
Business Day by the NYFRB as an overnight bank funding rate.

 

“Parent
Holding Company”: any direct or indirect parent entity of the Borrower which holds directly or indirectly 100% of the Equity
Interest of the Borrower and which does not hold Equity Interests in any other Person (except for any other Parent Holding Company).

 

“Participant”:
as defined in Section 11.6(c)(i).

 

“Participant
Register”: as defined in Section 11.6(c)(i).

 

“Patriot
Act”: USA PATRIOT Improvement and Reauthorization Act, Pub. L. 109-177 (signed into law March 9, 2009), as amended.

 

“Payment”
has the meaning assigned to it in Section 10.16(a).

 

“Payment
Notice” has the meaning assigned to it in Section 10.16(a).

 

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

 

“Permitted
Acquisition”: as defined in clause (23) of the definition of “Permitted Investments.”

 

“Permitted
Amendment”: an amendment to this Agreement and the other Loan Documents, effected in connection with a Loan Modification Offer
pursuant to Section 2.28, providing for an extension of the maturity date applicable to the Loans and/or Commitments of the Accepting
Lenders and, in connection therewith, (a) a change to the Applicable Margin with respect to the Loans and/or Commitments of the Accepting
Lenders, (b) a change to the fees payable to, or the inclusion of new fees to be payable to, the Accepting Lenders and/or (c) any other
changes permitted by the terms of Section 2.28.

 

“Permitted
Asset Swap”: the substantially concurrent purchase and sale or exchange of Related Business Assets or a combination of Related
Business Assets and Cash Equivalents between the Borrower or any of the Restricted Subsidiaries and another Person.

 

“Permitted
Auction Purchaser”: the Borrower or any of its Restricted Subsidiaries.

 

“Permitted
Credit Agreement Refinancing Debt”: (a) Permitted First Priority Refinancing Debt, (b) Permitted Junior Priority Refinancing
Debt, (c) Permitted Unsecured Refinancing Debt or (d) Indebtedness Incurred or Other Revolving Commitments obtained pursuant to a Refinancing
Amendment, in each case, issued, Incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness)
in exchange for, or to extend, renew, replace or Refinance, in whole or part, existing Term Loans, outstanding Revolving Loans or (in
the case of Other Revolving Commitments obtained pursuant to a Refinancing Amendment) Revolving Commitments hereunder (including any
successive Permitted Credit Agreement Refinancing Debt) (any such extended, renewed, replaced or Refinanced Term Loans, Revolving Loans
or Revolving Commitments, “Refinanced Credit Agreement Debt”); provided that (i) such extending, renewing or
refinancing Indebtedness (including, if such Indebtedness includes or relates to any Other Revolving Commitments, the unused portion
of such Other Revolving Commitments) is in an original aggregate principal amount (or accreted value, if applicable) not greater than
the aggregate principal amount (or accreted value, if applicable) of the Refinanced Credit Agreement Debt (and, in the case of Refinanced
Credit Agreement Debt consisting, in

 

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whole or in part, of unused Revolving
Commitments or Other Revolving Commitments, the amount thereof) plus an amount equal to unpaid and accrued interest and premium
thereon plus other reasonable and customary fees and expenses (including upfront fees, original issue discount and underwriting
discounts), (ii) in the case of Other Revolving Commitments and Other Revolving Loans, there shall be no required repayment thereof (other
than in connection with a voluntary reduction of commitments or availability thereunder) prior to the maturity thereof, and (iii) such
Refinanced Credit Agreement Debt shall be repaid, defeased or satisfied and discharged, and all accrued interest, fees and premiums (if
any) in connection therewith shall be paid, on the date such Permitted Credit Agreement Refinancing Debt is issued, Incurred or obtained;
provided that to the extent that such Refinanced Credit Agreement Debt consists, in whole or in part, of Revolving Commitments
or Other Revolving Commitments (or Revolving Loans or Other Revolving Loans Incurred pursuant to any Revolving Commitments or Other Revolving
Commitments), such Revolving Commitments or Other Revolving Commitments, as applicable, shall be terminated, and all accrued fees in
connection therewith shall be paid, on the date such Permitted Credit Agreement Refinancing Debt is issued, Incurred or obtained.

 

“Permitted
Cure Securities”: any Qualified Equity Interest in the Borrower.

 

“Permitted
Debt”: as defined in Section 7.2(b).

 

“Permitted
Earlier Maturity Indebtedness Exception”: with respect to the incurrence of any Incremental Term Loans, Permitted Credit Agreement
Refinancing Debt, Refinancing Indebtedness, Ratio Debt and any Indebtedness incurred under Section 7.2(b)(vi) permitted to be incurred
hereunder, up to the Incremental Term Loans of up to the greater of $37,500,000 and 50.0% of Consolidated EBITDA determined on a Pro
Forma Basis as of the most recently ended Test Period, in each case determined at the time of incurrence of such Indebtedness (the “Specified
Debt”) which may have a maturity date that is earlier than and a Weighted Average Life to Maturity that is shorter than, the
Indebtedness with respect to which the Specified Debt is otherwise required to have a later maturity date.

 

“Permitted
First Priority Refinancing Debt”: any secured Indebtedness Incurred by the Borrower in the form of one or more series of senior
secured notes or senior secured term loans (each, a “First Priority Refinancing Term Facility”) or one or more senior
secured revolving credit facilities (each, a “First Priority Refinancing Revolving Facility”); provided that
(i) such Indebtedness consists of First Lien Obligations, (ii) such Indebtedness constitutes Permitted Credit Agreement Refinancing Debt
in respect of Term Loans (including portions of Classes of Term Loans, Other Term Loans or Incremental Term Loans) or outstanding Revolving
Loans or Revolving Commitments and (iii) such Indebtedness complies with the Permitted Refinancing Requirements; provided that
an Officer’s Certificate signed on behalf of the Borrower delivered to the Administrative Agent at least five (5) Business Days
(or such shorter period reasonably acceptable to the Administrative Agent) prior to the Incurrence of such Indebtedness, together with
a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto,
stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirement of this definition shall
be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative Agent notifies the Borrower
within such five Business Day period that it disagrees with such determination (including a reasonable description of the basis upon
which it disagrees)). Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

 

“Permitted
Holders”: shall mean, collectively, (i) L. Lowry Baldwin; (ii) the spouse or children (natural or adopted) of L. Lowry Baldwin;
(iii) any descendant of any person described in (i) or (ii) above and the spouse of any such descendant; (iv) any estate, trust, legal
guardianship, custodianship or other estate planning vehicle for the primary benefit of any one or more individuals named or described
in (i), (ii) and (iii) above; (v) any trust controlled by any one or more individuals named or described in

 

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(i), (ii) and (iii) above; (vi) any
person controlled, directly or indirectly, by any one or more persons named or described in (i) through (v) above; (vii) employee shareholders
of BRP Group on the Closing Date; and (viii) any Person with which one or more of the persons named or described in (i) through (vi)
above form a “group” (within the meaning of Section 14(d) of the Exchange Act) so long as, in the case of this clause (vii),
one or more of the persons named or described in (i) through (vi) above beneficially own more than 50% of the relevant Voting Stock beneficially
owned by the group.

 

“Permitted
Investments”:

 

(1)       any
Investment in the Borrower or any Restricted Subsidiary;

 

(2)       any
Investment in Cash Equivalents or Investment Grade Securities;

 

(3)       any
Investment in an aggregate amount not to exceed, at the time such Investments are made and after giving effect thereto, the Available
Amount at such time, so long no Event of Default has occurred and is continuing or would result therefrom;

 

(4)       any
Investment in securities or other assets, including earnouts, not constituting Cash Equivalents or Investment Grade Securities and received
in connection with an Asset Sale made pursuant to Section 7.5 or any other disposition of assets not constituting an Asset Sale;

 

(5)       any
Investment (x) existing on the Closing Date and, with respect to any such Investment in excess of $5,000,000 in aggregate amount, set
forth on Schedule 1.1C, (y) made pursuant to binding commitments in effect on the Closing Date and, with respect to any such Investment
in excess of $5,000,000 in aggregate amount, set forth on Schedule 1.1C and (z) that replaces, Refinances, refunds, renews or
extends any Investment described under either of the immediately preceding clause (x) or (y), provided that any
such Investment is in an amount that does not exceed the amount replaced, Refinanced, refunded, renewed or extended except to the extent
required by the terms of such Investment on the Closing Date;

 

(6)       loans
and advances to, and guarantees of Indebtedness of, employees of the Borrower (or any of its direct or indirect parent companies) or
a Restricted Subsidiary not in excess, at the time such Investment is made, taken together with all other Investments made pursuant to
this clause (6) that are at the time outstanding, of the greater of $3,750,000 and 5.0% of Consolidated EBITDA, determined on
a Pro Forma Basis as of the most recently ended Test Period;

 

(7)       any
Investment acquired by the Borrower or any of the Restricted Subsidiaries (a) in exchange for any other Investment or receivable or other
claim held by the Borrower or any Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or
recapitalization of the Borrower or such other Investment or receivable, (b) in satisfaction of judgments against other Persons, (c)
in good faith settlement of delinquent obligations of, and other disputes with Persons who are not Affiliates or (d) as a result of a
foreclosure by the Borrower or any of the Restricted Subsidiaries with respect to any secured Investment or other transfer of title with
respect to any secured Investment in default;

 

(8)       Hedging
Obligations permitted under Section 7.2(b)(xii);

 

(9)       Investments
by the Borrower or any of the Restricted Subsidiaries having an aggregate Fair Market Value, at the time such Investment is made, taken
together with all other Investments made pursuant to this clause (9) that are at the time outstanding, not to exceed the greater
of $30,000,000 and 40.0% of Consolidated EBITDA, determined on a Pro Forma Basis as of the most recently ended Test

 

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Period at any one time outstanding;
provided, however, that if any Investment pursuant to this clause (9) is made in any Person that is not a Restricted
Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment
shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause
(9) for so long as such Person continues to be a Restricted Subsidiary;

 

(10)       loans
and advances to (or guarantees of Indebtedness of) future, present or former officers, directors, employees and consultants for business
related travel expenses (including entertainment expense), moving and relocation expenses, Tax advances, payroll advances and other similar
expenses, or to fund such Person’s purchase or other acquisition for value of Equity Interests of the Borrower or any direct or
indirect parent company thereof under compensation plans approved by the Board of Directors of the Borrower (or any direct or indirect
parent company thereof) in good faith;

 

(11)       Investments
the payment for which is Equity Interests, or the Net Cash Proceeds received by the Borrower from the sale of Equity Interests of, in
each case, the Borrower (other than Disqualified Stock) or any direct or indirect parent of the Borrower, as applicable; provided,
however, that such Equity Interests will not increase the amount available for Restricted Payments or Restricted Debt Payments
or increase the Available Amount;

 

(12)       any
transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions of Section
7.6 (except transactions described in clauses (b)(ii), (b)(v), (b)(vii), (b)(x)(B), (b)(xxiii) and (b)(xxiv))
therein);

 

(13)       Investments
consisting of (y) the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons
or (z) any license or sublicense of intellectual property granted in the ordinary course of business or which do not materially interfere
with the ordinary conduct of the business of the Borrower or any Restricted Subsidiary;

 

(14)       guarantees
issued in accordance with Section 7.2 and Section 6.9;

 

(15)       Investments
consisting of purchases and acquisitions of inventory, supplies, materials and equipment (including prepayments to suppliers) or purchases
of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business;

 

(16)       any
Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection with a Qualified
Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified
Receivables Financing or any related Indebtedness; provided, however, that any Investment in a Receivables Subsidiary is
in the form of a Purchase Money Note, contribution of additional receivables or an equity interest;

 

(17)       [reserved];

 

(18)       [reserved];

 

(19)       Investments
of a Restricted Subsidiary acquired after the Closing Date or of an entity merged into or consolidated with a Restricted Subsidiary in
a transaction that is not prohibited by Section 7.8 after the Closing Date to the extent that such Investments were not made in
contemplation of such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;

 

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(20)       Investments
made in connection with obtaining, maintaining or renewing client contacts and advances, loans, rebates and extensions of credit (including
the creation of receivables) to suppliers, distributors, customers and vendors, and performance guarantees, in each case in the ordinary
course of business;

 

(21)       other
Investments; provided that after giving effect to such Investment (i) no Event of Default has occurred or is continuing and (ii)
the Total Net Leverage Ratio, determined on a Pro Forma Basis as of the most recently ended Test Period, does not exceed 4.00 to 1.00;

 

(22)       [reserved];

 

(23)       acquisitions
by the Borrower or any Restricted Subsidiary of the majority of the Capital Stock of Persons or of assets constituting a division, business
unit or product line of, or all or substantially all of the assets of a Person (each a “Permitted Acquisition”); provided
that, (i) no Event of Default has occurred or is continuing giving effect to such Permitted Acquisition, (ii) the line of business
of the acquired entity shall be a Similar Business of the businesses conducted by the Borrower and the Restricted Subsidiaries, (iii)
any Person acquired shall become, and any Person acquiring assets shall be, a Restricted Subsidiary (unless designated as an Unrestricted
Subsidiary) and (iv) the Borrower or such Restricted Subsidiary, as applicable, shall take, and shall cause such Person to take, all
actions required under Section 6.9 in connection therewith;

 

(24)       Investments
in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary banking
arrangements in the ordinary course of business;

 

(25)       Investments
(A) for utilities, security deposits, leases and similar prepaid expenses incurred in the ordinary course of business and (B) trade accounts
created, or prepaid expenses accrued, in the ordinary course of business;

 

(26)       loans
and advances to direct and indirect parent companies of the Borrower (a) in lieu of, and not in excess of the amount of (after giving
effect to any other loans, advances or Restricted Payments in respect thereof), Restricted Payments to the extent permitted to be made
to such companies in accordance with Section 7.3 or (b) in connection with the Tax Receivables Agreement, for a term of 60 days
or less and in an amount not exceeding $10,000,000 at any time outstanding to fund purchases of limited liability company interests in
the Borrower;

 

(27)       any
Investment in any Subsidiary or any joint venture in connection with intercompany cash management arrangements or related activities
arising in the ordinary course of business;

 

(28)       Investments
consisting of earnest money deposits required in connection with a Permitted Acquisition or other permitted Investment;

 

(29)       Investments
resulting from the exercise of drag-along rights, put-rights, call-rights or similar rights under joint venture or similar documents;
and

 

(30)       Investments
in Unrestricted Subsidiaries and joint ventures, at the time of the making of such Investment, taken together with all other Investments
made pursuant to this clause (30) that are at that time outstanding, not to exceed the greater of $22,500,000 and 30.0% of Consolidated
EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period.

 

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Subject
to the immediately following sentence, the amount of any non-cash Investments will be the Fair Market Value thereof at the time made,
and the amount of any cash Investment will be the original cost thereof. If any Investment in any Person is made in compliance with Section
7.3(e) in reliance on a category above that is subject to a Dollar-denominated restriction on the making of Investments and, subsequently,
such Person returns to the Borrower, any other Loan Party or, to the extent applicable, any Restricted Subsidiary all or any portion
of such Investment (in the form of a dividend, distribution, interest, payment, return of capital, repayment, liquidation or otherwise
but excluding intercompany Indebtedness), then except to the extent increasing the Available Amount, such return shall be deemed to be
credited to the Dollar-denominated category against which the Investment is then charged (but in any event not in an amount that would
result in the aggregate dollar amount able to be invested in reliance on such category to exceed such Dollar-denominated restriction).
To the extent the category subject to a Dollar-denominated restriction is also subject to an equivalent percentage of such Dollar amount
which, at the date of determination, produces a numerical restriction that is greater than such Dollar amount, then such Dollar equivalent
shall be deemed to be substituted in lieu of the corresponding Dollar amount in the foregoing sentence for purposes of determining such
credit.

 

“Permitted
Liens”: with respect to any Group Member:

 

(1)       pledges
or deposits by such Person in connection with (a) worker’s compensation, employment or unemployment insurance and other types of
employers’ health tax, social security legislation, retirement and other similar legislation, employee source deductions, goods
and services Taxes, sales Taxes, municipal Taxes and pension fund obligations or other insurance-related obligations (including, but
not limited to, in respect of deductibles, self-insured retention amounts and premiums and adjustments thereto), (b) securing liability
for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees or similar
instruments for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any Restricted
Subsidiary or otherwise supporting the payment of items set forth in the foregoing clause (a), or (c) good faith deposits, prepayments
or cash pledges to secure bids, tenders, contracts (other than for the payment of Indebtedness) or leases, subleases, licenses, sublicenses
or similar agreements to which such Person is a party, performance and return of money bonds and other similar obligations incurred in
the ordinary course of business, or deposits to secure public or statutory obligations of such Person or deposits of cash or government
bonds to secure surety, stay, customs or appeal bonds or statutory bonds to which such Person is a party, or deposits as security for
contested Taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business;

 

(2)       Liens
with respect to outstanding motor vehicle fines and Liens imposed by law, such as landlords’, carriers’, warehousemen’s,
materialmen’s, repairmen’s, construction contractors’ and mechanics’ and other like Liens, in each case for sums
not overdue for a period of more than 30 days or being contested in good faith by appropriate proceedings or other Liens arising out
of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings
for review if adequate reserves with respect thereto are being maintained in accordance with GAAP;

 

(3)       Liens
for Taxes, assessments or other governmental charges and corporate Taxes (i) not overdue for more than 60 days. (ii) that are being contested
in good faith by appropriate proceedings if (a) adequate reserves with respect thereto are being maintained on the books of such Person
in accordance with GAAP (or, in the case of any Foreign Subsidiary, the accounting principles applicable in the relevant jurisdiction)
or (b) they are immaterial to the Borrower and its Restricted Subsidiaries taken as a whole or (iii) on property the Borrower or any
of its Restricted Subsidiaries has decided to abandon if the sole recourse for such Tax, assessment or governmental charge is to such
property;

 

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(4)       Liens
securing obligations incurred pursuant to Section 7.2(b)(xiii) as well as Liens in favor of issuers of performance, surety, bid,
indemnity, warranty, release, appeal or similar bonds or with respect to other regulatory requirements, or letters of credit or bankers’
acceptances issued, and completion guarantees provided for, in each case pursuant to the request of and for the account of such Person
in the ordinary course of its business;

 

(5)       survey
exceptions, encumbrances, leases, subleases, encroachments, protrusions, easements or reservations of, or rights of others for, sublicenses,
licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, and other similar
purposes, or zoning, building codes or other restrictions (including defects or irregularities in title and similar encumbrances, including
any title exceptions listed on any Title Policy) as to the use of real properties, or Liens incidental to the conduct of the business
of such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness and which, in each case,
do not in the aggregate materially impair their use in the operation of the business of such Person taken as a whole;

 

(6)       Liens
Incurred to secure Other Obligations in respect of Indebtedness permitted to be Incurred pursuant to Section 7.2(b)(i), (b)(iv),
(b)(vi), (b)(vii), (b)(xv), (b)(xvi), or (b)(xxix) (in each case, except to the extent required to be unsecured
pursuant to the terms thereof); provided that, (A) in the case of Section 7.2(b)(vii) and Section (b)(xxix), such
Lien extends only to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or improvement of which
is financed thereby and any income or profits thereof; provided that individual financings provided by a lender may be cross collateralized
to other financings provided by such lender or its Affiliates, (B) in the case of Section 7.2(b)(vi) such Indebtedness complies
with the Applicable Requirements, and (C) in the case of Section 7.2(b)(xv), such guarantee may only be subject to Liens to the
extent the underlying Indebtedness may be subject to any Liens;

 

(7)       (i)
Liens securing the Obligations and (ii) Liens existing on the Closing Date, and, with respect to any such Lien securing an obligation
in excess of $7,500,000 set forth on Schedule 1.1D;

 

(8)       Liens
on assets, property or shares of stock of a Person at the time such Person becomes a Restricted Subsidiary; provided, however,
that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Restricted
Subsidiary; provided, further, however, that such Liens may not extend to any other property owned by the Borrower or any
Restricted Subsidiary (other than the proceeds or products of such assets, property or shares of stock or improvements thereon);

 

(9)       Liens
on assets or on property at the time the Borrower or any Restricted Subsidiary acquired such assets or property, including any acquisition
by means of a merger or consolidation with or into the Borrower or any Restricted Subsidiary; provided, however, that such
Liens are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further, however,
that the Liens may not extend to any other assets or property owned by the Borrower or any Restricted Subsidiary (other than the proceeds
or products of such assets or property or shares of stock or improvements thereon);

 

(10)       Liens
securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Borrower or another Restricted Subsidiary permitted
to be Incurred pursuant to Section 7.2;

 

(11)       Liens
(including Liens on Cash Equivalents) securing Hedging Obligations in an amount not to exceed, at the time such Lien is created or Incurred,
taken together with all other Liens Incurred pursuant to this clause (11), the greater of $11,250,000 and 15.0% of Consolidated
EBITDA, determined on a Pro Forma Basis as of the most recently ended Test Period;

 

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(12)       Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’
acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other
goods;

 

(13)       leases,
licenses, subleases and sublicenses of, and the granting of an easement interest in and to, assets (including real property and intellectual
property rights) in the ordinary course of business;

 

(14)       Liens
arising from UCC financing statement filings (or similar filings in any other jurisdiction) regarding operating leases or consignments
or sales of receivables entered into by the Borrower and its Restricted Subsidiaries in the ordinary course of business and other Liens
arising solely from precautionary UCC financing statements or similar filings;

 

(15)       Liens
in favor of the Borrower or any Guarantor;

 

(16)       Liens
on accounts receivable and related assets of the type specified in the definition of “Receivables Financing” Incurred in
connection with a Qualified Receivables Financing;

 

(17)       pledges
and deposits made in the ordinary course of business to secure liability to insurance carriers, insurance companies and brokers;

 

(18)       Liens
on the Equity Interests of Unrestricted Subsidiaries and joint ventures that are not Restricted Subsidiaries;

 

(19)       grants
of software and other technology licenses in the ordinary course of business;

 

(20)       judgment
and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation
being contested in good faith by appropriate proceedings and for which adequate reserves have been made;

 

(21)       Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the ordinary
course of business;

 

(22)       Liens
on Escrowed Proceeds during the period which any such Escrowed Proceeds are held under escrow or similar contingent release arrangements;

 

(23)       Liens
on equipment of the Borrower or any Restricted Subsidiary granted in the ordinary course of business to the Borrower’s or such
Restricted Subsidiary’s client at which such equipment is located;

 

(24)       Liens
to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals
or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6), (7), (8),
(9), (10), (11), (15) and (25) of this definition of “Permitted Liens”; provided, however,
that (x) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus proceeds or products
of such property or improvements on such property), and (y) the Indebtedness secured by such Lien at such time is not increased to any
amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under
clauses (6), (7), (8), (9), (10), (11), (15) and (25) of this definition of “Permitted
Liens” at the time the original Lien became a Permitted Lien under this Agreement, and (B) an amount necessary to pay accrued and
unpaid interest, any fees and expenses, including any premium and defeasance costs, related to such refinancing, refunding, extension,
renewal or replacement; provided that with regard to liens incurred under this clause (24) with respect to Liens

 

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originally permitted under clause
(11) or (25), clauses (11) and (25) shall continue to be calculated assuming such Lien was incurred under such
clauses;

 

(25)       Liens
securing obligations which obligations do not exceed, at the time such Lien is created or Incurred, taken together with all other Liens
Incurred pursuant to this clause (25), the greater of $22,500,000 and 30.0% of Consolidated EBITDA, determined on a Pro Forma
Basis as of the most recently ended Test Period;

 

(26)       [reserved];

 

(27)       Liens
on receivables and related assets including proceeds thereof being sold in factoring arrangements entered into in the ordinary course
of business;

 

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

 

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

 

(30)       Liens
deemed to exist in connection with Investments in repurchase agreements permitted under Section 7.3; provided that such
Liens do not extend to any assets other than those assets that are the subject of such repurchase agreement;

 

(31)       restrictions
on dispositions of assets to be disposed of pursuant to merger agreements, stock or asset purchase agreements and similar agreements;

 

(32)       customary
options, put and call arrangements, rights of first refusal and similar rights relating to Investments in joint ventures, partnerships
and similar investment vehicles;

 

(33)       any
amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of the Borrower
or any of its Restricted Subsidiaries;

 

(34)       Liens
(i) in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods in the ordinary course of business or (ii) on specific items of inventory or other goods and proceeds of any Person
securing such Person’s obligations in respect of bankers’ acceptances or letters of credit issued or created for the account
of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;

 

(35)       Liens
not given in connection with the issuance of Indebtedness for borrowed money (i) of a collection bank arising under Section 4-210 of
the UCC (or similar filings in any other jurisdiction) on items in the course of collection; (ii) attaching to a pooling, commodity or
securities trading account or other commodity or securities brokerage accounts incurred in the ordinary course of business; and (iii)
in favor of a banking or other financial institution arising as a matter of law or under customary general terms and conditions encumbering
deposits or other funds maintained with a financial institution (including the right of set-off) and which are within the general parameters
customary in the banking or

 

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finance industry or arising pursuant
to such banking or financial institution’s general terms and conditions (including Liens in favor of deposit banks or securities
intermediaries securing customary fees, expenses or charges in connection with the establishment, operation or maintenance of deposit
accounts or securities accounts);

 

(36)       (i)
Liens solely on any cash earnest money deposits made in connection with any letter of intent or purchase agreement in connection with
an Investment permitted hereunder and (ii) Liens on advances of Cash Equivalents in favor of the seller of any property to be acquired
in a Permitted Investment to be applied against the purchase price for such Investment;

 

(37)       customary
Liens on deposits required in connection with the purchase of property, equipment and inventory, in each case incurred in the ordinary
course of business;

 

(38)       Liens
on Cash Equivalents or other property arising in connection with the defeasance, discharge, repayment or redemption of Indebtedness;
provided that such defeasance, discharge, repayment or redemption is permitted hereunder;

 

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

 

(40)       Liens
given to a public utility or any municipality or Governmental Authority when required by such utility or authority in connection with
the operations of the Borrower or a Restricted Subsidiary thereof; provided that such Liens do not materially interfere with the
operations of the Borrower and its Restricted Subsidiaries, taken as a whole;

 

(41)       Liens
on assets of Non-Guarantor Subsidiaries, provided such Liens secure obligations of Non-Guarantor Subsidiaries that are otherwise
permitted hereunder and such Liens only encumber assets of such Non-Guarantor Subsidiaries;

 

(42)       Liens
arising out of or deemed to exist in connection with any financing transaction of the type described in clause 2(m) of the definition
of “Asset Sale”;

 

(43)       (i)
pledges, deposits or Liens arising as a matter of law in the ordinary course of business in connection with workers’ compensation
schemes, payroll Taxes, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course
of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit
or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any
Restricted Subsidiary;

 

(44)       restrictive
covenants affecting the use to which real property may be put; provided that such covenants are complied with;

 

(45)       [reserved];
and

 

(46)       zoning
by-laws and other land use restrictions, including site plan agreements, development agreements and contract zoning agreements.

 

The
Borrower may divide, classify (or later reclassify) any Lien (or any portion thereof) in one or more of the above categories (including
in part in one category and in part another category) as set forth in this definition.

 

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“Permitted
Junior Priority Refinancing Debt”: any secured Indebtedness Incurred by the Borrower in the form of one or more series of junior
lien secured notes or junior lien secured term loans (each, a “Junior Priority Refinancing Term Facility”) or one
or more junior lien revolving credit facilities (each, a “Junior Priority Refinancing Revolving Facility”); provided
that (i) such Indebtedness constitutes Junior Lien Obligations, (ii) such Indebtedness constitutes Permitted Credit Agreement Refinancing
Debt in respect of Term Loans (including portions of Classes of Term Loans, Other Term Loans or Incremental Term Loans) or outstanding
Revolving Loans or Revolving Commitments and (iii) such Indebtedness complies with the Permitted Refinancing Requirements; provided
that an Officer’s Certificate signed on behalf of the Borrower delivered to the Administrative Agent at least five (5) Business
Days (or such shorter period reasonably acceptable to the Administrative Agent) prior to the Incurrence of such Indebtedness, together
with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating
thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirement of this definition
shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative Agent notifies the Borrower
within such five (5) Business Day period that it disagrees with such determination (including a reasonable description of the basis upon
which it disagrees)). Permitted Junior Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

 

“Permitted
Refinancing Requirements”: with respect to any Indebtedness Incurred by the Borrower to Refinance, in whole or part, any other
Indebtedness (such other Indebtedness, “Refinanced Debt”):

 

(a)       with
respect to all such Indebtedness:

 

(i)       the
other terms and conditions of such Indebtedness (excluding pricing, fees, rate floors, discounts, premiums, and optional prepayment or
optional redemption provisions) are, taken as a whole, not materially more restrictive on the Group Members than those applicable to
the Refinanced Debt, when taken as a whole (except for (w) financial covenants or other covenants or provisions applicable only to periods
after the Latest Maturity Date at the time of such Refinancing, as may be agreed by the Borrower and the providers of such Indebtedness,
(x) terms that are conformed (or added) to the Loan Documents for the benefit of the Lenders pursuant to an amendment between the Administrative
Agent and the Borrower, (y) terms that are, solely in the case of notes, customary market terms at the time of Incurrence (as determined
by the Borrower in good faith) or (z) are approved by the Administrative Agent in its reasonable discretion;

 

(ii)       if
such Indebtedness is guaranteed, it is not guaranteed by any Restricted Subsidiary other than the Restricted Subsidiaries that are Loan
Parties; and

 

(iii)       the
proceeds of such Indebtedness are applied, substantially concurrently with the Incurrence thereof, to the prepayment (or satisfaction
and discharge) of the outstanding amount (and, if such Indebtedness constitutes Refinancing Revolving Debt, reductions of the Revolving
Commitments) of the Refinanced Debt in accordance with its terms;

 

provided,
that an Officer’s Certificate signed on behalf of the Borrower delivered to the Administrative Agent at least five (5) Business
Days (or a shorter period acceptable to the Administrative Agent) prior to the Incurrence of such Indebtedness, together with a reasonably
detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating
that the Borrower has determined in good faith that such terms and conditions satisfy the requirements of this definition, shall be conclusive
evidence that such terms and conditions satisfy the requirements of this definition, unless the Administrative Agent notifies the Borrower
within such five (5) Business Day

 

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period that it disagrees with such determination
(including a reasonable description of the basis upon which it disagrees);

 

(b)       if
such Indebtedness constitutes Refinancing Revolving Debt, (i) such Indebtedness does not mature (or require commitment reductions or
amortization) prior to the final stated maturity date of the Refinanced Debt and (ii) if such Indebtedness is provided or guaranteed
by a Person (who is not a Loan Party) that is an Affiliate of the Borrower, such Indebtedness includes provisions providing for the pro
rata treatment of payment, repayment, borrowings, participations and commitment reductions of the Revolving Facility and such Indebtedness;

 

(c)       if
such Indebtedness constitutes Refinancing Term Debt:

 

(i)       (x)
in the case of Refinancing Term Debt Incurred under any First Priority Refinancing Term Facility or any Junior Priority Refinancing Term
Facility, subject to the Permitted Earlier Maturity Indebtedness Exception, such Indebtedness (A) does not mature prior to the maturity
date of the Refinanced Debt and (B) does not have a Weighted Average Life to Maturity shorter than the Weighted Average Life to Maturity
of the Refinanced Debt and (y) in the case of Refinancing Term Debt incurred under an Unsecured Refinancing Term Facility, such Indebtedness
does not mature or have scheduled amortization or payments of principal and is not subject to mandatory redemption or prepayment (except
(i) customary asset sale or change of control provisions or (ii) other mandatory redemptions that are also made or offered to holders
of outstanding Term Loans that are First Lien Obligations on at least a pari passu basis), in each case prior to the then Latest
Maturity Date at the time such Refinancing Term Debt is incurred;

 

(ii)       such
Indebtedness shares not greater than ratably in (or, if such Indebtedness constitutes Unsecured Refinancing Term Facility or Junior Priority
Refinancing Term Facility, on a junior basis with respect to) any voluntary or mandatory prepayments of any Term Loans then outstanding;
and

 

(d)       if
such Indebtedness is secured:

 

(i)       such
Indebtedness is not secured by any assets other than the Collateral (it being understood that such Indebtedness shall not be required
to be secured by all of the Collateral); provided that Indebtedness that may be Incurred by Non-Guarantor Subsidiaries pursuant
to Section 7.2 may be secured by assets of Non-Guarantor Subsidiaries; and

 

(ii)       a
Senior Representative acting on behalf of the providers of such Indebtedness shall have become party to an Intercreditor Agreement (or
any Intercreditor Agreement shall have been amended or replaced in a manner reasonably acceptable to the Administrative Agent), which
results in such Senior Representative having rights to share in the Collateral as provided in the definition of “Permitted First
Priority Refinancing Debt”, in the case of a First Priority Refinancing Revolving Facility or a First Priority Refinancing Term
Facility, or in the definition of “Permitted Junior Priority Refinancing Debt”, in the case of a Junior Priority Refinancing
Revolving Facility or a Junior Priority Refinancing Term Facility.

 

“Permitted
Tax Distributions”: payments made pursuant to Section 7.3(b)(xii).

 

“Permitted
Unsecured Refinancing Debt”: any unsecured Indebtedness Incurred by the Borrower in the form of one or more series of senior
unsecured notes or term loans (each, an “Unsecured Refinancing Term Facility”) or one or more revolving credit facilities
(each, an “Unsecured Refinancing Revolving Facility”); provided that (i) such Indebtedness constitutes Permitted
Credit Agreement

 

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Refinancing Debt in respect of Term
Loans (including portions of Classes of Term Loans, Other Term Loans or Incremental Term Loans) or outstanding Revolving Loans or Revolving
Commitments and (ii) such Indebtedness complies with the Permitted Refinancing Requirements; provided that if an Officer’s
Certificate signed on behalf of the Borrower delivered to the Administrative Agent for posting to the Lenders at least five (5) Business
Days (or such shorter period reasonably acceptable to the Administrative Agent) prior to the Incurrence of such Indebtedness, together
with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating
thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirement of this definition,
and the Required Lenders shall not have notified the Borrower and the Administrative Agent that they disagree with such determination
(including a statement of the basis upon which each such Lender disagrees) within such five (5) Business Day period, then such certificate
shall be conclusive evidence that such terms and conditions satisfy such requirement. Permitted Unsecured Refinancing Debt will include
any Registered Equivalent Notes issued in exchange therefor.

 

“Person”:
any natural person, corporation, limited partnership, exempted limited partnership, exempted company, general partnership, limited liability
company, limited liability partnership, joint venture, association, joint stock company, trust, bank trust company, land trust, business
trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity whether legal or not,
or any series of any of the foregoing.

 

“Plan”:
at a particular time, any employee benefit plan that is covered by Title IV of ERISA and in respect of which the Borrower or a Commonly
Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.

 

“Platform”:
as defined in Section 6.2(a).

 

“Preferred
Stock”: any Equity Interest with preferential right of payment of dividends or redemptions upon liquidation, dissolution, or
winding up.

 

“Prepayment-Based
Incremental Amount”: an amount equal to the amount of all prior voluntary prepayments, the par value of all term loan buybacks
(to the extent such term loans are cancelled) (including buybacks pursuant to Section 2.23) and undrawn commitment reductions
of Term Loans, Revolving Loans, Incremental Term Loans, Incremental Revolving Loans and other Indebtedness that constitutes First Lien
Obligations (or, solely with respect to Junior Indebtedness initially Incurred under the Cash-Capped Incremental Facility, Indebtedness
that constitutes Junior Lien Obligations), in each case, (x) with respect to any revolving loans, to the extent accompanied by a permanent
reduction in such revolving commitments, (y) to the extent not funded with the proceeds of Indebtedness constituting “long term
indebtedness” (or comparable caption) under GAAP (other than Indebtedness in respect of any revolving credit facility) or the proceeds
of Permitted Cure Securities applied pursuant to Section 9.3 and (z) less any previous Incurrence pursuant Sections
2.25(a)(i)(y) or 7.2(b)(vi)(y) (or Section 7.2(b)(xvi) in respect of amounts previously incurred under Section 7.2(b)(vi)(y)).

 

“Prepayment-Based
Incremental Facility”: as defined in Section 2.25(a)(i).

 

“Prime
Rate”: the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall
Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release
H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar
rate quoted therein (as determined by the Administrative Agent) or any similar release by the Board (as determined by the

 

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Administrative Agent). Each change in
the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

 

“Private
Lender Information”: any information and documentation that is not Public Lender Information.

 

“Pro
Forma Balance Sheet”: as defined in Section 4.1(a).

 

“Pro
Forma Basis”: (1) if, during such Reference Period, the Borrower or any Restricted Subsidiary shall have made any Disposition
(or discontinued any operations) of at least a division of a business unit, then, with respect to the calculation of any test, financial
ratio, basket or covenant under this Agreement, including any Financial Definitions, such calculation for such Reference Period shall
be given pro forma effect thereto as if such Disposition or discontinuation occurred on the first day of such Reference Period (for the
avoidance of doubt, including (without duplication) pro forma adjustments, if any, to the extent set forth in the definition of “Consolidated
EBITDA”);

 

(ii)       if,
during such Reference Period, the Borrower or any Restricted Subsidiary shall have made an Investment or acquisition of assets, in each
case constituting at least a division of a business unit or a product line of, or all or substantially all of the assets of, any Person
(whether by way of merger, asset acquisition, acquisition of Capital Stock or otherwise), then, with respect to the calculation of any
test, financial ratio, basket or covenant under this Agreement, including any Financial Definition, such calculation for such Reference
Period shall be calculated after giving pro forma effect thereto as if such Investment or acquisition occurred on the first day of such
Reference Period (for the avoidance of doubt, including (without duplication) pro forma adjustments, if any, to the extent set forth
in the definition of “Consolidated EBITDA”);

 

(iii)       if,
during such Reference Period, the Borrower shall have designated any Restricted Subsidiary as an Unrestricted Subsidiary, or designated
any Unrestricted Subsidiary as a Restricted Subsidiary, then, with respect to the calculation of any test, financial ratio, basket or
covenant under this Agreement, including any Financial Definition, such calculation for such Reference Period shall be calculated after
giving pro forma effect thereto as if such designation occurred on the first day of such Reference Period;

 

(iv)       if,
during such Reference Period, the Borrower or any Restricted Subsidiary shall have Incurred or shall have repaid, retired or extinguished
any Indebtedness (other than Indebtedness under any revolving credit facility unless such Indebtedness has been permanently repaid, retired
or extinguished (and the commitments thereunder terminated) and not replaced), or issued or redeemed (or gives irrevocable notice of
redemption for) any Disqualified Stock or Preferred Stock, then, with respect to the calculation of any test, financial ratio, basket
or covenant under this Agreement, including any Financial Definition, such calculation for such Reference Period shall be calculated
giving pro forma effect to such Incurrence, repayment, retirement, extinguishment, issuance or redemption (including as contemplated
by any such irrevocable notice of redemption), as if the same had occurred on the first day of such Reference Period;

 

(v)       if,
following the last day of the most recently completed period of four consecutive fiscal quarters for which the financial statements and
certificates required by Section 6.1(a) or (b), as the case may be, have been or were required to have been delivered and
prior to the end of the Reference Period, the Borrower or any Restricted Subsidiary shall have Incurred or shall have repaid, retired
or extinguished any Indebtedness (other than Indebtedness under any revolving credit facility unless such Indebtedness has been permanently
repaid, retired or extinguished (and the commitments thereunder terminated) and not replaced), or issued or redeemed (or gives irrevocable
notice or

 

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redemption for) any Disqualified Stock
or Preferred Stock, then, with respect to the calculation of any test, financial ratio, basket or covenant under this Agreement, including
any Financial Definition, such calculation for such Reference Period shall be calculated giving pro forma effect to such Incurrence,
repayment, retirement, extinguishment, issuance or redemption (including as contemplated by any such irrevocable notice of redemption),
as if the same had occurred on the first day of such Reference Period; and

 

(vi)       if,
during such Reference Period, the Borrower or any Restricted Subsidiary shall have commenced any Operational Changes, then, with respect
to the calculation of any test, financial ratio, basket or covenant under this Agreement, including any Financial Definition, such calculation
for such Reference Period shall be calculated after giving pro forma effect thereto as if such designation or entry occurred on the first
day of such Reference Period.

 

If
any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated
as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging
Obligations applicable to such Indebtedness).

 

Interest
on (x) a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial
or accounting officer of the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP
and (y) any Indebtedness under a revolving credit facility shall be computed based upon the average daily balance of such Indebtedness
during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a
prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually
chosen, or, if none, then based upon such optional rate as the Borrower may designate.

 

The
term “Disposition” in this definition shall not include dispositions of inventory and other ordinary course dispositions
of property.

 

“Pro
Rata Share”: with respect to (i) any Revolving Facility, and each Revolving Lender’s share of such Revolving Facility,
at any time a fraction (expressed as a percentage), the numerator of which is the amount of the Revolving Commitments of such Revolving
Lender under such Revolving Facility at such time and the denominator of which is the amount of the aggregate Revolving Commitments under
such Revolving Facility at such time; provided that if such Revolving Commitments have been terminated, then the Pro Rata Share
of each Revolving Lender shall be determined based on the Pro Rata Share of such Revolving Lender under such Revolving Facility immediately
prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof, (ii) any Term Facility,
and each Term Lender and such Term Lender’s share of all Term Commitments or Term Loans under such Term Facility, at any time a
fraction (expressed as a percentage), the numerator of which is the amount of the Term Commitments of such Term Lender under such Term
Facility at such time and the denominator of which is the amount of the aggregate Term Commitments under such Term Facility at such time;
provided that if any Term Loans are outstanding under such Term Facility, then the Pro Rata Share of each Term Lender shall be
a fraction (expressed as a percentage), the numerator of which is the amount of the Term Loans of such Term Lender under such Term Facility
at such time and the denominator of which is the amount of the aggregate Term Loans at such time; provided, further, that
if all Term Loans under such Term Facility have been repaid, then the Pro Rata Share of each Term Lender under such Term Facility shall
be determined based on the Pro Rata Share of such Term Lender under such Term Facility immediately prior to such repayment, and (iii)
with respect to each Lender and all Loans and Outstanding Amounts at any time a fraction (expressed as a percentage), the numerator of
which is the Outstanding Amount with respect to Loans and Commitments of such Lender at such time

 

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(plus such Lender’s obligation
to purchase participations in undrawn Letters of Credit) and the denominator of which is the Outstanding Amount (in aggregate) plus
the amount of all Lenders’ obligations to purchase participations in undrawn Letters of Credit at such time; provided
that if all Outstanding Amounts have been repaid or terminated, then the Pro Rata Share of each Lender shall be determined based on the
Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant
to the terms hereof.

 

“Properties”:
as defined in Section 4.14(a).

 

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

 

“Public
Lender”: as defined in Section 6.2(a).

 

“Public
Lender Information”: information and documentation that is (i) of a type that would customarily be publicly available (as reasonably
determined by the Borrower) if the Borrower and its Subsidiaries were public reporting companies, (ii) publically available (or could
be derived from publically available information) or (iii) not material or inside information with respect to the Borrower and its Subsidiaries
or any of their respective securities for purposes of United States Federal and state securities laws.

 

“Purchase”:
as defined in the definition of “Dutch Auction.”

 

“Purchase
Money Note”: a promissory note of a Receivables Subsidiary evidencing a line of credit, which may be irrevocable, from the
Borrower or any of its Subsidiaries to a Receivables Subsidiary in connection with a Qualified Receivables Financing, which note is intended
to finance that portion of the purchase price that is not paid by cash or a contribution of equity.

 

“Purchase
Notice”: as defined in the definition of “Dutch Auction.”

 

“Purchaser”:
as defined in the definition of “Dutch Auction.”

 

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

 

“QFC
Credit Support” has the meaning assigned to it in Section 11.23.

 

“Qualified
Counterparty”: any Person that, as of the Closing Date or as of the date it enters into any Qualified Hedging Agreement, is
(i) if such Qualified Hedging Agreement is an Existing Swap Agreement, any counterparty thereto, (ii) the Administrative Agent, a Joint
Lead Arranger, a Lender or an Affiliate of the foregoing, in its capacity as a counterparty to such Qualified Hedging Agreement.

 

“Qualified
ECP Guarantor”: in respect of any Swap Obligation, any Loan Party that has total assets exceeding $10,000,000 (or total assets
exceeding such other amount so that such Loan Party is an “eligible contract participant” as defined in the Commodity Exchange
Act) at the time such Swap Obligation is incurred.

 

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

 

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“Qualified
Hedging Agreement”: any (i) Existing Swap Agreement and (ii) Swap Agreement entered into by any Group Member, on the one hand,
and any Qualified Counterparty, on the other hand (including any Swap Agreement entered into prior to the Closing Date between any Group
Member).

 

“Qualified
Receivables Financing”: any Receivables Financing of a Receivables Subsidiary that meets the following conditions: (1) the
Borrower shall have determined in good faith that such Qualified Receivables Financing (including financing terms, covenants, termination
events and other provisions) is in the aggregate economically fair and reasonable to Borrower and the Receivables Subsidiary, (2) all
sales of accounts receivable and related assets to the Receivables Subsidiary are made at Fair Market Value (as determined in good faith
by the Borrower), and (3) the financing terms, covenants, termination events and other provisions thereof shall be market terms at the
time the Receivables Financing is first introduced (as determined in good faith by the Borrower and it being understood that such terms,
covenants, termination events and other provisions may subsequently be modified so long as such modifications are on market terms at
the time of any such modification) and may include Standard Securitization Undertakings. The grant of a security interest in any accounts
receivable of the Borrower or any Restricted Subsidiary (other than a Receivables Subsidiary) to secure any Indebtedness shall not be
deemed a Qualified Receivables Financing.

 

“Qualifying
Lender” as defined in the definition of “Dutch Auction.”

 

“Qualifying
Loan” as defined in the definition of “Dutch Auction.”

 

“Quotation
Date” means, in respect of the determination of the Eurocurrency Rate for any Interest Period for a Eurocurrency Loan, the
day that is two Business Days prior to the first day of such Interest Period.

 

“Ratio-Based
Incremental Amount”:

 

(x)
with respect to any Indebtedness that constitutes First Lien Obligations, an unlimited amount so long as either (I) the Total First Lien
Net Leverage Ratio does not exceed 4.75 to 1.00, or (II) if incurred in connection with a Permitted Acquisition or other Investment,
the Total First Lien Net Leverage Ratio does not exceed the Total First Lien Net Leverage Ratio immediately prior to such Permitted Acquisition
or Investment;

 

(y)
with respect to any such Incremental Term Loans that constitute Junior Lien Obligations, an unlimited amount so long as either (I) the
Total Secured Net Leverage Ratio does not exceed 4.75 to 1.00, or (II) if incurred in connection with a Permitted Acquisition or other
Investment, the Total Secured Net Leverage Ratio does not exceed the Total Secured Net Leverage Ratio immediately prior to such Permitted
Acquisition or Investment; or

 

(z)
with respect to any such Incremental Term Loans that are unsecured, an unlimited amount so long as either (I) the Total Net Leverage
Ratio does not exceed 4.75 to 1.00 or (II) if incurred in connection with a Permitted Acquisition or other Investment, the Total Net
Leverage Ratio does not exceed the Total Net Leverage Ratio immediately prior to such Permitted Acquisition or Investment;

 

in
each case where such Total First Lien Net Leverage Ratio, Total Secured Net Leverage Ratio and/or Total Net Leverage Ratio, as applicable,
is calculated on a Pro Forma Basis (but without giving effect to the cash proceeds received from such Indebtedness that remain on the
balance sheet (other than Escrowed Proceeds)) as of the most recently completed Test Period (calculated assuming that any applicable
revolving commitments being Incurred pursuant to this definition are fully drawn throughout such period);

 

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provided
that, for the avoidance of doubt, if, as part of the same transaction or series of related transactions, the Borrower Incurs
Indebtedness pursuant to the Ratio-Based Incremental Amount and substantially concurrently also Incurs Indebtedness (x) pursuant to
the Prepayment-Based Incremental Amount or the Cash-Capped Incremental Amount (whether Incurred under Section 2.25 or Section
7.2(b)(vi) or under any or all such sections) or (y) otherwise constituting a Fixed Amount, then the Total First Lien Net
Leverage Ratio, Total Secured Net Leverage Ratio and/or Total Net Leverage Ratio, as applicable, will be calculated with respect to
such Incurrence pursuant to the Ratio-Based Incremental Amount without regard to any such substantially concurrent Incurrence of
Indebtedness under the Prepayment-Based Incremental Facility, the Cash-Capped Incremental Facility or any other Fixed
Amount.

 

“Ratio-Based
Incremental Facility”: as defined in Section 2.25(a)(i).

 

“Ratio
Debt”: as defined in Section 7.2(a).

 

“Receivables
Fees”: distributions or payments made directly or by means of discounts with respect to any participation interest issued or
sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Financing.

 

“Receivables
Financing”: any transaction or series of transactions that may be entered into by the Borrower or any Subsidiary of the Borrower
pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in
the case of a transfer by the Borrower or any of its Subsidiaries), and (b) any other Person (in the case of a transfer by a Receivables
Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Borrower
or any of its Subsidiaries, and any assets related thereto including all collateral securing such accounts receivable, all contracts
and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets
which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization
transactions involving accounts receivable and any Hedging Obligations entered into by the Borrower or any such Subsidiary in connection
with such accounts receivable.

 

“Receivables
Repurchase Obligation”: any obligation of a seller of receivables in a Qualified Receivables Financing to repurchase receivables
arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion
thereof becoming subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any
failure to take action by or any other event relating to the seller.

 

“Receivables
Subsidiary”: a Wholly Owned Restricted Subsidiary of the Borrower (or another Person formed for the purposes of engaging in
a Qualified Receivables Financing with the Borrower or its Restricted Subsidiaries in which the Borrower or any Subsidiary of the Borrower
makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers accounts receivable and related assets) which
engages in no activities other than in connection with the financing of accounts receivable of the Borrower and its Subsidiaries, all
proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or activities
incidental or related to such business, and which is designated by the Board of Directors of the Borrower as a Receivables Subsidiary
and:

 

(a)       no
portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Borrower or any other
Subsidiary of the Borrower (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant
to Standard Securitization Undertakings), (ii) is recourse to or obligates the Borrower or any other Subsidiary of the

 

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Borrower in any way other than pursuant
to Standard Securitization Undertakings, or (iii) subjects any property or asset of the Borrower or any other Subsidiary of the Borrower,
directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings,

 

(b)       with
which neither the Borrower nor any other Subsidiary of the Borrower has any material contract, agreement, arrangement or understanding
other than on terms which the Borrower reasonably believe to be no less favorable to the Borrower or such Subsidiary than those that
might be obtained at the time from Persons that are not Affiliates of the Borrower, and

 

(c)       to
which neither the Borrower nor any other Subsidiary of the Borrower has any obligation to maintain or preserve such entity’s financial
condition or cause such entity to achieve certain levels of operating results.

 

Any
such designation by the Board of Directors of the Borrower shall be evidenced to the Administrative Agent by delivering to the Administrative
Agent a certified copy of the resolutions of the Board of Directors of the Borrower giving effect to such designation and an Officer’s
Certificate signed on behalf of the Borrower certifying that such designation complied with the foregoing conditions.

 

“Recipient”
means the Administrative Agent or any Lender (including any Issuing Lender), as applicable.

 

“Recovery
Event”: any settlement of or payment in respect of any property or casualty insurance claim or any condemnation, eminent domain
or similar proceeding relating to any asset of any Group Member.

 

“Reference
Period”: the period beginning on the first day of the most recently completed Test Period and ending on the Calculation Date.

 

“Reference
Time”: with respect to any setting of the then-current Benchmark means (1) if such Benchmark is Adjusted LIBO Rate, 11:00 a.m.
(London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not Adjusted
LIBO Rate, the time determined by the Administrative Agent in its reasonable discretion.

 

“Refinance”:
in respect of any Indebtedness, to refinance, discharge, redeem, replace, defease, refund, extend, renew or repay any Indebtedness with
the proceeds of other Indebtedness, or to issue other Indebtedness, in exchange or replacement for, such Indebtedness in whole or in
part; “Refinanced” and “Refinancing” shall have correlative meanings.

 

“Refinanced
Credit Agreement Debt”: as defined in the definition of “Permitted Credit Agreement Refinancing Debt.”

 

“Refinanced
Debt”: as defined in the definition of “Permitted Refinancing Requirements.”

 

“Refinancing
Amendment”: an amendment to this Agreement executed by each of (a) the Borrower, (b) the Refinancing Arranger, (c) the Administrative
Agent and (d) each Additional Lender and Lender that agrees to provide any portion of the Permitted Credit Agreement Refinancing Debt
being Incurred pursuant thereto, in accordance with Section 2.26.

 

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“Refinancing
Arranger”: any Person (who may be the Administrative Agent, if it so agrees) appointed by the Borrower, after consultation
with the Administrative Agent, the arranger of any Permitted Credit Agreement Refinancing Debt.

 

“Refinancing
Indebtedness”: as defined in Section 7.2(b)(xvi).

 

“Refinancing
Revolving Debt”: any First Priority Refinancing Revolving Facility, Junior Priority Refinancing Revolving Facility or Unsecured
Refinancing Revolving Facility.

 

“Refinancing
Term B-1 Lender” shall mean, collectively, (i), each Existing Initial Term Loan Lender that executed and delivered a Consent
to Amendment No. 2 on or prior to the Amendment No. 2 Effective Date and (ii) each Additional Term B-1 Lender.

 

“Refinancing
Term B-1 Loan” shall mean, collectively, (i) a Term Loan in Dollars made pursuant to Section 2.1(b)(i) on the Amendment
No. 2 Effective Date and (ii) each Additional Term B-1 Loan.

 

“Refinancing
Term B-1 Loan Commitment” shall mean, with respect to a Cashless Option Term B-1 Lender, the agreement of such Cashless Option
Term B-1 Lender, the agreement of such Cashless Option Term B-1 Lender to exchange its Existing Initial Term Loans for an equal aggregate
principal amount of Refinancing Term B-1 Loans (or such lesser amount as determined by the Amendment No. 2 Arrangers) on the Amendment
No. 2 Effective Date, as evidenced by such Existing Initial Term Loan Lender executing and delivering Amendment No. 2.

 

“Refinancing
Term Debt”: Indebtedness under any First Priority Refinancing Term Facility, Junior Priority Refinancing Term Facility or Unsecured
Refinancing Term Facility.

 

“Refunded
Designated Acquisition Swingline Loans”: as defined in Section 2.7(b).

 

“Refunding
Capital Stock”: as defined in Section 7.3(b)(ii).

 

“Register”:
as defined in Section 11.6(b)(vi).

 

“Registered
Equivalent Notes”: with respect to any notes originally issued in a Rule 144A or other private placement transaction under
the Securities Act of 1933 (or pursuant to similar rules in any jurisdiction outside of the United States), substantially identical notes
(having the same Guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC (or
any securities regulator outside of the United States).

 

“Regulated
Bank”: an Approved Commercial Bank that is (i) a U.S. depository institution the deposits of which are insured by the Federal
Deposit Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a branch,
agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board under
12 CFR part 211; (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii); or (v)
any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority
in any jurisdiction.

 

“Reimbursement
Obligation”: the obligation of the Borrower to reimburse the Issuing Lenders pursuant to Section 3.5 for amounts drawn
under Letters of Credit.

 

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“Reinvestment
Deferred Amount”: with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by any Loan Party that are
not applied to repay the Term Loans or reduce the Revolving Commitments pursuant to Section 2.11(c) on account of the Borrower’s
right to reinvest such proceeds in lieu of applying them to the prepayment of Loans.

 

“Reinvestment
Event”: as defined in Section 2.11(c).

 

“Reinvestment
Prepayment Amount”: with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any
amount expended prior to the relevant Reinvestment Prepayment Date to acquire, replace, reconstruct or repair assets useful in the business
of the Borrower and the Restricted Subsidiaries or in connection with a Permitted Acquisition.

 

“Reinvestment
Prepayment Date”: with respect to any Reinvestment Event, the earlier of (a) the date occurring 12 months after such Reinvestment
Event (or, if later, 180 days after the date the Borrower or a Restricted Subsidiary has entered into a binding commitment to reinvest
the Net Cash Proceeds of such Reinvestment Event prior to the expiration of such 12 month period) and (b) the date on which the Borrower
shall have notified the Administrative Agent in writing that it intends to prepay Indebtedness pursuant to Section 2.11(c).

 

“Rejection
Notice” as defined in Section 2.11(f).

 

“Related
Business Assets”: assets (other than Cash Equivalents) used or useful in a Similar Business.

 

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

 

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

 

“Removal
Effective Date” as defined in Section 10.6(b).

 

“Reply
Amount”: as defined in the definition of “Dutch Auction.”

 

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

 

“Repriced
Term Loan” as defined in Section 11.1(b)(ii).

 

“Repricing
Indebtedness”: as defined in the definition of “Repricing Transaction.”

 

“Repricing
Transaction”: other than in the context of a transaction involving a Change of Control or the financing of any Transformative
Acquisition (including, for the avoidance of doubt, within forty-five days before, concurrently with, or within forty-five days following
each such transaction), (i) the repayment, prepayment, refinancing, substitution or replacement of all or a portion of the Term B-1 Loans
with the Incurrence by the Borrower or any other Restricted Subsidiary of any Indebtednessbroadly
syndicated term loans (“Repricing Indebtedness”) having an effective interest cost or weighted average
yield (taking into account interest rate margin and benchmark floors, recurring fees and all upfront or similar fees or original issue
discount paid or payable by the Borrower or any Restricted Subsidiary (amortized over the shorter of (A) the Weighted Average Life to
Maturity of such term loans and (B) four years), but excluding (x) any arrangement, commitment, structuring, syndication,

 

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ticking, unused line or other fees payable
by the Borrower or Restricted Subsidiary in connection therewith that are not shared ratably in the primary syndication thereof with
all lenders or holders of such term loans in their capacities as lenders or holders of such term loans, (y) customary consent fees for
any amendment paid generally to consenting lenders or holders and (z) any bona fide arrangement, commitment, ticking, structuring, syndication
or similar fees paid by the Borrower or Restricted Subsidiary to a lender or an Affiliate of a lender in its capacity as a commitment
party or arranger and regardless of whether such Repricing Indebtedness
is syndicated to other third parties)) that is less than the effective interest cost or weighted average yield of the Term B-1 Loans
and (ii) any amendment, waiver, consent or modification to this Agreement relating to the interest rate for, or weighted average yield
(to be determined on the same basis as that described in clause (i) above) of, the Term B-1 Loans directed at, or the result of
which would be, the lowering of the effective interest cost or weighted average yield applicable to the Term B-1 Loans.

 

“Required
Lenders”: at any time, non-Defaulting Lenders holding more than 50% of (a) until the Closing Date, the Commitments then in
effect and (b) thereafter, the sum of (i) the aggregate Outstanding Amount of all Term Loans at such time, (ii) the Total Incremental
Term Commitments then in effect and (iii) the Total Revolving Commitments then in effect or, if the Revolving Commitments have been terminated,
the Total Revolving Extensions of Credit at such time.

 

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

 

“Resignation
Effective Date” as defined in Section 10.6(a).

 

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

 

“Responsible
Officer”: the chief executive officer, representative, director, manager, president, vice president, executive vice president,
chief financial officer, treasurer or assistant treasurer, secretary or assistant secretary, an authorized signatory, an attorney-in-fact
(to the extent empowered by the board of directors/managers of the Borrower), or other similar officer of a Loan Party (or of its general
partner, managing member or sole member, if applicable) of the applicable Loan Party, but in any event, with respect to financial matters,
the chief financial officer, treasurer, vice president of finance, controller or comptroller (or other officer or director with equivalent
duties), and solely for purposes of notices given pursuant to Section 2, any other officer or employee of the applicable Loan
Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the
applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent.

 

“Restricted”:
when referring to Cash Equivalents of the Borrower and the Restricted Subsidiaries, means that such Cash Equivalents appear as “restricted”
on the consolidated balance sheet of the Borrower, other than on accounts of Liens in favor of (x) the Administrative Agent for the benefit
of the Secured Parties and (y) other Liens permitted under clauses (3), (10), (13), (15), (24), (25),
(30), (33), (35), (38) and (40) of the definition of “Permitted Liens” above, other than
consensual Liens on assets which constitute Collateral and rank prior to the Liens in favor of the Administrative Agent (on behalf of
the Secured Parties) on the Collateral.

 

“Restricted
Debt Payments” as defined in Section 7.3(c).

 

“Restricted
Payments”: as defined in Section 7.3(a).

 

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“Restricted
Subsidiary”: any Subsidiary of the Borrower other than any Unrestricted Subsidiary (or, at the option of the Borrower, any
other Subsidiary of the Borrower designated by it as a Restricted Subsidiary); provided, however, that upon an Unrestricted
Subsidiary’s ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted
Subsidiary”.

 

“Retained
Declined Proceeds”: as defined in Section 2.11(f).

 

“Retired
Capital Stock”: as defined in Section 7.3(b)(ii).

 

“Return
Bid”: as defined in the definition of “Dutch Auction.”

 

“Reuters”:
as applicable, Thomson Reuters Corp., Refinitiv, or any successor thereto.

 

“Revolving
Borrowing”: a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurocurrency Loans,
having the same Interest Period made by each of the Revolving Lenders.

 

“Revolving
Commitment”: as to any Lender, the obligation of such Lender, if any, to make Revolving Loans and participate in Designated
Acquisition Swingline Loans and Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under
the heading “Revolving Commitment” opposite such Lender’s name on Schedule II to Amendment No. 3 or in the Assignment
and Assumption, Refinancing Amendment or Incremental Amendment pursuant to which such Lender became a party hereto, as applicable, as
the same may be changed from time to time pursuant to the terms hereof. The Revolving Commitments shall include all Incremental No. 1
Revolving Credit Commitments. The Total Revolving Commitments as of the Amendment No. 3 Effective Date is $475,000,000. For the avoidance
of doubt, the availability of Revolving Commitments shall be reduced by the Elected Amount of BRP C Corp. Acquisition Indebtedness that
are Designated Acquisition Swingline Loans.

 

“Revolving
Commitment Increase”: as defined in Section 2.25(a).

 

“Revolving
Commitment Increase Lender”: as defined in Section 2.25(d).

 

“Revolving
Commitment Period”: the period from and including the Closing Date to but excluding the Revolving Termination Date.

 

“Revolving
Excess”: as defined in Section 2.11(e).

 

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

 

“Revolving
Facility”: any Class of Revolving Commitments and the extensions of credit made thereunder, as the context may require.

 

“Revolving
Lender”: each Lender that has a Revolving Commitment or that holds Revolving Loans. For the avoidance of doubt, each Revolving
Lender making an Incremental No. 1 Revolving Credit Commitment pursuant to the Amendment No. 3 shall constitute a “Revolving Lender”
hereunder and, after the Amendment No. 3 Effective Date, the Administrative Agent shall update and/or modify the

 

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Register to give effect to the Amendment
No. 3 Effective Date and the transactions contemplated by the Amendment No. 3.

 

“Revolving
Loan Note”: a promissory note substantially in the form of Exhibit F-1.

 

“Revolving
Loans”: as defined in Section 2.4(a).

 

“Revolving
Percentage”: as to any Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment then constitutes
of the Total Revolving Commitments or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which
the aggregate Outstanding Amount of such Lender’s Revolving Loans at such time constitutes of the aggregate Outstanding Amount
of all Revolving Loans at such time; provided that in the event that the Revolving Loans are paid in full prior to the reduction
to zero of the Total Revolving Extensions of Credit, the Revolving Percentages shall be determined in a manner designed to ensure that
the other outstanding Revolving Extensions of Credit shall be held by the Revolving Lenders on a comparable basis.

 

“Revolving
Termination Date”: the fifth anniversary of the Closing Date.

 

“S&P”:
Standard & Poor’s Rating Service, a division of S&P Global Inc. and any successor thereto.

 

“Sale
Leaseback Transaction”: any arrangement with any Person or Persons, whereby in contemporaneous or substantially contemporaneous
transactions the Borrower or any Restricted Subsidiary sells substantially all of its right, title and interest in any property and,
in connection therewith, the Borrower or a Restricted Subsidiary acquires, leases or licenses back the right to use all or a material
portion of such property.

 

“Sanctioned
Person”: (a) any Person listed in any Sanctions Laws-related list of designated persons maintained by OFAC (including the designation
as a “specially designated national” or “blocked person”), the U.S. Department of State, the United Nations Security
Council, the European Union, the United Kingdom or any EU member state, and (b) any Person 50% or greater owned or controlled by any
such Person or Persons.

 

“Sanctions
Laws”: the economic sanctions laws and regulations administered or enforced by the U.S. Government (including OFAC or the U.S.
Department of State), the United Nations Security Council, Canada, the European Union and the United Kingdom and any other applicable
sanctions authority.

 

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

 

“Secured
Parties”: the collective reference to the Administrative Agent, the Lenders (including each Issuing Lender and the Designated
Acquisition Swingline Lender), any Qualified Counterparties and any Cash Management Providers.

 

“Securities
Act”: the Securities Act of 1933, as amended from time to time, and any successor statute.

 

“Security
Agreement”: the Pledge and Security Agreement dated as of the Closing Date among the Loan Parties and the Administrative Agent,
substantially in the form of Exhibit A.

 

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“Security
Agreements”: collectively, the Security Agreement and each other security agreement and security agreement supplement executed
and delivered pursuant to Section 5.1(a), Section 6.9, Section 6.11 or Section 6.15 or pursuant to the Security
Agreement, in each case as amended, restated, supplemented, replaced or otherwise modified from time to time in accordance with its terms.

 

“Security
Documents”: the collective reference to the Security Agreements, each Intellectual Property Security Agreement, each Segregated
Acquisition Amount Deposit Account Control Agreement, each Mortgage, collateral assignments, security agreement supplements, security
agreements, pledge agreements or other similar agreements delivered to the Administrative Agent pursuant to Section 5.1(a), Section
6.9, Section 6.11 or Section 6.15 or pursuant to the Security Agreement, and each of the other agreements, instruments
or documents that creates or purports to create a Lien which in each case, to the extent legally possible, is created in favor of the
Administrative Agent for the benefit of the Secured Parties, whether entered into on or after the Closing Date.

 

“Segregated
Acquisition Amount”: any proceeds of Incremental Term Loans (which are the same Class of Term Loans as the Initial Term Loans
or Term B-1 Loans) incurred after the Closing Date and deposited in the Segregated Acquisition Amount Deposit Account that are designated
in writing by the Borrower to the Administrative Agent as Segregated Acquisition Amount.

 

“Segregated
Acquisition Amount Deposit Account” has the meaning specified in Section 4.16(c).

 

“Segregated
Acquisition Amount Deposit Account Control Agreement” has the meaning specified in Section 4.16(c).

 

“Senior
Representative”: with respect to any series of Permitted First Priority Refinancing Debt or Permitted Junior Priority Refinancing
Debt or any series of Indebtedness permitted under Section 7.2(b)(vi), the trustee, administrative agent, collateral agent, security
agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, Incurred or otherwise obtained,
as the case may be, and each of their successors in such capacities.

 

“Significant
Subsidiary”: at any date of determination, each Restricted Subsidiary that would be a “Significant Subsidiary”
within the meaning of Rule 1-02 under the Securities Act as such rule is in effect on the Closing Date.

 

“Similar
Business”: any business, service or other activity engaged in by the Borrower, any of the Restricted Subsidiaries, or any direct
or indirect parent on the Closing Date and any business or other activities that are reasonably similar, ancillary, complementary or
related to, or a reasonable extension, development or expansion of, the businesses in which the Borrower and the Restricted Subsidiaries
are engaged on the Closing Date.

 

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

 

“SOFR”:
with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the
SOFR Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New York City time) on the immediately succeeding
Business Day.

 

“SOFR
Administrator”: the NYFRB (or a successor administrator of the secured overnight financing rate).

 

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“SOFR
Administrator’s Website”: the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor source
for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

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

 

“Solvent”:
with respect to any Person and its Subsidiaries on a consolidated basis, means that as of any date of determination, (a) each of the
amount at which the assets (both tangible and intangible), in their entirety, of Borrower and its Subsidiaries taken as a whole would
change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge
of the relevant facts, with neither being under any compulsion to act and the amount that could be obtained by an independent willing
seller from an independent willing buyer if the assets (both tangible and intangible) of Borrower and its Subsidiaries taken as a whole
are sold on a going concern basis with reasonable promptness in an arm’s-length transaction under present conditions for the sale
of comparable business enterprises insofar as such conditions can be reasonably evaluated of the assets of Borrower and its Subsidiaries
taken as a whole exceed their recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP)
of Borrower and its Subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions,
determined in accordance with GAAP consistently applied and maximum estimated amount of liabilities reasonably likely to result from
pending litigation and other contingent liabilities of Borrower and its Subsidiaries taken as a whole after giving effect to the Transactions
(including all fees and expenses related thereto but exclusive of such contingent liabilities to the extent reflected in recorded liabilities
(including contingent liabilities that would be recorded in accordance with GAAP) of Borrower and its Subsidiaries taken as a whole,
as of the date hereof after giving effect to the consummation of the Transactions, determined in accordance with GAAP consistently applied),
as identified and explained in terms of their nature and estimated magnitude by responsible officers of Borrower; (ii) Borrower and its
Subsidiaries taken as a whole after giving effect to the Transactions have sufficient capital to ensure that it is a going concern; and
(iii) Borrower and its Subsidiaries taken as a whole after giving effect to the Transactions have sufficient assets and cash flow to
pay their respective recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of Borrower
and its Subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions, determined
in accordance with GAAP consistently applied and maximum estimated amount of liabilities reasonably likely to result from pending litigation
and other contingent liabilities of Borrower and its Subsidiaries taken as a whole after giving effect to the Transactions (including
all fees and expenses related thereto but exclusive of such contingent liabilities to the extent reflected in the recorded liabilities
(including contingent liabilities that would be recorded in accordance with GAAP) of Borrower and its Subsidiaries taken as a whole,
as of the date hereof after giving effect to the consummation of the Transactions, determined in accordance with GAAP consistently applied),
as identified and explained in terms of their nature and estimated magnitude by responsible officers of Borrower as those liabilities
mature or (in the case of contingent liabilities) otherwise become payable. For the purposes hereof, it is assumed that the indebtedness
and other obligations incurred on the date hereof will come due on their respective stated maturities.

 

“Specified
Cash Management Agreement”: any Cash Management Agreement entered into by any Group Member, on the one hand, and any Cash Management
Provider, on the other hand.

 

“Specified
Class”: as defined in Section 2.28(a).

 

“Specified
Refinancing Indebtedness” Refinancing Indebtedness permitted under Section 7.2(b)(xvi) that is incurred to Refinance
outstanding Term Loans.

 

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“Specified
Representations”: the representations and warranties set forth in Sections 4.3(a), 4.4(a) (solely as it relates
to the Loan Documents), 4.4(c), 4.5(i) (with respect to the Organizational Documents only), 4.10, 4.13, 4.16,
4.17, 4.18(a) (with respect to the Patriot Act only), 4.18(d) (with respect to the U.S. Foreign Corrupt Practices
Act of 1977, as amended, and OFAC only) and 4.19 (in each case, only with respect to the Borrower).

 

“Standard
Securitization Undertakings”: representations, warranties, covenants, indemnities and guarantees of performance entered into
by the Borrower or any Subsidiary of the Borrower which the Borrower has determined in good faith to be customary in a Receivables Financing
including those relating to the servicing of the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase
Obligation shall be deemed to be a Standard Securitization Undertaking.

 

“Stated
Maturity Date”: with respect to any security, the date specified in such security as the fixed date on which the final payment
of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision
providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control
of the issuer unless such contingency has occurred).

 

“Subordinated
Indebtedness”: (a) with respect to the Borrower, any Indebtedness of the Borrower which is by its terms contractually subordinated
in right of payment to the Loans, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms contractually
subordinated in right of payment to its Guarantee.

 

“Subsidiary”:
with respect to any Person (1) any corporation, partnership, limited liability company, unlimited liability company, association, joint
venture or other business entity (other than a partnership, joint venture or limited liability company) of which more than 50% of the
total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to
vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having
the power to direct or cause the direction of the management and policies thereof at the time owned or controlled, directly or indirectly,
by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, (2) any partnership, joint venture or
limited liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests
or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or
more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited
partnership interests or otherwise, and (y) such Person or any Subsidiary of such Person is a controlling general partner or otherwise
controls such entity and (3) any Person that is consolidated in the consolidated financial statements of the specified Person in accordance
with GAAP. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement
shall refer to a Subsidiary or Subsidiaries of the Borrower.

 

“Successor
Company”: as defined in Section 7.8(i).

 

“Supported
QFC” has the meaning assigned to it in Section 11.23.

 

“Swap
Agreement”: any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement
involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination
of these transactions; provided that no phantom stock or similar plan providing for payments

 

    88 

     

    

only on account of services provided
by current or former directors, officers, employees or consultants of the Borrower or any of its Subsidiaries shall be a Swap Agreement.

 

“Swap
Obligation”: as defined in the definition of “Excluded Swap Obligation.”

 

“Syndication
Agents” collectively, the Co-Syndication Agents listed on the cover page hereof.

 

“Tax
Receivables Agreement”: that certain Tax Receivable Agreement dated as of October 28, 2019, among BRP Group, the Borrower and
the persons named therein.

 

“Taxes”:
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
B-1 Lender” shall mean, collectively, (i), each Refinancing Term B-1 Lender and,
(ii) each Incremental Term B-1 Lender and (iii) each Additional
Incremental Term B-1 Lender.

 

“Term
B-1 Loan” shall mean, collectively, (i) each Refinancing Term B-1 Loan and,
(ii) each Incremental Term B-1 Loan and (iii) each Additional Incremental
Term B-1 Loan.

 

“Term
Borrowing”: a borrowing consisting of simultaneous Term Loans of the same Type.

 

“Term
Commitment”: as to any Lender, (i) the obligation of such Lender, if any, to make a Term Loan to the Borrower in a principal
amount not to exceed the amount set forth under the heading “Term Commitment” opposite such Lender’s name on Schedule
1.1A-1, (ii) the Refinancing Term B-1 Loan Commitment, (iii) the Incremental Term B-1 Loan Commitment, (iv) the
Additional Incremental Term B-1 Loan Commitment, (v) the Incremental Term Commitments, if any, issued after the Closing Date
pursuant to Section 2.25 or (vvi)
Other Term Commitments, if any, issued after the Closing Date pursuant to a Refinancing Amendment entered into pursuant to Section
2.26. The original aggregate principal amount of the Term Commitments as of the Closing Date was $400,000,000 and as of the Amendment
No. 24 Effective
Date is $0.

 

“Term
Facility”: any Class of Term Loans, as the context may require.

 

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

 

“Term
Loan”: an Initial Term Loan, the Term B-1 Loans, an Other Term Loan or an Incremental Term Loan, as the context requires.

 

“Term
Loan Maturity Date”: the seventh anniversary of the Closing Date.

 

“Term
Loan Note”: a promissory note substantially in the form of Exhibit F-2, as it may be amended, supplemented or otherwise
modified from time to time.

 

“Term Loan
Purchase Amount”: as defined in the definition of “Dutch Auction.”

 

“Term
Percentage”: as to any Term Lender at any time, the percentage which such Lender’s Term Commitment then constitutes of
the aggregate Term Commitments (or, at any time after the Closing Date, the percentage which the aggregate Outstanding Amount of such
Lender’s Term Loans at such time constitutes of the aggregate Outstanding Amount of all Term Loans at such time).

 

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“Term
SOFR”: for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR
that has been selected or recommended by the Relevant Governmental Body.

 

“Term
SOFR Notice”: a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition
Event.

 

“Term
SOFR Transition Event”: the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the
Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark
Transition Event has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.16 that is not Term SOFR.

 

“Test
Period” means, subject to Sections 1.2(f) and 1.4, the most recently ended period of four consecutive
fiscal quarters of the Borrower (taken as one account period) for which financial statements and certificates required by Section
6.1(a) or (b), as the case may be, are internally available.

 

“Title
Policy”: an ALTA or equivalent lender’s title insurance policy issued by a title insurer reasonably acceptable to Administrative
Agent pursuant to the terms of Section 6.9(b), subject only to those exceptions which are either Permitted Liens (with any Liens
on Collateral that are expressly contemplated to be junior to the Liens on the Collateral securing the Obligations to be listed in the
applicable Title Policy as subordinate to the Administrative Agent’s lien on the applicable Mortgaged Property) or are otherwise
reasonably approved by the Administrative Agent and containing such endorsements as are customary in the jurisdiction in which the applicable
Mortgaged Property is located and as the Administrative Agent shall reasonably require.

 

“Total
First Lien Net Leverage Ratio”: as at the last day of any period, the ratio of (a) the excess of (i) Consolidated Total Indebtedness
on such day that is secured by the Collateral and constitutes First Lien Obligations over (ii) an amount equal to the sum of (x)
the Unrestricted Cash Equivalents and (y) Cash Equivalents restricted in favor of the Administrative Agent (which may also include Cash
Equivalents securing other Indebtedness that are either (A) First Lien Obligations or (B) Junior Lien Obligations subject to the terms
of an Intercreditor Agreement, in any such case, so long as the holders of such other Indebtedness do not have the benefit of a control
agreement or other equivalent methods of perfection (unless the Administrative Agent also has the benefit of a control agreement or other
equivalent methods of perfection (including, for the avoidance of doubt, Restricted Cash Equivalents that constitutes Escrowed Proceeds)),
in each case of the Borrower and the Restricted Subsidiaries on such date, to (b) Consolidated EBITDA, calculated on a Pro Forma Basis
for such period, and with such pro forma adjustments to Consolidated Total Indebtedness and Consolidated
EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Debt Service
Coverage Ratio”.

 

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

 

“Total
Net Leverage Ratio”: as at the last day of any period, the ratio of (a) the excess of (i) the amount of Consolidated Total
Indebtedness on such day over (ii) an amount equal to the sum of (x) the Unrestricted Cash Equivalents and (y) Cash Equivalents
restricted in favor of the Administrative Agent (which may also include Cash Equivalents securing other Indebtedness that are either
(A) First Lien Obligations or (B) Junior Lien Obligations subject to the terms of an Intercreditor Agreement, in any such case, so long
as the holders of such other Indebtedness do not have the benefit of a control agreement or other equivalent methods of perfection (unless
the Administrative Agent also has the

 

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benefit of a control agreement or other
equivalent methods of perfection (including, for the avoidance of doubt, Restricted Cash Equivalents that constitutes Escrowed Proceeds)),
in each case of the Borrower and the Restricted Subsidiaries on such date, to (b) Consolidated EBITDA of the Borrower and the Restricted
Subsidiaries, calculated on a Pro Forma Basis for such period, and with such pro forma adjustments
to Consolidated Total Indebtedness and Consolidated EBITDA as are appropriate and consistent with the pro forma adjustment provisions
set forth in the definition of “Debt Service Coverage Ratio”.

 

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

 

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

 

“Total
Secured Net Leverage Ratio”: as at the last day of any period, the ratio of (a) the excess of (i) Consolidated Total Indebtedness
on such day (x) constituting the Obligations or (y) that is otherwise secured by the Collateral over (ii) an amount equal to the
sum of (x) the Unrestricted Cash Equivalents and (y) Cash Equivalents restricted in favor of the Administrative Agent (which may also
include Cash Equivalents securing other Indebtedness that are either (A) First Lien Obligations or (B) Junior Lien Obligations subject
to the terms of an Intercreditor Agreement, in any such case, so long as the holders of such other Indebtedness do not have the benefit
of a control agreement or other equivalent methods of perfection (unless the Administrative Agent also has the benefit of a control agreement
or other equivalent methods of perfection (including, for the avoidance of doubt, Restricted Cash Equivalents that constitutes Escrowed
Proceeds))), in each case of the Borrower and the Restricted Subsidiaries on such date, to (b) Consolidated EBITDA, calculated on a Pro
Forma Basis for such period, and with such pro forma adjustments to Consolidated Total Indebtedness
and Consolidated EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Debt
Service Coverage Ratio”.

 

“Transactions”:
(a) the execution and delivery of the Loan Documents to be entered into on the Closing Date and the funding of the Loans on the Closing
Date, (b) the consummation of the Existing Debt Release/Repayment and (c) the payment of fees and expenses Incurred in connection with
each of the foregoing.

 

“Transferee”:
any Assignee or Participant.

 

“Transformative
Acquisition” means any acquisition by the Borrower or any Restricted Subsidiary that (a) is not permitted by the terms of the
Loan Documents immediately prior to the consummation of such acquisition or (b) if permitted by the terms of the Loan Documents immediately
prior to the consummation of such Acquisition, would not provide the Borrower and the Restricted Subsidiaries with adequate flexibility
under the Loan Documents for the continuation and/or expansion of their combined operations following such consummation, as determined
by the Borrower acting in good faith.

 

“Type”:
as to any Loan, its nature as an ABR Loan or a Eurocurrency Loan.

 

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

 

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

 

“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Undisclosed
Administration”: in relation to a Lender or its direct or indirect parent company the appointment of an administrator, provisional
liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based
on the law in the country where such Lender is subject to home jurisdiction supervision if applicable law requires that such appointment
is not to be publicly disclosed.

 

“Uniform
Commercial Code” or “UCC”: the Uniform Commercial Code (or any similar or equivalent legislation) as in
effect from time to time in any applicable jurisdiction.

 

“United
States”: the United States of America.

 

“Unrestricted”:
when referring to Cash Equivalents, means that such Cash Equivalents are not Restricted.

 

“Unrestricted
Subsidiary”: (i) any Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to Section
6.12 subsequent to the Closing Date and (ii) any Subsidiary of an Unrestricted Subsidiary.

 

“Unsecured
Refinancing Revolving Facility”: as defined in the definition of “Permitted Unsecured Refinancing Debt.”

 

“Unsecured
Refinancing Term Facility”: as defined in the definition of “Permitted Unsecured Refinancing Debt.”

 

“U.S.
Special Resolution Regime” shall have the meaning provided in Section 11.23.

 

“U.S.
Subsidiary”: any Subsidiary of the Borrower organized under the laws of the United States, any state within the United States
or the District of Columbia.

 

“U.S.
Tax Compliance Certificate” shall have the meaning provided in Section 2.19(e)(ii)(2)(C). 

 

“Voting
Stock”: with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in
the election of the Board of Directors of such Person.

 

“Weighted
Average Life to Maturity”: when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, at
any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination
to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such
Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such payments.

 

“Wholly
Owned Restricted Subsidiary”: any Wholly Owned Subsidiary that is a Restricted Subsidiary.

 

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“Wholly
Owned Subsidiary”: with respect to any Person, a Subsidiary of such Person 100% of the outstanding Capital Stock or other ownership
interests of which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or
other third parties to the extent required by applicable law) shall at the time be owned by such Person or by one or more Wholly Owned
Subsidiaries of such Person.

 

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

 

1.2          Other
Interpretive Provisions.

 

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

 

(b)       As
used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, (i)
accounting terms not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined,
shall have the respective meanings given to them under GAAP, (ii) the words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur” or “Incur”
shall be construed to mean incur, create, issue, assume or become liable in respect of (and the words “incurred”, “incurrence”,
“Incurred” or “Incurrence” shall have correlative meanings), (iv) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including
cash, Capital Stock, securities, revenues, accounts, real property, leasehold interests and contract rights, (v) the term “consolidated”
with respect to any Person refers to such Person consolidated with the Restricted Subsidiaries, and excludes from such consolidation
any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person, (vi) references to agreements or
other Contractual Obligations (including any of the Loan Documents) shall, unless otherwise specified, be deemed to refer to such agreements
or Contractual Obligations as amended, novated, supplemented, restated, extended, amended and restated or otherwise modified from time
to time and (vii) a debt instrument includes any equity or hybrid instrument to the extent characterized as indebtedness.

 

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

 

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

 

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(e)       For
the avoidance of doubt, unless otherwise specified herein, each date indicated in any Loan Document to fall on a Business Day, if such
date is not a Business Day, shall instead fall on the next succeeding Business Day.

 

(f)       Prior
to the first delivery of financial statements under Section 6.1, any ratio or other financial metric that is measured based on
the most recent financial statements delivered or required to be delivered pursuant to Section 6.1 (including any such metric
measured by reference to a Test Period) shall instead be based on the financial statements delivered pursuant to Section 5.1(c).

 

(g)       For
the avoidance of doubt, unless otherwise specified or the context indicates otherwise, all Financial Definitions and the definition of
Excess Cash Flow (including any defined term or section reference included therein) referred to in the Loan Documents shall be calculated
with reference to the Borrower and the Restricted Subsidiaries, determined on a consolidated basis.

 

(h)       For
the purposes of Sections 7.5 and 7.8, an allocation of assets to a division of a Restricted Subsidiary that is a limited
liability company, or an allocation of assets to a series of a Restricted Subsidiary that is a limited liability company, shall be treated
as a transfer of assets from one Restricted Subsidiary to another Restricted Subsidiary.

 

1.3          Accounting.
For purposes of all Financial Definitions and calculations in the Loan Documents, including the determination of Excess Cash Flow, there
shall be excluded for any period the effects of purchase accounting (including the effects of such adjustments pushed down to the Borrower
and the Restricted Subsidiaries) in component amounts required or permitted by GAAP and related authoritative pronouncements (including
the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries), as a result of the Transactions, any acquisition
consummated prior to the Closing Date, any Permitted Acquisition, or the amortization or write-off of any amounts thereof.

 

If
at any time any change in GAAP would affect the computation of any financial ratio, standard or term set forth in any Loan Document,
and the Borrower or the Required Lenders shall so request, the Administrative Agent and the Borrower shall negotiate in good faith to
amend such ratio, standard or term to preserve the original intent thereof in light of such change in GAAP (subject to approval by the
Borrower); provided that, until so amended, such ratio, standard or term shall continue to be computed in accordance with GAAP
immediately prior to such change therein and the Borrower shall provide to the Administrative Agent and the Lenders within five (5) days
after delivery of each certificate or financial report required hereunder that is affected thereby a written statement of the Borrower
setting forth in reasonable detail the differences (including any differences that would affect any calculations relating to the financial
covenants as set forth in Section 7.1) that would have resulted if such financial statements had been prepared giving effect to
such change; provided, that, to the extent any such change would have a negative impact on the Borrower with respect to any ratio,
financial calculation, financial reporting items or requirement computation, the Borrower may (in its sole discretion) elect to compute
or report such ratio, financial calculation, financial reporting item or requirement in accordance with GAAP and/or the Applicable Tax
Laws, as the case may be, as changed and accordingly, if such an election is made, the Borrower shall not be required to deliver the
written statement described in the immediately preceding proviso with respect thereto.

 

1.4          Limited Condition
Transactions. Notwithstanding anything to the contrary herein, in connection with any action (including any Limited Condition Transaction
itself) being taken solely in connection with a Limited Condition Transaction, for purposes of:

 

(a)       determining
compliance with any provision of this Agreement which requires the calculation of any financial ratio or test, including the Total First
Lien Net Leverage Ratio, Total Secured

 

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Net Leverage Ratio, Total Net Leverage
Ratio, Fixed Charge Coverage Ratio and/or Debt Service Coverage Ratio;

 

(b)       testing
availability under baskets set forth in this Agreement (including baskets measured as a percentage of Consolidated EBITDA or Consolidated
Net Income);

 

(c)       testing
the absence of a Default or Event of Default; or

 

(d)       the
making of any representations or warranties (other than pursuant to a borrowing under the Revolving Facility),

 

in each case, at
the option of the Borrower (the Borrower’s election to exercise such option in connection with any Limited Condition Transaction,
an “LCT Election”), the date of determination of whether any such action is permitted under the Loan Documents shall
be deemed to be the date the definitive agreements for (or in the case of a Limited Condition Transaction that involves some other manner
of establishing a binding obligation under local law, such other binding obligations to consummate), or irrevocable notice of, such Limited
Condition Transaction are entered into (the “LCT Test Date”), and if, after giving effect to the Limited Condition
Transaction and the other transactions to be entered into in connection therewith (including any Incurrence of Indebtedness and the use
of proceeds thereof) on a Pro Forma Basis as if they had occurred at the beginning of the most recently completed Test Period ending
prior to the LCT Test Date, the Borrower or the Restricted Subsidiaries would have been permitted to take such action on the relevant
LCT Test Date in compliance with such ratio, basket, test, Default or Event of Default “blocker” or making of representations
and warranties, such ratio, basket, test, Default or Event of Default “blocker” or making of representations and warranties
shall be deemed to have been complied with. For the avoidance of doubt, if the Borrower has made an LCT Election and any of the ratios,
baskets, tests, Default or Event of Default “blocker” or making of representations and warranties for which compliance was
determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio, basket, test, Default or Event
of Default “blocker” or making of representations and warranties, including due to fluctuations in Consolidated EBITDA at
or prior to the consummation of the relevant transaction or action, such baskets, ratios, tests, Default or Event of Default “blocker”
or making of representations and warranties will not be deemed to have been exceeded as a result of such fluctuations.

 

1.5          Financial
Ratio Calculations. For the avoidance of doubt, with respect to any amounts incurred or transactions entered into (or consummated)
in reliance on a provision of the Loan Documents under a specific covenant that does not require compliance with a financial ratio or
test (including a test based on the Debt Service Coverage Ratio, Fixed Charge Coverage Ratio, the Total First Lien Net Leverage Ratio,
the Total Secured Net Leverage Ratio and/or the Total Net Leverage Ratio) (any such amounts, the “Fixed Amounts”) substantially
concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on a provision of the Loan Documents
under the same covenant that requires compliance with a financial ratio or test (including a test based on the Debt Service Coverage
Ratio, Fixed Charge Coverage Ratio, the Total First Lien Net Leverage Ratio, the Total Secured Net Leverage Ratio and/or the Total Net
Leverage Ratio) (any such amounts, the “Incurrence-Based Amounts”), it is understood and agreed that (a) the Fixed Amounts
shall be disregarded in the calculation of the financial ratio or test applicable to the Incurrence-Based Amounts, and (b) except as
provided in clause (a), the entire transaction shall be calculated on a Pro Forma Basis. In addition, for the avoidance of doubt, any
Indebtedness (and associated Liens, subject to the applicable priorities required pursuant to the applicable Incurrence-Based Amounts),
Investments, liquidations, dissolutions, mergers, consolidations, dividends, or any prepayments of Indebtedness incurred or otherwise
effected in reliance on Fixed Amounts may be reclassified at any time, as the Borrower may elect from time to time, as incurred under
the applicable Incurrence-Based Amounts if the Borrower

 

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together with the Restricted Subsidiaries
subsequently meets the applicable ratio for such Incurrence-Based Amounts on a Pro Forma Basis. Notwithstanding the foregoing, Revolving
Borrowings are not “Fixed Amounts.”

 

1.6          Currency
Equivalents Generally.

 

(a)       The
Administrative Agent or the Issuing Lender, as applicable, shall determine the Dollar Equivalent of any Alternative Currency Letter of
Credit as of each date (with such date to be reasonably determined by the Administrative Agent) that is on or about the date of each
request for the issuance, amendment, renewal or extension of such Alternative Currency Letter of Credit, using the Exchange Rate for
the applicable currency in relation to Dollars in effect on the date of determination, and each such amount shall be the Dollar Equivalent
of such Letter of Credit until the next required calculation thereof pursuant to this Section 1.6(a).

 

(b)       The
Dollar Equivalent of any L/C Borrowing made by any Issuing Lender in any Alternative Currency and not reimbursed by the Borrower shall
be determined as set forth in Section 3.5. In addition, the Dollar Equivalent of the L/C Exposure shall be determined as set forth
in Section 3.9, at the time and in the circumstances specified therein.

 

(c)       The
Administrative Agent or the Issuing Lenders, as applicable, shall notify the Borrower, the applicable Lenders and the applicable Issuing
Lender of each calculation of the Dollar Equivalent of each Letter of Credit denominated in any Alternative Currency and each Borrowing
in any Alternative Currency.

 

(d)       Notwithstanding
the foregoing, for purposes of determining compliance with Sections 7.2, 7.3 and 7.6 with respect to any amount
of Indebtedness or Investment in a currency other than Dollars, no Default shall be deemed to have occurred solely as a result of changes
in rates of exchange occurring after the time such Lien, Indebtedness or Investment is incurred; provided that, for the avoidance
of doubt, the foregoing provisions of this Section 1.6 shall otherwise apply to such Sections, including with respect to determining
whether any Indebtedness or Investment may be incurred at any time under such Sections.

 

(e)       For
purposes of determining compliance under Sections 7.5 and 7.6, any amount in a currency other than Dollars will be converted
to Dollars in a manner consistent with that used in calculating net income in the Borrower’s annual financial statements delivered
pursuant to Section 6.1(a); provided, however, that the foregoing shall not be deemed to apply to the determination
of any amount of Indebtedness.

 

(f)       For
purposes of determining compliance with any restriction on the incurrence of Indebtedness, the Dollar Equivalent of the principal amount
of Indebtedness denominated in a foreign currency shall be calculated based on the Exchange Rate in effect on the date such Indebtedness
was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness
is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension,
replacement, refunding, refinancing, renewal or defeasance would cause the applicable restriction to be exceeded if calculated at the
relevant currency exchange rate in effect on the date of such extension, replacement, refunding, refinancing, renewal or defeasance,
such restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not
exceed the principal amount of such Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased.

 

1.7          Treatment
of Subsidiaries Prior to Joinder.

 

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Each
Subsidiary of the Borrower that is required to be joined as a Loan Party pursuant to Section 6.9 shall, until the completion of
such joinder, be deemed for the purposes of Section 7 of this Agreement to be a Loan Party from and after the Closing Date (or
the date of formation or acquisition of such subsidiary).

 

1.8          Interest
Rates; Eurocurrency Notification.

 

The
interest rate on Eurocurrency Loans is determined by reference to the Eurocurrency Rate, which is derived from the London interbank offered
rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings
from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021,
it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with
any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered
rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer
be deemed an appropriate reference rate upon which to determine the interest rate on Eurocurrency Loans. In light of this eventuality,
public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place
of the London interbank offered rate. Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in
Election, Section 2.16(c) and (d) provide the mechanism for determining an alternative rate of interest. The Administrative
Agent will promptly notify the applicable parties as and when required by Section 2.16(f), of any change to the reference rate
upon which the interest rate on Eurocurrency Loans is based. Except as otherwise provided in this Agreement, the Administrative Agent
does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or
any other matter related to the London interbank offered rate or other rates in the definition of “Eurocurrency Rate” or
with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative,
successor or replacement rate implemented pursuant to Section 2.16(c) or (d), whether upon the occurrence of a Benchmark
Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement
Conforming Changes pursuant to Section 2.16(e), including without limitation, whether the composition or characteristics of any
such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the
Eurocurrency Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability
other than, in each case, to the extent of the Administrative Agent’s gross negligence, bad faith or willful misconduct as determined
by a court of competent jurisdiction in a final and non-appealable decision. Nothing in this Section shall constitute a representation
or warranty by the Borrower or any of its Restricted Subsidiaries nor can it constitute the basis of any Default or Event of Default.

 

1.9          Divisions.

 

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

 

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SECTION
2.

AMOUNT AND TERMS OF COMMITMENTS

 

2.1          Term
Commitments. (a) Subject to the terms and conditions hereof, each Term Lender severally agrees to make a single Term Loan to the
Borrower on the Closing Date in Dollars and in an amount not to exceed the amount of the Term Commitment of such Lender on the Closing
Date. The Term Loans may from time to time be Eurocurrency Loans or ABR Loans, as determined by the Borrower and notified to the Administrative
Agent in accordance with Sections 2.2 and 2.12. The Term Commitments in effect on the Closing Date shall automatically
terminate at 11:59 p.m. (New York City time) on the Closing Date. Once borrowed and repaid, no Term Loan may be re-borrowed.

 

(b)         (i)
Subject to and upon the terms and conditions herein set forth, each Cashless Option Term B-1 Lender severally agrees to exchange its
Existing Initial Term Loan for a like principal amount of Refinancing Term B-1 Loans (or such lesser amount as determined by the Amendment
No. 2 Arrangers) on the Amendment No. 2 Effective Date.

 

(ii)
Subject to and upon the terms and conditions herein set forth, each Additional Term B-1 Lender severally agrees to make Additional Term
B-1 Loans in Dollars to the Borrower on the Amendment No. 2 Effective Date in a principal amount not to exceed its Additional Term B-1
Loan Commitment on the Amendment No. 2 Effective Date. The Borrower shall prepay all Existing Initial Term Loans of Non-Consenting Existing
Initial Term Loan Lenders with a portion of the gross proceeds of the Additional Term B-1 Loans.

 

(iii)
The Borrower shall pay all accrued and unpaid interest on the Existing Initial Term Loans to the Existing Initial Term Loan Lenders to,
but not including, the Amendment No. 2 Effective Date on such Amendment No. 2 Effective Date.

 

2.2          Procedure
for Borrowing Term Loans. The Borrower shall give the Administrative Agent irrevocable notice, substantially in the form of Exhibit
H or such other form as may be approved by the Administrative Agent (including (x) any form on an electronic platform or electronic
transmission system as shall be approved by the Administrative Agent and (y) by written notice), appropriately completed and signed by
a Responsible Officer of the Borrower (which notice must be received by the Administrative Agent no later than (A) 1:00 p.m. (New York
City time), on the anticipated Closing Date, in the case of ABR Loans, (B) 11:00 a.m. (New York City time), one Business Day prior to
the anticipated Closing Date, in the case of Eurocurrency Loans (in each case or such shorter period as the Administrative Agent reasonably
shall agree), requesting that the Term Lenders make the Initial Term Loans on the Closing Date and specifying (i) the amount to be borrowed,
(ii) the Type of Loan, (iii) the applicable Interest Period, (iv) instructions for remittance of the Term Loans to be borrowed. Notwithstanding
the foregoing, such notices may be conditioned on the occurrence of the Closing Date or, with respect to Term Loans borrowed after the
Closing Date, may be conditioned on the occurrence of any transaction utilizing such Term Loans. Upon receipt of such notice the Administrative
Agent shall promptly notify each Term Lender thereof. Not later than 4:00 p.m. (New York City time) on the Closing Date, each such Term
Lender shall make available to the Administrative Agent an amount in immediately available funds equal to the Term Loan or Term Loans
to be made by such Lender. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting such account
or by wire transfer as is designated in writing to the Administrative Agent by the Borrower (or as otherwise directed by the Borrower),
with the aggregate of the amounts made available to the Administrative Agent by the Term Lenders and in like funds as received by the
Administrative Agent.

 

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2.3          Repayment of
Term Loans.

 

(a)       The
principal amount of the Term B-1 Loans of each Term Lender shall be repaid by the Borrower (i) on the last Business Day of each March,
June, September and December (commencing on September 30,December
31, 2021), in an amount equal to 0.250.25062656642%
of the sum of the aggregate Outstanding Amount of the Term Loans on the Amendment No. 24
Effective Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order
of priority set forth in Section 2.17(b)) and (ii) on the Term Loan Maturity Date, in an amount equal to the aggregate Outstanding
Amount on such date, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date
of such payment.

 

(b)       To
the extent not previously paid, (i) each Incremental Term Loan shall be due and payable on the Incremental Term Loan Maturity Date applicable
to such Incremental Term Loan, (ii) each Other Term Loan shall be due and payable on the maturity date thereof as set forth in the Refinancing
Amendment applicable thereto and (iii) each Extended Term Loan shall be due and payable on the maturity date thereof as set forth in
the Permitted Amendment applicable thereto together, in each case, with accrued and unpaid interest on the principal amount to be paid
to but excluding the date of payment.

 

2.4          Revolving Commitments.

 

(a)       Subject
to the terms and conditions hereof, each Revolving Lender severally agrees to make revolving credit loans (“Revolving Loans”)
to the Borrower in Dollars (or, with respect to any Incremental Revolving Loans, in an Approved Currency) from time to time during the
Revolving Commitment Period in an aggregate principal amount which, when added to such Lender’s Revolving Percentage of the sum
of (i) the aggregate Outstanding Amount of L/C Obligations at such time and (ii) the aggregate Outstanding Amount of the Designated Acquisition
Swingline Loans at such time, does not exceed the amount of such Lender’s Revolving Commitment. During the Revolving Commitment
Period the Borrower may use the Revolving Commitments by borrowing, repaying or prepaying the Revolving Loans in whole or in part, and
reborrowing, all in accordance with the terms and conditions hereof. The Revolving Loans may from time to time be Eurocurrency Loans
or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.5 and 2.12.

 

(b)       The
Borrower shall repay all outstanding Revolving Loans on the Revolving Termination Date, together with accrued and unpaid interest on
the Revolving Loans, to but excluding the date of payment.

 

2.5          Procedure
for Borrowing of Revolving Loans. The Borrower may borrow under the Revolving Commitments during the Revolving Commitment Period
on any Business Day, provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received
by the Administrative Agent prior to (a) 11:00 a.m. (New York City time), three (3) Business Days prior to the requested Borrowing Date,
in the case of Eurocurrency Loans or (b) 1:00 p.m. (New York City time), on the requested date of such Borrowing, in the case of ABR
Loans (in each case or such shorter period as the Administrative Agent acting reasonably shall agree) and which notice shall be by written
notice), specifying (i) the amount, Class, currency and Type of Revolving Loans to be borrowed, (ii) the requested Borrowing Date, (iii)
in the case of Eurocurrency Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest
Period therefor and (iv) instructions for remittance of the applicable Loans to be borrowed; provided, however, that if the Borrower
wishes to request Eurocurrency Loans having an Interest Period other than one, two, three or six months in duration as provided in the
definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00
a.m. (New York City time) four (4) Business Days (or such

 

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shorter period as the Administrative
Agent acting reasonably shall agree) prior to the requested date of such Borrowing, whereupon the Administrative Agent shall give prompt
notice to the Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than
11:00 a.m. (New York City time) three (3) Business Days before the requested date of such Borrowing, the Administrative Agent shall notify
the Borrower whether or not the requested Interest Period has been consented to by all the Lenders. Notwithstanding the foregoing, such
notices may be conditioned on the occurrence of the Closing Date, or with respect to Revolving Loans made pursuant to Revolving Commitments
that become effective after the Closing Date, may be conditioned on the occurrence of any transaction utilizing the applicable Revolving
Loans. Each borrowing under the Revolving Commitments shall be in a principal amount of the Borrowing Minimum or a whole multiple of
the Borrowing Multiple in excess thereof; provided that the Designated Acquisition Swingline Lender may request, on behalf of
the Borrower, borrowings under the Revolving Commitments that are ABR Loans in other amounts pursuant to Section 2.7. Upon receipt
of any such notice from the Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. Each Revolving Lender
will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the Borrower designated
in the applicable notice of Borrowing prior to 1:00 p.m. (New York City time) on the Borrowing Date requested by the Borrower in funds
immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent
crediting such account or by wire transfer as is designated in writing to the Administrative Agent by the Borrower, with the aggregate
of the amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as received by the Administrative
Agent.

 

2.6          Designated
Acquisition Swingline Commitment.

 

(a)       Subject
to the terms and conditions hereof, the Designated Acquisition Swingline Lender may, but shall have no obligation to, make a portion
of the credit otherwise available to the Borrower under the Revolving Commitments held by the Designated Acquisition Swingline Lender
from time to time during the Revolving Commitment Period in the form of the assumption or guarantee by the Borrower of BRP Acquisition
Indebtedness (“Designated Acquisition Swingline Loans”); provided that (i) the aggregate Outstanding Amount
of Designated Acquisition Swingline Loans at any time shall not exceed the Designated Acquisition Swingline Commitment then in effect
(notwithstanding that the aggregate Outstanding Amount of Designated Acquisition Swingline Loans at any time, when aggregated with the
Outstanding Amount of the Designated Acquisition Swingline Lender’s other Revolving Loans, may exceed the Designated Acquisition
Swingline Commitment then in effect) and (ii) the Borrower shall not request, and the Designated Acquisition Swingline Lender shall not
hold, any Designated Acquisition Swingline Loan if, after giving effect to such Designated Acquisition Swingline Loan, the aggregate
amount of the Available Revolving Commitments of the Lenders would be less than zero. During the Revolving Commitment Period, the Designated
Acquisition Swingline Commitment will be revolving in nature and the Borrower may utilize it for Designated Acquisition Swingline Loans,
repay Designated Acquisition Swingline Loans and utilize it again for Designated Acquisition Swingline Loans, all in accordance with
the terms and conditions hereof. Designated Acquisition Swingline Loans shall be ABR Loans only and shall be subject to the conditions
set forth in the definition of “BRP C Corp Acquisition Indebtedness.”

 

(b)       The
Borrower shall repay to the Designated Acquisition Swingline Lender the then unpaid principal amount of each Designated Acquisition Swingline
Loan within seven Business Days after the assumption or guarantee thereof by the Borrower, but in no event later than the Revolving Termination
Date.

 

2.7          Procedure
for Designated Acquisition Swingline Borrowing; Refunding of Designated Acquisition Swingline Loans.

 

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(a)       Except
to the extent set forth in the definition of BRP C Corp Acquisition Indebtedness, whenever a Borrower desires that BRP C Corp Acquisition
Indebtedness held by the Designated Acquisition Swingline Lender be assumed or guaranteed by the Borrower and be treated as Designated
Acquisition Swingline Loans, the Borrower shall give the Designated Acquisition Swingline Lender irrevocable written notice (which notice
must be received by the Designated Acquisition Swingline Lender not later than 11:00 a.m., New York City time, on the three Business
Days prior to the Borrowing Date, or such shorter notice period as is acceptable to the Designated Acquisition Swingline Lender) substantially
in the form of Exhibit H or such other form as may be approved by the Administrative Agent (including any form on an electronic
platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a
Responsible Officer of the Borrower specifying (i) the amount to be assumed or guaranteed and (ii) the requested Borrowing Date (which
shall be a Business Day during the Revolving Commitment Period). Each utilization of the Designated Acquisition Swingline Commitment
shall be in an amount equal the Borrowing Minimum or a whole multiple of the Borrowing Multiple in excess thereof and meet the requirements
of BRP C Corp Acquisition Indebtedness. Promptly thereafter, on the Borrowing Date specified in the notice in respect of Designated Acquisition
Swingline Loans, the BRP C Corp Acquisition Indebtedness shall be assumed or guaranteed by the Borrower and be treated as a Designated
Acquisition Swingline Loan hereunder.

 

(b)       Unless
the Borrower and the Designated Acquisition Swingline Lender otherwise agree, the Designated Acquisition Swingline Lender shall, on behalf
of the Borrower (which hereby irrevocably directs the Designated Acquisition Swingline Lender to act on its behalf), give notice no later
than 12:00 Noon, New York City time on the Business Day prior to the date that an outstanding Designated Acquisition Swingline Loan is
to become due pursuant to Section 2.6(b), requesting each Revolving Lender to make, and each Revolving Lender hereby agrees to make,
a Revolving Loan, in an amount equal to such Revolving Lender’s Revolving Percentage of the Outstanding Amount of such Designated
Acquisition Swingline Loan (the “Refunded Designated Acquisition Swingline Loan”) on such due date, to repay the Designated
Acquisition Swingline Lender. Each Revolving Lender shall make the amount of such Revolving Loan available to the Administrative Agent
in immediately available funds, not later than 10:00 a.m., New York City time, one (1) Business Day after the date of such notice. The
proceeds of such Revolving Loans shall be immediately made available by the Administrative Agent to the Designated Acquisition Swingline
Lender for application by the Designated Acquisition Swingline Lender to the repayment of the Refunded Designated Acquisition Swingline
Loan.

 

(c)       If
prior to the time a Revolving Loan would have otherwise been made pursuant to Section 2.7(b), one of the events described in Section
9.1(g) shall have occurred and be continuing with respect to the Borrower or if for any other reason, as determined by the Designated
Acquisition Swingline Lender in its sole discretion, Revolving Loans may not be made as contemplated by Section 2.7(b), each Revolving
Lender shall, on the date such Revolving Loan was to have been made pursuant to the notice referred to in Section 2.7(b) or upon
the request of the Designated Acquisition Swingline Lender, purchase for cash an undivided participating interest in the aggregate Outstanding
Amount of Designated Acquisition Swingline Loans by paying to the Designated Acquisition Swingline Lender an amount (the “Designated
Acquisition Swingline Participation Amount”) equal to (i) such Revolving Lender’s Revolving Percentage times (ii)
the sum of the aggregate Outstanding Amount of Designated Acquisition Swingline Loans at such time that were to have been repaid with
such Revolving Loans or that the Designated Acquisition Swingline Lender otherwise requests Revolving Lenders to purchase participation
interests in.

 

(d)       Whenever,
at any time after the Designated Acquisition Swingline Lender has received from any Revolving Lender such Lender’s Designated Acquisition
Swingline Participation Amount, the

 

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Designated Acquisition Swingline Lender
receives any payment on account of the Designated Acquisition Swingline Loans, the Designated Acquisition Swingline Lender will distribute
to such Lender its Designated Acquisition Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to
reflect the period of time during which such Lender’s participating interest was outstanding and funded and, in the case of principal
and interest payments, to reflect such Lender’s pro rata portion of such payment if such payment is not sufficient to pay
the principal of and interest on all Designated Acquisition Swingline Loans then due); provided, however, that in the event
that such payment received by the Designated Acquisition Swingline Lender is required to be returned, such Revolving Lender will return
to the Designated Acquisition Swingline Lender any portion thereof previously distributed to it by the Designated Acquisition Swingline
Lender.

 

(e)       Each
Revolving Lender’s obligation to make the Loans referred to in Section 2.7(b) and to purchase participating interests pursuant
to Section 2.7(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff,
counterclaim, recoupment, defense or other right that such Revolving Lender or the Borrower may have against the Designated Acquisition
Swingline Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event
of Default or the failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition
(financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan
Party or any other Revolving Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the
foregoing.

 

(f)       Notwithstanding
anything to the contrary contained in Sections 2.6 and 2.7 or elsewhere in this Agreement, (i) the Designated Acquisition
Swingline Lender shall not be obligated to make any Designated Acquisition Swingline Loan at a time when a Revolving Lender is a Defaulting
Lender unless the Designated Acquisition Swingline Lender has entered into arrangements reasonably satisfactory to it and the Borrower
to eliminate the Designated Acquisition Swingline Lender’s risk with respect to the Defaulting Lender’s or Defaulting Lenders’
participation in such Designated Acquisition Swingline Loans, including by cash collateralizing such Defaulting Lender’s or Defaulting
Lenders’ Pro Rata Share of the aggregate Outstanding Amount of Designated Acquisition Swingline Loans at such time and (ii) the
Designated Acquisition Swingline Lender shall not make any Designated Acquisition Swingline Loan after it has received written notice
from the Borrower, any other Loan Party or the Required Lenders stating that a Default or an Event of Default exists and is continuing
until such time as the Designated Acquisition Swingline Lender shall have received written notice (A) of rescission of all such notices
from the party or parties originally delivering such notice or notices or (B) of the waiver of such Default or Event of Default in accordance
with Section 11.1.

 

2.8          Commitment
Fees, etc.

 

(a)       The
Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender, in accordance with its Revolving Percentage,
a commitment fee (the “Commitment Fee”) equal to the Commitment Fee Rate times the actual daily amount by which
the Total Revolving Commitments exceed the sum of (i) the Outstanding Amount of Revolving Loans and (ii) the Outstanding Amount of L/C
Obligations, subject to adjustment as provided in Section 2.25. For the avoidance of doubt,
the Outstanding Amount of Designated Acquisition Swingline Loans shall not be counted towards or considered usage of the Revolving Commitments
of all Lenders for purposes of determining the Commitment Fee.  The Commitment Fee shall accrue at all times during the Revolving
Commitment Period, including at any time during which one or more of the conditions in Section 5 is not satisfied, and shall be
due and payable in arrears on each applicable Fee Payment Date. The Commitment Fee shall be calculated quarterly in arrears, and if there
is any change in the Commitment Fee Rate during any quarter, the actual daily amount shall be computed and multiplied by the

 

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Commitment Fee Rate separately for each
period during such quarter that such Commitment Fee Rate was in effect.

 

(b)       The
Borrower agrees to pay to the Administrative Agent and the Joint Lead Arrangers (and their respective affiliates) the fees in the amounts
and on the dates set forth in any fee agreements with such Persons and to perform any other obligations contained therein.

 

2.9          Termination or
Reduction of Revolving Commitments. The Borrower shall have the right, upon not less than one Business Days’ notice (to the
extent there are no Eurocurrency Loans that are Revolving Loans outstanding at such time) or not less than three (3) Business Days’
notice (in any other case) to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount
of the Revolving Commitments; provided that if any such notice of termination of the Revolving Commitments indicates that such termination
is to be conditioned on one or more conditions precedent, such notice of termination may be revoked or automatically terminated if such
conditions precedent are not met. Any termination or reduction of Revolving Commitments pursuant to this Section 2.9 shall be
accompanied by prepayment of the Revolving Loans and/or Designated Acquisition Swingline Loans to
the extent, if any, that the Total Revolving Extensions of Credit exceed the amount of the Total Revolving Commitments as so reduced;
provided that if the aggregate Outstanding Amount of Revolving Loans and Designated Acquisition Swingline
Loans at such time is less than the amount of such excess (because L/C Obligations constitute a portion thereof), the Borrower
shall, to the extent of the balance of such excess, Collateralize outstanding Letters of Credit, in each case, in a manner reasonably
satisfactory to the Administrative Agent. Any such reduction shall be in an amount equal to the Borrowing Minimum or a whole multiple
of the Borrowing Multiple in excess thereof or, if less than the Borrowing Minimum, the amount of the Revolving Commitments, or a whole
multiple thereof, and shall reduce permanently the Revolving Commitments then in effect. Each prepayment of the Loans under this Section
2.9 (except in the case of Revolving Loans that are ABR Loans (to the extent all Revolving Loans are not being prepaid) and
Designated Acquisition Swingline Loans) shall be accompanied by accrued interest to the date of such prepayment on the amount
prepaid.

 

2.10          Optional Prepayments.

 

(a)       The
Borrower may at any time and from time to time prepay the Loans, in whole or in part, in each case, without premium or penalty, upon
notice, substantially in the form of Exhibit E or such other form as may be approved by the Administrative Agent (including any
form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed
and signed by a Responsible Officer of the Borrower, which notice must be received by the Administrative Agent no later than 2:00 p.m.
(New York City time) three (3) Business Days prior to the prepayment date, in the case of Eurocurrency Loans, and no later than 2:00
p.m. (New York City time) on the prepayment date, in the case of ABR Loans; provided that if a Eurocurrency Loan is prepaid on
any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to
Section 2.21; provided, further, that such notice shall be irrevocable unless such notice of prepayment indicates
that such prepayment is conditioned upon one or more conditions precedent, in which case such notice of prepayment may be revoked or
automatically terminated if such conditions precedent are not satisfied and any Eurocurrency Loan that was the subject of such notice
shall be continued as an ABR Loan. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender
thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together
with (except in the case of Revolving Loans that are ABR Loans and Designated Acquisition Swingline Loans, other than in connection with
a repayment of all Loans) accrued interest to such date on the amount prepaid. Partial prepayments of Term Loans and Revolving Loans
shall be in an aggregate principal amount of (x) in the case of ABR Loans, the Borrowing Minimum or a whole multiple of the Borrowing
Multiple in

 

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excess thereof or (y) in the case of
Eurocurrency Loans, the Borrowing Minimum or a whole multiple of the Borrowing Multiple in excess thereof. Partial prepayments of Designated
Acquisition Swingline Loans shall be in an aggregate principal amount of $100,000 or a whole multiple of $10,000 in excess thereof.

 

(b)       Notwithstanding
anything herein to the contrary, in the event that, on or prior to the date that is six months after the Amendment No. 24
Effective Date, the Borrower (x) makes any prepayment of Term B-1 Loans with the proceeds of any Repricing Transaction described
under clause (i) of the definition of “Repricing Transaction”, or (y) effects any amendment of this Agreement resulting
in a Repricing Transaction under clause (ii) of the definition of “Repricing Transaction”, the Borrower shall on the
date of such prepayment or amendment, as applicable, pay to each Lender (I) in the case of such clause (x), 1.00% of the principal
amount of the Term B-1 Loans so prepaid and (II) in the case of such clause (y), 1.00% of the aggregate amount of the Term B-1
Loans affected by such Repricing Transaction and outstanding on the effective date of such amendment.

 

2.11          Mandatory Prepayments
and Commitment Reductions.

 

(a)       If
any Indebtedness shall be Incurred by any Group Member (other than any Indebtedness permitted to be Incurred by any such Person in accordance
with Section 7.2 (other than Specified Refinancing Indebtedness), an amount equal to 100% of the Net Cash Proceeds within one
(1) Business Day after the receipt of such proceeds, shall be applied on the date of such issuance or Incurrence toward the prepayment
of the Loans as set forth in clause (g) of this Section 2.11.

 

(b)       Subject
to clause (d) of this Section 2.11, if, for any Excess Cash Flow Period, there shall be Excess Cash Flow, an amount equal
to (i) the ECF Percentage for such period of such Excess Cash Flow minus (ii) $5,000,000 minus (iii) at the election of
the Borrower, to the extent not funded with (x) the proceeds of Indebtedness constituting “long term indebtedness” (or a
comparable caption) under GAAP (other than Indebtedness in respect of any revolving credit facility) or (y) the proceeds of Permitted
Cure Securities applied pursuant to Section 9.3, the aggregate amount of (1) all Purchases by any Permitted Auction Purchaser
(determined by the actual cash purchase price paid by such Permitted Auction Purchaser for such Purchase and not the par value of the
Loans purchased by such Permitted Auction Purchaser) pursuant to a Dutch Auction permitted hereunder, (2) voluntary prepayments of Term
Loans and Revolving Loans (but, in the case of Revolving Loans, only to the extent of a concurrent and permanent reduction in the Revolving
Commitments) (including pursuant to Section 2.23), (3) voluntary prepayments and repurchases (to the extent of the actual cash
purchase price paid for such loan buyback and not the par value) (including any “yanks” of non-consenting lenders thereunder)
of Indebtedness (other than the Obligations) that constitutes First Lien Obligations made by Borrower or any of its Restricted Subsidiaries
and (4) the aggregate amount of Additional ECF Reduction Amounts, in the case of clauses (1) through (4) above, during
the Excess Cash Flow Period or, at the election of the Borrower in its sole discretion and without duplication with future periods, following
such Excess Cash Flow Period and prior to such Excess Cash Flow Application Date (and including the amount of any such prepayments and
repurchases made in any previous Excess Cash Flow Period and not applied with respect to such previous Excess Cash Flow Period or any
successive previous Excess Cash Flow Period to reduce Excess Cash Flow payment obligations) shall, on the relevant Excess Cash Flow Application
Date, be applied toward the prepayment of (A) the Loans as set forth in clause (g) of this Section 2.11 or, solely to the
extent permitted by this section, (B) at the Borrower’s option, the prepayment of outstanding Indebtedness that constitutes First
Lien Obligations (collectively, “Other Applicable Indebtedness”). Each such prepayment shall be made on a date (an
“Excess Cash Flow Application Date”) no later than ten (10) Business Days after the date on which the financial statements
of the Borrower referred to in Section 6.1(a), for the fiscal year with respect to which such prepayment is made, are required
to be delivered to the Lenders. Any such amount of Excess Cash Flow may be applied to Other Applicable

 

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Indebtedness only to (and not in excess
of) the extent to which a mandatory prepayment is required under the terms of such Other Applicable Indebtedness (with any remaining
Excess Cash Flow applied to prepay outstanding Term Loans in accordance with the terms hereof), unless such application would result
in the holders of Other Applicable Indebtedness receiving in excess of their pro rata share (determined on the basis of the aggregate
Outstanding Amount of Term Loans and Other Applicable Indebtedness at such time) of such Excess Cash Flow relative to Term Lenders, in
which case such Excess Cash Flow may only be applied to Other Applicable Indebtedness on a pro rata basis with outstanding Term Loans.
To the extent the holders of Other Applicable Indebtedness decline to have such Indebtedness repurchased, repaid or prepaid with any
such Excess Cash Flow, the declined amount of such Excess Cash Flow shall promptly (and, in any event, within ten (10) Business Days
after the date of such rejection) be applied to prepay Term Loans in accordance with the terms hereof (to the extent such Excess Cash
Flow would otherwise have been required to be applied if such Other Applicable Indebtedness was not then outstanding).

 

(c)       Subject
to clause (d) of this Section 2.11, if, on any date, the Borrower or any Restricted Subsidiary shall receive Net Cash Proceeds
from any Asset Sale or any Recovery Event in excess of $5,000,000 in any fiscal year, then, unless the Borrower has determined in good
faith that such Net Cash Proceeds shall be reinvested in its business (a “Reinvestment Event”), an aggregate amount
equal to 100% of such Net Cash Proceeds shall be applied within five (5) Business Days of such date to prepay (A) outstanding Term Loans
in accordance with this Section 2.11 and (B) at the Borrower’s option Other Applicable Indebtedness; provided that,
notwithstanding the foregoing, within five (5) Business Days following each Reinvestment Prepayment Date, an amount equal to the Reinvestment
Prepayment Amount with respect to any Asset Sale or Recovery Event, shall be applied to prepay the outstanding Loans as set forth in
Section 2.11(g); provided, further, that the Borrower may elect to deem expenditures that would otherwise be permissible
reinvestments pursuant to this clause (c) that occur within 90 days prior to the actual receipt of Net Cash Proceeds from any Asset Sale
or Recovery Event to have been reinvested in accordance with the provisions hereof so long as such expenditure has been made no earlier
that the earliest of (1) notice to the Administrative Agent of such Asset Sale or Recovery Event (it being agreed that the Administrative
Agent will not distribute such notice to the lenders until the occurrence of (2) or (3) as follows), (2) the execution of a definitive
agreement for such Asset Sale or (3) the consummation of such Asset Sale or the occurrence of such Recovery Event. Any such Net Cash
Proceeds may be applied to Other Applicable Indebtedness only to (and not in excess of) the extent to which a mandatory prepayment in
respect of such Asset Sale or Recovery Event is required under the terms of such Other Applicable Indebtedness (with any remaining Net
Cash Proceeds applied to prepay outstanding Term Loans in accordance with the terms hereof), unless such application would result in
the holders of Other Applicable Indebtedness receiving in excess of their pro rata share (determined on the basis of the aggregate Outstanding
Amount of Term Loans and Other Applicable Indebtedness at such time) of such Net Cash Proceeds relative to Term Lenders, in which case
such Net Cash Proceeds may only be applied to Other Applicable Indebtedness on a pro rata basis with outstanding Term Loans. To the extent
the holders of Other Applicable Indebtedness decline to have such indebtedness repurchased, repaid or prepaid with any such Net Cash
Proceeds, the declined amount of such Net Cash Proceeds shall promptly (and, in any event, within ten (10) Business Days after the date
of such rejection) be applied to prepay Term Loans in accordance with the terms hereof (to the extent such Net Cash Proceeds would otherwise
have been required to be applied if such Other Applicable Indebtedness was not then outstanding).

 

(d)       Notwithstanding
anything to the contrary in this Agreement (including clauses (a), (b) and (c) above), to the extent that the Borrower
has determined in good faith that (i) any of or all the Net Cash Proceeds of any Asset Sale or Recovery Event by a Subsidiary or Excess
Cash Flow attributable to Subsidiaries (or branches of Subsidiaries) are prohibited or delayed by applicable local

 

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law from being repatriated to the relevant
Borrower(s) (including financial assistance and corporate benefit restrictions and fiduciary and statutory duties of the relevant directors),
(ii) such repatriation would present a material risk of liability for the applicable Subsidiary or its directors or officers (or gives
rise to a material risk of breach of fiduciary or statutory duties by any director or officers) or (iii) in the case of Foreign Subsidiaries
(including repatriation or distributions that would be made through Foreign Subsidiaries), such repatriation or any distribution of the
relevant amounts would result in material adverse tax consequences, the portion of such Net Cash Proceeds or Excess Cash Flow so affected
will not be required to be applied to repay Loans at the times set forth in this Section 2.11 but may be retained by the applicable
Subsidiary or branch (the Borrower hereby agreeing to cause the applicable Subsidiary or branch to promptly take commercially reasonable
actions to permit such repatriation without violating applicable local law or incurring material adverse tax consequences; (provided,
however, that no such commercially reasonable actions shall be required to be taken later than twelve (12) months after the applicable
Indebtedness Incurrence, Asset Sale, Recovery Event or (with respect to any such Excess Cash Flow) the last day of the applicable Excess
Cash Flow Period)) provided, that for a period of 365 days from receipt of such Net Cash Proceeds, if such repatriation of any
of such affected Net Cash Proceeds or Excess Cash Flow becomes permitted under such applicable local law, would not present a material
risk as described in clause (ii) above, or no such material adverse tax consequences would result from such distribution, such
distribution will be promptly affected and such distributed Net Cash Proceeds or Excess Cash Flow will be promptly (and in any event
not later than ten (10) Business Days after such distribution) applied (net of additional Taxes payable or reserved against as a result
thereof) to the repayment of Term Loans pursuant to this Section 2.11.

 

(e)       In
the event the aggregate Outstanding Amount of Revolving Loans and L/C Obligations and Designated Acquisition Swingline Loans at any time
exceeds (the “Revolving Excess”) the Total Revolving Commitments then in effect, the Borrower shall promptly repay
Designated Acquisition Swingline Loans and Revolving Loans and Collateralize Letters of Credit to the extent necessary to remove such
Revolving Excess.

 

(f)       The
Borrower shall deliver to the Administrative Agent notice, substantially in the form of Exhibit E or such other form as may be
approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved
by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower, of each prepayment required
under this Section 2.11 (other than prepayments pursuant to Section 2.11(a)), which notice must be received by the Administrative
Agent not less than three (3) Business Days (or such shorter time as the Administrative Agent shall reasonably agree) prior to the date
such prepayment shall be made. The Administrative Agent will promptly notify each applicable Lender of such notice. Each such Lender
may reject all of its Pro Rata Share of the prepayment (such declined amounts, the “Declined Proceeds”) by providing
written notice (each, a “Rejection Notice”) to the Administrative Agent and the Borrower no later than (i) 5:00 p.m.,
New York City time on the date of such Lender’s receipt of such notice from the Administrative Agent, if such notice is received
prior to 11:00 a.m., New York City time, and (ii) 12:00 p.m., New York City time on the date following such Lender’s receipt of
such notice from the Administrative Agent, if such notice is received after 11:00 a.m. New York City time. If a Lender fails to deliver
a Rejection Notice to the Administrative Agent within the time frame specified above, such failure will be deemed an acceptance of such
prepayment. Subject to any requirements of any other Indebtedness, any Declined Proceeds may be retained by the Borrower (such retained
amount, the “Retained Declined Proceeds”). Each notice delivered pursuant to the first sentence of this clause
(f) shall, as applicable, set forth in reasonable detail the calculation of the amount of such prepayment.

 

(g)       Amounts
to be applied in connection with any prepayments made pursuant to this Section 2.11 (other than Section 2.11(e)) shall
be applied to the prepayment of the Term Loans in

 

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accordance with Section 2.17(b).
The application of any prepayment of Loans pursuant to this Section 2.11 shall be made on a pro rata basis within any Class
of Loans regardless of Type. Each prepayment of the Loans under this Section 2.11 (except in the case of Revolving Loans that
are ABR Loans (to the extent all Revolving Loans are not being prepaid)) shall be accompanied by accrued interest to the date of such
prepayment on the amount prepaid.

 

(h)       Notwithstanding
any of the other provisions of this Section 2.11, if any prepayment of Eurocurrency Loans is required to be made under this Section
2.11 other than on the last day of the Interest Period applicable thereto, the Borrower may, in its sole discretion, deposit the
amount of any such prepayment otherwise required to be made thereunder with the Administrative Agent, to be held as security for the
obligations of the Borrower to make such prepayment pursuant to a cash collateral agreement to be entered into on terms reasonably satisfactory
to the Administrative Agent until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without
any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of such Eurocurrency
Loans in accordance with this Section 2.11 (determined as of the date such prepayment was required to be originally made); provided
that such unpaid Eurocurrency Loans shall continue to bear interest in accordance with Section 2.15 until such unpaid Eurocurrency
Loans have been prepaid. Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent shall also
be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment
of the applicable Eurocurrency Loans in accordance with this Section 2.11 (determined as of the date such prepayment was required
to be originally made). Notwithstanding anything to the contrary contained in this Agreement, any amounts held by the Administrative
Agent pursuant to this subsection (h) pending application to any Eurocurrency Loans shall be held and applied to the satisfaction of
such Eurocurrency Loans prior to any other application of such amounts as may be provided for herein.

 

(i)       Notwithstanding
anything to the contrary contained in Section 2.10 and this Section 2.11, a portion of the proceeds of the Additional Term
B-1 Loans shall be used to repay all Existing Initial Term Loans of the Non-Consenting Existing Initial Term Loan Lenders.

 

2.12          Conversion and
Continuation Options.

 

(a)       The
Borrower may elect from time to time to convert Eurocurrency Loans to ABR Loans by giving the Administrative Agent prior irrevocable
written notice of such election substantially in the form of Exhibit H or such other form as approved by the Administrative Agent
(including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately
completed and signed by a Responsible Officer of the Borrower, no later than 12:00 p.m. Local Time, three (3) Business Days prior to
the proposed conversion date. The Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans by giving the Administrative
Agent prior irrevocable written notice of such election substantially in the form of Exhibit H or such other form as approved
by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the
Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower, no later than 12:00 p.m. (New York
City time), on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest
Period therefor); provided, further, that if the Borrower wishes to request Eurocurrency Loans having an Interest Period
other than one, two, three or six months in duration as provided in the definition of “Interest Period,” the applicable notice
must be received by the Administrative Agent not later than 12:00 p.m. (New York City time) three (3) Business Days prior to the requested
date of such Borrowing conversion, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine
whether the requested Interest Period is approved by all of them. Not later than 12:00 p.m. (New York City time), two (2) Business Days
before the requested

 

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date of such Borrowing conversion, the
Administrative Agent shall notify the Borrower whether or not the requested Interest Period has been consented to by all the Lenders;
provided, further that, no ABR Loan may be converted into a Eurocurrency Loan when a bankruptcy or payment Event of Default
has occurred and is continuing. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
If the Borrower fails to give a timely notice requesting any conversion from one Type of Loan to another, then the applicable Loans shall
be continued as, or converted to, Eurocurrency Loans with a one-month Interest Period. Any such automatic conversion to ABR Loans shall
be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Loans.

 

(b)       Any
Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower
giving irrevocable written notice to the Administrative Agent , substantially in the form of Exhibit H or such other form as approved
by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the
Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower, no later than 2:00 p.m. (New York
City time) on the third Business Day preceding the proposed continuation date in the case of Eurocurrency Loans; provided, further
that, to the extent the Required Lenders provide written notice thereof to the Borrower, no Eurocurrency Loan may be continued as
such when any Event of Default has occurred and is continuing; provided, further, that if the Borrower shall fail to give
any required notice as described above in this paragraph, such Loans shall be automatically continued as Eurocurrency Loans with a one-month
Interest Period on the last day of such then expiring Interest Period, and if such continuation is not permitted pursuant to the preceding
proviso, such Loans shall be automatically converted to ABR Loans on the last day of such then-expiring Interest Period. Upon receipt
of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

 

2.13          Limitations on
Eurocurrency Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and continuations
of Eurocurrency Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that,
after giving effect thereto, (a) the aggregate principal amount of the Eurocurrency Loans comprising each Eurocurrency Tranche shall
be equal to $1,000,000 or a whole multiple of $500,000 in excess thereof, and (b)(i) in the case of Term Loans, no more than five Eurocurrency
Tranches shall be outstanding at any one time and (ii) in the case of Revolving Loans, no more than 10 Eurocurrency Tranches shall be
outstanding at any one time.

 

2.14          Interest Rates
and Payment Dates.

 

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

 

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

 

(c)       (i)
If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated
maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate that would otherwise
be applicable thereto pursuant to the foregoing provisions of this Section 2.14 plus 2% and (ii) if all or a portion of (x) any
interest payable on any Loan or Reimbursement Obligation, (y) any Commitment Fee or (z) any other amount payable hereunder or under any
other Loan Document shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall
bear interest at

 

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a rate per annum equal to the rate then
applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a
particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to
clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before
judgment).

 

(d)       Interest
shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to Section 2.14(c)
shall be payable from time to time on demand.

 

2.15          Computation of
Interest and Fees.

 

(a)       Interest
and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect
to ABR Loans, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days
elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of
a Eurocurrency Rate. Any change in the interest rate on a Loan resulting from a change in the Alternate Base Rate or the Eurocurrency
Rate shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent
shall as soon as practicable notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in
interest rate. In computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period applicable
to such Loan or, with respect to an ABR Loan being converted from a Eurocurrency Loan, the date of conversion of such Eurocurrency Loan
to such ABR Loan, as the case may be, shall be included, and the date of payment of such Loan or the expiration date of an Interest Period
applicable to such Loan or, with respect to an ABR Loan being converted to a Eurocurrency Loan, the date of conversion of such ABR Loan
to such Eurocurrency Loan, as the case may be, shall be excluded; provided that if a Loan is repaid on the same day on which it
is made, one day’s interest shall be paid on that Loan.

 

(b)       Each
determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding
on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver
to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section
2.14.

 

2.16          Inability to
Determine Interest Rate; Illegality.

 

(a)       If
prior to the first day of any Interest Period (i) the Administrative Agent or the Majority Facility Lenders in respect of the relevant
Facility shall have determined (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances
affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate for such Interest Period;
provided that no Benchmark Transition Event shall have occurred at such time, or (ii) the Administrative Agent shall have received
notice from the Majority Facility Lenders in respect of the relevant Facility that the Eurocurrency Rate determined or to be determined
for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders)
of making or maintaining their affected Loans during such Interest Period, then the Administrative Agent shall give written notice thereof
to the Borrower and the relevant Lenders as soon as practicable thereafter. Thereafter, (x) the obligation of the Lenders to make or
maintain Eurocurrency Loans shall be suspended and (y) in the event of a determination described in the preceding sentence with respect
to the Eurocurrency component of the Alternate Base Rate, the utilization of the Eurocurrency Rate component in determining the Alternate
Base Rate shall be suspended, in each case until such time as the Administrative Agent (upon the approval of the Majority Facility Lenders
which approval the

 

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Administrative Agent agrees to seek
promptly once it reasonably believes such condition no longer exists) revokes such notice. Upon receipt of such notice, the Borrower
may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Loans or, failing that, will be deemed
to have converted such request into a request for a Borrowing of ABR Loans in the amount specified therein.

 

(b)       Notwithstanding
any other provision of this Agreement, if any Change in Law shall make it unlawful for any Lender to make or maintain any Eurocurrency
Loan or to give effect to its obligations as contemplated hereby with respect to any Eurocurrency Loan, then, by written notice to the
Borrower and to the Administrative Agent:

 

(i)       any
obligation of such Lender to make or continue Eurocurrency Loans or to convert ABR to Eurocurrency Loans shall be suspended, and

 

(ii)       if
such notice asserts the illegality of such Lender making or maintaining ABR Loans the interest rate on which is determined by reference
to the Eurocurrency Rate component of the Alternate Base Rate, the interest rate on which ABR Loans of such Lender, shall, if necessary
to avoid such illegality, be determined by the Administrative Agent without reference to the Eurocurrency Rate component of the Alternate
Base Rate, in each case of clauses (i) and (ii) above until such Lender notifies the Administrative Agent and the Borrower
that the circumstances giving rise to such determination no longer exist.

 

Upon
receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay (solely if
requirement by a Requirement of Law) or, if applicable, convert all of such Lender’s Eurocurrency Loans to ABR Loans (the interest
rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without
reference to the Eurocurrency Rate component of the Alternate Base Rate) either on the last day of the Interest Period therefor, if such
Lender may lawfully continue to maintain such Eurocurrency Loans to such day, or immediately, if such Lender may not lawfully continue
to maintain such Eurocurrency Loans. In the event any Lender shall exercise its rights under clauses (i) or (ii) of this
Section 2.16(b), all payments and prepayments of principal that would otherwise have been applied to repay the Eurocurrency Loans
that would have been made by such Lender or the converted Eurocurrency Loans of such Lender shall instead be applied to repay the Alternate
Base Rate Loans (if applicable) made by such Lender in lieu of, or resulting from the conversion of, such Eurocurrency Loans. For purposes
of this Section 2.16(b), a notice to the Borrower by any Lender shall be effective as to each Eurocurrency Loan made by such Lender,
if lawful, on the last day of the Interest Period then applicable to such Eurocurrency Loan; in all other cases, such notice shall be
effective on the date of receipt by the Borrower.

 

(c)       Notwithstanding
anything to the contrary herein or in any other Loan Document (it being understood that Swap Agreements are not to be “Loan Documents”),
if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred
prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined
in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such
Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark
setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement
or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for

 

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all purposes hereunder and under any
Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the
date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other
party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice
of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

 

(d)       Notwithstanding
anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a Term SOFR Transition
Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current
Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any
Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or
consent of any other party to, this Agreement or any other Loan Document; provided that, this clause (d) shall not be effective unless
the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice.

 

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

 

(f)       The
Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, a Term
SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation
of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement
of any tenor of a Benchmark pursuant to clause (g) below and (v) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders)
pursuant to this Section 2.16, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and
binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement
or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.16.

 

(g)       Notwithstanding
anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark
Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or Adjusted LIBO Rate) and either (A) any tenor for
such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the
Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided
a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative,
then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such
time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either
(A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or
is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement),
then the Administrative Agent may modify the definition of

 

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“Interest Period” for all
Benchmark settings at or after such time to reinstate such previously removed tenor.

 

(h)       Upon
the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request
for a Eurodollar Borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark
Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing
of or conversion to ABR Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark
is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable,
will not be used in any determination of ABR.

 

2.17          Pro Rata Treatment
and Payments.

 

(a)       Each
borrowing by the Borrower from the Lenders hereunder, each payment by the Borrower on account of any Commitment Fee and any reduction
of the Commitments of the Lenders shall be made pro rata to the relevant Lenders of any Class according to the respective Term
Percentages, Incremental Term Percentages or Revolving Percentages, as the case may be, of the relevant Lenders of such Class.

 

(b)       Each
payment (including each voluntary or mandatory prepayment) on account of principal of and interest on any Class of the Term Loans shall
be made pro rata to the Term Lenders of such Class according to the respective Outstanding Amount of the Term Loans then held
by the Term Lenders of such Class. The amount of each optional prepayment of the Term Loans made pursuant to Section 2.10 shall
be applied as directed by the Borrower in the notice described in Section 2.10 and, if no direction is given by the Borrower,
in the direct order of maturity and to the Term Loans of the Borrower on a pro rata basis. The amount of each mandatory prepayment
of the Term Loans pursuant to Section 2.11 shall be applied as directed by the Borrower in the notice described in Section
2.11 and to the Term Loans of the Borrower on a pro-rata basis (other than in the case of Permitted Credit Agreement Refinancing
Debt, the proceeds of which shall be applied to the applicable Class on a pro rata basis) and, if no direction is given by the
Borrower, in the direct order of maturity. Each payment (including each prepayment) by the Borrower on account of principal of and interest
on the Revolving Loans shall be made pro rata to the Revolving Lenders according to the respective Outstanding Amount of the Revolving
Loans then held by the Revolving Lenders.

 

(c)       All
payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise,
shall be made without setoff or counterclaim and shall be made prior to 2:00 p.m. (New York City time) on the due date thereof to the
Administrative Agent at its offices at 270 Park Avenue, New York, New York 10017, for the account of the Lenders, in Dollars and in immediately
available funds. Any payments received after such time shall be deemed to be received on the next Business Day at the Administrative
Agent’s sole discretion. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds
as received.

 

(d)       Unless
the Administrative Agent shall have been notified in writing by any Lender prior to the time of any Borrowing that such Lender will not
make the amount that would constitute its share of such Borrowing available to the Administrative Agent, the Administrative Agent may
assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon
such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent
by the required time on the Borrowing Date therefor (a “Funding Default”), such Lender shall pay to the Administrative
Agent, on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal

 

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Funds Effective Rate and (ii) a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, for the period until such
Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any
Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such Lender’s
share of such borrowing is not made available to the Administrative Agent by such Lender within three (3) Business Days after such Borrowing
Date, the Administrative Agent shall also be entitled to recover such amount with (without duplication of any such amounts ultimately
received from such Lender, and any interest thereon) interest thereon at the rate per annum applicable to ABR Loans under the relevant
Facility, on demand, from the Borrower. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment
or to prejudice any rights which the Administrative Agent or the Borrower may have against any Lender as a result of any default by such
Lender hereunder.

 

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

 

2.18          Requirements
of Law.

 

(a)       Subject
to clause (c) of this Section 2.18, if any Change in Law shall (i) subject any Lender to any Tax with respect to this Agreement,
any Letter of Credit, any Application or any Eurocurrency Loan made by it (except for any Indemnified Taxes or Excluded Taxes), (ii)
impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits
or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by,
any office of such Lender that is not otherwise included in the determination of the Eurocurrency Rate or (iii) impose on such Lender
any other condition, and the result of any of the foregoing is to increase the cost to such Lender by an amount that such Lender reasonably
deems to be material, of making, converting into, continuing or maintaining Eurocurrency Loans or issuing or participating in Letters
of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such
Lender, upon its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable.
If any Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall promptly notify the Borrower (with
a copy to the Administrative Agent) of the event by reason of which it has become so entitled.

 

(b)       Subject
to clause (c) of this Section 2.18, if any Lender shall have determined that compliance by such Lender (or any corporation
controlling such Lender) with any Change in Law regarding capital adequacy or liquidity shall have the effect of reducing the rate of
return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder or under or in respect
of any Loans or Letters of Credit to a level below that which such Lender or such corporation could have achieved but for such Change
in Law (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy or liquidity)
by an amount reasonably deemed by such Lender to be material, then from time to time, after submission by such Lender to the Borrower

 

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(with a copy to the Administrative Agent)
of a written request therefor (setting forth in reasonable detail the basis for calculating the additional amounts owed to such Lender
under this Section 2.18(b)), the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender
or such corporation for such reduction.

 

(c)       Notwithstanding
anything to the contrary in this Agreement (including clauses (a) and (b) above), reimbursement pursuant to this Section
2.18 for (A) increased costs arising from any market disruption (i) shall be limited to circumstances generally affecting the banking
market and (ii) may only be requested by Lenders representing the Majority Facility Lenders with respect to the applicable Facility and
(B) increased costs because of any Change in Law resulting from clause (x) or (y) of the proviso to the definition of “Change
in Law” may only be requested by a Lender imposing such increased costs on borrowers similarly situated to the Borrower under syndicated
credit facilities comparable to those provided hereunder. A certificate as to any additional amounts payable pursuant to this Section
submitted by any Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error.
The Borrower shall pay such Lender the additional amount shown as due on any such certificate promptly after, and in any event within,
ten (10) Business Days of, receipt thereof. Notwithstanding anything to the contrary in this Section, the Borrower shall not be required
to compensate a Lender pursuant to this Section for any amounts incurred more than nine months prior to the date that such Lender notifies
the Borrower of such Lender’s intention to claim compensation therefor; provided that, if the circumstances giving rise
to such claim have a retroactive effect, then such nine-month period shall be extended to include the period of such retroactive effect.
The obligations of the Borrower pursuant to this Section shall survive the termination of this Agreement and the payment of the Loans
and all other amounts payable hereunder.

 

2.19          Taxes.

 

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

 

(b)       Payment
of Other Taxes by Borrower. Without duplication of any obligation under Section 2.19(a), the Borrower shall timely pay to
the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse
it for the payment of, any Other Taxes.

 

(c)       Indemnification
by Borrower. Without duplication of any obligation under Section 2.19(a) or (b), the Borrower shall indemnify each
Recipient, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed
or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or
deducted from a payment to such Recipient and any reasonable and documented, out-of-pocket 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 Borrower by a Lender (with a copy to the

 

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Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. Such written demand shall be made no later
than 180 days after the earlier of (1) the date on which the Administrative Agent or the applicable Lender, as the case may be, received
written demand for payment of the applicable Indemnified Taxes from the relevant Governmental Authority or (2) the date on which the
Administrative Agent or the applicable Lender, as the case may be, paid the applicable Indemnified Taxes; provided that failure
or delay on the part of the Administrative Agent or the applicable Lender, as the case may be, to make such written demand shall not
constitute a waiver of the right of the Administrative Agent or the applicable Lender, as the case may be, to demand indemnity and reimbursement
for such Indemnified Taxes, except to the extent that such failure or delay results in prejudice to the Borrower.

 

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

 

(e)       Status
of Lenders.

 

(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 Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by
the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested
by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such
Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding
two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section
2.19 in clauses (e)(ii)(1), (e)(ii)(2), and (e)(ii)(4) 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:

 

(1)       any
Lender that is a “United States person” as defined in Section 7701(a)(30) of the Code shall deliver to the Borrower and the
Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender
is exempt from U.S. federal backup withholding tax;

 

(2)       
any Lender that is not a “United States person” as defined in Section 7701(a)(30) of the Code (a “Non-U.S. Lender”)
shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is
applicable:

 

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

 

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

 

		(C)	in the case
                                            of a Non-U.S. 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 K-1
                                            to the effect that such Non-U.S. Lender is not a “bank” within the meaning
                                            of Section 881(c)(3)(A) of the Code, a “10-percent shareholder” of the Borrower
                                            within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation”
                                            related to the Borrower as described in Section 881(c)(3)(C) of the Code (a “U.S.
                                            Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS
                                            Form W-8BEN-E; or

 

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

 

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

 

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supplementary
documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding
or deduction required to be made; and

 

(4)       if
a payment made to a Recipient under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Recipient
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 Recipient shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by
law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower
or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Recipient has complied with such Recipient’s obligations under FATCA or to determine the amount,
if any, to deduct and withhold from such payment. Solely for purposes of this clause (4), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement.

 

Each
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability
to do so. Notwithstanding any other provision of this Section 2.19, a Lender shall not be required to deliver any documentation
that such Lender is not legally eligible to deliver.

 

Each
Lender authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative Agent any documentation
provided by such Lender to the Administrative Agent pursuant to this Section 2.19.

 

(f)       Status
of Administrative Agent. Prior to the date it becomes the Administrative Agent under this Agreement, the Administrative Agent shall
deliver to the Borrower a duly completed IRS Form W-9 (or, in the case of a successor Administrative Agent that is not organized in the
United States, a duly executed IRS Form W-8ECI (with respect to any payments to be received on its own behalf) and IRS Form W-8IMY (for
all other payments)) with the effect that the Borrower may make payments to the Administrative Agent, to the extent such payments are
received by the Administrative Agent as an intermediary, without deduction or withholding of any Taxes imposed by the United States (without
regard to the beneficial owners of such payment).

 

(g)       Refunds.
If the Administrative Agent or any Lender determines, in its sole discretion exercised in good faith, that it has received a refund (whether
in the form of cash or as a credit against, or as a reduction of, a tax liability) of any Taxes as to which it has been indemnified by
the Loan Parties or with respect to which the Loan Parties have paid additional amounts pursuant to this Section 2.19, it shall
pay over such refund to the relevant Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by the
Loan Parties under this Section 2.19 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund); provided that the relevant Loan Party, upon the request of the Administrative Agent or such Lender,
agrees to repay the amount paid over to the Loan Parties (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to
repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this

 

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Section 2.19(g), in no event
will the Administrative Agent or any Lender be required to pay any amount to the Loan Parties pursuant to this Section 2.19(g)
the payment of which would place the Administrative Agent or such Lender in a less favorable net after-Tax position than it would have
been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and
the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 2.19(g) shall not
be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to
its taxes which it deems confidential) to the Borrower or any other Person.

 

(h)       The
agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable
hereunder.

 

(i)       For
the avoidance of doubt, for purposes of this Section 2.19, the term Lender shall include any Issuing Lender or Designated Acquisition
Swingline Lender.

 

2.20          [Reserved].

 

2.21          Indemnity.
The Borrower agree to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense that such Lender may sustain
or incur as a direct consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurocurrency
Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the
Borrower in making any prepayment of or conversion from Eurocurrency Loans after the Borrower has given a notice thereof in accordance
with the provisions of this Agreement, (c) the conversion of any Eurocurrency Loan prior to the last day of the Interest Period thereof
or (d) the making of a prepayment of Eurocurrency Loans on a day that is not the last day of an Interest Period with respect thereto.
Such indemnification shall not exceed an amount equal to the excess, if any, of (i) the amount of interest that would have accrued on
the amount so prepaid or converted, or not so borrowed, reduced, converted or continued, for the period from the date of such prepayment
or of such failure to borrow, reduce, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow,
reduce, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable
rate of interest or other return for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any)
over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing
such amount on deposit for a comparable period with leading banks in the interbank eurocurrency market. A certificate as to any amounts
payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant
shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. Each Lender that
has delivered an executed Consent to Amendment No. 2 hereby waives any breakage loss or expense pursuant to this Section 2.21
in connection with the repayment of the Existing Initial Term Loans on the Amendment No. 2 Effective Date.

 

2.22          Change of Lending
Office.

 

(a)       Each
Lender agrees that, upon the occurrence of any event giving rise to the operation of Sections 2.18 or 2.19 with respect
to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender)
to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event;
provided that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s)
to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect
or postpone any of the obligations of the Borrower or the rights of any Lender pursuant to Sections 2.18 or 2.19.

 

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(b)       Subject
to clause (a) above, and without prejudice to the rights and obligations (but subject to the terms and requirements) in Section
2.19, the Borrower agrees that each Lender may, at its option, make any Loan available to the Borrower by causing any foreign or
domestic branch or Affiliate of such Lender to make such Loan, and that any exercise of such option shall not affect or postpone any
of the obligations of the Borrower or the rights of any Lender pursuant to this Agreement.

 

2.23          Replacement of
Lenders. The Borrower shall be permitted to replace any Lender (or prepay the Loans of such Lender on a non-pro rata basis) (a) where
a Loan Party is obligated to pay additional amounts or indemnity payments under Section 2.19, (b) that requests reimbursement
for amounts owing pursuant to Section 2.16 or Section 2.18, (c) that becomes a Defaulting Lender or otherwise defaults
in its obligation to make Loans hereunder or (d) that has not consented to a proposed change, waiver, discharge or termination of the
provisions of this Agreement as contemplated by Section 11.1 that requires the consent of all Lenders or all Lenders under a particular
Facility or each Lender affected thereby and which has been approved by the Required Lenders or a majority (by aggregate principal amount)
of such affected Lenders as provided in Section 11.1, in each case, with a Lender or an Eligible Assignee; provided that (i) such
replacement or repayment does not conflict with any Requirement of Law, (ii) the replacement financial institution or other Eligible
Assignee shall purchase (or the Borrower shall prepay) all Loans and other amounts (or, in the case of clause (d) as it relates to provisions
affecting a particular Facility, Loans or other amounts owing under such Facility) owing to such replaced Lender on or prior to the date
of replacement or repayment, (iii) the Borrower shall be liable to such replaced Lender under Section 2.21 if any Eurocurrency
Loan owing to such replaced Lender shall be purchased or prepaid other than on the last day of the Interest Period relating thereto,
(iv) if applicable, the replacement financial institution or other Eligible Assignee, if not already a Lender, shall be reasonably satisfactory
to the Administrative Agent, (v) if applicable, the replaced Lender shall be deemed to have made such replacement in accordance with
the provisions of Section 11.6, (vi) until such time as such replacement or repayment shall be consummated, the Borrower shall
pay all additional amounts (if any) required pursuant to Sections 2.16, 2.18, 2.19(a) or 2.19(c), as the
case may be, and (vii) any such replacement or repayment shall not be deemed to be a waiver of any rights that the Borrower, the Administrative
Agent or any other Lender shall have against the replaced or repaid Lender. Upon any such assignment, such replaced or repaid Lender
shall no longer constitute a “Lender” for purposes hereof (or, in the case of clause (d) as it relates to provisions affecting
a particular Facility, a Lender under such Facility); provided that any rights of such replaced or repaid Lender to indemnification hereunder
shall survive as to such replaced or repaid Lender. Each Lender, the Administrative Agent and the Borrower agrees that in connection
with the replacement or repayment of a Lender and upon payment to such replaced or repaid Lender of all amounts required to be paid under
this Section 2.23, the Administrative Agent and the Borrower shall be authorized, without the need for additional consent from
such replaced Lender, to execute an Assignment and Assumption on behalf of such replaced Lender, and any such Assignment and Assumption
so executed by the Administrative Agent or the Borrower and, to the extent required under Section 11.6, the Borrower,
the Designated Acquisition Swingline Lender and each Issuing Lender, shall be effective for purposes of this Section 2.23
and Section 11.6. Notwithstanding anything to the contrary in this Section 2.23, in the event that a Lender which holds
Loans or Commitments under more than one Facility does not agree to a proposed amendment, supplement, modification, consent or waiver
which requires the consent of all Lenders under a particular Facility, the Borrower shall be permitted to replace or repay the non-consenting
Lender with respect to the affected Facility and may, but shall not be required to, replace or repay such Lender with respect to any
unaffected Facilities.

 

2.24          Notes. If
so requested by any Lender by written notice to the Borrower (with a copy to the Administrative Agent), the Borrower shall execute and
deliver to such Lender (and/or, if applicable and if so specified in such notice, to any Person who is an assignee of such Lender pursuant
to Section 

 

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11.6) (promptly after the Borrower’s
receipt of such notice) a Note or Notes to evidence such Lender’s Loans.

 

2.25          Incremental Credit
Extensions.

 

Subject
to the terms of this Section 2.25:

 

(a)       The
Borrower may, at any time or from time to time after the Closing Date, by notice from the Borrower to the Administrative Agent (whereupon
the Administrative Agent shall promptly deliver a copy to each of the Lenders) and the Person appointed by the Borrower to arrange an
Incremental Facility (such Person (who (i) may be the Administrative Agent, if it so agrees, or (ii) any other Person appointed by the
Borrower after consultation with the Administrative Agent, the “Incremental Arranger”), request one or more additional
tranches of term loans and/or one or more increases to the amount of any Class of Term Loans then outstanding (including, in each case,
through the assumption or guarantee of BRP C Corp. Acquisition Indebtedness) (the commitments thereof, the “Incremental Term
Commitments”, the loans thereunder, the “Incremental Term Loans”, and a Lender making such loans, an “Incremental
Term Lender”) and/or one or more additional tranches of revolving loans (the “Additional/Replacement Revolving Commitments”)
and/or one or more increases in the amount of the Revolving Commitments of any Class (each such increase, a “Revolving Commitment
Increase”, the loans thereunder and under any Additional/Replacement Revolving Commitments, the “Incremental Revolving
Loans”, and a Lender making a commitment to provide such Incremental Revolving Loans, an “Incremental Revolving Lender”);
provided that:

 

(i)       after
giving effect to any such Additional/Replacement Revolving Commitments, any such Revolving Commitment Increase and any such Incremental
Term Loans, the aggregate amount of such Additional/Replacement Revolving Commitments, Revolving Commitment Increases and Incremental
Term Loans shall not exceed an amount equal to the sum of (x) the Ratio-Based Incremental Amount (any Incurrence under this clause
(x), a “Ratio-Based Incremental Facility”), plus (y) the Prepayment-Based Incremental Amount (any Incurrence
under this clause (y), a “Prepayment-Based Incremental Facility”), plus (z) the Cash-Capped Incremental
Amount (any Incurrence under this clause (z), a “Cash-Capped Incremental Facility”), provided that,
for the avoidance of doubt, the amount available to the Borrower pursuant to the Prepayment-Based Incremental Facility and the Cash-Capped
Incremental Facility shall be available at all times and shall not be subject to the ratio test in the Ratio-Based Incremental Facility.
Unless the Borrower elects otherwise, any Incremental Term Loans, Additional/Replacement Revolving Commitments or Revolving Commitment
Increase shall be deemed Incurred first under the Ratio-Based Incremental Facility, with the balance Incurred next under
the Prepayment-Based Incremental Facility and then under the Cash-Capped Incremental Facility. The Borrower may designate any
Incremental Arranger of any Incremental Facility with such titles under the Incremental Facility as Borrower may deem appropriate;

 

(ii)       as
determined by the Borrower, (A) the Incremental Revolving Loans shall rank pari passu in right of payment and of security and
(B) the Incremental Term Loans shall rank pari passu in right of payment (or be subordinated if agreed by the Lenders providing
such Incremental Term Loans) and of security (or on a junior lien or unsecured basis, to the extent agreed by the Lenders providing such
Incremental Term Loans), and shall, if not pari passu in right of payment or security, be provided as a separate facility and,
if secured, be subject to an Intercreditor Agreement;

 

(iii)       subject
to the Permitted Earlier Maturity Indebtedness Exception, except in connection with a Qualifying Bridge Facility, the Incremental Term
Loans shall not mature earlier than the Term Loan Maturity Date and the Incremental Revolving Loans shall not mature earlier than the
Revolving Termination Date;

 

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(iv)       subject
to the Permitted Earlier Maturity Indebtedness Exception, except in connection with a Qualifying Bridge Facility, the Incremental Term
Loans shall have a Weighted Average Life to Maturity no shorter than the Weighted Average Life to Maturity of the Term Loans (without
giving effect to any prepayments that would otherwise modify the Weighted Average Life to Maturity of the Term Loans);

 

(v)       (x)
the All-In Yield (and, in the case of any Incremental Term Loan, subject to clauses (iii) and (iv) above, the amortization
schedule) applicable to any such Incremental Term Loans or Additional/Replacement Revolving Commitments shall be determined by the Borrower
and the applicable Incremental Term Lenders or Incremental Revolving Lenders, as the case may be, and (y) any such Additional/Replacement
Revolving Commitments or Revolving Commitment Increase shall not have amortization or scheduled mandatory commitment reductions prior
to the Revolving Termination Date;

 

(vi)       (A)
the representations and warranties shall be true and correct in all material respects as of the applicable Incremental Facility Closing
Date (or, in connection with a Limited Condition Transaction, the Specified Representations shall be true and correct in all material
respects) and (B) no Default or Event of Default (or, in connection with a Limited Condition Transaction, no Default or Event of Default
under Section 9.1(a) or 9.1(g)) shall exist on the
Incremental Facility Closing Date with respect to any Incremental Amendment entered into in connection therewith (and after giving effect
to any Incremental Term Loans and/or Incremental Revolving Loans made thereunder);

 

(vii)       with
respect to any Incremental Term Loans (other than Incremental Term Loans which constitute MFN Excluded Loans) that are denominated in
Dollars that are secured on a pari passu basis with the Obligations and are made on or prior to the date that is twelve months
after the Closing Date, if the All-In Yield with respect to the Incremental Term Loans made thereunder paid by the Borrower (as determined
by the Borrower and the applicable Incremental Term Lenders) with respect to the Incremental Term Loans made thereunder exceeds the All-In
Yield paid by the Borrower with respect to the Term B-1 Loans that are denominated in the same currency as such Incremental Term Loans,
as the case may be, after giving effect to any increase or repricing thereof that has theretofore become effective (it being understood
that (i) if any such repricing was effected as a refinancing tranche, the OID applicable to the refinancing loans shall be taken into
account in lieu of the OID applicable to the Refinanced loans and (ii) such All-In Yield calculated immediate prior to the time of the
addition of such Incremental Term Loans), by more than 50 basis points (the amount of such excess above 50 basis points being referred
to herein as the “Incremental Yield Differential”), then, upon the effectiveness of such Incremental Amendment, the
Applicable Margin then in effect for such Term B-1 Loans denominated in the same currency shall automatically be increased by the Incremental
Yield Differential; provided, (1) if the Incremental Term Loans include an interest-rate floor greater than the interest rate
floor applicable to such Term B-1 Loans, the differential between such interest rate floors shall be equated to the interest rate margins
for purposes of determining whether an increase to the Applicable Margin shall be required, but only to the extent an increase in the
interest rate floor applicable to such Term B-1 Loans would cause an increase in the Applicable Margin, and in such case the interest
rate floor (but not the Applicable Margin) applicable to such Term B-1 Loans shall be increased to the extent of such differential between
interest rate floors and (2) any Incremental Term Loans that constitute fixed-rate Indebtedness shall be swapped to a floating rate on
a customary matched-maturity basis;

 

(viii)       the
Incremental Term Loans, Additional/Replacement Revolving Commitments and Revolving Commitment Increases may be denominated in Dollars
or any other Alternative Currency; and

 

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(ix)       no
Incremental Term Loans, Additional/Replacement Revolving Commitments and Revolving Commitment Increases may be secured by any assets
other than the Collateral and no Incremental Term Loans and Revolving Commitment Increases shall be guaranteed by any person other than
the Loan Parties.

 

All
or any portion of Indebtedness originally designated as Incurred under the Cash-Capped Incremental Facility or the Prepayment-Based Incremental
Facility will automatically be reclassified as having been Incurred under the Ratio-Based Incremental Facility so long as, at the time
of such reclassification (without giving effect to any amounts previously Incurred under the Cash-Capped Incremental Facility or the
Prepayment-Based Incremental Facility that are not being reclassified), the Borrower would be permitted to Incur the aggregate principal
amount of Indebtedness being so reclassified under the Ratio-Based Incremental Facility (which, for the avoidance of doubt, shall have
the effect of increasing availability under the Cash-Capped Incremental Facility or Prepayment-Based Incremental Facility, as applicable,
by the amount of such reclassified Indebtedness).

 

(b)       Incremental
Term Loans may provide for the ability to participate on a pro rata, greater than pro rata or less than pro rata
basis in any voluntary prepayments of Term Loans or any mandatory prepayments of Term Loans with the proceeds of Other Term Loans and
on a pro rata or less than pro rata basis with any other prepayment of Term Loans (except for any permitted amortization
schedule, any earlier maturing debt, which in any event shall be permitted and any mandatory prepayment provisions for Escrowed Proceeds).
Additional/Replacement Revolving Commitments may participate in the payment, borrowing, participation and commitment reduction provisions
herein on a pro rata basis with any then outstanding Revolving Loans and Revolving Commitments, except that the Borrower shall
be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to
any other Class with a later maturity date than such Class. Incremental Revolving Lenders may agree to a less than pro rata share
of any prepayment Incremental Term Loans, Additional/Replacement Revolving Commitments and Revolving Commitment Increases may benefit
from the same Guarantees applicable to then outstanding Term Loans and Revolving Commitments. The Revolving Commitment Increases shall
be on the exact same terms and pursuant to the exact same documentation, be treated substantially the same as the Revolving Commitments
being increased, and shall be considered to be part of the Class of Revolving Facility being increased (it being understood that, if
required to consummate the provision of Revolving Commitment Increases, the pricing, interest rate margins, rate floors and commitment
fees on the Class of Revolving Commitments being increased may be increased and additional upfront or similar fees may be payable to
the lenders providing the Revolving Commitment Increase (without any requirement to pay such fees to any existing Revolving Lenders)).
Each notice from the Borrower to the Administrative Agent and the Incremental Arranger pursuant to Section 2.25(a) shall set forth
the requested amount and proposed terms of the relevant Incremental Term Loans, Additional/Replacement Revolving Commitments or Revolving
Commitment Increase.

 

(c)       Incremental
Term Loans may be made, and Additional/Replacement Revolving Commitments and Revolving Commitment Increases may be provided, by any existing
Lender or any Additional Lender (provided that no existing Lender shall be obligated to provide any portion of any Incremental
Facility), in each case on terms permitted in this Section 2.25, and, to the extent not permitted in this Section 2.25,
all terms and documentation with respect to any Incremental Term Loan, Additional/Replacement Revolving Commitments or Revolving Commitment
Increase shall be reasonably satisfactory to the Administrative Agent; provided that terms that (i) are more restrictive on the
Group Members, taken as a whole, than those with respect to the Term Loans and Revolving Commitments made on the Closing Date (but excluding
(1) any terms applicable after the Latest Maturity Date and (2) are more favorable to the existing Lenders than the comparable terms
in the existing Loan Documents, in which case such terms may be incorporated into this Agreement (or any other applicable

 

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Loan Document) pursuant to an amendment
executed by the Administrative Agent and the Borrower for the benefit of all existing Lenders (to the extent applicable to such Lender)
without further amendment or consent requirements) or (ii) relate to provisions of a mechanical (including with respect to the Collateral
and currency mechanics) or administrative nature, shall in each case be reasonably satisfactory to the Administrative Agent; provided,
that if a certificate of a Responsible Officer of the Borrower shall have been delivered to the Administrative Agent for posting to the
Lenders at least five (5) Business Days prior to the incurrence of such Additional/Replacement Revolving Commitments, Revolving Commitment
Increases and/or Incremental Term Loans, together with a reasonably detailed description of the material covenants and events of default
of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such
terms and conditions satisfy the requirement of this clause (i) or (ii) and the Required Lenders shall not have notified the Borrower
and the Administrative Agent that they disagree with such determination (including a statement of the basis upon which each such Lender
disagrees) within such five (5) Business Day period, then such certificate shall be conclusive evidence that such material covenants
and events of default satisfy such requirement; provided, further, that (A) (x) the Administrative Agent shall have consented
(such consent not to be unreasonably withheld, conditioned or delayed) to such Lender’s making such Additional/Replacement Revolving
Commitments or Revolving Commitment Increases if such consent would be required under Section 11.6(b) for an assignment of Loans
or Revolving Commitments, as applicable, to such Lender or Additional Lender and each Issuing Lender and Designated Acquisition Swingline
Lender shall have consented (such consent not to be unreasonably withheld, conditioned or delayed) to such Lender’s making such
Additional/Replacement Revolving Commitments or Revolving Commitment Increases and (B) the Administrative Agent shall not be required
to execute, accept or acknowledge any Incremental Amendment (as defined below) or related documentation which contains (by express language
or omission) any material deviation from the terms of this Section 2.25 (as determined in the Administrative Agent’s reasonable
discretion). Commitments in respect of Incremental Term Loans, Additional/Replacement Revolving Commitments and Revolving Commitment
Increases shall become Commitments (or in the case of a Revolving Commitment Increase to be provided by an existing Revolving Lender,
an increase in such Lender’s applicable Revolving Commitment) under this Agreement pursuant to an amendment (an “Incremental
Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, the Administrative Agent
and each Lender agreeing to provide such Commitment, if any, and each Additional Lender, if any. The Incremental Amendment may, without
the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate,
in the reasonable opinion of the Administrative Agent, the Incremental Arranger and the Borrower, to effect the provisions of this Section
2.25 (including any amendments that are not adverse to the interests of any Lender that are made to effectuate changes necessary
to enable any Incremental Term Loans that are intended to be fungible with an existing Class of Term Loans to be fungible with such Term
Loans, which shall include any amendments to Section 2.3 that do not reduce the ratable amortization received by each Lender thereunder).
The effectiveness of any Incremental Amendment and the occurrence of any credit event (including the making (but not the conversion or
continuation) of a Loan and the issuance, increase in the amount, or extension of a Letter of Credit thereunder) pursuant to such Incremental
Amendment shall be subject to the satisfaction of such conditions as the parties thereto shall agree (the effective date of any such
Incremental Amendment, an “Incremental Facility Closing Date”)). The Borrower will use the proceeds of the Incremental
Term Loans, Additional/Replacement Revolving Commitments and Revolving Commitment Increases for any purpose not prohibited by this Agreement.
No Lender shall be obligated to provide any Incremental Term Loans, Additional/Replacement Revolving Commitments or Revolving Commitment
Increases, unless it so agrees.

 

(d)       Upon
each Revolving Commitment Increase pursuant to this Section 2.25, each Revolving Lender immediately prior to such increase will
automatically and without further act be

 

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deemed to have assigned to each Lender
providing a portion of the Revolving Commitment Increase (each a “Revolving Commitment Increase Lender”) in respect
of such increase, and each such Revolving Commitment Increase Lender will automatically and without further act be deemed to have assumed,
a portion of such Revolving Lender’s participations hereunder in outstanding Letters of Credit and Designated Acquisition Swingline
Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate
outstanding (i) participations hereunder in Letters of Credit and (ii) participations hereunder in Designated Acquisition Swingline Loans
held by each Revolving Lender (including each such Revolving Commitment Increase Lender) will equal the percentage of the aggregate Revolving
Commitments of all Revolving Lenders represented by such Revolving Lender’s Revolving Commitment and if, on the date of such increase,
there are any Revolving Loans outstanding, such Revolving Loans shall on or prior to the effectiveness of such Revolving Commitment Increase
either be prepaid from the proceeds of additional Revolving Loans made hereunder or assigned to a Revolving Commitment Increase Lender
(in each case, reflecting such increase in Revolving Commitments, such that Revolving Loans are held ratably in accordance with each
Revolving Lender’s Pro Rata Share, after giving effect to such increase), which prepayment or assignment shall be accompanied by
accrued interest on the Revolving Loans being prepaid and any costs incurred by any Lender in accordance with Section 2.21 (it
being understood that the foregoing provisions shall apply only to an increase in the amount of the Revolving Commitments of any Class
and not to any additional tranches of Revolving Loans). The Administrative Agent and the Lenders hereby agree that the minimum borrowing,
pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions
effected pursuant to the immediately preceding sentence. For the avoidance of doubt, this Section 2.25(d) shall apply only to
such Class of Revolving Commitments that are the same Class as the Incremental Revolving Loans and shall not apply to any other Class
of Revolving Loans.

 

(e)       Notwithstanding
anything to the contrary herein, this Section 2.25 shall supersede any provisions in Sections 2.17 or 11.1 to the
contrary and Section 2.17 shall be deemed to be amended to implement any Incremental Amendment.

 

(f)       If
the Incremental Arranger is not the Administrative Agent, the actions authorized to be taken by the Incremental Arranger herein shall
be done in consultation with the Administrative Agent and, with respect to the preparation of any documentation necessary or appropriate
to carry out the provisions of this Section 2.25 (including amendments to this Agreement and the other Loan Documents), any comments
to such documentation reasonably requested by the Administrative Agent shall be reflected therein.

 

2.26          Refinancing Amendments.

 

(a)       At
any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender, Permitted Credit Agreement Refinancing
Debt in respect of (1) all or any portion of the Term Loans then outstanding under this Agreement (which for purposes of this clause
(1) will be deemed to include any then outstanding Other Term Loans) or (2) all or any portion of the Revolving Loans (or unused
Revolving Commitments) under this Agreement (which for purposes of this clause (2) will be deemed to include any then outstanding
Other Revolving Loans and Other Revolving Commitments), in the form of (x) Other Term Loans or Other Term Commitments or (y) Other Revolving
Loans or Other Revolving Commitments, as the case may be, in each case pursuant to a Refinancing Amendment; provided that such
Permitted Credit Agreement Refinancing Debt:

 

(i)       shall
not be permitted to rank senior in right of payment or security to the Loans and Commitments hereunder;

 

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(ii)       will
have such pricing, fees and amortization (subject to clause (iii) below), call protection and prepayment premiums as may be agreed by
the Borrower and the Lenders thereof;

 

(iii)       (x)
with respect to any Other Revolving Loans or Other Revolving Commitments, will have a maturity date that is not prior to the maturity
date of Revolving Loans (or unused Revolving Commitments) being Refinanced and (y) subject to the Permitted Earlier Maturity Indebtedness
Exception, with respect to any Other Term Loans or Other Term Commitments, will have a maturity date that is not prior to the maturity
date of, and will have a Weighted Average Life to Maturity that is not shorter than, the Term Loans being Refinanced;

 

(iv)       Other
than with respect to (A) clause (ii) above, (B) covenants and other provisions applicable only to periods after the Latest Maturity
Date that is in effect and (C) optional prepayment and redemption terms and, in each case, subject to the proviso below, will have terms
and conditions that are either (x) consistent with, or, taken as a whole, less favorable to the Lenders or Additional Lenders providing
such Permitted Credit Agreement Refinancing Debt than the Refinanced Debt or (y) or approved by the Administrative Agent in its reasonable
discretion;

 

(v)       the
proceeds of such Permitted Credit Agreement Refinancing Debt shall be applied, substantially concurrently with the Incurrence thereof,
to the prepayment of outstanding Term Loans or reduction of Revolving Commitments being so Refinanced (and repayment of Revolving Loans
outstanding thereunder); and

 

(vi)       shall
not be secured by any assets other than the Collateral, shall not be guaranteed by any person other than the Guarantors;

 

provided,
further, that the terms and conditions applicable to such Permitted Credit Agreement Refinancing Debt may provide for any additional
or different financial or other covenants or other provisions that are agreed between the Borrower and the Lenders thereof and applicable
only during periods after the Latest Maturity Date that is in effect on the date such Permitted Credit Agreement Refinancing Debt is
issued, Incurred or obtained or added to the Loan Documents for the benefit of the applicable Lenders pursuant to a Refinancing Amendment;
provided, further that if a certificate of a Responsible Officer shall have been delivered to the Administrative Agent
for posting to the Lenders at least five (5) Business Days prior to the incurrence of such Permitted Credit Agreement Refinancing Debt,
together with a reasonably detailed description of the material terms and conditions of such Permitted Credit Agreement Refinancing Debt
or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions
satisfy the requirements of this Section 2.26(a), and the Required Lenders shall not have notified the Borrower and the Administrative
Agent that they disagree with such determination (including a statement of the basis upon which each such Lender disagrees) within such
five (5) Business Day period, then such certificate shall be conclusive evidence that such terms and conditions satisfy the requirements
of this Section 2.26(a). The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof
of (i) to the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of board resolutions, officers’
certificates and/or reaffirmation agreements consistent with those delivered on the Closing Date and (ii) such conditions as the Borrower
and providers of said Permitted Credit Agreement Refinancing Debt shall agree. Any Refinancing Amendment may provide for the issuance
of Letters of Credit for the account of the Borrower or any Restricted Subsidiary, pursuant to any Other Revolving Commitments established
thereby, in each case on terms substantially equivalent to the terms applicable to Letters of Credit under the Revolving Commitments
subject to the approval of the Issuing Lenders.

 

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(b)       The
Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto
hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only
to the extent) necessary to reflect the existence and terms of the Permitted Credit Agreement Refinancing Debt Incurred pursuant thereto
(including any amendments necessary to treat the Loans and Commitments subject thereto as Other Term Loans, Other Revolving Loans, Other
Revolving Commitments and/or Other Term Commitments).

 

(c)       Any
Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents
as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, the Refinancing Arranger and the Borrower,
to effect the provisions of this Section 2.26. In addition, if so provided in the relevant Refinancing Amendment and with the
consent of each Issuing Lender, participations in Letters of Credit expiring on or after the Revolving Termination Date shall be reallocated
from Lenders holding Revolving Commitments to Lenders holding Extended Revolving Commitments in accordance with the terms of such Refinancing
Amendment; provided, however, that such participation interests shall, upon receipt thereof by the relevant Lenders holding
revolving commitments, be deemed to be participation interests in respect of such revolving commitments and the terms of such participation
interests (including the commission applicable thereto) shall be adjusted accordingly.

 

(d)       Notwithstanding
anything to the contrary in this Agreement, this Section 2.26 shall supersede any provisions in Sections 2.17 or 11.1
to the contrary and the Borrower and the Administrative Agent may amend Section 2.17 to implement any Refinancing Amendment.

 

(e)       If
the Refinancing Arranger is not the Administrative Agent, the actions authorized to be taken by the Incremental Arranger herein shall
be done in consultation with the Refinancing Arranger and, with respect to the preparation of any documentation necessary or appropriate
to carry out the provisions of this Section 2.26 (including amendments to this Agreement and the other Loan Documents), any comments
to such documentation reasonably requested by the Administrative Agent shall be reflected therein.

 

2.27          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 provided for in the definitions of “Required Lenders”, “Majority Revolving Lenders”
and “Majority Term Lenders” and otherwise as set forth in Section 11.1.

 

(ii)       Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 9 or otherwise, and including any amounts
made available to the Administrative Agent by such Defaulting Lender pursuant to Section 11.8), 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, in the case of a Revolving Lender, to the payment on a pro rata basis
of any amounts owing by such Defaulting Lender to the Issuing Lenders and the Designated Acquisition Swingline Lender hereunder; third,
as the Borrower may request (so long as no Default or Event of Default exists), to the

 

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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;
fourth, in the case of a Revolving Lender, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest
bearing deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; fifth,
to the payment of any amounts owing to the Lenders, the Issuing Lenders or the Designated Acquisition Swingline Lender as a result of
any judgment of a court of competent jurisdiction obtained by any Lender, such Issuing Lender or the Designated Acquisition Swingline
Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; sixth,
so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of
a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; and seventh, to such Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that if such payment is a payment of the principal amount of any Loans or L/C Advances and such
Lender is a Defaulting Lender under clause (a) of the definition thereof, such payment shall be applied solely to pay the relevant
Loans of, and L/C Advances owed to, the relevant non-Defaulting Lenders on a pro rata basis prior to being applied pursuant to
Section 3.2(b). 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 Section 3.2(b) shall be deemed paid to and redirected
by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)       Certain
Fees. Such Defaulting Lender shall not be entitled to receive or accrue Letter of Credit fees or any commitment fee pursuant to Section
2.8(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee
that otherwise would have been required to have been paid to such Defaulting Lender).

 

(iv)       Reallocation
of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for purposes of
computing the amount of the obligation of each non-Defaulting Lender to acquire, Refinance or fund participations in Designated
Acquisition Swingline Loans and Letters of Credit pursuant to Sections 2.7 and 3.4, respectively, the “Pro Rata
Share” of each non-Defaulting Lender shall be computed without giving effect to the Revolving Commitment of such Defaulting
Lender; provided that the aggregate obligation of each non-Defaulting Lender to acquire, Refinance or fund participations in
Letters of Credit and Designated Acquisition Swingline Loans shall not exceed the positive difference, if any, of (1) the Revolving
Commitment of such non-Defaulting Lender minus (2) the aggregate principal amount of the Revolving Loans of such Lender. In
the event non-Defaulting Lenders’ obligations to acquire, Refinance or fund participations in Letters of Credit are increased
as a result of a Defaulting Lender, then all Letter of Credit fees that would have been paid to such Defaulting Lender shall be paid
to such non-Defaulting Lenders ratably in accordance with such increase of such non-Defaulting Lender’s obligations to
acquire, Refinance or fund participations in Letters of Credit. Subject to Section 11.16, 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.

 

(b)       Defaulting
Lender Cure. If the Borrower, the Administrative Agent, the Designated Acquisition Swingline Lender and each Issuing Lender agree
in writing that a Defaulting Lender should no longer be deemed to be 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), such Lender will, to the extent applicable, purchase that portion of outstanding
Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans

 

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and funded and unfunded participations
in Letters of Credit and Designated Acquisition Swingline Loans to be held on a pro rata basis by the Lenders in accordance with
their Pro Rata Share (without giving effect to Section 2.27(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 Borrower
while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed
by the affected parties and subject to Section 11.16, 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.

 

(c)       No
Release. Subject to Section 11.16, the provisions hereof attributable to Defaulting Lenders shall not release or excuse any
Defaulting Lender from failure to perform its obligations hereunder.

 

2.28          Loan Modification
Offers.

 

(a)       The
Borrower may, on one or more occasions, by written notice from the Borrower to the Administrative Agent, make one or more offers (each,
a “Loan Modification Offer”) to all the Lenders of one or more Classes on the same terms to each such Lender (each
Class subject to such a Loan Modification Offer, a “Specified Class”) to make one or more Permitted Amendments pursuant
to procedures reasonably specified by any Person that is not an Affiliate of the Borrower appointed by the Borrower, after consultation
(and, with respect to any documentation requiring execution of the Administrative Agent in its capacity as such, with the consent of
the Administrative Agent) with the Administrative Agent, as agent under such Loan Modification Agreement (as defined below) (such Person
(who may be the Administrative Agent, if it so agrees), the “Loan Modification Agent”) and reasonably acceptable to
the Borrower and the Administrative Agent; provided that (i) any such offer shall be made by the Borrower to all Lenders with
Loans with a like maturity date (whether under one or more tranches) on a pro rata basis (based on the aggregate Outstanding Amount
of the applicable Loans), (ii) no Default or Event of Default shall have occurred and be continuing at the time of any such offer, (iii)
any applicable Minimum Extension Condition shall be satisfied unless waived by the Borrower and (iv) in the case of any Permitted Amendment
relating to the Revolving Commitments, each Issuing Lender and the Designated Acquisition Swingline Lender shall have approved such Permitted
Amendment. Such notice shall set forth (i) the terms and conditions of the requested Permitted Amendment and (ii) the date on which such
Permitted Amendment is requested to become effective (which shall not be less than five (5) Business Days nor more than 45 Business Days
after the date of such notice, unless otherwise agreed to by the Loan Modification Agent); provided that, notwithstanding anything
to the contrary, assignments and participations of Specified Classes shall be governed by the same or, at the Borrower’s discretion,
more restrictive assignment and participation provisions than those set forth in Section 11.6. Permitted Amendments shall become
effective only with respect to the Loans and Commitments of the Lenders of the Specified Class that accept the applicable Loan Modification
Offer (such Lenders, the “Accepting Lenders”) and, in the case of any Accepting Lender, only with respect to such
Lender’s Loans and Commitments of such Specified Class as to which such Lender’s acceptance has been made. No Lender shall
have any obligation to accept any Loan Modification Offer.

 

(b)       A
Permitted Amendment shall be effected pursuant to an amendment to this Agreement (a “Loan Modification Agreement”)
executed and delivered by the Borrower, the Administrative Agent, each applicable Accepting Lender and the Loan Modification Agent. The
Loan Modification Agent shall promptly notify each Lender as to the effectiveness of each Loan Modification Agreement. Each Loan Modification
Agreement may, without the consent of any Lender other than the applicable Accepting Lenders, effect such amendments to this Agreement
and the other Loan Documents as may be necessary or appropriate, in the opinion of the Loan Modification Agent and the Borrower, to give
effect to the provisions of this Section 2.28, including any amendments necessary to treat the

 

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applicable Loans and/or Commitments
of the Accepting Lenders as a new “Class” of loans and/or commitments hereunder; provided that (x) no Loan Modification
Agreement may provide for (i) any Specified Class to be secured by any Collateral or other assets of any Group Member that does not also
secure the Loans and (ii) so long as any Loans are outstanding, any mandatory or voluntary prepayment provisions that do not also apply
to the Loans on a pro rata basis or greater than pro rata basis (or, with respect to voluntary prepayments and prepayments made
with proceeds of Permitted Credit Agreement Refinancing Debt, on a pro rata basis, less than pro rata basis or greater than pro rata
basis), (y) in the case of any Loan Modification Offer relating to Revolving Commitments or Revolving Loans, except as otherwise agreed
to by each Issuing Lender, (i) the allocation of the participation exposure with respect to any then-existing or subsequently issued
Letter of Credit as between the commitments of such new “Class” and the remaining Revolving Commitments shall be made on
a ratable basis as between the commitments of such new “Class” and the remaining Revolving Commitments and (ii) the Revolving
Termination Date may not be extended without the prior written consent of each Issuing Lender and (z) the terms and conditions of the
applicable Loans and/or Commitments of the Accepting Lenders (excluding pricing, fees, rate floors and optional prepayment or redemption
terms) shall be substantially identical to, or (taken as a whole) shall be no more favorable to, the Accepting Lenders than those applicable
to the Specified Class (except for (1) financial covenants or other covenants or provisions applicable only to periods after the Latest
Maturity Date at the time of such Loan Modification Offer, as may be agreed by the Borrower and the Accepting Lenders, (2) customary
market terms at the time of Incurrence (as determined by the Borrower in good faith) or approved by the Administrative Agent in its reasonable
discretion, (3) any terms that are conformed (or added) to the Loan Documents for the benefit of the lenders of the Specified Class pursuant
to such Loan Modification Agreement and (4) pricing, premiums and fees); provided that if a certificate of a Responsible Officer
shall have been delivered to the Administrative Agent for posting to the Lenders at least five (5) Business Days prior to the effectiveness
of such Loan Modification Agreement, together with a reasonably detailed description of the material terms and conditions thereof or
drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy
the requirements of this Section 2.28(b), and the Required Lenders shall not have notified the Borrower and the Administrative
Agent that they disagree with such determination (including a statement of the basis upon which each such Lender disagrees) within such
five (5) Business Day period, then such certificate shall be conclusive evidence that such terms and conditions satisfy the requirements
of this Section 2.28(b).

 

(c)       Subject
to Section 2.28(b), the Borrower may at its election specify as a condition (a “Minimum Extension Condition”)
to consummating any such Loan Modification Agreement that a minimum amount (to be determined and specified in the relevant Loan Modification
Offer in the Borrower’s sole discretion and may be waived by the Borrower) of Loans of any or all applicable Classes be extended.

 

(d)       Notwithstanding
anything to the contrary in this Agreement, this Section 2.28 shall supersede any provisions in Sections 2.17 or 11.1
to the contrary and the Borrower and the Administrative Agent may amend Section 2.17 to implement any Loan Modification Agreement.

 

(e)       If
the Loan Modification Agent is not the Administrative Agent, the actions authorized to be taken by the Loan Modification Agent herein
shall be done in consultation with the Administrative Agent and, with respect to the preparation of any documentation necessary or appropriate
to carry out the provisions of this Section 2.28 (including amendments to this Agreement and the other Loan Documents), any comments
to such documentation reasonably requested by the Administrative Agent shall be reflected therein.

 

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SECTION
3.

LETTERS OF CREDIT

 

3.1          L/C Commitment.

 

(a)       Subject
to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Revolving Lenders set forth in Section
3.4(a), agrees to issue standby letters of credit and, to the extent agreed to by an Issuing Lender, bank guarantees and commercial
letters of credit providing for the payment of cash upon the honoring of a presentation thereunder (collectively, “Letters of
Credit”) for the account of the Borrower or the account of any of the Restricted Subsidiaries (provided that a Borrower
shall be an applicant, shall be the primary obligor thereunder, and be fully and unconditionally liable, with respect to each Letter
of Credit issued for the account of a Restricted Subsidiary that is not a Borrower) on any Business Day prior to the date that is 30
days prior to the Revolving Termination Date in such form as may be approved from time to time by the applicable Issuing Lender; provided
that no Issuing Lender shall have any obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the
L/C Obligations would exceed the L/C Commitment, (ii) the aggregate amount of the Available Revolving Commitments would be less than
zero or (iii) the L/C Obligation of such Issuing Lender would exceed its L/C Sublimit. Each Letter of Credit shall (i) be denominated
in Dollars or any Alternative Currency, (ii) have a stated amount acceptable to the relevant Issuing Lender, (iii) expire no later than
the earlier of (x) the first anniversary of its date of issuance or such longer period as is reasonably acceptable to the Issuing Lender,
and (y) the date that is five (5) Business Days prior to the Revolving Termination Date or such longer period as is reasonably acceptable
to the Issuing Lender, provided that any Letter of Credit with the consent of the applicable Issuing Lender may provide for the
renewal or extension thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause
(y) above, except to the extent the L/C Obligations under such Letter of Credit have been Cash Collateralized); provided,
further, that the Issuing Lenders shall not renew or extend any such Letter of Credit if it has received written notice (or otherwise
has knowledge) that an Event of Default has occurred and is continuing or any of the conditions set forth in Section 5.2 are not
satisfied prior to the date of the decision to renew or extend such Letter of Credit and (iv) be otherwise reasonably acceptable in all
respects to the Issuing Lenders. Unless otherwise directed by the Issuing Lenders, the Borrower shall not be required to make a specific
request to an Issuing Lender for any such extension. Once any Letter of Credit has been issued that may be extended automatically pursuant
to the foregoing, the Revolving Lenders shall be deemed to have authorized (but may not require) the Issuing Lenders to permit the extension
of such Letter of Credit, including to the date that is five (5)) Business Days prior to the Revolving Termination Date.

 

(b)       The
Issuing Lenders shall not at any time be obligated to issue any Letter of Credit (i) if such issuance would conflict with, or cause the
Issuing Lenders or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law, (ii) if any order, judgment
or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Lenders from issuing
such Letter of Credit, or any Requirement of Law applicable to the Issuing Lender or any request or directive (whether or not having
the force of law) from any Governmental Authority with jurisdiction over the Issuing Lenders shall prohibit, or request that the Issuing
Lenders refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuing
Lenders with respect to such Letter of Credit any restriction, reserve or capital requirement (for which an Issuing Lender is not otherwise
compensated hereunder) not in effect on the Closing Date, or shall impose upon each Issuing Lender any unreimbursed loss, cost or expense
which was not applicable on the Closing Date and which each Issuing Lender in good faith deems material to it or (iii) as otherwise provided
in Section 3.2(b) below.

 

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3.2          Procedure for
Issuance of Letter of Credit.

 

(a)       The
Borrower may from time to time on any Business Day occurring from (or, in the case of any Letter of Credit permitted to be issued on
the Closing Date, prior to) the Closing Date until the Revolving Termination Date request that an Issuing Lender issue a Letter of Credit
by delivering to the relevant Issuing Lender, with a copy to the Administrative Agent, at its address for notices specified herein an
Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and
information as such Issuing Lender may request. Promptly upon receipt of any Application, the relevant Issuing Lender will confirm with
the Administrative Agent that the Administrative Agent has received a copy of the Application, and if not, will furnish the Administrative
Agent with a copy thereof. Unless such Issuing Lender has received written notice from the Administrative Agent or the Borrower, at least
one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more of the conditions
contained in Section 5 shall not then be satisfied, then, subject to the terms and conditions hereof, such Issuing Lender will
process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in
accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall any Issuing
Lender be required to issue any Letter of Credit (a) earlier than (i) three (3) Business Days, in the case of standby Letters of Credit
or similar agreements or (ii) to the extent an Issuing Lender agrees to issue bank guarantees or commercial Letters of Credit, or similar
agreements, such period of time as is acceptable to such Issuing Lender, or (b) later than ten (10) Business Days (or in each case such
shorter period as may be agreed to by an Issuing Lender in any particular instance) after its receipt of the Application therefor and
all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit
to the beneficiary thereof or as otherwise may be agreed to by the Issuing Lenders and the Borrower. Each Issuing Lender shall furnish
a copy of such Letter of Credit to the Borrower and the Administrative Agent promptly following the issuance thereof. The Administrative
Agent shall promptly furnish notice of the issuance of each Letter of Credit (including the amount thereof) to the Revolving Lenders.

 

(b)       Cash
Collateral. (i) If an Issuing Lender has honored any full or partial drawing request under any Letter of Credit and such drawing
has resulted in an L/C Borrowing and the conditions set forth in Section 5.2 to a Revolving Borrowing cannot then be met, (ii)
if, as of the Letter of Credit Expiration Date, any Letter of Credit may for any reason remain outstanding and partially or wholly undrawn,
(iii) if any Event of Default occurs and is continuing and the Administrative Agent or the Required Lenders, as applicable, require the
Borrower to Cash Collateralize the L/C Obligations pursuant to Section 9.2 or (iv) an Event of Default set forth under Section
9.1(g) occurs and is continuing, then the Borrower shall Cash Collateralize the then Outstanding Amount of all L/C Obligations (in
an amount equal to 102% of such Outstanding Amount determined as of the date of such L/C Borrowing or the Letter of Credit Expiration
Date, as the case may be), and shall do so not later than 2:00 p.m. (New York City time) on (x) in the case of the immediately preceding
clauses (i) through (iii), (1) if the Borrower receives notice thereof prior to 11:00 a.m. (New York City time), on any
Business Day, on the Business Day immediately following receipt of such notice or (2) if the Borrower receives notice thereof after 11:00
a.m. (New York City time), on any Business Day, on the second Business Day immediately following receipt of such notice (y) in the case
of the immediately preceding clause (iv), the Business Day on which an Event of Default set forth under Section 9.1(g)
occurs or, if such day is not a Business Day, the Business Day immediately succeeding such day. At any time that there shall exist a
Defaulting Lender, if any Defaulting Lender Fronting Exposure remains outstanding (after giving effect to Section 2.27(a)(iv)),
then promptly upon the request of the Administrative Agent or each Issuing Lender, the Borrower shall Cash Collateralize the Defaulting
Lender Fronting Exposure and deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover such Defaulting Lender
Fronting

 

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Exposure (after giving effect to any
Cash Collateral provided by the Defaulting Lender); provided that if any Defaulting Lender Fronting Exposure is not Cash Collateralized
in accordance with the foregoing to the reasonable satisfaction of the Issuing Lenders, the Issuing Lenders shall have no obligation
to issue new Letters of Credit or to extend, renew or amend existing Letters of Credit to the extent Letter of Credit exposure would
exceed the commitments of the non-Defaulting Lenders. For purposes hereof, “Cash Collateralize” means to pledge and
deposit with or deliver to the Administrative Agent, for the benefit of the relevant Issuing Lender and the Lenders, as collateral for
the L/C Obligations, Cash Collateral pursuant to documentation in form and substance reasonably satisfactory to the relevant Issuing
Lender (which documents are hereby consented to by the Lenders). Derivatives of such term have corresponding meanings. The Borrower hereby
grant to the Administrative Agent, for the benefit of the Issuing Lenders and the Lenders, a security interest in all such cash, deposit
accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in a Cash Collateral Account
and may be invested in readily available Cash Equivalents. If at any time the Administrative Agent reasonably determines that any funds
held as Cash Collateral are subject to any right or claim of any Person other than the Administrative Agent (on behalf of the Secured
Parties) or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations (or in the case
of Cash Collateral provided with regard to Defaulting Lender Fronting Exposure, such amount of Defaulting Lender Fronting Exposure, in
each case that is required to be Cash Collateralized pursuant to this Section 3.2(b)), the Borrower will, forthwith upon demand
by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited and held in a Cash Collateral Account
as aforesaid, an amount equal to the excess of (a) such aggregate Outstanding Amount (and/or such aggregate Defaulting Lender Fronting
Exposure, as applicable) over (b) the total amount of funds, if any, then held as Cash Collateral that the Administrative Agent
reasonably determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are
on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Law, to reimburse the relevant Issuing
Lender. To the extent the amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C Obligations or the Defaulting
Lender Fronting Exposure, as applicable, and so long as no Event of Default has occurred and is continuing, the excess shall be refunded
to the Borrower.

 

3.3          Fees and Other
Charges.

 

(a)       The
Borrower will pay a fee on the actual aggregate daily undrawn and unexpired amount of all outstanding Letters of Credit at a per annum
rate equal to the Applicable Margin then in effect with respect to Eurocurrency Loans under the Revolving Facility, shared ratably among
the Revolving Lenders and payable quarterly in arrears on each applicable Fee Payment Date after the issuance date. In addition, the
Borrower shall pay to each Issuing Lender for its own account a fronting fee of 0.125% per annum (or such lower fee as the Issuing Lenders
may agree) on the actual aggregate daily undrawn and unexpired amount of all such Issuing Lender’s Letters of Credit outstanding
during the applicable period, payable quarterly in arrears on each applicable Fee Payment Date after the issuance date.

 

(b)       In
addition to the foregoing fees, the Borrower shall pay or reimburse such Issuing Lender for such normal and customary costs and expenses
as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering
any Letter of Credit. Such costs and expenses shall be due and payable within three (3) Business Days of demand and nonrefundable.

 

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3.4          L/C Participations.

 

(a)       The
Issuing Lenders irrevocably agree to grant and hereby grant to each L/C Participant, and, to induce the Issuing Lenders to issue Letters
of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lenders,
on the terms and conditions set forth below, for such L/C Participant’s own account and risk an undivided interest equal to such
L/C Participant’s Revolving Percentage in the Issuing Lenders’ obligations and rights under and in respect of each Letter
of Credit and the amount of each draft paid by an Issuing Lender thereunder. Each L/C Participant agrees with the Issuing Lenders that,
if a draft is paid under any Letter of Credit for which an Issuing Lender is not reimbursed in full by the Borrower in accordance with
the terms of this Agreement, such L/C Participant shall pay to such Issuing Lender upon demand at such Issuing Lender’s address
for notices specified herein an amount equal to such L/C Participant’s Revolving Percentage of the amount of such draft, or any
part thereof, that is not so reimbursed. Each L/C Participant’s obligation to pay such amount shall be absolute and unconditional
and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such L/C
Participant may have against any Issuing Lender, the Borrower, any other Group Member or any other Person for any reason whatsoever,
(ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified
in Section 5, (iii) any adverse change in the condition (financial or otherwise) of the Borrower and the Restricted Subsidiaries,
(iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other L/C Participant or (v)
any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

 

(b)       If
any amount required to be paid by any L/C Participant to the Issuing Lenders pursuant to Section 3.4(a) in respect of any unreimbursed
portion of any payment made by the Issuing Lenders under any Letter of Credit is paid to the Issuing Lenders within three (3) Business
Days after the date such payment is due, such L/C Participant shall pay to the Issuing Lenders on demand an amount equal to the product
of (i) such amount, times (ii) the daily Federal Funds Effective Rate during the period from and including the date such payment
is required to the date on which such payment is immediately available to the Issuing Lenders, times (iii) a fraction the numerator
of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be
paid by any L/C Participant pursuant to Section 3.4(a) is not made available to the Issuing Lenders by such L/C Participant within
three (3) Business Days after the date such payment is due, the Issuing Lenders shall be entitled to recover from such L/C Participant,
on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans under the Revolving
Facility. A certificate of an Issuing Lender submitted to any L/C Participant with respect to any amounts owing under this Section shall
be conclusive in the absence of manifest error.

 

(c)       Whenever,
at any time after an Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its pro 
rata share of such payment in accordance with Section 3.4(a), an Issuing Lender receives any payment related to such Letter
of Credit (whether directly from the Borrower or otherwise, including proceeds of collateral applied thereto by such Issuing Lender),
or any payment of interest on account thereof, such Issuing Lender will distribute to such L/C Participant its pro rata share
thereof; provided, however, that in the event that any such payment received by such Issuing Lender shall be required to
be returned by such Issuing Lender, such L/C Participant shall return to such Issuing Lender the portion thereof previously distributed
by such Issuing Lender to it.

 

3.5          Reimbursement
Obligation of the Borrower. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter
of Credit, the Issuing Lenders shall promptly notify the Borrower and the Administrative Agent thereof. If any drawing is paid under
any

 

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Letter of Credit, the Borrower shall
reimburse the Issuing Lenders for the amount of (a) the drawing so paid and (b) any fees, charges or other costs or expenses incurred
by the Issuing Lenders in connection with such payment, not later than 3:00 p.m. (New York City time) on (x) if such notice of drawing
is received prior to 11:00 a.m. (New York City time), on the first Business Day following the date such drawing is paid by the Issuing
Lenders and (y) otherwise, the second Business Day following the date such drawing is paid by the Issuing Lenders (the “Honor
Date”). Each such payment shall be made to an Issuing Lender at its address for notices referred to herein in the currency
in which the applicable Letter of Credit is denominated and in immediately available funds. If the Borrower fails to so reimburse such
Issuing Lender on the Honor Date (or if any such reimbursement payment is required to be refunded to the Borrower for any reason), then
(A) if such payment relates to an Alternative Currency Letter of Credit, automatically and with no further action required, the Borrower’s
or such other Person’s obligation to reimburse the applicable L/C Borrowing shall be permanently converted into an obligation to
reimburse in Dollars the Dollar Equivalent, calculated using the Exchange Rate on the Honor Date, of such L/C Borrowing and (B) in the
case of each L/C Borrowing, the Administrative Agent shall promptly notify the applicable Issuing Lender and each relevant Issuing Lender
of the Honor Date, the amount of the unreimbursed drawing in Dollars (in the case of an Alternative Currency Letter of Credit, using
the Exchange Rate for the applicable Alternative Currency in relation to Dollars in effect on the date of determination) (the “Unreimbursed
Amount”), and the amount of such relevant Issuing Lender’s Applicable Percentage thereof. In the event that the Borrower
does not reimburse the Issuing Lender on the Business Day following the date it receives notice of the Honor Date (or, if the Borrower
shall have received such notice later than 1:00 p.m. on any Business Day, on the second succeeding Business Day), the Borrower shall
be deemed to have requested a Revolving Borrowing of ABR Loans to be disbursed on such date in an amount equal to the Unreimbursed Amount,
without regard to the minimum and multiples specified in Section 2.5 for the principal amount of ABR Loans but subject to the
amount of the unutilized portion of the Revolving Commitments, and subject to the conditions set forth in Section 5.2 (other than
the delivery of a Borrowing Notice). Any notice given by an Issuing Lender or the Administrative Agent pursuant to this Section 3.5
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. For the avoidance of doubt, if any drawing occurs under a Letter of Credit
and such drawing is not reimbursed on the same day, such drawing shall, without duplication, accrue interest at the rate applicable to
ABR Loans under the Revolving Facility until the date of reimbursement If the Borrower fail to reimburse an Issuing Lender on the Honor
Date, interest shall be payable on any such amounts from the date on which the relevant drawing is paid until payment in full at the
rate set forth in (x) until the second Business Day next succeeding the date of the relevant notice, Section 2.14(b) and (y) thereafter,
Section 2.14(c).

 

3.6          Obligations Absolute.
The Borrower’s obligations under this Section 3 shall be absolute and unconditional under any and all circumstances and
irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against the Issuing Lenders, any
beneficiary of a Letter of Credit or any other Person (it being understood that this provision shall not preclude the ability of the
Borrower to bring any claim for damages against any such Person who has acted with bad faith, gross negligence or willful misconduct,
as determined in a final and non-appealable decision of a court of competent jurisdiction). The Borrower also agree with the Issuing
Lenders that the Issuing Lenders shall not be responsible for, and the Borrower’s Reimbursement Obligations under Section 3.5
shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though
such documents shall in fact prove to be invalid, fraudulent or forged or any dispute between or among the Borrower and any beneficiary
of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower
against any beneficiary of such Letter of Credit or any such transferee; provided that the foregoing shall not be construed to excuse
an Issuing Lender from liability to the Borrower to the extent of any direct damages

 

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(as opposed to consequential damages,
claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable Requirements of Law) suffered by the
Borrower that are caused by an Issuing Lender’s failure to exercise care when determining whether drafts and other documents presented
under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of bad faith, gross negligence
or willful misconduct on the part of an Issuing Lender (as finally determined by a court of competent jurisdiction (that is not subject
to appeal)), such Issuing Lender shall be deemed to have exercised care in each such determination. The Issuing Lenders shall not be
liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted,
in connection with any Letter of Credit, except for errors or omissions found by a final and non-appealable decision of a court of competent
jurisdiction to have resulted from the gross negligence or willful misconduct of the Issuing Lenders. The Borrower agrees that any action
taken or omitted by the Issuing Lenders under or in connection with any Letter of Credit or the related drafts or documents, if done
in the absence of gross negligence or willful misconduct or, in the case of determinations of whether drafts and other documents presented
under a Letter of Credit comply with the terms thereof, if done in the absence of bad faith (in each case, as determined in a final and
non-appealable decision of a court of competent jurisdiction), shall be binding on the Borrower and shall not result in any liability
of the Issuing Lenders to the Borrower.

 

3.7          Letter of Credit
Payments. If any draft shall be presented for payment under any Letter of Credit, the Issuing Lenders shall promptly notify the Borrower
of the date and amount thereof. The responsibility of the Issuing Lenders to the Borrower in connection with any draft presented for
payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited
to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are
in conformity with such Letter of Credit.

 

3.8          Applications.
To the extent that any provision of any Application related to any Letter of Credit, or any other agreement submitted by the Borrower
to, or entered into by the Borrower with, the Issuing Lenders or any other Person relating to any Letter of Credit, is inconsistent with
the provisions of this Section 3, the provisions of this Section 3 shall control.

 

3.9          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 applicable Application or other document, agreement or instrument entered into by the applicable Issuing Lender and
the Borrower (or Restricted Subsidiary, if applicable) or in favor of the applicable Issuing Lender and relating to such Letter of Credit)
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.

 

SECTION
4.

REPRESENTATIONS AND WARRANTIES

 

To
induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters
of Credit, each Loan Party (but with respect to the Borrower, solely as set forth herein) hereby jointly and severally represents and
warrants to the Administrative Agent and each Lender that:

 

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4.1          Financial Condition.

 

(a)       The
audited consolidated balance sheet of Borrower as of December 31, 2018, and December 31, 2019 the related audited consolidated statements
of income, stockholders’ equity for the fiscal years then ended present fairly in all material respects the financial condition
of Borrower and its Subsidiaries at such applicable date, and the results of its operations and stockholders’ deficit for the three
months then ended. All such financial statements, including the related schedules and notes thereto, have been prepared in accordance
with GAAP.

 

(b)       The
unaudited consolidated balance sheet of Borrower as of June 30, 2020, and the related unaudited consolidated statements of income, stockholders’
equity for the fiscal quarter then ended present fairly in all material respects the financial condition of Borrower and its Subsidiaries
at such applicable date, and the results of its operations and stockholders’ deficit for the six months then ended. All such financial
statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP.

 

4.2          No Change.
Since the Closing Date, there has been no development or event that has had or would reasonably be expected to have a Material Adverse
Effect.

 

4.3          Existence; Compliance
with Law. Each Group Member (a) is duly organized (or where applicable in the relevant jurisdiction, registered or incorporated),
validly existing and (where applicable in the relevant jurisdiction) in good standing under the laws of the jurisdiction of its organization,
registration or incorporation, as the case may be, (b) has the power and authority to own and operate its property, to lease the property
it operates as lessee and to conduct the business in which it is currently engaged and (c) is in compliance with all Requirements of
Law, except in the case of clauses (a) (except as it relates to the due organization and valid existence of the Borrower), (b) and (c)
above, to the extent that the failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

4.4          Power; Authorization;
Enforceable Obligations.

 

(a)       Each
Loan Party has the power and authority, and the legal right, to enter into, make, deliver and perform the Loan Documents to which it
is a party and, in the case of the Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken all necessary organizational
action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower,
to authorize the extensions of credit on the terms and conditions of this Agreement.

 

(b)       No
Governmental Approval or consent or authorization of, filing with, notice to or other act by or in respect of, any other Person is required
in connection with the extensions of credit hereunder or with the execution, delivery, performance, validity or enforceability of this
Agreement or any of the Loan Documents, except (i) Governmental Approvals, consents, authorizations, filings and notices that have been
obtained or made and are in full force and effect and (ii) the filings referred to in Section 4.16. No Governmental Approval or
consent or authorization of, filing with, notice to or other act by or in respect of, any other Person is required in connection with
the consummation of the Transactions, except (w) Governmental Approvals, consents, authorizations, filings and notices that have been
obtained or made and are in full force and effect, (x) the filings referred to in Section 4.16, (y) consents and approvals from
Governmental Authorities required to be obtained in the ordinary course of business, and (z) consents, authorizations, filings and notices
the failure to obtain or perform would not reasonably be expected to result in a Material Adverse Effect.

 

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(c)       Each
Loan Document has been duly executed and delivered on behalf of each applicable Loan Party. This Agreement constitutes, and each other
Loan Document upon execution will constitute, a legal, valid and binding obligation of each applicable Loan Party, enforceable against
each such Loan Party in accordance with its terms, except as enforceability may be limited by any Legal Reservations.

 

4.5          No Legal Bar.
The execution, delivery and performance of this Agreement and the other Loan Documents, the issuance of Letters of Credit, the borrowings
and guarantees hereunder and the use of the proceeds thereof (i) will not violate any Contractual Obligation of the Borrower or any Group
Member (except, individually or in the aggregate, as would not reasonably be expected to result in a Material Adverse Effect), or violate
any material Requirement of Law or the Organizational Documents of any Loan Party and (ii) will not result in, or require, the creation
or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law, any such Organizational
Documents or any such Contractual Obligation (other than the Liens created by the Security Documents and other than any other Permitted
Liens) except, individually or in the aggregate, as would not reasonably be expected to result in a Material Adverse Effect.

 

4.6          Litigation.
No litigation, suit or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of any Loan Party,
threatened in writing by or against any Group Member or against any of their respective properties, assets or revenues that would reasonably
be expected to have a Material Adverse Effect.

 

4.7          Ownership of
Property; Liens. Except where the failure to have such title or other interest would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, each Group Member has title in fee simple to, or a valid leasehold interest in, all its
real property, and good title to, or a valid leasehold interest in, all its other property, and none of such property is subject to any
Lien except as permitted by Section 7.7.

 

4.8          Intellectual
Property. Except as would not, individually or in an aggregate, reasonably be expected to have a Material Adverse Effect, the Group
Members own, or are licensed to use, all intellectual property necessary for the conduct in all material respects of the business of
the Borrower and the Restricted Subsidiaries, taken as a whole, as currently conducted. As of the Closing Date, except as would not,
individually or in an aggregate, reasonably be expected to have a Material Adverse Effect, the Group Members own, or are licensed to
use, all intellectual property necessary for the conduct in all material respect of the business of the Borrower and the Restricted Subsidiaries,
taken as a whole, as was conducted by them immediately prior to the Closing Date. No material claim has been asserted in writing and
is pending by any Person challenging or questioning any Group Member’s use of any intellectual property or the validity or effectiveness
of any Group Member’s intellectual property or alleging that the conduct of any Group Member’s business infringes or violates
the rights of any Person, nor does the Borrower or any other Loan Party know of any valid basis for any such claim, except, in each case,
for such claims that would not reasonably be expected to result in a Material Adverse Effect.

 

4.9          Taxes.
Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) each Group Member
has filed or caused to be filed all Tax returns that are required to be filed and has paid or caused to be paid all Taxes shown to be
due and payable on said returns or on any assessments made against it or any of its property by any Governmental Authority (other than
any Taxes the amount or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which
reserves in conformity with GAAP have been provided on the books of the relevant Group Member); and (ii) no tax Lien (other than any
Liens for Taxes not yet due and payable and any Permitted Lien) has been filed, and, to the knowledge of any of the Group Members, no
claim is being asserted, with respect to any such Tax, fee or other charge.

 

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4.10          Federal
Regulations. No Group Member is engaged principally, or as one of its important activities, in the business of extending credit for
the purpose of buying or carrying Margin Stock, and no part of the proceeds of any Loans, and no other extensions of credit hereunder,
will be used for any purpose that violates the provisions of the regulations of the Board.

 

4.11          Employee Benefit
Plans. Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) neither
a Reportable Event nor a failure to meet the minimum funding standards of Section 412 or 430 of the Code or Section 302 or 303 of ERISA
has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Plan,
(ii) each Plan has been operated and maintained in compliance in all respects with applicable Law, including the applicable provisions
of ERISA and the Code, and the governing documents for such Plan, (iii) no termination of a Single Employer Plan has occurred, and no
Lien in favor of the PBGC or a Plan has arisen, during such five-year period, (iv) the present value of all accrued benefits under each
Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the
date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits,
(v) neither the Borrower nor any Commonly Controlled Entity has had a complete or partial withdrawal (within the meaning of Sections
4203 and 4205 of ERISA) from any Multiemployer Plan, (vi) no Multiemployer Plan is Insolvent or has terminated (nor does a Group Member
have knowledge that a Multiemployer Plan is intended to be terminated) under Sections 4041A or 4042 of ERISA, (vii) there has been no
filing of a notice of intent to terminate or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, the PBGC
has not instituted proceedings to terminate a Plan, and no event or condition has occurred which constitutes grounds under Section 4042
of ERISA for the termination of, or appointment of a trustee to administer, any Plan, (viii) there has been no determination that any
Single Employer Plan is in “at-risk” status within the meaning of Section 430 of the Code or Section 303 of ERISA or that
any Multiemployer Plan is in “endangered” or “critical” status within the meaning of Section 432 of the Code
or Section 305 of ERISA, (ix) each Foreign Plan has been operated and maintained in compliance in all respects with applicable law and
the governing documents for such plan, and (x) no Foreign Benefit Plan Event has occurred during the five-year period prior to the date
on which this representation is made or deemed made with respect to any Foreign Plan (the occurrence of any of the above, an “ERISA
Event”).

 

4.12          Affected
Financial Institution. No Loan Party is an Affected Financial Institution.

 

4.13          Investment Company
Act. No Loan Party is registered or required to be registered as an “investment company” under the Investment Company
Act of 1940, as amended.

 

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

 

(a)       the
facilities and real properties owned, leased or operated by any Group Member (the “Properties”) do not contain, and
(to the knowledge of the Group Members) have not previously contained, any Materials of Environmental Concern in amounts or concentrations
or under circumstances that constitute or constituted a violation of any Environmental Law;

 

(b)       no
Group Member has received any written notice of violation, alleged violation, non-compliance, liability or potential liability regarding
environmental matters or compliance with Environmental Laws with regard to any of the Properties or the business operated by any Group
Member (the “Business”), nor does any Group Member have knowledge that any such notice is being threatened;

 

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(c)       Materials
of Environmental Concern have not been released, transported, generated, treated, stored or disposed of from the Properties in violation
of, or in a manner or to a location that is reasonably expected to give rise to liability under, any Environmental Law;

 

(d)       no
judicial proceeding or governmental or administrative action is pending or, to the knowledge of any Group Member, threatened, under any
Environmental Law to which any Group Member is or, to the knowledge of the Group Member, will be named as a party with respect to the
Properties or the Business, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders,
or other judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business;

 

(e)       the
Properties and all operations at the Properties are in compliance, and (to the knowledge of the Group Members) have in the past five
years been in compliance, with all applicable Environmental Laws; and

 

(f)       to
the knowledge of the Group Members, there are no past or present conditions, events, circumstances, facts, or activities that would reasonably
be expected to give rise to any liability or other obligation for any Group Member under any Environmental Laws.

 

4.15          Accuracy of Information,
etc. No written statement or information concerning any Group Member or the Business contained in this Agreement, any other Loan
Document, or any other document, certificate or written statement furnished by or on behalf of any Loan Party to the Administrative Agent
or the Lenders, or any of them (except for projections, pro forma financial information and information of a general economic or industry
nature), for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, when taken as a whole,
contained, as of the date such statement, information, document or certificate was so furnished and after giving effect to all supplements
and updates thereto, any untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained
herein or therein not materially misleading in light of the circumstances under which such statements were made. The projections and
pro forma financial information, taken as a whole, contained in the materials referenced above are based upon good faith estimates and
assumptions believed by management of the Borrower to be reasonable at the time made and as of the Closing Date (with respect to such
projections and pro forma financial information delivered prior to the Closing Date), it being recognized by the Lenders that such financial
information as it relates to future events is not to be viewed as fact, forecasts and projections are subject to uncertainties and contingencies,
many of which are beyond the control of the Borrower and its Subsidiaries, actual results during the period or periods covered by such
financial information may differ from the projected results set forth therein by a material amount and no assurance can be given that
any forecast or projections will be realized.

 

4.16          Security Documents.

 

(a)       Each
of the Security Documents is effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal,
valid and, subject to any Legal Reservations, enforceable security interest in the Collateral described therein and proceeds thereof
under applicable laws.

 

(b)       Upon
the making of the filings and taking of the actions contemplated by the Security Documents, the Liens created by the Security Documents
constitute fully perfected (or the equivalent under applicable law) first priority Liens (subject to Permitted Liens) so far as possible
under relevant law on, and security interests in all right, title and interest of the Loan Parties in the Collateral in each case free
and clear of any Liens other than Liens permitted hereunder.

 

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(c)       Each
Segregated Acquisition Amount will be, promptly upon funding, deposited into a deposit account subject to the valid and perfected first
priority security interest of the Administrative Agent (each “Segregated Acquisition Amount Deposit Account”) and
subject to the terms of one or more control agreements in a form that is reasonably satisfactory to the Administrative Agent establishing
the Administrative Agent’s control with respect thereto (each, a “Segregated Acquisition Amount Deposit Account Control
Agreement”). The Security Agreement creates a valid security interest in favor of the Administrative Agent for the benefit
of the Secured Parties in the applicable Segregated Acquisition Amount Deposit Account and the funds held therein, and such security
interest of the Administrative Agent for the benefit of the Secured Parties constitutes a first priority security interest perfected
by control (within the meaning of the UCC).

 

4.17          Solvency.
As of the Closing Date (and after giving effect to the consummation of the Transaction to occur on the Closing Date), the Borrower and
its Subsidiaries, on a consolidated basis, after giving effect to the Transactions and the Incurrence of all Indebtedness and obligations
being Incurred in connection herewith and therewith and the other transactions contemplated hereby and thereby, are Solvent.

 

4.18          Patriot
Act; FCPA; OFAC; Sanctions Laws.

 

(a)       To
the extent applicable, the Loan Parties and each of their Subsidiaries are in compliance in all material respects with U.S. and non-U.S.
Laws relating to Sanctions Laws and anti-money laundering, including the Patriot Act. As of the Closing Date, to the knowledge of the
Borrower, the information included in the Beneficial Ownership Certification is true and correct in all material respects.

 

(b)       The
Loan Parties and each of their Subsidiaries are in compliance in all material respects with all applicable Anti-Corruption Laws. No part
of the proceeds of the Loans will be used directly or, knowingly, indirectly, for any payments to any governmental official or employee,
political party, official of a political party, candidate for political office, or any other Person acting in an official capacity, in
order to obtain, retain or direct business or obtain any improper advantage, in violation of any Anti-Corruption Laws.

 

(c)       None
of the Loan Parties, nor any of their Subsidiaries, nor any director or officer, nor, to the knowledge of the Loan Parties, any employee
of the Loan Parties and each of their Subsidiaries, nor, to the knowledge of the Loan Parties and each of their Subsidiaries, any agent
or representative of the Loan Parties and each of their Subsidiaries, is a Sanctioned Person. No Group Member is located, organized or
resident in a country or territory that is the subject of Sanctions Laws.

 

(d)       The
Loan Parties will not, directly or, knowingly, indirectly, use the proceeds of any Loans, or lend, contribute or otherwise make available
such proceeds to any Subsidiary (and any joint ventures of the Loan Parties or any of their Subsidiaries), joint venture partner or other
Person, to fund any activities of or business with any Sanctioned Person, or in any country or territory, that, at the time of such funding,
is itself the subject of Sanctions Laws, or in any other manner that will result in a violation by any of the Loan Parties of Sanctions
Laws or applicable Anti-Corruption Laws.

 

4.19          Status as Senior
Indebtedness. The Obligations under the Facilities constitute “senior debt”, “senior indebtedness”, “guarantor
senior debt”, “senior secured financing” and “designated senior indebtedness” (or any comparable term)
for all Indebtedness (if any) that is subordinated in right of payment to the Obligations.

 

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Notwithstanding
anything herein or in any other Loan Document to the contrary, no officer of any Group Member shall have any personal liability in connection
with the representations and warranties and other certifications in this Agreement or any other Loan Document.

 

SECTION
5.

CONDITIONS PRECEDENT

 

5.1          Conditions to
Closing Date. The agreement of each Lender to make the initial extension of credit requested to be made by it under this Agreement
on the Closing Date is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Closing
Date, of the following conditions precedent:

 

(a)       Loan
Documents. The Administrative Agent shall have received:

 

(i)       this
Agreement, executed and delivered by the Borrower, each Guarantor and each Person listed on Schedule 1.1A-1;

 

(ii)       the
Security Agreement, executed and delivered by the Loan Parties;

 

(iii)       the
Intellectual Property Security Agreements, executed and delivered by the Loan Parties party thereto;

 

(iv)       each
Note, executed and delivered by the Borrower in favor of each Lender requesting the same at least three (3) Business Days prior to the
Closing Date;

 

(v)       a
Borrowing Request, executed and delivered by the Borrower two (2) Business Days prior to the Closing Date (or such later time as accepted
by the Administrative Agent in its sole discretion);

 

(vi)       [reserved];
and

 

(vii)       the
results of a search of the Uniform Commercial Code filings (or equivalent filings) with respect to the Loan Parties in the states (or
other jurisdictions) of formation of such Persons, the results of a judgment and tax lien search with respect to the Loan Parties in
the states and county in which the chief executive office of each such Person is located and in such other jurisdictions as may be reasonably
required by the Administrative Agent, together with copies of the financing statements (or similar documents) disclosed by such search
and with copies of United States Copyright Office and the United States Patent and Trademark Office searches reasonably required by the
Administrative Agent and evidence reasonably satisfactory to the Administrative Agent that the Liens indicated by such financing statements
(or similar documents) are permitted under Section 7.7 or have been, or will be simultaneously or substantially concurrently with
the closing under this Agreement, released (or arrangements reasonably satisfactory to the Administrative Agent for such release shall
have been made.

 

(b)       Fees.
The Lenders and the Administrative Agent shall have received, or substantially concurrently with the initial term borrowing under the
Facilities shall receive, all fees required to be paid on or prior to the Closing Date, and all reasonable and documented out-of-pocket
expenses required to be paid on the Closing Date for which reasonably detailed invoices have been presented (including the reasonable
and documented out-of-pocket fees and expenses of legal counsel to the Administrative Agent) to the Borrower at least three (3) Business
Days prior to the Closing Date (or

 

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such later date as the Borrower may
reasonably agree), which amounts may be offset against the proceeds of the Facilities.

 

(c)       Closing
Certificate; Certified Certificate of Incorporation; Good Standing Certificates. The Administrative Agent shall have received (i)
an Officer’s Certificate of each Loan Party, dated the Closing Date, in form and substance reasonably acceptable to the Administrative
Agent, with appropriate insertions and attachments, including copies of resolutions of the Board of Directors and/or similar governing
bodies of each Loan Party approving and authorizing the execution, delivery and performance of the Loan Documents to which it is a party
and, in the case of the Borrower, the borrowings hereunder, certified organizational authorizations (if required by applicable law or
customary for market practice in the relevant jurisdiction), incumbency certifications, the certificate of incorporation or other similar
Organizational Documents of each Loan Party certified by the relevant authority of the jurisdiction of organization, registration or
incorporation of such Loan Party (only where customary in the applicable jurisdiction) and bylaws or other similar Organizational Documents
of each Loan Party certified by a Responsible Officer as being in full force and effect on the Closing Date and (ii) a good standing
certificate (to the extent such concept exists in the relevant jurisdictions) for each Loan Party from its jurisdiction of organization,
registration or incorporation.

 

(d)       Legal
Opinions. The Administrative Agent shall have received the executed legal opinion of Davis Polk & Wardwell LLP, New York counsel
to the Loan Parties, and executed legal opinions of each local counsel to the Loan Parties or the Administrative Agent, as applicable,
set forth on Schedule 5.1(f), each of which shall be in form and substance reasonably satisfactory to the Administrative Agent
(provided that counsel to the Administrative Agent shall provide such opinions to the extent customary in any applicable jurisdiction).

 

(e)       Pledged
Stock; Stock Powers; Pledged Notes. The Administrative Agent shall have received the certificates representing the Capital Stock
(to the extent certificated) pledged or otherwise required to be delivered pursuant to the Security Agreement, together with an undated
stock power or other equity transfer form for each such certificate executed or endorsed in blank by a duly authorized signatory of the
pledgor thereof.

 

(f)       Filings,
Registrations and Recordings. Each document (including any Uniform Commercial Code financing statement) required by the Security
Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in
favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected first Lien on the Collateral described therein,
prior and superior in right to any other Person (other than Permitted Liens), shall have been executed and delivered to the Administrative
Agent in proper form for filing, registration or recordation.

 

(g)       Solvency
Certificate. The Administrative Agent shall have received a Solvency Certificate, which demonstrates that the Borrower and its Subsidiaries,
on a consolidated basis, are, after giving effect to the Transactions and the other transactions contemplated hereby, Solvent.

 

(h)       Patriot
Act. The Administrative Agent and the Lenders (in each case to the extent reasonably requested in writing at least ten (10) Business
Days prior to the Closing Date) shall have received, at least three (3) Business Days prior to the Closing Date, all documentation and
other information about the Loan Parties that the Administrative Agent reasonably determines is required by Governmental Authorities
under applicable “know your customer” and anti-money-laundering rules and regulations, including without limitation the PATRIOT
Act and a beneficial ownership certificate to the extent required under 31 C.F.R § 1010.230.

 

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(i)       Refinancing.
The Existing Debt Release/Repayment shall be consummated substantially concurrently with the initial borrowing under the Facilities.

 

(j)       Guarantees.
The guarantees of the Guarantor Obligations by all Subsidiaries that are not Excluded Subsidiaries shall have been executed and are in
full force and effect or substantially simultaneously with the initial borrowing under the Facilities, shall be executed and become in
full force and effect.

 

5.2          Conditions
to Each Borrowing Date. The agreement of each Lender to make any extension of credit (other than as otherwise agreed in connection
with a Limited Condition Transaction) requested to be made by it on any date (except as otherwise provided herein in the case of Incremental
Term Loans and Incremental Revolving Loans) is subject to the satisfaction of the following conditions precedent:

 

(a)       Representations
and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true
and correct in all material respects (except where such representations and warranties are already qualified by materiality, in which
case such representation and warranty shall be accurate in all respects) on and as of such date as if made on and as of such date, except
to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties
shall have been true and correct in all material respects (except where such representations and warranties are already qualified by
materiality, in which case such representation and warranty shall be accurate in all respects) as of such earlier date.

 

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

 

(c)       Notice.
The Administrative Agent and, if applicable, the Issuing Lenders or the Designated Acquisition Swingline Lender, shall have received
notice from the Borrower, which, if in writing, may be in the form of a Borrowing Request.

 

Each Borrowing
by, and each issuance, renewal, extension, increase or amendment of a Letter of Credit on behalf of, the Borrower hereunder (other than
its initial extension of credit on the Closing Date or as otherwise agreed in connection with a Limited Condition Transaction, and except
as otherwise provided herein in the case of Incremental Term Loans and Incremental Revolving Loans)) shall constitute a representation
and warranty by the Borrower as of the date of such extension of credit that the conditions contained in this Section 5.2 have
been satisfied; provided, however, that for the avoidance of doubt the conversion or continuation of an existing Borrowing pursuant to
Section 2.12 does not constitute the Borrowing of a Loan under this Section 5.2 and shall not result in a representation
and warranty by the Borrower on the date thereof as to the conditions contained in this Section 5.2.

 

SECTION
6.

AFFIRMATIVE COVENANTS

 

The
Borrower hereby agrees that, until all Commitments have been terminated and the principal of and interest on each Loan, all fees and
all other expenses or amounts payable under any Loan Document and all other Obligations shall have been paid in full (other than (i)
contingent indemnification and reimbursement obligations for which no claim has been made, (ii) Cash Management Obligations as to which
arrangements reasonably satisfactory to the Cash Management Providers have been made and (iii) obligations under Qualified Hedging Agreements
to which arrangements reasonably satisfactory to the Qualified Counterparties have been made) and all Letters of Credit have been canceled,
have expired

 

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or have been Collateralized or, rolled
into another credit facility, the Borrower will, and will cause each of its Restricted Subsidiaries to:

 

6.1          Financial Statements.
Furnish to the Administrative Agent (who shall promptly furnish to each Lender):

 

(a)       as
soon as available, but in any event within 90 days (or such longer period as the SEC shall permit for BRP Group to file its Annual Report
on Form 10-K (such date, the “Extended 10-K Date”) so long as BRP Group is an SEC reporting company not to exceed
the earlier to occur of (x) the Extended 10-K Date and (y) 45 days after the annual audited financial statements would otherwise be required
to have been delivered under this Section 6.01(a)) after the last day of each fiscal year of the Borrower ending after the Closing Date,
a copy of the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the
related audited consolidated statements of operations, comprehensive income (loss), member’s equity and cash flows for such year,
setting forth in each case in comparative form the figures for the previous year (beginning with the fiscal year ending December 31,
2020) and accompanied by an opinion of PricewaterhouseCoopers LLP or other independent certified public accountants of recognized national
standing (or any other independent certified public accountants reasonably acceptable to the Administrative Agent), which opinion shall
not be subject to qualification as to scope or contain any “going concern” qualification or exception other than with respect
to or resulting from (i) the impending maturity of the Facilities or (ii) any potential or actual inability to satisfy the financial
covenants set forth in Section 7.1 (provided that delivery within the time periods specified above of copies of the Annual
Report on Form 10-K of BRP Group filed with the SEC (or the equivalent documents filed with a comparable agency in any applicable non-U.S.
jurisdiction, provided such documents contain substantially the same information as would be set forth in a Form 10-K) shall be deemed
to satisfy the requirements of this Section 6.1(a)); provided that the extent such information relates to BRP Group, such
information is accompanied by information that explains in reasonable detail any material differences between the information relating
to BRP Group, on the one hand, and the information relating to Borrower and its consolidated Subsidiaries on a standalone basis, on the
other hand which explanation may be qualitative if appropriate or can indicate that there are no material differences if accurate; and

 

(b)       as
soon as available, but in any event within 45 days (or such longer period as the SEC shall permit for BRP Group to file its Quarterly
Report on Form 10-Q (such date, the “Extended 10-Q Date”) so long as BRP Group is an SEC reporting company not to
exceed the earlier to occur of (x) the Extended 10-Q Date and (y) 45 days after the quarterly unaudited financial statements would otherwise
be required to have been delivered under this Section 6.01(b)) after the last day of the first three fiscal quarters of each fiscal year
of the Borrower, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter
and the related unaudited consolidated statements of operations, comprehensive income (loss), member’s equity and cash flows for
such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures
for the previous year (beginning with the fiscal quarter ending December 31, 2020), certified by a Responsible Officer as fairly stating
in all material respects the financial position of the Borrower and its consolidated Subsidiaries in accordance with GAAP for the period
covered thereby (subject to normal year-end audit adjustments and the absence of footnotes) (provided that delivery within the
time periods specified above of copies of the Quarterly Report on Form 10-Q of BRP Group (filed with the SEC (or the equivalent documents
filed with a comparable agency in any applicable non-U.S. jurisdiction, provided such documents contain substantially the same information
as would be set forth in Form 10-Q) shall be deemed to satisfy the requirements of this Section 6.1(b)); provided that
the extent such information relates to BRP Group, such information is accompanied by information that explains in reasonable detail any
material differences between the information relating to BRP Group, on the one hand, and the information relating to Borrower and its
consolidated

 

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Subsidiaries on a standalone basis,
on the other hand which explanation may be qualitative if appropriate or can indicate that there are no material differences if accurate.

 

All
such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and (except
as otherwise provided below) in accordance with GAAP applied consistently (except to the extent any such inconsistent application of
GAAP has been approved by such accountants (in the case of clause (a) above) or officer (in the case of clause (b) above),
as the case may be, and disclosed in reasonable detail therein) throughout the periods reflected therein and with prior periods (subject,
in the case of quarterly financial statements, to normal year-end audit adjustments and the absence of footnotes).

 

6.2          Certificates;
Other Information. Furnish to the Administrative Agent (who shall promptly furnish to each Lender):

 

(a)       The
Borrower and each Lender acknowledge that certain of the Lenders may be “public-side” Lenders (Lenders that do not wish to
receive material non-public information with respect to the Borrower, its Subsidiaries or its securities) (the “Public Lenders”)
and, if documents or notices required to be delivered pursuant to Section 6.1 or this Section 6.2 or otherwise are being
distributed through IntraLinks/IntraAgency, SyndTrak or another relevant website or other information platform (the “Platform”),
any document or notice that Borrower has indicated contains Private Lender Information shall not be posted on that portion of the Platform
designated for such public-side Lenders, provided that if Borrower has not indicated whether a document or notice delivered pursuant
to Section 6.1 or this Section 6.2 contains Private Lender Information, the Administrative Agent reserves the right to
post such document or notice solely on that portion of the Platform designated for Lenders who wish to receive material nonpublic information
with respect to the Borrower, its Subsidiaries or its securities;

 

(b)       [reserved];

 

(c)       concurrently
with the delivery of any financial statements pursuant to Section 6.1(a) or (b), (i) an Officer’s Certificate of
Borrower stating that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such
certificate, (ii) (x) a Compliance Certificate containing all information and calculations reasonably necessary for determining the Applicable
Margin and/or Commitment Fee Rate (if, and only if, the Borrower desires to avail itself of a potential step-down in the Applicable Margin
and/or Commitment Fee Rate or if such information or calculation would require an upward adjustment in such Applicable Margin or Commitment
Fee Rate), and, compliance by the Borrower with the provisions of Section 7.1 of this Agreement as of the last day of the fiscal
quarter or fiscal year of the Borrower, as the case may be (and, with respect to each annual financial statement, the ECF Percentage
and if the ECF Percentage is greater than 0% the amount, if any, of Excess Cash Flow for such fiscal year together with the calculation
thereof in reasonable detail), and (y) to the extent not previously disclosed to the Administrative Agent, (I) a description of any change
in the jurisdiction of organization of any Loan Party, (II) a list of any material intellectual property registered with, or for which
an application for registration has been made with, the U.S. Patent and Trademark Office or the U.S. Copyright Office and acquired or
developed (and not sold, transferred or otherwise disposed of) by any Loan Party and (III) a list of any material “intent to use”
trademark applications for which a “Statement of Use” or an “Amendment to Allege Use” was filed with the U.S.
Patent and Trademark Office by any Loan Party, in each case, since the date of the most recent report delivered pursuant to this clause
(y) (or, in the case of the first such report so delivered, since the Closing Date), (iii) certifying a list of names of all Immaterial
Subsidiaries designated as such (or certifying as to any changes to such list since the delivery of the last such certificate) and that
each Subsidiary set forth on such list individually qualifies as an Immaterial Subsidiary, (iv) certifying a list of names of all Unrestricted
Subsidiaries (if any) (or certifying as to any changes to such list since the delivery of the last

 

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such certificate) and that each Subsidiary
set forth on such list individually qualifies as an Unrestricted Subsidiary and (v) a presentation of Consolidated EBITDA, on a Pro Forma
Basis;

 

(d)       concurrently
with the delivery of financial statements pursuant to Section 6.1(a) (commencing with the fiscal year ending on December 31, 2020),
a detailed consolidated budget for the following fiscal year (including (i) projected consolidated quarterly income statements and (ii)
projected consolidated annual balance sheet of the Borrower and its consolidated Subsidiaries);

 

(e)       simultaneously
with the delivery of each set of consolidated financial statements referred to in Section 6.1(a) above, a narrative discussion
and analysis of the financial condition and results of operations of the Borrower and the Restricted Subsidiaries for such fiscal year,
as compared to the previous fiscal year (to the extent such comparisons are required pursuant to Section 6.1(a)) (provided
that delivery (i) within the time periods specified above of copies of the Annual Report on Form 10-K of BRP Group filed with the
SEC and (ii) in the form consistent with delivered to the Administrative Agent for the fiscal year ending December 31, 2019, in each
case, shall be deemed to satisfy the requirements of this Section 6.2(e));

 

(f)       promptly,
copies of all financial statements and reports that the Borrower and the Restricted Subsidiaries send generally to the holders of any
class of their debt securities or public equity securities, acting in such capacity, and, within five days after the same are filed,
copies of all financial statements and reports that the Borrower may make to, or file with, the SEC, other than the items referred to
in Sections 6.1(a), 6.1(b) and 6.2(e) (which copies, for the avoidance of doubt, shall be deemed to be delivered
in accordance with this clause (f) when and to the extent such underlying financial statements or reports are filed by BRP Group with
the SEC);

 

(g)       as
promptly as reasonably practicable following the Administrative Agent’s request therefor, (i) such other information regarding
the operations, business affairs and financial condition of any Group Member, or compliance with the terms of any Loan Document, as the
Administrative Agent may reasonably request; (ii) all documentation and other information that the Administrative Agent or any Lender
reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money
laundering or terrorist financing rules and regulations, including the Patriot Act and (iii) an updated Beneficial Ownership Certification.

 

Nothing
in this Agreement or in any other Loan Document shall require any Loan Party to provide information (i) that constitutes non-financial
trade secrets or non-financial proprietary information, (ii) in respect of which disclosure is prohibited by applicable Laws, (iii) that
is subject to attorney-client or similar privilege or constitutes attorney work product or (iv) the disclosure of which is restricted
by binding agreements not entered into primarily for the purpose of qualifying for the exclusion in this clause (iv) (in the case of
this clause (iv), so long as such confidentiality agreement does not relate to information regarding the financial affairs of
any Group Member or compliance with the terms of any Loan Document).

 

6.3          Payment of Taxes.
Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all of its Tax obligations,
except (i) where the failure to do so would not reasonably be expected to have a Material Adverse Effect or (ii) where the amount or
validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect
thereto have been provided on the books of the Borrower or the relevant Group Member.

 

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6.4          Maintenance of
Existence; Compliance with Law.

 

(a)       (i)
Preserve, renew and keep in full force and effect its organizational existence and (ii) take all reasonable action to maintain or obtain
all Governmental Approvals and all other rights, privileges and franchises, in each case necessary or desirable in the normal conduct
of its business, except, in each case, as otherwise permitted by Section 7.8 or by the Security Documents and except, in the case
of clauses (i) (other than with respect to Borrower) and (ii) above, to the extent that failure to do so would not reasonably
be expected to have a Material Adverse Effect;

 

(b)       comply
with all Requirements of Law (including, as applicable, Sanctions Law and the applicable Anti-Corruption Laws) except to the extent that
failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect; and

 

(c)       comply
with all Governmental Approvals except to the extent that failure to do so would not reasonably be expected to have a Material Adverse
Effect.

 

6.5          Maintenance of
Property; Insurance. (a) Keep all property useful and necessary in its business in good working order and condition, ordinary wear
and tear and casualty and condemnation excepted, except to the extent the failure to do so would not reasonably be expected to have a
Material Adverse Effect, ii) maintain all the rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and
trade names material to the conduct of its business, except to the extent the failure to do so would not reasonably be expected to have
a Material Adverse Effect, iii) maintain with insurance companies that the Borrower believes (in the good faith judgment of the management
of the Borrower) are financially sound and responsible at the time the relevant coverage is placed or renewed insurance in at least such
amounts (after giving effect to any self-insurance) which the Borrower believes (in the good faith judgment of management of the Borrower)
is reasonable and prudent in light of the size and nature of its business and against at least such risks (and with such risk retentions)
as the Borrower believes (in the good faith judgment of management of the Borrower) is reasonable and prudent in light of the size and
nature of its business and (c) all such policies with respect to such liability and property insurance shall name the Administrative
Agent as an additional insured or loss payee, as applicable, and certificates and endorsements evidencing the foregoing in form and substance
reasonably satisfactory to the Administrative Agent shall be delivered to the Administrative Agent. If any portion of any Mortgaged Property
is at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood
hazard area with respect to which flood insurance has been made available under the Flood Insurance Laws, then the Borrower shall, or
shall cause each Loan Party to, (i) maintain, or cause to be maintained, with insurance companies that the Borrower believes (in the
good faith judgment of the management of the Borrower) are financially sound and reputable insurer, flood insurance in an amount and
otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws, (ii) cooperate
with the Administrative Agent and provide information reasonably required by the Administrative Agent to comply with the Flood Insurance
Laws and (iii) deliver to the Administrative Agent evidence of such compliance in form and substance reasonably acceptable to the Administrative
Agent, including, without limitation, evidence of annual renewals of such insurance.

 

6.6          Inspection of
Property; Books and Records; Discussions. (a) Keep proper books of records and account in which entries full, true and correct in
all material respects in conformity with GAAP shall be made of all dealings and transactions in relation to its business and activities
and (b) permit, at the Borrower’s expense, representatives of the Administrative Agent to visit and inspect any of its properties
and examine and make abstracts from any of its books and records at any reasonable time during normal business hours, upon reasonable
prior written notice, and as often as may reasonably be requested and to discuss the business, operations, properties and financial and
other condition of the Group Members with officers and employees of the

 

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Group Members and with their independent
certified public accountants; provided that (i) in no event shall there be more than one such visit for the Administrative Agent and
its representatives as a group per calendar year except during the continuance of an Event of Default and (ii) the Borrower shall have
the right to be present during any discussions with accountants. Notwithstanding anything to the contrary in this Section 6.6,
none of the Group Members will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discuss
any document, information or other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information,
(b) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is
prohibited by Law or any binding agreement (other than any agreement with another Group Member or any Affiliate thereof), (c) is subject
to attorney-client or similar privilege or constitutes attorney work product or (d) the disclosure of which is restricted by binding
agreements not entered into primarily for the purpose of qualifying for the exclusion in this clause (d).

 

6.7          Notices.
Promptly after a Responsible Officer of the Borrower has obtained knowledge thereof, give notice to the Administrative Agent (who shall
promptly furnish to each Lender) of:

 

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

 

(b)       the
following events where there is any reasonable likelihood of the imposition of liability on the Borrower or any Commonly Controlled Entity
as a result thereof that would be reasonably expected to have a Material Adverse Effect: (i) the occurrence of any ERISA Event, (ii)
a failure to make any required contributions to a Plan in a material amount or (iii) the institution of proceedings or the taking of
any other action by the PBGC or the Borrower or any Commonly Controlled Entity or any Multiemployer Plan with respect to the termination
(in other than a “standard termination” as defined in ERISA), or Insolvency of, any Plan; and

 

(c)       (i)
any dispute, litigation, investigation or proceeding between the Borrower or any Restricted Subsidiary and any arbitrator or Governmental
Authority or (ii) the filing or commencement of, or any material development in, any litigation or proceeding affecting the Borrower
or any Restricted Subsidiary, including any claims related to any Environmental Law or in respect of intellectual property, that, in
any such case referred to in clauses (i) or (ii), has resulted or would reasonably be expected to result in a Material
Adverse Effect;

 

Each
notice pursuant to this Section 6.7 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth
details of the occurrence referred to therein and stating what action the relevant Group Member proposes to take with respect thereto.

 

6.8          Environmental
Laws.

 

(a)       Comply
with, and take commercially reasonably action to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental
Laws, and obtain and comply with and maintain, and take commercially reasonably action to ensure that all tenants and subtenants obtain
and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental
Laws, except, in each case, where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

 

(b)       Conduct
and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental
Laws and promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except

 

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where the failure to do so would not
reasonably be expected to result in a Material Adverse Effect, or such requirements, orders or directives are being contested in good
faith by a Group Member.

 

6.9          Additional Collateral,
etc.

 

(a)       With
respect to any property (to the extent included in the definition of “Collateral”) acquired at any time after the Closing
Date by any Loan Party (or any Group Member required to become a Loan Party pursuant to the terms of the Loan Documents) as to which
the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected first priority Lien (to the extent so required
by the terms of the Security Agreement) within 90 days (or such longer period as the Administrative Agent shall reasonably agree) (i)
execute and deliver to the Administrative Agent such amendments to the relevant Security Document or such other documents as the Administrative
Agent reasonably deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a security
interest in such property and (ii) take all actions reasonably necessary or advisable to grant to the Administrative Agent, for the benefit
of the Secured Parties, a perfected first priority security interest (subject to Permitted Liens) in such property, including the filing
of Uniform Commercial Code financing statements (or equivalent filings in jurisdictions outside of United States) in such jurisdictions
as may be required by any Security Document or by applicable law or as may reasonably be requested by the Administrative Agent.

 

(b)       With
respect to any interest in any Material Property acquired by any Loan Party (or any Group Member required to become a Loan Party pursuant
to the terms of the Loan Documents) after the Closing Date within 90 days (or such longer period as the Administrative Agent shall reasonably
agree) after the Closing Date or date of acquisition, as applicable, (A) execute and deliver a first priority Mortgage (subject to Permitted
Liens), in favor of the Administrative Agent, for the benefit of the Secured Parties, covering such interest in real property (provided,
that to the extent any property to be subject to a Mortgage is located in a jurisdiction that imposes mortgage recording taxes, intangibles
tax, documentary tax or similar recording fees or taxes, the relevant Mortgage shall not secure (i) an amount in excess of the Fair Market
Value of such property subject thereto unless such jurisdiction imposes a cap on such taxes or fees such that any secured amounts in
excess of the Fair Market Value of such property do not result in additional taxes or fees or (ii) Obligations in respect of Letters
of Credit or the Revolving Facility in those states that impose such a tax on paydowns or re-advances applicable thereto), (B) if requested
by the Administrative Agent, provide the Lenders with a Title Policy in an amount not to exceed the Fair Market Value of the real property
covered thereby, as well as a current ALTA survey thereof (or an existing ALTA survey, ExpressMap or other similar documentation if available
(accompanied if reasonably required by the title company issuing the applicable Title Policy by a “no-change” affidavit and/or
other documents) sufficient to remove the general survey exception from the Title Policy and to obtain survey coverage in such Title
Policy), together with a surveyor’s certificate in form reasonably acceptable to the Administrative Agent, (C) if requested by
the Administrative Agent, deliver to the Administrative Agent customary legal opinions from counsel in the jurisdictions in which the
real property covered by the Mortgage is located relating to the enforceability of any such Mortgage and the Lien created thereby, which
opinions shall be in form and substance reasonably satisfactory to the Administrative Agent; (D) deliver a completed “Life-of-Loan”
Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property and, to the extent a
Mortgaged Property is located in a special flood hazard area, a notice about special flood hazard area status and flood disaster assistance
duly executed by the Borrower and each Loan Party relating thereto and evidence of flood insurance as required under Section 6.5
hereof and (E) provide evidence reasonably satisfactory to the Administrative Agent of payment by the Borrower of all Title Policy premiums,
search and examination charges, escrow charges and related charges, mortgage recording taxes, fees, charges, costs and expenses required
for the recording of the Mortgages and issuance of the Title Policies and endorsements contemplated by this Section 6.9(b).

 

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(c)       With
respect to any Restricted Subsidiary that is not an Excluded Subsidiary created or acquired after the Closing Date by any Group Member
(which, for the purposes of this Section 6.9(c), shall include any existing Subsidiary that ceases to be an Excluded Subsidiary)
within 90 days after the date of such creation or acquisition (or such longer period as the Administrative Agent shall reasonably agree),
(i) execute and deliver to the Administrative Agent such supplements to the Security Agreement and additional Security Documents as the
Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected
first priority security interest (subject to Permitted Liens) in the Capital Stock of such Restricted Subsidiary that is owned by any
Group Member, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock (if any), together with undated
stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Group Member, and (iii) cause such Restricted
Subsidiary (a) to execute and deliver to the Administrative Agent (x) a Guarantor Joinder Agreement or such comparable documentation
requested by the Administrative Agent to become a Guarantor and (y) a joinder agreement to the Security Agreement, substantially in the
form annexed thereto, (b) to take such actions reasonably necessary or advisable to grant to the Administrative Agent for the benefit
of the Secured Parties a perfected first priority security interest (subject to Permitted Liens) in the Collateral described in the Security
Agreement with respect to such Restricted Subsidiary, including the filing of UCC financing statements in such jurisdictions as may be
required by the Security Agreement or by law or as may be requested by the Administrative Agent, and (c) to deliver to the Administrative
Agent a certificate of such Restricted Subsidiary, substantially consistent in form to those delivered on the Closing Date pursuant to
Section 5.1(e).

 

(d)       Notwithstanding
anything to the contrary in this Agreement, (i) no actions in any jurisdiction outside the United States shall be required in order to
create any security interests in assets located or titled outside of the United States, or to perfect any security interests in such
assets, including any intellectual property registered in any jurisdiction outside the United States (it being understood that there
shall be no security agreements or pledge agreements governed under the laws of any jurisdiction outside the United States); provided,
however, that the foregoing shall not apply to the Equity Interests and assets of a Foreign Subsidiary that becomes a Guarantor as contemplated
by the definition of “Excluded Subsidiary”, it being understood and agreed that if a Foreign Subsidiary shall become a Guarantor,
notwithstanding any of the exclusions or limitations set forth in this Agreement (including the definition of Excluded Assets) the assets
of such Foreign Subsidiary and the Equity Interests of such Foreign Subsidiary shall be pledged to the Administrative Agent pursuant
to arrangements reasonably satisfactory to the Administrative Agent (including, foreign law governed security documents) subject to limitations
reasonably agreed by the Borrower and the Administrative Agent and (ii) in no event shall control agreements or perfection by control
or similar arrangements be required with respect to any Collateral (including deposit or securities accounts), other than in respect
of (x) segregated escrow accounts or similar accounts holding Escrowed Proceeds (including, for the avoidance of doubt, the Segregated
Acquisition Amount Deposit Account) (y) 100% of the equity interests required to be pledged hereunder and under the Security Documents
and (z) notes (including the Global Intercompany Note) required to be pledged under the Security Documents, nor shall leasehold mortgages,
landlord waivers or collateral access agreements be required; and (iii) in no event shall Collateral include any Excluded Assets unless
the Borrower so elects.

 

For
the avoidance of doubt, and without limitation, this Section 6.9 shall apply to any division of a Loan Party and to any division
of a Group Member required to become a Loan Party pursuant to the terms of the Loan Documents and to any allocation of assets to a series
of a limited liability company.

 

6.10          Credit Ratings.
Use commercially reasonable efforts to maintain at all times a credit rating by each of S&P and Moody’s in respect of the Facilities
provided for under this Agreement and a

 

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corporate rating by S&P and a corporate
family rating by Moody’s for the Borrower (it being understood that there shall be no requirement to maintain any specific credit
rating).

 

6.11          Further Assurances.
At any time or from time to time upon the reasonable request of the Administrative Agent, at the expense of the Borrower, promptly execute,
acknowledge and deliver such further documents and do such other acts and things as the Administrative Agent may reasonably request in
order to effect fully the purposes of the Loan Documents. In furtherance and not in limitation of the foregoing, the Loan Parties shall
take such actions as the Administrative Agent may reasonably request from time to time (including the execution and delivery of guaranties,
security agreements, pledge agreements, stock powers, financing statements and other documents, the filing or recording of any of the
foregoing, and the delivery of stock certificates and other collateral with respect to which perfection is obtained by possession), in
each case to the extent required by the applicable Security Documents to ensure that the Obligations are guaranteed by the Guarantors,
on a first priority basis (subject to Permitted Liens) and are secured by substantially all of the assets (other than those assets specifically
excluded by the terms of this Agreement and the other Loan Documents) of the Loan Parties. For the avoidance of doubt, and without limitation,
this Section 6.11 shall apply to any division of a Loan Party and to any division of a Group Member required to become a Loan
Party pursuant to the terms of the Loan Documents and to any allocation of assets to a series of a limited liability company.

 

6.12          Designation of
Unrestricted Subsidiaries. The Borrower may at any time after the Closing Date designate any Restricted Subsidiary as an Unrestricted
Subsidiary and subsequently re-designate any Unrestricted Subsidiary as a Restricted Subsidiary if (x) no Default or Event of Default
has occurred and is continuing or would result therefrom and (y) after giving effect to such designation or re-designation, the Borrower
would be in compliance with the financial covenants set forth in Section 7.1. The designation of any Restricted Subsidiary as
an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the applicable Loan Party or Restricted Subsidiary
therein at the date of designation in an amount equal to the Fair Market Value of the applicable Loan Party’s or Restricted Subsidiary’s
investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (x) the Incurrence at
the time of designation of Indebtedness or Liens of such Subsidiary existing at such time, and (y) a return on any Investment by the
applicable Loan Party or Restricted Subsidiary in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to
the Fair Market Value at the date of such designation of such Loan Party’s or Restricted Subsidiary’s Investment in such
Subsidiary. At any time a Subsidiary is designated as an Unrestricted Subsidiary hereunder, the Borrower shall cause such Subsidiary
to be designated as an Unrestricted Subsidiary (or any similar applicable term) under any Indebtedness permitted under Section 7.2
that constitutes First Lien Obligations and is in a principal amount in excess of the greater of $15,000,000 and 20.0% of Consolidated
EBITDA, calculated on a Pro Forma Basis as of the most recently ended Test Period.

 

6.13          Employee Benefit
Plans.

 

(a)       Maintain,
or cause to be maintained, all Single Employer Plans that are presently in existence or may, from time to time, come into existence,
in compliance with the terms of any such Single Employer Plan, ERISA, the Code and all other applicable Laws, except to the extent the
failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(b)       Maintain,
or cause to be maintained, all Foreign Plans that are presently in existence or may, from time to time, come into existence, in compliance
with the terms of any such Plan and all applicable laws, except to the extent the failure to do so would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect.

 

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6.14          Use
of Proceeds. The Borrower will (a) only use the proceeds of the Loans in accordance with Sections 4.18(d), (b) only use the
proceeds of the Initial Term Loans to finance a portion of the Transactions (including paying any fees, original issue discount, commissions
and expenses associated therewith) and any remaining proceeds to finance the working capital needs of the Borrower and the Restricted
Subsidiaries and for other general corporate purposes of the Borrower and the Restricted Subsidiaries (including acquisitions and other
Investments permitted hereunder), (c) only use the proceeds of the Refinancing Term B-1 Loans on the Amendment No. 2 Effective Date to
prepay Existing Initial Term Loans of Non-Consenting Existing Initial Term Loan Lenders, (d) use the proceeds of the Incremental Term
B-1 Loans for Permitted Acquisitions, working capital and other general corporate purposes and (e,
(e) use the proceeds of the Additional Incremental Term B-1 Loans for the repayment of certain Revolving Loans, Permitted Acquisitions
and other general corporate purposes and (f) use the proceeds of all other Borrowings to finance the working capital needs
of the Borrower and the Restricted Subsidiaries, to the extent constituting a Designated Acquisition Swingline Loan, BRP C Corp Acquisition
Indebtedness and for general corporate purposes of the Borrower and the Restricted Subsidiaries (including acquisitions and other Investments
permitted hereunder).

 

6.15          Post-Closing
Matters. The Borrower will, and will cause each of the Restricted Subsidiaries to, take each of the actions set forth on Schedule
6.15 within the time period prescribed therefor on such schedule (as such time period may be extended by the Administrative Agent).

 

6.16          FCPA; OFAC.
The Loan Parties agree to maintain policies, procedures, and internal controls reasonably designed to ensure compliance with the applicable
Anti-Corruption Laws.

 

6.17          Lender
Calls.

 

The
Borrower will hold a conference call (at a time mutually agreed upon by the Borrower and the Administrative Agent but, in any event,
no earlier than the Business Day following the delivery of applicable financial information pursuant to Sections 6.1(a) and (b)
above) with all Lenders who choose to attend such conference call to discuss the results of the previous fiscal quarter; provided,
that the Borrower shall be deemed to have complied with its obligation to hold such conference calls with Lenders if (i) all Lenders
are afforded the opportunity to join BRP Group’s quarterly earnings calls or (ii) BRP Group is holding a conference call open to
investors or debt holders generally to discuss such results.

 

SECTION
7.

NEGATIVE COVENANTS

 

The
Borrower hereby agrees that, until all Commitments have been terminated and the principal of and interest on each Loan, all fees and
all other expenses or amounts payable under any Loan Document and all other Obligations shall have been paid in full (other than (i)
contingent indemnification and reimbursement obligations for which no claim has been made, (ii) Cash Management Obligations as to which
arrangements reasonably satisfactory to the Cash Management Providers have been made and (iii) obligations under Qualified Hedging Agreements
as to which arrangements reasonably satisfactory to the Qualified Counterparties have been made) and all Letters of Credit have been
canceled, have expired or have been Collateralized or, to the reasonable satisfaction of the applicable Issuing Lender, rolled into another
credit facility, the Borrower will and will cause the Restricted Subsidiaries to, comply with this Section 7.

 

7.1          Financial Covenants.

 

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(a)       The
Borrower shall not, without the written consent of the Majority Revolving Lenders, permit the Total First Lien Net Leverage Ratio determined
on a Pro Forma Basis as at the last day of (i) the Test Period ending December 31, 2020 to exceed 5.0 to 1.00 and (ii) any Test Period
thereafter, commencing with the Test Period ending March 31, 2021, to exceed 6.00 to 1.00.

 

(b)       [Reserved].

 

7.2          Limitation
on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.

 

(a)       (i)
The Borrower will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including
Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Borrower will not, and will not permit any of the Restricted
Subsidiaries to issue any shares of Preferred Stock; provided, however, that the Borrower and any of the Restricted Subsidiaries
may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock or Preferred Stock (“Ratio Debt”),
in each case, if the Total Net Leverage Ratio does not exceed 4.75 to 1.00, determined on a Pro Forma Basis; provided, further,
however, that the aggregate amount of outstanding Indebtedness (excluding Acquired Indebtedness not Incurred in connection with
or in contemplation of the applicable merger, acquisition or other similar transaction) that may be Incurred and Disqualified Stock or
Preferred Stock that may be issued pursuant to this clause (a) by Restricted Subsidiaries that are not Guarantors, taken together
with the amount of all outstanding Indebtedness Incurred and Disqualified Stock or Preferred Stock issued by Restricted Subsidiaries
that are Non-Guarantor Subsidiaries pursuant to clauses (b)(vi), (b)(xxii) and (b)(xxx) of this Section 7.2,
shall not exceed, at the time such Indebtedness is Incurred, the greater of $18,750,000 and 25.0% of Consolidated EBITDA determined on
a Pro Forma Basis as of the most recently ended Test Period.

 

(b)       The
limitations set forth in Section 7.2(a) shall not apply to (collectively, “Permitted Debt”):

 

(i)       Indebtedness
Incurred pursuant to this Agreement and any other Loan Document (including any Indebtedness treated as Designated Acquisition Swingline
Loans or Incurred pursuant to Section 2.25, 2.26 or 2.28);

 

(ii)       [reserved];

 

(iii)       Indebtedness
existing on the Closing Date (other than Indebtedness described in Section 7.2(b)(i)) and, with respect to any such Indebtedness
in excess of $5,000,000 in aggregate principal amount, set forth on Schedule 7.2;

 

(iv)       Permitted
First Priority Refinancing Debt and Permitted Junior Priority Refinancing Debt;

 

(v)       Permitted
Unsecured Refinancing Debt;

 

(vi)       Indebtedness,
Disqualified Stock or Preferred Stock in an amount not to exceed the sum of (x) the Ratio-Based Incremental Amount plus
(y) the Prepayment-Based Incremental Amount plus (z) the Cash-Capped Incremental Amount (in each case minus amounts Incurred and
outstanding under clause (xvi) in respect of Indebtedness originally incurred under clause (y) and (z) of this clause (vi)) (provided
that, for the avoidance of doubt, the amount available to the Borrower pursuant to clauses (y) and (z) above shall
be available at all times and shall not be subject to the ratio test described in foregoing clause (x) above); provided,
that:

 

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(1)       the
amount of Indebtedness that may be Incurred and Disqualified Stock or Preferred Stock that may be issued pursuant to this clause (vi)
by Restricted Subsidiaries that are Non-Guarantor Subsidiaries shall not exceed, at the time such Indebtedness is Incurred, taken
together with all other outstanding Indebtedness Incurred and Disqualified Stock and Preferred Stock issued pursuant to this proviso
(1) and amounts Incurred by Restricted Subsidiaries that are Non-Guarantor Subsidiaries outstanding pursuant to clauses (a),
(b)(xxii) and (b)(xxx) of this Section 7.2, the greater of $18,750,000 and 25.0% of Consolidated EBITDA determined
on a Pro Forma Basis as of the most recently ended Test Period;

 

(2)       the
Applicable Requirements shall have been satisfied;

 

(3)       no
Indebtedness under this clause (vi) may be Incurred at any time that (x) a Default or Event of Default has occurred and is continuing
or (y) if such Indebtedness is used to finance, in whole or in part, a Limited Condition Transaction, a Default or Event of Default under
Section 9.1(a) or (g) has occurred and is continuing; and

 

(4)       unless
the Borrower elects otherwise, any Indebtedness Incurred pursuant to this clause (vi) shall be deemed Incurred first under
clause (x) above, with the balance Incurred next under clause (y) above and then under clause (z)
above, and, for the avoidance of doubt such Indebtedness may be later reclassified among such clauses pursuant to the reclassification
provisions set forth in Section 2.25;

 

(vii)       Indebtedness
(including Capitalized Lease Obligations, mortgage financings or purchase money obligations) Incurred by the Borrower or any of the Restricted
Subsidiaries, Disqualified Stock issued by the Borrower or any of the Restricted Subsidiaries and Preferred Stock issued by any Restricted
Subsidiaries to finance or Refinance, all or any part of the acquisition, purchase, lease, construction, design, installation, repair,
replacement or improvement of property (real or personal), plant or equipment or other fixed or capital assets used or useful in the
business of the Borrower or the Restricted Subsidiaries (whether through the direct purchase of assets or the Capital Stock of any Person
owning such assets) in an aggregate principal amount not to exceed, at the time such Indebtedness is Incurred, together with all outstanding
Indebtedness outstanding under this clause (vii) (and Indebtedness Incurred to renew, refund, Refinance, replace, defease or discharge
any Indebtedness Incurred pursuant to this clause (vii) (including through Section 7.2(b)(xvi)), the greater of $18,750,000
and 25.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period (in each case minus
amounts Incurred and outstanding under clause (xvi) in respect of Indebtedness originally Incurred under this clause (vii);
provided, that Capitalized Lease Obligations Incurred by the Borrower or any Restricted Subsidiary pursuant to this clause
(vii) in connection with a Sale Leaseback Transaction shall not be subject to the foregoing limitation so long as the proceeds of
such Sale Leaseback Transaction are used by the Borrower or such Restricted Subsidiary to permanently repay outstanding loans under any
credit agreement, debt facility or other Indebtedness secured by a Lien on the assets subject to such Sale Leaseback Transaction;

 

(viii)       Indebtedness
(x) in respect of any bankers’ acceptance, bank guarantees, discounted bill of exchange or the discounting or factoring of receivables,
warehouse receipt or similar facilities, and reinvestment obligations related thereto, entered into in the ordinary course of business
and (y) constituting reimbursement obligations with respect to letters of credit, bank guarantees, banker’s acceptances, warehouse
receipts, or similar instruments issued or created in the ordinary course of business, including letters of credit (a) in respect of
workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance
or other

 

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Indebtedness with respect to reimbursement
type obligations regarding workers’ compensation claims and (b) that are fully cash collateralized;

 

(ix)       Indebtedness
arising from agreements of the Borrower or a Restricted Subsidiary providing for indemnification, adjustment of purchase price, earnout
or similar obligations, in each case, Incurred in connection with the acquisition or disposition of any business, assets or a Subsidiary
of the Borrower in accordance with the terms of this Agreement;

 

(x)       shares
of Preferred Stock of a Restricted Subsidiary issued to the Borrower or another Wholly Owned Restricted Subsidiary; provided that
any subsequent issuance or transfer of any Capital Stock or any other event that results in any Restricted Subsidiary that holds such
shares of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of
any such shares of Preferred Stock (except to the Borrower or another Restricted Subsidiary) shall be deemed, in each case, to be an
issuance of shares of Preferred Stock;

 

(xi)       Indebtedness
or Disqualified Stock of (a) a Restricted Subsidiary to the Borrower or (b) the Borrower or any Restricted Subsidiary to any Restricted
Subsidiary or the Borrower; provided that if the Borrower or a Guarantor Incurs such Indebtedness or issues such Disqualified
Stock to a Restricted Subsidiary that is not a Guarantor, such Indebtedness or Disqualified Stock, as applicable, is either subject to
the Global Intercompany Note or subordinated in right of payment (in a manner similar to the subordination provisions in the Global Intercompany
Note) to the Loans or the Guarantee of such Guarantor, as the case may be; provided, further, that any subsequent issuance
or transfer of any Capital Stock or any other event that results in any Restricted Subsidiary lending such Indebtedness or Disqualified
Stock, as applicable, ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness or Disqualified
Stock, as applicable (except to the Borrower or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of
such Indebtedness or Disqualified Stock, as applicable;

 

(xii)       Hedging
Obligations that are Incurred not for speculative purposes;

 

(xiii)       obligations
(including reimbursement obligations with respect to letters of credit and bank guarantees) in respect of performance, bid, appeal and
surety bonds or other similar bonds and completion guarantees provided by the Borrower or any Restricted Subsidiaries;

 

(xiv)       Indebtedness,
Disqualified Stock or Preferred Stock in an aggregate principal amount or liquidation preference that does not exceed, at the time such
Indebtedness, Disqualified Stock or Preferred Stock is Incurred, taken together with the principal amount or liquidation preference of
all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and Incurred pursuant to this clause (xiv), the
greater of $18,750,000 and 25.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period (in
each case minus amounts Incurred and outstanding under clause (xvi) in respect of Indebtedness originally Incurred under
this clause (xiv));

 

(xv)       any
guarantee by the Borrower or any of the Restricted Subsidiaries of Indebtedness or other obligations of the Borrower or any of the Restricted
Subsidiaries so long as the Incurrence of such Indebtedness or other obligations by the Borrower or such Restricted Subsidiary is permitted
under the terms of this Agreement; provided that if such Indebtedness is by its express terms subordinated in right of payment
to the Loans or the Guarantee of any Guarantor, any such guarantee of such Guarantor with respect to such Indebtedness shall be subordinated
in right of payment to the Loans and the Guarantees, substantially to the same extent as such Indebtedness is subordinated to the Loans
or any relevant Guarantees, as applicable;

 

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(xvi)       the
Incurrence by the Borrower or any of the Restricted Subsidiaries of Indebtedness or Disqualified Stock or Preferred Stock of a Restricted
Subsidiary that serves to refund, Refinance, replace or defease any Indebtedness, Disqualified Stock or Preferred Stock Incurred as permitted
under clause (a) of this Section 7.2 and clauses (b)(iii), (b)(vi), (b)(vii), (b)(xiv), (b)(xvi),
(b)(xix), (b)(xxii), (b)(xxvii) and (b)(xxx), of this Section 7.2 or any Indebtedness, Disqualified
Stock or Preferred Stock Incurred to so refund or Refinance such Indebtedness, Disqualified Stock or Preferred Stock, including any additional
Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay accrued and unpaid interest, fees and expenses, including any premium
and defeasance costs in connection therewith (subject to the following proviso, “Refinancing Indebtedness”) prior
to its respective maturity; provided, however, that such Refinancing Indebtedness:

 

(1)       subject
to the Permitted Earlier Maturity Indebtedness Exception, except in connection with a Qualifying Bridge Facility, has a Weighted Average
Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the remaining Weighted Average Life to
Maturity of the Indebtedness, being refunded, Refinanced, replaced or defeased;

 

(2)       subject
to the Permitted Earlier Maturity Indebtedness Exception, except in connection with a Qualifying Bridge Facility, has a Stated Maturity
Date which is no earlier than the earlier of the Stated Maturity Date of the Indebtedness being refunded, Refinanced, replaced or defeased;

 

(3)       to
the extent such Refinancing Indebtedness Refinances (x) Subordinated Indebtedness, such Refinancing Indebtedness is Subordinated Indebtedness,
(y) Indebtedness constituting Junior Lien Obligations or unsecured, such Refinancing Indebtedness constitutes Junior Lien Obligations
or is unsecured, as applicable, or (z) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or
Preferred Stock;

 

(4)       is
Incurred in an aggregate principal amount (or if issued with original issue discount an aggregate issue price) that is equal to or less
than the sum of (x) the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding
of the Indebtedness being Refinanced plus (y) the amount necessary to pay accrued and unpaid interest, fees, underwriting discounts
and expenses, including any premium and defeasance costs Incurred in connection with such Refinancing; and

 

(5)       shall
not include Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary that is not a Loan Party that Refinances Indebtedness,
Disqualified Stock or Preferred Stock of a Loan Party;

 

(xvii)       Indebtedness
arising from (x) Cash Management Services or (y) the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided that, in the case of clause (y), such Indebtedness
is extinguished within ten (10) Business Days of its Incurrence;

 

(xviii)       Indebtedness
of the Borrower or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to this Agreement, in
a principal amount not in excess of the stated amount of such letter of credit or bank guarantee;

 

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(xix)       Contribution
Indebtedness (minus amounts Incurred and outstanding under clause (xvi) in respect of Indebtedness originally Incurred
under this clause (xix));

 

(xx)       Indebtedness
of the Borrower or any Restricted Subsidiary consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations contained
in supply arrangements;

 

(xxi)       Indebtedness
Incurred by a Receivables Subsidiary in a Qualified Receivables Financing that is not recourse to the Borrower or any Restricted Subsidiary
other than a Receivables Subsidiary (except for Standard Securitization Undertakings);

 

(xxii)       (x)
Indebtedness, Disqualified Stock or Preferred Stock of the Borrower or any of the Restricted Subsidiaries Incurred to finance an acquisition
of any assets (including Capital Stock), business, product line or Person or (y) Acquired Indebtedness of the Borrower or any of the
Restricted Subsidiaries; provided that, in either case, after giving effect to the transactions that result in the Incurrence
or issuance thereof, on a Pro Forma Basis, the Borrower would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio
Debt (with respect to unsecured Indebtedness only) or pursuant to the Ratio-Based Incremental Facility (with respect to the lien priorities
set forth therein); provided, that (i) the aggregate principal amount of outstanding Indebtedness Incurred or assumed by Restricted
Subsidiaries which are Non-Guarantor Subsidiaries under this clause (xxii), taken together with amounts Incurred by Restricted
Subsidiaries that are Non-Guarantor Subsidiaries outstanding under clauses (a), (b)(vi) and (b)(xxx) of this Section
7.2 (and minus amounts Incurred and outstanding under clause (xvi) in respect of Indebtedness of Non-Guarantor Subsidiaries originally
Incurred under this clause (xxii)) shall not exceed, at the time such Indebtedness is Incurred, the greater of $18,750,000 and 25.0%
of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period and (ii) any Indebtedness (other than
MFN Excluded Loans) in the form of term loans denominated in Dollars Incurred under this clause (xxii) within the first twelve
months after the Closing Date that is secured by a Lien on the Collateral on a pari passu basis with the First Lien Obligations
shall be subject to the “MFN” provisions set forth in Section 2.25(a)(vii) (as though such Indebtedness were an incremental
facility and only to the extent such MFN provisions would apply to such Indebtedness if it were an incremental facility);

 

(xxiii)       Indebtedness
Incurred by the Borrower or any Restricted Subsidiary to the extent that the net proceeds thereof are promptly deposited to defease or
to satisfy and discharge any Indebtedness permitted to be Incurred hereunder (and any exchange notes or refinancing indebtedness with
respect thereto);

 

(xxiv)       Guarantees
(A) Incurred in the ordinary course of business in respect of obligations of (or to) suppliers, customers, franchisees, lessors and licensees
that, in each case, are non-Affiliates or (B) otherwise constituting Investments permitted under this Agreement;

 

(xxv)       Indebtedness
issued by the Borrower or any of the Restricted Subsidiaries to current or former employees, directors, managers and consultants thereof,
their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Borrower,
or any direct or indirect parent company of the Borrower to the extent permitted by Section 7.3(b)(iv);

 

(xxvi)       Indebtedness
owed on a short-term basis of no longer than 30 days to banks and other financial institutions Incurred in the ordinary course of business
of the Borrower and the Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking
arrangements to manage cash balances of the Borrower and the Restricted Subsidiaries;

 

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(xxvii)       Indebtedness
Incurred by joint ventures of the Borrower or any of the Restricted Subsidiaries and Restricted Subsidiaries that are Non-Guarantor Subsidiaries,
in an outstanding aggregate principal amount that does not exceed, at the time such Indebtedness is Incurred, taken together with all
other Indebtedness Incurred pursuant to this clause (xxvii), the greater of $22,500,000 and 30.0% of Consolidated EBITDA determined
on a Pro Forma Basis as of the most recently ended Test Period (in each case minus outstanding amounts Incurred under clause
(xvi) in respect of Indebtedness originally Incurred under this clause (xxvii);

 

(xxviii)       customer
deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary course of
business;

 

(xxix)       Indebtedness
Incurred pursuant to Sale Leaseback Transactions;

 

(xxx)       [Reserved];

 

(xxxi)       to
the extent constituting Indebtedness, deferred compensation of the current and former employees, directors, managers and consultants
(or their respective estates, spouses or former spouses) of the Borrower, any direct or indirect parent company of the Borrower or any
Restricted Subsidiaries Incurred in the ordinary course of business;

 

(xxxii)       to
the extent constituting Indebtedness, advances in respect of transfer pricing or shared services agreements that are permitted by clause
(30) of the definition of “Permitted Investments”.

 

(c)       For
purposes of determining compliance with this Section 7.2, in the event that an item of Indebtedness, Disqualified Stock or Preferred
Stock (or any portion thereof) meets the criteria of more than one of the categories of Permitted Debt or is entitled to be Incurred
as Ratio Debt, the Borrower shall, in its sole discretion, at the time of Incurrence, divide and/or classify, or at any later time redivide
and/or reclassify, such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in one or more of the categories
(including in part in one category and in part in another category set forth in this Section 7.2 (including Ratio Debt)). The
Borrower will also be entitled to divide, classify or reclassify an item of Indebtedness in more than one of the types of Permitted Debt
described in clauses (a) and (b) of this Section 7.2 without giving pro forma effect to the Indebtedness, Disqualified
Stock or Preferred Stock (or any portion thereof) Incurred as part of the same transaction or substantially concurrent series of related
transactions pursuant to clause (a) or clause (b) of this Section 7.2 when calculating the amount of Indebtedness,
Disqualified Stock or Preferred Stock (or any portion thereof) that may be Incurred pursuant to this Section 7.2. Other than with
respect to clauses (b)(i) of this Section 7.2, if at any time that the Borrower would be entitled to have incurred any
then-outstanding item of Indebtedness as Ratio Debt or pursuant to clause (b)(vi)(x) of this Section 7.2, such item of
Indebtedness shall be automatically reclassified into an item of Indebtedness incurred as Ratio Debt or pursuant to clause (b)(vi)(x)
of this Section 7.2. For the avoidance of doubt, Indebtedness Incurred under clauses (b)(i) of this Section 7.2 shall be deemed to
have been Incurred solely pursuant to such clause (even if such Indebtedness has been refinanced pursuant to Section 7.2(b)(xvi) and
shall not be permitted to be reclassified and shall be deemed to have been Incurred solely pursuant to such specific subclause and shall
not be permitted to be reclassified as Indebtedness Incurred under the other subclause thereof. For purposes of determining compliance
with this Section 7.2, with respect to Indebtedness Incurred, reborrowings of amounts previously repaid pursuant to “cash
sweep” provisions or any similar provisions that provide that Indebtedness is deemed to be repaid daily (or otherwise periodically)
shall only be deemed for purposes of this Section 7.2 to have been Incurred on the date such Indebtedness was first Incurred and
not on the date of any subsequent reborrowing thereof. Accrual of interest, the accretion of accreted value, the amortization of original
issue discount, the payment of interest in the form of

 

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additional Indebtedness with the same
terms, the payment of dividends on Disqualified Stock or Preferred Stock in the form of additional shares of Disqualified Stock or Preferred
Stock of the same class, the accretion of liquidation preference and increases in the amount of Indebtedness outstanding solely as a
result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness, Disqualified Stock
or Preferred Stock for purposes of this Section 7.2 (and, for the avoidance of doubt, no such amounts count against any “basket”
amount under this Section 7.2). For the avoidance of doubt, the outstanding principal amount of any particular Indebtedness shall
be counted only once. Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness that is otherwise included
in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness,
provided that the Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in
compliance with this Section 7.2.

 

(d)       For
purposes of determining compliance with any Dollar-denominated restriction on the Incurrence of Indebtedness, the Dollar-equivalent principal
amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was Incurred, in the case of term debt, or first committed or first Incurred (whichever yields the lower Dollar-equivalent
amount), in the case of revolving credit debt; provided that if such Indebtedness is Incurred to Refinance other Indebtedness
denominated in a foreign currency, and such refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated
at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed
not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such
Indebtedness being Refinanced plus the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses
incurred in connection with such refinancing.

 

7.3          Limitation on
Restricted Payments; Restricted Debt Payments; Investments.

 

(a)       The
Borrower will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly:

 

(i)       pay
any dividend or make any distribution on account of the Borrower or any Restricted Subsidiary’s Equity Interests, including any
payment made in connection with any merger or consolidation involving the Borrower (other than dividends, payments or distributions (A)
payable solely in Equity Interests (other than Disqualified Stock) of the Borrower or to the Borrower and the Restricted Subsidiaries;
or (B) by a Restricted Subsidiary to the Borrower or another Restricted Subsidiary or any other Person that owns Equity Interests in
a non-Wholly Owned Restricted Subsidiary that is a Subsidiary of the Borrower (so long as, in the case of any dividend or distribution
payable on or in respect of any class or series of securities issued by a non-Wholly Owned Restricted Subsidiary, the Borrower, or a
Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in
such class or series of securities);

 

(ii)       purchase
or otherwise acquire or retire for value any Equity Interests of the Borrower or any other direct or indirect parent of the Borrower;

 

(all such payments
and other actions set forth in clauses (i) and (ii) above, other than any of the exceptions thereto, being collectively
referred to as “Restricted Payments”).

 

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(b)       The
provisions of Section 7.3(a) will not prohibit:

 

(i)       the
payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration would have
complied with the provisions of this Agreement;

 

(ii)       (A)
the redemption, repurchase, defeasance, exchange, retirement or other acquisition of any Equity Interests (“Retired Capital
Stock”) of the Borrower or any direct or indirect parent of the Borrower or any Restricted Subsidiary of the Borrower or any
Restricted Subsidiary, in exchange for, or out of the proceeds of a sale (other than to the Borrower or a Restricted Subsidiary) of,
Equity Interests of any direct or indirect parent of the Borrower (other than any Disqualified Stock or any Equity Interests sold to
the Borrower or any Subsidiary of the Borrower or to an employee stock ownership plan or any trust established by the Borrower or any
of its Subsidiaries) (collectively, including any such contributions, “Refunding Capital Stock”); (B) if immediately
prior to the retirement of Retired Capital Stock, the payment of dividends thereon was permitted under clause (vi) of this Section
7.3(b), the payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used
to redeem, repurchase, defease, retire or otherwise acquire any Equity Interests of any direct or indirect parent company of the Borrower)
in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were declarable and payable on such
Retired Capital Stock immediately prior to such retirement; and (C) the payment of accrued dividends on the Retired Capital Stock out
of the proceeds of the sale (other than to the Borrower or a Restricted Subsidiary) (other than to a Subsidiary of the Borrower or to
an employee stock ownership plan or any trust established by the Borrower or any of its Subsidiaries) of Refunding Capital Stock;

 

(iii)       the
declaration and payment of Restricted Payments in an aggregate amount not to exceed, at the time such dividends are paid and after giving
effect thereto, the Available Amount at such time, so long as no Event of Default has occurred and is continuing or would result therefrom;

 

(iv)       the
purchase, retirement, redemption or other acquisition (or dividends to the Borrower or any other direct or indirect parent of the Borrower
to finance any such purchase, retirement, redemption or other acquisition) for value of Equity Interests of any other direct or indirect
parent of the Borrower (or to pay any tax liabilities arising from such actions) held by any future, present or former employee, director
or consultant of the Borrower or any direct or indirect parent of the Borrower or any Subsidiary of the Borrower or their estates or
the beneficiaries of such estates upon the death, disability, retirement or termination of employment (or directorship or consulting
arrangement) of such Person or pursuant to any management equity plan, stock option plan, profits interests plan or any other management
or employee benefit plan or other similar agreement or arrangement (including any separation, stock subscription, shareholder or partnership
agreement); provided, however, that the aggregate amounts paid under this clause (iv) do not exceed the greater
of $7,500,000 and 10.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period in any calendar
year, which shall increase to the greater of $11,250,000 and 15.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most
recently ended Test Period subsequent to the consummation of a public Equity Offering by the Borrower or any direct or indirect parent
(with unused amounts in any calendar year being carried over to the next succeeding calendar year and with the amounts in the next succeeding
calendar year being carried back to the preceding calendar year to the extent of a reduction in the next succeeding calendar year’s
availability by the aggregate amounts being carried back); provided,  further, however, that such amount in any calendar
year may be increased by an amount not to exceed:

 

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(1)       the
cash proceeds received after the Closing Date by the Borrower, any direct or indirect parent of the Borrower and the Restricted Subsidiaries
from the sale of Equity Interests (other than Disqualified Stock) to members of management, directors or consultants of the Borrower
and the Restricted Subsidiaries (provided that the amount of such cash proceeds utilized for any such repurchase, retirement,
other acquisition or dividend will not increase the amount available for Restricted Payments under the Available Amount); plus

 

(2)       the
cash proceeds of key man life insurance policies received after the Closing Date by the Borrower, any direct or indirect parent of the
Borrower and the Restricted Subsidiaries;

 

(3)       the
amount of any cash bonuses or other compensation otherwise payable to any future, present or former director, employee, consultant or
distributor of the Borrower, a direct or indirect parent thereof, or the Restricted Subsidiaries that are foregone in return for the
receipt of Equity Interests of the Borrower or a direct or indirect equity holder thereof, or any Restricted Subsidiary; plus

 

(4)       payments
made in respect of withholding or other similar Taxes payable upon repurchase, retirement or other acquisition or retirement of Equity
Interests of the Borrower or the Restricted Subsidiaries or otherwise pursuant to any employee or director equity plan, employee or director
stock option or profits interest plan or any other employee or director benefit plan or any agreement;

 

provided
that the Borrower may elect to apply all or any portion of the aggregate increase contemplated by clauses (1) through (4)
above in any calendar year; in addition, cancellation of Indebtedness owing to the Borrower or any of its Restricted Subsidiaries from
any current, former or future officer, director or employee (or any permitted transferees thereof) of the Borrower or any of the Restricted
Subsidiaries (or any direct or indirect parent company thereof), in connection with a repurchase of Equity Interests of the Borrower
from such Persons will not be deemed to constitute a Restricted Payment for purposes of this Section 7.3 or any other provisions
of this Agreement;

 

(v)       the
payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Borrower or any of the Restricted
Subsidiaries and any Preferred Stock of any Restricted Subsidiaries issued or Incurred in accordance with Section 7.2;

 

(vi)       (A)
the payment of dividends or distributions to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock)
issued after the Closing Date, (B) the payment of dividends to any direct or indirect parent of the Borrower, the proceeds of which will
be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock)
of any direct or indirect parent of the Borrower issued after the Closing Date; and (C) the payment of dividends on Refunding Capital
Stock that is Preferred Stock in excess of the dividends declarable and payable thereon pursuant to clause (b)(ii) of this Section
7.3; provided, however, that (x) for the most recently ended Test Period preceding the date of issuance of such Designated
Preferred Stock or the declaration of such dividends on Refunding Capital Stock that is Preferred Stock, after giving effect to such
issuance (and the payment of dividends or distributions) on a Pro Forma Basis, the Fixed Charge Coverage Ratio of the Borrower and the
Restricted Subsidiaries would have been at least 2.00 to 1.00 and (y) the aggregate amount of dividends declared and paid pursuant to
this clause (vi) does not exceed the net cash proceeds actually received by the Borrower from any such sale of Designated Preferred
Stock (other than Disqualified Stock issued after the Closing Date and securities issued in connection with the Cure Right);

 

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(vii)       Restricted
Payments in an aggregate amount not to exceed an amount equal to Retained Declined Proceeds (to the extent not otherwise applied);

 

(viii)       [Reserved];

 

(ix)       Restricted
Payments in an amount equal to the amount of Excluded Contributions made;

 

(x)       Restricted
Payments in an aggregate amount, at the time such Restricted Payment is made, taken together with all other Restricted Payments made
pursuant to this clause (x), not to exceed (i) the greater of $15,000,000 and 20.0% of Consolidated EBITDA determined on a Pro
Forma Basis as of the most recently ended Test Period less (ii) the aggregate amount of Restricted Debt Payments made pursuant
to Section 7.3(d)(iv);

 

(xi)       the
distribution, as a dividend or otherwise, of shares of Capital Stock of, or other securities of, or Indebtedness owed to the Borrower
or a Restricted Subsidiary by, Unrestricted Subsidiaries;

 

(xii)       for
any taxable period for which the Borrower is a partnership (or disregarded as separate from a partnership) for U.S. federal income tax
purposes, distributions to enable the owners of the Borrower to pay their tax liabilities attributable to the taxable income of the Borrower
in an amount not to exceed the product of (A) the taxable income of the Borrower for U.S. federal income tax purposes for such taxable
period, determined without regard to any adjustments pursuant to Section 704(c), 743 or 754 of the Code, and (B) the highest marginal
tax rate for an individual or a corporation resident in the State of Florida, as then in effect for such taxable period, taking into
account the character of the taxable income in question and the deductibility of state and local income taxes for U.S. federal income
tax purposes and any limitations thereon;

 

(xiii)       the
payment of dividends, other distributions or other amounts to, or the making of loans to, any direct or indirect parent of the Borrower,
in the amount required for such entity to:

 

(1)       pay
amounts equal to the amounts required for any direct or indirect parent of the Borrower to pay fees and expenses (including franchise,
capital stock, minimum and other similar Taxes) required to maintain its corporate existence, customary salary, bonus and other benefits
payable to, and indemnities provided on behalf of, officers, employees, directors or consultants of the Borrower or any direct or indirect
parent of the Borrower, if applicable, and general corporate operating and overhead expenses (including legal, accounting and other professional
fees and expenses) of any direct or indirect parent of the Borrower, if applicable, in each case to the extent such fees, expenses, salaries,
bonuses, benefits and indemnities are attributable to the ownership or operation of the Borrower, if applicable, and its Subsidiaries;

 

(2)       so
long as no Event of Default has occurred and is continuing under Section 9.1(a), pay, if applicable, amounts equal to amounts
required for any direct or indirect parent of the Borrower, if applicable, to pay interest and/or principal on Indebtedness the proceeds
of which have been contributed to the Borrower or any Restricted Subsidiary and that has been guaranteed by, or is otherwise considered
Indebtedness of, the Borrower or any of the Restricted Subsidiaries Incurred in accordance with Section 7.2; and

 

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(3)       pay
fees and expenses Incurred by any direct or indirect parent, other than to Affiliates of the Borrower, related to any investment, acquisition,
disposition, sale, merger or equity or debt offering or similar transaction of such parent, whether or not successful but;

 

(xiv)       
(i) repurchases of Equity Interests deemed to occur upon exercise of stock options, warrants, restricted stock units or similar instruments
if such Equity Interests represent a portion of the exercise price of such options, warrants, restricted stock units or similar instruments
and (ii) in connection with the withholding of a portion of the Equity Interests granted or awarded to a director or an employee to pay
for the Taxes payable by such director or employee upon such exercise, grant or award;

 

(xv)       purchases
of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing and the payment or
distribution of Receivables Fees;

 

(xvi)       any
Restricted Payments made in order to permit BRP Group to meet its obligations under the Tax Receivables Agreement (as in effect on the
date hereof);

 

(xvii)       other
Restricted Payments; provided that after giving effect to such Restricted Payment (i) no Event of Default has occurred or is continuing
and (ii) the Total Net Leverage Ratio, determined on a Pro Forma Basis as of the most recently ended Test Period, does not exceed 3.75
to 1.00;

 

(xviii)       [reserved];

 

(xix)       any
Restricted Payments made in connection with the consummation of the Transactions;

 

(xx)       the
payment of cash in lieu of the issuance of fractional shares of Equity Interests upon exercise or conversion of securities exercisable
or convertible into Equity Interests of the Borrower or upon any dividend, split or combination thereof, or upon any Permitted Acquisition;
and

 

(xxi)       payments
or distributions, in the nature of satisfaction of dissenters’ rights, pursuant to or in connection with a consolidation, merger
or transfer of assets that complies with the provisions of this Agreement applicable to mergers, consolidations and transfers of all
or substantially all the property and assets of the Borrower and its Subsidiaries;

 

provided,
however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (b)(vi) and (b)(x)
of this Section 7.3, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence
thereof.

 

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(c)       The
Borrower will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly, make any principal payment on,
or redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior to any scheduled repayment or scheduled maturity,
any Junior Indebtedness (other than the payment, redemption, repurchase, defeasance, acquisition or retirement of (A) Junior Indebtedness
in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of
the date of such payment, redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under Section
7.2(b)(xi)) (all such payments and other actions set forth above, other than any of the exceptions thereto, being collectively referred
to as “Restricted Debt Payments”).

 

(d)       The
provisions of Section 7.3(c) will not prohibit:

 

(i)       Restricted
Debt Payments in respect of Junior Indebtedness of the Borrower or any Restricted Subsidiary (x) constituting Acquired Indebtedness not
Incurred in connection with or in contemplation of the applicable merger, acquisition or other similar transaction or (y) made by exchange
for, or out of the proceeds of the sale of, new Indebtedness of the Borrower or a Restricted Subsidiary that is Incurred in accordance
with Section 7.2 so long as:

 

(1)       the
principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted value,
if applicable) of the Junior Indebtedness being so redeemed, repurchased, defeased, exchanged, acquired or retired for value (plus
accrued and unpaid interest, fees, underwriting discounts and expenses, including any premium and defeasance costs, required to be
paid under the terms of the instrument governing the Junior Indebtedness being so redeemed, repurchased, defeased, exchanged, acquired
or retired plus any fees and expenses Incurred in connection therewith, including reasonable tender premiums);

 

(2)       subject
to the Permitted Earlier Maturity Indebtedness Exception, except in connection with a Qualifying Bridge Facility, if such original Junior
Indebtedness was subordinated to the Facilities or the related Guarantee, as the case may be, such new Indebtedness must be subordinated
to the Facilities or the related Guarantee at least to the same extent as such Junior Indebtedness so purchased, exchanged, redeemed,
repurchased, defeased, exchanged, acquired or retired;

 

(3)       subject
to the Permitted Earlier Maturity Indebtedness Exception, except in connection with a Qualifying Bridge Facility, such Indebtedness has
a final scheduled maturity date no earlier than the earlier of (x) the final scheduled maturity date of the Junior Indebtedness being
so redeemed, repurchased, defeased, exchanged, acquired or retired or (y) the Latest Maturity Date; and

 

(4)       such
Indebtedness has a Weighted Average Life to Maturity that is not less than the remaining Weighted Average Life to Maturity of the Junior
Indebtedness being so redeemed, repurchased, defeased, acquired or retired;

 

(ii)       Restricted
Debt Payments in respect of Junior Indebtedness, Disqualified Stock or Preferred Stock of the Borrower and the Restricted
Subsidiaries in connection with a “change of control” (as defined in the documentation governing such Junior
Indebtedness, Disqualified Stock or Preferred Stock) or an Asset Sale that is permitted under Section 7.5 and the other terms
of this Agreement; provided that, prior to such payment, purchase, redemption, defeasance or other acquisition or retirement
for value, (x) in the case of a change of control, no Event of Default shall have occurred and be continuing under Section
9.1(l) or the Commitments shall have been terminated and the full

 

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amount of all Obligations (other than
contingent indemnification and reimbursement obligations for which no claim has been made) shall have been indefeasibly paid in full
in cash or (y) in the case of an Asset Sale, the Borrower (or a third party to the extent permitted by this Agreement) has applied such
amounts in accordance with Section 2.11, as the case may be;

 

(iii)       the
making of Restricted Debt Payments in an aggregate amount not to exceed, at the time such Restricted Debt Payments are made and after
giving effect thereto, the Available Amount at such time, so long no Event of Default has occurred and is continuing or would result
therefrom;

 

(iv)       Restricted
Debt Payments in an aggregate amount, at the time such Restricted Debt Payment is made, taken together with all other Restricted Debt
Payments made pursuant to this clause (iv), not to exceed (i) the greater of $15,000,000 and 20.0% of Consolidated EBITDA determined
on a Pro Forma Basis as of the most recently ended Test Period less (ii) the aggregate amount of Restricted Payments made pursuant
to Section 7.3(b)(x);

 

(v)       Restricted
Debt Payments in an aggregate amount not to exceed an amount equal to Retained Declined Proceeds to the extent required to be paid under
the terms of the instrument governing the Junior Indebtedness being so repaid and to the extend not otherwise applied;

 

(vi)       other
Restricted Debt Payments; provided that after giving effect to such Restricted Debt Payment (i) no Event of Default has occurred
or is continuing and (ii) the Total Net Leverage Ratio, determined on a Pro Forma Basis as of the most recently ended Test Period, does
not exceed 3.75 to 1.00;

 

(vii)       the
redemption, repurchase, defeasance, exchange, retirement or other acquisition of any Junior Indebtedness of the Borrower or any Restricted
Subsidiary, in exchange for, or out of the proceeds of a sale (other than to the Borrower or a Restricted Subsidiary) of, Equity Interests
of any direct or indirect parent of the Borrower (other Refunding Capital Stock); (B) if immediately prior to the retirement of such
Junior Indebtedness, the redemption was permitted under clause (vi) of this Section 7.3(b), the payment of dividends on
the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, defease, retire
or otherwise acquire any Equity Interests of any direct or indirect parent company of the Borrower) in an aggregate amount per year no
greater than the aggregate amount of dividends per annum that were declarable and payable on such Retired Capital Stock immediately prior
to such retirement; and (C) the payment of accrued dividends on the Retired Capital Stock out of the proceeds of the sale (other than
to the Borrower or a Restricted Subsidiary) (other than to a Subsidiary of the Borrower or to an employee stock ownership plan or any
trust established by the Borrower or any of its Subsidiaries) of Refunding Capital Stock; and

 

(viii)       Restricted
Debt Payments to permit the Borrower or any direct or indirect parent of the Borrower to make cash payments on its Indebtedness at such
times and in such amounts as are necessary so that such Indebtedness will not have “significant original issue discount”
and thus will not be treated as an “applicable high yield discount obligation” within the meaning of Section 163(i) of the
Code;

 

provided,
however, that at the time of, and after giving effect to, any Restricted Debt Payment permitted under clauses (d)(ii),
(d)(iv) and (d)(vi) of this Section 7.3, no Default or Event of Default shall have occurred and be continuing or
would occur as a consequence thereof.

 

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(e)       The
Borrower will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly, make any Investment other than
a Permitted Investment.

 

7.4          Dividend and
Other Payment Restrictions Affecting Subsidiaries. The Borrower will not, and will not permit any Restricted Subsidiary that is not
a Loan Party to, directly or indirectly create or otherwise cause to become effective any consensual encumbrance or consensual restriction
on the ability of any Restricted Subsidiary that is not a Loan Party to:

 

(a)       (i)
pay dividends or make any other distributions to the Borrower or any of the Restricted Subsidiaries (1) on its Capital Stock or (2) with
respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to the Borrower or
any of the Restricted Subsidiaries;

 

(b)       make
loans or advances to the Borrower or any of the Restricted Subsidiaries; or

 

(c)       sell,
lease or transfer any of its properties or assets to the Borrower or any of the Restricted Subsidiaries;

 

except in each
case for such encumbrances or restrictions existing under or by reason of:

 

(1)       contractual
encumbrances or restrictions in effect or entered into or existing on the Closing Date, including pursuant to this Agreement, Hedging
Obligations and the other documents relating to the Transactions;

 

(2)       this
Agreement, the Loan Documents, and, in each case, any guarantees thereof;

 

(3)       applicable
law or any applicable rule, regulation or order;

 

(4)       any
agreement or other instrument of a Person acquired by the Borrower or any Restricted Subsidiary which was in existence at the time of
such acquisition or at the time it merges with or into the Borrower or any Restricted Subsidiary or assumed in connection with the acquisition
of assets from such Person (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person,
or the properties or assets of any Person and its Subsidiaries, other than the Person, or the property or assets of the Person and its
Subsidiaries, so acquired or the property or assets so assumed;

 

(5)       contracts
or agreements for the sale of assets, including customary restrictions (A) with respect to a Restricted Subsidiary imposed pursuant to
an agreement entered into for the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary
(B) restricting assignment of any agreement entered into in the ordinary course of business, (C) constituting restrictions on cash or
other deposits imposed by customers under contracts entered into in the ordinary course of business and (D) which apply by reason of
any applicable Law, rule, regulation or order or are required by any Governmental Authority having jurisdiction over the Borrower or
any Restricted Subsidiary;

 

(6)       Indebtedness
secured by a Lien that is otherwise permitted to be Incurred pursuant to Sections 7.2 and 7.7 that limits the right of
the debtor to dispose of the assets securing such Indebtedness;

 

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(7)       restrictions
on cash or other deposits or net worth imposed by customers;

 

(8)       customary
provisions in joint venture, operating or other similar agreements, asset sale agreements and stock sale agreements in connection with
the entering into of such transaction;

 

(9)       purchase
money obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business that impose restrictions
of the nature described in clause (c) of this Section 7.4 on the property so acquired;

 

(10)       customary
provisions contained in leases, licenses, contracts and other similar agreements (including leases or licenses of intellectual property)
that impose restrictions of the type described in clause (c) of this Section 7.4 on the property subject to such lease,
license, contract or agreement;

 

(11)       any
encumbrance or restriction of a Receivables Subsidiary effected in connection with a Qualified Receivables Financing; provided,
that such restrictions apply only to such Receivables Subsidiary;

 

(12)       Indebtedness,
Disqualified Stock or Preferred Stock of the Borrower or any Restricted Subsidiary that is permitted pursuant to Section 7.2;
provided that either (A) such encumbrances and restrictions contained in any agreement or instrument will not materially affect
the Borrower’s ability to make anticipated principal or interest payment on the Loans (as determined by the Borrower in good faith)
or (B) such encumbrances and restrictions are not materially more restrictive, taken as a whole, than those, in the case of encumbrances,
outstanding on the Closing Date, and in the case of restrictions, contained in this Agreement or any Refinancing Indebtedness with respect
thereto;

 

(13)       any
Permitted Investment;

 

(14)       arising
or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate,
detract from the value of property or assets of the Borrower or any Restricted Subsidiary in any manner material to the Borrower or any
Restricted Subsidiary;

 

(15)       existing
under, by reason of or with respect to Refinancing Indebtedness; provided that the encumbrances and restrictions contained in
the agreements governing that Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in
the agreements governing the Indebtedness being Refinanced;

 

(16)       restrictions
or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement to which
the Borrower or any of the Restricted Subsidiaries is a party entered into in the ordinary course of business; provided that such
agreement prohibits the encumbrance of solely the property or assets of the Borrower or such Restricted Subsidiary that are the subject
of such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of
the Borrower or such Restricted Subsidiary or the assets or property of any other Restricted Subsidiary;

 

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(17)       restrictions
that are, taken as a whole, in the good faith judgment of the Borrower, no more restrictive with respect to the Borrower or any Restricted
Subsidiary than customary market terms for Indebtedness of such type (and, in any event, are no more restrictive than the restrictions
contained in this Agreement), or that the Borrower shall have determined in good faith will not affect its obligation or ability to make
any payments required hereunder; and

 

(18)       any
encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) of this Section 7.4 imposed
by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts,
instruments or obligations referred to in clauses (1) through (17) above; provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Borrower,
not materially more restrictive as a whole with respect to such dividend and other payment restrictions than those contained in the dividend
or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement
or refinancing.

 

For purposes of
determining compliance with this Section 7.4, (i) the priority of any Preferred Stock in receiving dividends or liquidating distributions
prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions
on Capital Stock and (ii) the subordination of loans or advances made to the Borrower or a Restricted Subsidiary to other Indebtedness
Incurred by the Borrower or such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

 

7.5          Asset Sales.
the Borrower will not, and will not permit any of the Restricted Subsidiaries to, cause or make an Asset Sale, unless:

 

(a)       the
Borrower, any of the Restricted Subsidiaries, as the case may be, receives consideration at the time of such Asset Sale at least equal
to the Fair Market Value of the Equity Interests issued or assets sold or otherwise disposed of;

 

(b)       immediately
before and after giving effect to such Asset Sale, no Event of Default has occurred and is continuing; and

 

(c)       except
in the case of a Permitted Asset Swap, at least 75% of the consideration therefor received by the Borrower or such Restricted Subsidiary,
as the case may be, is in the form of Cash Equivalents, provided, however, that the amount of:

 

(i)       any
liabilities (as shown on the Borrower’s or such Restricted Subsidiary’s most recent balance sheet or in the notes thereto
or, if Incurred, increased or decreased subsequent to the date of such balance sheet, such liabilities that would have been reflected
in the Borrower’s or such Restricted Subsidiary’s balance sheet or in the notes thereto if such incurrence, increase or decrease
had taken place on the date of such balance sheet, as reasonably determined in good faith by the Borrower) of the Borrower or any Restricted
Subsidiary (other than liabilities that are by their terms subordinated to the Obligations) that are assumed by the transferee (or a
third party on behalf of the transferee) of any such assets or Equity Interests pursuant to an agreement that releases or indemnifies
the Borrower or such Restricted Subsidiary (or a third party on behalf of the transferee), as the case may be, from further liability;

 

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(ii)       any
notes or other obligations or other securities or assets received by the Borrower or such Restricted Subsidiary from such transferee
that are converted by the Borrower or such Restricted Subsidiary into cash within 180 days of the receipt thereof (to the extent of the
cash received);

 

(iii)       any
Designated Non-cash Consideration received by the Borrower or any of the Restricted Subsidiaries in such Asset Sale having an aggregate
Fair Market Value, at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated
Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value), taken together
with all other Designated Non-cash Consideration received pursuant to this clause (iii) that is at that time outstanding, not
to exceed the greater of $18,750,000 and 25.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test
Period;

 

(iv)       Indebtedness
of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that the Borrower
and each other Restricted Subsidiary are released from any Guarantee of such Indebtedness in connection with such Asset Sale; and

 

(v)       consideration
consisting of Indebtedness of the Borrower or any Guarantor received from Persons who are not the Borrower or a Restricted Subsidiary,

 

shall each be deemed
to be Cash Equivalents for the purposes of this Section 7.5;

 

After
the Borrower’s or any Restricted Subsidiary’s receipt of the Net Cash Proceeds of any Asset Sale pursuant to clauses (a)
to (c) above, the Borrower or such Restricted Subsidiary shall apply the Net Cash Proceeds from such Asset Sale if and to
the extent required by Section 2.11(c).

 

7.6          Transactions
with Affiliates.

 

(a)       The
Borrower will not, and will not permit any Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer
or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any
transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate of the Borrower (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in
excess of the greater of $7,500,000 and 10.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test
Period, unless such Affiliate Transaction is on terms that are not materially less favorable to the Borrower or the relevant Restricted
Subsidiary than those that could have been obtained in a comparable transaction by the Borrower or such Restricted Subsidiary with an
unrelated Person; provided that (i) any such transaction or series of transactions, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Person entered into or made or amended prior to the date on which such Person becomes
an Affiliate of the Borrower and (ii) any amendment thereto or renewal or replacement thereof entered into on or after the date on which
such Person becomes an Affiliate of the Borrower (so long as any such amendment, renewal or replacement is not materially less favorable
to the Borrower and its Restricted Subsidiaries, taken as a whole, compared to the applicable agreement as in effect on the date on which
such Person becomes an Affiliate of the Borrower (as reasonably determined by the Borrower in good faith) shall not constitute an Affiliate
Transaction.

 

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(b)       The
foregoing provisions will not apply to the following:

 

(i)       (A)
transactions between or among the Borrower and/or any of the Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary
as a result of such transaction), (B) [reserved] and (C) any merger or consolidation between or among the Borrower and/or any direct
parent company of the Borrower, provided that such parent company shall have no material liabilities and no material assets other
than Cash Equivalents and the Capital Stock of the Borrower and such merger or consolidation is otherwise in compliance with the terms
of this Agreement; provided, that upon giving effect to such merger or consolidation, the surviving Person shall be (or shall
immediately become) a Loan Party and otherwise comply with the requirements of Section 6.9, and 100% of the Capital Stock of such
surviving Person shall be pledged to the Administrative Agent in accordance with the terms of the Loan Documents;

 

(ii)       (A)
Restricted Payments permitted by Section 7.3 (including any payments that are exceptions to the definition of “Restricted
Payments” set forth in Section 7.3(a)(i) and (ii)) and (B) Permitted Investments;

 

(iii)       transactions
pursuant to compensatory, benefit and incentive plans and agreements with officers, directors, managers or employees of the Borrower
(or any direct or indirect parent thereof) or any of the Restricted Subsidiaries approved by a majority of the Board of Directors of
the Borrower (or the compensation, nominating or governance committee thereof) in good faith;

 

(iv)       the
payment of reasonable and customary fees and reimbursements paid to, and indemnity and similar arrangements provided on behalf of, former,
current or future officers, directors, managers, employees or consultants of the Borrower or any Restricted Subsidiary or any direct
or indirect parent of the Borrower;

 

(v)       licensing
of trademarks, copyrights or other intellectual property to permit the commercial exploitation of intellectual property between or among
the Group Members;

 

(vi)       transactions
in which the Borrower or any of the Restricted Subsidiaries, as the case may be, delivers to the Administrative Agent a letter from an
Independent Financial Advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point
of view or meets the requirements of clause (a) of this Section 7.6;

 

(vii)       payments,
loans or advances to employees or consultants or guarantees in respect thereof (or cancellation of loans, advances or guarantees) for
bona fide business purposes in the ordinary course of business;

 

(viii)       any
agreement, instrument or arrangement (including, without limitation, any arrangement with The Villages Invesco, LLC, a Florida limited
liability company) as in effect as of the Closing Date or any transaction contemplated thereby, or any amendment thereto or renewal or
replacement thereof (so long as any such amendment, renewal or replacement is not materially less favorable to the Borrower and its Restricted
Subsidiaries, taken as a whole, compared to the applicable agreement as in effect on the Closing Date as reasonably determined by the
Borrower in good faith);

 

(ix)       the
existence of, or the performance by the Borrower or any of the Restricted Subsidiaries of its obligations under the terms of any stockholders
or similar agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of
the Closing Date, and any amendment thereto or similar transactions, agreements or arrangements which it may enter into thereafter; provided,
however, that the existence of, or the performance by the

 

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Borrower or any of the Restricted Subsidiaries
of its obligations under, any future amendment to any such existing transaction, agreement or arrangement or under any similar transaction,
agreement or arrangement entered into after the Closing Date shall only be permitted by this clause (ix) to the extent that the
terms of any such existing transaction, agreement or arrangement together with all amendments thereto, taken as a whole, or new transaction,
agreement or arrangement are not otherwise more disadvantageous to the Lenders in any material respect when taken as a whole as compared
to the original transaction, agreement or arrangement as in effect on the Closing Date;

 

(x)       (A)
transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of
business and otherwise in compliance with the terms of this Agreement, which are fair to the Borrower and the Restricted Subsidiaries
in the reasonable determination of the Borrower, and are on terms at least as favorable as might reasonably have been obtained at such
time from an unaffiliated party or (B) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course
of business;

 

(xi)       any
transaction effected as part of a Qualified Receivables Financing;

 

(xii)       [Reserved];

 

(xiii)       [Reserved];

 

(xiv)       [Reserved];

 

(xv)       any
contribution to the capital of the Borrower or any Restricted Subsidiary and any issuance by the Borrower of its Capital Stock;

 

(xvi)       transactions
permitted by, and complying with, the provisions of Section 7.5 or Section 7.8;

 

(xvii)       [reserved];

 

(xviii)       pledges
of Equity Interests of Unrestricted Subsidiaries;

 

(xix)       any
employment agreements, option plans and other similar arrangements entered into by the Borrower or any of the Restricted Subsidiaries
with employees or consultants;

 

(xx)       the
issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment
arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Borrower
or any direct or indirect parent of the Borrower or of a Restricted Subsidiary, as appropriate, in good faith;

 

(xxi)       the
entering into of any tax sharing agreement or arrangement and any payments permitted by Section 7.3(b)(xii) or, with respect to
franchise or similar Taxes, by Section 7.3(b)(xiii)(1);

 

(xxii)       transactions
to effect the Transactions and the payment of all fees and expenses related to the Transactions;

 

(xxiii)       any
employment, consulting, service or termination agreement, or customary indemnification arrangements, entered into by the Borrower or
any of the Restricted

 

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Subsidiaries with current, former or
future officers, employees and consultants of the Borrower or any of its Restricted Subsidiaries and the payment of compensation to officers,
employees and consultants of the Borrower or any of its Restricted Subsidiaries (including amounts paid pursuant to employee benefit
plans, employee stock option or similar plans), in each case in the ordinary course of business;

 

(xxiv)       transactions
with a Person that is an Affiliate of the Borrower solely because the Borrower, directly or indirectly, owns Equity Interests in, or
controls, such Person entered into in the ordinary course of business;

 

(xxv)       transactions
with Affiliates solely in their capacity as holders of Indebtedness or Equity Interests of the Borrower or any of its Subsidiaries, so
long as such transaction is with all holders of such class (and there are such non-Affiliate holders) and such Affiliates are treated
no more favorably than all other holders of such class generally;

 

(xxvi)       any
agreement that provides customary registration rights to the equity holders of the Borrower or any direct or indirect parent of the Borrower
and the performance of such agreements;

 

(xxvii)       payments
to and from and transactions with any joint venture in the ordinary course of business; provided such joint venture is not controlled
by an Affiliate (other than a Restricted Subsidiary) of the Borrower; and

 

(xxviii)       transactions
between the Borrower or any of its Restricted Subsidiaries and any Person that is an Affiliate thereof solely due to the fact that a
director of such Person is also a director of the Borrower or any direct or indirect parent of the Borrower; provided, however,
that such director abstains from voting as a director of the Borrower or such direct or indirect parent of the Borrower, as the case
may be, on any matter involving such other Person.

 

7.7          Liens. The
Borrower will not, and will not permit any of the Restricted Subsidiaries to, create or Incur any Lien (other than Permitted Liens) that
secures obligations under any Indebtedness on any asset or property of the Borrower or any Restricted Subsidiary.

 

7.8          Fundamental Changes.
The Borrower will not, nor will it permit any of the Restricted Subsidiaries to, directly or indirectly merge, dissolve, liquidate, amalgamate
or 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, (other than in the case of clause
(e) below) so long as no Event of Default would result therefrom:

 

(a)       (i)
any Restricted Subsidiary (other than the Borrower) may merge, amalgamate or consolidate with (1) the Borrower (including a merger, the
purpose of which is to reorganize the Borrower into a new jurisdiction in any State of the United States); provided that the Borrower
shall be the continuing or surviving Person or the surviving Person shall expressly assume the obligations of the Borrower pursuant to
documents reasonably acceptable to the Administrative Agent or (2) any one or more other Restricted Subsidiaries; provided, further,
that when any Guarantor is merging with another Restricted Subsidiary that is not a Loan Party (A) to the extent constituting an Investment,
such Investment must be an Investment permitted hereunder and (B) to the extent constituting a Disposition, such Disposition must be
permitted hereunder;

 

(b)       (i)
any Restricted Subsidiary that is not a Loan Party may merge, dissolve, liquidate, amalgamate or consolidate with or into any other Restricted
Subsidiary that is not a Loan Party

 

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and (ii) any Restricted Subsidiary may
liquidate or dissolve, or the Borrower or any Restricted Subsidiary may (if the validity, perfection and priority of the Liens securing
the Obligations is not adversely affected thereby) change its legal form if the Borrower determines in good faith that such action is
in the best interest of the Borrower and its Subsidiaries and is not disadvantageous to the Lenders in any material respect (it being
understood that in the case of any dissolution of a Restricted Subsidiary that is a Guarantor, such Subsidiary shall at or before the
time of such dissolution transfer its assets to another Restricted Subsidiary that is a Guarantor in the same jurisdiction or a different
jurisdiction reasonably satisfactory to the Administrative Agent unless such Investment or Disposition of assets is permitted hereunder;
and in the case of any change in legal form, a Restricted Subsidiary that is a Guarantor will remain a Guarantor unless such Guarantor
is otherwise permitted to cease being a Guarantor hereunder);

 

(c)       any
Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower
or to any Restricted Subsidiary; provided that if the transferor in such a transaction is a Guarantor, then to the extent constituting
an Investment, such Investment must be a Permitted Investment and, if applicable, Indebtedness of a Restricted Subsidiary which is not
a Loan Party in accordance with Section 7.2, respectively;

 

(d)       [reserved];

 

(e)       any
Restricted Subsidiary (other than a Borrower) may merge, liquidate, amalgamate or consolidate with any other Person in order to effect
an Investment permitted hereunder; provided that (i) the continuing or surviving Person shall, to the extent subject to the terms
hereof, have complied with the requirements of Section 6.9, (ii) to the extent constituting an Investment, such Investment must
be an Investment permitted hereunder and (iii) to the extent constituting a Disposition, such Disposition must be permitted hereunder;

 

(f)       the
Borrower and the other Restricted Subsidiaries may consummate the Transactions;

 

(g)       subject
to clause (a) above, any Restricted Subsidiary may merge, dissolve, liquidate, amalgamate, consolidate with or into another Person
in order to effect a Disposition permitted pursuant to Section 7.5;

 

(h)       any
Investment permitted hereunder may be structured as a merger, consolidation or amalgamation; and

 

(i)       Borrower
may merge, amalgamate or consolidate with any other Person; provided that (i) the Borrower shall be the continuing or surviving
corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the “Successor
Company”), (A) the Successor Company shall be an entity organized or existing under the laws of the United States, any state
within the United States or the District of Columbia, (B) the Successor Company shall expressly assume all the obligations of the Borrower
under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form
reasonably satisfactory to the Administrative Agent, (C) the Successor Company shall cause such amendments, supplements or other instruments
to be executed, delivered, filed and recorded (and deliver a copy of same to the Administrative Agent) in such jurisdictions as may be
required by applicable law to preserve and protect the Lien of the Security Documents on the Collateral owned by or transferred to the
Successor Company, together with such financing statements as may be required to perfect any security interests in such Collateral which
may be perfected by the filing of a financing statement under the UCC of the relevant states, (D) the Collateral owned by or transferred
to the Successor Company shall (a) continue to constitute Collateral under the Security Documents, (b) be subject to the Lien in favor
of the

 

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Administrative Agent for the benefit
of the Secured Parties, and (c) not be subject to any Lien other than Permitted Liens, in each case except as otherwise permitted by
the Loan Documents, the property and assets of the Person which is merged or consolidated with or into the Successor Company, to the
extent that they are property or assets of the types which would constitute Collateral under the Security Documents, shall be treated
as after-acquired property and the Successor Company shall take such action as may be reasonably necessary to cause such property and
assets to be made subject to the Lien of the Security Documents in the manner and to the extent required in the Security Documents, (E)
each Guarantor, unless it is the other party to such merger or consolidation, shall have confirmed that its Guarantor Obligations shall
apply to the Successor Company’s obligations under the Loan Documents, (F) each Guarantor, unless it is the other party to such
merger or consolidation, shall have by a supplement to the Security Agreement and other applicable Security Documents confirmed that
its obligations thereunder shall apply to the Successor Company’s obligations under the Loan Documents, (G) if requested by the
Administrative Agent, each mortgagor of a Mortgaged Property, unless it is the other party to such merger or consolidation, shall have
by an amendment to or restatement of the applicable Mortgage (or other instrument reasonably satisfactory to the Administrative Agent)
confirmed that its obligations thereunder shall apply to the Successor Company’s obligations under the Loan Documents, (H) the
Borrower shall have delivered to the Administrative Agent an officer’s certificate and opinion of counsel, each in form and substance
reasonably satisfactory to the Administrative Agent, and each stating that such merger or consolidation and such supplement to this Agreement
or any Security Document preserves the enforceability of this Agreement and the Security Documents and the perfection of the Liens under
the Security Documents and (I) the Borrower shall have delivered to the Administrative Agent any documentation and other information
about the Successor Borrower as may be reasonably requested in writing by the Administrative Agent or any Lender through the Administrative
Agent that the Administrative Agent or such Lender, as applicable, reasonably determines is required by regulatory authorities under
applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act (and the results
thereof shall have been reasonably satisfactory to the Administrative Agent or such Lender, as applicable); provided, further,
that if the foregoing are satisfied, the Successor Company will succeed to, and be substituted for, the Borrower under this Agreement.

 

7.9          Use
of Proceeds. The Loan Parties will not, directly or, indirectly, use the proceeds of any Loans, or lend, contribute or otherwise
make available such proceeds to any Subsidiary (and any joint ventures of the Loan Parties or any of their Subsidiaries), joint venture
partner or other Person, to fund any activities of or business with any Sanctioned Person, or in any country or territory, that, at the
time of such funding, is itself the subject of Sanctions Laws, or in any other manner that will result in a violation by any of the Loan
Parties or any other party hereto of Sanctions Laws or applicable Anti-Corruption Laws.

 

7.10          Changes in Fiscal
Periods. The Borrower will not permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower’s
method of determining fiscal quarters, in each case other than with prior written notice to the Administrative Agent.

 

7.11          Negative Pledge
Clauses. The Borrower will not, and will not permit any of the Restricted Subsidiaries to, enter into or suffer to exist or become
effective any agreement that prohibits or limits the ability of the Borrower or any Group Member to create, incur, assume or suffer to
exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired, to secure its obligations under the Loan
Documents to which it is a party other than (a) this Agreement and the other Loan Documents, (b) any agreements evidencing or governing
any purchase money Liens or Capitalized Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall
only be effective against the assets financed thereby), (c) customary restrictions on the assignment of leases, licenses and contracts,
(d) any agreement in effect at the time any Person becomes a Restricted

 

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Subsidiary; provided that such agreement
was not entered into in contemplation of such Person becoming a Restricted Subsidiary, (e) customary restrictions and conditions contained
in agreements relating to the sale of a Restricted Subsidiary (or the assets of a Restricted Subsidiary) pending such sale; provided
that such restrictions and conditions apply only to the Restricted Subsidiary that is to be sold (or whose assets are to be sold) and
such sale is permitted hereunder), (f) restrictions and conditions existing on the Closing Date and any amendments or modifications thereto
so long as such amendment or modification does not expand the scope of any such restriction or condition in any material respect, (g)
restrictions under agreements evidencing or governing or otherwise relating to Indebtedness of Non-Guarantor Subsidiaries permitted under
Section 7.2; provided that such Indebtedness is only with respect to the assets of Restricted Subsidiaries that are Non-Guarantor
Subsidiaries and (h) customary provisions in joint venture agreements, limited liability company operating agreements, partnership agreements,
stockholders agreements and other similar agreements.

 

7.12          Lines of Business.
The Borrower shall not, and shall not permit any of the Restricted Subsidiaries to, fundamentally and substantively alter the character
of the business of the Borrower and its Subsidiaries, taken as a whole, from the business conducted by the Borrower and its Subsidiaries,
taken as a whole, on the Closing Date and any other business activities that are extensions thereof or otherwise incidental, synergistic,
reasonably related or ancillary to any of the foregoing (and businesses acquired in connection with any Permitted Acquisition or other
Investment).

 

7.13          Amendments to
Organizational Documents. The Borrower will not, and will not permit any Restricted Subsidiary to, terminate or agree to any amendment,
supplement, or other modification of (pursuant to a waiver or otherwise), or waive any of its rights under, any Organizational Documents
of the Borrower or any Restricted Subsidiary, if, in light of the then-existing circumstances, a Material Adverse Effect would be reasonably
likely to exist or result after giving effect to such termination, amendment, supplement or other modification or waiver, except, in
each case, as otherwise permitted by the Loan Documents; provided that in each case, if a certificate of the Borrower shall have been
delivered to the Administrative Agent for posting to the Lenders at least five (5) Business Days prior to such amendment or other modification,
together with a reasonably detailed description of such amendment or modification, stating that the Borrower has determined in good faith
that such terms and conditions satisfy such foregoing requirement, and the Required Lenders shall not have notified the Borrower and
the Administrative Agent that they disagree with such determination (including a statement of the basis upon which each such Lender disagrees)
within such five (5) Business Day period, then such certificate shall be conclusive evidence that such terms and conditions satisfy such
foregoing requirement.

 

SECTION
8.

GUARANTEE

 

8.1          The Guarantee.
Each Guarantor hereby jointly and severally guarantees, as a primary obligor and not as a surety, to each Secured Party and their respective
successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand,
by acceleration or otherwise) of (1) the principal of and interest (including any interest, fees, costs or charges that would accrue
but for the provisions of the Bankruptcy Code after any bankruptcy or insolvency petition under the Bankruptcy Code or any similar law
of any other jurisdiction) on (i) the Loans made by the Lenders to the Borrower, (ii) the Incremental Loans made by the Incremental Term
Lenders or Incremental Revolving Lenders to the Borrower, (iii) the Other Term Loans and Other Revolving Loans made by any lender thereof,
and (iv) the Notes held by each Lender of the Borrower (2) each Designated Acquisition Swingline Loan and (3) all other Obligations from
time to time owing to the Secured Parties by the Borrower or the borrower of any Designated Acquisition Swingline Loan (such obligations
under clauses (1) and (2) being herein collectively called the “Guarantor Obligations”). Each

 

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Guarantor hereby jointly and severally
agrees that, if the Borrower or the borrower of any Designated Acquisition Swingline Loan shall fail to pay in full when due (whether
at stated maturity, by acceleration or otherwise) any of the Guarantor Obligations, such Guarantor will promptly pay the same in cash,
without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guarantor
Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance
with the terms of such extension or renewal.

 

8.2          Obligations Unconditional.

 

(a)       The
obligations of the Guarantors under Section 8.1, respectively, shall constitute a guaranty of payment (and not of collection)
and to the fullest extent permitted by applicable Requirements of Law, are absolute, irrevocable and unconditional, joint and several,
irrespective of the value, genuineness, validity, regularity or enforceability of the Guarantor Obligations under this Agreement, the
Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other
guarantee of or security for any of the Guarantor Obligations, and, in each case, irrespective of any other circumstance whatsoever that
might otherwise constitute a legal or equitable discharge or defense of a surety by any Guarantor (except for payment in full). Without
limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair
the liability of any Guarantor hereunder, which shall, in each case, remain absolute, irrevocable and unconditional under any and all
circumstances as described above:

 

(i)       at
any time or from time to time, without notice to any Guarantor, the time for any performance of or compliance with any of the Guarantor
Obligations shall be extended, or such performance or compliance shall be waived;

 

(ii)       any
of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred
to herein or therein shall be done or omitted;

 

(iii)       the
maturity of any of the Guarantor Obligations shall be accelerated, or any of the Guarantor Obligations shall be amended in any respect,
or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in
any respect or any other guarantee of any of the Guarantor Obligations or any security therefor shall be released or exchanged in whole
or in part or otherwise dealt with;

 

(iv)       any
Lien or security interest granted to, or in favor of, the Issuing Lenders or any Lender or the Administrative Agent as security for any
of the Guarantor Obligations shall fail to be valid or perfected or entitled to the expected priority;

 

(v)       the
release of any other Guarantor pursuant to Section 8.9, 10.10 or otherwise; or

 

(vi)       except
for the payment in full of the Guarantor Obligations, any other circumstance whatsoever which may or might in any manner or to any extent
vary the risk of any Guarantor as an obligor in respect of the Guarantor Obligations or which constitutes, or might be construed to constitute,
an equitable or legal discharge of the Borrower or any Guarantor for the Guarantor Obligations, or of such Guarantor under the Guarantee
or of any security interest granted by any Guarantor, whether in a proceeding under any Debtor Relief Law or in any other instance.

 

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(b)       Each
of the Guarantors hereby expressly waives diligence, presentment, demand of payment, marshaling, protest and all notices whatsoever,
and any requirement that any Secured Party exhaust any right, power or remedy or proceed against the Borrower under this Agreement or
the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee
of, or security for, any of the Guarantor Obligations. Each of the Guarantors waive any and all notice of the creation, renewal, extension,
waiver, termination or accrual of any of the Guarantor Obligations and notice of or proof of reliance by any Secured Party upon the guarantee
made under this Section 8 (this “Guarantee”) or acceptance of the Guarantee, and the Guarantor Obligations,
and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon the Guarantee, and all dealings
between the Borrower or the borrower of Designated Acquisition Swingline Loan, on the one hand, and the Secured Parties, on the other
hand, shall likewise be conclusively presumed to have been had or consummated in reliance upon the Guarantee. The Guarantee shall be
construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect
to the Guarantor Obligations at any time or from time to time held by the Secured Parties and the obligations and liabilities of the
Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any time of
any right or remedy against the Borrower or against any other person which may be or become liable in respect of all or any part of the
Guarantor Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. The Guarantee
shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors
and assigns thereof, and shall inure to the benefit of the applicable Lenders, and their respective successors and assigns, notwithstanding
that from time to time during the term of this Agreement there may be no Guarantor Obligations outstanding.

 

8.3          Reinstatement.
The obligations of the Guarantors under this Section 8 shall be automatically reinstated if and to the extent that for any reason
any payment by or on behalf of the Borrower or any other Loan Party in respect of the Guarantor Obligations is rescinded or must be otherwise
restored by any holder of any of the Guarantor Obligations, whether as a result of any proceedings in bankruptcy or reorganization or
otherwise.

 

8.4          No
Subrogation. Each Guarantor hereby agrees that until the payment and satisfaction in full in cash of all Guarantor Obligations (other
than (i) contingent indemnification and reimbursement obligations for which no claim has been made, (ii) Letters of Credit that have
been Collateralized or otherwise backstopped, (iii) Cash Management Obligations as to which arrangements reasonably satisfactory to the
Cash Management Providers have been made and (iv) obligations under Qualified Hedging Agreements as to which arrangements reasonably
satisfactory to the Qualified Counterparties have been made) and the expiration and termination of the Commitments under this Agreement,
it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of
its Guarantee, whether by subrogation, right of contribution or otherwise, against the Borrower, as applicable, or any other Guarantor
of any of the Guarantor Obligations or any security for any of the Guarantor Obligations.

 

8.5          Remedies.
Each Guarantor jointly and severally agrees that, as between the Guarantors and the Lenders, the obligations of the Borrower under this
Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in Section 9 (and shall be deemed
to have become automatically due and payable in the circumstances provided in Section 9) for purposes of Section 8.1, notwithstanding
any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable)
as against the Borrower or any Guarantor and that, in the event of such declaration (or such obligations being deemed to have become
automatically due and payable, or the circumstances occurring where Section 9 provides that such obligations shall become due

 

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and payable), such obligations (whether
or not due and payable by the Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 8.1.

 

8.6          [Reserved].

 

8.7          Continuing
Guarantee. The Guarantee made by the Guarantors is a continuing guarantee of payment (and not of collection), and shall apply to
all Guarantor Obligations whenever arising.

 

8.8          General
Limitation on Guarantor Obligations. In any action or proceeding involving any federal, state, provincial or territorial, corporate,
limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization
or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 8.1 would otherwise
be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account
of the amount of its liability under Section 8.1, then, notwithstanding any other provision to the contrary, the amount of such
liability of such Guarantor shall, without any further action by such Guarantor, any Loan Party or any other Person, be automatically
limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 8.10) that
is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. To effectuate
the foregoing, the Administrative Agent and the Guarantors hereby irrevocably agree that the Guarantor Obligations of each Guarantor
in respect of the Guarantee at any time shall be limited to the maximum amount as will result in the Guarantor Obligations of such Guarantor
with respect thereto hereof not constituting a fraudulent transfer or conveyance after giving full effect to the liability under such
Guarantee and its related contribution rights but before taking into account any liabilities under any other guarantee by such Guarantor.
For purposes of the foregoing, all guarantees of such Guarantor other than its Guarantee will be deemed to be enforceable and payable
after the Guarantee. To the fullest extent permitted by applicable law, this Section 8.8 shall be for the benefit solely of creditors
and representatives of creditors of each Guarantor and not for the benefit of such Guarantor or the holders of any Equity Interest in
such Guarantor.

 

8.9          Release
of Guarantors. A Guarantor shall be automatically released from its obligations hereunder in the event that such Guarantor shall
become an Excluded Subsidiary or that all the Capital Stock of such Guarantor shall be sold, transferred or otherwise disposed of to
a Person other than a Loan Party, in each case in a transaction permitted by this Agreement; provided that the release of any
Guarantor from its obligations under the Loan Documents solely as a result of such Guarantor becoming an Excluded Subsidiary of the type
described in clause (i) of the definition thereof shall only be permitted if such Guarantor becomes such an Excluded Subsidiary
pursuant to a transaction with a third party that is not otherwise an Affiliate of the Borrower and such transaction was not for the
primary purpose of release the Guarantee of such Guarantor. In connection with any such release of a Guarantor, provided that the Borrower
shall have provided the Administrative Agent with such confirmation or documents as the Administrative Agent shall reasonably request,
the Administrative Agent shall execute and deliver to the Borrower, at the Borrower’s expense, all UCC termination statements and
other documents that the Borrower shall reasonably request to evidence such release.

 

8.10          Right
of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share
of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor
hereunder which has not paid its proportionate share of such payment, such Guarantor shall be entitled to seek and receive contribution
from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right
of contribution shall be subject to the terms and conditions of Section 8.4. The provisions of this Section 8.10 shall
in no respect limit the obligations and liabilities of any Guarantor to the Administrative Agent and the other Secured Parties, and each
Guarantor shall

 

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remain liable to the Administrative
Agent and the other Secured Parties for the full amount guaranteed by such Guarantor hereunder. Notwithstanding the foregoing, no Excluded
ECP Guarantor shall have any obligations or liabilities to any Guarantor, the Administrative Agent or any other Secured Party with respect
to Excluded Swap Obligations.

 

8.11          Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds
or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under the Guarantee in respect
of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 8.11 for the
maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 8.11, or otherwise
under the Guarantee, as it relates to such Loan Party, voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section 8.11 shall remain
in full force and effect until the termination and release of all Obligations in accordance with the terms of this Agreement. Each Qualified
ECP Guarantor intends that this Section 8.11 constitute, and this Section 8.11 shall be deemed to constitute, a “keepwell,
support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act.

 

SECTION
9.

EVENTS OF DEFAULT

 

9.1          Events
of Default. An Event of Default shall occur if any of the following events shall occur and be continuing; provided that any requirement
for the giving of notice, the lapse of time, or both, has been satisfied (any such event, an “Event of Default”):

 

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

 

(b)       any
representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate,
document or financial or other written statement furnished by it at any time under or in connection with this Agreement or any such other
Loan Document shall prove to have been inaccurate in any material respect (except where such representations and warranties are already
qualified by materiality, in which case, in any respect) on or as of the date made or deemed made (or if any representation or warranty
is expressly stated to have been made as of a specific date, inaccurate in any material respect as of such specific date); or

 

(c)       any
Loan Party shall default in the observance or performance of any agreement contained in Section 6.4(a)(i) (in respect of the Borrower),
Section 6.7(a), or Section 7 of this Agreement (other than Section 7.1); or

 

(d)       subject
to Section 9.3, the Borrower shall default in the observance or performance of its agreement contained in Section 7.1;
provided that, notwithstanding anything to the contrary in this Agreement or any other Loan Document, a breach of the requirements
of Section 7.1 shall not constitute an Event of Default for purposes of any Facility other than the Revolving Facility; or

 

(e)       any
Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan Document
(other than as provided in

 

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paragraphs (a) through (d) of this Section
9.1), and such default shall continue unremedied for a period of 30 days after notice to the Borrower from the Administrative Agent
or the Required Lenders; or

 

(f)       any
Group Member shall (i) default in making any payment of any principal of any Indebtedness (including any Guarantee Obligation in respect
of Indebtedness, but excluding the Loans) on the scheduled or original due date with respect thereto; or (ii) default in making any payment
of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such
Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such
Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or
condition exist, the effect of which default or other event or condition is to (x) cause, or to permit the holder or beneficiary of such
Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice or passage of time if
required, such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee
Obligation) to become payable or (y) to cause, with the giving of notice or passage of time if required, any Group Member to purchase
or redeem or make an offer to purchase or redeem such Indebtedness prior to its stated maturity; provided that a default, event
or condition described in clauses (i), (ii) or (iii) of this Section 9.1(f) shall not at any time constitute
an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii)
and (iii) of this Section 9.1(f) shall have occurred and be continuing with respect to Indebtedness the outstanding
principal amount of which exceeds in the aggregate the greater of $15,000,000 and 20.0% of Consolidated EBITDA calculated on a Pro Forma
Basis as of the most recently ended Test Period; provided, further, that clause (iii) of this Section 9.1(f)
shall not apply to secured Indebtedness that becomes due as a result of the voluntary Disposition of the property or assets securing
such Indebtedness, if such Disposition is permitted hereunder and such Indebtedness that becomes due is paid upon such Disposition; provided,
further, that clause (iii) of this Section 9.1(f) shall not apply to Indebtedness held exclusively by the Borrower
or any of its Restricted Subsidiaries; provided, further, that this Section 9.1(f) shall apply only if such default
is unremedied and is not waived by the holders of such Indebtedness prior to the termination of the Commitments and acceleration of the
Loans pursuant to Section 9.2 and excludes termination events or equivalent events with respect to Swap Agreements; or

 

(g)       (i)
the Borrower, any Guarantor (other than any Guarantor that is an Immaterial Subsidiary) or any Significant Subsidiary shall commence
any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization, suspension of payments, moratorium or any indebtedness, winding up, dissolution, administration, scheme of
arrangement or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt
or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with
respect to it or its debts, or (B) seeking appointment of a liquidator, receiver, administrative receiver, compulsory manager, trustee,
custodian, conservator or other similar official for it or for all or any substantial part of its assets, the Borrower, any Guarantor
(other than any Guarantor that is an Immaterial Subsidiary) or any Significant Subsidiary shall make a general assignment for the benefit
of its creditors; or (ii) there shall be commenced against the Borrower, any Guarantor (other than any Guarantor that is an Immaterial
Subsidiary) or any Significant Subsidiary any case, proceeding, analogous procedure, step or other action of a nature referred to in
clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed,
undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against the Borrower, any Guarantor (other than any
Guarantor that is an Immaterial Subsidiary) or any Significant Subsidiary any case, proceeding or other action seeking issuance of a
warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the
entry of an order for any such relief that shall not have

 

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been vacated, discharged, or stayed
or bonded pending appeal within 60 days from the entry thereof; or (iv) the Borrower, any Guarantor (other than any Guarantor that is
an Immaterial Subsidiary) or any Significant Subsidiary shall take any corporate action in furtherance of, or indicating its consent
to, approval of, or acquiescence in, any of the acts set forth in clauses (i), (ii), or (iii) above; (v)the Borrower,
any Guarantor (other than any Guarantor that is an Immaterial Subsidiary) or any Significant Subsidiary shall generally not, or shall
be unable to, or shall admit in writing its inability to generally, pay its debts as they become due; or

 

(h)       (i)
any Person shall engage in any non-exempt “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of
the Code) involving any Plan, (ii) any ERISA Event shall occur, or (iii) the Borrower or any Commonly Controlled Entity shall, or is
reasonably likely to incur any liability in connection with a complete or partial withdrawal from, or the Insolvency of, a Multiemployer
Plan; and in the case of the events described in clauses (i) through (iii) above, such event or condition, together with
all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect; or

 

(i)       one
or more judgments or decrees shall be entered against any Group Member involving in the aggregate a liability (not (x) paid or covered
by insurance as to which the relevant insurance company has been notified of the claim and has not denied coverage or (y) covered by
valid third party indemnification obligation from a third party which is Solvent and which third party has been notified of the claim
under such indemnification obligation and not disputed that it is liable for such claim) of at least the greater of $16,500,000 and 22.0%
of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period, and all such judgments or decrees shall
not have been vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof; or

 

(j)       any
material provision in any of the Security Documents shall cease, for any reason, to be in full force and effect, other than pursuant
to the terms hereof or thereof, or any Loan Party shall so assert, or any Lien created by any of the Security Documents shall cease to
be enforceable and of the same effect and priority purported to be created thereby, except (A) to the extent (x)(i) that any lack of
full force and effect or enforceability or such loss of perfection or priority results from the failure of the Administrative Agent to
maintain possession of certificates actually delivered to it representing securities pledged under any Security Agreement or from the
failure of the Administrative Agent to file UCC continuation statements or (ii) as the direct and exclusive result of any action of the
Administrative Agent, Collateral Agent or any Lender or the failure of the Administrative Agent, Collateral Agent, or any Lender to take
any action that is within its control, in each case in a manner otherwise specifically required to be undertaken (or not undertaken,
as the case may be) by a provision of any Loan Document, on the part of the Administrative Agent, Collateral Agent or any Lender (other
than actions or inactions taken as a direct result of the advice of or at the direction of a Loan Party), and except as to Collateral
consisting of real property to the extent that such losses are covered by a lender’s title insurance policy and such insurer has
been notified and has not denied coverage and (y) that the Loan Parties take such action as the Administrative Agent may reasonably request
to remedy such loss of perfection or priority or (B) where the Fair Market Value of assets affected thereby does not exceed the greater
of $16,500,000 and 22.0% of Consolidated EBITDA determined on a Pro Forma Basis as of the most recently ended Test Period.; or

 

(k)       the
Guarantee of any Guarantor (other than any Guarantor that is an Immaterial Subsidiary) shall cease, for any reason, to be in full force
and effect, other than as provided for in Sections 8.9 or 10.10, or any Loan Party shall so assert in writing (except to
the extent solely as a result of acts or omissions by the Administrative Agent or any Lender); or

 

(l)       a
Change of Control shall occur; or

 

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(m)       any
Intercreditor Agreement shall cease, for any reason, to be in full force and effect, or any Loan Party shall so assert in writing, in
each case unless such cessation results solely from acts or omissions by the Administrative Agent or any Lender;

 

(n)       any
Loan Party repudiates or rescinds in writing this Agreement or the Loan Documents in a manner which is materially adverse to the interests
of the Lenders as a whole.

 

9.2          Action
in Event of Default.

 

(a)       (x)
Upon any Event of Default specified in Section 9.1(g)(i) or (ii) occurring and continuing with respect to a Borrower under
the Bankruptcy Code or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, or similar debtor relief law of the United States from time to time in effect and affecting
the rights of creditors generally, the Commitments to lend to the Borrower shall immediately terminate automatically and the Loans (with
accrued interest thereon) and all other Obligations owing by the Borrower under this Agreement and the other Loan Documents (including
all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents
required thereunder) shall automatically immediately become due and payable, and (y) if any other Event of Default (other than under
Section 9.1(g)(i) or (ii) in respect of a Borrower as set out in clause (x) above) occurs and is continuing, subject
to Section 9.2(b) and (c), either or both of the following actions may be taken: (i) with the consent of the Required Lenders,
the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower
declare the Revolving Commitments to be terminated forthwith, whereupon the Revolving Commitments shall immediately terminate; and/or
(ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative
Agent shall, by notice to the Borrower, declare the Loans (with accrued interest thereon) and all other Obligations owing under this
Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding
Letters of Credit shall have presented the documents required thereunder) to be due and payable forthwith, whereupon the same shall immediately
become due and payable. In furtherance of the foregoing, the Administrative Agent may, or upon the request of the Required Lenders the
Administrative Agent shall, exercise any and all other remedies available under the Loan Documents at law or in equity, including commencing
and prosecuting any suits, actions or proceedings at law or in equity in any court of competent jurisdiction and collecting the Collateral
or any portion thereof and enforcing any other right in respect of any Collateral. Notwithstanding the foregoing provisions of this Section
9 or any other provision of this Agreement, any unfunded Commitments outstanding at any time in respect of any individual incremental
facility pursuant to Section 2.25 established to finance a Limited Condition Transaction may be terminated only by the lenders
holding more than 50% of the aggregate amount of the Commitments in respect of such incremental facility (or by the Administrative Agent
acting at the request of such Lenders), and not, for the avoidance of doubt, automatically or by the Required Lenders or any other Lenders
(or by the Administrative Agent acting at the request of the Required Lenders or any other Lenders).

 

(b)       Upon
the occurrence of an Event of Default under Section 9.1(d) (a “Financial Covenant Event of Default”) that is
uncured or unwaived and the expiration of the Cure Period without the receipt of the Cure Amount, the Majority Revolving Lenders (and,
for the avoidance of doubt, not the Administrative Agent (except acting at the direction of such Majority Revolving Lenders), the Required
Lenders or any other Lenders) may either (x) terminate the Revolving Commitments and/or (y) take the actions specified in Section
9.2(a) and (c) in respect of the Revolving Commitments, the Revolving Loans, Letters of Credit and Designated Acquisition
Swingline Loans.

 

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(c)       In
respect of a Financial Covenant Event of Default that is continuing, the Required Lenders may take the actions specified in Section
9.2(a) on or after the date that the Majority Revolving Lenders terminate the Revolving Commitments and accelerate all Obligations
in respect of the Revolving Commitments; provided, however, that the Required Lenders may not take such actions if either
(i) the Revolving Loans have been repaid in full (other than contingent indemnification and reimbursement obligations for which no claim
has been made) and the Revolving Commitments have been terminated, (ii) the Financial Covenant Event of Default has been waived by the
Majority Revolving Lenders or (iii) a Cure Amount shall have been received in accordance with Section 9.3.

 

(d)       With
respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant
to this paragraph, the Borrower shall at such time deposit in a Cash Collateral Account opened by the Administrative Agent an amount
equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such Cash Collateral Account shall
be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after
all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other Obligations of the Borrower
hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon and all amounts
drawn thereunder have been reimbursed in full and all other Obligations of the Borrower hereunder and under the other Loan Documents
shall have been paid in full (other than (i) contingent indemnification and reimbursement obligations for which no claim has been made,
(ii) Cash Management Obligations as to which arrangements reasonably satisfactory to the Cash Management Providers have been made, (iii)
Letters of Credit that have been Collateralized or, to the reasonable satisfaction of the applicable Issuing Lender, rolled into another
credit facility, and (iv) obligations under Qualified Hedging Agreements as to which arrangements reasonably satisfactory to the Qualified
Counterparties have been made), the balance, if any, in such Cash Collateral Account shall be returned to the Borrower (or such other
Person as may be lawfully entitled thereto). Except as expressly provided above in this Section 9.2, presentment, demand, protest
and all other notices of any kind are hereby expressly waived by the Borrower.

 

9.3          Right to Cure.

 

(a)       Notwithstanding
anything to the contrary contained in Section 9, in the event that the Borrower fails (or, but for the operation of this Section
9.3, would fail) to comply with the requirements of Section 7.1, the Borrower shall have the right after the first day of
the applicable fiscal quarter and/or from the date of delivery of a Notice of Intent to Cure with respect to the fiscal quarter most
recently ended for which financial results have been provided under Sections 6.1(a) or (b) until ten (10) Business Days
after the end of such fiscal quarter (the “Cure Period”), to issue Permitted Cure Securities for cash or otherwise
receive cash contributions to the equity capital of the Borrower, and, in each case, to contribute any such cash to the equity capital
of the Borrower (collectively, the “Cure Right”), and upon the receipt by the Borrower of such cash (the “Cure
Amount”) pursuant to the exercise by the Borrower of such Cure Right, the Total First Lien Net Leverage Ratio shall be recalculated
by increasing Consolidated EBITDA (solely for purposes of compliance with Section 7.1) on a Pro Forma Basis by an amount equal
to the Cure Amount (x) solely for the purpose of measuring the Total First Lien Net Leverage Ratio and not for any other purpose under
this Agreement or any other Loan Document (including for purposes of determining pricing, mandatory prepayments and the availability
or amount permitted pursuant to any covenant under Section 7) for the quarter with respect to which such Cure Right was exercised
and (y) there shall be no reduction in Indebtedness in connection with any Cure Amounts for determining compliance with Section 7.1
and no Cure Amounts will reduce (or count towards) the Total First Lien Net Leverage Ratio, Total Secured Net Leverage Ratio or the
Total Net Leverage Ratio for purposes of any calculation thereof for the fiscal quarter with respect to which such

 

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Cure Right was exercised unless the
proceeds are actually applied to prepay Indebtedness pursuant to Section 2.11.

 

(b)       If,
after giving effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements of Section 7.1,
then the Borrower shall be deemed to have satisfied the requirements of Section 7.1 as of the relevant date of determination with
the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of Section
7.1 that had occurred shall be deemed cured for the purposes of this Agreement.

 

(c)       To
the extent a fiscal quarter ended for which the Total First Lien Net Leverage Ratio was initially recalculated as a result of a Cure
Right and such fiscal quarter is included in the calculation of the Total First Lien Net Leverage Ratio in a subsequent fiscal quarter,
the Cure Amount shall be included in Consolidated EBITDA of such initial fiscal quarter.

 

(d)       Notwithstanding
anything herein to the contrary, (i) in each four-fiscal-quarter period there shall be at least two fiscal quarters in which the Cure
Right is not exercised and the Cure Right shall not be exercised in consecutive fiscal quarters, (ii) for purposes of this Section
9.3, the Cure Amount shall be no greater than the amount required for purposes of complying with the Total First Lien Net Leverage
Ratio, determined at the time the Cure Right is exercised with respect to the fiscal quarter ended for which the Total First Lien Net
Leverage Ratio was initially recalculated as a result of a Cure Right, (iii) the Cure Amount shall be disregarded for all other purposes
of this Agreement, including, determining any baskets with respect to the covenants contained in Section 7, and shall not result
in any adjustment to any amounts other than the amount of Consolidated EBITDA as described in clause (a) above, (iv) there shall
be no pro  forma reduction in Indebtedness with the proceeds of any Cure Amount for the fiscal quarter in respect of which the
Cure Right is exercised for purposes of determining compliance with Section 7.1; provided that such Cure Amount shall reduce
Indebtedness in future fiscal quarters to the extent used to prepay any applicable Indebtedness, (v) the Borrower shall not exercise
the Cure Right in excess of five instances over the term of this Agreement and (vi) no Revolving Lender or Issuing Lender shall be required
to make any Revolving Loans or issue, amend, modify, renew or extend any Letter of Credit hereunder if a violation of Section 7.1
has occurred and is continuing until the expiration of the 10 Business Day period during which the Borrower may exercise a Cure Right,
unless and until the Cure Amount is actually received.

 

9.4          Application of
Proceeds. If an Event of Default shall have occurred and be continuing, the Administrative Agent may apply, at such time or times
as the Administrative Agent may elect, all or any part of proceeds constituting Collateral in payment of the Obligations (and in the
event the Loans and other Obligations are accelerated pursuant to Section 9.2, the Administrative Agent shall, from time to time,
apply the proceeds constituting Collateral in payment of the Obligations) in the following order:

 

(a)       First,
to the payment to the Administrative Agent of all costs and expenses of any sale, collection or other realization on the Collateral,
including reimbursement for all costs, expenses, liabilities and advances made or incurred by the Administrative Agent in connection
therewith (including all reasonable costs and expenses of every kind incurred in connection any action taken pursuant to any Loan Document
or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Administrative
Agent and the other Secured Parties hereunder, reasonable attorneys’ fees and disbursements and any other amount required by any
provision of law (including Section 9-615(a)(3) of the Uniform Commercial Code) (or any equivalent law in any foreign jurisdiction)),
and all amounts for which Administrative Agent is entitled to indemnification hereunder and under the other Loan Documents and all advances
made by the Administrative Agent hereunder and thereunder for the account of any Loan Party (excluding principal and interest in respect
of any Loans extended to such Loan Party), and to the payment of all costs and expenses paid or incurred by the

 

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Administrative Agent in connection with
the exercise of any right or remedy hereunder or under this Agreement or any other Loan Document and to the payment or reimbursement
of all indemnification obligations, fees, costs and expenses owing to the Administrative Agent hereunder or under this Agreement or any
other Loan Document, all in accordance with the terms hereof or thereof;

 

(b)       Second,
for application by it pro rata to (i) repay the Designated Acquisition Swingline Lender for any then outstanding Designated Acquisition
Swingline Loans to the extent Revolving Lenders have not funded their obligations to acquire participations therein, (ii) cure any Funding
Default that has occurred and is continuing at such time and (iii) repay the Issuing Lenders for any amounts not paid by L/C Participants
pursuant to Section 3.4;

 

(c)       Third,
for application by it towards all other Obligations (including, without duplication, Guarantor Obligations), pro rata among the
Secured Parties according to the amounts of the Obligations then held by the Secured Parties (including all Obligations arising under
Specified Cash Management Agreements, Qualified Hedging Agreements and including obligations to provide cash collateral with respect
to Letters of Credit); and

 

(d)       Fourth,
any balance of such proceeds remaining after all of the Obligations shall have been satisfied by payment in full in immediately available
funds (or in the case of Letters of Credit, terminated or Collateralized or (to the reasonable satisfaction of the applicable Issuing
Lender) rolled into another credit facility) and the Commitments shall have been terminated, be paid over to or upon the order of the
applicable Loan Party or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

 

SECTION
10.

ADMINISTRATIVE AGENT

 

10.1          Appointment and
Authority.

 

(a)       Administrative
Agent. Each of the Lenders, the Issuing Lenders and the Designated Acquisition Swingline Lender hereby irrevocably appoints JPMorgan
Chase Bank, N.A. 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 Section 10 are
solely for the benefit of the Administrative Agent, the Joint Bookrunners, the Joint Lead Arrangers, the Syndication Agents, the Lenders
and the Issuing Lenders, and, except to the extent that any Group Member has any express rights under this Section 10, no Group
Member shall have rights as a third party beneficiary of any of such provisions. Each Joint Lead Arranger, Joint Bookrunner and Syndication
Agent shall be an intended third party beneficiary of the provisions set forth in this Agreement that are applicable thereto.

 

(b)       Collateral
Agent. 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 Qualified Counterparty and a potential Cash Management Provider) and each of the Issuing
Lenders hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and the Issuing Lenders
(with the full power to appoint and to substitute and to delegate) on its behalf, or in its own name as joint and several creditor or
creditor of a parallel debt (as the case may be) 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 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 10.5 for

 

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purposes of holding or enforcing any
Lien on the Collateral (or any portion thereof) granted under the Security 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 Section 10 and Section
11, 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. Without limiting the generality of the foregoing, the Lenders hereby expressly authorize
the Administrative Agent on its behalf and/or in its own name (including under the parallel debt) to execute any and all documents (including
releases) with respect to the Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance
with the provisions of this Agreement and the Security Documents and acknowledge and agree that any such action by any Agent shall bind
the Lenders. Each Lender agrees that it shall not take or institute any actions or proceedings, judicial or otherwise, for any right
or remedy with respect to any Collateral against the Borrower or any other Loan Party or any other obligor under any of the Loan Documents,
Qualified Hedging Agreements or any Specified Cash Management Agreement (including, in each case, the exercise of any right of setoff,
rights on account of any banker’s lien or similar claim or other rights of self-help), or institute any actions or proceedings,
or otherwise commence any remedial procedures, with respect to any Collateral of the Borrower or any other Loan Party, without the prior
written consent of the Administrative Agent.

 

10.2          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 Borrower or
any of its Subsidiaries or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty
to account therefor to the Lenders.

 

10.3          Exculpatory
Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the
other Loan Documents. 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;

 

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

 

(d)       shall
not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number
or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under
the

 

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circumstances as provided in Section
11.1 and Section 9.2) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until written notice describing such Default is given to the Administrative
Agent by a Borrower, a Lender or the applicable Issuing Lender.

 

(e)       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 Security Documents, (v) the value or the sufficiency of any Collateral,
or (vi) the satisfaction of any condition set forth in Section 5 or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent. The Administrative Agent shall not be responsible or have any liability for, or
have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Lenders
or Affiliated Lenders. Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain,
monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Lender, (y) have any
liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any
Disqualified Lender or (z) be obligated to ascertain, monitor or enforce the limitations in connection with any assignment to Debt Fund
Affiliates and Affiliated Lenders or have any liability with respect thereto or any matter arising thereof. The Administrative Agent
shall be permitted upon request of any Lender or Participant to make available to such Lender or Participant any list of Disqualified
Lenders and any Lender may provide the list of Disqualified Lenders, upon request, to any prospective assignee or Participant on a confidential
basis to such prospective assignee or Participant for the purpose of making the representation in the Assignment and Assumption or participation
documentation that such prospective assignee or Participant is not a Disqualified Lender under the Credit Agreement (it being understood
that the identity of Disqualified Lenders will not be posted or distributed to any Person, other than a distribution by the Administrative
Agent to a Lender upon written request and by a Lender to any prospective assignee or Participant on a confidential basis).

 

10.4          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 of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of
a Lender or the applicable Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or
such Issuing Lender unless the Administrative Agent shall have received written notice to the contrary from such Lender or such Issuing
Lender prior to the making of such Loan or the issuance such Letter of Credit. The Administrative Agent may consult with legal counsel,
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. The Administrative Agent shall be fully justified in failing or refusing
to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required
Lenders (or such other number or percentage of Lenders as shall be provided for herein or in

 

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the other Loan Documents) as it deems
appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be
incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected
in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required
Lenders (or such other number or percentage of Lenders as shall be provided for herein or in the other Loan Documents), and such request
and any action taken or failure to act pursuant thereto shall be binding upon the Lenders and all future holders of the Loans.

 

10.5          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 Section 10 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 nonappealable decision
to have resulted from the gross negligence, bad faith or willful misconduct in the selection of such sub-agents.

 

10.6          Resignation and
Removal of Administrative Agent.

 

(a)       The
Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Lenders and the Borrower. Upon receipt
of any such notice of resignation, the Required Lenders shall have the right (for so long as no Event of Default set forth under Section
9.1(a) or (g) has occurred and is continuing, subject to the approval of the Borrower, not to be unreasonably withheld) 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 Issuing Lenders, in consultation with the Borrower, 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 Borrower and such Person remove such Person as Administrative
Agent and (for so long as no Event of Default set forth under Section 9.1(a) or (g) has occurred and is continuing, subject to
the approval of the Borrower, not to be unreasonably withheld), appoint a successor. If no such successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within thirty (30) days after such notice (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) 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 Issuing Lenders under any of the Loan Documents, the retiring
or removed Administrative Agent shall continue to hold such collateral

 

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security until such time as a successor
Administrative Agent is appointed), 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 Issuing Lenders directly, until such time 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, 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 Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between
the Borrower 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 Section 10 and Section 11.5 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.

 

(a)       Any
resignation by JPMCB as Administrative Agent pursuant to this Section 10.6 shall also constitute its resignation as Designated
Acquisition Swingline Lender. If JPMCB so resigns as a Designated Acquisition Swingline Lender, it shall retain all the rights, powers,
privileges and duties of a Designated Acquisition Swingline Lender hereunder with respect to all Designated Acquisition Swingline Loans
outstanding as of the effective date of its resignation as Designated Acquisition Swingline Lender, including the right to require the
Lenders to make Refunded Designated Acquisition Swingline Loans or fund risk participations in the Outstanding Amount of Designated Acquisition
Swingline Loans pursuant to Section 2.7(b). Upon the appointment by the Borrower of a successor Designated Acquisition Swingline
Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (a) such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring Designated Acquisition Swingline Lender, (b)
the retiring Designated Acquisition Swingline Lender shall be discharged from all of its duties and obligations hereunder or under the
other Loan Documents, and (c) the successor Designated Acquisition Swingline Lender shall issue Designated Acquisition Swingline loans
in substitution for the Designated Acquisition Swingline Loans, if any, outstanding at the time of such succession or make other arrangements
reasonably satisfactory to the applicable Designated Acquisition Swingline Lender that issued such outstanding Designated Acquisition
Swingline Loans to effectively assume the obligations of the applicable Designated Acquisition Swingline Lender that issued such outstanding
Designated Acquisition Swingline Loans with respect to such Designated Acquisition Swingline Loans.

 

10.7          Certain ERISA
Matters.

 

(a)       Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such
Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following
is and will be true:

 

(i)       such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA) of one or more Benefit Plans with respect
to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments
or this Agreement,

 

(ii)       the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset

 

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managers), PTE 95-60 (a class exemption
for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving
insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment
funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable and the conditions
are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the
Letters of Credit, the Commitments and this Agreement,

 

(iii)       (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a)
of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(iv)       such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

(b)       In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has
provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such
Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent
is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation
or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).none
of the Administrative Agent or any of its respective Affiliates is a fiduciary with respect to the assets of such Lender (including in
connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any
documents related to hereto or thereto).

 

10.8          No Other Duties,
Etc. Anything herein to the contrary notwithstanding, none of the Administrative Agent, Joint Bookrunners, Joint Lead Arrangers or
Syndication Agents listed on the cover page hereof (each, an “Agent”) shall (a) have any powers, obligations, 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 an Issuing Lender hereunder or (b) be obligated to carry out on behalf of any Lender (i) any “know your customer” or other
checks in relation to any Person or (ii) any check on the extent to which any transaction contemplated by this Agreement might be unlawful
for any Lender, and each Lender confirms to each Agent that it is solely responsible for any such checks it is required to carry out
and that it may not rely on any statement in relation to such checks made by any Agent.

 

10.9          Administrative
Agent May File Proofs of Claim.

 

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

 

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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:

 

(i)       to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and
all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders, the Issuing Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders, the Issuing Lenders and the Administrative Agent and their respective agents and counsel and
all other amounts due the Lenders, the Issuing Lenders and the Administrative Agent under Sections 2.8, 3.3 and 11.5)
allowed in such judicial proceeding; and

 

(ii)       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 each Issuing Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent
to the making of such payments directly to the Lenders and the applicable Issuing Lender, to pay to the Administrative Agent any amount
due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and
any other amounts due the Administrative Agent under Sections 2.8 and 11.5.

 

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 any Issuing Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights
of any Lender or any Issuing Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender or any Issuing
Lender or in any such proceeding.

 

10.10          Collateral and
Guaranty Matters.

 

(a)       Each
of the Lenders (including in its capacities as a potential Qualified Counterparty and a potential Cash Management Provider), the Issuing
Lenders and the Designated Acquisition Swingline Lender irrevocably authorizes the Administrative Agent (without requirement of notice
to or consent of any Lender except as expressly required by Section 11.1): (i) to release any Lien on any property granted to
or held by the Administrative Agent under any Loan Document (1) at the time the property subject to such Lien is sold or transferred
as part of or in connection with any Disposition permitted hereunder or under any other Loan Document to any Person other than a Loan
Party, (2) subject to Section 11.1, if the release of such Lien is approved, authorized or ratified in writing by the Required
Lenders, (3) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under
the Guarantee in accordance with this Agreement or (4) that constitutes Excluded Assets; (ii) to release or subordinate, as expressly
permitted hereunder, any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of
any Lien described in clause 6 (with respect to Indebtedness permitted by Section 7.2(b)(vii)) of the definition of Permitted
Lien on such property that is permitted by this Agreement to the extent required by the holder of, or pursuant to the terms of any agreement
governing, the obligations secured by such Liens; (iii) to release any Guarantor from its obligations under the Guarantee if such Person
ceases to be a Restricted Subsidiary or becomes an Excluded Subsidiary as a result of a transaction or designation permitted hereunder
(provided that the release of any Guarantor from its obligations under the Loan

 

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Documents solely as a result of such
Guarantor becoming an Excluded Subsidiary of the type described in clause (i) of the definition thereof shall only be permitted
if such Guarantor becomes such an Excluded Subsidiary pursuant to a transaction with a third party that is not otherwise an Affiliate
of the Borrower and such transaction was not for the primary purpose of release the Guarantee of such Guarantor).

 

(b)       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 (pursuant to clause (a) above)
any Guarantor from its obligations under the Guarantee.

 

(c)       At
such time as the Loans, the Reimbursement Obligations and the other Obligations (other than (i) Contingent Obligations for which no claim
has been made, (ii) Cash Management Obligations as to which arrangements reasonably satisfactory to the Cash Management Providers have
been made and (iii) obligations under Qualified Hedging Agreements as to which arrangements reasonably satisfactory to the Qualified
Counterparties have been made) shall have been satisfied by payment in full in immediately available funds, the Commitments have been
terminated and no Letters of Credit shall be outstanding or all outstanding Letters of Credit have been Collateralized or, to the reasonable
satisfaction of the applicable Issuing Lender, rolled into another credit facility, the Collateral shall be automatically released from
the Liens created by the Security Documents, and the Security Documents and all obligations (other than those expressly stated to survive
such termination) of the Administrative Agent and each Group Member under the Security Documents shall automatically terminate, all without
delivery of any instrument or performance of any act by any Person.

 

(d)       If
(i) a Guarantor was released from its obligations under the Guarantee (ii) the Collateral was released from the assignment and security
interest granted under the Security Document (or the interest in such item subordinated), the Administrative Agent will (and each Lender
irrevocably authorizes the Administrative Agent to) execute and deliver to the applicable Loan Party such documents as such Loan Party
may reasonably request to evidence the release of such Guarantor from its obligations under the Guarantee, the release of such item of
Collateral from the assignment and security interest granted under the Security Documents or to subordinate its interest in such item,
in each case in accordance with the terms of the Loan Documents and this Section 10.10.

 

(e)       If
as a result of any transaction permitted by this Agreement (i) any Guarantor becomes an Excluded Subsidiary (provided that the
release of any Guarantor from its obligations under the Loan Documents solely as a result of such Guarantor becoming an Excluded Subsidiary
of the type described in clause (i) of the definition thereof shall only be permitted if such Guarantor becomes such an Excluded
Subsidiary pursuant to a transaction with a third party that is not otherwise an Affiliate of the Borrower and such transaction was not
for the primary purpose of release the Guarantee of such Guarantor) or 100% of the Equity Interests of a Guarantor is sold to a Person
that is not a Loan Party (or a Guarantor consolidates or merges with a Person that is not a Loan Party), then (x) such Guarantor’s
Guarantee and all Liens granted by such Guarantor that is released shall be automatically released, and (y) the Capital Stock of such
Guarantor (other than, in the case of a Guarantor that so becomes an Excluded Subsidiary) shall be automatically released from the security
interests created by the Loan Documents, (ii) [reserved] or (iii) any asset becomes an Excluded Asset or, then such asset shall be automatically
released from any security interests created by the Loan Documents. In connection with any termination or release pursuant to this Section
10.10(e), the Administrative Agent and any applicable Lender shall promptly execute and deliver to any Loan Party, at such Loan Party’s
expense, all documents that such Loan Party shall reasonably request to evidence such termination or release. Any execution and delivery
of documents pursuant to this Section 10.10(e) shall be without recourse to or warranty by the Administrative Agent or any Lender.

 

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The
parties hereto acknowledge and agree that the Administrative Agent may rely conclusively as to any of the matters described in this 10.10
(including as to its authority hereunder) on a certificate or similar instrument provided to it by the Borrower without further inquiry
or investigation, which certificate may be delivered to the Administrative Agent by the Borrower.

 

10.11          Intercreditor
Agreements.

 

The
Lenders hereby authorize the Administrative Agent to enter into any intercreditor agreement (including any other Intercreditor Agreement)
or arrangement permitted under and expressly contemplated (including with respect to priority) by this Agreement (and any amendments,
amendments and restatements, restatements or waivers of, or supplements or other modifications to, any such agreement or arrangement
permitted under this Agreement), and any such agreement or arrangement will be binding upon the Lenders.

 

Except
as otherwise expressly set forth herein or in any Security Document, no Qualified Counterparty or Cash Management Provider that obtains
the benefits of Section 9.4, any Guarantee or any Collateral by virtue of the provisions hereof or of any Guarantee or any Security
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) other than in its capacity
as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this
Section 10 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, Cash Management Obligations and Obligations arising under Qualified Hedging Agreements unless
the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative
Agent may request, from the applicable Cash Management Provider or Qualified Counterparty, as the case may be.

 

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10.12          Withholding Tax
Indemnity. To the extent required by any applicable Laws, the Administrative Agent may withhold from any payment to any Lender an
amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any other authority of the United States or other
jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any
Lender for any reason (including because the appropriate form was not delivered or not properly executed, or because such Lender failed
to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding Tax ineffective),
such Lender shall, within 10 days after written demand therefor, indemnify and hold harmless the Administrative Agent (to the extent
that the Administrative Agent has not already been reimbursed by the Borrower or any other Loan Party pursuant to Sections 2.16
and 2.19 and without limiting or expanding the obligation of the Borrower or any other Loan Party to do so) for all amounts paid,
directly or indirectly, by the Administrative Agent as Taxes or otherwise, together with all expenses incurred, including legal expenses
and any other out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing
to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section
10.12. The agreements in this Section 10.12 shall survive the resignation and/or replacement of the Administrative Agent,
any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other Obligations. For
the avoidance of doubt, a “Lender” shall, for purposes of this Section 10.12, include any Issuing Lender and
the Designated Acquisition Swingline Lender.

 

10.13          Indemnification.
Each of the Lenders agrees to indemnify the Administrative Agent and the Joint Lead Arrangers (and their Related Parties) in their respective
capacities as such (to the extent not reimbursed by any Loan Party and without limiting or expanding the obligation of the Loan Parties
to do so), according to its Aggregate Exposure Percentage in effect on the date on which indemnification is sought under this Section
10.13 (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have
been paid in full, in accordance with its Aggregate Exposure Percentage immediately prior to such date), from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever
that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against the Administrative
Agent, the Joint Lead Arrangers or their Related Parties (the foregoing, the “Lender Indemnitees”) in any way relating to
or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein
or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent or any other
Person under or in connection with any of the foregoing; provided that no Lender shall be liable to any Lender Indemnitee for the payment
of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
to the extent that they are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the
gross negligence, bad faith or willful misconduct of such Lender Indemnitee. The agreements in this Section 10.13 shall survive
the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

 

10.14          Appointment of
Incremental Arrangers, Refinancing Arrangers and Loan Modification Agents. In the event that the Borrower appoints or designates
any Incremental Arranger, Refinancing Arranger or Loan Modification Agent pursuant to (and subject to) Sections 2.25, 2.26
and 2.28, as applicable, (i) each and every right, power, privilege or duty expressed or intended by this Agreement or any
of the other Loan Documents to be exercised by or vested in or conveyed to an agent or arranger with respect to the Incremental Loans,
Permitted Credit Agreement Refinancing Debt or Loan Modification

 

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Agreement, as applicable, shall be exercisable
by and vest in such Incremental Arranger, Refinancing Arranger or Loan Modification Agent to the extent, and only to the extent, necessary
to enable such Incremental Arranger, Refinancing Arranger or Loan Modification Agent to exercise such rights, powers and privileges with
respect to the Incremental Loans, Permitted Credit Agreement Refinancing Debt or Loan Modification Agreement, as applicable, and to perform
such duties with respect to such Incremental Loans, Permitted Credit Agreement Refinancing Debt or Loan Modification Agreement, as applicable,
and every covenant and obligation contained in the Loan Documents and necessary to the exercise or performance thereof by such Incremental
Arranger, Refinancing Arranger or Loan Modification Agent shall run to and be enforceable by either the Administrative Agent or such
Incremental Arranger, Refinancing Arranger or Loan Modification Agent, and (ii) the provisions of this Section 10 and of Section
11.5 (obligating the Borrower to pay the Administrative Agent’s expenses and to indemnify the Administrative Agent) that refer
to the Administrative Agent shall inure to the benefit of the Administrative Agent and such Incremental Arranger, Refinancing Arranger
or Loan Modification Agent and all references therein to the Administrative Agent shall be deemed to be references to the Administrative
Agent and/or such Incremental Arranger, Refinancing Arranger or Loan Modification Agent, as the context may require. Each Lender and
Issuing Lender hereby irrevocably appoints any Incremental Arranger, Refinancing Arranger or Loan Modification Agent to act on its behalf
hereunder and under the other Loan Documents pursuant to (and subject to) Sections 2.25, 2.26 and 2.28, as applicable,
and designates and authorizes such Incremental Arranger, Refinancing Arranger or Loan Modification Agent to take such actions on its
behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are
expressly delegated to such Incremental Arranger, Refinancing Arranger or Loan Modification Agent by the terms of this Agreement or any
other Loan Document, together with such actions and powers as are reasonably incidental thereto.

 

10.15          Credit Bidding.

 

The
Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or
any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations
pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition
vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including
under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is subject,
or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction
of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any
such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Administrative
Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims
receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount
proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets
so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with
such purchase). In connection with any such bid, (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles
and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties’ ratable interests
in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle
or vehicles for the purpose of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for
the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition
vehicle or vehicles, including any disposition of

 

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the assets or equity interests thereof,
shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders
or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles,
as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the
Required Lenders contained in Section 11.1 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle
or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Obligations which were credit
bid, interests, whether as equity, partnership interests, limited partnership interests or membership interests, in any such acquisition
vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle
to take any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire
Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition
vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be
reassigned to the Secured Parties pro rata with their original interest in such Obligations and the equity interests and/or debt instruments
issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party
or any acquisition vehicle to take any further action. In the event of a foreclosure by the Administrative Agent on any of the Collateral
pursuant to a public or private sale or a sale of any of the Collateral pursuant to Section 363 of the Bankruptcy Code (or an equivalent
process in any foreign jurisdiction), the Administrative Agent or any Lender may be the purchaser of any or all of such Collateral at
any such sale and the Administrative Agent, as agent for and representative of the Lenders (but not any Lender or Lenders in its or their
respective individual capacities unless the Required Lenders shall otherwise agree in writing) shall be entitled, with the consent or
at the direction of the Required Lenders, for the purpose of bidding and making settlement or payment of the purchase price for all or
any portion of the Collateral sold at any such sale, to use and apply any of the Obligations as a credit on account of the purchase price
for any Collateral payable by the Administrative Agent at such sale. Notwithstanding that the ratable portion of the Obligations of each
Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall
execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will
receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection
with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions
contemplated by such credit bid.

 

10.16          Acknowledgment
of Lenders. (a) (i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent
has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether
as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”)
were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion
thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the
amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon
in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount
is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law,
such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off
or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received,
including without limitation any defense based on “discharge for value” or any similar doctrine. A notice

 

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of the Administrative Agent to any Lender
under this Section 10.16(a) shall be conclusive, absent manifest error.

 

(ii)
Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in
a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any
of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by
a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees
that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall
promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in
no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof)
as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date
such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater
of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation
from time to time in effect.

 

(iii) The Borrower and each other Loan
Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received
such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with
respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed
by the Borrower or any other Loan Party, except, in each case, to the extent such erroneous Payment is, and solely with respect to the
amount of such erroneous Payment that is, comprised of funds of the Borrower or any other Loan Party

 

(iv) Each party’s
obligations under this Section 10.16(a) shall survive the resignation or replacement of the Administrative Agent or any transfer
of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge
of all Obligations under any Loan Document.

 

SECTION
11.

MISCELLANEOUS

 

11.1          Amendments and
Waivers.

 

(a)       Except
as otherwise provided in clause (b) below or elsewhere in this Agreement, neither this Agreement nor any other Loan Document (or
any terms hereof or thereof) may be amended, supplemented or modified other than in accordance with the provisions of this Section
11.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or, with the written consent of the Required
Lenders, the Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (i) enter into written
amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement
or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (ii)
waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument,
any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided,
however, that no such waiver and no such amendment, supplement or modification shall (A) forgive the principal amount or extend
the final scheduled date of maturity of any Loan, reduce or forgive any prepayment premium payable under Section 2.10(b), extend
the scheduled date of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or fee payable hereunder

 

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(except
(x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with
the consent of the Required Lenders) and (y) that any amendment or modification of defined terms used in the definition of “Total
First Lien Net Leverage Ratio” in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes
of this clause (A)) or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date
of any Lender’s Commitment or increase such Lender’s Commitment, in each case without the written consent of each Lender
directly and adversely affected thereby (it being understood that (i) the waiver of or amendment to the terms of any mandatory prepayment
of the Loans shall not constitute a postponement of any date scheduled for the payment of principal or interest and (ii) a waiver of
any condition precedent set forth in Section 5 or the waiver of any Default, Event of Default, mandatory prepayment or mandatory
reduction of the Commitments shall not constitute an extension or increase of any Commitment of any Lender); (B) amend, modify, eliminate
or reduce the voting rights of any Lender under this Section 11.1 without the written consent of all Lenders; (C) (x) reduce any
percentage specified in the definition of “Required Lenders”, (y) consent to the assignment or transfer by the Borrower of
any of its rights and obligations under this Agreement and the other Loan Documents and (z) release all or substantially all of the Collateral
or release any of the Guarantors from their obligations under Section 8 of this Agreement or under any Security Agreement, in
each case other than as permitted under this Agreement and the Loan Documents, without the written consent of all Lenders; (D) amend,
modify or waive any provision of Section 2.17(a) or (b), Section 2.11(g) or Section 9.4 which results in
a change to the pro rata application of Loans under any Facility without the written consent of each Lender directly and adversely
affected thereby in respect of each Facility adversely affected thereby; (E) reduce the percentage specified in the definition of any
of “Majority Revolving Lenders” or “Majority Term Lenders” without the written consent of all Lenders under such
Facility; (F) amend, modify or waive any provision of Section 10 without the written consent of the Administrative Agent; (G)
amend, modify or waive any provision of Sections 2.6 or 2.7 without the written consent of the Designated Acquisition Swingline
Lender; (H) [reserved]; (I) forgive the principal amount or extend the payment date of any Reimbursement Obligation without the written
consent of each Lender directly and adversely affected thereby; or (J) [reserved]; and provided further that no amendment, waiver
or consent shall, unless in writing and signed by the applicable Issuing Lender, affect its rights or duties under this Agreement or
under any Application or other document, agreement or instrument entered into by such Issuing Lender and a Borrower (or any Restricted
Subsidiary) pertaining to one or more Letters of Credit issued or to be issued by such Issuing Lender hereunder (except that this Agreement
may be amended (A) to adjust the mechanics related to the issuance of Letters of Credit, including mechanical changes relating to the
existence of multiple Issuing Lenders, with only the written consent of the Administrative Agent, the applicable Issuing Lender and the
Borrower if the obligations of the Revolving Lenders, if any, who have not executed such amendment, and if applicable the other Issuing
Lenders, if any, who have not executed such amendment, are not adversely affected thereby and (B) to adjust the L/C Sublimits of one
or more Issuing Lenders after consultation with the Administrative Agent and any affected Issuing Lenders in a manner which does not
result in the aggregate L/C Sublimits exceeding the L/C Commitment with only the written consent (with a copy to the Administrative Agent
and any affected Issuing Lenders) of the Borrower and those Issuing Lenders whose L/C Sublimits may be increased). Any such waiver and
any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties,
the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and
the Administrative Agent shall be restored to their former position and rights hereunder and under the other Loan Documents, and any
Default or Event of Default waived shall be deemed to be cured and not continuing during the period such waiver is effective; but no
such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon.

 

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(b)       Notwithstanding
anything in this Agreement (including clause (a) above) or any other Loan Document to the contrary:

 

(i)       this
Agreement may be amended (or amended and restated) with the written consent of the Administrative Agent, the Issuing Lenders (to the
extent affected), the Designated Acquisition Swingline Lender (to the extent affected), each Lender participating in the additional or
extended credit facilities contemplated under this clause (b)(i) and the Borrower (w) to add one or more additional credit facilities
to this Agreement or to increase the amount of the existing facilities under this Agreement and to permit the extensions of credit from
time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement
and the other Loan Documents with the Term Loans and Revolving Extensions of Credit and the accrued interest and fees in respect thereof,
(x) to permit any such additional credit facility which is a term loan facility or any such increase in the Term Facility to share ratably
in prepayments with the Term Loans, (y) to permit any such additional credit facility which is a revolving loan facility or any such
increase in the Revolving Facility to share ratably in prepayments with the Revolving Facility and (z) to include appropriately the Lenders
holding such credit facilities in any determination of the Required Lenders and Majority Facility Lenders;

 

(ii)       this
Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Repriced
Term Loans (as defined below) to permit a (x) any prepayment, repayment, refinancing, substitution or replacement of all or a portion
of the Term Loans with the proceeds of, or any conversion of Term Loans into, any new or replacement tranche of syndicated term loans
bearing interest with an “effective yield” (taking into account interest rate margin and benchmark floors, recurring fees
and all upfront or similar fees or original issue discount paid by a Borrower (amortized over the shorter of (A) the Weighted Average
Life to Maturity of such term loans and (B) four years), but excluding (i) any arrangement, commitment, structuring, syndication, ticking
or other fees payable in connection therewith that are not shared ratably with all lenders or holders of such term loans in their capacities
as lenders or holders of such term loans in the primary syndication of such term loans and any bona fide arrangers, structuring, syndication,
commitment, ticking or other similar fees paid to a Lender or an Affiliate of a Lender in its capacity as a commitment party or arranger
and regardless of whether such indebtedness is syndicated to third parties and (ii) customary consent fees for any amendment paid generally
to consenting lenders or holders) less than the “effective yield” applicable to the Term Loans (determined on the same basis
as provided in the preceding parenthetical) and (y) any amendment to the Term Loans or any tranche thereof which reduces the “effective
yield” applicable to such Term Loans, as applicable (as determined on the same basis as provided in clause (x)) (“Repriced
Term Loans”); provided that the Repriced Term Loans shall otherwise meet the Applicable Requirements;

 

(iii)       this
Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Repricing
Indebtedness to permit any Repricing Transaction;

 

(iv)       this
Agreement and the other Loan Documents may be amended or amended and restated as contemplated by Section 2.25 in connection with
any Incremental Amendment and any related increase in Commitments or Loans, with the consent of the Borrower, the Administrative Agent,
the Incremental Arranger and the Incremental Term Lenders providing such increased Commitments or Loans (provided that, if any
Incremental Term Loans are intended to be Junior Lien Obligations, then the Administrative Agent may enter into an intercreditor agreement
(including an Intercreditor Agreement) (or amend, supplement or modify any existing Intercreditor Agreement) as may be necessary or appropriate,
in the reasonable opinion of the Administrative Agent, to effect the terms of any such Incremental Term Loans);

 

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(v)       this
Agreement and the other Loan Documents may be amended in connection with the Incurrence of any Permitted Credit Agreement Refinancing
Debt pursuant to Section 2.26 to the extent (but only to the extent) necessary to reflect the existence and terms of such Permitted
Credit Agreement Refinancing Debt (including any amendments necessary to treat the Loans and Commitments subject thereto as Other Term
Loans, Other Revolving Loans, Other Revolving Commitments and/or Other Term Commitments), with the written consent of the Borrower, the
Refinancing Arranger, the Administrative Agent and each Additional Lender and Lender that agrees to provide any portion of such Permitted
Credit Agreement Refinancing Debt (provided that the Administrative Agent and the Borrower may effect such amendments to this
Agreement, any Intercreditor Agreement (or enter into a replacement thereof) and the other Loan Documents as may be necessary or appropriate,
in the reasonable opinion of the Administrative Agent and the Borrower, to effect the terms of such Refinancing Amendment);

 

(vi)       this
Agreement and the other Loan Documents may be amended in connection with any Permitted Amendment pursuant to a Loan Modification Offer
in accordance with Section 2.28(b) (and the Administrative Agent and the Borrower may effect such amendments to this Agreement,
any Intercreditor Agreement (or enter into a replacement thereof) and the other Loan Documents as may be necessary or appropriate, in
the reasonable opinion of the Administrative Agent and the Borrower, to effect the terms of such Permitted Amendment);

 

(vii)       the
Administrative Agent may amend any Intercreditor Agreement (or enter into a replacement thereof), additional Security Documents and/or
replacement Security Documents (including a collateral trust agreement) in connection with the Incurrence of (x) any Permitted First
Priority Refinancing Debt to provide that a Senior Representative acting on behalf of the holders of such Indebtedness shall become a
party thereto and shall have rights to share in the Collateral on a pari passu basis (but without regard to the control of remedies)
with the Obligations, (y) any Permitted Junior Priority Refinancing Debt to provide that a Senior Representative acting on behalf of
the holders of such Indebtedness shall become a party thereto and shall have rights to share in the Collateral on a junior lien basis
to the Obligations or (z) any Indebtedness Incurred pursuant to Section 7.2(b)(vi) or any other First Lien Obligations or Junior
Lien Obligations permitted hereunder to provide that an agent, trustee or other representative acting on behalf of the holders of such
Indebtedness shall become a party thereto and shall have rights to share in the Collateral on a pari passu or junior lien basis
to the Obligations;

 

(viii)       only
the consent of the Majority Revolving Lenders shall be necessary to amend, modify or waive Sections 5.2 (with respect to the making
of Revolving Loans or Designated Acquisition Swingline Loans or the issuance of Letters of Credit), 7.1, 9.1(d), 9.2(b)
and 9.3 (including, for the avoidance of doubt, any of the defined terms (including “Total First Lien Net Leverage Ratio)
used therein, but solely as used therein);

 

(ix)       this
Agreement and the other Loan Documents may be amended with the consent of the Administrative Agent and the Borrower to add any terms
or conditions for the benefit of the Lenders;

 

(x)       amendments
and waivers of this Agreement and the other Loan Documents that affect solely the Lenders under any applicable Class under the Term Facility,
Revolving Facility or any Incremental Facility (including waiver or modification of conditions to extensions of credit under the Term
Facility, Revolving Facility or any Incremental Facility, the availability and conditions to funding of any Incremental Facility, and
pricing and other modifications,) will require only the consent of Lenders holding more than 50% of the aggregate commitments or loans,
as applicable, under such Class, and, in each case, (x) no other consents or approvals shall be required and (y) any fees

 

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or
other consideration payable to obtain such amendments or waivers need only be offered on a pro rata basis to the Lenders under the affected
Class;

 

(xi)       this
Agreement and the other Loan Documents may be amended with the consent of the Administrative Agent and the Borrower (A) to correct any
mistakes or ambiguities of a technical nature and (B) to add any terms or conditions for the benefit of Lenders (or any Class thereof);
and

 

(xii)       in
connection with any determination as to whether the Required Lenders have (A) consented (or not consented) to any amendment or waiver
of any provision of this Agreement or any other Loan Document or any departure by any Loan Party therefrom, (B) otherwise acted on any
matter related to any Loan Document, or (C) directed or required the Administrative Agent or any Lender to undertake any action (or refrain
from taking any action) with respect to or under any Loan Document, any Lender (other than (x) any Lender that is a Regulated Bank and
(y) any Revolving Lender as of the Closing Date) that, as a result of its interest in any total return swap, total rate of return swap,
credit default swap or other derivative contract (other than any such total return swap, total rate of return swap, credit default swap
or other derivative contract entered into pursuant to bona fide market making activities), has a net short position with respect to the
Loans and/or Commitments (each, a “Net Short Lender”) shall have no right to vote any of its Loans and Commitments
and shall be deemed to have voted its interest as a Lender without discretion in the same proportion as the allocation of voting with
respect to such matter by Lenders who are not Net Short Lenders. For purposes of determining whether a Lender has a “net short
position” on any date of determination: (i) derivative contracts with respect to the Loans and Commitments and such contracts that
are the functional equivalent thereof shall be counted at the notional amount thereof in Dollars, (ii) notional amounts in other currencies
shall be converted to the dollar equivalent thereof by such Lender in a commercially reasonable manner consistent with generally accepted
financial practices and based on the prevailing conversion rate (determined on a mid-market basis) on the date of determination, (iii)
derivative contracts in respect of an index that includes any of the Borrower or other Loan Parties or any instrument issued or guaranteed
by any of the Borrower or other Loan Parties shall not be deemed to create a short position with respect to the Loans and/or Commitments,
so long as (x) such index is not created, designed, administered or requested by such Lender and (y) the Borrower and other Loan Parties
and any instrument issued or guaranteed by any of the Borrower or other Loan Parties, collectively, shall represent less than 5% of the
components of such index, (iv) derivative transactions that are documented using either the 2014 ISDA Credit Derivatives Definitions
or the 2003 ISDA Credit Derivatives Definitions (collectively, the “ISDA CDS Definitions”) shall be deemed to create
a short position with respect to the Loans and/or Commitments if such Lender is a protection buyer or the equivalent thereof for such
derivative transaction and (x) the Loans or the Commitments are a “Reference Obligation” under the terms of such derivative
transaction (whether specified by name in the related documentation, included as a “Standard Reference Obligation” on the
most recent list published by Markit, if “Standard Reference Obligation” is specified as applicable in the relevant documentation
or in any other manner), (y) the Loans or the Commitments would be a “Deliverable Obligation” under the terms of such derivative
transaction or (z) any of the Borrower or other Loan Parties (or its successor) is designated as a “Reference Entity” under
the terms of such derivative transactions, and (v) credit derivative transactions or other derivatives transactions not documented using
the ISDA CDS Definitions shall be deemed to create a short position with respect to the Loans and/or Commitments if such transactions
are functionally equivalent to a transaction that offers the Lender protection in respect of the Loans or the Commitments, or as to the
credit quality of any of the Borrower or other Loan Parties other than, in each case, as part of an index so long as (x) such index is
not created, designed, administrated or requested by such Lender and (y) the Borrower and other Loan Parties and any instrument issued
or guaranteed by any of the Borrower or other Loan Parties, collectively, shall represent less than 5% of the components of such index.
In

 

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connection
with any such determination, each Lender (other than (x) any Lender that is a Regulated Bank and (y) any Revolving Lender as of the Closing
Date) shall promptly notify the Administrative Agent in writing that it is a Net Short Lender, or shall otherwise be deemed to have represented
and warranted to the Borrower and the Administrative Agent that it is not a Net Short Lender (it being understood and agreed that the
Administrative Agent shall be entitled to rely on each such representation and deemed representation and shall have no duty to (x) inquire
as to or investigate the accuracy of any such representation or deemed representation or (y) otherwise ascertain or monitor whether any
Lender, Eligible Assignee or Participant or prospective Lender, Eligible Assignee or Participant is a Net Short Lender or make any calculations,
investigations or determinations with respect to any derivative contracts and/or net short positions). Without limiting the foregoing,
the Administrative Agent shall not (A) be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor
or enforce, compliance with the provisions hereof relating to the Net Short Lenders or (B) have any liability with respect to or arising
out of any assignment or participation of Loans to any Net Short Lender.

 

11.2          Notices.
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile
or email, if applicable), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered,
or three (3) Business Days after being deposited in the mail, postage prepaid, or, in the case of facsimile or email notice, when received,
addressed as follows in the case of the Borrower, the Guarantors and the Administrative Agent, and as set forth in an administrative
questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified
by the respective parties hereto:

 

	To the Borrower or any Guarantor:	Baldwin
Risk Partners, LLC

4010 W. Boy Scout Blvd., Suite 200

Tampa, Florida 33607

Attn:      Kris Wiebeck, Chief Financial Officer 

                                            Trevor Baldwin, Chief Executive Officer

    Brad Hale, Chief
Accounting Officer

    Chris Stephens,
    General Counsel

    Tel. No.: (813) 386-3329

    Email: kwiebeck@baldwinriskpartners.com

     

    with a copy to (which shall not
constitute notice):

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attention: Joseph P. Hadley

Phone No.: (212) 450-4007

Email: joseph.hadley@davispolk.com

	 	 
	To the Administrative Agent, the
    Issuing Lenders, the Designated Acquisition Swingline Lender:

     
	To the addresses listed in Schedule
    11.2

     

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; provided
that any notice, request or demand to or upon the Administrative Agent or the Lenders shall not be effective until received. In no event
shall a voice mail message be effective as a notice, communication or confirmation hereunder. All telephonic notices to the Administrative
Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

Notices
and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved
by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise
agreed by the Administrative Agent and the applicable Lender (“Approved Electronic Communications”). The Administrative
Agent or the Borrower may, in their 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, (a) notices and other communications sent to an email address shall be deemed received
upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested”
function, as available, return email or other written acknowledgment), provided that if such notice or other communication is
not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening
of business on the next Business Day for the recipient, and (b) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient at its email address as described in the foregoing clause (a)
of notification that such notice or communication is available and identifying the website address therefor.

 

Each
Loan Party agrees to assume all risk, and hold the Administrative Agent, the Joint Bookrunners, the Syndication Agents and each Lender
harmless from any losses, associated with, the electronic transmission of information (including the protection of confidential information),
except to the extent caused by the bad faith, gross negligence or willful misconduct of such Person, as determined in a final and non-appealable
decision of a court of competent jurisdiction.

 

THE
PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES
WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR
ERRORS OR OMISSIONS IN THE COMMUNICATIONS. 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 THE
ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE
AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER
OR NOT BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER
IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS
THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION
TO HAVE RESULTED PRIMARILY FROM SUCH PERSON’S BAD FAITH, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 

Each
Loan Party, the Lenders, the Issuing Lenders, the Designated Acquisition Swingline Lender, the Joint Lead Arrangers, the Joint Bookrunners,
the Syndication Agents and the Administrative Agent agree that the Administrative Agent may, but shall not be obligated to, store any
Approved

 

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Electronic Communications on the Platform
in accordance with Administrative Agent’s customary document retention procedures and policies.

 

Each
of the Borrower, the other Loan Parties, the Administrative Agent, the Issuing Lenders and the Designated Acquisition Swingline 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, telephone number or email address for notices and other communications hereunder
by notice to the Borrower, the Administrative Agent, the Issuing Lenders and the Designated Acquisition Swingline 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 documents or notices that are not made available through the “Public Side Information” portion of the Platform and that
may contain Private Lender Information.

 

11.3          No Waiver; Cumulative
Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy,
power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law.

 

11.4          Survival of Representations
and Warranties. All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or
statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making
of the Loans and other extensions of credit hereunder.

 

11.5          Payment of Expenses;
Indemnity; Limitation of Liability. (a) The Borrower agrees upon the occurrence of the Closing Date (i) to pay or reimburse the Joint
Lead Arrangers, the Joint Bookrunners, the Syndication Agents, the Issuing Lenders, the Designated Acquisition
Swingline Lender and the Administrative Agent (without duplication) for all their reasonable and documented out-of-pocket costs
and expenses incurred in connection with the syndication of the Facilities and the development, preparation, delivery, administration,
enforcement and execution of, amendment, waiver, supplement or modification to, this Agreement and the other Loan Documents and any other
documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby
and thereby, including the reasonable fees and disbursements of one primary outside counsel to the Administrative Agent, the Issuing
Lenders, the Designated Acquisition Swingline Lender, the Joint Lead Arrangers, the Joint Bookrunners
and the Syndication Agents, taken as a whole, and one local counsel to the foregoing Persons, taken as a whole, in each appropriate jurisdiction
(which may include one special counsel acting in multiple jurisdictions) (and additional counsel in the case of actual or reasonably
perceived conflicts where such Person informs the Borrower of such conflict and retains such counsel, but excluding, in any case the
allocated costs of in-house counsel), and filing and recording fees and expenses, with statements with respect to the foregoing to be
submitted to the Borrower on or prior to the Closing Date (in the case of amounts to be paid on the Closing Date) and from time to time
thereafter on a quarterly basis or such other periodic basis as the Administrative Agent shall deem appropriate, (ii) to pay or reimburse
each Lender, each Issuing Lender, 

 

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the Designated Acquisition Swingline
Lender and the Administrative Agent for all of their reasonable and documented out-of-pocket costs and expenses (other than allocated
costs of in-house counsel) incurred in connection with the workout, restructuring, enforcement or preservation of any rights under this
Agreement, the other Loan Documents and any such other documents, including the reasonable and documented fees and disbursements of one
primary counsel to the Lenders, the Issuing Lenders, the Designated Acquisition Swingline Lender, the Administrative Agent, the Joint
Lead Arrangers, the Joint Bookrunners and the Syndication Agents, taken as a whole, and one local counsel to the foregoing Persons, taken
as a whole, in each appropriate jurisdiction (which may include one special counsel acting in multiple jurisdictions) (and in the case
of an actual or reasonably perceived conflict of interest by any of the foregoing Persons, where such Person informs the Borrower of
such conflict and retains such counsel, additional counsel to such affected Person), (iii) to pay, indemnify, and hold each Lender, each
Issuing Lender, the Designated Acquisition Swingline Lender and the Administrative Agent harmless from, any and all recording and filing
fees that may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration
of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect
of, this Agreement, the other Loan Documents and any such other documents and (iv) jointly and severally, to pay, indemnify, and hold
each Lender, each Issuing Lender, the Designated Acquisition Swingline Lender, the Administrative Agent, each Joint Lead Arranger, each
Joint Bookrunner, each Syndication Agent, each of their respective Affiliates that are providing services in connection with the financing
contemplated by this Agreement and each member, officer, director, partner, trustee, employee, agent, advisor, controlling person of
the foregoing, other representative of the foregoing, and successor and assign of the foregoing (each, an “Indemnitee”)
harmless from and against any and all other claims, liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, reasonable and documented out-of-pocket expenses or disbursements of any kind or nature whatsoever with respect to or arising
out of or in connection with the Acquisition, the transactions contemplated hereby, any transactions contemplated in connection therewith
and the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents and any such other
documents (regardless of whether any Indemnitee is a party hereto and regardless of whether any such matter is initiated by a third party,
the Borrower, any other Loan Party or any other Person), including any of the foregoing relating to the use of proceeds of the Loans
or the violation of, noncompliance with or liability under, any Environmental Law relating to the Borrower or any Group Member or any
of the Properties and the reasonable fees and expenses of one primary legal counsel to the Indemnitees, taken as a whole (or in the case
of an actual or reasonably perceived conflict of interest by an Indemnitee, where such Person informs the Borrower of such conflict and
retains such counsel, additional counsel to the affected Indemnitees who are similarly situated, taken as a whole), and one local counsel
in each appropriate jurisdiction (which may include one special counsel acting in multiple jurisdictions) to the Indemnitees in connection
with claims, actions or proceedings by any Indemnitee against any Loan Party under any Loan Document (all the foregoing in this clause
(iv), collectively, the “Indemnified Liabilities”) (but excluding any losses, liabilities, claims, damages, costs
or expenses relating to the matters referred to in Sections 2.18, 2.19 and 2.21 (which shall be the sole remedy
in respect of the matters set forth therein)), provided that the Borrower shall not have any obligation hereunder to any Indemnitee with
respect to Indemnified Liabilities to the extent such Indemnified Liabilities (A) (I) are found by a final and nonappealable decision
of a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee,
(II) are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from a material breach of
the Loan Documents by such Indemnitee or (III) result from any dispute that does not involve an act or omission by the Borrower or any
of its Affiliates and that is brought by any Indemnitee against any other Indemnitee (other than in its capacity as Administrative Agent,
Joint Lead Arranger, Joint Bookrunner, Syndication Agent, Designated Acquisition Swingline Lender, Issuing Lender or similar role hereunder),
or (B) settlements entered into by such person without the Borrower’s written

 

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consent (such consent to not be unreasonably
withheld, conditioned or delayed). All amounts due under this Section 11.5 shall be payable not later than 10 days after written
demand therefor. Statements payable by the Borrower pursuant to this Section 11.5 shall be submitted to the Borrower at the address
of the Borrower set forth in Section 11.2, or to such other Person or address as may be hereafter designated by the Borrower in
a written notice to the Administrative Agent. This Section 11.5 shall not apply with respect to Taxes (other than any Taxes that
represent losses, claims or damages arising from any non-Tax claim). The agreements in this Section 11.5 shall survive the termination
of this Agreement and the repayment of the Loans and all other amounts payable hereunder. Each Indemnitee agrees to refund and return
any and all Indemnified Liabilities paid by the Borrower to such Indemnitee pursuant to this Section 11.5(a) if, pursuant to operation
of any of the preceding clause (iv)(A) or (B), such Indemnitee was not entitled to receipt of such amount.

 

(b)       To
the extent permitted by applicable law (i) the Borrower and any Loan Party shall not assert, and the Borrower and each Loan Party hereby
waives, any claim against any Agent, any Issuing Lender and any Lender, and any Related Party of any of the foregoing Persons (each such
Person being called a “Lender-Related Person”) for any Liabilities arising from the use by others of information or
other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information
transmission systems (including the Internet), and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities
against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or
instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided
that, nothing in this clause (b)(ii) shall relieve the Borrower and each Loan Party of any obligation it may have to indemnify
an Indemnitee, as provided in Section 11.5(a), against any special, indirect, consequential or punitive damages asserted against
such Indemnitee by a third party.

 

11.6          Successors and
Assigns; Participations and Assignments.

 

(a)       The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby (including any affiliate of any Issuing Lender that issues any Letter of Credit), except that the Borrower may
not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender and the
Administrative Agent (and any attempted assignment or transfer by the Borrower without such consent shall be null and void).

 

(b)       (1)
Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees (each, an “Assignee”)
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the
time owing to it and the Note or Notes (if any) held by it) with the prior written consent (such consent not to be unreasonably withheld,
conditioned or delayed) of:

 

		(A)	in
                                            the case of any Term Lender or any Revolving Lender, the Borrower, which request for consent
                                            (in the case of a Revolving Lender) shall be provided to the Borrower; provided that,
                                            with respect to the Term Facility, such consent shall be deemed to have been given if the
                                            Borrower, as the case may be, has not responded within ten (10) Business Days after notice
                                            by the Administrative Agent, provided, further, that no consent of the Borrower
                                            shall be required for an

 

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assignment
to a Lender, an Affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default under Section 9.1(a) (or,
in respect of the Borrower, Section 9.1(g)) has occurred and is continuing, any other Eligible Assignee;

 

		(B)	except
                                            with respect to an assignment of Loans to an existing Lender, an Affiliate of a Lender or
                                            an Approved Fund, the Administrative Agent (such consent not to be unreasonably withheld,
                                            conditioned or delayed);

 

		(C)	with
                                            respect to any proposed assignment of all or a portion of any Revolving Loan or Revolving
                                            Commitment and each Issuing Lender (such consent not to be unreasonably withheld, conditioned
                                            or delayed); and

 

		(D)	in
                                            the case of any Issuing Lender, with respect to an assignment of its L/C Commitment, the
                                            Borrower.

 

(ii)       Assignments
shall be subject to the following additional conditions:

 

		(A)	except
                                            in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or
                                            an assignment of the entire remaining amount of the assigning Lender’s Commitments
                                            or Loans under any Facility, the amount of the Commitments or Loans of the assigning Lender
                                            subject to each such assignment (determined as of the date the Assignment and Assumption
                                            with respect to such assignment is delivered to the Administrative Agent) shall not be less
                                            than (i) with respect to Term Loans, $1,000,000, and (ii) with respect to Revolving Loans
                                            and Revolving Commitments, $5,000,000 (provided that, in each case, that simultaneous
                                            assignments to or by two or more Approved Funds shall be aggregated for purposes of determining
                                            such amount) unless the Administrative Agent and, in the case of Term Loans, Revolving Commitments
                                            or Revolving Loans or Incremental Term Loans or Incremental Term Commitments, the Borrower
                                            otherwise consents;

 

		(B)	the
                                            parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
                                            and Assumption via an electronic settlement system acceptable to the Administrative Agent
                                            (or, if previously agreed with the Administrative Agent, manually), and shall pay to the
                                            Administrative Agent a processing and recordation fee of $3,500 (which such fee may be waived
                                            or reduced in the sole discretion of the

 

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Administrative
Agent) for each assignment or group of affiliated or related assignments; and

 

		(C)	the
                                            Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative
                                            questionnaire, all applicable Forms and all documentation and other information requested
                                            by the Administrative Agent in order to comply with applicable “know your customer”
                                            and anti-money laundering rules and regulations, including the Patriot Act.

 

This paragraph
(b) shall not prohibit any Lender from assigning all or any portion of its rights and obligations among separate Facilities on a non-pro  rata basis.

 

For
the purposes of this Section 11.6, “Approved Fund” means any Person (other than a natural person) that is engaged
in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and 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.

 

(iii)       Assignments
to Permitted Auction Purchasers. Each Lender acknowledges that each Permitted Auction Purchaser is an Eligible Assignee hereunder
and may purchase or acquire Term Loans hereunder from Lenders from time to time (x) pursuant to a Dutch Auction in accordance with the
terms of this Agreement (including Section 11.6 hereof), subject to the restrictions set forth in the definitions of “Eligible
Assignee” and “Dutch Auction” or (y) pursuant to open market purchases (which may be on a non-pro rata basis), in each
case, subject to the following limitations:

 

		(A)	each
                                            Permitted Auction Purchaser agrees that, notwithstanding anything herein or in any of the
                                            other Loan Documents to the contrary, with respect to any Auction Purchase or other acquisition
                                            of Term Loans, (1) under no circumstances, whether or not any Loan Party is subject to a
                                            bankruptcy or other insolvency proceeding, shall such Permitted Auction Purchaser be permitted
                                            to exercise any voting rights or other privileges with respect to any Term Loans and any
                                            Term Loans that are assigned to such Permitted Auction Purchaser shall have no voting rights
                                            or other privileges under this Agreement and the other Loan Documents and shall not be taken
                                            into account in determining any required vote or consent and (2) such Permitted Auction Purchaser
                                            shall not receive information provided solely to Lenders by the Administrative Agent or any
                                            Lender and shall not be permitted to attend or participate in meetings attended solely by
                                            Lenders and the Administrative Agent and their advisors; rather, all Loans held by any Permitted
                                            Auction Purchaser shall be automatically Cancelled immediately upon the purchase or acquisition
                                            thereof in accordance with the terms of this Agreement (including Section 11.6 hereof);

 

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		(B)	at
                                            the time any Permitted Auction Purchaser is making purchases of Loans it shall enter into
                                            an Assignment and Assumption Agreement;

 

		(C)	immediately
                                            upon the effectiveness of each Auction Purchase or other acquisition of Term Loans, a Cancellation
                                            (it being understood that such Cancellation shall not constitute a voluntary repayment of
                                            Loans for purposes of this Agreement) shall be automatically irrevocably effected with respect
                                            to all of the Loans and related Obligations subject to such Auction Purchase, with the effect
                                            that such Loans and related Obligations shall for all purposes of this Agreement and the
                                            other Loan Documents no longer be outstanding, and the Borrower and the Guarantors shall
                                            no longer have any Obligations relating thereto, it being understood that such forgiveness
                                            and cancellation shall result in the Borrower and the Guarantors being irrevocably and unconditionally
                                            released from all claims and liabilities relating to such Obligations which have been so
                                            cancelled and forgiven, and the Collateral shall cease to secure any such Obligations which
                                            have been so cancelled and forgiven; and

 

		(D)	at
                                            the time of such Purchase Notice and Auction Purchase or other acquisition of Term Loans,
                                            (w) no Default or Event of Default shall have occurred and be continuing, (x) the Borrower
                                            or any of its Affiliates shall not be required to make any representation that it is not
                                            in possession of material non-public information with respect to the Borrower, its subsidiaries
                                            or its securities, and all parties to the relevant assignments shall render customary “big
                                            boy” disclaimer letters or any such disclaimers shall be incorporated into the terms
                                            of the applicable Assignment and Assumption, (y) any Affiliated Lender that is a Purchaser
                                            shall identify itself as such and (z) no proceeds of Revolving Loans shall be used to consummate
                                            the Auction Purchase.

 

Notwithstanding
anything to the contrary herein, this Section 11.6(b)(iii) shall supersede any provisions in Section 2.17 to the contrary.

 

(iv)       Assignments
to Affiliated Lenders. Any Lender may, at any time, assign all or a portion of its rights and obligations with respect to the Term
Loans to an Affiliated Lender through (x) Dutch Auctions open to all Lenders on a pro rata basis or (y) open market purchases
(which may be on a non-pro rata basis), in each case subject to the following limitations:

 

		(A)	notwithstanding
                                            anything in Section 11.1 or the definition of “Required Lenders” to the
                                            contrary, for purposes of determining whether the Lenders have (1) consented to any amendment,
                                            waiver or modification of

 

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any
Loan Document (including such modifications pursuant to Section 11.1), (2) otherwise acted on any matter related to any Loan Document,
(3) directed or required Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect
to or under any Loan Document, or (4) subject to Section 2.23, voted on any plan of reorganization pursuant to Title 11 of the
United States Code, that in either case does not require the consent of each Lender or each affected Lender or does not adversely affect
such Affiliated Lender disproportionately in any material respect as compared to other Lenders and any Non-Debt Fund Affiliate will be
deemed to have voted in the same proportion as Lenders that are not Affiliated Lenders voting on such matter and each Non-Debt Fund Affiliate
each hereby acknowledges, agrees and consents that if, for any reason, its vote to accept or reject any plan pursuant to Title 11 of
the United States Code) is not deemed to have been so voted, then such vote will be (x) deemed not to be in good faith and (y) “designated”
pursuant to Section 1126(e) of Title 11 of the United States Code such that the vote is not counted in determining whether the applicable
class has accepted or rejected such plan in accordance with Section 1126(c) of Title 11 of the United States Code; provided
that, for the avoidance of doubt, Debt Fund Affiliates shall not be subject to such limitation and shall be entitled to vote as any
other Lender; provided, further, that, notwithstanding the foregoing or anything herein to the contrary, Debt Fund Affiliates
may not in the aggregate account for more than 49.9% of the amounts set forth in the calculation of Required Lenders and any amount in
excess of 49.9% will be subject to the limitations set forth in this clause (A);

 

		(B)	the
                                            Non-Debt Fund Affiliates shall not receive information provided solely to Lenders by the
                                            Administrative Agent or any Lender and shall not be permitted to attend or participate in
                                            meetings attended solely by Lenders and the Administrative Agent and their advisors, other
                                            than the right to receive notices of Borrowings, notices of prepayments and other administrative
                                            notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant
                                            to Section 2;

 

		(C)	at
                                            the time any Affiliated Lender is making purchases of Loans pursuant to a Dutch Auction it
                                            shall identify itself

 

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as
an Affiliated Lender and shall enter into an Assignment and Assumption Agreement;

 

		(D)	no
                                            Affiliated Lender shall be required to make any representation that it is not in possession
                                            of material non-public information with respect to the Borrower, its Subsidiaries or its
                                            securities, and all parties to the relevant assignments shall render customary "big
                                            boy" disclaimer letters or any such disclaimers shall be incorporated into the terms
                                            of the applicable Assignment and Assumption;

 

		(E)	to
                                            the extent such remain outstanding, the aggregate principal amount of all Term Loans which
                                            may be purchased by any Non-Debt Fund Affiliate through Dutch Auctions or assigned to any
                                            Non-Debt Fund Affiliate through open market purchases shall in no event exceed, as calculated
                                            at the time of the consummation of any aforementioned Purchases or assignments, 30% of the
                                            aggregate Outstanding Amount of the Term Loans at such time;

 

		(F)	the
                                            Non-Debt Fund Affiliates and their respective Affiliates shall not be permitted to vote on
                                            bankruptcy plans or reorganization; and

 

		(G)	notwithstanding
                                            anything to the contrary herein, each Affiliated Lender, in its capacity as a Term Lender,
                                            in its sole and absolute discretion, may make one or more capital contributions or assignments
                                            of Term Loans that it acquires pursuant to this Section 11.6(b)(iv) directly or indirectly
                                            to the Borrower solely in exchange for Capital Stock of the Borrower (other than Disqualified
                                            Stock) or Parent Holding Company or debt securities of a Parent Holding Company, in each
                                            case upon written notice to the Administrative Agent. Immediately upon the Borrower’s
                                            acquisition of Term Loans from an Affiliated Lender, such Term Loans and all rights and obligations
                                            as a Term Lender related thereto shall for all purposes (including under this Agreement,
                                            the other Loan Documents and otherwise) be deemed to be irrevocably prepaid, terminated,
                                            extinguished, canceled and of no further effect and the Borrower shall neither obtain nor
                                            have any rights as a Lender hereunder or under the other Loan Documents by virtue of such
                                            capital contribution or assignment.

 

Notwithstanding
anything to the contrary herein, this Section 11.6(b)(iv) shall supersede any provisions in Section 2.17 to the contrary.

 

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(v)       Subject
to acceptance and recording thereof pursuant to Section 11.6(b)(vi) below, from and after the effective date specified in each
Assignment and Assumption the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall
cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.18, 2.19, 2.21 and 11.5
with respect to facts and circumstances occurring prior to the effective date of such assignment). Other than with respect to Disqualified
Lenders, any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section
11.6(b) 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 paragraph (c) of this Section 11.6.

 

(vi)       The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of
each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amount of (and any stated interest on) the Loans and L/C Obligations owing to, each Lender pursuant to
the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest
error, and the Borrower, the Administrative Agent and the Lenders may 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, notwithstanding notice to the contrary. No assignment shall
be effective unless recorded in the Register. The Register shall be available for inspection by the Borrower, any Issuing Lender and
any Lender at any reasonable time and from time to time upon reasonable prior notice. For the avoidance of doubt, the language in this
Section 11.6(b)(vi) is intended to ensure that the Commitments, Loans, L/C Obligations or other obligations under the Loan Documents
are in “registered form” under Sections 5f.103-1(c) and 1.871-14(c) of the United States Treasury Regulations Sections and
within the meaning of 163(f), 871(h)(2) and 881(c)(2) of the Code, and such language shall be interpreted and applied consistently therewith.

 

(vii)       Upon
its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, the Assignee’s completed
administrative questionnaire and applicable Forms (unless the Assignee shall already be a Lender hereunder), together with (x) any processing
and recordation fee and (y) any written consent to such assignment required by Section 11.6(b), the Administrative Agent shall
promptly accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective
for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

 

(c)       (2)
Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other entities
(other than a natural person, a Disqualified Lender, the Borrower or any Subsidiary of the Borrower) (a “Participant”)
in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments
and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B)
such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower,
the Administrative Agent, the Issuing Lenders and the other Lenders shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement. Any agreement 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 may provide that such Lender will not, without the consent of
the Participant, agree to any amendment, modification or waiver that (1) requires, subject to Section 

 

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11.1(b),
the consent of each Lender directly affected thereby pursuant to clauses (A) and (C) of Section 11.1(a) and (2)
directly affects such Participant. Subject to Section 11.6(c)(ii), the Borrower agree that each Participant shall be entitled
to the benefits of Sections 2.18, 2.19 and 2.21 (subject to the requirements and limitations of those sections)
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.6(b). To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 11.8(b) as though it were a Lender, provided
such Participant shall be subject to Section 11.8(a) as though it were a Lender. Each Lender that sells a participation shall,
acting solely for U.S. federal income tax purposes as a non-fiduciary agent of the Borrower, maintain a register on which it enters the
name and address of each Participant and the commitment of, and the principal amounts (and stated interest) of, each Participant’s
interest in the Loans, L/C Obligations 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 to any Person (including
the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, L/C Obligations
or its other obligations under any Loan Document) except to the extent that the relevant parties, acting reasonably and in good faith,
determine that such disclosure is necessary to establish that such Commitment, Loan, L/C Obligation or other obligation is in registered
form under Sections 5f.103-1(c) and 1.871-14(c) of the United States Treasury Regulations and Sections 163(f), 871(h)(2) and 881(c)(2)
of the Code. No participation shall be effective unless recorded in the Participant Register. Unless otherwise required by the IRS, any
disclosure required by the foregoing sentence shall be made by the relevant Lender directly and solely to the IRS. The entries in the
Participant Register shall be conclusive, 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.

 

(ii)       A
Participant shall not be entitled to receive any greater payment under Section 2.18 or 2.19 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant except to the extent such greater payment
is attributable to a Change in Law after the date the Participant acquired the applicable participation. No Participant shall be entitled
to the benefits of Section 2.19 unless such Participant complies with Section 2.19(e) (it being understood that the documentation
required thereunder shall be delivered to the participating Lender).

 

(d)       Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central bank, and this
Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of
a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such
Lender as a party hereto.

 

(e)       The
Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate
transactions of the type described in Section 11.6(d) above.

 

(f)       Each
Lender, upon execution and delivery hereof or upon succeeding to an interest in Commitments or Loans, as the case may be, makes, as of
the Closing Date or as of the effective date of the applicable Assignment and Assumption, as applicable, the representations and warranties
contained in Section 10.7.

 

(g)       Each
Lender, upon succeeding to an interest in Commitments or Loans, as the case may be, represents and warrants as of the effective date
of the applicable Assignment and Assumption that it is an Eligible Assignee.

 

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11.7          [Reserved].

 

11.8          Adjustments;
Set-off.

 

(a)       Except
to the extent that this Agreement expressly provides for or permits payments to be allocated or made to a particular Lender or to the
Lenders under a particular Facility, if any Lender (a “Benefited Lender”) shall receive any payment of all or part
of the Obligations owing to it under any Facility, or receive any collateral in respect thereof (whether voluntarily or involuntarily,
by set-off, pursuant to events or proceedings of the nature referred to in Section 9.1(g) or otherwise), in a greater proportion
than any such payment to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender
under such Facility, such Benefited Lender shall purchase for cash from the other Lenders under such Facility a participating interest
in such portion of the Obligations owing to each such other Lender, or shall provide such other Lenders with the benefits of any such
collateral, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral ratably with
each of the Lenders under such Facility; provided, however, that if all or any portion of such excess payment or benefits
is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to
the extent of such recovery, but without interest.

 

(b)       In
addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, with the prior consent of the Administrative
Agent, without prior notice to the Borrower or any other Loan Party, any such notice being expressly waived by the Borrower and each
other Loan Party to the extent permitted by applicable law, upon the occurrence and during the continuance of any Event of Default, to
set off and appropriate and apply against any Obligations then due, payable and owing any and all deposits (general or special, time
or demand, provisional or final) (other than payroll, trust and tax accounts described in clause (ix) of the definition of “Excluded
Assets”), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect,
absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the
credit or the account of the Borrower or any such other Loan Party, as the case may be (but excluding, for the avoidance of doubt, any
Excluded Assets). Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application
made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

11.9          [Reserved].

 

11.10          Counterparts;
Electronic Execution.

 

(a)       This
Agreement any other Loan Document and/or any document, amendment, approval, consent, information, notice (including, for the avoidance
of doubt, any notice delivered pursuant to Section 11.2), certificate, request, statement, disclosure or authorization related
to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”)
that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual
executed signature page may be executed by one or more of the parties to this Agreement, any other Loan Document and/or any Ancillary
Document, as applicable, on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute
one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement, any other Loan Document and/or
any Ancillary Document that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces
an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such
other Loan Document or such Ancillary Document, as applicable. A set of the

 

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copies
of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent.

 

(b)       The
words “execution,” “signed,” “signature,” “delivery,” and words of like import in or
relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries
or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces
an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that
nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written
consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent
the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled
to rely on such Electronic Signature purportedly given by or on behalf of the Borrower or any other Loan Party without further verification
thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of the
Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting
the generality of the foregoing, the Borrower and each Loan Party hereby (i) agrees that, for all purposes, including without limitation,
in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative
Agent, the Lenders, and the Borrower and the Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic
means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document
and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (ii) the Administrative
Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary
Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s
business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and
shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest
the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on
the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including
with respect to any signature pages thereto and (iv) waives any claim against any Lender-Related Person for any Liabilities arising solely
from the Administrative Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy,
emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising
as a result of the failure of the Borrower and/or any Loan Party to use any available security measures in connection with the execution,
delivery or transmission of any Electronic Signature.

 

11.11          Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

11.12          Integration.
This Agreement and the other Loan Documents and any separate letter agreements with respect to fees payable to the Joint Lead Arranger,
the Joint Bookrunners, the Syndication Agents and the Administrative Agent represent the entire agreement of the Borrower, the Administrative
Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations
or warranties by the Administrative Agent or any Lender

 

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relative to the subject matter hereof
not expressly set forth or referred to herein or in the other Loan Documents.

 

11.13          Governing Law.
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION.

 

11.14          Submission To
Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

 

(a)       submits
for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is
a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of
the Commercial Division of the State of New York sitting in the borough of Manhattan in New York City, the courts of the United States
for the Southern District of New York, and appellate courts from any thereof, to the extent such courts would have subject matter jurisdiction
with respect thereto, and agrees that notwithstanding the foregoing (x) a final judgment in any such action 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 and (y) legal actions or proceedings
brought by the Secured Parties in connection with the exercise of rights and remedies with respect to Collateral may be brought in other
jurisdictions where such Collateral is located or such rights or remedies may be exercised;

 

(b)       consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue
of any such action or proceeding in any such court and waives any right to claim that such action or proceeding was brought in an inconvenient
court and agrees not to plead or claim the same;

 

(c)       CONSENTS
TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.2; and

 

(d)       waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding arising out
of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan
or Letter of Credit or the use of the proceeds thereof, any special, exemplary, punitive or consequential damages against any Indemnitee;
provided that nothing contained in this sentence shall limit the Borrower’s indemnification obligations.

 

11.15          Acknowledgements.
The Borrower and each Guarantor hereby acknowledges that:

 

(a)       it
has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

 

(b)       neither
the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the Borrower or any Guarantor arising out of or
in connection with this Agreement or any of the other Loan Documents, and the relationship between Administrative Agent and Lenders,
on one hand, and the Borrower and each Guarantor, on the other hand, in connection herewith or therewith is solely that of debtor and
creditor; and

 

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(c)       no
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Lenders or among the Borrower or the Guarantors and the Lenders.

 

11.16          Acknowledgement
and Consent to Bail-In of Affected Financial Institutions.

 

Solely
to the extent any Lender or Issuing Lender that is an Affected Financial Institution is a party to this Agreement and notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability
is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to,
and acknowledges and agrees to be bound by:

 

(a)       the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)       the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)       a
reduction in full or in part or cancellation of any such liability;

 

(ii)       a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any
other Loan Document; or

 

(iii)       the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.

 

11.17          Confidentiality.
Each of the Administrative Agent and each Lender agrees to keep confidential all non-public information provided to it by any Loan Party,
the Administrative Agent or any Lender pursuant to or in connection with this Agreement that is not designated by the provider thereof
as public information or non-confidential; provided that nothing herein shall prevent the Administrative Agent or any Lender from disclosing
any such information (a) to the Administrative Agent, the Joint Lead Arrangers, the Joint Bookrunners, the Syndication Agents, any other
Lender or any Affiliate thereof (including prospective lenders) under this Agreement), (b) subject to an agreement to comply with provisions
no less restrictive than this Section 11.17, to any actual or prospective Transferee or any direct or indirect counterparty to
any Swap Agreement (or any professional advisor to such counterparty) (other than Disqualified Lenders), (c) to its employees, directors,
trustees, agents, attorneys, accountants and other professional advisors and to the employees, directors, trustees, agents, attorneys,
accountants and other professional advisors of its Affiliates or of actual or prospective Transferees that, in each case, have been advised
of the provisions of this Section 11.17 and have been instructed to keep such information confidential, (d) upon the request or
demand or other requirement of any Governmental Authority or any self-regulatory authority having or asserting jurisdiction over such
Person (including any Governmental Authority regulating any Lender or its Affiliates), in which case, to the extent permitted by law,
you agree to inform the Borrower promptly thereof prior to such disclosure to the extent practicable (except with respect to (I) any
audit or examination conducted by bank accountants or any governmental regulatory authority or self-regulatory authority exercising examination
or regulatory authority or (II) any such notification prohibited by law, rule or regulation), (e) in response to any order of any court
or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, in which

 

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case, to the extent permitted by law,
you agree to inform the Borrower promptly thereof to the extent practicable (except with respect to any audit or examination conducted
by bank accountants or any governmental regulatory authority or self-regulatory authority exercising examination or regulatory authority),
(f) if requested or required to do so in connection with any litigation or similar proceeding, in which case, to the extent permitted
by law, you agree to inform the Borrower promptly thereof; provided that unless specifically prohibited by applicable law, reasonable
efforts shall be made to notify the Borrower of any such request prior to disclosure, (g) that has been publicly disclosed other than
as a result of a breach of this Section 11.17, (h) to the National Association of Insurance Commissioners or any similar organization
or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection
with ratings issued with respect to such Lender; provided, such Person has been advised of the provisions of this Section 11.17
and instructed to keep such information confidential, (i) market data collectors and service providers to the Administrative Agent or
any Lender in connection with the administration and management of the Facilities, (j) to the extent that such information is or was
received by the Administrative Agent or any Lender from a third party that is not to the knowledge of the Administrative Agent, such
Lender or any affiliates thereof subject to confidentiality obligations owing to any Loan Party or any of their respective subsidiaries
or (k) in connection with the exercise of any remedy hereunder or under any other Loan Document. In addition, the Administrative Agent
and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar
service providers to the lending industry, and service providers to the Administrative Agent and the Lenders in connection with the administration
and management of this Agreement, the other Loan Documents, the Commitments, and the extensions of credit hereunder. Notwithstanding
anything herein to the contrary, any party to this Agreement (and any employee, representative, or other agent of any party to this Agreement)
may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated
by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to such tax
treatment and tax structure. However, any such information relating to the tax treatment or tax structure is required to be kept confidential
to the extent necessary to comply with any applicable federal or state securities laws.

 

The
respective obligations of the Administrative Agent and the Lenders under this Section 11.17 shall survive, to the extent applicable
to such Person, (x) the payment in full of the Obligations and the termination of this Agreement, (y) any assignment of its rights and
obligations under this Agreement and (z) the resignation or removal of the Administrative Agent, in each case for a period of one (1)
year.

 

11.18          Waivers Of Jury
Trial. EACH OF THE BORROWER, THE GUARANTORS, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE
TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

11.19          USA Patriot Act
Notification; Beneficial Ownership. Each Lender that is subject to the Patriot Act and the Beneficial Ownership Regulation and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the
Patriot Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies the Loan
Parties, which information includes the name and address of the Loan Parties and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify the Loan Parties in accordance with the Patriot Act and the Beneficial Ownership Regulation.
The 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 that is required in order to comply with its ongoing obligations under applicable
“know your customer” and

 

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anti-money laundering rules and regulations,
including the Patriot Act and the Beneficial Ownership Regulation.

 

11.20          Maximum Amount.

 

(a)       It
is the intention of the Borrower and the Lenders to conform strictly to the usury and similar laws relating to interest from time to
time in force, and all agreements between the Loan Parties and their respective Subsidiaries and the Lenders, whether now existing or
hereafter arising and whether oral or written, are hereby expressly limited so that in no contingency or event whatsoever, whether by
acceleration of maturity hereof or otherwise, shall the amount paid or agreed to be paid in the aggregate to the Lenders as interest
(whether or not designated as interest, and including any amount otherwise designated but deemed to constitute interest by a court of
competent jurisdiction) hereunder or under the other Loan Documents or in any other agreement given to secure the Indebtedness evidenced
hereby or other Obligations of the Borrower, or in any other document evidencing, securing or pertaining to the Indebtedness evidenced
hereby, exceed the maximum amount permissible under applicable usury or such other laws (the “Maximum Amount”). If
under any circumstances whatsoever fulfillment of any provision hereof, or any of the other Loan Documents, at the time performance of
such provision shall be due, shall involve exceeding the Maximum Amount, then, ipso facto, the obligation to be fulfilled shall be reduced
to the Maximum Amount. For the purposes of calculating the actual amount of interest paid and/or payable hereunder in respect of laws
pertaining to usury or such other laws, all sums paid or agreed to be paid to the holder hereof for the use, forbearance or detention
of the Indebtedness of the Borrower evidenced hereby, outstanding from time to time shall, to the extent permitted by applicable Law,
be amortized, pro-rated, allocated and spread from the date of disbursement of the proceeds of the Loans until payment in full of all
of such Indebtedness, so that the actual rate of interest on account of such Indebtedness is uniform through the term hereof. The terms
and provisions of this Section 11.20(a) shall control and supersede every other provision of all agreements between the Borrower
or any endorser of the Loans and the Lenders.

 

(b)       If
under any circumstances any Lender shall ever receive an amount which would exceed the Maximum Amount, such amount shall be deemed a
payment in reduction of the principal amount of the Loans and shall be treated as a voluntary prepayment under Section 2.10 and
shall be so applied in accordance with Section 2.17 or if such excessive interest exceeds the unpaid balance of the Loans and
any other Indebtedness of the Borrower in favor of such Lender, the excess shall be deemed to have been a payment made by mistake and
shall be refunded to the Borrower.

 

11.21          Lender Action.
Each Lender agrees that it shall not take or institute any actions or proceedings, judicial or otherwise, for any right or remedy against
any Loan Party or any other obligor under any of the Loan Documents (including the exercise of any right of setoff, rights on account
of any banker’s lien or similar claim or other rights of self-help), or institute any actions or proceedings, or otherwise commence
any remedial procedures, with respect to any Collateral or any other property of any such Loan Party, unless expressly provided for herein
or in any other Loan Document, without the prior written consent of the Administrative Agent. The provisions of this Section 11.21
are for the sole benefit of the Lenders and shall not afford any right to, or constitute a defense available to, any Loan Party.

 

11.22          No Fiduciary
Duty. Each of the Lender-Related Parties may have economic interests that conflict with those of the Loan Parties, their stockholders
and/or their Affiliates. Each Loan Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory,
fiduciary or agency relationship or fiduciary or other implied duty between any Lender-Related Party, on the one hand, and such Loan
Party, its stockholders or its Affiliates, on the other, except as otherwise explicitly provided herein. The Loan Parties acknowledge
and agree that (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder)
are

 

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arm’s-length commercial transactions
between the Lender-Related Parties, on the one hand, and the Loan Parties, on the other, and (ii) in connection therewith and with the
process leading thereto, (x) no Lender-Related Party has assumed an advisory or fiduciary responsibility in favor of any Loan Party,
its stockholders or its Affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect
thereto) or the process leading thereto (irrespective of whether any Lender-Related Party has advised, is currently advising or will
advise any Loan Party, its stockholders or its Affiliates on other matters) or any other obligation to any Loan Party except the obligations
expressly set forth in the Loan Documents and (y) each Lender-Related Party is acting solely as principal and not as the agent or fiduciary
of any Loan Party, its management, stockholders, creditors or any other Person, except as otherwise explicitly provided herein. Each
Loan Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and
that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each
Loan Party agrees that it will not claim that any Lender-Related Party has rendered advisory services of any nature or respect, or owes
a fiduciary or similar duty to such Loan Party, in connection with such transaction or the process leading thereto.

 

11.23          Acknowledgments
Regarding any Supported QFCs.

 

To
the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Obligations or any other agreement or
instrument that is a QFC (such support, “QFC Credit Support” and each such QFC, a “Supported QFC”),
the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under
the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations
promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with
the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by
the laws of the State of New York and/or of the United States or any other state of the United States):

 

In the event a Covered
Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special
Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in
or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support)
from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws
of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to
such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood
and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.

 

[Signature
Pages Intentionally Omitted]

 

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