Document:

Exhibit 10.1

 

Deal CUSIP: 26929AAE0

Revolving Credit Loan
CUSIP: 26929AAF7

Term A Loan CUSIP:
26929AAG5

 

CREDIT AGREEMENT

 

dated as of August 9, 2021

 

among

 

EW INTERMEDIATE HOLDCO, LLC

as Holdings,

 

EW HOLDCO, LLC,

as the Borrower,

 

The Several Lenders

from Time to Time Parties Hereto and

 

BANK OF AMERICA, N.A.,

as the Administrative Agent, the Collateral Agent, a Letter of Credit Issuer and a Lender

 

 

 

BOFA SECURITIES, INC., MORGAN STANLEY SENIOR
FUNDING, INC., JEFFERIES FINANCE LLC, TRUIST SECURITIES, INC., CITIBANK, N.A. and GUGGENHEIM SECURITIES, LLC,

as Joint Lead Arrangers and Bookrunners

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Section 1.	Definitions	1
	 	 	 
	1.1	Defined Terms	1
	1.2	Other Interpretive Provisions	80
	1.3	Accounting Terms	80
	1.4	Rounding	81
	1.5	References to Agreements Laws, Etc.	81
	1.6	Exchange Rates	81
	1.8	Times of Day	81
	1.9	Timing of Payment or Performance	81
	1.10	Certifications	82
	1.11	Compliance with Certain Sections	82
	1.12	Pro Forma and Other Calculations	82
	1.13	Divisions	85
	 	 	 
	Section 2.	Amount and Terms of Credit.	85
	 	 	 
	2.1	Commitments.	85
	2.2	Minimum Amount of Each Borrowing; Maximum Number of Borrowings	86
	2.3	Notice of Borrowing	86
	2.4	Disbursement of Funds.	87
	2.5	Repayment of Loans; Evidence of Debt.	88
	2.6	Conversions and Continuations.	90
	2.7	Pro Rata Borrowings	91
	2.8	Interest.	91
	2.9	Interest Periods	92
	2.10	Increased Costs, Illegality, Alternate Rate of Interest, Etc.	93
	2.11	Compensation	96
	2.12	Change of Lending Office	96
	2.13	Notice of Certain Costs	97
	2.14	Incremental Facilities	97
	2.15	Permitted Debt Exchanges	104
	2.16	Defaulting Lenders	105
	 	 	 
	Section 3.	Letters of Credit	107
	 	 	 
	3.1	Letters of Credit	107
	3.2	Letter of Credit Requests	109
	3.3	Letter of Credit Participations	110
	3.4	Agreement to Repay Letter of Credit Drawings	112
	3.5	Increased Costs	114
	3.6	New or Successor Letter of Credit Issuer	115
	3.7	Role of Letter of Credit Issuer	116
	3.8	Cash Collateral	117
	3.9	Applicability of ISP and UCP	118
	3.10	Conflict with Issuer Documents	118
	3.11	Letters of Credit Issued for Restricted Subsidiaries	118
	3.12	Provisions Related to Extended Revolving Credit Commitments	119

 

     

     

    

 

	Section 4.	Fees	119
	 	 	 
	4.1	Fees	119
	4.2	Voluntary Reduction of Revolving Credit Commitments	120
	4.3	Mandatory Termination of Commitments	121
	 	 	 
	Section 5.	Payments	121
	 	 	 
	5.1	Voluntary Prepayments	121
	5.2	Mandatory Prepayments	122
	5.3	Method and Place of Payment	124
	5.4	Net Payments	124
	5.5	Computations of Interest and Fees	128
	5.6	Limit on Rate of Interest	129
	 	 	 
	Section 6.	Conditions Precedent to Initial Borrowing	129
	 	 	 
	6.1	Credit Documents	129
	6.2	Collateral	130
	6.3	Legal Opinions	130
	6.4	Closing Certificates	130
	6.5	Authorization of Proceedings of the Borrower and the other Credit Parties; Corporate Documents	131
	6.6	Fees	131
	6.7	Solvency Certificate	131
	6.8	Patriot Act	131
	6.9	Financial Statements	132
	6.10	No Default; Representations and Warranties	132
	6.11	Notice of Borrowing	132
	6.12	Officer’s Certificate	132
	6.13	No Material Adverse Effect	132
	6.14	Refinancing	132
	6.15	IPO	132
	 	 	 
	Section 7.	Conditions Precedent to All Credit Events	133
	 	 	 
	7.1	No Default; Representations and Warranties	133
	7.2	Notice of Borrowing; Letter of Credit Request	133
	 	 	 
	Section 8.	Representations and Warranties	133
	 	 	 
	8.1	Corporate Status	133
	8.2	Corporate Power and Authority	134
	8.3	No Violation	134
	8.4	Litigation	134
	8.5	Margin Regulations	134
	8.6	Governmental Approvals	134
	8.7	Investment Company Act	135
	8.8	True and Complete Disclosure	135
	8.9	Financial Condition; Financial Statements	135
	8.10	Compliance with Laws; No Default	136
	8.11	Tax Matters	136
	8.12	Compliance with ERISA	136
	8.13	Subsidiaries	137
	8.14	Intellectual Property	137

 

    	 	ii	 

     

    

 

	8.15	Environmental Laws	137
	8.16	Properties	137
	8.17	Solvency	137
	8.18	Patriot Act	138
	8.19	OFAC and FCPA	138
	8.20	Labor Matters	138
	8.21	Insurance	139
	8.22	Use of Proceeds	139
	 	 	 
	Section 9.	Affirmative Covenants.	139
	 	 	 
	9.1	Information Covenants	139
	9.2	Books, Records, and Inspections	143
	9.3	Maintenance of Insurance	144
	9.4	Payment of Taxes	144
	9.5	Preservation of Existence; Consolidated Corporate Franchises	145
	9.6	Compliance with Statutes, Regulations, Etc.	145
	9.7	ERISA	145
	9.8	Maintenance of Properties	145
	9.9	Transactions with Affiliates	146
	9.10	End of Fiscal Years	146
	9.11	Additional Guarantors and Grantors	147
	9.12	Pledge of Additional Stock and Evidence of Indebtedness	147
	9.13	Use of Proceeds	148
	9.14	Further Assurances	148
	9.15	Lines of Business	149
	 	 	 
	Section 10.	Negative Covenants	150
	 	 	 
	10.1	Limitation on Indebtedness	150
	10.2	Limitation on Liens	157
	10.3	Limitation on Fundamental Changes	157
	10.4	Limitation on Sale of Assets	159
	10.5	Limitation on Restricted Payments	161
	10.6	Limitation on Subsidiary Distributions	168
	10.7	Financial Covenants	170
	10.8	Holdings Covenant	171
	 	 	 
	Section 11.	Events of Default	171
	 	 	 
	11.1	Payments	171
	11.2	Representations, Etc.	171
	11.3	Covenants	172
	11.4	Default Under Other Agreements	172
	11.5	Bankruptcy, Etc.	173
	11.6	ERISA	173
	11.7	Credit Documents; Guarantee	174
	11.8	Pledge Agreement	174
	11.9	Security Agreement	174
	11.10	Judgments	174
	11.11	Change of Control	174
	11.12	Remedies Upon Event of Default	174
	11.13	Application of Proceeds	175
	11.14	Equity Cure	176

 

    	 	iii	 

     

    

 

	Section 12.	The Agents	177
	 	 	 
	12.1	Appointment	177
	12.2	Delegation of Duties	178
	12.3	Exculpatory Provisions	178
	12.4	Reliance by Agents	179
	12.5	Notice of Default	179
	12.6	Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders	180
	12.7	Indemnification	181
	12.8	Agents in Their Individual Capacities	181
	12.9	Successor Agents	181
	12.10	Withholding Tax	183
	12.11	Agents Under Security Documents and Guarantee	184
	12.12	Right to Realize on Collateral and Enforce Guarantee	184
	12.13	[Reserved]	185
	12.14	The Administrative Agent May File Proofs of Claim	185
	12.15	ERISA Representation of the Lenders	186
	12.16	Erroneous Payments.	187
	 	 	 
	Section 13.	Miscellaneous	189
	 	 	 
	13.1	Amendments, Waivers, and Releases	189
	13.2	Notices	193
	13.3	No Waiver; Cumulative Remedies	193
	13.4	Survival of Representations and Warranties	193
	13.5	Payment of Expenses; Indemnification	194
	13.6	Successors and Assigns; Participations and Assignments	195
	13.7	Replacements of Lenders Under Certain Circumstances	201
	13.8	Adjustments; Set-off	202
	13.9	Counterparts	202
	13.10	Severability	203
	13.11	Integration	203
	13.12	GOVERNING LAW	203
	13.13	Submission to Jurisdiction; Waivers	203
	13.14	Acknowledgments	204
	13.15	WAIVERS OF JURY TRIAL	205
	13.16	Confidentiality	206
	13.17	Direct Website Communications	207
	13.18	USA PATRIOT Act	209
	13.19	[Reserved]	209
	13.20	Payments Set Aside	209
	13.21	No Fiduciary Duty	209
	13.22	[Reserved]	209
	13.23	Acknowledgement Regarding Any Supported QFCs	210
	13.24	Real Estate Matters.	210
	 	 	 
	Section 14.	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	211

 

    	 	iv	 

     

    

 

SCHEDULES

 

	Schedule 1.1(a)	Mortgaged Properties
	Schedule 1.1(b)	Commitments of Lenders and Letter of Credit Issuers
	Schedule 8.13	Subsidiaries
	Schedule 9.9	Transactions with Affiliates
	Schedule 9.14	Post-Closing Actions
	Schedule 10.1	Closing Date Indebtedness
	Schedule 10.2	Closing Date Liens
	Schedule 10.5	Closing Date Investments
	Schedule 13.2	Notice Addresses

 

EXHIBITS

 

	Exhibit A	Form of Joinder Agreement
	Exhibit B	Form of Guarantee
	Exhibit C	Form of Perfection Certificate
	Exhibit D	Form of Pledge Agreement
	Exhibit E	Form of Security Agreement
	Exhibit F	Form of Letter of Credit Request
	Exhibit G	Form of Credit Party Closing Certificate
	Exhibit H	Form of Assignment and Acceptance
	Exhibit I-1	Form of Promissory Note (Revolving Credit Loans)
	Exhibit I-2	Form of Promissory Note (Initial Term A Loans or Incremental Term Loans)
	Exhibit J-1	Form of Non-Bank Tax Certificate (For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit J-2	Form of Non-Bank Tax Certificate (For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit J-3	Form of Non-Bank Tax Certificate (For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit J-4	Form of Non-Bank Tax Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit K	Form of Conversion/Continuation Notice
	Exhibit L	Form of Compliance Certificate
	Exhibit M	Form of Solvency Certificate
	Exhibit N	Form of Prepayment Notice
	Exhibit O	Form of Notice of Borrowing

 

     

     

    

 

CREDIT AGREEMENT

 

CREDIT AGREEMENT, dated as
of August 9, 2021, among EW INTERMEDIATE HOLDCO, LLC, a Delaware limited liability company (“Holdings”), EW HOLDCO,
LLC, a Delaware limited liability company (the “Borrower”), the lending institutions from time to time parties hereto
(each a “Lender” and, collectively, the “Lenders”), and BANK OF AMERICA, N.A., as the Administrative
Agent, the Collateral Agent and a Letter of Credit Issuer (such terms and each other capitalized term used but not defined in this preamble
having the meaning provided in Section 1).

 

WHEREAS, (i) the Borrower
has requested that the Lenders extend credit in the form of Revolving Credit Loans made available to the Borrower at any time and from
time to time prior to the Revolving Credit Maturity Date in an aggregate principal amount at any time outstanding not in excess of $40,000,000
less the aggregate Letters of Credit Outstanding at such time, (ii) the Borrower has requested the Letter of Credit Issuer to issue
Letters of Credit in Dollars at any time and from time to time prior to the Letter of Credit Expiration Date, in an aggregate Stated Amount
at any time outstanding not in excess of $5,000,000 and (iii) the Borrower has requested that the Lenders extend credit in the form
of Initial Term A Loans to the Borrower on the Closing Date in an aggregate principal amount of $180,000,000; and

 

WHEREAS, the Lenders and Letter
of Credit Issuer are willing to make available to the Borrower such term, revolving credit and letter of credit facilities upon the terms
and subject to the conditions set forth herein.

 

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

 

Section 1.Definitions

 

1.1          Defined
Terms. As used herein, the following terms shall have the meanings specified in this Section 1.1 unless the context otherwise
requires (it being understood that defined terms in this Agreement shall include in the singular number the plural and in the plural
the singular):

 

“ABR” shall
mean for any day, a rate per annum equal to the greatest of (a) the rate of interest in effect for such day as publicly announced
from time to time by Bank of America as its “prime rate,” (b) the Federal Funds Effective Rate in effect on such day
plus 1⁄2 of 1% and (c) the Adjusted LIBOR Rate for a one month Interest Period on such day (or if such day is not a Business
Day, the immediately following Business Day) plus 1%; provided that for the purpose of this definition, the Adjusted LIBOR Rate
for any day shall be based on the LIBOR Screen Rate at approximately 11:00 a.m. London time determined two London Banking Days prior
to such day for Dollar deposits with a term of one month commencing that day. 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 ABR is being used as an alternate rate of interest pursuant to Section 2.10 (for the avoidance of doubt,
only until any amendment has become effective pursuant to Section 2.10(b)), then the ABR 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, if the ABR 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.

 

     

     

    

 

“ABR Loan”
shall mean each Loan bearing interest based on the ABR.

 

“Acquired EBITDA”
shall mean, with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary (any of the foregoing, a “Pro
Forma Entity”) for any period, the amount for such period of Consolidated EBITDA of such Pro Forma Entity, all as determined
on a consolidated basis for such Pro Forma Entity in accordance with GAAP.

 

“Acquired Entity
or Business” shall have the meaning provided in the definition of “Consolidated EBITDA.”

 

“Acquired Indebtedness”
shall mean, with respect to any specified Person, (i) Indebtedness of any other Person existing at the time such other Person is
merged, consolidated, or amalgamated with or into or became a Restricted Subsidiary of such specified Person, including Indebtedness incurred
in connection with, or in contemplation of, such other Person merging, consolidating, or amalgamating with or into or becoming a Restricted
Subsidiary of such specified Person, and (ii) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

 

“Adjusted LIBOR Rate”
shall mean, with respect to any Borrowing of LIBOR Loans for any Interest Period, an interest rate per annum (rounded upwards, if necessary,
to the next 1/16 of 1%) equal to (a) the LIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided
that, if the Adjusted LIBOR Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this
Agreement.

 

“Adjusted Total Initial
Term A Loan Commitment” shall mean at any time the Total Initial Term A Loan Commitment less the Initial Term A Loan Commitments
of all Defaulting Lenders.

 

“Adjusted Total Revolving
Credit Commitment” shall mean at any time the Total Revolving Credit Commitment less the aggregate Revolving Credit Commitments
of all Defaulting Lenders.

 

“Adjusted Total Term
Loan Commitment” shall mean at any time the Total Term Loan Commitment less the Term Loan Commitments of all Defaulting Lenders.

 

“Administrative Agent”
shall mean Bank of America, N.A., as the administrative agent for the Lenders under this Agreement and the other Credit Documents, or
any successor administrative agent pursuant to Section 12.9.

 

“Administrative Agent’s
Office” shall mean the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 13.2
or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders.

 

    	 	2	 

     

    

 

“Administrative Questionnaire”
shall have the meaning provided in Section 13.6(b)(ii)(D).

 

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

 

“Affiliate”
shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect
common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly,
the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting
securities, by contract or otherwise. For purposes of this Agreement and the other Credit Documents, Jefferies LLC and its Affiliates
shall be deemed to be Affiliates of Jefferies Finance LLC and its Affiliates.

 

“Agent Parties”
shall have the meaning provided in Section 13.17.

 

“Agents”
shall mean the Administrative Agent, the Collateral Agent and each Joint Lead Arranger and Bookrunner.

 

“Agreement”
shall mean this Credit Agreement, as the same may be amended, restated, amended and restated, extended, supplemented or otherwise modified
from time to time.

 

“Applicable Margin”
shall mean a percentage per annum equal to:

 

(a)          until
delivery of financial statements and a related Compliance Certificate for the fiscal quarter ending December 31, 2021 pursuant to
Section 9.1, (1) for LIBOR Loans, 3.00%, (2) for ABR Loans, 2.00%, and (3) for Letter of Credit Fees, 3.00%
per annum; and

 

(b)          thereafter,
the percentages per annum set forth in the table below, based upon the Consolidated Total Debt to Consolidated EBITDA Ratio as set forth
in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 9.1:

 

	Status	 	Letter of 
 Credit Fees	 	 	ABR Loans	 	 	LIBOR Loans	 
	Level I Status	 	 	3.50%	 	 	 	2.50%	 	 	 	3.50%	 
	Level II Status	 	 	3.00%	 	 	 	2.00%	 	 	 	3.00%	 
	Level III Status	 	 	2.50%	 	 	 	1.50%	 	 	 	2.50%	 
	Level IV Status	 	 	2.00%	 	 	 	1.00%	 	 	 	2.00%	 

 

Any
increase or decrease in the Applicable Margin resulting from a change in the Consolidated Total Debt to Consolidated EBITDA Ratio shall
become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 9.1(d).

 

    	 	3	 

     

    

 

Notwithstanding the foregoing,
(a) the Applicable Margin in respect of any Class of Extended Revolving Credit Commitments or any Extended Term Loans or Revolving
Credit Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the
relevant Extension Amendment and (b) the Applicable Margin in respect of any Class of Replacement Term Loans shall be the applicable
percentages per annum set forth in the relevant agreement.

 

Notwithstanding anything to
the contrary contained above in this definition or elsewhere in this Agreement, if it is subsequently determined that the Consolidated
Total Debt to Consolidated EBITDA Ratio set forth in any Compliance Certificate delivered to the Administrative Agent is inaccurate at
any time and the result thereof is that the Lenders received interest or fees for any period based on an Applicable Margin that is less
than that which would have been applicable had the Consolidated Total Debt to Consolidated EBITDA Ratio been accurately determined, then,
for all purposes of this Agreement, the Applicable Margin for any day occurring within the period covered by such Compliance Certificate
shall retroactively be deemed to be the relevant percentage as based upon the accurately determined Consolidated Total Debt to Consolidated
EBITDA Ratio for such period, and any shortfall in the interest or fees theretofore paid by the Borrower for the relevant period as a
result of the miscalculation of the Consolidated Total Debt to Consolidated EBITDA Ratio shall be deemed to be (and shall be) due and
payable, at the time the interest or fees for such period were required to be paid; provided that notwithstanding the foregoing,
so long as an Event of Default described in Section 11.5 has not occurred with respect to the Borrower, such shortfall shall
be due and payable within five Business Days following the written demand thereof by the Administrative Agent and no Default or Event
of Default shall be deemed to have occurred as a result of such non-payment until the expiration of such five Business Day period. In
addition, at any time (x) during which the Borrower shall have failed to deliver any of the Section 9.1 Financials by
the applicable date required under Section 9.1 or (y) that an Event of Default has occurred and is continuing, then,
in each such case, the Consolidated Total Debt to Consolidated EBITDA Ratio shall be deemed to be Level I Status, in each case, for the
purposes of determining the Applicable Margin (but only for so long as such failure or such Event of Default continues, after which such
ratio and Status shall be determined based on the then existing Consolidated Total Debt to Consolidated EBITDA Ratio). It is acknowledged
and agreed that, except as expressly set forth in the proviso to the first sentence of this paragraph, nothing in this definition will
limit the rights of the Administrative Agent and the Lenders under the Credit Documents, including Article VII herein.

 

“Approved Foreign
Bank” shall have the meaning provided in the definition of “Cash Equivalent.”

 

“Approved Fund”
shall mean any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) an entity
or an Affiliate of an entity that administers, advises or manages a Lender.

 

    	 	4	 

     

    

 

“ASC” shall
mean the Financial Accounting Standards Codification Topic.

 

“Asset Sale”
shall mean:

 

(i)          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) (each a “disposition”) of the Borrower or any Restricted Subsidiary,
or

 

(ii)         the
issuance or sale of Equity Interests of any Restricted Subsidiary (other than preferred stock of Restricted Subsidiaries issued in compliance
with Section 10.1), whether in a single transaction or a series of related transactions, in each case, other than:

 

(a)          any
disposition of Cash Equivalents or Investment Grade Securities or obsolete, worn out or surplus property or property (including leasehold
property interests) that is no longer economically practical in its business or commercially desirable to maintain or no longer used or
useful equipment in the ordinary course of business or any disposition of inventory, immaterial assets, or goods (or other assets) in
the ordinary course of business;

 

(b)          the
disposition of all or substantially all of the assets of the Borrower in a manner permitted pursuant to Section 10.3;

 

(c)          the
incurrence of Liens that are permitted to be incurred pursuant to Section 10.2 or the making of any Restricted Payment or
Permitted Investment that is permitted to be made, and is made, pursuant to Section 10.5;

 

(d)          any
disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series of transactions
with an aggregate Fair Market Value of less than the greater of (a) $3,000,000 and (b) 6.5% of TTM Consolidated EBITDA at the
time of such disposition;

 

(e)          any
disposition of property or assets or issuance of securities by (1) a Restricted Subsidiary to the Borrower or (2) the Borrower
or a Restricted Subsidiary to another Restricted Subsidiary; provided that to the extent that any disposition of property or assets
by a Credit Party to a non-Credit Party is made in exchange for less than Fair Market Value, the amount by which such property’s
or such asset’s Fair Market Value exceeds the consideration provided by the non-Credit Party shall be deemed an Investment that
must comply with Section 10.5;

 

(f)           to
the extent allowable under Section 1031 of the Code, or any comparable or successor provision, any exchange of like property (excluding
any boot thereon) for use in a Similar Business;

 

(g)          any
issuance, sale or pledge of Equity Interests in, or Indebtedness, or other securities of, an Unrestricted Subsidiary;

 

(h)          foreclosures,
condemnation, casualty or any similar action on assets (including dispositions in connection therewith);

 

    	 	5	 

     

    

 

(i)           sales
of Receivables Assets in connection with any Receivables Facility;

 

(j)           any
financing transaction with respect to property built or acquired by the Borrower or any Restricted Subsidiary after the Closing Date,
including Sale Leasebacks and asset securitizations permitted by this Agreement;

 

(k)          (1) any
surrender or waiver of contractual rights or the settlement, release, or surrender of contractual rights or other litigation claims, (2) the
termination or collapse of cost sharing agreements with the Borrower or any Subsidiary and the settlement of any crossing payments in
connection therewith, or (3) the settlement, discount, write off, forgiveness, or cancellation of any Indebtedness owing by any present
or former employees, directors, officers, managers, consultants or independent contractors of the Borrower (or any direct or indirect
parent company of the Borrower) or any Subsidiary or any of their successors or assigns;

 

(l)           the
disposition or discount of inventory, accounts receivable, or notes receivable or the conversion of accounts receivable to notes receivable,
in each case, in the ordinary course of business;

 

(m)         the
non-exclusive licensing, cross-licensing or sub-licensing of Intellectual Property (whether pursuant to franchise agreements or otherwise)
in the ordinary course of business;

 

(n)          the
unwinding of any Hedging Obligations or obligations in respect of Cash Management Services;

 

(o)          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;

 

(p)          the
expiration, lapse or abandonment of Intellectual Property rights in the ordinary course of business, which in the reasonable business
judgment of the Borrower is not material to the conduct of the business of the Borrower and its Restricted Subsidiaries taken as a whole;

 

(q)          the
issuance of directors’ qualifying shares and shares issued to foreign nationals as required by applicable law;

 

(r)           dispositions
of property to the extent that (1) such property is exchanged for credit against the purchase price of similar replacement property
that is promptly purchased or (2) the proceeds of such disposition are promptly applied to the purchase price of such replacement
property (which replacement property is actually promptly purchased);

 

    	 	6	 

     

    

 

(s)          other
than with respect to Intellectual Property, leases, assignments, subleases, licenses, or sublicenses, in each case in the ordinary course
of business and which do not materially interfere with the business of the Borrower and its Restricted Subsidiaries, taken as a whole;

 

(t)          Dispositions
of Franchises in the ordinary course of business;

 

(u)          Dispositions
of any European Wax Center location and related assets owned by the Borrower or any Restricted Subsidiary (and whether through the sale
of capital of any person owning such assets) to any Franchisee, or Persons who become Franchisees as a result of such transaction, so
long as no Event of Default shall exist or result therefrom; and

 

(v)          the
disposition of non-core assets acquired in connection with any Permitted Acquisition or Investment permitted hereunder.

 

“Asset Sale Prepayment
Event” shall mean any Asset Sale following the expiration of the Reinvestment Period allowed in Section 10.4; provided,
further, that with respect to any Asset Sale Prepayment Event, the Borrower shall not be obligated to make any prepayment otherwise
required by Section 5.2 unless and until the aggregate amount of Net Cash Proceeds from all such Asset Sale Prepayment Events,
after giving effect to the reinvestment rights set forth herein, exceeds the greater of (x) $5,000,000 and (y) 10.0% of TTM
Consolidated EBITDA (the “Prepayment Trigger”) in any fiscal year of the Borrower, but then from all such Net Cash
Proceeds (excluding amounts below the Prepayment Trigger).

 

“Assignment and Acceptance”
shall mean (i) an assignment and acceptance substantially in the form of Exhibit H, or such other form as may be approved
by the Administrative Agent and (ii) in the case of any assignment of Term Loans in connection with a Permitted Debt Exchange conducted
in accordance with Section 2.15, such form of assignment (if any) as may be agreed by the Administrative Agent and the Borrower
in accordance with Section 2.15(a).

 

“Assignment Taxes”
shall have the meaning provided in the definition of “Other Taxes.”

 

“Assumed Indebtedness”
shall mean, with respect to any specified Person, (i) Indebtedness of any other Person existing at the time such other Person is
merged, consolidated, or amalgamated with or into or became a Restricted Subsidiary of such specified Person or (ii) Indebtedness
assumed in connection with an Investment in or acquisition of such other Person, and, in each such case, which has not been incurred or
created in connection with, or in anticipation or contemplation of, such Investment, merger, consolidation, amalgamation with or into
a Restricted Subsidiary or such Person becoming a Restricted Subsidiary.

 

“Attributable Receivables
Indebtedness” shall mean, at any time, with respect to any Receivables Facility, (i) if such a Receivables Facility is
structured as a lending agreement or other similar agreement, the principal amount of the obligations outstanding thereunder at such time
or (ii) if such Receivables Facility is structured as a purchase agreement or other similar agreement, the principal amount of the
obligations that would be outstanding thereunder at such time if such Receivables Facility were structured as a lending agreement rather
than a purchase agreement or such other similar agreement (whether such amount is described as “capital” or otherwise). The
 “Attributable Receivables Indebtedness” for any Receivables Facility in connection with which the Borrower or any of its Restricted
Subsidiaries directly or indirectly sells or otherwise transfers Receivables Assets shall be deemed to be “Attributable Receivables
Indebtedness” of the Borrower.

 

    	 	7	 

     

    

 

“Auction Agent”
shall mean (i) the Administrative Agent or (ii) any other financial institution or advisor employed by the Borrower or any Subsidiary
(whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Permitted Debt Exchange pursuant
to Section 2.15; provided that the Borrower shall not designate the Administrative Agent as the Auction Agent without
the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree
to act as the Auction Agent); provided, further, that neither the Borrower nor any of its Subsidiaries may act as the Auction
Agent.

 

“Authorized Officer”
shall mean, with respect to any Person, any individual holding the position of chairman of the board (if an officer), the Chief Executive
Officer, the Chief Operating Officer, the President, the Chief Financial Officer, the Treasurer, the Controller, the Vice President-Finance,
a Senior Vice President or other similar officer, or, solely for purposes of the delivery of incumbency certificate pursuant to Section 6.1,
the Secretary or the Assistant Secretary or, solely for purposes of notices given pursuant to Section 2 or Section 5, any other
senior officer or agent with express authority to act on behalf of such Person so designated by any of the foregoing officers in a notice
to the Administrative Agent or designated in or pursuant to an agreement between such person and the Administrative Agent.

 

“Auto-Extension Letter
of Credit” shall have the meaning provided in Section 3.2(d).

 

“Available Amount”
shall have the meaning provided in Section 10.5(a)(4)(ii)

 

“Available Commitment”
shall mean an amount equal to the excess, if any, of (i) the amount of the Total Revolving Credit Commitment over (ii) the sum
of the aggregate principal amount of (a) all Revolving Credit Loans then outstanding and (b) the aggregate Letters of Credit
Outstanding at such time.

 

“Available Tenor”
shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current
Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise,
any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date.

 

“Bail-In Action”
shall mean 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”
shall mean, with respect to (a) 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 for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule and (b) 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).

 

    	 	8	 

     

    

 

“Bank of America”
shall mean Bank of America, N.A.

 

“Bankruptcy Code”
shall have the meaning provided in Section 11.5.

 

“Benchmark”
shall mean, initially, USD LIBOR; provided that if a replacement of the Benchmark has occurred pursuant to Section 2.10(b),
then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such
prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation
thereof.

 

“Benchmark Replacement”
shall mean:

 

		1.	For purposes of Section 2.10(b)(i) the first alternative set forth
below that can be determined by the Administrative Agent:

 

		a.	the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of
one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, 0.42826% (42.826 basis
points) for an Available Tenor of six-months’ duration, and 0.71513% (71.513 basis points) for an Available Tenor of twelve-months’
duration, or

 

		b.	the sum of: (i) Daily Simple SOFR and 0.26161% (26.161 basis points)

 

provided that, if
initially USD LIBOR is replaced with the rate contained in clause (b) above (Daily Simple SOFR plus the applicable spread adjustment)
and subsequent to such replacement, the Administrative Agent determines that Term SOFR has become available and is administratively feasible
for the Administrative Agent in its sole discretion, and the Administrative Agent notifies the Borrower and each Lender of such availability,
then from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in
each case, commencing no less than thirty (30) days after the date of such notice, the Benchmark Replacement shall be as set forth in
clause (a) above; and

 

		2.	For purposes of Section 2.10(b)(ii), the sum of (a) the alternate benchmark rate and (b) an
adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the
Borrower as the replacement Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable
recommendations made by a Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities at such time;

 

provided that, if the Benchmark
Replacement as determined pursuant to clause (1) or (2) above would be less than 0.00%, the Benchmark Replacement will be deemed
to be 0.00% for the purposes of this Agreement and the other Credit Documents.

 

    	 	9	 

     

    

 

Any Benchmark Replacement 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 Benchmark Replacement shall be applied in a manner as otherwise reasonably determined by the Administrative
Agent.

 

“Benchmark Replacement
Conforming Changes” shall mean,

 

with respect to any Benchmark Replacement, any
technical, administrative or operational changes (including changes to the definition of “ABR,” 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, the applicability and length of lookback periods, the
applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides
may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by
the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption
of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice
for the administration of 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 Credit Documents).

 

“Benchmark
Transition Event” shall mean, with respect to any then-current Benchmark other than USD LIBOR, the occurrence of a public
statement or publication of information by or on behalf of the administrator of the then-current Benchmark or a Governmental Authority
with jurisdiction over such administrator announcing or stating that all Available Tenors are or will no longer be representative, or
made available, or used for determining the interest rate of loans, or shall or will otherwise cease, provided that, at the time of such
statement or publication, there is no successor administrator that is satisfactory to the Administrative Agent, that will continue to
provide any representative tenors of such Benchmark after such specific date.

 

“Beneficial
Ownership Certification” shall mean a certification regarding beneficial ownership required by the Beneficial Ownership Regulation,
in form and substance substantially the same as the form of Certification Regarding Beneficial Owners of Legal Entity Customers published
jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.

 

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

 

“Benefit Plan”
shall mean 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”
shall have the meaning provided in Section 13.8(a).

 

    	 	10	 

     

    

 

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

 

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

 

“Borrower”
shall have the meaning provided in the preamble hereto.

 

“Borrower Materials”
shall have the meaning provided in Section 13.17.

 

“Borrowing”
shall mean Loans of the same Class and Type, made, converted, or continued on the same date and, in the case of LIBOR Loans, as to
which a single Interest Period is in effect.

 

“Business Day”
shall mean any day excluding Saturday, Sunday, and any other day on which banking institutions in New York City are authorized by law
or other governmental actions to close, and, if such day relates to any interest rate settings as to a LIBOR Loan, any fundings, disbursements,
settlements, and payments in respect of any such LIBOR Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement
in respect of any such LIBOR Loan, such day shall be a day on which dealings in deposits in Dollars are conducted by and between banks
in the applicable London interbank market.

 

“Capital
Expenditures” shall mean, for any period, the aggregate of all expenditures (whether paid in cash or other consideration, or
accrued as a liability), during such period for the acquisition, leasing (pursuant to a Capital Lease), construction, replacement, repair,
substitution or improvement of fixed assets or additions to equipment (excluding capitalized interest to the extent included in Consolidated
Interest Expense) that, in conformity with GAAP, are required to be capitalized on the consolidated balance sheet of Holdings and its
Subsidiaries but excluding (a) expenditures made in connection with the replacement, substitution, restoration or repair of assets
to the extent financed with insurance proceeds paid on account of the loss of or damage to the assets being replaced, restored or repaired,
(b) expenditures financed with awards of compensation arising from the taking by eminent domain or condemnation of the assets being
replaced, to the extent any such amounts are actually applied to repair or reconstruct the damaged property or property affected by such
loss, damage, taking or condemnation, (c) interest capitalized during construction and (d) any expenditure to the extent, for
purposes of the definition of “Permitted Acquisition”, such expenditure is part of the aggregate amounts payable in connection
with, or other consideration for, any Permitted Acquisition consummated during or prior to such period.

 

“Capital Lease”
shall mean, as applied to any Person, any lease of any property (whether real, personal, or mixed) by that Person as lessee that, in conformity
with GAAP, is, or is required to be, accounted for as a capital lease or finance lease on the balance sheet of that Person; provided
that all leases of any Person that are or would be characterized as operating leases in accordance with GAAP for the purposes of the consolidated
balance sheet and the related consolidated statements of operations and cash flows of the Borrower and its Restricted Subsidiaries for
the fiscal year ended December 31, 2019 (whether or not such operating leases were in effect on such date) shall continue to be accounted
for as operating leases (and not as Capital Leases) for purposes of this Agreement regardless of any change in GAAP following such date
that would otherwise require such leases to be recharacterized as Capital Leases.

 

    	 	11	 

     

    

 

“Capital Stock”
shall mean (i) in the case of a corporation, corporate stock, (ii) in the case of an association or business entity, any and
all shares, interests, participations, rights, or other equivalents (however designated) of corporate stock, (iii) in the case of
a partnership or limited liability company, partnership or membership interests (whether general or limited), and (iv) 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 (it being understood and agreed, for the avoidance of doubt, that “cash-settled phantom appreciation programs”
in connection with employee benefits that do not require a dividend or distribution shall not constitute Capital Stock).

 

“Capitalized Lease
Obligation” shall mean, at the time any determination thereof is to be made, the amount of the liability in respect of a Capital
Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto)
prepared in accordance with GAAP; provided that all obligations of any Person that are or would be characterized as operating lease
obligations in accordance with GAAP for the purposes of the consolidated balance sheet and the related consolidated statements of operations
and cash flows of the Borrower and its Restricted Subsidiaries for the fiscal year ended December 31, 2019 (whether or not such operating
lease obligations were in effect on such date) shall continue to be accounted for as operating lease obligations (and not as Capitalized
Lease Obligations) for purposes of this Agreement regardless of any change in GAAP following such date that would otherwise require such
obligations to be recharacterized as Capitalized Lease Obligations.

 

“Capitalized
Software Expenditures” shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities)
by the Borrower and its Restricted Subsidiaries during such period in respect of purchased software or internally developed software and
software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance
sheet of the Borrower and its Restricted Subsidiaries.

 

“Cash
Collateralize” shall mean to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more
of the Letter of Credit Issuers or the Lenders, as collateral for L/C Obligations or obligations of the Revolving Credit Lenders to fund
participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the applicable Letter
of Credit Issuer shall agree in their sole discretion, other credit support. “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”
shall mean:

 

(i)          Dollars,

 

(ii)         (a) Euro,
Sterling, Yen, Swiss Francs, Canadian Dollars, or any national currency of any Participating Member State in the European Union or (b) local
currencies held from time to time in the ordinary course of business,

 

(iii)        securities
issued or directly and fully and unconditionally guaranteed or insured by the United States government or any country that is a member
state of the European Union or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full
faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition,

 

    	 	12	 

     

    

 

(iv)        certificates
of deposit, time deposits, and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances with maturities not exceeding one year, and overnight bank deposits, in each case with any commercial bank having capital
and surplus of not less than $100,000,000,

 

(v)         repurchase
obligations for underlying securities of the types described in clauses (iii), (iv), and (ix) entered into with
any financial institution meeting the qualifications specified in clause (iv) above,

 

(vi)        commercial
paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each case maturing within 24 months after the date of creation
thereof,

 

(vii)        marketable
short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively
(or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized
ratings agency) and in each case maturing within 24 months after the date of creation or acquisition thereof,

 

(viii)       readily
marketable direct obligations issued by any state, commonwealth, or territory of the United States or any political subdivision or taxing
authority thereof having one of the two highest rating categories obtainable from either Moody’s or S&P with maturities of 24
months or less from the date of acquisition,

 

(ix)         Indebtedness
or preferred stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s
with maturities of 24 months or less from the date of acquisition,

 

(x)          solely
with respect to any Foreign Subsidiary: (a) obligations of the national government of the country in which such Foreign Subsidiary
maintains its chief executive office and principal place of business provided such country is a member of the Organization for
Economic Cooperation and Development, in each case maturing within one year after the date of investment therein, (b) certificates
of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is organized and existing under the laws of the
country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country
is a member of the Organization for Economic Cooperation and Development (any such bank being an “Approved Foreign Bank”),
and in each case with maturities of not more than 24 months from the date of acquisition, and (c) the equivalent of demand deposit
accounts which are maintained with an Approved Foreign Bank, in each case, customarily used by corporations for cash management purposes
in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by such Foreign
Subsidiary organized in such jurisdiction,

    	 	13	 

     

    

 

(xi)         in
the case of investments by any Foreign Subsidiary or investments made in a country outside the United States, Cash Equivalents shall also
include investments of the type and maturity described in clauses (i) through (ix) above of foreign obligors,
which investments have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies, and

 

(xii)        investment
funds investing 90% of their assets in securities of the types described in clauses (i) through (ix) above.

 

Notwithstanding the foregoing,
Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (i) and (ii) above;
provided that such amounts are converted into any currency listed in clauses (i) and (ii) as promptly as
practicable and in any event within ten Business Days following the receipt of such amounts.

 

For
the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes
under the Credit Documents regardless of the treatment of such items under GAAP.

 

“Cash Interest Expense”
means, with respect to the Borrower and its Subsidiaries on a consolidated basis for any period, Consolidated Interest Expense for such
period to the extent such amounts are paid in cash or Cash Equivalents for such period; provided, that Cash Interest Expense shall
exclude any one time financing fees and interest-rate cap premiums, including those paid in connection with this Agreement (or any amendment
of this Agreement) and, without duplication of amounts deducted in calculating Consolidated Interest Expense, shall be net of any cash
interest income received by the Borrower and its Subsidiaries during such period.

 

“Cash Management
Agreement” shall mean any agreement or arrangement to provide Cash Management Services.

 

“Cash Management
Bank” shall mean (i) any Person that, at the time it enters into a Cash Management Agreement with the Borrower or any Restricted
Subsidiary, is an Agent or a Lender or an Affiliate of an Agent or a Lender or (ii) with respect to any Cash Management Agreement
with the Borrower or any Restricted Subsidiary entered into prior to the Closing Date, any Person that is a Lender or an Affiliate of
a Lender on the Closing Date.

 

“Cash Management
Services” shall mean any one or more of the following types of services or facilities: (i) commercial credit cards, merchant
card services, purchase or debit cards, including non-card e-payables services, employee credit card programs or electronic funds transfer
services, (ii) treasury management services (including controlled disbursement, overdraft automatic clearing house fund transfer
services, return items, and interstate depository network services), (iii) any other demand deposit or operating account relationships
or other cash management services, including pursuant to any Cash Management Agreements and (iv) other services related, ancillary
or complementary to the foregoing.

 

“Casualty Event”
shall mean, with respect to any property of any Person, any loss of or damage to, or any condemnation or other taking by a Governmental
Authority of, such property for which such Person or any of its Restricted Subsidiaries receives insurance proceeds or proceeds of a condemnation
award in respect of any such property (including any improvements thereon) to replace or repair such property; provided that with
respect to any Casualty Event, the Borrower shall not be obligated to make any prepayment otherwise required by Section 5.2
unless and until the aggregate amount of Net Cash Proceeds from all such Casualty Events, after giving effect to the reinvestment rights
set forth herein, exceeds the greater of (x) $3,000,000 and (y) 6.5% of TTM Consolidated EBITDA (the “Casualty Prepayment
Trigger”) in any fiscal year of the Borrower but then from all such Net Cash Proceeds (excluding amounts below the Casualty
Prepayment Trigger).

 

    	 	14	 

     

    

 

“Casualty Prepayment
Trigger” shall have the meaning provided in the definition of “Casualty Event.”

 

“CFC” shall
mean a Subsidiary that is a “controlled foreign corporation” within the meaning of Section 957 of the Code.

 

“CFC Holding Company”
shall mean a Subsidiary that owns no material assets (directly or through subsidiaries) other than Equity Interests (including, for this
purpose, any debt or other instrument treated as equity for U.S. federal income tax purposes) of one or more Foreign Subsidiaries that
are CFCs.

 

“Change in Law”
shall mean (i) the adoption of any law, treaty, order, policy, rule, or regulation after the Closing Date, (ii) any change in
any law, treaty, order, policy, rule, or regulation or in the interpretation or application thereof by any Governmental Authority after
the Closing Date or (iii) compliance by any Lender with any guideline, request, directive, or order issued or made after the Closing
Date by any central bank or other Governmental or quasi-Governmental Authority (whether or not having the force of law), provided
that, for avoidance of doubt, any such adoption, change or compliance in respect of (a) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, regulations, guidelines, or directives thereunder or issued in connection therewith and (b) all
requests, rules, guidelines, requirements, 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 pursuant to Basel
III, in each case to the extent issued or becoming effective after the Closing Date shall be deemed to have gone into effect after the
Closing Date, regardless of the date of the enabling or underlying legislation or agreements.

 

“Change of Control”
shall mean and be deemed to have occurred (a) upon the failure of Holdings, directly or indirectly through wholly-owned Subsidiaries
that are Guarantors, to own all the Equity Interests in the Borrower or (b) if any Person, entity, or “group” (within
the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended), other than the Permitted Holders,
shall at any time have acquired direct or indirect beneficial ownership of a percentage of the voting power of the outstanding Voting
Stock of Holdings that exceeds 40% thereof, unless the Permitted Holders have, at such time, the right or the ability by voting power,
contract, or otherwise to elect or designate for election at least a majority of the board of directors (or other similar governing body)
of Holdings. For the purpose of this definition, at any time when a majority of the outstanding Voting Stock of Holdings is directly or
indirectly owned by a Parent Entity or, if applicable, a Parent Entity acts as the manager, managing member or general partner of Holdings,
references in this definition to “Holdings” shall be deemed to refer to the ultimate Parent Entity that directly or indirectly
owns such Voting Stock or acts as (or, if applicable, is a Parent Entity that directly or indirectly owns a majority of the outstanding
Voting Stock of) such manager, managing member or general partner. For purposes of this definition, (i) “beneficial ownership”
shall be as defined in Rules 13(d)-3 and 13(d)-5 under the Securities Exchange Act, (ii) the phrase Person or “group”
is within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act, but excluding any employee benefit plan
of such Person or “group” and its subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary
or administrator of any such plan, and (iii) a Person or group shall not be deemed to beneficially own Voting Stock subject to a
stock or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or voting or option or
similar agreement related thereto) until the consummation of the acquisition of such Voting Stock in connection with the transactions
contemplated by such agreement.

 

    	 	15	 

     

    

 

“Claims”
shall have the meaning provided in the definition of “Environmental Claims.”

 

“Class”
(i) when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are
Revolving Credit Loans, Incremental Revolving Credit Loans, Initial Term A Loans, Incremental Term Loans, Extended Term
Loans (of the same Extension Series), Replacement Term Loans, Extended Revolving Credit Loans (of the same Extension Series) and (ii) when
used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment, an Incremental Revolving Credit
Commitment, an Extended Revolving Credit Commitment (of the same Extension Series), an Initial Term A Loan Commitment or an Incremental
Term Loan Commitment.

 

“Closing Date”
shall mean August 9, 2021.

 

“Closing
Date Refinancing” shall mean the repayment in full of, and the termination of all obligations and commitments under (including
the release of all guarantees and the termination of all liens and security interests related thereto) the Existing Credit Agreement and
termination and/or release of any security interests and guarantees in connection therewith (in each case other than in respect of letters
of credit that are back-stopped by letter(s) of credit issued under this Agreement or cash collateralized by the Borrower, contingent
indemnification and expense reimbursement claims or other contingent obligations not then due and payable).

 

“CMF
Subsidiary” means EWC MFund, LLC, EWC Co-Op Fund, LLC and any other Restricted Subsidiary of the Borrower formed for the purpose
of maintaining marketing and advertising funds contributed by Franchisees of a franchise system operated by the Borrower of any of its
Restricted Subsidiaries.

 

“Co-Investors”
means each of (a) the Sponsor, (b) the Management Investors, (c) the Founders, and (d) any other investors who, in
each case, are disclosed to the Joint Lead Arrangers and Bookrunners on or prior to the Closing Date and their respective Permitted Transferees,
in each case of the foregoing, excluding any of their respective portfolio companies.

 

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

 

“Collateral”
shall mean all property pledged or mortgaged or purported to be pledged or mortgaged pursuant to the Security Documents, excluding in
all events Excluded Property.

 

“Collateral Agent”
shall mean Bank of America, N.A., as collateral agent under the Credit Documents, or any successor collateral agent pursuant to Section 12.9.

 

    	 	16	 

     

    

 

“Commitments”
shall mean, with respect to each Lender (to the extent applicable), such Lender’s Revolving Credit Commitment, Incremental
Revolving Credit Commitment, Extended Revolving Credit Commitment, Initial Term A Loan Commitment and/or Incremental Term Loan Commitment.

 

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

 

“Common
Marketing Funds” means those funds collected from time to time by the Borrower and its Restricted Subsidiaries from those Persons,
including Restricted Subsidiaries of the Borrower, operating European Wax Center locations that are earmarked for the use by the Borrower
and its Restricted Subsidiaries for use in general or cooperative marketing funds on a collective basis, for the benefit of European Wax
Center locations and overall brand awareness, as applicable and as further described in the Franchise Agreements.

 

“Communications”
shall have the meaning provided in Section 13.17.

 

“Compliance Certificate”
shall mean a certificate of a responsible financial or accounting officer of the Borrower delivered pursuant to Section 9.1(d) for
the applicable Test Period substantially in the form of Exhibit L.

 

“Confidential Information”
shall have the meaning provided in Section 13.16.

 

“Consolidated Depreciation
and Amortization Expense” shall mean with respect to any Person for any period, the total amount of depreciation and amortization
expense, including the amortization of deferred financing fees or costs, debt issuance costs, commissions, fees, and expenses, capitalized
expenditures (including Capitalized Software Expenditures) and the amortization of original issue discount resulting from the issuance
or incurrence of Indebtedness at less than par of such Person and its Restricted Subsidiaries for such period on a consolidated basis
and otherwise determined in accordance with GAAP.

 

“Consolidated EBITDA”
shall mean, with respect to any Person and its Restricted Subsidiaries on a consolidated basis for any period, the Consolidated Net Income
of such Person and its Restricted Subsidiaries for such period:

 

		(i)	increased (without duplication)
by:

 

(a)          provision
for Taxes based on income, revenue or profits or capital, including, without limitation, U.S. federal, state, local, non-U.S., franchise,
excise, value added, and similar Taxes and withholding Taxes of such Person and its Restricted Subsidiaries paid or accrued during such
period, including any penalties and interest related to such Taxes or arising from any Tax examinations, and, without duplication, any
Permitted Tax Distributions, in each case to the extent the same were deducted (and not added back) in computing such Consolidated Net
Income, plus

 

(b)          Consolidated
Interest Expense and cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Stock of such
Person and its Restricted Subsidiaries for such period (including (1) net losses on Hedging Obligations or other derivative instruments
entered into for the purpose of hedging interest rate risk and (2) costs of surety bonds in connection with financing activities,
in each case, to the extent included in Fixed Charges), together with items excluded from the definition of “Consolidated Interest
Expense” and any non-cash interest expense, in each case to the extent the same were deducted (and not added back) in computing
such Consolidated Net Income, plus

 

    	 	17	 

     

    

 

(c)          Consolidated
Depreciation and Amortization Expense of such Person and its Restricted Subsidiaries for such period to the extent the same were deducted
(and not added back) in computing such Consolidated Net Income, plus

 

(d)          any
expenses, fees, charges, or losses (other than depreciation or amortization expense) related to any Equity Offering, Permitted Investment,
Restricted Payments, acquisition, disposition, recapitalization, SEC registration, or the incurrence of Indebtedness permitted to be incurred
by this Agreement (including a refinancing thereof) (whether or not consummated and including any such transaction consummated prior to
the Closing Date), including (1) such fees, expenses, or charges related to the incurrence of the Loans hereunder and all Transaction
Expenses, (2) such fees, expenses, or charges related to the Credit Documents and the Credit Facilities or any other credit facilities
or debt issuances, and (3) any amendment or other modification of the Loans hereunder, or other Indebtedness, in each case, deducted
(and not added back) in computing Consolidated Net Income, plus

 

(e)          any
other non-cash charges, including any write offs, write downs, expenses, losses, any effects of adjustments resulting from the application
of purchase accounting, purchase price accounting (including any step-up in inventory and loss of profit on the acquired inventory) or
other items to the extent the same were deducted (and not added back) in computing Consolidated Net Income (provided that if any
such non-cash charges 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 deducted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that
was paid in a prior period), plus

 

(f)           [reserved],
plus

 

(g)          the
amount of any indemnities and expenses paid or accrued in such period to the Sponsor and the amount of board of director fees and expenses
(including out-of-pocket fees and expenses) paid or accrued in such period, in each case to the extent the same were deducted (and not
added back) in computing such Consolidated Net Income, plus

 

(h)          costs
of surety bonds, letters of credit, bank guarantees and similar interests incurred in such period in connection with financing activities,
in each case to the extent the same were deducted (and not added back) in computing such Consolidated Net Income, plus

 

    	 	18	 

     

    

 

(i)           the
amount of reasonably identifiable and factually supportable “run-rate” cost savings, operating expense reductions and synergies
that are projected by the Borrower in good faith to result from actions either taken or expected to be taken within 18 months of the determination
to take such action, net of the amount of actual benefits realized prior to or during such period from such actions (which cost savings,
operating expense reductions and synergies shall be calculated on a Pro Forma Basis as though such cost savings, operating expense reductions
or synergies had been realized on the first day of such period); provided that the aggregate amount added to Consolidated Net Income
pursuant to this clause (i), together with any amounts added pursuant to clause (q) below and Pro Forma Adjustments
made pursuant to the definition of “Pro Forma Adjustment” or Section 1.12(b), in any period of four consecutive
fiscal quarters shall not exceed 30.0% of Consolidated EBITDA for such period (determined after giving effect to all such amounts added
to Consolidated Net Income); provided that such cap shall not apply to (A) any amounts evidenced in a quality of earnings report
obtained for any transaction prepared by a nationally recognized accounting firm that is reasonably acceptable to the Administrative Agent
(it being agreed that any of the “Big Four” accounting firms is acceptable to the Administrative Agent) or (B) any pro
forma adjustments determined on a basis consistent with Article 11 or Regulation S-X promulgated under the Exchange Act and as interpreted
by the staff of the Securities and Exchange Commission (or any successor agency), plus

 

(j)           the
amount of loss or discount on sale of Receivables Assets to a Receivables Subsidiary in connection with a Receivables Facility, plus

 

(k)          any
costs or expense incurred by Holdings or a Restricted Subsidiary pursuant to any equity incentive plan, management equity plan or stock
option or phantom equity plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement,
to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of Holdings or net cash proceeds of
an issuance of Equity Interests of Holdings (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded
from the calculation set forth in clause (ii) of Section 10.5(a) and have not been relied on for purposes
of any incurrence of Indebtedness pursuant to clause (l)(i) of Section 10.1, in each case to the extent the same
were deducted (and not added back) in computing such Consolidated Net Income, plus

 

(l)           the
amount of expenses relating to payments made to option, phantom equity or profits interest holders of such Person or any direct or indirect
parent company of such Person in connection with, or as a result of, any distribution being made to shareholders of such Person or its
direct or indirect parent companies, which payments are being made to compensate such option, phantom equity or profits interest holders
as though they were shareholders at the time of, and entitled to share in, such distribution, in each case to the extent permitted under
this Agreement and expenses relating to distributions made to equity holders of such Person or its direct or indirect parent companies
resulting from the application of Financial Accounting Standards Codification Topic 718— Compensation – Stock Compensation
(formerly Financial Accounting Standards Board Statement No. 123 (Revised 2004)), in each case to the extent the same were deducted
(and not added back) in computing such Consolidated Net Income, plus

 

    	 	19	 

     

    

 

(m)         with
respect to any joint venture that is not a Restricted Subsidiary (other than any joint venture that is an Unrestricted Subsidiary), an
amount equal to the proportion of those items described in clauses (a) and (c) above relating to such joint venture
corresponding to the Borrower’s and the Restricted Subsidiaries’ proportionate share of such joint venture’s Consolidated
Net Income (determined as if such joint venture were a Restricted Subsidiary), plus

 

(n)          costs
associated with, or in anticipation of, or preparation for, compliance with the requirements of the Sarbanes-Oxley Act of 2002 and the
rules and regulations promulgated in connection therewith and Public Company Costs to the extent the same were deducted (and not
added back) in computing such Consolidated Net Income, plus

 

(o)          [reserved],
plus

 

(p)          to
the extent not already included in Consolidated Net Income, any expenses and charges that are reimbursed by indemnification or other similar
provisions in connection with any investment or any sale, conveyance, transfer, or other Asset Sale of assets permitted hereunder, plus

 

(q)          the
amount of any losses (other than lost revenues), charges and expenses attributable to the COVID-19 pandemic not to exceed $3,000,000 in
the aggregate for any four fiscal quarter period, in each case, to the extent the same were deducted (and not added back) in computing
such Consolidated Net Income; provided that the aggregate amount added to Consolidated Net Income pursuant to this clause (q),
together with any amounts added pursuant to clause (i) above and Pro Forma Adjustments made pursuant to the definition of
 “Pro Forma Adjustments” or Section 1.12(b), in any period of four consecutive fiscal quarters shall not exceed
30.0% of Consolidated EBITDA for such period (determined after giving effect to all such amounts added to Consolidated Net Income), plus

 

(r)           expenses
consisting of internal software development costs that are expensed during the period but could have been capitalized under alternative
accounting policies in accordance with GAAP, in each case to the extent the same were deducted (and not added back) in computing such
Consolidated Net Income, plus

 

(s)          to
the extent covered by insurance or indemnification and actually reimbursed, or, so long as the Borrower has made a determination that
there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent
that such amount is (a) not denied by the applicable carrier or indemnifying party in writing within 180 days and (b) in fact
reimbursed within 365 days of the date of the determination by the Borrower that there exists such evidence (with a deduction for any
amount so added back to the extent not so reimbursed within 365 days), losses and expenses with respect to liability or casualty events
or business interruption, in each case to the extent the same were deducted (and not added back) in computing such Consolidated Net Income,
plus

 

    	 	20	 

     

    

 

(t)           adjustments
reflected in or of a similar nature to those contained in the Sponsor Model, in each case to the extent the same were deducted (and not
added back) in computing such Consolidated Net Income, plus

 

(u)          [reserved];
plus

 

(v)          cash
expenses relating to earn-outs and similar obligations otherwise included in the definition of “Indebtedness”, in each case
to the extent the same were deducted (and not added back) in computing such Consolidated Net Income; and

 

		(ii)	decreased by (without duplication):

 

(a)          non-cash
gains increasing Consolidated Net Income of such Person and its Restricted Subsidiaries for such period, excluding any non-cash gains
which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced Consolidated EBITDA in any
prior period other than non-cash gains relating to the application of Financial Accounting Standards Codification Topic 840— Leases
(formerly Financial Accounting Standards Board Statement No. 13); provided that, to the extent non-cash gains are deducted
pursuant to this clause (ii)(a) for any previous period and not otherwise added back to Consolidated EBITDA, Consolidated
EBITDA shall be increased by the amount of any cash receipts (or any netting arrangements resulting in reduced cash expenses) in respect
of such non-cash gains received in subsequent periods to the extent not already included therein; and

 

		(iii)	increased or decreased by (without
duplication):

 

(a)          any
net gain or loss resulting in such period from currency gains or losses related to Indebtedness, intercompany balances, and other balance
sheet items, plus or minus, as the case may be, plus

 

(b)          any
net gain or loss resulting in such period from Hedging Obligations, and the application of Financial Accounting Standards Codification
Topic 815—Derivatives and Hedging (ASC 815) (formerly Financing Accounting Standards Board Statement No. 133), and its related
pronouncements and interpretations, or the equivalent accounting standard under GAAP or an alternative basis of accounting applied in
lieu of GAAP.

 

    	 	21	 

     

    

 

For the avoidance of doubt:

 

(i)          to
the extent included in Consolidated Net Income, there shall be excluded in determining Consolidated EBITDA for any period any adjustments
resulting from the application of ASC 815 and its related pronouncements and interpretations, or the equivalent accounting standard under
GAAP or an alternative basis of accounting applied in lieu of GAAP,

 

(ii)         there
shall be included in determining Consolidated EBITDA for any period, without duplication, (1) the Acquired EBITDA of any Person or
business, or attributable to any property or asset acquired by the Borrower or any Restricted Subsidiary during such period (but not the
Acquired EBITDA of any related Person or business or any Acquired EBITDA attributable to any assets or property, in each case to the extent
not so acquired) to the extent not subsequently sold, transferred, abandoned, or otherwise disposed by the Borrower or such Restricted
Subsidiary during such period (each such Person, business, property, or asset acquired and not subsequently so disposed of, an “Acquired
Entity or Business”) and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during
such period (each, a “Converted Restricted Subsidiary”), based on the actual Acquired EBITDA of such Acquired Entity
or Business or Converted Restricted Subsidiary for such period (including the portion thereof occurring prior to such acquisition or conversion)
and (2) an adjustment in respect of each Acquired Entity or Business equal to the amount of the Pro Forma Adjustment with respect
to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition); and

 

(iii)        to
the extent included in Consolidated Net Income, there shall be excluded in determining Consolidated EBITDA for any period the Disposed
EBITDA of any Person, property, business, or asset sold, transferred, abandoned, or otherwise disposed of, closed or classified as discontinued
operations by the Borrower or any Restricted Subsidiary during such period (each such Person, property, business, or asset so sold or
disposed of, a “Sold Entity or Business”), and the Disposed EBITDA of any Restricted Subsidiary that is converted into
an Unrestricted Subsidiary during such period (each, a “Converted Unrestricted Subsidiary”) based on the actual Disposed
EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior
to such sale, transfer, or disposition or conversion); provided that for the avoidance of doubt, notwithstanding any classification
under GAAP of any Person or business in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued
operations, the Disposed EBITDA of such Person or business shall not be excluded pursuant to this paragraph until such disposition shall
have been consummated.

 

    	 	22	 

     

    

 

“Consolidated
Interest Expense” shall mean the sum of (1) cash interest expense (including that attributable to Capitalized Lease Obligations),
net of cash interest income of such Person and its Restricted Subsidiaries with respect to all outstanding Indebtedness of such Person
and its Restricted Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit
and bankers’ acceptance financing and net costs under hedging agreements, plus (2) non-cash interest expense resulting solely
from the net amortization of original issue discount and original issuance premium from the issuance or incurrence of Indebtedness of
such Person and its Restricted Subsidiaries, but excluding, for the avoidance of doubt, (a) amortization of deferred financing costs,
debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest other than referred to in clause (2) above
(including as a result of the effects of acquisition method accounting or pushdown accounting), (b) non-cash interest expense attributable
to the movement of the mark-to-market valuation of Indebtedness or obligations under Hedging Obligations or other derivative instruments
pursuant to FASB Accounting Standards Codification Topic 815—Derivatives and Hedging, (c) any one-time cash costs associated
with breakage in respect of hedging agreements for interest rates, (d) commissions, discounts, yield, make-whole premium and other
fees and charges (including any interest expense) incurred in connection with any Receivables Facility, (e) any “additional
interest” owing pursuant to a registration rights agreement with respect to any securities, (f) any payments with respect to
make-whole premiums or other breakage costs of any Indebtedness, (g) penalties and interest relating to Taxes, (h) accretion
or accrual of discounted liabilities not constituting Indebtedness, (i) interest expense attributable to a direct or indirect parent
entity resulting from push-down accounting, (j) any expense resulting from the discounting of Indebtedness in connection with the
application of recapitalization or purchase accounting, and (k) any interest expense attributable to the exercise of appraisal rights
and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto and with respect to the Transactions,
any acquisition or Investment permitted hereunder, all as calculated on a consolidated basis.

 

For purposes of this definition,
interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the
rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

 

“Consolidated Net
Income” shall mean, with respect to any Person and its Restricted Subsidiaries on a consolidated basis for any period, Net Income
of such Person and its Restricted Subsidiaries for such period determined in accordance with GAAP; provided that, without duplication,

 

(i)          extraordinary,
non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including any unusual or non-recurring
operating expenses directly attributable to the implementation of cost savings initiatives and any accruals or reserves in respect of
any extraordinary, non-recurring or unusual items), severance, relocation costs, integration and opening and pre-opening costs and other
business optimization expenses (including related to new product introductions, entry into new markets and other strategic or cost savings
initiatives, including the Ignite point-of-sale software platform), charges attributable to start-up of the E-commerce platform (excluding
routine maintenance of the same incurred after start-up), charges attributable to start-up of the Wax 2.0 enhanced service product offering
launch (including product sampling, pre-launch media expenses, field training expenses and expenses associated with pilot-testing or trials),
restructuring charges, accruals or reserves (including restructuring and integration costs related to acquisitions and adjustments to
existing reserves), signing costs, retention or completion bonuses, other executive recruiting and retention costs, transition costs,
costs related to closure/consolidation of facilities or treatment locations and curtailments or modifications to pension and post retirement
employee benefit plans (including any settlement of pension liabilities and charges resulting from changes in estimates, valuations and
judgments), shall be excluded,

 

    	 	23	 

     

    

 

(ii)         the
Net Income for such period shall not include the cumulative effect of a change in accounting principles and changes as a result of the
adoption or modification of accounting policies during such period,

 

(iii)        any
gain (loss) (less all fees and expenses relating thereto) on asset sales, disposals or abandonments (other than asset sales, disposals
or abandonments in the ordinary course of business) or discontinued operations (but if such operations are classified as discontinued
due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually
disposed of), shall be excluded,

 

(iv)        any
after-Tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions or abandonments other
than in the ordinary course of business, as determined in good faith by the board of directors of the Borrower, shall be excluded,

 

(v)         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, shall be excluded; provided that Consolidated Net Income 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 or Cash Equivalents) to the referent
Person or a Restricted Subsidiary thereof in respect of such period,

 

(vi)        [reserved],

 

(vii)       effects
of adjustments (including the effects of such adjustments pushed down to the Borrower and its Restricted Subsidiaries) in any line item
in such Person’s consolidated financial statements required or permitted by Financial Accounting Standards Codification Topic 805
 – Business Combinations and Topic 350 – Intangibles-Goodwill and Other (ASC 805 and ASC 350) (formerly Financial Accounting
Standards Board Statement Nos. 141 and 142, respectively) resulting from the application of purchase accounting, including in relation
to the Transactions and any acquisition that is consummated after the Closing Date or the amortization or write-off of any amounts thereof,
net of Taxes, shall be excluded,

 

(viii)      (a) any
after-Tax effect of income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments
(including deferred financing costs written off and premiums paid), (b) any non-cash income (or loss) related to currency gains or
losses related to Indebtedness, intercompany balances, and other balance sheet items and to Hedging Obligations pursuant to ASC 815 (or
such successor provision), and (c) any non-cash expense, income, or loss attributable to the movement in mark to market valuation
of foreign currencies, Indebtedness, or derivative instruments pursuant to GAAP, shall be excluded,

 

    	 	24	 

     

    

 

(ix)         any
impairment charge, asset write-off, or write-down pursuant to ASC 350 and Financial Accounting Standards Codification Topic 360 –
Impairment and Disposal of Long-Lived Assets (ASC 360) (formerly Financial Accounting Standards Board Statement Nos. 142 and 144, respectively)
and the amortization of intangibles arising pursuant to ASC 805 shall be excluded,

 

(x)         (a) any
non-cash compensation expense recorded from or in connection with any share-based compensation arrangements, including grants of stock
appreciation or similar rights, incentive equity, phantom equity, stock options units, restricted stock, capital or profits interests
or other rights to employees, directors, officers, managers, consultants or independent contractors and (b) non-cash income (loss)
attributable to deferred compensation plans or trusts, shall be excluded,

 

(xi)         any
fees and expenses 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, issuance of Equity Interests, refinancing transaction or amendment
or modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such
transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any
such transaction shall be excluded,

 

(xii)        accruals
and reserves (including contingent liabilities) that are established or adjusted within twelve months after the Closing Date that are
so required to be established as a result of the Transactions in accordance with GAAP, or changes as a result of adoption or modification
of accounting policies, shall be excluded,

 

(xiii)       any
deferred Tax expense associated with Tax deductions or net operating losses arising as a result of the Transactions, or the release of
any valuation allowance related to such items, shall be excluded,

 

(xiv)      with
respect to Common Marketing Funds, (x) any net income attributable to the Common Marketing Funds occurring in any period of four
fiscal quarters shall be excluded from any calculation of Consolidated Net Income and (y) net losses attributable to the Common Marketing
Funds occurring in any period of four fiscal quarters shall be excluded from any calculation of Consolidated Net Income.

 

“Consolidated Total
Assets” shall mean, as of any date of determination, the amount that would, in conformity with GAAP, be set forth opposite the
caption “total assets” (or any like caption) on the most recent consolidated balance sheet of the Borrower and its Restricted
Subsidiaries at such date.

 

“Consolidated Total
Debt” shall mean, as at any date of determination, an amount equal to the sum of the aggregate amount of all outstanding Indebtedness
of the Borrower and its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, Capitalized Lease
Obligations and debt obligations evidenced by promissory notes and similar instruments (and excluding, for the avoidance of doubt, Hedging
Obligations); provided that Consolidated Total Debt shall not include Letters of Credit, except to the extent of Unpaid Drawings
thereunder; provided, further, that the effects of pushdown accounting shall be excluded.

 

    	 	25	 

     

    

 

“Consolidated Total
Debt to Consolidated EBITDA Ratio” shall mean, as of any date of determination, the ratio of (i) Consolidated Total Debt
as of such date of determination, minus unrestricted cash and Cash Equivalents of the Borrower and its Restricted Subsidiaries
on a consolidated basis in an amount not to exceed $35,000,000 to (ii) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries
on a consolidated basis for the Test Period then last ended, in each case with such pro forma adjustments to Consolidated Total Debt and
Consolidated EBITDA as are appropriate as set forth herein.

 

“Contingent Obligations”
shall mean, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends, or other payment obligations
that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent,
(i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance
or supply funds (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 (iii) to purchase property,
securities, or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor
to make payment of such primary obligation against loss in respect thereof.

 

“Contractual Requirement”
shall have the meaning provided in Section 8.3.

 

“Converted Restricted
Subsidiary” shall have the meaning provided in the definition of “Consolidated EBITDA.”

 

“Converted Unrestricted
Subsidiary” shall have the meaning provided in the definition of “Consolidated EBITDA.”

 

“Corresponding
Tenor” with respect to any Available Tenor shall mean, 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 Entity”
shall mean 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).

 

“Covered Party”
shall have the meaning provided in Section 13.23.

 

“Credit Documents”
shall mean this Agreement, each Joinder Agreement, the Guarantees, the Security Documents, and any promissory notes issued by the Borrower
pursuant hereto.

 

“Credit Event”
shall mean and include the making (but not the conversion or continuation) of a Loan, and the issuance of any Letter of Credit, or the
amendment, extension or renewal of any existing Letter of Credit, by a Letter of Credit Issuer.

 

    	 	26	 

     

    

 

“Credit Facilities”
shall mean, collectively, each category of Commitments and each extension of credit hereunder.

 

“Credit Facility”
shall mean a category of Commitments and extensions of credit thereunder.

 

“Credit Party”
shall mean Holdings, the Borrower and the other Guarantors.

 

“Cure Amount”
shall have the meaning provided in Section 11.14.

 

“Cure Right”
shall have the meaning provided in Section 11.14.

 

“Daily
Simple SOFR” shall mean, with respect to any applicable determination date, the secured overnight financing rate (“SOFR”)
published on such date by the NYFRB, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank
of New York’s website (or any successor source).

 

“Debt Incurrence
Prepayment Event” shall mean any issuance or incurrence by the Borrower or any of the Restricted Subsidiaries of any Indebtedness
(excluding any Indebtedness permitted to be issued or incurred under Section 10.1 (other than Section 10.1(aa))).

 

“Declined Proceeds”
shall have the meaning provided in Section 5.2(f).

 

“Default”
shall mean any event, act, or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Default Rate”
shall have the meaning provided in Section 2.8(c).

 

“Default Right”
shall have 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”
shall mean any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of “Lender
Default.”

 

“Deferred Net Cash
Proceeds” shall have the meaning provided such term in clause (d) of the definition of “Net Cash Proceeds.”

 

“Deferred Net Cash
Proceeds Payment Date” shall have the meaning provided such term in clause (d) of the definition of “Net Cash
Proceeds.”

 

“Designated Non-Cash
Consideration” shall mean the Fair Market Value of non-cash consideration received by the Borrower or a Restricted Subsidiary
in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to a certificate of an Authorized
Officer of the Borrower, setting forth the basis of such valuation, executed by either a senior vice president or the principal financial
officer of the Borrower, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on
or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer
be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of
in compliance with Section 10.4.

 

    	 	27	 

     

    

 

“Designated Preferred
Stock” shall mean preferred stock of the Borrower or any direct or indirect parent company of the Borrower (in each case other
than Disqualified Stock) that is issued for cash (other than to the Borrower or a Restricted Subsidiary or an employee stock ownership
plan or trust established by the Borrower or any of its Subsidiaries) and is so designated as Designated Preferred Stock pursuant to an
officer’s certificate executed by the principal financial officer of the Borrower or the parent company thereof, as the case may
be, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in clause (ii) of
Section 10.5(a).

 

“Disposed EBITDA”
shall mean, with respect to any Sold Entity or Business or any Converted Unrestricted Subsidiary for any period, the amount for such period
of Consolidated EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary, all as determined on a consolidated basis
for such Sold Entity or Business or Converted Unrestricted Subsidiary, as the case may be.

 

“disposition”
shall have the meaning assigned such term in clause (i) of the definition of “Asset Sale.”

 

“Disqualified Lenders”
shall mean such Persons (i) that have been specified in writing to the Administrative Agent and the Joint Lead Arrangers and Bookrunners
on or prior to July 23, 2021 as being Disqualified Lenders, (ii) who are competitors of the Borrower and its Subsidiaries that
are separately identified in writing by the Borrower to the Administrative Agent from time to time, and (iii) in the case of each
of clauses (i) and (ii), any of their Affiliates (other than any such Affiliate that is affiliated with a financial
investor in such Person and that is not itself an operating company so long as such Affiliate is a bona fide Fund) that are either (a) identified
in writing by the Borrower to the Administrative Agent from time to time or (b) clearly identifiable solely on the basis of similarity
of such Affiliate’s name; 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 and shall not apply retroactively to any prior
assignment or participation interest or to any trade to acquire such participation interest; and provided further that neither Guggenheim
Securities, LLC nor Private Debt Investors Feeder, LLC or any of their respective affiliates are or shall ever be Disqualified Lenders.

 

“Disqualified Stock”
shall mean, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which
it is convertible or for which it is puttable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable
(other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event,
pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely for Qualified
Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, in whole or in part, in each case,
prior to the date that is 91 days after the Latest Maturity Date hereunder; provided that if such Capital Stock is issued to any
plan for the benefit of employees of Holdings (or any direct or indirect parent thereof), 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 Holdings (or any direct or indirect parent thereof), the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations or as a result of such employee’s termination, death, or disability.

 

    	 	28	 

     

    

 

“Distressed Person”
shall have the meaning provided in the definition of “Lender-Related Distress Event.”

 

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

 

“Domestic Subsidiary”
shall mean each Subsidiary of Holdings that is organized under the laws of the United States, any state thereof, or the District of Columbia.

 

“Early Opt-in Effective Date”
shall mean, with respect to any 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.

 

“Early
Opt-in Election” shall mean, the occurrence of:

 

(1)          a
determination by the Administrative Agent, or a notification by the Borrower to the Administrative Agent that the Borrower has made a
determination, that U.S. dollar-denominated syndicated credit facilities currently being executed, or that include language similar to
that contained in Section 2.10(b), are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest
rate to replace USD LIBOR, and

 

(2)          the
joint election by the Administrative Agent and the Borrower to replace USD LIBOR with a Benchmark Replacement and the provision by the
Administrative Agent of written notice of such election to the Lenders.

 

“EEA
Financial Institution” shall mean (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” shall mean any of the member states of the European Union, Iceland, Liechtenstein and Norway.

 

“EEA Resolution Authority”
shall mean 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.

 

    	 	29	 

     

    

 

“Effective Yield”
shall mean, as to any Indebtedness, the effective yield on such Indebtedness in the reasonable determination of the Administrative Agent
in consultation with the Borrower and consistent with generally accepted financial practices, taking into account the applicable interest
rate margins, any interest rate floors (the effect of which floors shall be determined in a manner set forth in the proviso below), or
similar devices and all fees, including upfront or similar fees or original issue discount (amortized over the shorter of (i) the
remaining weighted average life to maturity of such Indebtedness and (ii) the four years following the date of incurrence thereof)
payable generally to Lenders or other institutions providing such Indebtedness, but excluding any arrangement, structuring, ticking, or
other similar fees payable in connection therewith that are not generally shared with the relevant Lenders and, if applicable, consent
fees for an amendment paid generally to consenting Lenders; provided that with respect to any Indebtedness that includes a “LIBOR
floor” or “ABR floor,” (a) to the extent that the LIBOR Rate (with an Interest Period of three months) or ABR (without
giving effect to any floors in such definitions), as applicable, on the date that the Effective Yield is being calculated is less than
such floor, the amount of such difference shall be deemed added to the interest rate margin for such Indebtedness for the purpose of calculating
the Effective Yield and (b) to the extent that the LIBOR Rate (with an Interest Period of three months) or ABR (without giving effect
to any floors in such definitions), as applicable, on the date that the Effective Yield is being calculated is greater than such floor,
then the floor shall be disregarded in calculating the Effective Yield.

 

“Environment”
shall mean ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata and natural resources such as
flora, fauna, or wetlands.

 

“Environmental Claims”
shall mean any and all actions, suits, orders, decrees, demand letters, claims, notices of noncompliance or potential responsibility or
violation, or proceedings pursuant to any Environmental Law or any permit issued, or any approval given, under any such Environmental
Law (hereinafter, “Claims”), including, without limitation, (i) any and all Claims by governmental or regulatory
authorities for enforcement, cleanup, removal, response, remedial, or other actions or damages pursuant to any Environmental Law and (ii) any
and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation, or injunctive relief relating
to the presence, Release or threatened Release of Hazardous Materials or arising from alleged injury or threat of injury to health or
safety (to the extent relating to human exposure to Hazardous Materials), or the Environment.

 

“Environmental Law”
shall mean any applicable federal, state, foreign, or local statute, law, rule, regulation, ordinance, code, and rule of common law
now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof, including any
binding judicial or administrative order, consent decree, or judgment, relating to pollution or protection of the Environment, or protection
of human health or safety (to the extent relating to human exposure to Hazardous Materials) and including those relating to the generation,
storage, treatment, transport, Release, or threat of Release of Hazardous Materials.

 

“Equity Interest”
shall mean Capital Stock and all warrants, options, or other rights to acquire Capital Stock, but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock.

 

    	 	30	 

     

    

 

“Equity Offering”
shall mean any public or private sale of common stock or preferred stock of the Borrower or any direct or indirect parent company of the
Borrower (excluding Disqualified Stock), other than: (i) public offerings with respect to the Borrower or any of its direct or indirect
parent companies’ common stock registered on Form S-8, (ii) issuances to any Subsidiary of the Borrower, (iii) any
such public or private sale that constitutes an Excluded Contribution and (iv) any Cure Amount.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated
thereunder.

 

“ERISA
Affiliate” shall mean any trade or business (whether or not incorporated) that, together with any Credit Party, is treated as
a single employer under 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” shall mean (i) the failure of any Pension Plan to comply with any provisions of ERISA and/or the Code (and applicable
regulations under either) or with the terms of such Pension Plan; (ii) the existence with respect to any Plan of a non-exempt Prohibited
Transaction; (iii) any Reportable Event; (iv) the failure of any Credit Party or ERISA Affiliate to make by its due date a required
installment under Section 430(j) of the Code with respect to any Pension Plan or any failure by any Pension Plan to satisfy
the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension
Plan, whether or not waived; (v) a determination that any Pension Plan is in “at risk” status (within the meaning of
Section 430 of the Code or Section 303 of ERISA); (vi) the filing pursuant to Section 412(c) of the Code or Section 302(c) of
ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan; (vii) the termination of,
or the appointment of a trustee to administer, any Pension Plan or the incurrence by any Credit Party or any of its ERISA Affiliates of
any liability under Title IV of ERISA with respect to the termination of any Pension Plan, including but not limited to the imposition
of any Lien in favor of the PBGC or any Pension Plan; (viii) the receipt by any Credit Party or any of its ERISA Affiliates from
the PBGC or a plan administrator of any notice to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan under
Section 4042 of ERISA; (ix) the failure by any Credit Party or any of its ERISA Affiliates to make any required contribution
to a Multiemployer Plan; (x) the incurrence by any Credit Party or any of its ERISA Affiliates of any liability with respect to the
withdrawal or partial withdrawal from any Pension Plan (or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA) or Multiemployer Plan; (xi) the receipt by any Credit Party or any of its ERISA Affiliates of any notice concerning the imposition
of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent or in Reorganization, in
 “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA),
or terminated (within the meaning of Section 4041A of ERISA); or (xii) the failure by any Credit Party or any of its ERISA Affiliates
to pay when due (after expiration of any applicable grace period) any installment payment with respect to Withdrawal Liability under Section 4201
of ERISA.

 

“Erroneous Payment”
shall have the meaning assigned thereto in Section 12.16(a).

 

    	 	31	 

     

    

 

“EU Bail-In Legislation
Schedule” shall mean 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”
shall have the meaning provided in Section 11.

 

“Excluded Contribution”
shall mean net cash proceeds, the Fair Market Value of marketable securities, or the Fair Market Value of Qualified Proceeds received
by the Borrower from (i) contributions to its common equity capital, and (ii) the sale (other than to a Subsidiary of the Borrower
or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of the Borrower) of
Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Borrower, Holdings or any Parent Entity, in each case
designated as Excluded Contributions pursuant to an officer’s certificate executed by either a senior vice president or the principal
financial officer of the Borrower on the date such capital contributions are made or the date such Equity Interests are sold, as the case
may be, which are excluded from the calculation set forth in clause (ii) of Section 10.5(a); provided that
(i) any non-cash assets shall qualify only if acquired by a parent of the Borrower in an arm’s-length transaction within the
six months prior to such contribution and (ii) no Cure Amount shall constitute an Excluded Contribution.

 

“Excluded Property”
shall have the meaning set forth in the Security Agreement.

 

“Excluded Stock and
Stock Equivalents” shall mean (i) any Capital Stock or Stock Equivalents with respect to which, in the reasonable judgment
of the Administrative Agent and the Borrower (as agreed to in writing), the cost or other consequences of pledging such Capital Stock
or Stock Equivalents in favor of the Secured Parties under the Security Documents shall be excessive in view of the benefits to be obtained
by the Lenders therefrom, (ii) solely in the case of any pledge of Capital Stock and Stock Equivalents of any Foreign Subsidiary
or any CFC Holding Company, any Voting Stock or Stock Equivalents of any class of such Foreign Subsidiary or such CFC Holding Company
in excess of 65% of the outstanding Voting Stock of such class, (iii) any Capital Stock or Stock Equivalents of any direct or indirect
Subsidiary of a Foreign Subsidiary that is a CFC or a CFC Holding Company, (iv) any Capital Stock or Stock Equivalents to the extent
the pledge thereof would violate any applicable law (including any legally effective requirement to obtain the consent of any Governmental
Authority unless such consent has been obtained), (v) in the case of (A) any Capital Stock or Stock Equivalents of any Subsidiary
acquired after the Closing Date to the extent such Capital Stock or Stock Equivalents are subject to a Lien permitted by clause (ix) of
the definition of “Permitted Liens” or (B) any Capital Stock or Stock Equivalents of any Subsidiary that is not a Wholly-Owned
Subsidiary of Holdings and its Subsidiaries at the time such Subsidiary becomes a Subsidiary, any Capital Stock or Stock Equivalents of
each such Subsidiary described in clause (A) or (B) to the extent (I) that a pledge thereof to secure the
Obligations is prohibited by any applicable Contractual Requirement (other than customary non-assignment provisions which are ineffective
under the Uniform Commercial Code or other applicable law and other than proceeds thereof the assignment of which is expressly deemed
effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition or restriction), (II) any Contractual
Requirement prohibits such a pledge without the consent of any other party; provided that this clause (II) shall not
apply if (x) such other party is a Credit Party or Wholly-Owned Subsidiary or (y) consent has been obtained to consummate such
pledge (it being understood that the foregoing shall not be deemed to obligate Holdings, the Borrower or any Subsidiary to obtain any
such consent) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect (other than customary non-assignment
provisions which are ineffective under the Uniform Commercial Code or other applicable law and other than proceeds thereof the assignment
of which is expressly deemed effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition or restriction),
or (III) a pledge thereof to secure the Obligations would give any other party (other than a Credit Party or Wholly-Owned Subsidiary)
to any contract, agreement, instrument, or indenture governing such Capital Stock or Stock Equivalents the right to terminate its obligations
thereunder (in each case, other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other
applicable law and other than proceeds thereof the assignment of which is expressly deemed effective under the Uniform Commercial Code
or other applicable law notwithstanding such prohibition or restriction), (vi) any Capital Stock or Stock Equivalents of any Subsidiary
of Holdings to the extent that the pledge of such Capital Stock or Stock Equivalents would result in materially adverse Tax consequences
to Holdings, the Borrower or any Subsidiary as reasonably determined by the Borrower in consultation with the Administrative Agent, (vii) any
Capital Stock or Stock Equivalents that are margin stock, (viii) any Capital Stock or Stock Equivalents of any Subsidiary that is
not a Material Subsidiary (except to the extent a security interest therein can be perfected by filing of a UCC-1 financing statement)
or is an Unrestricted Subsidiary, a captive insurance Subsidiary or any special purpose entity formed in connection with transactions
or arrangements permitted hereunder to the extent the documents governing such transactions or arrangements validly prohibit the lien
of the Collateral Agent thereon and (ix) any Capital Stock or Stock Equivalent of any CMF Subsidiary.

 

    	 	32	 

     

    

 

“Excluded Subsidiary”
shall mean (i) each Subsidiary, in each case, for so long as any such Subsidiary does not (on a consolidated basis with its Restricted
Subsidiaries) constitute a Material Subsidiary, (ii) each Subsidiary that is not a Wholly-Owned Subsidiary on any date such Subsidiary
becomes a Subsidiary (for so long as such Subsidiary remains a non-Wholly-Owned Restricted Subsidiary), (iii) any CFC Holding Company,
(iv) any Domestic Subsidiary that is a Subsidiary of a Foreign Subsidiary that is a CFC, (v) any Foreign Subsidiary, (vi) each
Subsidiary that is prohibited by any applicable Contractual Requirement not entered into to circumvent the guarantee requirements hereunder
or any applicable law from guaranteeing or granting Liens to secure the Obligations at the time such Subsidiary becomes a Restricted Subsidiary
and for so long as such restriction or any replacement or renewal thereof is in effect or would require governmental (including regulatory)
consent, approval, license or authorization to guarantee or grant such Liens to secure the Obligations (unless such consent, approval,
license or authorization has been received), (vii) each Subsidiary with respect to which, as reasonably determined by the Borrower
in consultation with the Administrative Agent, the consequence of providing a Guarantee of the Obligations would adversely affect the
ability of the Borrower and its Subsidiaries to satisfy applicable law, (viii) any other Subsidiary with respect to which, (a) in
the reasonable judgment of the Administrative Agent and the Borrower, as agreed in writing, the cost or other consequences of providing
a Guarantee of the Obligations shall be excessive in view of the benefits to be obtained by the Lenders therefrom or (b) providing
such a Guarantee would result in material adverse Tax consequences as reasonably determined by the Borrower in consultation with the Administrative
Agent, (ix) each Unrestricted Subsidiary, (x) any Receivables Subsidiary, (xi) each other Subsidiary acquired pursuant
to a Permitted Acquisition or other Investment permitted hereunder and financed with assumed secured Indebtedness permitted hereunder,
and each Restricted Subsidiary acquired in such Permitted Acquisition or other Investment permitted hereunder that guarantees such Indebtedness,
in each case to the extent that, and for so long as, the documentation relating to such Indebtedness to which such Subsidiary is a party
prohibits such Subsidiary from guaranteeing the Obligations and such prohibition was not created in contemplation of such Permitted Acquisition
or other Investment permitted hereunder, (xii) each not-for-profit Subsidiary and captive insurance company and (xiii) any CMF
Subsidiary.

 

    	 	33	 

     

    

 

“Excluded Swap Obligation”
shall mean, with respect to any Guarantor, (a) any Swap Obligation 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 Obligations thereof)
is or becomes illegal or unlawful 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 to
constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the
time such Guarantee or grant of a security interest becomes effective with respect to such related Swap Obligation or (b) any other
Swap Obligation designated as an “Excluded Swap Obligation” of such Guarantor as specified in any agreement between the relevant
Credit Parties and Hedge Bank applicable to such Swap Obligation. If a Swap Obligation arises under a Master Agreement governing more
than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Obligation
or security interest is or becomes illegal or unlawful.

 

“Excluded Taxes”
shall mean, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of
any obligation of any Credit Party hereunder or under any other Credit Document, (i) Taxes imposed on or measured by its net income,
net profits, or branch profits (however denominated, and including (for the avoidance of doubt) any backup withholding in respect thereof
under Section 3406 of the Code or any similar provision of state, local, or foreign law), and franchise (and similar) Taxes imposed
on it (in lieu of net income Taxes), in each case by a jurisdiction (including any political subdivision thereof) as a result of such
recipient being organized in, having its principal office in, or in the case of any Lender, having its applicable lending office in, such
jurisdiction, or as a result of any other present or former connection with such jurisdiction (other than any such connection arising
solely from this Agreement or any other Credit Documents or any transactions contemplated thereunder), (ii) in the case of a Lender,
any U.S. federal withholding Tax imposed on any payment by or on account of any obligation of any Credit Party hereunder or under any
other Credit Document pursuant to laws in force at the time such Lender acquires an interest in any Credit Document (or designates a new
lending office), other than in the case of a Lender that is an assignee pursuant to a request by the Borrower under Section 13.7
(or that designates a new lending office pursuant to a request by the Borrower), except to the extent that such Lender (or its assignor,
if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts from
the Credit Parties with respect to such withholding Tax pursuant to Section 5.4, (iii) any Taxes attributable to a recipient’s
failure to comply with Section 5.4(e), or (iv) any withholding Tax imposed under FATCA.

 

“Existing Class”
shall mean any Existing Term Loan Class and any Existing Revolving Credit Class.

 

    	 	34	 

     

    

 

“Existing Credit
Agreement” shall mean that certain Credit Agreement, dated as of September 25, 2018, by and among the Borrower, Holdings,
the lenders party thereto and Truist Bank, as administrative agent, as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, including by that certain Incremental Assumption and Amendment No. 1, dated as of April 29, 2019,
that certain Incremental Assumption and Amendment No. 2, dated as of January 2, 2020 and by that certain Amendment No. 3,
dated as of May 7, 2020.

 

“Existing Revolving
Credit Class” shall have the meaning provided in Section 2.14(g)(i).

 

“Existing Revolving
Credit Commitment” shall have the meaning provided in Section 2.14(g)(i).

 

“Existing Revolving
Credit Loans” shall have the meaning provided in Section 2.14(g)(i).

 

“Existing Term Loan
Class” shall have the meaning provided in Section 2.14(g)(i).

 

“Extended Repayment
Date” shall have the meaning provided in Section 2.5(c).

 

“Extended Revolving
Credit Commitments” shall have the meaning provided in Section 2.14(g)(i).

 

“Extended Revolving
Credit Loans” shall have the meaning provided in Section 2.14(g)(i).

 

“Extended Revolving
Loan Maturity Date” shall mean the date on which any Class of Extended Revolving Credit Loans matures.

 

“Extended Term Loan
Repayment Amount” shall have the meaning provided in Section 2.5(c).

 

“Extended Term Loans”
shall have the meaning provided in Section 2.14(g)(i).

 

“Extending Lender”
shall have the meaning provided in Section 2.14(g)(ii).

 

“Extension Amendment”
shall have the meaning provided in Section 2.14(g)(iii).

 

“Extension Date”
shall have the meaning provided in Section 2.14(g)(iv).

 

“Extension Election”
shall have the meaning provided in Section 2.14(g)(ii).

 

“Extension Request”
shall mean any Term Loan Extension Request or Revolving Loan Extension Request.

 

“Extension Series”
shall mean all Extended Term Loans and Extended Revolving Credit Commitments that are established pursuant to the same Extension Amendment
(or any subsequent Extension Amendment to the extent such Extension Amendment expressly provides that the Extended Term Loans or Extended
Revolving Credit Commitments, as applicable, provided for therein are intended to be a part of any previously established Extension Series)
and that provide for the same interest margins, extension fees, amortization schedule and other terms.

 

    35

     

    

 

“Fair Market Value”
shall mean with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale
of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm’s length and
arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset, as determined
in good faith by the Borrower.

 

“FATCA”
shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any
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 agreements (or related legislation or official administrative guidance, rules or
practices) implementing the foregoing.

 

“FCA”
has the meaning assigned to such term in Section 2.10(b).

 

“FCPA”
shall have the meaning provided in Section 8.19(b).

 

“Federal Funds Effective
Rate” shall mean, 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 Federal Reserve Bank of New York’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 zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“Fees”
shall mean all amounts payable pursuant to, or referred to in, Section 4.1.

 

“Financial Covenants”
means the covenants set forth in Section 10.7.

 

“Fixed Charge Coverage
Ratio” shall mean, as of any date of determination, the ratio of (A)(i) Consolidated EBITDA of the Borrower and its Restricted
Subsidiaries on a consolidated basis for the Test Period then last ended minus (ii) unfinanced Capital Expenditures paid in
cash (for the avoidance of doubt, (x) any Capital Expenditures financed with proceeds of revolving loans shall not be considered
to be financed Capital Expenditures and (y) any Capital Expenditures financed with insurance proceeds or the proceeds of the sale
or issuance of Equity Interests (including any capital contributions) or any Asset Sale shall be excluded) minus (iii) cash
taxes to (B) the Fixed Charges of the Borrower and its Restricted Subsidiaries on a consolidated basis for such Test Period. In the
event that the Borrower or any Restricted Subsidiary incurs, assumes, guarantees, redeems, retires, or extinguishes any Indebtedness or
issues or redeems Disqualified Stock, preferred stock (including any Designated Preferred Stock) or any Refunding Capital Stock subsequent
to the commencement of the Test Period but prior to or simultaneously with the date of determination, then the Fixed Charge Coverage Ratio
shall be calculated giving Pro Forma Effect to such incurrence, assumption, guarantee, redemption, retirement, or extinguishment of Indebtedness,
or such issuance or redemption of Disqualified Stock, preferred stock (including any Designated Preferred Stock) or any Refunding Capital
Stock (in each case, including a pro forma application of the net proceeds therefrom), as if the same had occurred at the beginning of
the Test Period.

 

    36

     

    

 

“Fixed Charges”
shall mean, with respect to any Person and its Restricted Subsidiaries for any period, the sum of:

 

(i)       Consolidated
Interest Expense of such Person and its Restricted Subsidiaries for such period,

 

(ii)      all
cash dividend payments made during such period, and

 

(iii)     scheduled
principal amortization of Consolidated Total Debt for such period.

 

“Flood Certificate”
means a “Standard Flood Hazard Determination Form” of the Federal Emergency Management Agency and any successor Governmental
Authority performing a similar function.

 

“Flood Insurance
Laws” shall mean, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor
statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the
National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (iv) the Flood Insurance
Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (v) the Biggert-Waters Flood Insurance Reform
Act of 2012 as now or hereafter in effect or any successor statute thereto.

 

“Flood
Zone” means areas having special flood hazards as described in the National Flood Insurance Act of 1968, as amended from
time to time, and any successor statute.

 

“Foreign Benefit
Arrangement” shall mean any employee benefit arrangement mandated by non-U.S. law that is maintained or contributed to by any
Credit Party or any of its Subsidiaries.

 

“Foreign Plan”
shall mean each employee benefit plan (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is
not subject to U.S. law and is maintained or contributed to by any Credit Party or any of its Subsidiaries.

 

“Foreign Plan Event”
shall mean, with respect to any Foreign Plan or Foreign Benefit Arrangement, (i) the failure to make or, if applicable, accrue in
accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such
Foreign Plan or Foreign Benefit Arrangement; (ii) the failure to register or loss of good standing (if applicable) with applicable
regulatory authorities of any such Foreign Plan or Foreign Benefit Arrangement required to be registered; or (iii) the failure of
any Foreign Plan or Foreign Benefit Arrangement to comply with any provisions of applicable law or regulations or with the terms of such
Foreign Plan or Foreign Benefit Arrangement.

 

“Foreign Subsidiary”
shall mean each Subsidiary that is not a Domestic Subsidiary.

 

“Founders”
mean David Coba, Josh Coba, Galo Coba, Nelson Coba 2014 Irrevocable Family Trust, and their respective Permitted Transferees.

 

    37

     

    

 

“Franchise”
means a franchise (including any master franchises, development agreements, area representative agreements, sub-franchises, seller-assisted
marketing plans or licenses) granted by Holdings or any of its Affiliates to operate one or more European Wax Center locations or area
representative businesses associated with European Wax Center.

 

“Franchise
Agreements” means any franchise, area developer or area representative agreement, including any state-specific or provincial
riders, addenda, guarantees and amendments thereto, whereby a Franchisee is authorized by Holdings (or any of its successors or Affiliates)
to operate one or more businesses pursuant to a Franchise. For clarity, the franchised businesses operating under the Franchise Agreements
consist of European Wax Center location businesses, European Wax Center area developer businesses and European Wax Center area representative
businesses.

 

“Franchisee”
means any person or entity which purchased a Franchise from Holdings (or any of its successors or Affiliates), or who otherwise owns a
Franchise or which has been granted a right to develop or operate or is granted a right to license others to develop or operate a Franchise.

 

“Fronting Exposure”
shall mean, at any time there is a Defaulting Lender, with respect to the Letter of Credit Issuers, such Defaulting Lender’s Revolving
Credit Commitment 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.

 

“Fronting Fee”
shall have the meaning provided in Section 4.1(d).

 

“Fund”
shall mean any Person (other than a natural Person) that is engaged or advises funds or other investment vehicles that are engaged in
making, purchasing, holding, or investing in commercial loans and similar extensions of credit in the ordinary course.

 

“GAAP”
shall mean generally accepted accounting principles in the United States, as in effect from time to time; provided, however,
that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the
effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision, regardless
of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted
on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have
been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, the amount of any
Indebtedness under GAAP with respect to Capitalized Lease Obligations shall be determined in accordance with the definition of “Capitalized
Lease Obligations”.

 

“Governmental Authority”
shall mean any nation, sovereign, or government, any state, province, territory, or other political subdivision thereof, and any entity
or authority exercising executive, legislative, judicial, taxing, regulatory, or administrative functions of or pertaining to government,
including a central bank or stock exchange (including any supranational bodies such as the European Union or the European Central Bank).

 

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“Granting Lender”
shall have the meaning provided in Section 13.6(g).

 

“Guarantee”
shall mean (i) the Guarantee made by Holdings, the Borrower and each other Guarantor in favor of the Collateral Agent for the benefit
of the Secured Parties, substantially in the form of Exhibit B hereto and dated as of the date hereof and (ii) any other
guarantee of the Obligations made by a Restricted Subsidiary in form and substance reasonably acceptable to the Administrative Agent,
in each case as the same may be amended, supplemented or otherwise modified from time to time.

 

“guarantee obligations”
shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness of any primary obligor
in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent, (i) to purchase
any such Indebtedness or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for
the purchase or payment of any such Indebtedness 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, (iii) to purchase property, securities, or services primarily for the
purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness, or
(iv) otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; provided, however,
that the term guarantee obligations shall not include endorsements of instruments for deposit or collection in the ordinary course of
business or customary and reasonable indemnity obligations or product warranties in effect on the Closing Date or entered into in connection
with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness).
The amount of any guarantee obligation shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness
in respect of which such guarantee obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith.

 

“Guarantors”
shall mean (i) Holdings, (ii) the Borrower (except as to its own primary obligations), (iii) each Subsidiary that is party
to the Guarantee on the Closing Date and (iv) each Subsidiary that becomes a party to the Guarantee after the Closing Date pursuant
to Section 9.11; provided that in no event shall any Excluded Subsidiary be required to become a Guarantor (unless
such Subsidiary is no longer an Excluded Subsidiary).

 

“Hazardous Materials”
shall mean (i) any petroleum or petroleum products, radioactive materials, friable asbestos, polychlorinated biphenyls, and radon
gas; (ii) any chemicals, materials, or substances defined as or included in the definition of “hazardous substances,”
 “hazardous waste,” “hazardous materials,” “extremely hazardous waste,” “restricted hazardous
waste,” “toxic substances,” “toxic pollutants,” “contaminants,” or “pollutants,”
or words of similar import, under any Environmental Law; and (iii) any other chemical, material, or substance, which is prohibited,
limited, or regulated due to its dangerous or deleterious properties or characteristics by any Environmental Law.

 

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“Hedge Agreements”
shall mean (i) 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 (ii) 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.

 

“Hedge Bank”
shall mean (i) any Person that, at the time it enters into a Hedge Agreement, is a Lender, an Agent or an Affiliate of a Lender or
an Agent and (ii) with respect to any Hedge Agreement with the Borrower or any Restricted Subsidiary entered into prior to the Closing
Date, any Person that is a Lender or an Agent or an Affiliate of a Lender or an Agent on the Closing Date (in each case regardless whether
such Person subsequently ceases to be a Lender, an Agent or an Affiliate of a Lender or an Agent).

 

“Hedging Obligations”
shall mean, with respect to any Person, the obligations of such Person under any Hedge Agreements.

 

“Highest Owner”
means, with respect to all direct or indirect owners of the Borrower, the direct or indirect owner of the Borrower receiving the greatest
proportionate allocation of net taxable income per unit attributable to its direct or indirect ownership of the Borrower in the applicable
tax period (or portion thereof) (as a result of the application of Section 704(c) of the Code or otherwise).

 

“Highest Owner Tax
Amount” means, with respect to the Highest Owner, the amount calculated by multiplying (x) the net taxable income of the
Borrower allocated to the Highest Owner (excluding the tax consequences resulting from any adjustment under Sections 743(b) and 734(b) of
the Code but including, for the avoidance of doubt, Section 704(c) of the Code) in such applicable taxable period (or portion
thereof) by (y) the Tax Rate.

 

“Historical Financial
Statements” shall mean (a) the audited consolidated balance sheets and related statements of income, stockholders’
equity and cash flows of the Borrower and its Subsidiaries for the fiscal years ended December 31, 2020, December 31, 2019 and
December 31, 2018 and (b) unaudited consolidated balance sheets and related statements of income, stockholders’ equity
and cash flows of the Borrower and its subsidiaries for the fiscal quarter ended March 31, 2021.

 

“IBA”
has the meaning assigned to such term in Section 2.10(b).

 

“ICC” shall
have the meaning provided in the definition of “UCP.”

 

“Increased Amount
Date” shall mean, with respect to any Incremental Loan Commitments, the date on which such Incremental Loan Commitments shall
be effective.

 

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“Incremental Equivalent
Debt” shall have the meaning provided in Section 10.1(b).

 

“Incremental Loan
Commitments” shall have the meaning provided in Section 2.14(a).

 

“Incremental Loans”
shall have the meaning provided in Section 2.14(c).

 

“Incremental Revolving
Credit Commitments” shall have the meaning provided in Section 2.14(a).

 

“Incremental Revolving
Credit Loan” shall have the meaning provided in Section 2.14(b).

 

“Incremental Revolving
Loan Lender” shall have the meaning provided in Section 2.14(b).

 

“Incremental Term
Loan” shall have the meaning provided in Section 2.14(c).

 

“Incremental Term
Loan Commitments” shall have the meaning provided in Section 2.14(a).

 

“Incremental Term
Loan Lender” shall have the meaning provided in Section 2.14(c).

 

“Incremental Term
Loan Repayment Amount” shall have the meaning provided in Section 2.5(c).

 

“incur”
shall have the meaning provided in Section 10.1.

 

“incurrence”
shall have the meaning provided in Section 10.1.

 

“Indebtedness”
shall mean, with respect to any Person, (i) any indebtedness (including principal and premium) of such Person, whether or not contingent
(a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures, or similar instruments or letters of credit or
bankers’ acceptances (or, without double counting, reimbursement agreements in respect thereof), (c) representing the balance
deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), or (d) representing any Hedging
Obligations, if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would
appear as a net liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; provided
that Indebtedness of any direct or indirect parent company appearing upon the balance sheet of the Borrower solely by reason of push down
accounting under GAAP shall be excluded, (ii) to the extent not otherwise included, any obligation by such Person to be liable for,
or to pay, as obligor, guarantor or otherwise, on the obligations of the type referred to in clause (i) of another Person
(whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable
instruments for collection in the ordinary course of business, (iii) to the extent not otherwise included, the obligations of the
type referred to in clause (i) of another Person secured by a Lien on any asset owned by such Person, whether or not such
Indebtedness is assumed by such Person and (iv) to the extent not otherwise included, all Attributable Receivables Indebtedness of
such Person; provided that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent
Obligations incurred in the ordinary course of business, (2) [reserved], (3) prepaid or deferred revenue arising in the ordinary
course of business, (4) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase
price of an asset to satisfy warrants or other unperformed obligations of the seller of such asset, (5) any balance that constitutes
a trade payable or similar obligation to a trade creditor, accrued in the ordinary course of business, (6) any earn-out obligation
until such obligation, within 60 days of becoming due and payable, has not been paid and such obligation is reflected as a liability on
the balance sheet of such Person in accordance with GAAP, (7) any obligations attributable to the exercise of appraisal rights and
the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, (8) accrued expenses and
royalties or (9) asset retirement obligations and obligations in respect of workers’ compensation (including pensions and retiree
medical care) that are not overdue by more than 60 days. The amount of Indebtedness of any Person for purposes of clause (iii) above
shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (x) the aggregate unpaid
amount of such Indebtedness and (y) the Fair Market Value of the property encumbered thereby as determined by such Person in good
faith.

 

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For all purposes hereof, the
Indebtedness of the Borrower and its Restricted Subsidiaries, shall exclude all intercompany Indebtedness having a term not exceeding
364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice.

 

“Indemnified Liabilities”
shall have the meaning provided in Section 13.5(a).

 

“Indemnified Person”
shall have the meaning provided in Section 13.5(a).

 

“Indemnified Taxes”
shall mean all Taxes imposed on or with respect to any payment by or on account of any obligation of any Credit Party hereunder or under
any other Credit Document, other than (a) Excluded Taxes and (b) Other Taxes.

 

“Initial Revolving
Credit Commitments” shall mean the Revolving Credit Commitments in effect on the Closing Date.

 

“Initial Term A Loan”
shall have the meaning provided in Section 2.1(a).

 

“Initial Term A Loan
Commitment” shall mean, in the case of each Lender that is a Lender on the Closing Date, the amount set forth opposite such
Lender’s name on Schedule 1.1(b) as such Lender’s “Initial Term A Loan Commitment.” The aggregate
amount of the Initial Term A Loan Commitments as of the Closing Date is $180,000,000.

 

“Initial Term A Loan
Lender” shall mean a Lender with an Initial Term A Loan Commitment or an outstanding Initial Term A Loan.

 

“Initial Term A Loan
Maturity Date” shall mean August 9, 2026, or, if such date is not a Business Day, the immediately following Business Day.

 

“Insolvent”
shall mean, with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is insolvent within the meaning of Section 4245
of ERISA.

 

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“Intellectual Property”
shall mean U.S. and foreign intellectual property, including all (i) (a) patents, inventions, processes, developments, technology,
and know-how; (b) copyrights and works of authorship in any media, including graphics, advertising materials, labels, package designs,
and photographs; (c) trademarks, service marks, trade names, brand names, corporate names, domain names, logos, trade dress, and
other source indicators, and the goodwill of any business symbolized thereby; and (d) trade secrets, confidential, proprietary, or
non-public information and (ii) all registrations, issuances, applications, renewals, extensions, substitutions, continuations, continuations-in-part,
divisions, re-issues, re-examinations, foreign counterparts, or similar legal protections related to the foregoing.

 

“Interest Period”
shall mean, with respect to any Loan, the interest period applicable thereto, as determined pursuant to Section 2.9.

 

“Investment”
shall mean, 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, advances to customers, commission, travel,
and similar advances to officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions
for consideration of Indebtedness, Equity Interests, or other securities issued by any other Person and investments that are required
by GAAP to be classified on the balance sheet (excluding the footnotes) of the Borrower in the same manner as the other investments included
in this definition to the extent such transactions involve the transfer of cash or other property; provided that Investments shall
not include, in the case of the Borrower and its Restricted Subsidiaries, intercompany loans (including guarantees), advances, or Indebtedness
either (i) having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course
of business or (ii) arising from cash management, Tax and/or accounting operations and made in the ordinary course of business or
consistent with past practice.

 

For purposes of the definition
of “Unrestricted Subsidiary” and Section 10.5,

 

(i)       Investments
shall include the portion (proportionate to the Borrower’s 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 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 in an amount (if positive) equal to (a) the Borrower’s 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

 

(ii)      any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer.

 

The amount of any Investment
outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return
of capital, repayment, or other amount received by the Borrower or a Restricted Subsidiary in respect of such Investment (provided
that, with respect to amounts received other than in the form of Cash Equivalents, such amount shall be equal to the Fair Market Value
of such consideration).

 

    43

     

    

 

“Investment Grade
Rating” shall mean 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 nationally recognized statistical rating organization.

 

“Investment Grade
Securities” shall mean:

 

(i)            securities
issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (other than
Cash Equivalents),

 

(ii)            debt
securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or instruments constituting loans or
advances among the Borrower and its Subsidiaries,

 

(iii)            investments
in any fund that invest at least 90% in investments of the type described in clauses (i) and (ii) which fund may
also hold immaterial amounts of cash pending investment or distribution, and

 

(iv)            corresponding
instruments in countries other than the United States customarily utilized for high-quality investments.

 

“Investor”
means a holder of Equity Interests in Holdings (or any direct or indirect parent thereof) on the Closing Date (except for any such holder
of Equity Interests in European Wax Center, Inc. that acquired such Equity Interests in the IPO and did not previously hold any Equity
Interests in Holdings (or any direct or indirect parent thereof)).

 

“IPO” shall
mean the issuance by European Wax Center, Inc., of its common Equity Interests in an underwritten primary public offering to be completed
on the Closing Date, upon the terms set forth in the Prospectus.

 

“ISDA
Definitions” shall mean 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.

 

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

 

“Issuer Documents”
shall mean with respect to any Letter of Credit, the Letter of Credit Request, and any other document, agreement, and instrument entered
into by a Letter of Credit Issuer and the Borrower (or any Restricted Subsidiary) or in favor of such Letter of Credit Issuer and relating
to such Letter of Credit.

 

    44

     

    

 

“Joinder Agreement”
shall mean an agreement substantially in the form of Exhibit A, which may include additional provisions to ensure fungibility
of the Loans and to provide for mechanics for borrowings in currencies other than Dollars.

 

“Joint Lead Arrangers
and Bookrunners” shall mean Bank of America, N.A., Morgan Stanley Senior Funding, Inc., Jefferies Finance LLC, Truist Securities, Inc.,
Citibank, N.A. and Guggenheim Securities, LLC.

 

“Latest Maturity
Date” shall mean, 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 Loan or any Extended Term Loan, in each
case as extended in accordance with this Agreement from time to time.

 

“L/C Borrowing”
shall mean 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 Borrowing. All L/C Borrowings shall be denominated in Dollars.

 

“L/C Obligations”
shall mean, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus
the aggregate of all Unpaid Drawings, including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination
a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14
of the International Standby Practices (ISP98), such Letter of Credit shall be deemed to be “outstanding” in the amount so
remaining available to be drawn. 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.

 

“L/C Participant”
shall have the meaning provided in Section 3.3(a).

 

“L/C Participation”
shall have the meaning provided in Section 3.3(a).

 

“LCT Election”
shall have the meaning provided in Section 1.12(b).

 

“LCT Test Date”
shall have the meaning provided in Section 1.12(b).

 

“Lender”
shall have the meaning provided in the preamble to this Agreement.

 

“Lender Default”
shall mean (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans or Reimbursement Obligations,
which refusal or failure is not cured within two Business Days after the date of such refusal or failure, unless such Lender notifies
the Administrative Agent and the Borrower in writing that such refusal or 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 writing) has not been satisfied, (ii) the failure of any Lender to pay over to the Administrative Agent, any Letter
of Credit Issuer or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due,
unless the subject of a good faith dispute, (iii) a Lender has notified the Borrower or the Administrative Agent in writing that
it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect
to its funding obligations under this Agreement or a Lender has publicly announced that it does not intend to comply with its funding
obligations under other loan agreements, credit agreements or similar facilities generally, (iv) a Lender has failed to confirm in
a manner reasonably satisfactory to the Administrative Agent and the Borrower that it will comply with its funding obligations under this
Agreement (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (iv) upon the Administrative
Agent’s receipt of such written confirmation in form and substance reasonably satisfactory to the Administrative Agent) or (v) a
Distressed Person has admitted in writing that it is insolvent or such Distressed Person becomes subject to a Lender-Related Distress
Event or (vi) a Lender has become the subject of a Bail-In Action.

 

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“Lender-Related Distress
Event” shall mean, with respect to any Lender or any other Person that directly or indirectly controls such Lender (each, a
 “Distressed Person”), a voluntary or involuntary case with respect to such Distressed Person under any debt relief
law, or a custodian, conservator, receiver, or similar official is appointed for such Distressed Person or any substantial part of such
Distressed Person’s assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person,
is subject to a forced liquidation or such Distressed Person 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 Distressed Person to be, insolvent or bankrupt;
provided that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition
of any equity interests in any Lender or any Person that directly or indirectly controls such Lender by a Governmental Authority or an
instrumentality thereof 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 attachments 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.

 

“Letter of Credit”
shall mean each letter of credit issued pursuant to Section 3.1(a).

 

“Letter of Credit
Commitment” shall mean, (a) initially, with respect to each Letter of Credit Issuer, the commitment of such Letter of Credit
Issuer to issue Letters of Credit in the amount set forth opposite the name of such Letter of Credit Issuer on Schedule 1.1(b) hereto,
with such commitments totaling $5,000,000 in the aggregate (the “Letter of Credit Sublimit”), as the same may be reduced
from time to time pursuant to Section 3.1 and (b) after the addition of any other Letter of Credit Issuer as referenced
in the definition of “Letter of Credit Issuers,” the percentage agreed to between such additional Letter of Credit Issuer
and the Borrower (together with the Letter of Credit Commitments of each pre-existing Letter of Credit Issuer as agreed to by the Borrower
and each such pre-existing Letter of Credit Issuer); provided further that no Letter of Credit Issuer shall be required to issue Letters
of Credit in excess of its applicable Letter of Credit Commitment; provided that it is understood and agreed that each Letter of Credit
Issuer may, in its sole discretion, make extensions of Letters of Credit in an aggregate amount above its respective share of the Letter
of Credit Sublimit (but not to exceed the Letter of Credit Sublimit).

 

“Letter of Credit
Expiration Date” shall mean the day that is three Business Days prior to the scheduled Maturity Date then in effect for the
applicable Revolving Credit Facility; provided that the Letter of Credit Expiration Date may be extended beyond such date with
the consent of the applicable Letter of Credit Issuer.

 

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“Letter of Credit
Exposure” shall mean, with respect to any Lender, at any time, the sum of (i) the amount of the principal amount of any
Unpaid Drawings in respect of which such Lender has made (or is required to have made) payments to the Letter of Credit Issuer pursuant
to Section 3.4(a) at such time and (ii) such Lender’s Revolving Credit Commitment Percentage of the Letters
of Credit Outstanding at such time (excluding the portion thereof consisting of Unpaid Drawings in respect of which the Lenders have made
(or are required to have made) payments to the Letter of Credit Issuer pursuant to Section 3.4(a)).

 

“Letter of Credit
Fee” shall have the meaning provided in Section 4.1(b).

 

“Letter of Credit
Issuer” shall mean (i) Bank of America, N.A., Morgan Stanley Senior Funding, Inc., Jefferies Finance LLC, Truist Bank
and Citibank, N.A., (ii) any of their respective Affiliates or branches and (iii) any other Revolving Credit Lender that becomes
an Letter of Credit Issuer in accordance with Section 3.6, in each case, in its capacity as an issuer of Letters of Credit
hereunder, or any replacement or successor issuer of Letters of Credit hereunder. In the event that there is more than one Letter of Credit
Issuer at any time, references herein and in the other Credit Documents to the Letter of Credit Issuer shall be deemed to refer to the
Letter of Credit Issuer in respect of the applicable Letter of Credit or to all Letter of Credit Issuers, as the context requires. Jefferies
Finance LLC will cause Letters of Credit to be issued by unaffiliated financial institutions and such Letters of Credit shall be treated
as issued by Jefferies Finance LLC for all purposes under the Credit Documents.

 

“Letter of Credit
Request” shall mean a notice executed and delivered by the Borrower pursuant to Section 3.2, and substantially in
the form of Exhibit F or another form which is acceptable to the relevant Letter of Credit Issuer in its reasonable discretion.

 

“Letters of Credit
Outstanding” shall mean, at any time the sum of, without duplication, (i) the aggregate Stated Amount of all outstanding
Letters of Credit and (ii) the aggregate amount of the principal amount of all Unpaid Drawings.

 

“Letter of Credit
Sublimit” shall have the meaning provided in the definition of Letter of Credit Commitment.

 

“Level I Status”
shall mean, on any date, the Consolidated Total Debt to Consolidated EBITDA Ratio is greater than or equal to 4.00 to 1.00 as of such
date.

 

“Level II Status”
shall mean, on any date, the Consolidated Total Debt to Consolidated EBITDA Ratio is less than 4.00 to 1.00 but greater than or equal
to 3.00 to 1.00 as of such date.

 

“Level III Status”
shall mean, on any date, the Consolidated Total Debt to Consolidated EBITDA Ratio is less than 3.00 to 1.00 but greater than or equal
to 2.50 to 1.00 as of such date.

 

“Level
IV Status” shall mean, on any date, the Consolidated Total Debt to Consolidated EBITDA Ratio is less than 2.50 to 1.00 as of
such date.

 

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

 

    47

     

    

 

“LIBOR Rate”
shall mean, with respect to any Borrowing of LIBOR Loans for any Interest Period, the LIBOR Screen Rate at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period for Dollar deposits (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period.

 

“LIBOR Screen Rate”
shall mean, for any day and time, with respect to any Borrowing of LIBOR 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 Dollars for a
period equal in length to such Interest Period as displayed on such day and time on the applicable Bloomberg screen page (or such
other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time)).

 

“Lien”
shall mean with respect to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference, priority, or encumbrance
of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional
sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest
in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction;
provided that in no event shall an operating lease or a license, sub-license or cross-license of Intellectual Property constitute
or be deemed to constitute a Lien.

 

“Limited
Condition Transaction” shall mean (a) any acquisition by one or more of the Borrower and its Restricted Subsidiaries of
any assets, business or Person or an Investment in the nature of the foregoing by one or more of the Borrower and its Restricted Subsidiaries,
in each case, permitted to be made under this Agreement, (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 or (c) any
dividend or other Restricted Payment declared in respect of Capital Stock no more than 90 days in advance thereof and, in the case of
each of clauses (a), (b) and (c), whose consummation is not conditioned on the availability of, or on obtaining, third party financing.

 

“Loan”
shall mean any Revolving Loan, Term Loan, or any other loan made by any Lender pursuant to this Agreement.

 

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

 

“Management
Investors” means the directors, principals, members of management, officers, partners, members and employees of any Parent Entity,
Holdings, the Borrower and/or any of their respective subsidiaries who are (directly or indirectly through one or more investment vehicles)
Investors.

 

“Master Agreement”
shall have the meaning provided in the definition of “Hedge Agreement.”

 

“Material Adverse
Effect” shall mean a material adverse effect on (i) the business, assets, operations, properties, or financial condition
of the Borrower and its Subsidiaries, taken as a whole, (ii) the ability of the Borrower and the other Credit Parties, taken as a
whole, to perform their payment obligations under this Agreement or any of the other Credit Documents or (iii) the rights and remedies
of the Administrative Agent and the Lenders under the Credit Documents.

 

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“Material Intellectual
Property” shall mean Intellectual Property that is material to the business of the Borrower and its Subsidiaries (taken as a
whole).

 

“Material Subsidiary”
shall mean, at any date of determination, each Restricted Subsidiary (i) whose total assets (when taken together with those of its
Subsidiaries) at the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1 Financials
have been delivered were equal to or greater than 5.0% of the Consolidated Total Assets of the Borrower and its Restricted Subsidiaries
at such date or (ii) whose revenues (when taken together with those of its Subsidiaries) during such Test Period were equal to or
greater than 5.0% of the consolidated revenues of the Borrower and its Restricted Subsidiaries for such period, in each case determined
in accordance with GAAP; provided that if, at any time and from time to time after the Closing Date, Restricted Subsidiaries that
are not Material Subsidiaries (other than Subsidiaries that are Excluded Subsidiaries by virtue of any of clauses (ii) through
(xii) of the definition of “Excluded Subsidiary”) have, in the aggregate, (a) total assets at the last day
of such Test Period equal to or greater than 10% of the Consolidated Total Assets of the Borrower and its Restricted Subsidiaries at such
date or (b) revenues during such Test Period equal to or greater than 10% of the consolidated revenues of the Borrower and its Restricted
Subsidiaries for such period, in each case determined in accordance with GAAP, then the Borrower shall, on the date on which financial
statements for such quarter are delivered pursuant to this Agreement, designate in writing to the Administrative Agent one or more of
such Restricted Subsidiaries as Material Subsidiaries for each fiscal period until this proviso is no longer applicable.

 

“Maturity Date”
shall mean (i) with respect to the Initial Term A Loans, the Initial Term A Loan Maturity Date, (ii) with respect to the Revolving
Credit Commitments and any subsequent additions thereto, the Revolving Credit Maturity Date, (iii) with respect to any Extended Term
Loans, the maturity date of such Extended Term Loans as specified in the applicable Extension Amendment, (iv) with respect to any
Class of Extended Revolving Credit Loans, the Extended Revolving Loan Maturity Date applicable thereto, (v) with respect to
any Incremental Term Loans, the maturity date applicable thereto as specified in the applicable Joinder Agreement and (vi) with respect
to any Replacement Term Loans, the maturity date applicable thereto as specified in the applicable amendment with respect to such Replacement
Term Loans, as applicable.

 

“Maximum Incremental
Ratio” shall mean, at any date of determination, the ratio that is 0.50 to 1.00 less than the maximum Consolidated Total Debt
to Consolidated EBITDA Ratio permitted by Section 10.7(a) as of such date; provided, that the Maximum Incremental
Ratio shall not be less than 3.75 to 1.00.

 

“Minimum Borrowing
Amount” shall mean (i) with respect to a Borrowing of LIBOR Loans, $1,000,000 (or, if less, the entire remaining applicable
Commitments at the time of such Borrowing), and (ii) with respect to a Borrowing of ABR Loans, $100,000 (or, if less, the entire
remaining applicable Commitments at the time of such Borrowing).

 

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“Minimum Collateral
Amount” shall mean, at any time, (i) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit
account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 101%
of the Fronting Exposure of the Letter of Credit Issuer with respect to Letters of Credit issued and outstanding at such time and (ii) with
respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided in accordance with the provisions
of Section 3.8(a)(i), (a)(ii), or (a)(iii), an amount equal to 101% of the outstanding amount of all L/C Obligations.

 

“MIRE
Event” means if there are any Mortgaged Properties at such time, any increase, extension or renewal of any of the Commitments
or Loans or the making of an Incremental Loan or any other incremental credit facilities hereunder, but excluding (i) any continuation
or conversion of borrowings, (ii) the making of any Loan (other than an Incremental Term Loan) or (iii) the issuance, renewal
or extension of Letters of Credit.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business.

 

“Mortgage”
shall mean a mortgage, deed of trust, deed to secure debt, trust deed, or other security document entered into by the owner of a Mortgaged
Property and the Collateral Agent for the benefit of the Secured Parties in respect of that Mortgaged Property to secure the Obligations,
in form and substance reasonably acceptable to the Collateral Agent, together with such terms and provisions as may be required by local
laws.

 

“Mortgaged Property”
shall mean, initially, each parcel of real property (including fixtures) and the improvements thereto owned in fee by a Credit Party and
identified on Schedule 1.1(a), and each other owned parcel of real property (including fixtures) and improvements thereto with
respect to which a Mortgage is granted pursuant to Section 9.14.

 

“Multiemployer Plan”
shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which any Credit Party or ERISA Affiliate makes,
is obligated to make, has made, or has been obligated to make contributions.

 

“Net Cash Proceeds”
shall mean, with respect to any Prepayment Event, (i) the gross cash proceeds (including payments from time to time in respect of
installment obligations, if applicable, but only as and when received and excluding any interest payments) received by or on behalf of
the Borrower or any of the Restricted Subsidiaries in respect of such Prepayment Event, as the case may be, less (ii) the sum of:

 

(a)            the
amount, if any, of all Taxes (including in connection with any repatriation of funds) paid or estimated to be payable by the Borrower
or any of the Restricted Subsidiaries in connection with such Prepayment Event,

 

(b)            the
amount of any reasonable reserve established in accordance with GAAP against any liabilities (other than any Taxes deducted pursuant to
clause (a) above) (1) associated with the assets that are the subject of such Prepayment Event and (2) retained
by the Borrower or any of the Restricted Subsidiaries; provided that the amount of any subsequent reduction of such reserve (other
than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such a Prepayment Event
occurring on the date of such reduction,

 

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(c)            the
amount of any Indebtedness (other than the Loans) secured by a Lien on the assets that are the subject of such Prepayment Event to the
extent that the instrument creating or evidencing such Indebtedness requires that such Indebtedness be repaid upon consummation of such
Prepayment Event,

 

(d)            in
the case of any Asset Sale Prepayment Event or Casualty Event or Permitted Sale Leaseback, the amount of any proceeds of such Prepayment
Event that the Borrower or any Restricted Subsidiary has reinvested (or intends to reinvest within the Reinvestment Period or has entered
into a binding commitment prior to the last day of the Reinvestment Period to reinvest) in the business of the Borrower or any of the
Restricted Subsidiaries; provided that any portion of such proceeds that has not been so reinvested within such Reinvestment Period
(with respect to such Prepayment Event, the “Deferred Net Cash Proceeds”) shall, unless the Borrower or a Restricted
Subsidiary has entered into a binding commitment prior to the last day of such Reinvestment Period to reinvest such proceeds no later
than 180 days following the last day of such Reinvestment Period, (1) be deemed to be Net Cash Proceeds of an Asset Sale Prepayment
Event, Casualty Event, or Permitted Sale Leaseback occurring on the last day of such Reinvestment Period or, if later, 180 days after
the date the Borrower or such Restricted Subsidiary has entered into such binding commitment, as applicable (such last day or 180th day,
as applicable, the “Deferred Net Cash Proceeds Payment Date”), and (2) be applied to the repayment of Term Loans
in accordance with Section 5.2(a)(i),

 

(e)            in
the case of any Asset Sale Prepayment Event, Casualty Event, or Permitted Sale Leaseback by a non-Wholly-Owned Restricted Subsidiary,
the pro rata portion of the Net Cash Proceeds thereof (calculated without regard to this clause (e)) attributable to minority interests
and not available for distribution to or for the account of the Borrower or a Wholly-Owned Restricted Subsidiary as a result thereof,

 

(f)            in
the case of any Asset Sale Prepayment Event or Permitted Sale Leaseback, any funded escrow established pursuant to the documents evidencing
any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale
or disposition; provided that the amount of any subsequent reduction of such escrow (other than in connection with a payment in
respect of any such liability) shall be deemed to be Net Cash Proceeds of such a Prepayment Event occurring on the date of such reduction
solely to the extent that the Borrower and/or any Restricted Subsidiaries receives cash in an amount equal to the amount of such reduction,
and

 

(g)            all
fees and out-of-pocket expenses paid by the Borrower or a Restricted Subsidiary in connection with any of the foregoing (for the avoidance
of doubt, including attorney’s fees, investment banking fees, survey costs, title insurance premiums, and related search and recording
charges, transfer Taxes, deed or mortgage recording Taxes, underwriting discounts and commissions, other customary expenses, and brokerage,
consultant, accountant, and other customary fees),

 

in each case only to the extent not already deducted
in arriving at the amount referred to in clause (i) above.

 

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“Net Income”
shall mean, with respect to any Person and its Restricted Subsidiaries on a consolidated basis for any period, the net income (loss) of
such Person and its Restricted Subsidiaries, determined in accordance with GAAP.

 

“Non-Bank Tax Certificate”
shall have the meaning provided in Section 5.4(e)(ii)(B)(3).

 

“Non-Consenting Lender”
shall have the meaning provided in Section 13.7(b).

 

“Non-Defaulting Lender”
shall mean and include each Lender other than a Defaulting Lender.

 

“Non-Extension Notice
Date” shall have the meaning provided in Section 3.2(d).

 

“Non-U.S. Lender”
shall mean any Lender that is not a “United States person” as defined by Section 7701(a)(30) of the Code.

 

“Notice of Borrowing”
shall have the meaning provided in Section 2.3(a).

 

“Notice of Conversion
or Continuation” shall have the meaning provided in Section 2.6(a).

 

“Notice
Period” shall have the meaning provided in Section 13.24.

 

“NYFRB”
shall mean the Federal Reserve Bank of New York.

 

“Obligations”
shall mean all advances to, and debts, liabilities, obligations, covenants, and duties of, any Credit Party (and in the case of a Secured
Cash Management Agreement or Secured Hedge Agreement, any Restricted Subsidiary) arising under any Credit Document or otherwise with respect
to any Revolving Credit Commitment, Loan, or Letter of Credit or under any Secured Cash Management Agreement, Secured Hedge Agreement
(other than with respect to any Credit Party’s obligations that constitute Excluded Swap Obligations solely with respect to such
Credit Party), in each case, entered into with Holdings, the Borrower or any of the Restricted Subsidiaries, 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 Credit Party or any Affiliate thereof of any proceeding under any
bankruptcy or insolvency law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed
claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Credit Parties under the Credit Documents
(and any of their Subsidiaries to the extent they have obligations under the Credit Documents) include the obligation (including guarantee
obligations) to pay principal, interest, charges, expenses, fees, attorney costs, indemnities, and other amounts payable by any Credit
Party under any Credit Document.

 

“OFAC”
shall have the meaning provided in Section 8.19(c).

 

“Other Rate Early Opt-in” shall
mean the Administrative Agent and the Borrower have elected to replace USD LIBOR with a Benchmark Replacement other than a SOFR-based
rate pursuant to (1) an Early Opt-in Election and (2) Section 2.10(b)(ii) and paragraph (2) of the definition
of “Benchmark Replacement”.

 

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“Other Incremental
Term Loans” shall have the meaning provided in Section 2.14(c).

 

“Other Taxes”
shall mean all present or future stamp, registration, court or documentary Taxes or any other excise, property, intangible, mortgage recording,
filing or similar Taxes arising from any payment made hereunder or under any other Credit Document or from the execution, delivery, performance,
enforcement or registration of, or otherwise with respect to, this Agreement or any other Credit Document; provided that such term
shall not include (i) any Taxes that result from an assignment, grant of a participation pursuant to Section 13.6(c) or
transfer or assignment to or designation of a new lending office or other office for receiving payments under any Credit Document (“Assignment
Taxes”) to the extent such Assignment Taxes are imposed as a result of a connection between the assignor/participating Lender
and/or the assignee/Participant and the taxing jurisdiction (other than a connection arising solely from any Credit Documents or any transactions
contemplated thereunder), except to the extent that any such action described in this proviso is requested or required by the Borrower
or (ii) Excluded Taxes.

 

“Overnight
Bank Funding Rate” shall mean, for any day, the rate comprised of both overnight federal funds and overnight borrowings of LIBOR
Loans by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth
on the Federal Reserve Bank of New York’s Website from time to time, and published on the next succeeding Business Day by the NYFRB
as an overnight bank funding rate.

 

“Parent Entity”
shall mean any Person that is a direct or indirect parent company (which may be organized as, among other things, a partnership), including
any managing member, of the Borrower, as applicable.

 

“Participant”
shall have the meaning provided in Section 13.6(c)(i).

 

“Participant Register”
shall have the meaning provided in Section 13.6(c)(ii).

 

“Participating Member
State” shall mean any member state of the European Union that adopts or has adopted the Euro as its lawful currency in accordance
with legislation of the European Union relating to economic and monetary union.

 

“Patriot Act”
shall have the meaning provided in Section 13.18.

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

“Pension Plan”
shall mean any employee pension benefit plan (as defined in Section 3(2) of ERISA, but excluding any Multiemployer Plan) in
respect of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4062 or Section 4069
of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

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“Perfection Exceptions”
shall mean that, except as otherwise elected by the Borrower in its sole discretion, no Credit Party shall be required, nor shall any
Agent be authorized, to (i) enter into control agreements with respect to, or otherwise perfect any security interest granted under
the Security Documents by “control” (or similar arrangements) over, commodities accounts, securities accounts, deposit accounts,
futures accounts, other bank accounts, cash and cash equivalents and accounts related to the clearing, payment processing and similar
operations of Holdings and its Subsidiaries (except as provided in Section 3.8), (ii) perfect the security interest granted
under the Security Documents in the following other than by the filing of a UCC financing statement: (1) letter-of-credit rights
(as defined in the UCC), (2) commercial tort claims (as defined in the UCC), (3) Fixtures (as defined in the UCC), except to
the extent that the same are Equipment (as defined in the UCC) or are related to real property covered or intended by the Credit Documents
to be covered by a Mortgage and (4) assigned agreements, (iii) send notices to account debtors or other contractual third-parties
unless an Event of Default has occurred and is continuing, (iv) enter into any security documents to be governed by the law of any
jurisdiction in which assets are located other than the laws of the United States, any state thereof, or the District of Columbia, (v) deliver
or provide (or take any actions with respect to obtaining) any leasehold mortgages, mortgages (with respect to any real property other
than Mortgaged Property), landlord waivers, estoppels or collateral access letters or (vi) except as required by the Security Documents
enter into any source code escrow agreement or register any Intellectual Property.

 

“Permitted Acquisition”
shall have the meaning provided in clause (iii) of the definition of “Permitted Investments.”

 

“Permitted Asset
Swap” shall mean the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business
Assets and cash or Cash Equivalents between the Borrower or a Restricted Subsidiary and another Person; provided that any cash
or Cash Equivalents received must be applied in accordance with Section 10.4.

 

“Permitted Debt Exchange”
shall have the meaning provided in Section 2.15(a).

 

“Permitted Debt Exchange
Notes” shall have the meaning provided in Section 2.15(a).

 

“Permitted Debt Exchange
Offer” shall have the meaning provided in Section 2.15(a).

 

“Permitted Holders”
means (a) the Co-Investors and their Permitted Transferees, and (b) any group of which the Persons described in clause (a) are
members and any other member of such group; provided that the Persons described in clause (a), without giving effect to the existence
of such group or any other group, collectively own, directly or indirectly, Voting Stock in such Person representing a majority of the
aggregate votes entitled to vote for the election of directors of such Person having a majority of the aggregate votes on the Board of
Directors of such Person owned by such group.

 

“Permitted Investments”
shall mean:

 

(i)            any
Investment in the Borrower or any Restricted Subsidiary; provided that the aggregate amount of such Investments by Credit Parties in Restricted
Subsidiaries that are not Credit Parties shall not exceed shall not exceed the greater of (x) $20,000,000 and (y) 45.0% of TTM
Consolidated EBITDA at any one time outstanding;

 

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(ii)         any
Investment in cash, Cash Equivalents, or Investment Grade Securities at the time such Investment is made;

 

(iii)        any
Investment by the Borrower or any Restricted Subsidiary in a Person that is engaged in a Similar Business if as a result of such Investment
(a “Permitted Acquisition”), (1) such Person becomes a Restricted Subsidiary or (2) such Person, in one transaction
or a series of related transactions, is merged, consolidated, or amalgamated with or into, or transfers or conveys substantially all of
its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary, and, in each case, any Investment held by such Person so
long as, in the case of any Investment held by such Person as of the date of such acquisition, merger, consolidation or transfer, such
Investment was not made by such Person in contemplation of such acquisition, merger, consolidation or transfer; provided that the aggregate
amount of Investments made by Credit Parties pursuant to this clause (iii) in Persons that do not become Restricted Subsidiaries
that are Credit Parties or assets that are not (or do not become) owned by Restricted Subsidiaries that are Credit Parties upon the consummation
of such Investment shall not exceed the greater of (x) $50,000,000 and (y) 115.0% of TTM Consolidated EBITDA at any one time
outstanding;

 

(iv)        any
Investment in securities or other assets not constituting cash, Cash Equivalents, or Investment Grade Securities and received in connection
with an Asset Sale made pursuant to Section 10.4 or any other disposition of assets not constituting an Asset Sale;

 

(v)         (a) any
Investment existing or contemplated on the Closing Date and, in each case, listed on Schedule 10.5 and (b) Investments consisting
of any modification, replacement, renewal, reinvestment, or extension of any such Investment; provided that the amount of any such
Investment is not increased from the amount of such Investment on the Closing Date except pursuant to the terms of such Investment (including
in respect of any unused commitment), plus any accrued but unpaid interest (including any portion thereof which is payable in kind
in accordance with the terms of such modified, extended, renewed, or replaced Investment) and premium payable by the terms of such Indebtedness
thereon and fees and expenses associated therewith as of the Closing Date;

 

(vi)        any
Investment acquired by the Borrower or any Restricted Subsidiary (a) in exchange for any other Investment or accounts receivable
held by the Borrower or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization, or
recapitalization of such other Investment or accounts receivable or (b) as a result of a foreclosure by the Borrower or any Restricted
Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;

 

(vii)       Hedging
Obligations permitted under clause (j) of Section 10.1 and Cash Management Services;

 

(viii)      Investments
consisting of purchases of assets of Franchisees (including, but not limited to, area development contracts owned by Franchisees) in the
ordinary course of business or otherwise, so long as (A) no Event of Default shall have occurred and be continuing and (B) the
Borrower is in pro forma compliance with the Financial Covenants after giving effect to any such purchase;

 

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(ix)         Investments
the payment for which consists of Equity Interests of Holdings or any direct or indirect parent company of Holdings (exclusive of Disqualified
Stock); provided that such Equity Interests will not increase the amount available for Restricted Payments under clause (ii) of
Section 10.5(a);

 

(x)          guarantees
of Indebtedness permitted under Section 10.1;

 

(xi)         [reserved];

 

(xii)        Investments
consisting of purchases and acquisitions of inventory, supplies, material, equipment, or other similar assets in the ordinary course of
business;

 

(xiii)       additional
Investments having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (xiii) that
are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale
do not consist of cash or marketable securities), not to exceed the greater of (a) 17,500,000 and (b) 40.0% of TTM Consolidated
EBITDA at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving
effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (xiii) is
made in any Person that is not a Credit Party at the date of the making of such Investment and such Person becomes a Credit Party after
such date, such Investment shall thereafter be deemed to have been made pursuant to clause (i) above and shall cease to have
been made pursuant to this clause (xiii) for so long as such Person continues to be a Credit Party;

 

(xiv)       Investments
in a Receivables Subsidiary in connection with a Receivables Facility that, in the good faith determination of the board of directors
of the Borrower, are customary, and necessary or advisable, to effect such Receivables Facility;

 

(xv)        advances
to, or guarantees of Indebtedness of, employees not in excess of the greater of (a) $3,000,000 and (b) 6.50% of TTM Consolidated
EBITDA at the time of such Investment;

 

(xvi)       (a) loans
and advances to officers, directors, managers, and employees for business-related travel expenses, moving expenses, and other similar
expenses, in each case incurred in the ordinary course of business or consistent with past practices or to fund such Person’s purchase
of Equity Interests of the Borrower or any direct or indirect parent company thereof, (b) promissory notes received from stockholders
of the Borrower, any direct or indirect parent company of the Borrower or any Subsidiary in connection with the exercise of stock options
in respect of the Equity Interests of the Borrower, any direct or indirect parent company of the Borrower and the Subsidiaries and (c) advances
of payroll payments to employees in the ordinary course of business;

 

(xvii)      Investments
consisting of extensions of trade credit in the ordinary course of business;

 

(xviii)     Investments
in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform
Commercial Code Article 4 customary trade arrangements with customers consistent with past practices;

 

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(xix)         non-cash
Investments in connection with Tax planning and reorganization activities; provided that after giving effect to any such activities,
the security interests of the Lenders in the Collateral, taken as a whole, would not be materially impaired;

 

(xx)          Investments
made in the ordinary course of business in connection with obtaining, maintaining or renewing client, franchisee and customer contracts
and loans or advances made to, and guarantees with respect to obligations of, franchisees, distributors, suppliers, licensors and licensees
in the ordinary course of business;

 

(xxi)         the
non-exclusive licensing and contribution of Intellectual Property, including pursuant to joint development, joint venture or joint marketing
arrangements with other Persons, in the ordinary course of business;

 

(xxii)        contributions
to a “rabbi” trust for the benefit of employees, directors, officers, managers, consultants, independent contractors or other
service providers or other grantor trust subject to claims of creditors in the case of a bankruptcy of the Borrower;

 

(xxiii)       Investments
by an Unrestricted Subsidiary entered into prior to the day such Unrestricted Subsidiary is redesignated as a Restricted Subsidiary pursuant
to the definition of “Unrestricted Subsidiary” so long as such Investment was not made in contemplation of such redesignation;

 

(xxiv)       so
long as no Event of Default shall have occurred and be continuing, Investments in Franchisees (including, but not limited to, (i) Guarantees
or other credit support of any Indebtedness and other liabilities thereof and (ii) loans, advances or contributions to the marketing
and advertising funds operating in connection with the European Wax Center franchise systems) not to exceed the greater of $30,000,000
and 70% of Consolidated EBITDA;

 

(xxv)        Investments
consisting of accounts and payment intangibles owing to the Borrower or any of the Restricted Subsidiaries from Franchisees; provided
that such obligation shall be on such terms as the Borrower or the applicable Restricted Subsidiary establishes in good faith; and

 

(xxvi)       Investments
consisting of advances or expenditures by any Credit Party to, or on behalf of, any CMF Subsidiary in support of advertising and marketing
programs in the ordinary course consistent with current practices.

 

“Permitted Liens”
shall mean, with respect to any Person:

 

(i)            pledges
or deposits by such Person under workmen’s compensation laws, unemployment insurance laws, or similar legislation, or good faith
deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness), or leases to which such Person is a
party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety
or appeal bonds to which such Person is a party, or deposits as security for the payment of rent or deposits made to secure obligations
arising from contractual or warranty refunds, in each case incurred in the ordinary course of business;

 

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(ii)        Liens
imposed by law, such as carriers’, warehousemen’s, landlords’, materialmen’s, repairmen’s, and mechanics’
or other like Liens, in each case for sums not yet overdue for a period of more than 60 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 maintained on the books of such Person in
accordance with GAAP;

 

(iii)       Liens
for Taxes, assessments, or other governmental charges not yet overdue for a period of more than 60 days or which are being contested in
good faith by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of such
Person in accordance with GAAP, or for property Taxes on property the Borrower or one of its Subsidiaries has determined to abandon if
the sole recourse for such Tax, assessment, charge, levy, or claim is to such property;

 

(iv)       Liens
on cash and Cash Equivalents 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;

 

(v)        minor
survey exceptions, minor encumbrances, ground leases, easements, or reservations of, or rights of others for, licenses, rights-of-way,
servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines, and other similar
purposes, or zoning, building codes, or other restrictions (including, without limitation, minor defects or irregularities in title and
similar encumbrances) 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 do not in the aggregate materially adversely affect
the value of said properties or materially impair their use in the operation of the business of such Person;

 

(vi)       Liens
securing Indebtedness permitted to be outstanding pursuant to clause (a), (b), (d) or (y) of Section 10.1;
provided that, (a) in the case of clause (d) of Section 10.1, such Lien may not extend to any property
or equipment (or assets affixed or appurtenant thereto) other than the property or equipment being financed or refinanced under such clause
(d) of Section 10.1, replacements of such property, equipment or assets, and additions and accessions and in the
case of multiple financings of equipment provided by any lender, other equipment financed by such lender, (b) in the case of clause
(y) of Section 10.1, such Lien may not extend to any assets other than the assets owned by non-Credit Parties that
are joint ventures and (c) in the case of clause (b) of Section 10.1, such Lien shall comply with the terms set forth in
clauses (ii) and (iii) thereof;

 

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(vii)         subject
to Section 9.14, other than with respect to Mortgaged Property, Liens existing on the Closing Date; provided that any
Lien securing Indebtedness or other obligations in excess of $1,000,000 shall be listed on Schedule 10.2 and, in each case, any
modifications, replacements, renewals, or extensions thereof;

 

(viii)        Liens
on property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided such Liens are not created or
incurred in connection with, or in contemplation of, such other Person becoming a Subsidiary; provided, further, however,
that such Liens may not extend to any other property owned by the Borrower or any Restricted Subsidiary (other than, with respect to such
Person, any replacements of such property or assets and additions and accessions thereto, after-acquired property subject to a Lien securing
Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that
require, pursuant to their terms at such time, a pledge of after-acquired property of such Person, and the proceeds and the products thereof
and customary security deposits in respect thereof and in the case of multiple financings of equipment provided by any lender, other equipment
financed by such lender, it being understood that such requirement shall not be permitted to apply to any property to which such requirement
would not have applied but for such acquisition);

 

(ix)           Liens
on property at the time the Borrower or a Restricted Subsidiary acquired the property, including any acquisition by means of a merger
or consolidation with or into the Borrower or any Restricted Subsidiary or the designation of an Unrestricted Subsidiary as a Restricted
Subsidiary; provided that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition,
merger, consolidation, or designation; provided, further, however, that such Liens may not extend to any other property
owned by the Borrower or any Restricted Subsidiary (other than, with respect to such property, any replacements of such property or assets
and additions and accessions thereto, after-acquired property subject to a Lien securing Indebtedness and other obligations incurred prior
to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time,
a pledge of after-acquired property, and the proceeds and the products thereof and customary security deposits in respect thereof and
in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender, it being understood that
such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition);

 

(x)            Liens
on property of any Restricted Subsidiary that is not a Credit Party, which Liens secure Indebtedness or other obligations of such Restricted
Subsidiary or another Restricted Subsidiary that is not a Credit Party, in each case, to the extent permitted under Section 10.1;

 

(xi)           [reserved];

 

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(xii)         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;

 

(xiii)        leases,
subleases, licenses, or sublicenses (including solely non-exclusive licenses or sublicenses of Intellectual Property) granted to others
in the ordinary course of business which do not materially interfere with the ordinary conduct of the business of the Borrower or any
Restricted Subsidiary and do not secure any Indebtedness;

 

(xiv)        Liens
arising from Uniform Commercial Code financing statement filings regarding operating leases or consignments entered into by the Borrower
or any Restricted Subsidiary in the ordinary course of business;

 

(xv)         Liens
in favor of the Borrower or any other Guarantor (other than Holdings);

 

(xvi)        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;

 

(xvii)       Liens
on Receivables Assets sold or purported to be sold in connection with a Receivables Facility;

 

(xviii)      Liens
to secure any refinancing, refunding, extension, renewal, or replacement (or successive refinancing, refunding, extensions, renewals,
or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (vi), (vii), (viii),
(ix), (x), and (xv) of this definition of Permitted Liens; provided that (a) such new Lien shall
be limited to all or part of the same property that secured the original Lien (plus improvements on such property), and (b) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than the sum of (1) the outstanding principal amount or,
if greater, committed amount of the Indebtedness described under clauses (vi), (vii), (viii), (ix), (x),
and (xv) at the time the original Lien became a Permitted Lien under this Agreement, and (2) an amount necessary to pay
any fees and expenses, including premiums and accrued and unpaid interest, related to such refinancing, refunding, extension, renewal,
or replacement;

 

(xix)         deposits
made or other security provided to secure liabilities to insurance carriers under insurance or self-insurance arrangements in the ordinary
course of business;

 

(xx)          other
Liens securing obligations (including Capitalized Lease Obligations) which do not exceed the greater of (a) $15,000,000 and (b) 35.0%
of TTM Consolidated EBITDA at the time of the incurrence of such Lien;

 

(xxi)         Liens
securing judgments for the payment of money not constituting an Event of Default under Section 11.5 or Section 11.10;

 

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(xxii)        Liens
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;

 

(xxiii)       Liens
(a) of a collection bank arising under Section 4-210 of the Uniform Commercial Code or any comparable or successor provision
on items in the course of collection, (b) attaching to commodity trading accounts or other commodity brokerage accounts incurred
in the ordinary course of business, and (c) in favor of banking or other financial institutions or other electronic payment service
providers arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters
customary in the banking or finance industry;

 

(xxiv)       Liens
deemed to exist in connection with Investments in repurchase agreements permitted under Section 10.1; provided that
such Liens do not extend to any assets other than those that are the subject of such repurchase agreement;

 

(xxv)        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;

 

(xxvi)       Liens
that are contractual rights of set-off (a) relating to the establishment of depository relations with banks not given in connection
with the issuance or incurrence of Indebtedness, (b) relating to pooled deposit or sweep accounts of the Borrower or any of the 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 (c) relating to purchase orders and other agreements entered into by the Borrower or any of the Restricted
Subsidiaries in the ordinary course of business;

 

(xxvii)      Liens
(a) solely on any cash earnest money deposits made by the Borrower or any of the Restricted Subsidiaries in connection with any letter
of intent or purchase agreement permitted under this Agreement or (b) consisting of an agreement to dispose of any property pursuant
to a disposition permitted hereunder;

 

(xxviii)     rights
reserved or vested in any Person by the terms of any lease, license, franchise, grant, or permit held by the Borrower or any of the Restricted
Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant, or permit, or to require annual or periodic
payments as a condition to the continuance thereof;

 

(xxix)        restrictive
covenants affecting the use to which real property may be put; provided that the covenants are complied with;

 

(xxx)         security
given to a public utility or any municipality or Governmental Authority when required by such utility or authority in connection with
the operations of that Person in the ordinary course of business;

 

(xxxi)        zoning
by-laws and other land use restrictions, including, without limitation, site plan agreements, development agreements, and contract zoning
agreements;

 

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(xxxii)        Liens
arising out of conditional sale, title retention, consignment, or similar arrangements for sale of goods entered into by the Borrower
or any Restricted Subsidiary in the ordinary course of business;

 

(xxxiii)       Liens
arising under the Security Documents;

 

(xxxiv)       Liens
on goods purchased in the ordinary course of business the purchase price of which is financed by a documentary letter of credit issued
for the account of the Borrower or any of its Subsidiaries;

 

(xxxv)        (a) Liens
on Equity Interests in joint ventures; provided that any such Lien is in favor of a creditor of such joint venture and such creditor
is not an Affiliate of any partner to such joint venture and (b) purchase options, call, and similar rights of, and restrictions
for the benefit of, a third party with respect to Equity Interests held by the Borrower or any Restricted Subsidiary in joint ventures;

 

(xxxvi)        Liens
on cash and Cash Equivalents that are earmarked to be used to satisfy or discharge Indebtedness; provided (a) such cash and/or
Cash Equivalents are deposited into an account from which payment is to be made, directly or indirectly, to the Person or Persons holding
the Indebtedness that is to be satisfied or discharged, (b) such Liens extend solely to the account in which such cash and/or Cash
Equivalents are deposited and are solely in favor of the Person or Persons holding the Indebtedness (or any agent or trustee for such
Person or Persons) that is to be satisfied or discharged, and (c) the satisfaction or discharge of such Indebtedness is expressly
permitted hereunder;

 

(xxxvii)       with
respect to any Foreign Subsidiary, other Liens and privileges arising mandatorily by any Requirements of Law; and

 

(xxxviii)      to
the extent pursuant to a Requirements of Law, Liens on cash or Cash Equivalents securing Hedging Obligations or Swap Obligations in the
ordinary course of business.

 

For
purposes of this definition, the term “Indebtedness” shall be deemed to include interest on, and fees, expenses and other
obligations payable with respect to, such Indebtedness.

 

“Permitted Other
Indebtedness” shall mean Indebtedness issued or incurred by the Borrower or any Restricted Subsidiary (a) the terms of
which do not provide for any scheduled repayment, mandatory repayment, or redemption or sinking fund obligations prior to, at the time
of incurrence, the Latest Maturity Date (other than, in each case, customary offers or obligations to repurchase or repay upon a change
of control, excess cash flow sweep (other than any Permitted Other Indebtedness in the form of Permitted Debt Exchange Notes), asset sale,
or casualty or condemnation event, and customary acceleration rights after an event of default), (b) the covenants, events of default,
guarantees and other terms of which (excluding pricing, interest rate margins, rate floors, discounts, fees, premiums and prepayment or
redemption provisions (which shall not permit more than pro rata payment with the Term Loans)) taken as a whole, are not materially more
restrictive to the Borrower and its Restricted Subsidiaries than those herein (taken as a whole) (except for covenants or other provisions
applicable only to periods after the Latest Maturity Date at the time of such refinancing) (it being understood that, (1) to the
extent that any financial maintenance covenant is added for the benefit of any such Indebtedness, no consent shall be required by the
Administrative Agent or any of the Lenders if such financial maintenance covenant is also added for the benefit of any corresponding Loans
remaining outstanding after the issuance or incurrence of such Indebtedness or (2) no consent shall be required by the Administrative
Agent or any of the Lenders if any covenants or other provisions are only applicable after the Latest Maturity Date at the time of such
refinancing); provided that a certificate of an Authorized Officer of the Borrower delivered to the Administrative Agent at least
five Business Days (or such shorter period as the Administrative Agent may reasonably agree) 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 foregoing requirement
shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies
the Borrower within two Business Days after receipt of such certificate that it disagrees with such determination (including a reasonable
description of the basis upon which it disagrees), and (c) in the case of Indebtedness incurred by a Credit Party, of which no Subsidiary
of the Borrower (other than a Guarantor) is an obligor.

 

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“Permitted Other
Provision” shall have the meaning provided in Section 2.14(g)(i).

 

“Permitted Sale Leaseback”
shall mean any Sale Leaseback consummated by the Borrower or any of the Restricted Subsidiaries after the Closing Date; provided
that any such Sale Leaseback not between the Borrower and a Restricted Subsidiary is consummated for fair value as determined at the time
of consummation in good faith by (i) the Borrower or such Restricted Subsidiary or (ii) in the case of any Sale Leaseback (or
series of related Sales Leasebacks) the aggregate proceeds of which exceed the greater of (x) $3,000,000 and (y) 6.5% of TTM
Consolidated EBITDA, the board of directors (or analogous governing body) of the Borrower or such Restricted Subsidiary (which such determination
may take into account any retained interest or other Investment of the Borrower or such Restricted Subsidiary in connection with, and
any other material economic terms of, such Sale Leaseback).

 

“Permitted Tax Distribution”
shall mean, with respect to any taxable period for which the Borrower is treated as a partnership or disregarded entity for U.S. federal
income tax purposes, an amount distributable from the Borrower and its Subsidiaries, in the aggregate not to exceed the Tax Amount; provided,
however, that any such amount attributable to taxable income of an Unrestricted Subsidiary shall be permitted solely to the extent a corresponding
amount of cash is received by the Borrower or a Restricted Subsidiary from such Unrestricted Subsidiary for purposes of the relevant tax
distribution.

 

“Permitted
Transferees” means, with respect to any Person that is a natural person (and any Permitted Transferee of such Person), (a) such
Person’s immediate family, including his or her spouse, ex-spouse, children, stepchildren and their respective lineal descendants
and (b) any trust or other legal entity the beneficiary of which is such Person’s immediate family, including his or her spouse,
ex-spouse, children, stepchildren or their respective lineal descendants and which is controlled by such Person, and (c) without
duplication with any of the foregoing, such Person’s heirs, executors and/or administrators upon the death of such Person and any
other Person who was an Affiliate of such Person upon the death of such Person and who, upon such death, directly or indirectly owned
Equity Interests in Holdings or any other Parent Entity.

 

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“Person”
shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust, or other enterprise
or any Governmental Authority.

 

“Platform”
shall have the meaning provided in Section 13.17.

 

“Pledge Agreement”
shall mean the Pledge Agreement entered into by the Credit Parties party thereto and the Collateral Agent for the benefit of the Secured
Parties, substantially in the form of Exhibit D and dated as of the date hereof, as the same may be amended, supplemented
or otherwise modified from time to time.

 

“Post-Acquisition
Period” shall mean, with respect to any Permitted Acquisition, the period beginning on the date such Permitted Acquisition is
consummated and ending on the last day of the sixth full consecutive fiscal quarter immediately following the date on which such Permitted
Acquisition is consummated.

 

“Prepayment Event”
shall mean any Asset Sale Prepayment Event, Debt Incurrence Prepayment Event, Casualty Event, or any Permitted Sale Leaseback.

 

“Prepayment Notice”
shall mean a notice of the optional prepayment of Loans pursuant to Section 5.1, which shall be substantially in the form of Exhibit N
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 an Authorized Officer of the Borrower.

 

“Prepayment Trigger”
shall have the meaning provided in the definition of “Asset Sale Prepayment Event.”

 

“primary obligations”
shall have the meaning provided in the definition of “Contingent Obligations.”

 

“primary obligor”
shall have the meaning provided in the definition of “Contingent Obligations.”

 

“Pro Forma Adjustment”
shall mean, for any Test Period that includes all or any part of a fiscal quarter included in any Post-Acquisition Period, with respect
to the Acquired EBITDA of the applicable Acquired Entity or Business or Converted Restricted Subsidiary or the Consolidated EBITDA of
the Borrower and its Restricted Subsidiaries on a consolidated basis, the pro forma increase or decrease in such Acquired EBITDA or such
Consolidated EBITDA, as the case may be, projected by the Borrower in good faith as a result of (i) actions taken during such Post-Acquisition
Period for the purposes of realizing reasonably identifiable and factually supportable cost savings or (ii) any additional costs
incurred during such Post-Acquisition Period, in each case in connection with the combination of the operations of such Acquired Entity
or Business or Converted Restricted Subsidiary with the operations of the Borrower and its Restricted Subsidiaries; provided that
(a) at the election of the Borrower, such Pro Forma Adjustment shall not be required to be determined for any Acquired Entity or
Business to the extent the aggregate consideration paid in connection with such acquisition was less than $10,000,000 and (b) so
long as such actions are taken during such Post-Acquisition Period or such costs are incurred during such Post-Acquisition Period, as
applicable, it may be assumed, for purposes of projecting such pro forma increase or decrease to such Acquired EBITDA or such Consolidated
EBITDA, as the case may be, that the applicable amount of such cost savings will be realizable during the entirety of such Test Period,
or the applicable amount of such additional costs, as applicable, will be incurred during the entirety of such Test Period; provided,
further, that any such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be,
shall be without duplication for cost savings or additional costs already included in such Acquired EBITDA or such Consolidated EBITDA,
as the case may be, for such Test Period and, in the case of cost savings and any other adjustments referred to in clause (i) of
the definition of Consolidated EBITDA, shall be subject to the 30.0% cap set forth in clause (i) of the definition of Consolidated
EBITDA; provided that such cap shall not apply to (A) any amounts evidenced in a quality of earnings report obtained for any
transaction prepared by a nationally recognized accounting firm that is reasonably acceptable to the Administrative Agent (it being agreed
that any of the “Big Four” accounting firms is acceptable to the Administrative Agent) or (B) any pro forma adjustments
determined on a basis consistent with Article 11 or Regulation S-X promulgated under the Exchange Act and as interpreted by the staff
of the Securities and Exchange Commission (or any successor agency).

 

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“Pro Forma Basis,”
 “Pro Forma Compliance,” and “Pro Forma Effect” shall mean, with respect to compliance with any test,
financial ratio, or covenant hereunder, that (i) to the extent applicable, the Pro Forma Adjustment shall have been made and (ii) all
Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of
the applicable period of measurement in such test or covenant: (a) income statement items (whether positive or negative) attributable
to the property or Person subject to such Specified Transaction, (1) in the case of a sale, transfer, or other disposition of all
or substantially all Capital Stock in any Subsidiary of the Borrower or any division, product line, or facility used for operations of
the Borrower or any of its Subsidiaries, shall be excluded, and (2) in the case of a Permitted Acquisition or Investment described
in the definition of “Specified Transaction”, shall be included, (b) any retirement of Indebtedness, and (c) any
incurrence or assumption of Indebtedness by the Borrower or any of the Restricted Subsidiaries in connection therewith (it being agreed
that if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable
period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness
as at the relevant date of determination); provided that, without limiting the application of the Pro Forma Adjustment pursuant
to clause (a) above, the foregoing Pro Forma Adjustments may be applied to any such test or covenant solely to the extent
that such adjustments are consistent with the definition of “Consolidated EBITDA” and give effect to operating expense reductions
and synergies that are (x)(1) directly attributable to such transaction, (2) expected to have a continuing impact on the Borrower
or any of its Restricted Subsidiaries, and (3) factually supportable or (y) otherwise consistent with the definition of “Pro
Forma Adjustment”.

 

“Pro Forma Entity”
shall have the meaning provided in the definition of “Acquired EBITDA.”

 

“Pro Forma Financial
Statements” shall have the meaning assigned to such term in Section 6.9.

 

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“Prohibited Transaction”
shall have the meaning assigned to such term in Section 406 of ERISA and Section 4975(c) of the Code.

 

“Projections”
shall have the meaning assigned to such term in Section 9.1(g).

 

“Prospectus”
shall mean the final Prospectus of European Wax Center, Inc. relating to the IPO and filed with the SEC on August 4, 2021.

 

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

 

“Public Company Costs”
shall mean costs relating to compliance with the provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act
of 1934, as amended, as applicable to companies with equity or debt securities held by the public, the rules of national securities
exchange companies with listed equity or debt securities, directors’ or managers’ compensation, fees and expense reimbursement,
costs relating to investor relations, shareholder meetings and reports to shareholders or debtholders, directors’ and officers’
insurance and other executive costs, legal and other professional fees, and listing fees.

 

“QFC” shall
have 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”
shall have the meaning provided in Section 13.23.

 

“Qualified Proceeds”
shall mean assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business.

 

“Qualified Stock”
of any Person shall mean Capital Stock of such Person other than Disqualified Stock of such Person.

 

“Real Estate”
shall have the meaning provided in Section 9.1(f).

 

“Receivables Assets”
shall mean accounts receivable arising in the ordinary course of business from the sale of goods or services by the Borrower or any of
its Restricted Subsidiaries, all collateral securing such accounts receivable, all contracts and contract rights and all guarantees or
other obligations in respect of such accounts receivable, all proceeds of such accounts receivable and other assets (including contract
rights) which are of the type customarily transferred in connection with non-recourse, bankruptcy remote factoring or financing transactions
involving accounts receivable.

 

“Receivables Facility”
shall mean any of one or more receivables financing facilities pursuant to which the Borrower or any Restricted Subsidiary sells, directly
or indirectly or otherwise transfers its Receivable Assets to either (i) a Person that is not an Affiliate of the Borrower or (ii) a
Receivables Subsidiary that in turn funds such purchase by purporting to sell its Receivable Assets to a Person that is not an Affiliate
of the Borrower or by borrowing from such a Person or from another Receivables Subsidiary that in turn funds itself by borrowing from
such a Person, and which in each case, satisfies the following conditions: (a) the Borrower shall have determined in good faith that
such facility (including financing terms, covenants, termination events and other provisions) is on market terms and in the aggregate
economically fair and reasonable to the Borrower and its Restricted Subsidiaries; (b) all sales of Receivables Assets by the Borrower
or any Restricted Subsidiary pursuant thereto are made at fair market value (as determined in good faith by the Borrower); and (c) no
portion of any Indebtedness or any other obligations (contingent or otherwise) with respect to such facility (i) is guaranteed by
the Borrower or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) or any of their respective assets or properties,
(ii) is recourse to or otherwise obligates the Borrower or any of its Restricted Subsidiaries (other than a Receivables Subsidiary)
or any of their respective assets or properties in any way or (iii) subjects any property or asset of the Borrower or any of its
Restricted Subsidiaries (other than a Receivables Subsidiary) directly or indirectly, contingently or otherwise, to the satisfaction thereof,
other than, in the case of clauses (i) through (iii), pursuant to Standard Securitization Undertakings.

 

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“Receivables Fee”
shall mean distributions or payments made directly or by means of discounts with respect to any Receivables Assets sold in connection
with, and other fees paid to a Person that is not an Affiliate of the Borrower in connection with, any Receivables Facility.

 

“Receivables Subsidiary”
shall mean any direct or indirect, wholly-owned Subsidiary of the Borrower formed for the purpose of facilitating or entering into one
or more Receivables Facilities which Person (a) engages in no activities other than the acquisition of Receivables Assets for the
limited purpose of effecting one or more Receivables Facilities and activities reasonably related or incidental thereto, (b) does
not have any Indebtedness or other obligations (contingent or otherwise) that is (i) guaranteed by the Borrower or any of its Restricted
Subsidiaries (other than another Receivables Subsidiary) or any of their respective assets or properties, (ii) is recourse to or
obligates the Borrower or any of its Restricted Subsidiaries (other than another Receivables Subsidiary) or any of their respective assets
or properties in any way or (iii) subjects any property or asset of the Borrower or any of its Restricted Subsidiaries (other than
another Receivables Subsidiary), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than, in the case
of clauses (i) through (iii), pursuant to Standard Securitization Undertakings, (c) is not party to any contracts, agreements,
arrangements or understandings with the Borrower or any of its Restricted Subsidiaries (other than another Receivables Subsidiary) other
than on terms that are no less favorable to the Borrower or such Restricted Subsidiary than those that might be obtained by the Borrower
or such Restricted Subsidiary from a Person that is not an Affiliate of the Borrower and (d) with respect to which none of the Borrower
or any of its Restricted Subsidiaries (other than another Receivables Subsidiary) has any obligation to maintain or preserve such Person’s
financial condition or cause such Person to achieve any specified level of operating results.

 

“Reference
Time” with respect to any setting of the then-current Benchmark shall mean (1) if such Benchmark is USD LIBOR, 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 USD LIBOR,
the time determined by the Administrative Agent in its reasonable discretion.

 

“refinance”
shall have the meaning provided in Section 10.1(m).

 

“Refinanced Term
Loans” shall have the meaning provided in Section 13.1.

 

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“Refinancing Indebtedness”
shall have the meaning provided in Section 10.1(m).

 

“Refunding Capital
Stock” shall have the meaning provided in Section 10.5(b)(2).

 

“Register”
shall have the meaning provided in Section 13.6(b)(iv).

 

“Regulation D”
shall mean Regulation D of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin
requirements.

 

“Regulation T”
shall mean Regulation T of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin
requirements.

 

“Regulation U”
shall mean Regulation U of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin
requirements.

 

“Regulation X”
shall mean Regulation X of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin
requirements.

 

“Reimbursement Date”
shall have the meaning provided in Section 3.4(a).

 

“Reimbursement Obligations”
shall mean the Borrower’s obligations to reimburse Unpaid Drawings pursuant to Section 3.4(a).

 

“Reinvestment Period”
shall mean 365 days following the date of receipt of Net Cash Proceeds of an Asset Sale Prepayment Event, Casualty Event, or Permitted
Sale Leaseback.

 

“Rejection Notice”
shall have the meaning provided in Section 5.2(f).

 

“Related Business
Assets” shall mean assets (other than cash or Cash Equivalents) used or useful in a Similar Business; provided that any
assets received by the Borrower or the Restricted Subsidiaries in exchange for assets transferred by the Borrower or a Restricted Subsidiary
shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of
such Person, such Person would become a Restricted Subsidiary.

 

“Related Fund”
shall mean, with respect to any Lender that is a Fund, any other Fund that is advised or managed by (a) such Lender, (b) an
Affiliate of such Lender or (c) an entity or an Affiliate of such entity that administers, advises or manages such Lender.

 

“Related Parties”
shall mean, with respect to any specified Person, such Person’s Affiliates and the directors, officers, employees, agents, trustees,
and advisors of such Person and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the management
or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.

 

“Release”
shall mean any release, spill, emission, discharge, disposal, escaping, leaking, pumping, pouring, dumping, emptying, injection, or leaching
into the Environment.

 

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“Relevant
Governmental Body” shall mean the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York,
or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of
New York, or any successor thereto.

 

“Removal Effective
Date” shall have the meaning provided in Section 12.9(b).

 

“Reorganization”
shall mean, with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241
of ERISA.

 

“Repayment Amount”
shall mean the Term Loan Repayment Amount, an Incremental Term Loan Repayment Amount with respect to any Incremental Term Loans, a Replacement
Term Loan Repayment Amount with respect to any Replacement Term Loans or an Extended Term Loan Repayment Amount with respect to any Extension
Series, as applicable.

 

“Replacement Term
Loans” shall have the meaning provided in Section 13.1.

 

“Replacement Term
Loan Commitment” shall mean the commitments of the Lenders to make Replacement Term Loans.

 

“Replacement Term
Loan Repayment Amount” shall have the meaning provided in Section 2.5(c).

 

“Reportable Event”
shall mean any “reportable event,” as defined in Section 4043(c) of ERISA or the regulations issued thereunder,
with respect to a Pension Plan (other than a Pension Plan maintained by an ERISA Affiliate that is considered an ERISA Affiliate only
pursuant to subsection (m) or (o) of Section 414 of the Code), other than those events as to which notice is waived pursuant
to PBGC Reg. § 4043.

 

“Required Initial
Term A Loan Lenders” shall mean, at any date, Non-Defaulting Lenders having or holding more than 50% of the sum of (i) the
Adjusted Total Initial Term A Loan Commitment at such date and (ii) the aggregate outstanding principal amount of the Initial Term
A Loans (excluding Initial Term A Loans held by Defaulting Lenders) at such date.

 

“Required Lenders”
shall mean, at any date (i) Non-Defaulting Lenders having or holding more than 50% of the sum of (a) the Adjusted Total Revolving
Credit Commitment at such date, (b) the Adjusted Total Term Loan Commitment at such date, and (c) the outstanding principal
amount of the Term Loans (excluding Term Loans held by Defaulting Lenders) at such date or (ii) if the Total Revolving Credit Commitment
and the Total Term Loan Commitment have been terminated, Non-Defaulting Lenders having or holding a majority of the outstanding principal
amount of the Loans and Letter of Credit Exposure (excluding the Loans and Letter of Credit Exposure of Defaulting Lenders) in the aggregate
at such date.

 

“Required Revolving
Credit Lenders” shall mean, at any date Non-Defaulting Lenders holding more than 50% of the Adjusted Total Revolving Credit
Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated at such time, a majority of the Revolving Credit
Exposure (excluding Revolving Credit Exposure of Defaulting Lenders) at such time).

 

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“Requirements of
Law” shall mean, as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents
of such Person, and 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 assets or to which such Person or any of its property
or assets is subject.

 

“Resignation Effective
Date” shall have the meaning provided in Section 12.9(a).

 

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

 

“Restricted Investment”
shall mean an Investment other than a Permitted Investment.

 

“Restricted Payment”
shall have the meaning provided in Section 10.5(a).

 

“Restricted Person”
shall have the meaning provided in Section 13.16.

 

“Restricted Subsidiary”
shall mean any Subsidiary of Holdings other than an Unrestricted Subsidiary.

 

“Retained Declined
Proceeds” shall have the meaning provided in Section 5.2(f).

 

“Retired Capital
Stock” shall have the meaning provided in Section 10.5(b)(2).

 

“Revolving Credit
Commitment” shall mean, as to each Revolving Credit Lender, its obligation to make Revolving Credit Loans to the Borrower pursuant
to Section 2.1, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such
Lender’s name on Schedule 1.1(b) under the heading “Revolving Credit Commitment” or in the Assignment and
Acceptance or 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 (including Section 2.14). The aggregate Revolving Credit Commitments of all
Revolving Credit Lenders on the Closing Date is $40,000,000.

 

“Revolving Credit
Commitment Fee” shall have the meaning provided in Section 4.1(a).

 

“Revolving Credit
Commitment Fee Rate” shall mean a rate per annum set forth below opposite the Status in effect on such day:

 

	Status	 	Revolving Credit

Commitment Fee Rate	 
	Level I Status	 	 	0.450%	 
	Level II Status	 	 	0.400%	 
	Level III Status	 	 	0.350%	 
	Level IV Status	 	 	0.300%	 

 

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Notwithstanding the foregoing,
the term Revolving Credit Commitment Fee Rate shall mean 0.400% during the period from and including the Closing Date up to, but excluding
the Trigger Date.

 

“Revolving Credit
Commitment Percentage” shall mean at any time, for each Lender, the percentage obtained by dividing (i) such Lender’s
Revolving Credit Commitment at such time by (ii) the amount of the Total Revolving Credit Commitment at such time; provided
that at any time when the Total Revolving Credit Commitment shall have been terminated, each Lender’s Revolving Credit Commitment
Percentage shall be the percentage obtained by dividing (a) such Lender’s Revolving Credit Exposure at such time by (b) the
Revolving Credit Exposure of all Lenders at such time.

 

“Revolving Credit
Exposure” shall mean, with respect to any Lender at any time, the sum of (i) the aggregate principal amount of Revolving
Credit Loans of such Lender then outstanding and (ii) such Lender’s Letter of Credit Exposure at such time.

 

“Revolving Credit
Facility” shall mean, at any time, the collective reference to aggregate amount of the Revolving Credit Lenders’ Revolving
Credit Commitments at such time and the Revolving Credit Loans thereunder and any additional revolving credit facilities resulting from
Extended Revolving Credit Commitments and the Extended Revolving Credit Loans made thereunder, or, as the context may require, to any
such revolving credit facilities individually.

 

“Revolving Credit
Lender” shall mean, at any time, any Lender that has a Revolving Credit Commitment, Incremental Revolving Credit Commitment
or Extended Revolving Credit Commitment at such time.

 

“Revolving Credit
Loan” shall have the meaning provided in Section 2.1.

 

“Revolving Credit
Maturity Date” shall mean August 9, 2026, or, if such date is not a Business Day, the immediately following Business Day.

 

“Revolving Credit
Termination Date” shall mean the date on which the Revolving Credit Commitments shall have terminated, no Revolving Credit Loans
shall be outstanding and the Letters of Credit Outstanding shall have been reduced to zero or Cash Collateralized.

 

“Revolving Loan”
shall mean, collectively or individually as the context may require, any (i) Revolving Credit Loan, (ii) Extended Revolving
Credit Loan and (iii) Incremental Revolving Credit Loan, in each case made pursuant to and in accordance with the terms and conditions
of this Agreement.

 

“Revolving Loan Extension
Request” shall have the meaning provided in Section 2.14(g)(ii).

 

“S&P”
shall mean Standard & Poor’s Ratings Services or any successor by merger or consolidation to its business.

 

“Sale Leaseback”
shall mean any arrangement with any Person providing for the leasing by the Borrower or any Restricted Subsidiary of any real or tangible
personal property, which property has been or is to be sold or transferred by the Borrower or such Restricted Subsidiary to such Person
in contemplation of such leasing.

 

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“Sanctions”
shall mean economic sanctions administered or enforced by the United States Government (including without limitation, sanctions enforced
by OFAC), the U.S. Department of State, the United Nations Security Council, the European Union or Her Majesty’s Treasury.

 

“SEC” shall
mean the Securities and Exchange Commission or any successor thereto.

 

“Section 2.14
Additional Amendment” shall have the meaning provided in Section 2.14(g)(iii).

 

“Section 9.1
Financials” shall mean the financial statements delivered, or required to be delivered, pursuant to Section 9.1(a) or
(b) together with the accompanying officer’s certificate delivered, or required to be delivered, pursuant to Section 9.1(d).

 

“Secured Cash Management
Agreement” shall mean any Cash Management Agreement that is entered into by and between the Borrower or any of the Restricted
Subsidiaries and any Cash Management Bank, which is specified in writing by the Borrower to the Administrative Agent as constituting a
Secured Cash Management Agreement hereunder.

 

“Secured Cash Management
Obligations” shall mean Obligations under Secured Cash Management Agreements.

 

“Secured Hedge Agreement”
shall mean any Hedge Agreement that is entered into by and between the Borrower or any Restricted Subsidiary and any Hedge Bank, which
is specified in writing by the Borrower to the Administrative Agent as constituting a “Secured Hedge Agreement” hereunder.
For purposes of the preceding sentence, a Borrower may deliver one notice designating all Hedge Agreements entered into pursuant to a
specified Master Agreement as “Secured Hedge Agreements.” Notwithstanding anything to the contrary, a Hedge Agreement entered
into by a Restricted Subsidiary shall remain a Secured Hedge Agreement notwithstanding that such Restricted Subsidiary is subsequently
designated an Unrestricted Subsidiary (but not any Hedge Agreement entered into after the date of such designation), unless otherwise
agreed between such Restricted Subsidiary and Hedge Bank.

 

“Secured Hedge Obligations”
shall mean Obligations under Secured Hedge Agreements.

 

“Secured Parties”
shall mean the Administrative Agent, the Collateral Agent, each Letter of Credit Issuer, each Lender, each Hedge Bank that is party to
any Secured Hedge Agreement with the Borrower or any Restricted Subsidiary, each Cash Management Bank that is party to a Secured Cash
Management Agreement with the Borrower or any Restricted Subsidiary and each sub-agent pursuant to Section 12 appointed by
the Administrative Agent with respect to matters relating to the Credit Facilities or the Collateral Agent with respect to matters relating
to any Security Document.

 

“Security Agreement”
shall mean the Security Agreement entered into by Holdings, the Borrower, the other grantors party thereto, and the Collateral Agent for
the benefit of the Secured Parties, substantially in the form of Exhibit E and dated as of the date hereof, as the same may
be amended, supplemented or otherwise modified from time to time.

 

    72

     

    

 

“Security Documents”
shall mean, collectively, the Pledge Agreement, the Security Agreement, the Mortgages, if executed, and each other security agreement
or other instrument or document executed and delivered pursuant to Sections 9.11, 9.12, or 9.14 or pursuant to any
other such Security Documents to secure the Obligations or to govern the lien priorities of the holders of Liens on the Collateral.

 

“Similar Business”
shall mean any business conducted or proposed to be conducted by the Borrower and its Restricted Subsidiaries on the Closing Date or any
business that is similar, reasonably related, synergistic, incidental, or ancillary thereto.

 

“SOFR”
shall have the meaning provided in the definition of “Daily Simple SOFR”.

 

“SOFR Early Opt-in” means the
Administrative Agent and the Borrower have elected to replace USD LIBOR pursuant to (1) an Early Opt-in Election and (2) Section 2.10(b)(i) and
paragraph (1) of the definition of “Benchmark Replacement”.

 

“Sold Entity or Business”
shall have the meaning provided in the definition of “Consolidated EBITDA.”

 

“Solvent”
shall mean, after giving effect to the consummation of the Transactions, (i) the sum of the liabilities (including contingent liabilities)
of the Borrower and its Restricted Subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present
assets of the Borrower and its Restricted Subsidiaries, on a consolidated basis; (ii) the fair value of the property of the Borrower
and its Restricted Subsidiaries, on a consolidated basis, is greater than the total amount of liabilities (including contingent liabilities)
of the Borrower and its Restricted Subsidiaries, on a consolidated basis; (iii) the capital of the Borrower and its Restricted Subsidiaries,
on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof; and (iv) the
Borrower and its Restricted Subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they
will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise).

 

“Specified Existing
Revolving Credit Commitment” shall have the meaning provided in Section 2.14(g)(i).

 

“Specified Transaction”
shall mean, with respect to any period, any Investment (including a Permitted Acquisition), any asset sale, incurrence or repayment of
Indebtedness, Restricted Payment, Subsidiary designation, Incremental Term Loan, Incremental Revolving Credit Commitment, or
other event or action that in each case by the terms of this Agreement requires Pro Forma Compliance with a test or covenant hereunder
or requires such test or covenant to be calculated on a Pro Forma Basis.

 

“Sponsor”
shall mean General Atlantic Service Company, L.P., its Affiliates and any funds, partnerships or other co-investment vehicles managed,
advised or controlled by the foregoing or their respective Affiliates, other than the Borrower and its Subsidiaries or any portfolio company.

 

    73

     

    

 

“Sponsor Model”
shall mean the financial model made available to the Joint Lead Arrangers and Bookrunners on July 17, 2021.

 

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

 

“SPV” shall
have the meaning provided in Section 13.6(g).

 

“Standard Securitization
Undertakings” means representations, warranties, covenants and indemnities made or entered into by the Borrower or any of its
Restricted Subsidiaries that are customary for a seller or servicer of assets transferred in connection with a non-recourse, bankruptcy
remote receivables financing facility.

 

“Stated Amount”
of any Letter of Credit shall mean the maximum amount from time to time available to be drawn thereunder, determined without regard to
whether any conditions to drawing could then be met; provided, however, that with respect to any Letter of Credit that by
its terms or the terms of any Issuer Document provides for one or more automatic increases in the stated amount thereof, the Stated Amount
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.

 

“Status”
shall mean the existence of Level I Status, Level II Status, Level III Status or Level IV Status, as the case may be, on such date. Changes
in Status resulting from changes in the Consolidated Total Debt to Consolidated EBITDA Ratio shall become effective as of the first day
following each date that (i) Section 9.1 Financials for the first full fiscal quarter ended after the Closing Date are delivered
to the Administrative Agent under Section 9.1 and (ii) an officer’s certificate is delivered by the Borrower to
the Administrative Agent setting forth, with respect to such Section 9.1 Financials, the then-applicable Status, and shall remain
in effect until the next change to be effected pursuant to this definition; provided that each determination of the Consolidated
Total Debt to Consolidated EBITDA Ratio pursuant to this definition shall be made as of the end of the Test Period ending at the end of
the fiscal period covered by the relevant Section 9.1 Financials.

 

“Statutory Reserve
Rate” shall mean a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which
is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is subject with respect to the Adjusted
LIBOR Rate, for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D). Such reserve
percentage shall include those imposed pursuant to Regulation D. LIBOR Loans shall be deemed to constitute eurocurrency funding and to
be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from
time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically
on and as of the effective date of any change in any reserve percentage.

 

    74

     

    

 

 

“Stock Equivalents”
shall mean all securities convertible into or exchangeable for Capital Stock and all warrants, options, or other rights to purchase or
subscribe for any Capital Stock, whether or not presently convertible, exchangeable, or exercisable.

 

“Subject Lien”
shall have the meaning provided in Section 10.2.

 

“Subordinated Indebtedness”
shall mean Indebtedness of the Borrower or any other Guarantor that is by its terms subordinated in right of payment to the obligations
of the Borrower or such Guarantor, as applicable, under this Agreement or the Guarantee, as applicable.

 

“Subsidiary”
of any Person shall mean and include (i) any corporation more than 50% of whose Capital Stock of any class or classes having by
the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the
time Capital Stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any
contingency) is at the time owned by such Person directly or indirectly through Subsidiaries, or (ii) any limited liability company,
partnership, association, joint venture, or other entity of which such Person directly or indirectly through Subsidiaries has more than
a 50% equity interest at the time. Unless otherwise expressly provided, all references herein to a Subsidiary shall mean a Subsidiary
of Holdings.

 

“Successor Borrower”
shall have the meaning provided in Section 10.3(a).

 

“Supported QFC”
shall have the meaning provided in Section 13.23.

 

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

 

“Tax Amount”
means the Highest Owner Tax Amount divided by the percentage interest in the Borrower held by the Highest Owner; provided however that
in no event shall the Tax Amount in any applicable taxable period (or portion thereof) exceed the sum of (x) (a) the total
net taxable income of the Borrower (excluding the tax consequences resulting from any adjustment under Sections 743(b) and 734(b) of
the Code) multiplied by (b) the Tax Rate for any applicable tax year plus (y) $3.0 million per year.

 

“Tax Rate”
shall mean the highest effective marginal combined U.S. federal, state, and local tax rate (excluding under Section 1411 of the
Code) for an individual resident of New York City, New York or San Francisco, California (whichever is higher) applicable to income and
gain attributable to the Borrower and/or any of its Subsidiaries, taking into account (where relevant) the holding period of assets held
by the Borrower and/or any of its Subsidiaries, the year in which the relevant income, gains, deductions, losses and credits are recognized
by the Borrower and/or any of its Subsidiaries, the character of such income, gains, deductions and losses, and the deductibility of
state and local income taxes as applicable at the time for U.S. federal income tax purposes (and any limitations thereon including pursuant
to Section 67 and Section 68 of the Code; provided, that, for administrative convenience, it shall be assumed that no portion
of any state and local taxes shall be deductible for so long as the limitation set forth in Section 164(b)(6)(B) of the Code
as of the date hereof remains applicable).

 

    75 

     

    

 

“Tax Receivable
Agreement” shall mean that certain Tax Receivable Agreement among European Wax Center, Inc. and certain other parties
thereto, which will be entered into in connection with the IPO, in the form delivered to the Administrative Agent prior to the date hereof.

 

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

 

“Term Loan Commitment”
shall mean, with respect to each Lender, such Lender’s Initial Term A Loan Commitment and, if applicable, Incremental Term
Loan Commitment and Replacement Term Loan Commitment.

 

“Term Loan Extension
Request” shall have the meaning provided in Section 2.14 (g)(i).

 

“Term Loan Repayment
Amount” shall have the meaning provided in Section 2.5(b).

 

“Term Loan Repayment
Date” shall have the meaning provided in Section 2.5(b).

 

“Term Loans”
shall mean the Initial Term A Loans, any Incremental Term Loans, any Replacement Term Loans, and any Extended Term Loans, collectively.

 

“Term
SOFR” shall mean, for the applicable corresponding tenor (or if any Available Tenor of a Benchmark does not correspond
to an Available Tenor for the applicable Benchmark Replacement, the closest corresponding Available Tenor and if such Available Tenor
corresponds equally to two Available Tenors of the applicable Benchmark Replacement, the corresponding tenor of the shorter duration
shall be applied), the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Term Yield Differential”
shall have the meaning provided in Section 2.14(c).

 

“Test Period”
shall mean, (x) for purposes of Section 10.7, the four consecutive fiscal quarters of the Borrower then ended on such
applicable quarter-end date and (y) for any other determination under this Agreement, the four consecutive fiscal quarters of the
Borrower then last ended and for which Section 9.1 Financials shall have been delivered (or were required to be delivered) to the
Administrative Agent (or, before the first delivery of Section 9.1 Financials, the most recent period of four consecutive fiscal
quarters for which financial statements are available).

 

“Title Policy”
shall have the meaning provided in Section 9.14(c).

 

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“Total Credit Exposure”
shall mean, at any date, the sum, without duplication, of (i) the Total Revolving Credit Commitment at such date, (ii) the
Total Term Loan Commitment at such date, and (iii) without duplication of clause (ii), the aggregate outstanding principal
amount of all Term Loans at such date.

 

“Total Initial Term
A Loan Commitment” shall mean the sum of the Initial Term A Loan Commitments of all Lenders.

 

“Total Revolving
Credit Commitment” shall mean the sum of the Revolving Credit Commitments of all the Lenders at such date (or, if the Total
Revolving Credit Commitment shall have terminated on such date, the aggregate Revolving Credit Exposure of all Lenders at such date).

 

“Total Term Loan
Commitment” shall mean the sum of the Initial Term A Loan Commitments and the Incremental Term Loan Commitments, if applicable,
of all the Lenders.

 

“Transaction Expenses”
shall mean any fees, costs, or expenses incurred or paid by the Borrower or any of its Affiliates in connection with the Transactions,
this Agreement, and the other Credit Documents.

 

“Transactions”
shall mean, collectively, the entry into and extensions of credit, guarantees and security interests contemplated by this Agreement,
the Closing Date Refinancing, the Reorganization Transactions (as defined in the Prospectus), the IPO and the consummation of any other
transactions in connection with the foregoing.

 

“Transferee”
shall have the meaning provided in Section 13.6(e).

 

“TTM Consolidated
EBITDA” shall mean, as of any date of determination with respect to any Test Period, Consolidated EBITDA of the Borrower and
its Restricted Subsidiaries for such Test Period on a Pro Forma Basis.

 

“Trigger Date”
shall mean the day following the date on which Section 9.1 Financials are delivered to the Administrative Agent for the fiscal quarter
ending on December 31, 2021.

 

“Type”
shall mean (i) as to any Term Loan, its nature as an ABR Loan or a LIBOR Loan and (ii) as to any Revolving Loan, its nature
as an ABR Loan or a LIBOR Loan.

 

“UCP”
shall mean, 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” shall mean 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” shall mean the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution.

 

“Uniform
Commercial Code” shall mean the Uniform Commercial Code as from time to time in effect in the State of New York; provided,
however, that, in the event that, by reason of any provisions of law, any of the attachment, perfection or priority of the Collateral
Agent’s and the Secured Parties’ security interest in any Collateral is governed by the Uniform Commercial Code as in effect
in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in
such other jurisdiction for purposes of the foregoing.

 

“Unpaid Drawing”
shall have the meaning provided in Section 3.4(a).

 

“Unrestricted Subsidiary”
shall mean (i) any Subsidiary of the Borrower which at the time of determination is an Unrestricted Subsidiary (as designated by
the board of directors of the Borrower, as provided below) and (ii) any Subsidiary of an Unrestricted Subsidiary.

 

The board of directors of
the Borrower may designate any Subsidiary of the Borrower (including any existing Subsidiary and any newly acquired or newly formed Subsidiary)
to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns
or holds any Lien on any property of, the Borrower or any Subsidiary of the Borrower (other than any Subsidiary of the Subsidiary to
be so designated or an Unrestricted Subsidiary); provided that:

 

(a)            such
designation complies with Section 10.5;

 

(b)           each
of (1) the Subsidiary to be so designated and (2) its Subsidiaries has not at the time of designation, and does not thereafter,
create, incur, issue, assume, guarantee, or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant
to which the lender has recourse to any of the assets of the Borrower or any Restricted Subsidiary except for Indebtedness that could
otherwise be incurred by the Borrower or such Restricted Subsidiary hereunder and, if such Indebtedness is secured, the Liens securing
such Indebtedness are permitted to be incurred by the Borrower or such Restricted Subsidiary hereunder (provided that any such
Indebtedness shall be deemed incurred hereunder by the Borrower or such Restricted Subsidiary, as the case may be);

 

(c)            each
of (1) the Subsidiary to be so designated and (2) its Subsidiaries does not at the time of designation own any Material Intellectual
Property;

 

(d)            immediately
after giving effect to such designation, no Event of Default shall have occurred and be continuing; and

 

(e)            the
Borrower shall be in compliance with the Financial Covenants on a Pro Forma Basis.

 

The
board of directors of the Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that, immediately
after giving effect to such designation, no Event of Default shall have occurred and be continuing.

 

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Any such designation by the
board of directors of the Borrower shall be notified by the Borrower to the Administrative Agent by promptly delivering to the Administrative
Agent a copy of the Board resolution giving effect to such designation and a certificate of an Authorized Officer of the Borrower certifying
that such designation complied with the foregoing provisions.

 

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

 

“U.S. Lender”
shall have the meaning provided in Section 5.4(e)(ii)(A).

 

“U.S. Special Resolution
Regimes” shall have the meaning provided in Section 13.23.

 

“USD
LIBOR” shall mean the London interbank offered rate for U.S. dollars as set forth in the definition of “LIBOR Rate”.

 

“Voting Stock”
shall mean, 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.

 

“Wholly-Owned Restricted
Subsidiary” of any Person shall mean a Restricted Subsidiary of such Person, 100% of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more
Wholly-Owned Subsidiaries that are Restricted Subsidiaries of such Person.

 

“Wholly-Owned Subsidiary”
of any Person shall mean a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interests of which (other
than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such
Person.

 

“Withdrawal Liability”
shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms
are defined in Title IV of ERISA.

 

“Withholding Agent”
shall mean any Credit Party, the Administrative Agent and, in the case of any U.S. federal withholding Tax, any other applicable withholding
agent.

 

“Write-Down
and Conversion Powers” shall mean, with respect to (a) 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) 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.

 

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

 

(a)           The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)           The
words “herein,” “hereto,” “hereof,” and “hereunder” and words of similar import when
used in any Credit Document shall refer to such Credit Document as a whole and not to any particular provision thereof.

 

(c)           Section,
Exhibit, and Schedule references are to the Credit Document in which such reference appears.

 

(d)           The
term “including” is by way of example and not limitation.

 

(e)           The
term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements
and other writings, however evidenced, whether in physical or electronic form.

 

(f)            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.”

 

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

 

(h)           The
words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

(i)            All
references to “knowledge” or “awareness” of any Credit Party or any Restricted Subsidiary thereof means the actual
knowledge of an Authorized Officer of such Credit Party or such Restricted Subsidiary.

 

1.3            Accounting
Terms.

 

(a)            Except
as expressly provided herein, 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 in a consistent manner.

 

(b)            Notwithstanding
anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in this Agreement with respect
to any period during which any Specified Transaction occurs, the Consolidated Total Debt to Consolidated EBITDA Ratio and the Fixed Charge
Coverage Ratio shall be calculated with respect to such period and such Specified Transaction on a Pro Forma Basis.

 

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(c)            Where
reference is made to “the Borrower and its Restricted Subsidiaries on a consolidated basis” or similar language, such consolidation
shall not include any Subsidiaries of the Borrower other than Restricted Subsidiaries.

 

1.4            Rounding.
Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a
specific action to be permitted under 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.

 

1.5                  References
to Agreements Laws, Etc. Unless otherwise expressly provided herein, (a) references to organizational documents, agreements
(including the Credit Documents), and other Contractual Requirements shall be deemed to include all subsequent amendments, restatements,
amendment and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases, but only to the
extent that such amendments, restatements, amendment and restatements, extensions, supplements, modifications, replacements, refinancings,
renewals, or increases are permitted by the Credit Documents; and (b) references to any Requirement of Law shall include all statutory
and regulatory provisions consolidating, amending, replacing, supplementing, or interpreting such Requirement of Law.

 

1.6            Exchange
Rates. Notwithstanding the foregoing, for purposes of any determination under Section 9, Section 10 or Section 11
or any determination under any other provision of this Agreement expressly requiring the use of a current exchange rate, all amounts
incurred, outstanding, or proposed to be incurred or outstanding in currencies other than Dollars shall be translated into Dollars at
the Spot Rate; provided, however, that for purposes of determining compliance with Section 10 with respect
to the amount of any Indebtedness, Restricted Investment, Lien, Asset Sale, or Restricted Payment in a currency other than Dollars, no
Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time
such Indebtedness, Lien or Restricted Investment is incurred or Asset Sale or Restricted Payment made; 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, Lien, or Investment may be incurred or Asset Sale or Restricted Payment made at any time under
such Sections. For purposes of any determination of Consolidated Total Debt, amounts in currencies other than Dollars shall be translated
into Dollars at the currency exchange rates used in preparing the most recently delivered Section 9.1 Financials.

 

1.7            [Reserved].

 

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

 

1.9            Timing
of Payment or Performance. Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant,
duty, or obligation is stated to be due or performance required on (or before) a day which is not a Business Day, the date of such payment
(other than as described in the definition of “Interest Period”) or performance shall extend to the immediately succeeding
Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

 

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1.10          Certifications.
All certifications to be made hereunder by an officer or representative of a Credit Party shall be made by such a Person in his or her
capacity solely as an officer or a representative of such Credit Party, on such Credit Party’s behalf and not in such Person’s
individual capacity.

 

1.11          Compliance
with Certain Sections. In the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon
application of all or a portion of the proceeds thereof), disposition, Restricted Payment, Affiliate transaction, Contractual Requirement,
or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions then permitted pursuant to
any clause or subsection of Section 9.9 or any clause or subsection of Sections 10.1, 10.2, 10.3, 10.4,
10.5 or 10.6 (in each case, with respect to the Section so limiting such matter) then, such transaction (or portion
thereof) at any time shall be allocated to one or more of such clauses or subsections within the relevant sections as determined by the
Borrower in its sole discretion at such time.

 

1.12          Pro
Forma and Other Calculations.

 

(a)            For
purposes of calculating the Fixed Charge Coverage Ratio or the Consolidated Total Debt to Consolidated EBITDA Ratio, Investments,
acquisitions, dispositions, mergers, consolidations, and disposed operations (as determined in accordance with GAAP) that have been made
by the Borrower or any Restricted Subsidiary during the Test Period or, except in connection with determining actual compliance (as opposed
to compliance on a Pro Forma Basis) with the Consolidated Total Debt to Consolidated EBITDA Ratio or the Fixed Charge Coverage Ratio
set forth in Sections 10.7(a) and (b), respectively, subsequent to such Test Period and on or prior to or simultaneously
with the date of determination shall be calculated on a Pro Forma Basis assuming that all such Investments, acquisitions, dispositions,
mergers, consolidations, and disposed operations (and the change in any associated fixed charge obligations and the change in Consolidated
EBITDA resulting therefrom) had occurred on the first day of the Test 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 any Investment, acquisition, disposition, merger, consolidation, or disposed operation that would have
required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio and Consolidated Total Debt to Consolidated EBITDA
Ratio shall be calculated giving Pro Forma Effect thereto for such Test Period as if such Investment, acquisition, disposition, merger,
consolidation, or disposed operation had occurred at the beginning of the Test Period. Notwithstanding anything to the contrary herein,
with respect to any amounts incurred or transactions entered into (or consummated) in reliance on a provision of any covenant in this
Agreement that does not require compliance with a financial ratio or test (including, without limitation, the Consolidated Total Debt
to Consolidated EBITDA 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 same covenant in this Agreement that requires
compliance with any such financial ratio or test (any such amounts, the “Incurrence Based Amounts”), it is understood
and agreed that the Fixed Amounts (and any cash proceeds thereof) shall be disregarded in the calculation of the financial ratio or test
applicable to the Incurrence Based Amounts in connection with such substantially concurrent Incurrence.

 

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(b)            Whenever
Pro Forma Effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or
accounting officer of a Borrower (and may include, for the avoidance of doubt and without duplication, cost savings, operating expense
reductions and synergies resulting from such Investment, acquisition, merger, or consolidation which is being given Pro Forma Effect
that have been or are expected to be realized; provided that such costs savings, operating expense reductions and synergies are
made in compliance with the definition of “Pro Forma Adjustment”). 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 date of determination
had been the applicable rate for the entire period (taking into account for such entire period, any Hedging Obligation applicable to
such Indebtedness with a remaining term of 12 months or longer, and in the case of any Hedging Obligation applicable to such Indebtedness
with a remaining term of less than 12 months, taking into account such Hedging Obligation to the extent of its remaining term). 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 aggregate principal amount of loans outstanding under such revolving credit facility on such date. 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 action
(other than with respect any Credit Event subject to the conditions set forth in Section 7.1) being taken solely in connection
with a Limited Condition Transaction, for purposes of:

 

(i)            determining
compliance with any provision of this Agreement which requires the calculation of the Consolidated Total Debt to Consolidated EBITDA
Ratio or the Fixed Charge Coverage Ratio;

 

(ii)            determining
the accuracy of representations and warranties in Section 8 and/or whether a Default or Event of Default shall have occurred
and be continuing under Section 11; or

 

(iii)           testing
availability under baskets set forth in this Agreement (including baskets measured as a percentage of Consolidated EBITDA or Consolidated
Total Assets);

 

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 (other than with respect any Credit Event subject to the conditions set forth in
Section 7.1) is permitted hereunder, shall be deemed to be either the date the definitive agreements for the relevant Permitted
Acquisition or similar Investment are entered into, the date of the declaration of the relevant Restricted Payment or the date of delivery
of irrevocable (which may be conditional) notice with respect to the relevant debt prepayment (or, if so elected by the Borrower, the
date of the consummation of the relevant Permitted Acquisition or similar Investment, the date of the making of the relevant Restricted
Payment (to the extent that such Restricted Payment occurs no later than 90 days after the date of the declaration of such Restricted
Payment) or the date of the making of the relevant debt prepayment) (either, as applicable, the “LCT Test Date”),
and if, after giving Pro Forma 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) as if they had occurred at the beginning of the
most recent Test Period ending prior to the LCT Test Date, the Borrower could have taken such action on the relevant LCT Test Date in
compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied with; provided that, for the
purpose of determining whether a Default or Event of Default shall have occurred and be continuing under Section 11, such
condition shall be deemed to be satisfied to the extent that on the date of consummation of the relevant Limited Condition Transaction,
no Event of Default under Section 11.1 or Section 11.5 has occurred and is continuing. For the avoidance of doubt,
if the Borrower has made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT
Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated EBITDA
of the Borrower and its Restricted Subsidiaries or the Person subject to such Limited Condition Transaction, at or prior to the consummation
of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations.
If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of
any ratio (other than the Consolidated Total Debt to Consolidated EBITDA Ratio and the Fixed Charge Coverage Ratio, in each case, set
forth in Sections 10.7(a) and (b), respectively) or basket availability with respect to the incurrence of Indebtedness
or Liens, or the making of Restricted Payments, mergers, the conveyance, lease or other transfer of all or substantially all of the assets
of the Borrower, the prepayment, redemption, purchase, defeasance or other satisfaction of Indebtedness, or the designation of an Unrestricted
Subsidiary on or following the relevant LCT Test Date and prior to the earlier of (i) the date on which such Limited Condition Transaction
is consummated or (ii) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires or
such irrevocable notice is rescinded, as applicable, without consummation of such Limited Condition Transaction, any such ratio (other
than the Consolidated Total Debt to Consolidated EBITDA Ratio and the Fixed Charge Coverage Ratio, in each case, set forth in Sections
10.7(a) and (b), respectively) or basket shall be calculated on a Pro Forma Basis assuming such Limited Condition Transaction
and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated.

 

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(c)            Notwithstanding
anything to the contrary in this Section 1.12 or in any classification under GAAP of any Person, business, assets or operations
in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued operations, no Pro Forma
Effect shall be given to any discontinued operations (and the EBITDA attributable to any such Person, business, assets or operations
shall not be excluded for any purposes hereunder) until such disposition shall have been consummated.

 

(d)            Any
determination of Consolidated Total Assets shall be made by reference to the last day of the Test Period most recently ended on or prior
to the relevant date of determination for which Section 9.1 Financials have been or were required to be delivered. Notwithstanding
anything to the contrary herein, to the extent compliance with a financial ratio or test is calculated prior to the date financial statements
are first delivered under Section 9.1, such calculation shall use the latest financial statements delivered pursuant to Section 6.9.

 

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(e)            Except
as otherwise specifically provided herein, all computations of Consolidated Total Assets, Available Amount, Fixed Charge Coverage Ratio,
Consolidated Total Debt to Consolidated EBITDA Ratio and other financial ratios and financial calculations (and all definitions (including
accounting terms) used in determining any of the foregoing) and all computations and all definitions (including accounting terms) used
in determining compliance with Section 10.7 shall be calculated, in each case, with respect to the Borrower and its Restricted
Subsidiaries on a consolidated basis.

 

1.13          Divisions.
For all purposes under the Credit 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.

 

Section 2.      Amount
and Terms of Credit.

 

2.1            Commitments.

 

(a)            (1) Subject
to and upon the terms and conditions herein set forth, each Lender having an Initial Term A Loan Commitment severally agrees to make
a loan or loans (each, an “Initial Term A Loan”) to the Borrower on the Closing Date, which Initial Term A Loans shall
not exceed for any such Lender the Initial Term A Loan Commitment of such Lender and in the aggregate shall not exceed $180,000,000.
Such Initial Term A Loans (i) may at the option of the Borrower be incurred and maintained as, and/or converted into, ABR Loans
or LIBOR Loans; provided that all Initial Term A Loans made by each of the Lenders pursuant to the same Borrowing shall, unless
otherwise specifically provided herein, consist entirely of Initial Term A Loans of the same Type, (ii) may be repaid or prepaid
(without premium or penalty) in accordance with the provisions hereof, but once repaid or prepaid, may not be reborrowed, (iii) shall
not exceed for any such Lender the Initial Term A Loan Commitment of such Lender, and (iv) shall not exceed in the aggregate the
Total Initial Term A Loan Commitment. On the Initial Term A Loan Maturity Date, all then unpaid Initial Term A Loans shall be repaid
in full in Dollars.

 

(b)            Subject
to and upon the terms and conditions herein set forth each Revolving Credit Lender severally agrees to make Revolving Credit Loans denominated
in Dollars to the Borrower from its applicable lending office (each, a “Revolving Credit Loan”) in an aggregate principal
amount not to exceed at any time outstanding the amount of such Revolving Credit Lender’s Revolving Credit Commitment, provided
that any such Revolving Credit Loans (A) shall be made available at any time and from time to time on and after the Closing
Date and prior to the Revolving Credit Maturity Date, (B) may, at the option of the Borrower, be incurred and maintained as, and/or
converted into ABR Loans or LIBOR Loans that are Revolving Credit Loans; provided that all Revolving Credit Loans made by each
of the Lenders pursuant to the same Borrowing shall, unless otherwise specifically provided herein, consist entirely of Revolving Credit
Loans of the same Type, (C) may be repaid (without premium or penalty) and reborrowed in accordance with the provisions hereof,
(D) shall not, for any Lender at any time, after giving effect thereto and to the application of the proceeds thereof, result in
such Revolving Credit Lender’s Revolving Credit Exposure in respect of any Class of Revolving Loans at such time exceeding
such Revolving Credit Lender’s Revolving Credit Commitment in respect of such Class of Revolving Loans at such time and (E) shall
not, after giving effect thereto and to the application of the proceeds thereof, result at any time in the aggregate amount of the Revolving
Credit Lenders’ Revolving Credit Exposures at such time exceeding the Total Revolving Credit Commitment then in effect or the aggregate
amount of the Revolving Credit Lenders’ Revolving Credit Exposures of any Class of Revolving Loans at such time exceeding
the aggregate Revolving Credit Commitment with respect to such Class.

 

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2.2            Minimum
Amount of Each Borrowing; Maximum Number of Borrowings. The aggregate principal amount of each Borrowing of Term Loans or Revolving
Credit Loans shall be in a minimum amount of at least the Minimum Borrowing Amount for such Type of Loans and in a multiple of $100,000
in excess thereof. More than one Borrowing may be incurred on any date; provided that at no time shall there be outstanding more
than five Borrowings of LIBOR Loans that are Term Loans and eight Borrowings of LIBOR Loans that are Revolving Credit Loans under this
Agreement.

 

2.3            Notice
of Borrowing.

 

(a)            The
Borrower shall give the Administrative Agent at the Administrative Agent’s Office (i) prior to 12:00 noon (New York City time)
at least two Business Days’ prior written notice in the case of a Borrowing of Initial Term A Loans to be made on the Closing Date
if such Initial Term A Loans are to be LIBOR Loans and (ii) prior to 12:00 noon (New York City time) at least one Business Day’s
prior written notice in the case of a Borrowing of Initial Term A Loans to be made on the Closing Date if such Initial Term A Loans are
to be ABR Loans. Such notice (a “Notice of Borrowing”) shall be substantially in the form of Exhibit O 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 an Authorized Officer of the Borrower and shall
specify (A) the aggregate principal amount of the Term Loans to be made, (B) the date of the Borrowing (which shall be the
Closing Date) and (C) whether the Term Loans shall consist of ABR Loans and/or LIBOR Loans and, if the Term Loans are to include
LIBOR Loans, the Interest Period to be initially applicable thereto. If no election as to the Type of Borrowing is specified in any such
notice, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any Borrowing of LIBOR Loans is
specified in any such notice, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. The
Administrative Agent shall promptly advise the applicable Lenders of any notice given pursuant to this Section 2.3(a) (and
the contents thereof), and of each Lender’s pro rata share of the requested Borrowing.

 

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(b)            Whenever
the Borrower desires to incur Revolving Credit Loans (other than to repay Unpaid Drawings), the Borrower shall give the Administrative
Agent at the Administrative Agent’s Office a Notice of Borrowing (i) prior to 12:00 noon (New York City Time) at least three
Business Days prior to each Borrowing of LIBOR Loans that are Revolving Credit Loans; and (ii) prior to 12:00 noon (New York City
time) on the Business Day of each Borrowing of Revolving Credit Loans that are ABR Loans; provided, that, to request a Borrowing
of Revolving Credit Loans on the Closing Date, the Borrower shall notify the Administrative Agent of such request electronically not
later than (x) 12:00 noon (New York City Time) on the Business Day preceding the Closing Date (or such later time as the Administrative
Agent may agree) if such Revolving Credit Loans are to be ABR Loans or (y) 12:00 noon (New York City Time) at least two Business
Days’ preceding the Closing Date (or such later time as the Administrative Agent may agree) if such Revolving Credit Loans are
to be LIBOR Loans. Each such Notice of Borrowing, except as otherwise expressly provided in Section 2.10, shall be substantially
in the form of Exhibit O 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 an
Authorized Officer of the Borrower and shall specify (x) the aggregate principal amount of the Revolving Credit Loans to be made
pursuant to such Borrowing, (y) the date of Borrowing (which shall be a Business Day) and (z) whether the respective Borrowing
shall consist of ABR Loans or LIBOR Loans that are Revolving Credit Loans and, if LIBOR Loans that are Revolving Credit Loans, the Interest
Period to be initially applicable thereto. If no election as to the Type of Borrowing is specified in any such notice, then the requested
Borrowing shall be an ABR Borrowing. The Administrative Agent shall promptly give each Revolving Credit Lender written notice of each
proposed Borrowing of Revolving Credit Loans, of such Lender’s Revolving Credit Commitment Percentage thereof and of the other
matters covered by the related Notice of Borrowing.

 

(c)            Borrowings
to reimburse Unpaid Drawings shall be made upon the notice specified in Section 3.4(a).

 

(d)            Without
in any way limiting the obligation of the Borrower to confirm in writing any notice they shall give hereunder by telephone (which obligation
is absolute), the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic
notice believed by the Administrative Agent in good faith to be from an Authorized Officer of the Borrower.

 

2.4            Disbursement
of Funds.

 

(a)            No
later than 2:00 p.m. (New York City time) on the date specified in each Notice of Borrowing, each Lender shall make available its
pro rata portion, if any, of each Borrowing requested to be made on such date in the manner provided below.

 

(b)            Each
Lender shall make available all amounts it is to fund to the Borrower under any Borrowing for its applicable Commitments, and in immediately
available funds, to the Administrative Agent at the Administrative Agent’s Office and the Administrative Agent will (except in
the case of Borrowings to repay Unpaid Drawings) make available to the Borrower, by depositing to an account designated by the Borrower
to the Administrative Agent the aggregate of the amounts so made available in Dollars. Unless the Administrative Agent shall have been
notified by any Lender prior to the date of any such Borrowing that such Lender does not intend to make available to the Administrative
Agent its portion of the Borrowing or Borrowings to be made on such date, the Administrative Agent may assume that such Lender has made
such amount available to the Administrative Agent on such date of Borrowing, and the Administrative Agent, in reliance upon such assumption,
may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding
amount is not in fact made available to the Administrative Agent by such Lender and the Administrative Agent has made available such
amount to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender
does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor the Administrative Agent shall
promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent in Dollars.
The Administrative Agent shall also be entitled to recover from such Lender or the Borrower interest on such corresponding amount in
respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date
such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the
Overnight Bank Funding Rate or (ii) if paid by the Borrower, the then-applicable rate of interest or fees, calculated in accordance
with Section 2.8, for the respective Loans.

 

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(c)            Nothing
in this Section 2.4 shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to
prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder (it being understood,
however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments hereunder).

 

2.5            Repayment
of Loans; Evidence of Debt.

 

(a)            The
Borrower shall repay to the Administrative Agent, for the benefit of the applicable Lenders, on the Initial Term A Loan Maturity Date,
the then outstanding Initial Term A Loans. The Borrower shall repay to the Administrative Agent for the benefit of the Revolving Credit
Lenders, on the Revolving Credit Maturity Date, the then outstanding Revolving Credit Loans. The Borrower shall repay to the Administrative
Agent for the benefit of the Revolving Credit Lenders, on each Extended Revolving Loan Maturity Date, the then outstanding amount of
Extended Revolving Credit Loans.

 

(b)            The
Borrower shall repay to the Administrative Agent, in Dollars, for the benefit of the Initial Term A Loan Lenders, on each date set forth
below (or, if not a Business Day, the immediately following Business Day) (each, a “Term Loan Repayment Date”), a
principal amount in respect of each of the Initial Term A Loans made to the Borrower equal to (x) the outstanding principal amount
of Initial Term A Loans made to the Borrower on the Closing Date multiplied by (y) the percentage set forth below opposite such
Term Loan Repayment Date (each, a “Term Loan Repayment Amount”):

 

	Date	Initial
    Term A Loan
	December 31,
    2021	0.625%
	March 31,
    2022	0.625%
	June 30,
    2022	0.625%
	September 30,
    2022	0.625%
	December 31,
    2022	0.625%
	March 31,
    2023	0.625%
	June 30,
    2023	0.625%
	September 30,
    2023	0.625%
	December 31,
    2023	1.875%
	March 31,
    2024	1.875%
	June 30,
    2024	1.875%
	September 30,
    2024	1.875%
	December 31,
    2024	1.875%
	March 31,
    2025	1.875%
	June 30,
    2025	1.875%
	September 30,
    2025	1.875%
	December 31,
    2025	1.875%
	March 31,
    2026	1.875%
	June 30,
    2026	1.875%
	Initial
    Term A Loan Maturity Date	Remaining
    outstanding amounts

 

    88 

     

    

 

(c)            In
the event that any Incremental Term Loans are made, such Incremental Term Loans shall be repaid by the Borrower on the dates and in the
amounts (each such amount with respect to such specified dates, an “Incremental Term Loan Repayment Amount”) set forth
in the documentation evidencing such Incremental Term Loans. In the event that any Extended Term Loans are established, such Extended
Term Loans shall, subject to Section 2.14(g), be repaid by the Borrower in the amounts (each such amount with respect to
any Extended Repayment Date, an “Extended Term Loan Repayment Amount”) and on the dates (each, an “Extended
Repayment Date”) set forth in the applicable Extension Amendment. In the event that any Replacement Term Loans are established,
such Replacement Term Loans shall be repaid by the Borrower on the dates and in the amounts (each such amount with respect to such specified
dates, a “Replacement Term Loan Repayment Amount”) set forth in the documentation evidencing such Replacement Term
Loans.

 

(d)            Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to the
appropriate lending office of such Lender resulting from each Loan made by such lending office of such Lender from time to time, including
the amounts of principal and interest payable and paid to such lending office of such Lender from time to time under this Agreement.

 

(e)            The
Administrative Agent shall maintain the Register pursuant to Section 13.6(b), and a subaccount for each Lender, in which
Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, whether such Loan is an
Initial Term A Loan, Incremental Term Loan, Revolving Credit Loan or an Incremental Revolving Credit Loan, as applicable, the Type
of each Loan made, the name of the Borrower and the Interest Period, if any, applicable thereto, (ii) the amount of any principal
or interest due and payable or to become due and payable from the Borrower to each Lender hereunder, and (iii) the amount of any
sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof.

 

(f)             The
entries made in the Register and accounts and subaccounts maintained pursuant to clauses (d) and (e) of this
Section 2.5 shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the
obligations of the Borrower therein recorded; provided, however, that in the event of any inconsistency between the Register
and any such account or subaccount, the Register shall govern, provided, further, that the failure of any Lender or the
Administrative Agent to maintain such account, such Register or subaccount, as applicable, or any error therein, shall not in any manner
affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance
with the terms of this Agreement.

 

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(g)            The
Borrower hereby agrees that, upon request of any Lender at any time and from time to time after the Borrower have made an initial borrowing
hereunder, the Borrower shall provide to such Lender, at the Borrower’s own expense, a promissory note, substantially in the form
of Exhibit I-1 or Exhibit I-2, as applicable, evidencing the Initial Term A Loans, Incremental Term Loans
and Revolving Loans, respectively, owing to such Lender. Thereafter, unless otherwise agreed to by the applicable Lender, the Loans evidenced
by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 13.6) be
represented by one or more promissory notes in such form payable to the payee named therein (or, if requested by such payee, to such
payee and its registered assigns).

 

2.6            Conversions
and Continuations.

 

(a)            Subject
to the penultimate sentence of this clause (a), (x) the Borrower shall have the option on any Business Day to convert all
or a portion equal to the Minimum Borrowing Amount for Term Loans of one Type or the Minimum Borrowing Amount for Revolving Credit Loans
of one Type into a Borrowing or Borrowings of another Type and (y) the Borrower shall have the option on any Business Day to continue
the outstanding principal amount of any LIBOR Loans as LIBOR Loans for an additional Interest Period; provided that, notwithstanding
the foregoing, (i) no partial conversion of LIBOR Loans shall reduce the outstanding principal amount of LIBOR Loans made pursuant
to a single Borrowing to less than the Minimum Borrowing Amount, (ii) ABR Loans may not be converted into LIBOR Loans if an Event
of Default is in existence on the date of the conversion and the Administrative Agent has or the Required Lenders have determined in
its or their sole discretion not to permit such conversion, (iii) LIBOR Loans may not be continued as LIBOR Loans for an additional
Interest Period if an Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has or the
Required Lenders have determined in its or their sole discretion not to permit such continuation, and (iv) Borrowings resulting
from conversions pursuant to this Section 2.6 shall be limited in number as provided in Section 2.2. Each such
conversion or continuation shall be effected by the Borrower by giving prior written notice to the Administrative Agent at the Administrative
Agent’s Office prior to 12:00 p.m. (New York City time) at least (i) three Business Days prior, in the case of a continuation
of or conversion to LIBOR Loans, or (ii) one Business Day prior, in the case of a conversion into ABR Loans (each, a “Notice
of Conversion or Continuation” substantially in the form of Exhibit K 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 an Authorized Officer of the Borrower) specifying the Loans to be so converted
or continued, the Type of Loans to be converted or continued into and, if such Loans are to be converted into or continued as LIBOR Loans,
the Interest Period to be initially applicable thereto. If no Interest Period is specified in any such notice with respect to any conversion
to or continuation as a LIBOR Loan, the Borrower shall be deemed to have selected an Interest Period of one month’s duration. The
Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed conversion or continuation
affecting any of its Loans.

 

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(b)            If
any Event of Default is in existence at the time of any proposed continuation of any LIBOR Loans denominated in Dollars and the Administrative
Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such LIBOR Loans shall
be automatically converted on the last day of the current Interest Period into ABR Loans. If upon the expiration of any Interest Period
in respect of LIBOR Loans, the Borrower has failed to elect a new Interest Period to be applicable thereto as provided in clause (a) above,
the Borrower shall be deemed to have elected to convert such Borrowing of LIBOR Loans into a Borrowing of ABR Loans, effective as of
the expiration date of such current Interest Period.

 

2.7            Pro
Rata Borrowings. Each Borrowing of Initial Term A Loans under this Agreement shall be made by the Lenders pro rata on the basis of
their then-applicable Initial Term A Loan Commitments. Each Borrowing of Revolving Credit Loans under this Agreement shall be made by
the Revolving Credit Lenders pro rata on the basis of their then-applicable Revolving Credit Commitment Percentages. Each Borrowing of
Incremental Term Loans under this Agreement shall be made by the Lenders pro rata on the basis of their then-applicable Incremental Term
Loan Commitments. It is understood that (a) no Lender shall be responsible for any default by any other Lender in its obligation
to make Loans hereunder and that each Lender severally but not jointly shall be obligated to make the Loans provided to be made by it
hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder and (b) other than as expressly provided
herein with respect to a Defaulting Lender, failure by a Lender to perform any of its obligations under any of the Credit Documents shall
not release any Person from performance of its obligations under any Credit Document.

 

2.8            Interest.

 

(a)            The
unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration
or otherwise) at a rate per annum that shall at all times be the Applicable Margin for ABR Loans plus the ABR, in each case, in
effect from time to time.

 

(b)            The
unpaid principal amount of each LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether
by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for LIBOR Loans plus the relevant
Adjusted LIBOR Rate.

 

(c)            If
an Event of Default has occurred and is continuing under Section 11.1 or Section 11.5 hereto, if all or a portion
of (i) the principal amount of any Loan or (ii) any interest payable thereon or any other amount payable hereunder 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 (the “Default Rate”) that is (x) in the case of overdue principal, the rate that would otherwise be applicable
thereto plus 2.00% per annum or (y) in the case of any other overdue amount, including overdue interest, to the extent permitted
by applicable law, the rate described in Section 2.8(a) for the applicable Class plus 2.00% per annum from
the date of such non-payment to the date on which such amount is paid in full (after as well as before judgment).

 

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(d)            Interest
on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be
payable in the same currency in which the Loan is denominated; provided that any Loan that is repaid on the same date on which
it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) in respect of each ABR Loan,
quarterly in arrears on the last Business Day of each March, June, September and December, (ii) in respect of each LIBOR Loan,
on the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each
date occurring at three-month intervals after the first day of such Interest Period, and (iii) in respect of each Loan, (A) on
any prepayment in respect thereof, (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on
demand.

 

(e)            All
computations of interest hereunder shall be made in accordance with Section 5.5.

 

(f)            The
Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans, shall promptly notify the Borrower and the
relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all
parties hereto.

 

2.9            Interest
Periods. At the time the Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation in respect of the making of,
or conversion into or continuation as, a Borrowing of LIBOR Loans in accordance with Section 2.6(a), the Borrower shall give
the Administrative Agent written notice of the Interest Period applicable to such Borrowing, which Interest Period shall, at the option
of the Borrower be a one, three or six month period (or if available to all the Lenders making such LIBOR Loans as determined by such
Lenders in good faith based on prevailing market conditions, a twelve month or shorter period).

 

Notwithstanding anything
to the contrary contained above:

 

(a)            the
initial Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion
from a Borrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on
which the next preceding Interest Period expires;

 

(b)            if
any Interest Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for
which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall
end on the last Business Day of the calendar month at the end of such Interest Period;

 

(c)            if
any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding
Business Day; provided that if any Interest Period in respect of a LIBOR Loan would otherwise expire on a day that is not a Business
Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately
preceding Business Day; and

 

(d)            the
Borrower shall not be entitled to elect any Interest Period in respect of any LIBOR Loan if such Interest Period would extend beyond
the Maturity Date of such Loan.

 

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2.10          Increased
Costs, Illegality, Alternate Rate of Interest, Etc.

 

(a)            If
prior to the commencement of any Interest Period for a Borrowing of LIBOR Loans:

 

(i)            the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do
not exist for ascertaining the Adjusted LIBOR Rate or the LIBOR Rate, as applicable (including because the LIBOR Screen Rate is not available
or published on a current basis), for such Interest Period; provided that no Benchmark Transition Event shall have occurred at
such time; or

 

(ii)           the
Administrative Agent is advised by the Required Lenders that the Adjusted LIBOR Rate or the LIBOR Rate, as applicable, for such Interest
Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan)
included in such Borrowing for such Interest Period;

 

then the Administrative Agent shall give notice
thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until the
Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any
Notice of Conversion or Continuation that requests the conversion of any Borrowing of Loans to, or continuation of any Borrowing of Loans
as, a Borrowing of LIBOR Loans shall be ineffective and (B) if any Notice of Borrowing requests a Borrowing of Loans which shall
be LIBOR Loans, such Borrowing shall be made as an ABR Borrowing.

 

(b)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Credit Document
(and any Hedge Agreement shall be deemed not to be a “Credit Document” for purposes of
this Section 2.10(b)):

 

(i)            On
March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of LIBOR’s administrator
(“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot
Next, 1-week, 1-month, 2-month, 3-month, 6-month and 12- month U.S. dollar LIBOR tenor settings. On the earliest of (A) the date
that all Available Tenors of U.S dollar LIBOR have permanently or indefinitely ceased to be provided by IBA or have been announced by
the FCA pursuant to public statement or publication of information to be no longer representative, (B) June 30, 2023 and (C) the
Early Opt-in Effective Date in respect of a SOFR Early Opt-in, if the then-current Benchmark is USD LIBOR, the Benchmark Replacement
will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of any setting of such Benchmark on such
day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other
Credit Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a quarterly basis.

 

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(ii)          (x) 
Upon (A) the occurrence of a Benchmark Transition Event or (B) a determination by the Administrative Agent that neither
of the alternatives under clause (1) of the definition of Benchmark Replacement are available, the Benchmark Replacement will replace
the then-current Benchmark for all purposes hereunder and under any Credit 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 Credit 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 (and any such objection shall be conclusive and binding absent manifest error); provided that
solely in the event that the then-current Benchmark at the time of such Benchmark Transition Event is not a SOFR-based rate, the Benchmark
Replacement therefor shall be determined in accordance with clause (1) of the definition of Benchmark Replacement unless the Administrative
Agent determines that neither of such alternative rates is available.

 

(y)         
On the Early Opt-in Effective Date in respect of an Other Rate Early Opt-in, the Benchmark Replacement will replace USD LIBOR for all
purposes hereunder and under any Credit Document in respect of any setting of such Benchmark on such day and all subsequent settings
without any amendment to, or further action or consent of any other party to this Agreement or any other Credit Document.

 

(iii)         At
any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such
Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication
of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure
and that representativeness will not be restored, the Borrower may revoke any request for a borrowing of, conversion to or continuation
of Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrower’s receipt
of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, 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 the period referenced
in the foregoing sentence, the component of ABR based upon the Benchmark will not be used in any determination of ABR.

 

(iv)         In
connection with the implementation and administration 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 Credit
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.

 

(v)          The
Administrative Agent will promptly notify the Borrower and the Lenders of (A) the implementation of any Benchmark Replacement and
(B) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made
by the Administrative Agent pursuant to this Section 2.10(b), including any determination with respect to a tenor, rate or adjustment
or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action,
will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party
hereto, except, in each case, as expressly required pursuant to this Section 2.10(b).

 

    94 

     

    

 

 

(vi)            At
any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term
rate (including Term SOFR or USD LIBOR), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable or
non-representative for Benchmark (including Benchmark Replacement) settings and (B) the Administrative Agent may reinstate any such
previously removed tenor for Benchmark (including Benchmark Replacement) settings.

 

(c)            If,
after the Closing Date, any Change in Law relating to capital adequacy or liquidity of any Lender or compliance by any Lender or its
parent with any Change in Law relating to capital adequacy or liquidity occurring after the Closing Date has or would have the effect
of reducing the actual rate of return on such Lender’s or its parent’s or its Affiliate’s capital or assets as a consequence
of such Lender’s commitments or obligations hereunder to a level below that which such Lender or its parent or its Affiliate could
have achieved but for such Change in Law (taking into consideration such Lender’s or its parent’s policies with respect to
capital adequacy or liquidity), then from time to time, promptly after demand by such Lender (with a copy to the Administrative Agent),
the Borrower shall pay to such Lender such actual additional amount or amounts as will compensate such Lender or its parent for such
actual reduction, it being understood and agreed, however, that a Lender shall not be entitled to such compensation as a result of such
Lender’s compliance with, or pursuant to any request or directive to comply with, any law, rule or regulation as in effect
on the Closing Date or to the extent such Lender is not imposing such charges on, or requesting such compensation from, borrowers (similarly
situated to the Borrower hereunder) under comparable syndicated credit facilities similar to the Credit Facilities. Each Lender, upon
determining in good faith that any additional amounts will be payable pursuant to this Section 2.10(c), will give prompt
written notice thereof to the Borrower, which notice shall set forth in reasonable detail the basis of the calculation of such additional
amounts, although the failure to give any such notice shall not, subject to Section 2.13, release or diminish the Borrower’s
obligations to pay additional amounts pursuant to this Section 2.10(c) promptly following receipt of such notice.

 

(d)            If,
after the Closing Date, any Change in Law shall either (x) impose, modify or make applicable any reserve, deposit, capital adequacy
or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except
any reserve requirement reflected in the Adjusted LIBOR Rate), or (y) impose on any Lender any other conditions or costs affecting
its obligations under this Agreement in respect of its loans, loan principal, commitments, or other obligations, or its deposits, reserves,
other liabilities, or capital attributable thereto (including any increased costs or reductions attributable to Taxes, other than any
increase or reduction attributable to Indemnified Taxes, Excluded Taxes, or Other Taxes), and the result of any of the foregoing is to
increase the actual cost to such Lender of making, converting to, continuing or maintaining any Loan or of maintaining its obligation
to make such Loan, or to reduce the actual amount of any sum received or receivable by the Lender hereunder, then, promptly after receipt
of written demand to the Borrower by the Lender (a copy of which notice shall be sent by the Lender to the Administrative Agent), the
Borrower shall pay to the Lender such actual additional amount or amounts as will compensate the Lender for such increased cost or reduction,
it being understood and agreed, however, that the Lender shall not be entitled to such compensation as a result of such Person’s
compliance with, or pursuant to any request or directive to comply with, any such law, rule or regulation as in effect on the Closing
Date. A certificate submitted to the Borrower by the relevant Lender (a copy of which certificate shall be sent by the Lender to the
Administrative Agent), setting forth in reasonable detail the basis for the determination of such actual additional amount or amounts
necessary to compensate the Lender as aforesaid shall be conclusive and binding on the Borrower absent clearly demonstrable error.

 

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2.11            Compensation.
If (a) any payment of principal of any LIBOR Loan is made by the Borrower to or for the account of a Lender other than on the last
day of the Interest Period for such LIBOR Loan as a result of a payment or conversion pursuant to Sections 2.5, 2.6, 2.10,
5.1, 5.2 or 13.7, as a result of acceleration of the maturity of the Loans pursuant to Section 11 or
for any other reason, (b) any Borrowing of LIBOR Loans is not made as a result of a withdrawn Notice of Borrowing or a failure to
satisfy borrowing conditions, (c) any ABR Loan is not converted into a LIBOR Loan as a result of a withdrawn Notice of Conversion
or Continuation, (d) any LIBOR Loan is not continued as a LIBOR Loan, as the case may be, as a result of a withdrawn Notice of Conversion
or Continuation or (e) any prepayment of principal of any LIBOR Loan is not made as a result of a withdrawn notice of prepayment
pursuant to Sections 5.1 or 5.2, the Borrower shall, after receipt of a written request by such Lender (which request shall
set forth in reasonable detail the basis for requesting such amount), promptly pay to the Administrative Agent for the account of such
Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that such Lender may reasonably incur
as a result of such payment, failure to convert, failure to continue or failure to prepay, including any loss, cost or expense (excluding
loss of anticipated profits) actually incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any
Lender to fund or maintain such LIBOR Loan. For purposes of calculating amounts payable by the Borrower to the Lenders under this Section,
each Lender shall be deemed to have funded each LIBOR Loan made by it at the Adjusted LIBOR Rate for such Loan by a matching deposit
or other borrowing in the London interbank market for a comparable amount and for a comparable period, whether or not such LIBOR Loan
was in fact so funded. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender as specified
in this Section 2.11 and setting forth in reasonable detail the manner in which such amount or amounts were determined shall
be delivered to the Borrower and shall be conclusive, absent manifest error. Without limiting the foregoing, in connection with each
request for compensation by any Lender the Borrower shall also pay such Lender with respect to each affected LIBOR Loan customary administrative
fees requested by such Lender in an amount not to exceed $250 per such LIBOR Loan.

 

2.12            Change
of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Sections 2.10(a)(i),
2.10(a)(ii), 3.5 or 5.4 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; provided
that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or other material
economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of
any such Section. Nothing in this Section 2.12 shall affect or postpone any of the obligations of the Borrower or the right
of any Lender provided in Sections 2.10, 3.5 or 5.4.

 

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2.13            Notice
of Certain Costs. Notwithstanding anything in this Agreement to the contrary, to the extent any notice required by Sections 2.10,
2.11, 3.5 or 5.4 is given by any Lender more than 120 days after such Lender has knowledge (or should have had knowledge)
of the occurrence of the event giving rise to the additional cost, reduction in amounts, loss, or other additional amounts described
in such Sections, such Lender shall not be entitled to compensation under Sections 2.10, 2.11, 3.5 or 5.4,
as the case may be, for any such amounts incurred or accruing prior to the 121st day prior to the giving of such notice to the Borrower.

 

2.14            Incremental
Facilities.

 

(a)            The
Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches
of Term Loans or increases in Term Loans of any Class (the commitments thereto, the “Incremental Term Loan Commitments”)
and/or (y) increases in Revolving Credit Commitments of any Class (the “Incremental Revolving Credit Commitments”
and, together with the Incremental Term Loan Commitments, the “Incremental Loan Commitments”), by an aggregate amount
not less than $5,000,000 individually (or such lesser amount as may be approved by the Administrative Agent); provided that immediately
after giving effect to the establishment of the commitments in respect thereof, the Consolidated Total Debt to Consolidated EBITDA Ratio
(calculated on a Pro Forma Basis) shall be less than or equal to the Maximum Incremental Ratio as of such date. In connection with the
incurrence of any Indebtedness under this Section 2.14, at the request of the Administrative Agent, the Borrower shall provide
to the Administrative Agent a certificate certifying that after giving effect to the Incremental Loan Commitments, the Consolidated Total
Debt to Consolidated EBITDA Ratio (calculated on a Pro Forma Basis) shall be less than or the Maximum Incremental Ratio as of such date.
The Borrower may approach any Lender or any Person that is a permitted assignee pursuant to Section 13.6 to provide all or
a portion of the Incremental Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the
Incremental Loan Commitments may elect or decline, in its sole discretion, to provide an Incremental Loan Commitment. Persons providing
Incremental Loan Commitments shall be reasonably satisfactory to the Borrower and to the extent its consent would be required for an
assignment of Loans or Commitments pursuant to Section 13.6, the Administrative Agent and each Letter of Credit Issuer (such
consent not to be unreasonably withheld, conditioned or delayed). In each case, such Incremental Loan Commitments shall become effective
as of the applicable Increased Amount Date; provided that, subject to Section 1.12(b) in the case of Incremental
Loan Commitments incurred to finance a Limited Condition Transaction, (i) no Event of Default shall exist on such Increased Amount
Date before or after giving effect to such Incremental Loan Commitments, as applicable, (ii) the representations and warranties
of the Borrower and each other Credit Party contained in Section 8 or any other Credit Document shall be true and correct
in all material respects (or, with respect to representations and warranties modified by a materiality or Material Adverse Effect standard,
in all respects) on and as of the Increased Amount Date, except 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 (or, with respect to representations and warranties
modified by a materiality or Material Adverse Effect standard, in all respects) as of such earlier date, (iii) the Incremental Loan
Commitments secured on a pari passu basis with the Initial Term A Loans shall be effected pursuant to one or more Joinder Agreements
executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject
to the requirements set forth in Section 5.4(e), and (iv) the Borrower shall make any payments required pursuant to
Section 2.11 in connection with the Incremental Loan Commitments, as applicable. No Lender shall have any obligation to provide
any Commitments pursuant to this Section 2.14(a). Any Incremental Term Loans made on an Increased Amount Date shall, at the
election of the Borrower and agreed to by Lenders providing such Incremental Term Loan Commitments, be designated as (a) a separate
series (a “Series”) of Incremental Term Loans for all purposes of this Agreement or (b) as part of a Series of
existing Term Loans (if such Incremental Term Loans are fungible with the other Term Loans of such Series) for all purposes of this Agreement.

 

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(b)            Incremental
Revolving Credit Commitments shall be subject to the satisfaction of the following terms and conditions, (a) with respect to Incremental
Revolving Credit Commitments, each of the Lenders with Revolving Credit Commitments of such Class shall assign to each Lender with
an Incremental Revolving Credit Commitment (each, an “Incremental Revolving Loan Lender”) and each of the Incremental
Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments of such Class, at the principal amount
thereof, such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that,
after giving effect to all such assignments and purchases, the Revolving Credit Loans of such Class will be held by existing Revolving
Credit Lenders and Incremental Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments of such Class after
giving effect to the addition of such Incremental Revolving Credit Commitments to the Revolving Credit Commitments, and (b) with
respect to Incremental Revolving Credit Commitments, (i) each Incremental Revolving Credit Commitment shall be deemed for all purposes
a Revolving Credit Commitment and, each Loan made under an Incremental Revolving Credit Commitment (an “Incremental Revolving
Credit Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (ii) each Incremental Revolving Loan Lender
shall become a Lender with respect to the Incremental Revolving Credit Commitment and all matters relating thereto; provided that
the Administrative Agent and the Letter of Credit Issuers shall have consented (not to be unreasonably withheld or delayed) to such Lender’s
or Incremental Revolving Loan Lender’s providing such Incremental Revolving Credit Commitment to the extent such consent, if any,
would be required under Section 13.6(b) for an assignment of Revolving Loans or Revolving Credit Commitments, as applicable,
to such Lender or Incremental Revolving Loan Lender.

 

(c)            Incremental
Term Loan Commitments shall be subject to the satisfaction of the following terms and conditions, (i) each Lender with an Incremental
Term Loan Commitment (each, a “Incremental Term Loan Lender”) shall make a Loan to the Borrower (a “Incremental
Term Loan” and, together with the Incremental Revolving Credit Loans, the “Incremental Loans”) in an amount
equal to its Incremental Term Loan Commitment, and (ii) each Incremental Term Loan Lender shall become a Lender hereunder with respect
to the Incremental Term Loan Commitment and the Incremental Term Loans made pursuant thereto. Incremental Term Loan Commitments may either
provide commitments to make term loans with pricing and amortization terms identical to the Initial Term A Loans (which may be part of
the applicable existing Class) or commitments to make term loans with pricing and amortization terms different from the Initial Term
A Loans (“Other Incremental Term Loans”); provided, that (i) the Other Incremental Term Loans shall be
secured only by the Collateral securing the Obligations on a pari passu basis, and there shall be no borrowers or guarantors of Other
Incremental Term Loans that are not the Borrower or a Guarantor, (ii) the final maturity date of any Other Incremental Term Loans
shall be no earlier than the Initial Term A Loan Maturity Date and, except as to pricing, amortization, call premiums, call protection
and final maturity date, shall have the same terms as the applicable Class of then outstanding Term Loans, (iii) the weighted
average life to maturity of any Other Incremental Term Loans shall be no shorter than the remaining weighted average life to maturity
of the Initial Term A Loans and (iv) with respect to any Other Incremental Term Loan that is incurred on or prior to the six month
anniversary of the Closing Date and is secured by Liens on the Collateral that are pari passu in right of security with the Liens thereon
securing the Initial Term A Loans, the Effective Yield in respect of any such Other Incremental Term Loan may exceed the Effective Yield
in respect of such Initial Term A Loans on the date of such calculation by no more than 0.50%, or if it does so exceed such Effective
Yield by more than 0.50% (such difference, the “Term Yield Differential”) then the Applicable Margin applicable to
such Initial Term A Loans shall be increased such that after giving effect to such increase, the Term Yield Differential shall not exceed
0.50%; provided, that this subclause (iv) shall not be applicable to (x) any Other Incremental Term Loan that is established
for purposes of a Permitted Acquisition or other acquisition or Investment permitted hereunder or (y) any Other Incremental Term
Loan that has a maturity date that is at least one year after the Initial Term A Loan Maturity Date.

 

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(d)            [Reserved].

 

(e)            Incremental
Revolving Credit Commitments and Incremental Revolving Credit Loans shall be identical to the Initial Revolving Credit Commitments and
the related Revolving Credit Loans.

 

(f)            Each
Joinder Agreement may, without the consent of any other Lenders, effect technical and corresponding amendments to this Agreement and
the other Credit Documents (including amendments in order for the Incremental Loan Commitments, Incremental Revolving Loans or Incremental
Term Loans provided pursuant to such Joinder Agreement to be fungible with the existing Commitments or Loans of a given Class, as applicable;
provided that no such amendments shall be adverse to any such existing Class) as may be necessary or appropriate, in the opinion
of the Administrative Agent, to effect the provision of this Section 2.14.

 

(g)           Extended
Term Loans and Revolving Credit Loans.

 

(i)            The
Borrower may at any time and from time to time request that all or a portion of the Term Loans of any Class (an “Existing
Term Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all
or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”)
and to provide for other terms consistent with this Section 2.14(g). In order to establish any Extended Term Loans, the Borrower
shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable
Existing Term Loan Class, which such request shall be offered equally to all such Lenders) (a “Term Loan Extension Request”)
setting forth the proposed terms of the Extended Term Loans to be established, which shall not be materially more restrictive to the
Credit Parties (as determined in good faith by the Borrower), when taken as a whole, than the terms of the Term Loans of the Existing
Term Loan Class unless (x) the Lenders of the Term Loans of such applicable Existing Term Loan Class receive the benefit
of such more restrictive terms or (y) any such provisions apply after the Maturity Date of such Existing Term Loan Class (a
 “Permitted Other Provision”); provided, however, that (x) the scheduled final maturity date shall
be extended and all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates
than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in
a corresponding adjustment to the scheduled amortization payments reflected in Section 2.5 or in the Joinder Agreement, as
the case may be, with respect to the Existing Term Loan Class from which such Extended Term Loans were converted, in each case as
more particularly set forth in paragraph (iv) of this Section 2.14(g) below), (y) (A) the interest margins
with respect to the Extended Term Loans may be higher or lower than the interest margins for the Term Loans of such Existing Term Loan
Class and/or (B) additional fees or premiums may be payable to the Lenders providing such Extended Term Loans in addition to
or in lieu of any increased margins contemplated by the preceding clause (A), in each case, to the extent provided in the applicable
Extension Amendment and to the extent that any Permitted Other Provision (including a financial maintenance covenant) is added for the
benefit of any such Indebtedness, no consent shall be required by the Administrative Agent or any of the Lenders if such Permitted Other
Provision is also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Indebtedness
or if such Permitted Other Provision applies only after the Maturity Date of such Existing Term Loan Class. Notwithstanding anything
to the contrary in this Section 2.14 or otherwise, no Extended Term Loans may be optionally prepaid prior to the date on
which the Existing Term Loan Class from which they were converted is repaid in full, except in accordance with the second to last
sentence of Section 5.1(a). No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term
Loan Class converted into Extended Term Loans pursuant to any Term Loan Extension Request. Any Extended Term Loans of any Extension
Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class from which they were converted.

 

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(ii)            The
Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments of any Class, any Extended
Revolving Credit Commitments and/or any Incremental Revolving Credit Commitments, each existing at the time of such request (each, an
 “Existing Revolving Credit Commitment” and any related Revolving Credit Loans thereunder, “Existing Revolving
Credit Loans”; each Existing Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred
to as an “Existing Revolving Credit Class”) be converted to extend the termination date thereof and the scheduled
maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Loans related to such Existing
Revolving Credit Commitments (any such Existing Revolving Credit Commitments which have been so extended, “Extended Revolving
Credit Commitments” and any related Loans, “Extended Revolving Credit Loans”) and to provide for other terms
consistent with this Section 2.14(g). In order to establish any Extended Revolving Credit Commitments, the Borrower shall
provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Class of
Existing Revolving Credit Commitments, which such request shall be offered equally to all such Lenders) (a “Revolving Loan Extension
Request”) setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which shall not
be materially more restrictive to the Credit Parties (as determined in good faith by the Borrower), when taken as a whole, than the terms
of the applicable Existing Revolving Credit Commitments (the “Specified Existing Revolving Credit Commitment”) unless
(x) the Lenders providing existing Revolving Credit Loans receive the benefit of such more restrictive terms or (y) any such
provisions apply after the Maturity Date of such Existing Revolving Credit Class, in each case, to the extent provided in the applicable
Extension Amendment; provided, however, that (w) all or any of the final maturity dates of such Extended Revolving
Credit Commitments may be delayed to later dates than the final maturity dates of the Specified Existing Revolving Credit Commitments,
(x) (A) the interest margins with respect to the Extended Revolving Credit Commitments may be higher or lower than the interest
margins for the Specified Existing Revolving Credit Commitments and/or (B) additional fees and premiums may be payable to the Lenders
providing such Extended Revolving Credit Commitments in addition to or in lieu of any increased margins contemplated by the preceding
clause (A) and (y) the revolving credit commitment fee rate with respect to the Extended Revolving Credit Commitments
may be higher or lower than the Revolving Credit Commitment Fee Rate for the Specified Existing Revolving Credit Commitment; provided
that, notwithstanding anything to the contrary in this Section 2.14(g) or otherwise, (1) the borrowing and
repayment (other than in connection with a permanent repayment and termination of commitments) of Loans with respect to any Revolving
Credit Commitments shall be made on a pro rata basis with all other Revolving Credit Commitments and (2) assignments and participations
of Extended Revolving Credit Commitments and Extended Revolving Credit Loans shall be governed by the same assignment and participation
provisions applicable to Revolving Credit Commitments and the Revolving Credit Loans related to such Commitments set forth in Section 13.6.
No Lender shall have any obligation to agree to have any of its Revolving Credit Loans or Revolving Credit Commitments of any Existing
Revolving Credit Class converted into Extended Revolving Credit Loans or Extended Revolving Credit Commitments pursuant to any Revolving
Loan Extension Request. Any Extended Revolving Credit Commitments of any Extension Series shall constitute a separate Class of
revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments
(together with any other Extended Revolving Credit Commitments so established on such date).

 

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(iii)            Any
Lender (an “Extending Lender”) wishing to have all or a portion of its Term Loans, Revolving Credit Commitments, Incremental
Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or Existing Classes subject to such Extension
Request converted into Extended Term Loans or Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent
(an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans,
Revolving Credit Commitments, Incremental Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or
Existing Classes subject to such Extension Request that it has elected to convert into Extended Term Loans or Extended Revolving Credit
Commitments, as applicable. In the event that the aggregate amount of Term Loans, Revolving Credit Commitments, Incremental Revolving
Credit Commitments or Extended Revolving Credit Commitments of the Existing Class or Existing Classes subject to Extension Elections
exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested pursuant to the Extension
Request, Term Loans or Revolving Credit Commitments, Incremental Revolving Credit Commitments or Extended Revolving Credit Commitments
of the Existing Class or Existing Classes subject to Extension Elections shall be converted to Extended Term Loans or Extended Revolving
Credit Commitments, as applicable, on a pro rata basis based on the amount of Term Loans, Revolving Credit Commitments, Incremental
Revolving Credit Commitment or Extended Revolving Credit Commitment included in each such Extension Election. Notwithstanding the conversion
of any Existing Revolving Credit Commitment into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall
be treated identically to all other Revolving Credit Commitments for purposes of the obligations of a Revolving Credit Lender in respect
of Letters of Credit under Section 3, except that the applicable Extension Amendment may provide that the Letter of Credit
Expiration Date may be extended and the related obligations to issue Letters of Credit may be continued only so long as the applicable
Letter of Credit Issuer has consented to such extensions in its sole discretion (it being understood that no consent of any other Lender
shall be required in connection with any such extension).

 

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(iv)            Extended
Term Loans or Extended Revolving Credit Commitments, as applicable, shall be established pursuant to an amendment (an “Extension
Amendment”) to this Agreement (which, except to the extent expressly contemplated by the last sentence of this Section 2.14(g)(iv) and
notwithstanding anything to the contrary set forth in Section 13.1, shall not require the consent of any Lender other than
the Extending Lenders with respect to the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, established thereby)
executed by the Credit Parties, the Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any tranche
of Extended Term Loans or Extended Revolving Credit Commitments in an aggregate principal amount that is less than $5,000,000. In addition
to any terms and changes required or permitted by Section 2.14(g)(i), each Extension Amendment (x) shall amend the scheduled
amortization payments pursuant to Section 2.5 or the applicable Joinder Agreement with respect to the Existing Term Loan
Class from which the Extended Term Loans were converted to reduce each scheduled repayment amount for the Existing Term Loan Class in
the same proportion as the amount of Term Loans of the Existing Term Loan Class is to be converted pursuant to such Extension Amendment
(it being understood that the amount of any repayment amount payable with respect to any individual Term Loan of such Existing Term Loan
Class that is not an Extended Term Loan shall not be reduced as a result thereof) and (y) may, but shall not be required to,
impose additional requirements (not inconsistent with the provisions of this Agreement in effect at such time) with respect to the final
maturity and weighted average life to maturity of Incremental Term Loans incurred following the date of such Extension Amendment. Notwithstanding
anything to the contrary in this Section 2.14(g) and without limiting the generality or applicability of Section 13.1
to any Section 2.14 Additional Amendments, any Extension Amendment may provide for additional terms and/or additional amendments
other than those referred to or contemplated above (any such additional amendment, a “Section 2.14 Additional Amendment”)
to this Agreement and the other Credit Documents; provided that such Section 2.14 Additional Amendments are within the requirements
of Section 2.14(g)(i) and do not become effective prior to the time that such Section 2.14 Additional Amendments
have been consented to (including, without limitation, pursuant to (1) consents applicable to holders of Incremental Term Loans
and Incremental Revolving Credit Commitments provided for in any Joinder Agreement and (2) consents applicable to holders of any
Extended Term Loans or Extended Revolving Credit Commitments provided for in any Extension Amendment) by such of the Lenders, Credit
Parties and other parties (if any) as may be required in order for such Section 2.14 Additional Amendments to become effective in
accordance with Section 13.1.

 

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(v)            Notwithstanding
anything to the contrary contained in this Agreement, (A) on any date on which any Existing Class is converted to extend the
related scheduled maturity date(s) in accordance with clauses (i) and/or (ii) above (an “Extension
Date”), (I) in the case of the existing Term Loans of each Extending Lender, the aggregate principal amount of such existing
Term Loans shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Term Loans so converted by such Lender
on such date, and the Extended Term Loans shall be established as a separate Class of Term Loans (together with any other Extended
Term Loans so established on such date), and (II) in the case of the Specified Existing Revolving Credit Commitments of each Extending
Lender, the aggregate principal amount of such Specified Existing Revolving Credit Commitments shall be deemed reduced by an amount equal
to the aggregate principal amount of Extended Revolving Credit Commitments so converted by such Lender on such date, and such Extended
Revolving Credit Commitments shall be established as a separate Class of revolving credit commitments from the Specified Existing
Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit
Commitments so established on such date) and (B) if, on any Extension Date, any Loans of any Extending Lender are outstanding under
the applicable Specified Existing Revolving Credit Commitments, such Loans (and any related participations) shall be deemed to be allocated
as Extended Revolving Credit Loans (and related participations) and Existing Revolving Credit Loans (and related participations) in the
same proportion as such Extending Lender’s Specified Existing Revolving Credit Commitments to Extended Revolving Credit Commitments.

 

(vi)            The
Administrative Agent and the Lenders hereby consent to the consummation of the transactions contemplated by this Section 2.14
(including, for the avoidance of doubt, payment of any interest, fees, or premium in respect of any Extended Term Loans and/or Extended
Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Amendment) and hereby waive the requirements
of any provision of this Agreement (including, without limitation, any pro rata payment or amendment section) or any other Credit Document
that may otherwise prohibit or restrict any such extension or any other transaction contemplated by this Section 2.14.

 

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2.15            Permitted
Debt Exchanges.

 

(a)            Notwithstanding
anything to the contrary contained in this Agreement, pursuant to one or more offers (each, a “Permitted Debt Exchange Offer”)
made from time to time by the Borrower, the Borrower may from time to time following the Closing Date consummate one or more exchanges
of Term Loans for Permitted Other Indebtedness in the form of notes (such notes, “Permitted Debt Exchange Notes,”
and each such exchange a “Permitted Debt Exchange”), so long as the following conditions are satisfied: (i) no
Event of Default shall have occurred and be continuing at the time the final offering document in respect of a Permitted Debt Exchange
Offer is delivered to the relevant Lenders, (ii) the aggregate principal amount (calculated on the face amount thereof) of Term
Loans exchanged shall equal no more than the aggregate principal amount (calculated on the face amount thereof) of Permitted Debt Exchange
Notes issued in exchange for such Term Loans; provided that the aggregate principal amount of the Permitted Debt Exchange Notes
may include accrued interest and premium (if any) under the Term Loans exchanged and underwriting discounts, fees, commissions and expenses
in connection with the issuance of such Permitted Debt Exchange Notes, (iii) the aggregate principal amount (calculated on the face
amount thereof) of all Term Loans exchanged under each applicable Class by the Borrower pursuant to any Permitted Debt Exchange
shall automatically be cancelled and retired by the Borrower on the date of the settlement thereof (and, if requested by the Administrative
Agent, any applicable exchanging Lender shall execute and deliver to the Administrative Agent an Assignment and Acceptance, or such other
form as may be reasonably requested by the Administrative Agent, in respect thereof pursuant to which the respective Lender assigns its
interest in the Term Loans being exchanged pursuant to the Permitted Debt Exchange to the Borrower for immediate cancellation), (iv) if
the aggregate principal amount of all Term Loans of a given Class (calculated on the face amount thereof) tendered by Lenders in
respect of the relevant Permitted Debt Exchange Offer (with no Lender being permitted to tender a principal amount of Term Loans which
exceeds the principal amount thereof of the applicable Class actually held by it) shall exceed the maximum aggregate principal amount
of Term Loans of such Class offered to be exchanged by the Borrower pursuant to such Permitted Debt Exchange Offer, then the Borrower
shall exchange Term Loans subject to such Permitted Debt Exchange Offer tendered by such Lenders ratably up to such maximum amount based
on the respective principal amounts so tendered, (v) all documentation in respect of such Permitted Debt Exchange shall be consistent
with the foregoing, and all written communications generally directed to the Lenders in connection therewith shall be in form and substance
consistent with the foregoing and made in consultation with the Borrower and the Auction Agent, and (vi) any applicable Minimum
Tender Condition shall be satisfied.

 

(b)            With
respect to all Permitted Debt Exchanges effected by any of the Borrower pursuant to this Section 2.15, (i) such Permitted
Debt Exchanges (and the cancellation of the exchanged Term Loans in connection therewith) shall not constitute voluntary or mandatory
payments or prepayments for purposes of Section 5.1 or 5.2, and (ii) such Permitted Debt Exchange Offer shall
be made for not less than $5,000,000 in aggregate principal amount of Term Loans; provided that subject to the foregoing clause
(ii) the Borrower may at its election specify as a condition (a “Minimum Tender Condition”) to consummating
any such Permitted Debt Exchange that a minimum amount (to be determined and specified in the relevant Permitted Debt Exchange Offer
in the Borrower’s discretion) of Term Loans of any or all applicable Classes be tendered.

 

(c)            In
connection with each Permitted Debt Exchange, the Borrower and the Auction Agent shall mutually agree to such procedures as may be necessary
or advisable to accomplish the purposes of this Section 2.15 and without conflict with Section 2.15(d); provided
that the terms of any Permitted Debt Exchange Offer shall provide that the date by which the relevant Lenders are required to indicate
their election to participate in such Permitted Debt Exchange shall be not less than a reasonable period (in the discretion of the Borrower
and the Auction Agent) of time following the date on which the Permitted Debt Exchange Offer is made.

 

(d)            The
Borrower shall be responsible for compliance with, and hereby agrees to comply with, all applicable securities and other laws in connection
with each Permitted Debt Exchange, it being understood and agreed that (x) none of the Auction Agent, the Administrative Agent nor
any Lender assumes any responsibility in connection with the Borrower’s compliance with such laws in connection with any Permitted
Debt Exchange and (y) each Lender shall be solely responsible for its compliance with any applicable “insider trading”
laws and regulations to which such Lender may be subject under the Securities Exchange Act of 1934, as amended.

 

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2.16            Defaulting
Lenders.

 

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

 

(i)            Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 13.1.

 

(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 Section 11 or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 13.8 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, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender
to the Letter of Credit Issuers hereunder; third, to Cash Collateralize the Letter of Credit Issuers’ Fronting Exposure
with respect to such Defaulting Lender in accordance with Section 3.8; fourth, as the Borrower may request (so long
as no 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 Letter of Credit Issuers’
future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement,
in accordance with Section 3.8; sixth, to the payment of any amounts owing to the Borrower, the Lenders and the Letter
of Credit Issuers as a result of any judgment of a court of competent jurisdiction obtained by the Borrower, any Lender or any Letter
of Credit Issuer 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
(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 7 were satisfied or waived, such payment shall be applied solely to pay the Loans
of, and L/C Obligations owed to, all Non-Defaulting Lenders 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 Commitments hereunder without giving effect to Section 2.16(a)(iv).
Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a
Defaulting Lender or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall be deemed paid to and redirected
by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)            Certain
Fees.

 

(A)            No
Defaulting Lender shall be entitled to receive any fee payable under Section 4 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).

 

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(B)            Each
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 3.8.

 

(C)            With
respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above,
the 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 Letter of Credit Issuer the amount of any such fee otherwise payable to
such Defaulting Lender to the extent allocable to such Letter of Credit’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 Revolving Credit Commitment Percentages (calculated
without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the aggregate
Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Credit Commitment (including,
for the avoidance of doubt, any Incremental Revolving Credit Commitment or Extended Revolving Credit Commitment). Subject to Section 14,
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 Letter
of Credit Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 3.8.

 

(b)            Defaulting
Lender Cure. If the Borrower, the Administrative Agent and the Letter of Credit 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 Revolving Credit 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 Revolving Credit Commitment Percentages (without
giving effect to Section 2.16(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 Non-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.

 

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Section 3.           Letters
of Credit

 

3.1            Letters
of Credit.

 

(a)            Subject
to and upon the terms and conditions herein set forth, at any time and from time to time after the Closing Date and prior to the Letter
of Credit Expiration Date, the Letter of Credit Issuers agree, in reliance upon the agreements of the Revolving Credit Lenders set forth
in this Section 3, to issue from time to time from the Closing Date through the Letter of Credit Expiration Date for the
account of the Borrower (or, so long as the Borrower is the primary obligor, for the account of the Borrower or any Restricted Subsidiary
(other than the Borrower)) letters of credit (the “Letters of Credit” and each, a “Letter of Credit”)
in such form as may be approved by the applicable Letter of Credit Issuer in its reasonable discretion.

 

(b)            Notwithstanding
the foregoing, (i) no Letter of Credit shall be issued the Stated Amount of which, when added to the Letters of Credit Outstanding
at such time, would exceed the Letter of Credit Commitment then in effect (or with respect to any Letter of Credit Issuer, would exceed
such Letter of Credit Issuer’s Letter of Credit Commitment unless such Letter of Credit Issuer consents thereto); (ii) no
Letter of Credit shall be issued the Stated Amount of which would cause the aggregate amount of the Lenders’ Revolving Credit Exposures
at the time of the issuance thereof to exceed the Total Revolving Credit Commitment then in effect; (iii) each Letter of Credit
shall have an expiration date occurring no later than one year after the date of issuance thereof (except as set forth in Section 3.2(d)),
provided that in no event shall such expiration date occur later than the Letter of Credit Expiration Date, in each case, unless
otherwise agreed upon by the Administrative Agent, the Letter of Credit Issuer and, unless such applicable Letter of Credit has been
Cash Collateralized or backstopped (in the case of a backstop only, on terms reasonably satisfactory to such Letter of Credit Issuer),
the Revolving Credit Lenders; (iv) the Letter of Credit shall be denominated in Dollars; (v) no Letter of Credit shall be issued
if it would be illegal under any applicable law for the beneficiary of the Letter of Credit to have a Letter of Credit issued in its
favor; (vi) no Letter of Credit shall be issued by the Letter of Credit Issuer after it has received a written notice from any Credit
Party or the Administrative Agent or the Required Revolving Credit Lenders stating that a Default or Event of Default has occurred and
is continuing until such time as the Letter of Credit Issuer shall have received a written notice of (x) rescission of such notice
from the party or parties originally delivering such notice or (y) the waiver of such Default or Event of Default in accordance
with the provisions of Section 13.1 and (vii) no Letter of Credit Issuer shall be under any obligation to issue any
trade or commercial Letter of Credit except as otherwise agreed by such Letter of Credit Issuer.

 

(c)            Upon
at least two Business Days’ prior written notice to the Administrative Agent and the Letter of Credit Issuer (which notice the
Administrative Agent shall promptly transmit to each of the Revolving Credit Lenders), the Borrower shall have the right, on any day,
permanently to terminate or reduce the Letter of Credit Commitment in whole or in part; provided that, after giving effect to
such termination or reduction, the Letters of Credit Outstanding shall not exceed the Letter of Credit Commitment (or with respect to
a Letter of Credit Issuer, the Letters of Credit Outstanding with respect to Letters of Credit issued by such Letter of Credit Issuer
shall not exceed such Letter of Credit Issuer’s Letter of Credit Commitment).

 

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(d)            The
Letter of Credit Issuers shall not be under any obligation to issue any Letter of Credit if:

 

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

 

(ii)            the
issuance of such Letter of Credit would violate one or more policies of the Letter of Credit Issuer applicable to letters of credit generally;

 

(iii)            except
as otherwise agreed by the Letter of Credit Issuer, such Letter of Credit is in an initial Stated Amount less than $50,000, in the case
of a commercial Letter of Credit, or $10,000, in the case of a standby Letter of Credit;

 

(iv)            such
Letter of Credit is denominated in a currency other than Dollars;

 

(v)            such
Letter of Credit contains any provisions for automatic reinstatement of the Stated Amount after any drawing thereunder; or

 

(vi)            a
default of any Revolving Credit Lender’s obligations to fund under Section 3.3 exists or any Revolving Credit Lender
is at such time a Defaulting Lender hereunder, unless, in each case, the Borrower has entered into arrangements reasonably satisfactory
to the Letter of Credit Issuer to eliminate the Letter of Credit Issuer’s risk with respect to such Revolving Credit Lender or
such risk has been reallocated in accordance with Section 2.16.

 

(e)            The
Letter of Credit Issuers shall not increase the Stated Amount of any Letter of Credit if the Letter of Credit Issuers would not be permitted
at such time to issue such Letter of Credit in its amended form under the terms hereof.

 

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

 

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(g)            Each
Letter of Credit Issuer shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it and the
documents associated therewith and each Letter of Credit Issuer shall have all of the benefits and immunities (A) provided to the
Administrative Agent in Section 13 with respect to any acts taken or omissions suffered by the Letter of Credit 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 Section 13 included the Letter of Credit Issuer with
respect to such acts or omissions, and (B) as additionally provided herein with respect to the Letter of Credit Issuers.

 

3.2            Letter
of Credit Requests.

 

(a)            Whenever
the Borrower desires that a Letter of Credit be issued for its account or amended, the Borrower shall give the Administrative Agent and
the Letter of Credit Issuer a Letter of Credit Request by no later than 1:00 p.m. (New York City time) at least four Business Days
(or such other period as may be agreed upon by the Borrower, the Administrative Agent and the Letter of Credit Issuer) prior to the proposed
date of issuance or amendment. Each Letter of Credit Request shall be executed by the Borrower. Such Letter of Credit Request may be
sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Letter of
Credit Issuer, by personal delivery or by any other means acceptable to the Letter of Credit Issuer.

 

(b)            In
the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably
satisfactory to the Letter of Credit Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a
Business Day); (B) the Stated 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 identity of the applicant; and (H) such
other matters as the Letter of Credit Issuer may reasonably require. In the case of a request for an amendment, extension or renewal
of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the Letter
of Credit Issuer (I) the Letter of Credit to be amended; (II) the proposed date of amendment thereof (which shall be a Business
Day); (III) the nature of the proposed amendment; and (IV) such other matters as the Letter of Credit Issuer may reasonably
require. Additionally, the Borrower shall furnish to the Letter of Credit 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 Letter of Credit
Issuer or the Administrative Agent may reasonably require.

 

(c)            Unless
the Letter of Credit Issuer has received written notice from any Revolving Credit Lender, the Administrative Agent or any Credit Party,
at least one Business Day prior to the requested date of issuance or amendment, extension or renewal of the Letter of Credit, that one
or more applicable conditions contained in Sections 6 (solely with respect to any Letter of Credit issued on the Closing Date)
and 7 shall not then be satisfied to the extent required thereby, then, subject to the terms and conditions hereof, the Letter
of Credit Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or, so long as the Borrower
is the primary obligor, for the account of the Borrower or any Restricted Subsidiary) or enter into the applicable amendment, as the
case may be, in each case in accordance with the Letter of Credit Issuer’s usual and customary business practices.

 

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(d)            If
the Borrower so requests in any Letter of Credit Request, the Letter of Credit Issuer shall agree to issue a Letter of Credit that has
automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension
Letter of Credit must permit the Letter of Credit 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 and the Borrower not later than
a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter
of Credit is issued. Unless otherwise directed by the Letter of Credit Issuer, the Borrower shall not be required to make a specific
request to the Letter of Credit 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) the Letter of Credit 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, unless otherwise agreed upon by the Administrative Agent
and the Letter of Credit Issuer; provided, however, that the Letter of Credit Issuer shall not permit any such extension
if (A) the Letter of Credit Issuer has reasonably 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
(b) of Section 3.1 or otherwise), or (B) it has received written notice on or before the day that is seven
Business Days before the Non-Extension Notice Date from the Administrative Agent, any Lender or the Borrower that one or more of the
applicable conditions specified in Sections 6 and 7 are not then satisfied, and in each such case directing the Letter
of Credit Issuer not to permit such extension.

 

(e)            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 Letter of Credit Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy
of such Letter of Credit or amendment. On the first Business Day of each quarter, each Letter of Credit Issuer shall provide the Administrative
Agent a list of all Letters of Credit issued by it that are outstanding at such time.

 

(f)            The
making of each Letter of Credit Request shall be deemed to be a representation and warranty by the Borrower that the Letter of Credit
may be issued in accordance with, and will not violate the requirements of, Section 3.1(b).

 

3.3            Letter
of Credit Participations.

 

(a)            Immediately
upon the issuance by the Letter of Credit Issuer of any Letter of Credit, the Letter of Credit Issuer shall be deemed to have sold and
transferred to each Revolving Credit Lender (each such Revolving Credit Lender, in its capacity under this Section 3.3, an
 “L/C Participant”), and each such L/C Participant shall be deemed irrevocably and unconditionally to have purchased
and received from the Letter of Credit Issuer, without recourse or warranty, an undivided interest and participation (each an “L/C
Participation”), to the extent of such L/C Participant’s Revolving Credit Commitment Percentage in each Letter of Credit,
each substitute therefor, each drawing made thereunder and the obligations of the Borrower under this Agreement with respect thereto,
and any security therefor or guaranty pertaining thereto; provided that the Letter of Credit Fees will be paid directly to the
Administrative Agent for the ratable account of the L/C Participants as provided in Section 4.1(b) and the L/C Participants
shall have no right to receive any portion of any Fronting Fees.

 

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(b)            In
determining whether to pay under any Letter of Credit, the relevant Letter of Credit Issuer shall have no obligation relative to the
L/C Participants other than to confirm that any documents required to be delivered under such Letter of Credit have been delivered and
that they appear to comply on their face with the requirements of such Letter of Credit. Any action taken or omitted to be taken by the
relevant Letter of Credit Issuer under or in connection with any Letter of Credit issued by it, if taken or omitted in the absence of
gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction, shall
not create for the Letter of Credit Issuer any resulting liability.

 

(c)            In
the event that a Letter of Credit Issuer makes any payment under any Letter of Credit issued by it and the Borrower shall not have repaid
such amount in full to the respective Letter of Credit Issuer through the Administrative Agent pursuant to Section 3.4(a),
the Administrative Agent shall promptly notify each L/C Participant of such failure, and each L/C Participant shall promptly and unconditionally
pay to the Administrative Agent for the account of the Letter of Credit Issuer the amount of such L/C Participant’s Revolving Credit
Commitment Percentage of such unreimbursed payment in Dollars and in immediately available funds. If and to the extent such L/C Participant
shall not have so made its Revolving Credit Commitment Percentage of the amount of such payment available to the Administrative Agent
for the account of the Letter of Credit Issuer, such L/C Participant agrees to pay to the Administrative Agent for the account of the
Letter of Credit Issuer, forthwith on demand, such amount, together with interest thereon for each day from such date until the date
such amount is paid to the Administrative Agent for the account of the Letter of Credit Issuer at a rate per annum equal to the Overnight
Bank Funding Rate from time to time then in effect, plus any administrative, processing or similar fees that are reasonably and customarily
charged by the Letter of Credit Issuer in connection with the foregoing. The failure of any L/C Participant to make available to the
Administrative Agent for the account of the Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under any
Letter of Credit shall not relieve any other L/C Participant of its obligation hereunder to make available to the Administrative Agent
for the account of the Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under such Letter of Credit
on the date required, as specified above, but no L/C Participant shall be responsible for the failure of any other L/C Participant to
make available to the Administrative Agent such other L/C Participant’s Revolving Credit Commitment Percentage of any such payment.

 

(d)            Whenever
the Administrative Agent receives a payment from the Borrower in respect of an unpaid Reimbursement Obligation as to which the Administrative
Agent has received for the account of a Letter of Credit Issuer any payments from the L/C Participants pursuant to clause (c) above,
the Administrative Agent shall promptly pay to each L/C Participant that has paid its Revolving Credit Commitment Percentage of such
Reimbursement Obligation, in Dollars and in immediately available funds, an amount equal to such L/C Participant’s share (based
upon the proportionate aggregate amount originally funded by such L/C Participant to the aggregate amount funded by all L/C Participants)
of the amount so paid in respect of such Reimbursement Obligation and interest thereon accruing after the purchase of the respective
L/C Participations at the Overnight Bank Funding Rate.

 

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(e)            The
obligations of the L/C Participants to make payments to the Administrative Agent for the account of the Letter of Credit Issuer with
respect to Letters of Credit shall be irrevocable and not subject to counterclaim, set-off or other defense or any other qualification
or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances.

 

(f)            If
any payment received by the Administrative Agent for the account of a Letter of Credit Issuer pursuant to Section 3.3(c) is
required to be returned under any of the circumstances described in Section 13.20 (including pursuant to any settlement entered
into by the Letter of Credit Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of the Letter
of Credit Issuer its Revolving Credit Commitment 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 applicable Overnight
Bank Funding 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.

 

3.4            Agreement
to Repay Letter of Credit Drawings.

 

(a)            The
Borrower hereby agrees to reimburse the Letter of Credit Issuer by making payment with respect to any drawing under any Letter of Credit
in Dollars. Any such reimbursement shall be made by the Borrower to the Administrative Agent in immediately available funds for any payment
or disbursement made by the Letter of Credit Issuer under any Letter of Credit (each such amount so paid until reimbursed, an “Unpaid
Drawing”) no later than the date that is one Business Day after the date on which the Borrower receives written notice of such
payment or disbursement (the “Reimbursement Date”), with interest on the amount so paid or disbursed by the Letter
of Credit Issuer, to the extent not reimbursed prior to 5:00 p.m. (New York City time) on the Reimbursement Date, from the Reimbursement
Date to the date the Letter of Credit Issuer is reimbursed therefor at a rate per annum that shall at all times be the Applicable Margin
for ABR Loans that are Revolving Credit Loans plus the ABR as in effect from time to time, provided that, notwithstanding
anything contained in this Agreement to the contrary, (i) unless the Borrower shall have notified the Administrative Agent and the
relevant Letter of Credit Issuer prior to 1:00 p.m. (New York City time) on the Reimbursement Date that the Borrower intends to
reimburse the relevant Letter of Credit Issuer for the amount of such drawing with funds other than the proceeds of Loans, the Borrower
shall be deemed to have given a Notice of Borrowing requesting that, with respect to Letters of Credit, the Revolving Credit Lenders
make Revolving Credit Loans (which shall be denominated in Dollars and which shall be ABR Loans) on the Reimbursement Date in the amount
of such drawing and (ii) the Administrative Agent shall promptly notify each L/C Participant of such drawing and the amount of its
Revolving Credit Loan to be made in respect thereof, and each L/C Participant shall be irrevocably obligated to make a Revolving Credit
Loan to the Borrower in Dollars in the manner deemed to have been requested in the amount of its Revolving Credit Commitment Percentage
of the applicable Unpaid Drawing by 2:00 p.m. (New York City time) on such Reimbursement Date by making the amount of such Revolving
Credit Loan available to the Administrative Agent. Such Revolving Credit Loans shall be made without regard to the Minimum Borrowing
Amount. The Administrative Agent shall use the proceeds of such Revolving Credit Loans solely for the purpose of reimbursing the applicable
Letter of Credit Issuer for the related Unpaid Drawing. In the event that the Borrower fails to Cash Collateralize any Letter of Credit
that is outstanding on the Letter of Credit Expiration Date, the full amount of the Letters of Credit Outstanding in respect of such
Letter of Credit shall be deemed to be an Unpaid Drawing subject to the provisions of this Section 3.4 except that the applicable
Letter of Credit Issuer shall hold the proceeds received from the L/C Participants as contemplated above as Cash Collateral for such
Letter of Credit to reimburse any Unpaid Drawing under such Letter of Credit and shall use such proceeds first, to reimburse itself for
any Unpaid Drawings made in respect of such Letter of Credit following the Letter of Credit Expiration Date, second, to the extent such
Letter of Credit expires or is returned undrawn while any such cash collateral remains, to the repayment of obligations in respect of
any Revolving Credit Loans that have not been paid at such time and third, to the Borrower or as otherwise directed by a court of competent
jurisdiction. Nothing in this Section 3.4(a) shall affect the Borrower’s obligation to repay all outstanding Revolving
Credit Loans when due in accordance with the terms of this Agreement.

 

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(b)            The
obligation of the Borrower to reimburse the Letter of Credit Issuer for each drawing under each Letter of Credit and to repay each L/C
Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement
under all circumstances, including the following:

 

(i)            any
lack of validity or enforceability of this Agreement or any of the other Credit Documents;

 

(ii)            the
existence of any claim, set-off, defense or other right that the Borrower may have at any time against a beneficiary named in a Letter
of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent,
any Letter of Credit Issuer, any Lender or other Person, whether in connection with this Agreement, any Letter of Credit, the transactions
contemplated herein or any unrelated transactions (including any underlying transaction between the Borrower and the beneficiary named
in any such Letter of Credit);

 

(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 any Letter of Credit Issuer of any requirement that exists for the Letter of Credit Issuer’s protection and not the protection
of the Borrower (or any Restricted Subsidiary) or any waiver by any Letter of Credit Issuer which does not in fact materially prejudice
the Borrower (or any Restricted Subsidiary);

 

(v)            any
payment made by any Letter of Credit 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;

 

(vi)            any
payment by any Letter of Credit 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 any Letter of Credit 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 the Bankruptcy Code;

 

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

 

(viii)            any
adverse change in any relevant exchange rates or in the relevant currency markets generally; or

 

(ix)            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 Restricted Subsidiary) (other than the defense of
payment or performance).

 

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 promptly notify the applicable Letter of
Credit Issuer. The Borrower shall be conclusively deemed to have waived any such claim against such Letter of Credit Issuer and its correspondents
unless such notice is given as aforesaid.

 

(c)            The
Borrower shall not be obligated to reimburse a Letter of Credit Issuer for any wrongful payment made by such Letter of Credit Issuer
under any Letter of Credit issued by it as a result of acts or omissions constituting willful misconduct or gross negligence on the part
of such Letter of Credit Issuer as determined in the final non-appealable judgment of a court of competent jurisdiction.

 

3.5            Increased
Costs. If after the Closing Date, the adoption of any applicable law, treaty, rule, or regulation, or any change therein, or any
change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with
the interpretation or administration thereof, or actual compliance by any Letter of Credit Issuer or any L/C Participant with any request
or directive made or adopted after the Closing Date (whether or not having the force of law), by any such authority, central bank or
comparable agency shall either (x) impose, modify or make applicable any reserve, deposit, capital adequacy or similar requirement
against letters of credit issued by any Letter of Credit Issuer, or any L/C Participant’s L/C Participation therein, or (y) impose
on any Letter of Credit Issuer or any L/C Participant any other conditions or costs affecting its obligations under this Agreement in
respect of Letters of Credit or L/C Participations therein or any Letter of Credit or such L/C Participant’s L/C Participation
therein, and the result of any of the foregoing is to increase the actual cost to the Letter of Credit Issuer or such L/C Participant
of issuing, maintaining or participating in any Letter of Credit, or to reduce the actual amount of any sum received or receivable by
the Letter of Credit Issuer or such L/C Participant hereunder (including any increased costs or reductions attributable to Taxes, other
than any increase or reduction attributable to Indemnified Taxes, Excluded Taxes or Other Taxes) in respect of Letters of Credit or L/C
Participations therein, then, promptly after receipt of written demand to the Borrower by the Letter of Credit Issuer or such L/C Participant,
as the case may be (a copy of which notice shall be sent by the Letter of Credit Issuer or such L/C Participant to the Administrative
Agent), the Borrower shall pay to the Letter of Credit Issuer or such L/C Participant such actual additional amount or amounts as will
compensate the Letter of Credit Issuer or such L/C Participant for such increased cost or reduction, it being understood and agreed,
however, that the Letter of Credit Issuer or an L/C Participant shall not be entitled to such compensation as a result of such Person’s
compliance with, or pursuant to any request or directive to comply with, any such law, rule or regulation as in effect on the Closing
Date. A certificate submitted to the Borrower by the relevant Letter of Credit Issuer or an L/C Participant, as the case may be (a copy
of which certificate shall be sent by the Letter of Credit Issuer or such L/C Participant to the Administrative Agent), setting forth
in reasonable detail the basis for the determination of such actual additional amount or amounts necessary to compensate the Letter of
Credit Issuer or such L/C Participant as aforesaid, shall be conclusive and binding on the Borrower absent clearly demonstrable error.

 

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3.6            New
or Successor Letter of Credit Issuer.

 

(a)            Any
Letter of Credit Issuer may resign as a Letter of Credit Issuer upon 30 days’ prior written notice to the Administrative Agent,
the Revolving Credit Lenders, and the Borrower. The Borrower may replace any Letter of Credit Issuer for any reason upon written notice
to the Administrative Agent and such Letter of Credit Issuer. The Borrower may add Letter of Credit Issuers at any time upon notice to
the Administrative Agent. If a Letter of Credit Issuer shall resign or be replaced, or if the Borrower shall decide to add a new Letter
of Credit Issuer under this Agreement, then the Borrower may appoint from among the Revolving Credit Lenders a successor issuer of Letters
of Credit or a new Letter of Credit Issuer, as the case may be, or, with the consent of the Administrative Agent (such consent not to
be unreasonably withheld or delayed), another successor or new issuer of Letters of Credit, whereupon such successor issuer accepting
such appointment shall succeed to the rights, powers and duties of the replaced or resigning Letter of Credit Issuer under this Agreement
and the other Credit Documents, or such new issuer of Letters of Credit accepting such appointment shall be granted the rights, powers
and duties of a Letter of Credit Issuer hereunder, and the term Letter of Credit Issuer shall include such successor or such new issuer
of Letters of Credit effective upon such appointment. At the time such resignation or replacement shall become effective, the Borrower
shall pay to the resigning or replaced Letter of Credit Issuer all accrued and unpaid fees applicable to the Letters of Credit pursuant
to Sections 4.1(b) and 4.1(d). The acceptance of any appointment as the Letter of Credit Issuer hereunder, whether
as a successor issuer or new issuer of Letters of Credit in accordance with this Agreement, shall be evidenced by an agreement entered
into by such new or successor issuer of Letters of Credit in a form reasonably satisfactory to the Borrower and the Administrative Agent
and, from and after the effective date of such agreement, such new or successor issuer of Letters of Credit shall become a Letter of
Credit Issuer hereunder. After the resignation or replacement of a Letter of Credit Issuer hereunder, the resigning or replaced Letter
of Credit Issuer shall remain a party hereto and shall continue to have all the rights and obligations of a Letter of Credit Issuer under
this Agreement and the other Credit Documents with respect to Letters of Credit issued by it prior to such resignation or replacement,
but shall not be required to issue additional Letters of Credit. In connection with any resignation or replacement pursuant to this clause
(a) (but, in case of any such resignation, only to the extent that a successor issuer of Letters of Credit shall have been appointed),
either (i) the Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall arrange
to have any outstanding Letters of Credit issued by the resigning or replaced Letter of Credit Issuer replaced with Letters of Credit
issued by the successor issuer of Letters of Credit or (ii) the Borrower shall cause the successor issuer of Letters of Credit,
if such successor issuer is reasonably satisfactory to the replaced or resigning Letter of Credit Issuer, to issue “back-stop”
Letters of Credit naming the resigning or replaced Letter of Credit Issuer as beneficiary for each outstanding Letter of Credit issued
by the resigning or replaced Letter of Credit Issuer, which new Letters of Credit shall be denominated in the same currency as, and shall
have a face amount equal to, the Letters of Credit being back-stopped and the sole requirement for drawing on such new Letters of Credit
shall be a drawing on the corresponding back-stopped Letters of Credit. After any resigning or replaced Letter of Credit Issuer’s
resignation or replacement as Letter of Credit Issuer, the provisions of this Agreement relating to the Letter of Credit Issuers shall
inure to its benefit as to any actions taken or omitted to be taken by it (A) while it was a Letter of Credit Issuer under this
Agreement or (B) at any time with respect to Letters of Credit issued by such Letter of Credit Issuer.

 

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(b)            To
the extent there are, at the time of any resignation or replacement as set forth in clause (a) above, any outstanding Letters
of Credit, nothing herein shall be deemed to impact or impair any rights and obligations of any of the parties hereto with respect to
such outstanding Letters of Credit (including, without limitation, any obligations related to the payment of Fees or the reimbursement
or funding of amounts drawn), except that the Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of
Letters of Credit shall have the obligations regarding outstanding Letters of Credit described in clause (a) above.

 

3.7            Role
of Letter of Credit Issuer. Each Lender and the Borrower agrees that, in paying any drawing under a Letter of Credit, the Letter
of Credit Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly
required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of
the Person executing or delivering any such document. None of the Letter of Credit Issuer, the Administrative Agent, any of their respective
Affiliates nor any correspondent, participant or assignee of the Letter of Credit 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 Required Revolving Credit Lenders; (ii) any
action taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of
a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument
related to any Letter of Credit or Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary
or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not,
preclude the Borrower’s pursuit of such rights and remedies as it may have against the beneficiary or transferee at law or under
any other agreement. None of the Letter of Credit Issuer, the Administrative Agent, any of their respective Affiliates nor any correspondent,
participant or assignee of the Letter of Credit Issuer shall be liable or responsible for any of the matters described in Section 3.3(b);
provided that anything in such Section to the contrary notwithstanding, the Borrower may have a claim against a Letter of
Credit Issuer, and such Letter of Credit 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 Letter of Credit
Issuer’s willful misconduct or gross negligence or such Letter of Credit 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 each case as determined in the final non-appealable judgment of a court of competent jurisdiction.
In furtherance and not in limitation of the foregoing, the Letter of Credit Issuer may accept documents that appear on their face to
be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the Letter
of Credit 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.

 

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The
Letter of Credit Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide
Interbank Financial Telecommunication message or overnight courier, or any other commercially reasonable means of communicating with
a beneficiary.

 

3.8            Cash
Collateral.

 

(a)            Certain
Credit Support Events. Upon the written request of the Administrative Agent or the Letter of Credit Issuer, if (i) as of the
Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (ii) the Borrower shall be required to
provide Cash Collateral pursuant to Section 11.12, or (iii) the provisions of Section 2.16(a)(v) are
in effect, the Borrower shall immediately (in the case of clause (ii) above) or within one Business Day (in all other
cases) following any written request by the Administrative Agent or the Letter of Credit 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 (iii) above,
after giving effect to Section 2.16(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 subject to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the Letter of Credit Issuers and
the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein as
described in Section 3.8(a), 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 3.8(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 Letter of Credit Issuers as herein provided, other than Permitted Liens, or that the total amount of such Cash Collateral
is less than the Minimum Collateral Amount (including, without limitation, as a result of exchange rate fluctuations), the Borrower will,
promptly upon written demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an
amount sufficient to eliminate such deficiency. Cash Collateral shall be maintained in blocked, interest bearing deposit accounts with
the Administrative Agent. 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 3.8
or Sections 2.16, 5.2, or 11.12 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.

 

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(d)            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 13.6(b)(ii))
or there is no longer existing an Event of Default) or (ii) the determination by the Administrative Agent and the Letter of Credit
Issuer that there exists excess Cash Collateral.

 

3.9            Applicability
of ISP and UCP. Unless otherwise expressly agreed by the applicable Letter of Credit Issuer and the Borrower when a Letter of Credit
is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform
Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance,
shall apply to each commercial Letter of Credit. Notwithstanding the foregoing, a Letter of Credit Issuer shall not be responsible to
the Borrower for, and the Letter of Credit Issuer’s rights and remedies against the Borrower shall not be impaired by, any action
or inaction of the Letter of Credit 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 applicable law or any order of a jurisdiction where the Letter of Credit
Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements,
or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services
Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses
such law or practice.

 

3.10            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 and any grant of security interest in any Issuer Documents shall be void.

 

3.11            Letters
of Credit Issued for Restricted Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support
of any obligations of, or is for the account of, a Restricted Subsidiary, the Borrower shall be obligated to reimburse the Letter of
Credit 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 any Restricted Subsidiary inures to the benefit of the Borrower and that the Borrower’s business derives
substantial benefits from the businesses of the Restricted Subsidiaries.

 

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3.12            Provisions
Related to Extended Revolving Credit Commitments. If the Letter of Credit Expiration Date in respect of any Class of Revolving
Credit Commitments occurs prior to the expiry date of any Letter of Credit, then (i) if consented to by the Letter of Credit Issuer
which issued such Letter of Credit, if one or more other Classes of Revolving Credit Commitments in respect of which the Letter of Credit
Expiration Date shall not have so occurred are then in effect, such Letters of Credit for which consent has been obtained shall automatically
be deemed to have been issued (including for purposes of the obligations of the Revolving Credit Lenders to purchase participations therein
and to make Revolving Credit Loans and payments in respect thereof pursuant to Sections 3.3 and 3.4) under (and ratably
participated in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating Classes up to an aggregate
amount not to exceed the aggregate amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood
that no partial face amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to the
immediately preceding clause (i), the Borrower shall Cash Collateralize any such Letter of Credit in accordance with Section 3.8.
Upon the maturity date of any Class of Revolving Credit Commitments, the sublimit for Letters of Credit may be reduced as agreed
between the Letter of Credit Issuers and the Borrower, without the consent of any other Person.

 

Section 4.Fees

 

4.1            Fees.

 

(a)            Without
duplication, the Borrower agrees to pay to the Administrative Agent in Dollars, for the account of each Revolving Credit Lender (in each
case pro rata according to the respective Revolving Credit Commitments of all such Lenders), a commitment fee (the “Revolving
Credit Commitment Fee”) for each day from the Closing Date to the Revolving Credit Termination Date. Each Revolving Credit
Commitment Fee shall be payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Borrower (for the
quarterly period (or portion thereof) ended on such day) and (y) on the Revolving Credit Termination Date (for the period ended
on such date for which no payment has been received pursuant to clause (x) above), and shall be computed for each day during
such period at a rate per annum equal to the Revolving Credit Commitment Fee Rate in effect on such day on the Available Commitment in
effect on such day.

 

(b)            Without
duplication, the Borrower agrees to pay to the Administrative Agent in Dollars for the account of the Revolving Credit Lenders pro rata
on the basis of their respective Letter of Credit Exposure, a fee in respect of each Letter of Credit issued on the Borrower’s
or any of the Restricted Subsidiaries’ behalf (the “Letter of Credit Fee”), for the period from the date of
issuance of such Letter of Credit to the termination date of such Letter of Credit computed at the per annum rate for each day equal
to the Applicable Margin for Revolving Credit Loans that are LIBOR Loans. Except as provided below, such Letter of Credit Fees shall
be due and payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Borrower and (y) on the
date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

 

(c)            Without
duplication, the Borrower agrees to pay to the Administrative Agent in Dollars, for its own account, administrative agent fees as have
been previously agreed in writing or as may be agreed in writing from time to time.

 

(d)            Without
duplication, the Borrower agrees to pay to each Letter of Credit Issuer a fee in Dollars in respect of each Letter of Credit issued by
it on the Borrower’s behalf (the “Fronting Fee”), for the period from the date of issuance of such Letter of
Credit to the termination date of such Letter of Credit, computed at the rate for each day equal to 0.125% per annum on the average daily
Stated Amount of such Letter of Credit (or at such other rate per annum as agreed in writing between the Borrower and the Letter of Credit
Issuer). Such Fronting Fees shall be due and payable (x) quarterly in arrears on the last Business Day of each March, June, September and
December and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding
shall have been reduced to zero.

 

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(e)            Without
duplication, the Borrower agrees to pay directly to the applicable Letter of Credit Issuer in Dollars upon each issuance or renewal of,
drawing under, and/or amendment of, a Letter of Credit issued by it such amount as shall at the time of such issuance or renewal of,
drawing under, and/or amendment be the processing charge that the Letter of Credit Issuer is customarily charging for issuances or renewals
of, drawings under or amendments of, letters of credit issued by it.

 

(f)            Notwithstanding
the foregoing, the Borrower shall not be obligated to pay any amounts to any Defaulting Lender pursuant to this Section 4.1
for any period during which a Lender is a Defaulting Lender.

 

4.2            Voluntary
Reduction of Revolving Credit Commitments. Upon at least two Business Days’ prior written notice to the Administrative Agent
at the Administrative Agent’s Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the
Borrower shall have the right, without premium or penalty, on any day, permanently to terminate or reduce the Revolving Credit Commitments
in whole or in part; provided that (a) any such reduction shall apply proportionately and permanently to reduce the Revolving
Credit Commitment of each of the Lenders of any applicable Class, except that (i) notwithstanding the foregoing, in connection with
the establishment on any date of any Extended Revolving Credit Commitments pursuant to Section 2.14(g), the Revolving Credit
Commitments of any one or more Lenders providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount
equal to the amount of Revolving Credit Commitments so extended on such date (provided that (x) after giving effect to any
such reduction and to the repayment of any Revolving Credit Loans made on such date, the Revolving Credit Exposure of any such Lender
does not exceed the Revolving Credit Commitment thereof and (y) for the avoidance of doubt, any such repayment of Revolving Credit
Loans contemplated by the preceding clause shall be made in compliance with the requirements of Section 5.3(a) with
respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any conversion
pursuant to Section 2.14(g) of Revolving Credit Commitments and Revolving Credit Loans into Extended Revolving Credit
Commitments and Extended Revolving Credit Loans pursuant to Section 2.14(g) prior to any reduction being made to the
Revolving Credit Commitment of any other Lender) and (ii) the Borrower may at its election permanently reduce the Revolving Credit
Commitment of a Defaulting Lender to $0 without affecting the Revolving Credit Commitments of any other Lender, (b) any partial
reduction pursuant to this Section 4.2 shall be in the amount of at least $1,000,000, and (c) after giving effect to
such termination or reduction and to any prepayments of the Loans made on the date thereof in accordance with this Agreement, the aggregate
amount of the Lenders’ Revolving Credit Exposures shall not exceed the Total Revolving Credit Commitment and the aggregate amount
of the Lenders’ Revolving Credit Exposures in respect of any Class shall not exceed the aggregate Revolving Credit Commitment
of such Class.

 

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4.3            Mandatory
Termination of Commitments.

 

(a)            The
Initial Term A Loan Commitments shall terminate at 5:00 p.m. (New York City time) on the Closing Date.

 

(b)            The
Revolving Credit Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date.

 

(c)            The
Incremental Term Loan Commitment shall, unless otherwise provided in the applicable Joinder Agreement, terminate at 5:00 p.m. (New
York City time) on the Increased Amount Date.

 

Section 5.Payments

 

5.1            Voluntary
Prepayments. The Borrower shall have the right to prepay Loans, including Term Loans and Revolving Credit Loans, as applicable, in
each case, without premium or penalty, in whole or in part from time to time on the following terms and conditions: (1) the Borrower
shall give the Administrative Agent at the Administrative Agent’s Office written notice in the form of a Prepayment Notice of its
intent to make such prepayment, the amount of such prepayment and (in the case of LIBOR Loans) the specific Borrowing(s) pursuant
to which made, which notice shall be given by the Borrower no later than 12:00 Noon (New York City time) (i) in the case of LIBOR
Loans, three Business Days prior to and (ii) in the case of ABR Loans on the date of such prepayment and shall promptly be transmitted
by the Administrative Agent to each of the Lenders; (2) each partial prepayment of (i) any Borrowing of LIBOR Loans shall be
in a minimum amount of $500,000 and in multiples of $100,000 in excess thereof and (ii) any ABR Loans shall be in a minimum amount
of $500,000 and in multiples of $100,000 in excess thereof, provided that no partial prepayment of LIBOR Loans made pursuant to
a single Borrowing shall reduce the outstanding LIBOR Loans made pursuant to such Borrowing to an amount less than the applicable Minimum
Borrowing Amount for such LIBOR Loans, and (3) in the case of any prepayment of LIBOR Loans pursuant to this Section 5.1
on any day other than the last day of an Interest Period applicable thereto, the Borrower shall, promptly after receipt of a written
request by any applicable Lender (which request shall set forth in reasonable detail the basis for requesting such amount), pay to the
Administrative Agent for the account of such Lender any amounts required pursuant to Section 2.11. Each prepayment in respect
of any Term Loans pursuant to this Section 5.1 shall be (a) applied to the Class or Classes of Term Loans as the
Borrower shall specify and (b) applied to reduce Initial Term A Loan Repayment Amounts, any Incremental Term Loan Repayment Amounts,
any Replacement Term Loan Repayment Amounts and, subject to Section 2.14(g), Extended Term Loan Repayment Amounts, as the
case may be, in each case, in such order and to such Classes as the Borrower may specify. At the Borrower’s election in connection
with any prepayment pursuant to this Section 5.1, such prepayment shall not be applied to any Term Loan or Revolving Credit
Loan of a Defaulting Lender.

 

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5.2            Mandatory
Prepayments.

 

(a)            Term
Loan Prepayments.

 

(i)            On
each occasion that a Prepayment Event occurs, the Borrower shall, within three Business Days after receipt of the Net Cash Proceeds of
a Debt Incurrence Prepayment Event and within ten Business Days after the occurrence of any other Prepayment Event (or, in the case of
Deferred Net Cash Proceeds, within ten Business Days after the Deferred Net Cash Proceeds Payment Date), prepay, in accordance with clause
(c) below, Term Loans with an equivalent principal amount equal to 100% of the Net Cash Proceeds from such Prepayment Event.

 

(ii)            Notwithstanding
any other provisions of this Section 5.2, (A) to the extent that any or all of the Net Cash Proceeds of any Prepayment
Event by a Foreign Subsidiary that is not a Credit Party giving rise to a prepayment pursuant to clause (i) above (a
 “Non-Credit Party Prepayment Event”) are prohibited or delayed by any applicable law from being repatriated to the
Credit Parties, an amount equal to the portion of such Net Cash Proceeds so affected will not be required to be applied to repay Loans
at the times provided in clause (i) above, but only so long as the applicable law will not permit repatriation to the
Credit Parties (the Credit Parties hereby agreeing to cause the applicable Subsidiary to promptly take all actions reasonably required
by the applicable law to permit repatriation), and once a repatriation of any of such affected Net Cash Proceeds is permitted under the
applicable law, an amount equal to such Net Cash Proceeds will be promptly (and in any event not later than ten Business Days after such
repatriation is permitted) applied (net of any taxes that would be payable or reserved against if such amounts were actually repatriated
whether or not they are repatriated) to the repayment of the Loans pursuant to clause (i) above and (B) to the
extent that the Borrower has determined in good faith that repatriation of any of or all the Net Cash Proceeds of a Foreign Subsidiary
of any Non-Credit Party Prepayment Event would have a material adverse tax consequence with respect to such Net Cash Proceeds, an amount
equal to the Net Cash Proceeds so affected may be retained by the applicable Foreign Subsidiary; provided that in the case of
this clause (B), on or before the date on which any Net Cash Proceeds from any Non-Credit Party Prepayment Event so retained
would otherwise have been required to be applied to reinvestments or prepayments pursuant to clause (i) above, (x) the
Borrower shall apply an amount equal to such Net Cash Proceeds to such reinvestments or prepayments as if such Net Cash Proceeds had
been received by the Credit Parties rather than such Foreign Subsidiary, less the amount of any taxes that would have been payable or
reserved against if such Net Cash Proceeds had been repatriated (or, if less, the Net Cash Proceeds that would be calculated if received
by such Foreign Subsidiary) or (y) such Net Cash Proceeds shall be applied to the repayment of Indebtedness of a Subsidiary that
is not a Credit Party. For the avoidance of doubt, nothing in this Agreement, including Section 5, shall be construed to
require any Subsidiary to repatriate cash.

 

(b)            Repayment
of Revolving Credit Loans. If on any date the aggregate amount of the Lenders’ Revolving Credit Exposures in respect of any
Class of Revolving Loans for any reason exceeds 100% of the Revolving Credit Commitment of such Class then in effect, the Borrower
shall forthwith repay on such date Revolving Loans of such Class in an amount equal to such excess. If after giving effect to the
prepayment of all outstanding Revolving Loans of such Class, the Revolving Credit Exposures of such Class exceed the Revolving Credit
Commitment of such Class then in effect, the Borrower shall Cash Collateralize the Letters of Credit Outstanding in relation to
such Class to the extent of such excess.

 

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(c)            Application
to Repayment Amounts. Subject to Section 5.2(f), each prepayment of Term Loans required by Section 5.2(a)(i) shall
be allocated pro rata among the Initial Term A Loans, the Incremental Term Loans, the Replacement Term Loans and the Extended Term Loans
based on the applicable remaining amounts due thereunder and shall be applied within each Class of Term Loans in respect of such
Term Loans in direct order of maturity thereof or as otherwise directed by the Borrower; provided that the Borrower may allocate
a greater proportion of such prepayment in its sole discretion to the Initial Term A Loans to the extent agreed to by the Lenders providing
any applicable Incremental Term Loans, Replacement Term Loans and/or Extended Term Loans outstanding at such time. Subject to Section 5.2(f),
with respect to each such prepayment, the Borrower will, not later than the date specified in Section 5.2(a) for making
such prepayment, give the Administrative Agent written notice which shall include a calculation of the amount of such prepayment to be
applied to each Class of Term Loans requesting that the Administrative Agent provide notice of such prepayment to each Initial Term
A Loan Lender, Incremental Term Loan Lender, Lender of Replacement Term Loans or Lender of Extended Term Loans, as applicable.

 

(d)            Application
to Term Loans. With respect to each prepayment of Term Loans required by Section 5.2(a), the Borrower may, if applicable,
designate the Types of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which made. Subject to Section 5.2(f),
such prepayment shall be applied with respect to the Term Loans to be prepaid on a pro rata basis across all outstanding Types of such
Term Loans in proportion to the percentage of such outstanding Term Loans to be prepaid represented by each such Class. In the absence
of a Rejection Notice or a designation by the Borrower as described above, the Administrative Agent shall, subject to the above, make
such designation in its reasonable discretion with a view, but no obligation, to minimize breakage costs owing under Section 2.11.

 

(e)            Application
to Revolving Credit Loans. With respect to each prepayment of Revolving Credit Loans, the Borrower may designate (i) the Types
of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which made and (ii) the Revolving Loans to be prepaid,
provided that (y) each prepayment of any Loans made pursuant to a Borrowing shall be applied pro rata among such Loans; and
(z) notwithstanding the provisions of the preceding clause (y), no prepayment of Revolving Loans shall be applied to the
Revolving Credit Loans of any Defaulting Lender unless otherwise agreed in writing by the Borrower. In the absence of a designation by
the Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its
reasonable discretion with a view, but no obligation, to minimize breakage costs owing under Section 2.11.

 

(f)            Rejection
Right. The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made
pursuant to Section 5.2(a) at least three Business Days prior to the date of such prepayment. Each such notice shall
specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such prepayment. The Administrative
Agent will promptly notify each Lender holding Term Loans of the contents of such prepayment notice and of such Lender’s pro rata
share of the prepayment. Each Term Loan Lender may reject all (but not less than all) of its pro rata share of any mandatory prepayment
other than any such mandatory prepayment with respect to a Debt Incurrence Prepayment Event under Section 5.2(a)(i) (such
declined amounts, the “Declined Proceeds”) of Term Loans required to be made pursuant to Section 5.2(a) by
providing written notice (each, a “Rejection Notice”) to the Administrative Agent no later than 5:00 p.m. (New
York City time) one Business Day after the date of such Lender’s receipt of notice from the Administrative Agent regarding such
prepayment. If a Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above, any such
failure will be deemed an acceptance of the total amount of such mandatory prepayment of Term Loans. Any Declined Proceeds shall be retained
by the Borrower (“Retained Declined Proceeds”).

 

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5.3            Method
and Place of Payment.

 

(a)            Except
as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrower, without set-off, counterclaim
or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto or the Letter of Credit
Issuer entitled thereto, as the case may be, not later than 2:00 p.m. (New York City time), in each case, on the date when due and
shall be made in immediately available funds at the Administrative Agent’s Office or at such other office as the Administrative
Agent shall specify for such purpose by notice to the Borrower, it being understood that written or facsimile notice by the Borrower
to the Administrative Agent to make a payment from the funds in the Borrower’s account at the Administrative Agent’s Office
shall constitute the making of such payment to the extent of such funds held in such account. All repayments or prepayments of any Loans
(whether of principal, interest or otherwise) hereunder shall be made in the currency in which such Loans are denominated and all other
payments under each Credit Document shall, unless otherwise specified in such Credit Document, be made in Dollars. The Administrative
Agent will thereafter cause to be distributed on the same day (if payment was actually received by the Administrative Agent prior to
2:00 p.m. (New York City time) or, otherwise, on the next Business Day in the Administrative Agent’s sole discretion) like
funds relating to the payment of principal or interest or Fees ratably to the Lenders entitled thereto.

 

(b)            Any
payments under this Agreement that are made later than 2:00 p.m. (New York City time) may be deemed to have been made on the next
succeeding Business Day in the Administrative Agent’s sole discretion for purposes of calculating interest thereon. Except as otherwise
provided herein, whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date
thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest shall be payable during
such extension at the applicable rate in effect immediately prior to such extension.

 

5.4            Net
Payments.

 

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

 

(i)            Any
and all payments by or on account of any obligation of any Credit Party hereunder or under any other Credit Document shall to the extent
permitted by applicable laws be made free and clear of and without reduction or withholding for any Taxes.

 

(ii)            If
any Credit Party, the Administrative Agent or any other applicable Withholding Agent shall be required by applicable law to withhold
or deduct any Taxes from any payment, then (A) such Withholding Agent shall withhold or make such deductions as are reasonably determined
by such Withholding Agent to be required by applicable law, (B) such Withholding Agent shall timely pay the full amount withheld
or deducted to the relevant Governmental Authority, and (C) to the extent that the withholding or deduction is made on account of
Indemnified Taxes or Other Taxes, the sum payable by the applicable Credit Party shall be increased as necessary so that after any required
withholding or deductions have been made (including withholding or deductions applicable to additional sums payable under this Section 5.4)
each Lender (or, in the case of a payment to the Administrative Agent for its own account, the Administrative Agent) receives an amount
equal to the sum it would have received had no such withholding or deductions been made.

 

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

 

(c)            Tax
Indemnifications. Without limiting or duplicating the provisions of subsection (a) or (b) above, the Borrower
shall indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within 15 days after demand therefor,
for the full amount of Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable
to amounts payable under this Section 5.4) payable by the Administrative Agent or such Lender, as the case may be, and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of any such payment or liability (along
with a written statement setting forth in reasonable detail the basis and calculation of such amounts) delivered to the Borrower by a
Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. If the
Borrower reasonably believes that any such Indemnified Taxes or Other Taxes were not correctly or legally asserted, the Administrative
Agent and/or each affected Lender will use reasonable efforts to cooperate with the Borrower in pursuing a refund of such Indemnified
Taxes or Other Taxes so long as such efforts would not, in the sole determination of the Administrative Agent or affected Lender, result
in any additional costs, expenses or risks or be otherwise disadvantageous to it.

 

(d)            Evidence
of Payments. After any payment of Taxes by any Credit Party or the Administrative Agent to a Governmental Authority as provided in
this Section 5.4, the Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the
Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment,
a copy of any return required by laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrower
or the Administrative Agent, as the case may be.

 

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(e)            Status
of Lenders and Tax Documentation.

 

(i)            Each
Lender shall deliver to the Borrower and the Administrative Agent, at such time or times reasonably requested by the Borrower or the
Administrative Agent, such properly completed and executed documentation prescribed by applicable laws or by the taxing authorities of
any jurisdiction and such other reasonably requested information as will permit the Borrower or the Administrative Agent, as the case
may be, to determine (A) whether or not any payments made hereunder or under any other Credit Document are subject to Taxes, (B) if
applicable, the required rate of withholding or deduction, and (C) such Lender’s entitlement to any available exemption from,
or reduction of, applicable Taxes in respect of any payments to be made to such Lender by any Credit Party pursuant to any Credit Document
or otherwise to establish such Lender’s status for withholding Tax purposes in the applicable jurisdiction. Any documentation and
information required to be delivered by a Lender pursuant to this Section 5.4(e) (including any specific documentation
set forth in subsection (ii) below) shall be delivered by such Lender (i) on or prior to the Closing Date (or on or
prior to the date it becomes a party to this Agreement), (ii) on or before any date on which such documentation expires or becomes
obsolete or invalid, (iii) after the occurrence of any change in the Lender’s circumstances requiring a change in the most
recent documentation previously delivered by it to the Borrower and the Administrative Agent, and (iv) from time to time thereafter
if reasonably requested by the Borrower or the Administrative Agent, and each such Lender shall promptly notify in writing the Borrower
and the Administrative Agent if such Lender is no longer legally eligible to provide any documentation previously provided. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such
documentation set forth in Sections 5.4(e)(ii)(A), B(1)-(4), (C) and (D) below) shall not be required
if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii)            Without
limiting the generality of the foregoing:

 

(A)            any
Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code (a “U.S. Lender”)
shall deliver to the Borrower and the Administrative Agent executed copies of Internal Revenue Service Form W-9 or such other documentation
or information prescribed by applicable laws or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower
or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information
reporting requirements;

 

(B)            each
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) whichever of the following is applicable:

 

(1)     (1)     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, executed copies of
the applicable Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor form thereto) claiming eligibility for benefits
pursuant to the applicable article of such tax treaty;

 

(2)            executed
copies of Internal Revenue Service Form W-8ECI (or any successor form thereto);

 

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(3)            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 J-1 to the effect that such Non-U.S. Lender is not (A) a
 “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10-percent shareholder”
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or (C) a “controlled foreign corporation”
related to the Borrower, as described in Section 881(c)(3)(C) of the Code and that no payments under any Credit Document are
effectively connected with such Non-U.S. Lender’s conduct of a United States trade or business (a “Non-Bank Tax Certificate”),
and (y) executed copies of the applicable Internal Revenue Service Form W-8 (or any successor thereto);

 

(4)            where
such Lender is a partnership (for U.S. federal income tax purposes) or otherwise not a beneficial owner (e.g., where such Lender has
sold a participation), Internal Revenue Service Form W-8IMY (or any successor thereto) accompanied by Internal Revenue Service
Form W-8ECI, W-8BEN, W-8BEN-E or W-9, as applicable, and/or other supporting documentation (including, where one or more of the
underlying beneficial owner(s) is claiming the benefits of the portfolio interest exemption, a Non-Bank Tax Certificate of such
beneficial owner(s) substantially in the form of Exhibit J-3 or J-4) (provided that if the Non-U.S. Lender
is a partnership and not a participating Lender, the Non-Bank Tax Certificate(s), substantially in the form of Exhibit J-2,
may be provided by the Non-U.S. Lender on behalf of the direct or indirect partner(s)); or

 

(5)            executed
copies of any other form prescribed by applicable laws as a basis for claiming exemption from or a reduction in U.S. federal withholding
Tax together with such supplementary documentation as may be prescribed by applicable laws to permit the Borrower or the Administrative
Agent to determine the withholding or deduction required to be made;

 

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

 

(D)            if
the Administrative Agent is a “United States person” (as defined in Section 7701(a)(30) of the Code), it shall provide
the Borrower with two duly completed original copies of Internal Revenue Service Form W-9. If the Administrative Agent is not a
 “United States person” (as defined in Section 7701(a)(30) of the Code), it shall provide the applicable Form W-8
(together with required accompanying documentation) and certify that it is a U.S. branch that has agreed to be treated as a U.S. person
for U.S. federal withholding Tax purposes with respect to payments to be received by it on behalf of the Lenders. Notwithstanding anything
to the contrary in this Section 5.4, no Lender or the Administrative Agent shall be required to deliver any documentation
that it is not legally eligible to deliver.

 

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(f)            Treatment
of Certain Refunds. If the Administrative Agent or any Lender determines, in its sole discretion exercised in good faith, that it
has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Credit Party or with respect
to which any Credit Party has paid additional amounts pursuant to this Section 5.4, the Administrative Agent or such Lender
(as applicable) shall promptly pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made,
or additional amounts paid, by the Credit Parties under this Section 5.4 with respect to the Indemnified Taxes or Other Taxes
giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) incurred by the Administrative Agent or such Lender,
as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund);
provided that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over
to the Borrower (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.
In such event, the Administrative Agent or such Lender, as the case may be, shall, at the Borrower’s request, provide the Borrower
with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing authority
(provided that the Administrative Agent or such Lender may delete any information therein that it deems confidential). Notwithstanding
anything to the contrary in this paragraph (f), in no event will the Administrative Agent or any Lender be required to pay any amount
to an indemnifying party pursuant to this paragraph (f) the payment of which would place the Administrative Agent or any Lender
in a less favorable net after-Tax position than the Administrative Agent or any Lender 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 the Administrative Agent or any Lender
to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Credit Party or
any other Person.

 

(g)            For
the avoidance of doubt, for purposes of this Section 5.4, the term “Lender” includes any Letter of Credit Issuer
and the term “applicable law” includes FATCA.

 

(h)            Each
party’s obligations under this Section 5.4 shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all obligations under the Credit Documents.

 

5.5            Computations
of Interest and Fees.

 

(a)            Except
as provided in the next succeeding sentence, interest on LIBOR Loans shall be calculated on the basis of a 360-day year for the actual
days elapsed. Interest on ABR Loans shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual
days elapsed.

 

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(b)            Fees
and the average daily Stated Amount of Letters of Credit shall be calculated on the basis of a 360-day year for the actual days elapsed.

 

5.6            Limit
on Rate of Interest.

 

(a)            No
Payment Shall Exceed Lawful Rate. Notwithstanding any other term of this Agreement, the Borrower shall not be obliged to pay any
interest or other amounts under or in connection with this Agreement or otherwise in respect of the Obligations in excess of the amount
or rate permitted under or consistent with any applicable law, rule or regulation.

 

(b)            Payment
at Highest Lawful Rate. If the Borrower is not obliged to make a payment that it would otherwise be required to make as a result
of Section 5.6(a), the Borrower shall make such payment to the maximum extent permitted by or consistent with applicable
laws, rules, and regulations.

 

(c)            Adjustment
if Any Payment Exceeds Lawful Rate. If any provision of this Agreement or any of the other Credit Documents would obligate the Borrower
to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate that would be prohibited by
any applicable law, rule or regulation, then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted
with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, such adjustment
to be effected, to the extent necessary, by reducing the amount or rate of interest required to be paid by the Borrower to the affected
Lender under Section 2.8; provided that to the extent lawful, the interest or other amounts that would have been payable
but were not payable as a result of the operation of this Section shall be cumulated and the interest payable to such Lender in
respect of other Loans or periods shall be increased (but not above the maximum rate therefor) until such cumulated amount, together
with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

 

Notwithstanding the foregoing,
and after giving effect to all adjustments contemplated thereby, if any Lender shall have received from the Borrower an amount in excess
of the maximum permitted by any applicable law, rule or regulation, then the Borrower shall be entitled, by notice in writing to
the Administrative Agent to obtain reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement,
such amount shall be deemed to be an amount payable by that Lender to the Borrower.

 

Section 6.Conditions
Precedent to Initial Borrowing

 

The initial Borrowing under
this Agreement is subject to the satisfaction of the following conditions precedent, except as otherwise agreed between the Borrower
and the Administrative Agent.

 

6.1            Credit
Documents. The Administrative Agent shall have received:

 

(a)            this
Agreement, executed and delivered by a duly Authorized Officer of the Borrower and each Lender;

 

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(b)            the
Guarantee, executed and delivered by a duly Authorized Officer of each Guarantor;

 

(c)            the
Pledge Agreement, executed and delivered by a duly Authorized Officer of the Borrower and each other Guarantor;

 

(d)            the
Security Agreement, executed and delivered by a duly Authorized Officer of the Borrower and each other Guarantor;

 

(e)            the
results of customary UCC, Tax, judgment and intellectual property lien searches each of a recent date listing all effective financing
statements, lien notices or comparable documents, none of which encumber the collateral (other than Permitted Liens); and

 

(f)            a
completed perfection certificate, substantially in the form of Exhibit C hereto, executed and delivered by a duly Authorized
Officer of each Credit Party, together with all attachments contemplated thereby.

 

6.2            Collateral.
Except for any items referred to on Schedule 9.14:

 

(a)            all
outstanding equity interests in whatever form of the Borrower and each Restricted Subsidiary that is directly owned by or on behalf of
any Credit Party and required to be pledged pursuant to the Security Documents shall have been pledged pursuant thereto;

 

(b)            the
Collateral Agent shall have received the certificates and instruments representing Equity Interests of the Borrower and of each Credit
Party’s Restricted Subsidiaries and Pledged Debt (as defined in the Pledge Agreement) to the extent required to be delivered under
the Security Documents and pledged under the Security Documents to the extent certificated, accompanied by instruments of transfer and
undated transfer powers endorsed in blank; and

 

(c)            all
Uniform Commercial Code financing statements and filings with the United States Patent and Trademark Office and United States Copyright
Office required to be filed, registered or recorded to perfect the Liens created by the Security Documents to the extent required by,
and with the priority required by, such Security Document shall have been delivered to the Collateral Agent, and shall be in proper form,
for filing, registration or recording.

 

6.3            Legal
Opinions. The Administrative Agent shall have received an executed legal opinion of (i) Paul, Weiss, Rifkind, Wharton &
Garrison LLP, special counsel to the Borrower and (ii) McGuireWoods LLP, local Texas and Florida counsel to the Credit Parties.
The Borrower and the other Credit Parties hereby instruct such counsel to deliver such legal opinions.

 

6.4            Closing
Certificates. The Administrative Agent (or its counsel) shall have received a certificate of each of the Borrower and each Guarantor,
dated the Closing Date, substantially in the form of Exhibit G, with appropriate insertions, executed by any Authorized Officer
of the Borrower and each Guarantor, as applicable, and attaching the documents referred to in Section 6.5.

 

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6.5            Authorization
of Proceedings of the Borrower and the other Credit Parties; Corporate Documents. The Administrative Agent shall have received (i) a
copy of the resolutions of the board of directors or other managers of the Borrower and the other Credit Parties (or a duly authorized
committee thereof) authorizing (a) the execution, delivery, and performance of the Credit Documents (and any agreements relating
thereto) to which it is a party and (b) in the case of the Borrower, the extensions of credit contemplated hereunder, (ii) the
Certificate of Incorporation and By-Laws, Certificate of Formation and Operating Agreement or other comparable organizational documents,
as applicable, of the Borrower and the other Credit Parties, (iii) signature and incumbency certificates (or other comparable documents
evidencing the same) of the Authorized Officers of the Borrower and the other Credit Parties executing the Credit Documents to which
it is a party and (iv) a certificate of another officer as to the incumbency and signature of the Authorized Officer executing the
certificate set forth in clause (iii) hereof.

 

6.6            Fees.
The Agents and Lenders shall have received, substantially simultaneously with the funding of the Loans on the Closing Date, fees in the
amounts previously agreed in writing to be received on the Closing Date and, to the extent invoiced at least three Business Days prior
to the Closing Date (except as otherwise reasonably agreed by the Borrower), reasonable out-of-pocket expenses in the amounts previously
agreed in writing to be paid on the Closing Date (which amounts may, at the Borrower’s option, be offset against the proceeds of
the Loans).

 

6.7            Solvency
Certificate. On the Closing Date, the Administrative Agent shall have received a certificate, substantially in the form of Exhibit M
hereto, from the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Vice President-Finance,
or any other senior financial officer of the Borrower to the effect that immediately following the making of the Loans on the Closing
Date and after giving effect to the application of the proceeds of such Loans, the Borrower and its Restricted Subsidiaries on a consolidated
basis are Solvent; provided that, notwithstanding anything to the contrary set forth herein (including the definition of “Solvent”),
the certifications set forth in the certificate delivered pursuant to this Section 6.7 shall be deemed to be true and correct
in all respects to the extent the Borrower has obtained a solvency opinion from a third party financial advisory or accounting firm that
is reasonably acceptable to the Administrative Agent and experienced in such matters confirming the solvency of the Borrower and its
Restricted Subsidiaries on a consolidated basis on the Closing Date immediately following the making of the Loans on the Closing Date
and after giving effect to the application of the proceeds of such Loans.

 

6.8            Patriot
Act. The Administrative Agent shall have received (i) a Beneficial Ownership Certification for the Borrower at least five Business
Days prior to the Closing Date and (ii) such other documentation and information at least three Business Days prior to the Closing
Date, in each case, to the extent reasonably requested in writing at least ten Business Days prior to the Closing Date by the Administrative
Agent about the Credit Parties to the extent the Administrative Agent and the Borrower in good faith mutually agree such information
is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including, without limitation, the Patriot Act.

 

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6.9            Financial
Statements. The Joint Lead Arrangers and Bookrunners shall have received (a) the Historical Financial Statements and (b) a
pro forma consolidated balance sheet and a related pro forma consolidated statement of income of the Borrower and the Subsidiaries as
of and for the twelve-month period ending on March 31, 2021 (collectively, the “Pro Forma Financial Statements”),
prepared after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet)
or at the beginning of such period (in the case of such other statement of income).

 

6.10            No
Default; Representations and Warranties. On the Closing Date, (a) no Default or Event of Default shall have occurred and be
continuing and (b) all representations and warranties made by any Credit Party contained herein or in the other Credit Documents
shall be 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.

 

6.11            Notice
of Borrowing. The Administrative Agent shall have received a Notice of Borrowing meeting the requirements of Section 2.3.

 

6.12            Officer’s
Certificate. The Administrative Agent shall have received from an Authorized Officer of the Borrower an officer’s certificate
certifying that the conditions set forth in Section 6.10 and in Section 6.13 are satisfied as of the Closing
Date.

 

6.13            No
Material Adverse Effect. Since December 31, 2020, there shall have been no Material Adverse Effect.

 

6.14            Refinancing.
The Closing Date Refinancing shall have been, or shall be, consummated substantially simultaneously or substantially concurrently with
the funding of the Initial Term A Loans.

 

6.15            IPO.
The IPO shall have been, or shall be, consummated substantially simultaneously or substantially concurrently with the funding of the
Initial Term A Loans.

 

For
purposes of determining compliance with the conditions specified in Section 6 on the Closing Date, 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
hereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

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Section 7.Conditions
Precedent to All Credit Events

 

The
agreement of each Lender to make any Loan requested to be made by it on any date (excluding Revolving Credit Loans required to be made
by the Revolving Credit Lenders in respect of Unpaid Drawings pursuant to Sections 3.3 and 3.4) and the obligation of the
Letter of Credit Issuers to issue Letters of Credit on any date is subject to the satisfaction (or waiver) of the following conditions
precedent:

 

7.1            No
Default; Representations and Warranties. At the time of each Credit Event and also after giving effect thereto (other than any Loan
pursuant to Section 2.14 or 2.15) (a) no Default or Event of Default shall have occurred and be continuing and
(b) all representations and warranties made by any Credit Party contained herein or in the other Credit Documents shall be 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) with the same effect as though such representations
and warranties had been made on and as of the date of such Credit Event (except where 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 (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) as of such earlier date).

 

7.2            Notice
of Borrowing; Letter of Credit Request.

 

(a)            The
Administrative Agent shall have received a Notice of Borrowing meeting the requirements of Section 2.3.

 

(b)            Prior
to the making of each Revolving Credit Loan (other than any Revolving Credit Loan made pursuant to Section 3.4(a)), the Administrative
Agent shall have received a Notice of Borrowing meeting the requirements of Section 2.3.

 

(c)            Prior
to the issuance of each Letter of Credit, the Administrative Agent and the Letter of Credit Issuer shall have received a Letter of Credit
Request meeting the requirements of Section 3.2(a).

 

The acceptance of the benefits of each Credit
Event shall constitute a representation and warranty by each Credit Party to each of the Lenders that all the applicable conditions specified
in Section 7 above have been satisfied as of that time.

 

Section 8.Representations
and Warranties

 

In order to induce the Lenders
to enter into this Agreement, to make the Loans and issue or participate in Letters of Credit as provided for herein, Holdings (but only
with respect to Sections 8.1, 8.2, 8.3(c), 8.5, 8.7, 8.11, 8.18 and 8.19) and
the Borrower make the following representations and warranties to the Lenders, all of which shall survive the execution and delivery
of this Agreement and the making of the Loans and the issuance of the Letters of Credit (it being understood that the following representations
and warranties shall be deemed made with respect to any Foreign Subsidiary only to the extent relevant under applicable law):

 

8.1            Corporate
Status. Each Credit Party (a) is a duly organized and validly existing corporation, limited liability company or other entity
in good standing (if applicable) under the laws of the jurisdiction of its organization and has the corporate, limited liability company
or other organizational power and authority to own its property and assets and to transact the business in which it is engaged and (b) has
duly qualified and is authorized to do business and is in good standing (if applicable) in all jurisdictions where it is required to
be so qualified, except where the failure to be so qualified would not reasonably be expected to result in a Material Adverse Effect.

 

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8.2            Corporate
Power and Authority. Each Credit Party has the corporate or other organizational power and authority to execute, deliver and carry
out the terms and provisions of the Credit Documents to which it is a party and has taken all necessary corporate or other organizational
action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Each Credit Party has duly
executed and delivered each Credit Document to which it is a party and each such Credit Document constitutes the legal, valid, and binding
obligation of such Credit Party enforceable in accordance with its terms (provided that, with respect to the creation and perfection
of security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries, only to the extent enforceability
of such obligation with respect to which Capital Stock and Stock Equivalents of Foreign Subsidiaries is governed by the Uniform Commercial
Code), except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights
generally and subject to general principles of equity.

 

8.3            No
Violation. Neither the execution, delivery or performance by any Credit Party of the Credit Documents to which it is a party nor
compliance with the terms and provisions thereof nor the other transactions contemplated hereby or thereby will (a) contravene any
applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality,
(b) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in
the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Credit Party
or any of the Restricted Subsidiaries (other than Liens created under the Credit Documents or Permitted Liens) pursuant to, the terms
of any material indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement or other material instrument to which
such Credit Party or any of the Restricted Subsidiaries is a party or by which it or any of its property or assets is bound (any such
term, covenant, condition or provision, a “Contractual Requirement”) other than any such breach, default or Lien that
would not reasonably be expected to result in a Material Adverse Effect or (c) violate any provision of the certificate of incorporation,
by-laws, articles or other organizational documents of such Credit Party or any of the Restricted Subsidiaries.

 

8.4            Litigation.
There are no actions, suits or proceedings pending or, to the knowledge of the Borrower, threatened in writing against the Borrower or
any of the Restricted Subsidiaries that would reasonably be expected to result in a Material Adverse Effect.

 

8.5            Margin
Regulations. Neither Holdings, the Borrower nor any of the Subsidiaries 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 portion of the proceeds of any credit
extension hereunder shall be used in any manner, whether directly or indirectly, that causes or could reasonably be expected to cause,
such credit extension or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Board of Governors
or any other regulation thereof or to violate the Securities Exchange Act of 1934, as amended.

 

8.6            Governmental
Approvals. The execution, delivery and performance of each Credit Document does not require any consent or approval of, registration
or filing with, or other action by, any Governmental Authority, except for (i) such as have been obtained or made and are in full
force and effect, (ii) filings, consents, approvals, registrations and recordings in respect of the Liens created pursuant to the
Security Documents (and to release existing Liens), and (iii) such licenses, approvals, authorizations, registrations, filings or
consents the failure of which to obtain or make would not reasonably be expected to result in a Material Adverse Effect.

 

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8.7            Investment
Company Act. None of Holdings, the Borrower nor any Restricted Subsidiary is an “investment company” within the meaning
of the Investment Company Act of 1940, as amended.

 

8.8            True
and Complete Disclosure.

 

(a)            None
of the written factual information and written data (taken as a whole) heretofore or contemporaneously furnished by or on behalf of the
Borrower, any of the Restricted Subsidiaries or any of their respective authorized representatives to the Administrative Agent, any Joint
Lead Arranger and Bookrunner, and/or any Lender on or before the Closing Date for purposes of or in connection with this Agreement or
any transaction contemplated herein contained any untrue statement of any material fact or omitted to state any material fact necessary
to make such information and data (taken as a whole) not materially misleading at such time in light of the circumstances under which
such information or data was furnished (after giving effect to all supplements and updates), it being understood and agreed that for
purposes of this Section 8.8(a), such factual information and data shall not include pro forma financial information,
projections, estimates (including financial estimates, forecasts, and other forward-looking information) or other forward looking information
and information of a general economic or general industry nature.

 

(b)            The
projections (including financial estimates, budgets, forecasts, and other forward-looking information) contained in the information and
data referred to in paragraph (a) above were based on good faith estimates and assumptions believed by such Persons to be
reasonable at the time made and delivered to the Joint Lead Arrangers and Bookrunners and Lenders, it being recognized by the Lenders
that such projections as to future events are not to be viewed as facts and are subject to significant uncertainties and contingencies,
many of which are beyond the Borrower’s control, that no assurance can be given that any particular projections will be realized
and that actual results during the period or periods covered by any such projections may differ from the projected results and such differences
may be material.

 

8.9            Financial
Condition; Financial Statements.

 

(a)            The
Historical Financial Statements, in each case, present fairly in all material respects the combined financial position of the Borrower
and its consolidated subsidiaries at the respective dates of said information, statements and results of operations for the respective
periods covered thereby. The Historical Financial Statements have been prepared in accordance with GAAP consistently applied except to
the extent provided in the notes to such Historical Financial Statements and, in the case of interim period financial statements, for
normal year-end adjustments. As of the Closing Date, neither the Borrower nor any Restricted Subsidiary has any material guarantee obligations
or contingent liabilities or unusual forward or long-term commitments, in each case, that are not reflected in the most recent financial
statements referred to in this paragraph, except as would not reasonably be expected to result in a Material Adverse Effect.

 

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(b)            The
Borrower has furnished to the Joint Lead Arrangers the Pro Forma Financial Statements, which have been prepared giving effect to the
Transactions as if such transactions had occurred on such date or at the beginning of such period, as the case may. The Pro Forma Financial
Statements have been prepared in good faith, based on assumptions believed by Borrower to be reasonable as of the date of delivery thereof,
and present fairly in all material respects on a pro forma basis the estimated financial position of Borrower and its Subsidiaries as
of March 31, 2021, and their estimated results of operations for the periods covered thereby, assuming that the Transactions had
actually occurred at such date or at the beginning of such period (excluding the impact of purchase accounting effects required by GAAP).

 

(c)            There
has been no Material Adverse Effect since December 31, 2020.

 

Each
Lender and the Administrative Agent hereby acknowledges and agrees that the Borrower and its Subsidiaries may be required to restate
Historical Financial Statements as the result of the implementation of changes in GAAP or the interpretation thereof, and that such restatements
will not result in a Default or an Event of Default under the Credit Documents.

 

8.10          Compliance
with Laws; No Default. Each Credit Party is in compliance with all Requirements of Law applicable to it or its property, except where
the failure to be so in compliance would not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and
is continuing.

 

8.11          Tax
Matters. Except as would not reasonably be expected to have a Material Adverse Effect, (a) Holdings, the Borrower and each of
the Restricted Subsidiaries has filed all Tax returns required to be filed by it and has timely paid all Taxes payable by it (whether
or not shown on a Tax return and including in its capacity as a withholding agent) that have become due, other than those being contested
in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of management of the Holdings,
Borrower or such Restricted Subsidiary, as applicable) with respect thereto in accordance with GAAP and (b) Holdings, the Borrower
and each of the Restricted Subsidiaries has paid, or has provided adequate reserves (in the good faith judgment of management of Holdings,
the Borrower or such Restricted Subsidiary, as applicable) in accordance with GAAP for the payment of all Taxes not yet due and payable.
There is no current or proposed Tax assessment, Tax deficiency or other Tax claim against Holdings, the Borrower or any Restricted Subsidiary
that would reasonably be expected to result in a Material Adverse Effect.

 

8.12          Compliance
with ERISA.

 

(a)            Except
as would not reasonably be expected to have a Material Adverse Effect: (i) each Credit Party and each of their respective ERISA
Affiliates is in compliance with the applicable provisions of ERISA and the provisions of the Code relating to Pension Plans and the
regulations and the published interpretation thereunder and (ii) no ERISA Event has occurred or, to the knowledge of the Borrower,
is reasonably expected to occur.

 

(b)            Except
as would not reasonably be expected to have a Material Adverse Effect, no Foreign Plan Event has occurred or, to the knowledge of the
Borrower, is reasonably expected to occur.

 

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8.13          Subsidiaries.
Schedule 8.13 lists each Subsidiary of Holdings (and the direct and indirect ownership interest of Holdings therein), in each
case existing on the Closing Date.

 

8.14          Intellectual
Property. Each of the Borrower and its Restricted Subsidiaries owns or has the right to use all Intellectual Property that is currently
used in or is otherwise necessary for the operation of their respective businesses as currently conducted, except where the failure of
the foregoing would not reasonably be expected to have a Material Adverse Effect. The operation of their respective businesses by each
of the Borrower and its Restricted Subsidiaries does not infringe upon, misappropriate, violate or otherwise conflict with the Intellectual
Property of any third party, except as would not reasonably be expected to have a Material Adverse Effect.

 

8.15          Environmental
Laws.

 

(a)            Except
as would not reasonably be expected to have a Material Adverse Effect: (i) each of the Borrower and its Restricted Subsidiaries
and their respective operations and properties are in compliance with all Environmental Laws; (ii) none of the Borrower nor any
Restricted Subsidiary has received written notice of any Environmental Claim; (iii) none of the Borrower nor any Restricted Subsidiary
is conducting any investigation, removal, remedial or other corrective action pursuant to any Environmental Law at any location; and
(iv) to the knowledge of the Borrower, no underground or above ground storage tank or related piping, or any impoundment or other
disposal area containing Hazardous Materials is located at, on or under any Real Estate currently owned or leased by the Borrower or
any of the Restricted Subsidiaries.

 

(b)            None
of the Borrower or any of the Restricted Subsidiaries has treated, stored, transported, Released or arranged for disposal or transport
for disposal or treatment of Hazardous Materials at, on, under or from any currently or formerly owned or operated property nor, to the
knowledge of the Borrower, has there been any other Release of Hazardous Materials at, on, under or from any such properties, in each
case, in a manner that would reasonably be expected to have a Material Adverse Effect.

 

8.16          Properties.

 

(a)            Each
of Holdings and its Restricted Subsidiaries has good and valid record title to, valid leasehold interests in, or rights to use, all properties
that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, free and
clear of all Liens (other than any Liens permitted by this Agreement) and except where the failure to have such good title or interest
would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

(b)            Set
forth on Schedule 1.1(a) is a list of each real property owned by any Credit Party as of the Closing Date having a Fair Market
Value in excess of $3,500,000.

 

8.17          Solvency.
On the Closing Date immediately following the making of the Loans and after giving effect to the application of the proceeds of such
Loans, the Borrower and its Restricted Subsidiaries on a consolidated basis will be Solvent; provided that, notwithstanding anything
to the contrary set forth herein (including the definition of “Solvent”), the representation and warranty set forth in this
Section 8.17 shall be deemed to be true and correct in all respects to the extent the Borrower has obtained a solvency opinion
from a third party financial advisory or accounting firm that is reasonably acceptable to the Administrative Agent and experienced in
such matters confirming the solvency of the Borrower and its Restricted Subsidiaries on a consolidated basis on the Closing Date immediately
following the making of the Loans and after giving effect to the application of the proceeds of such Loans.

 

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8.18          Patriot
Act, Etc. On the Closing Date, (i) the Borrower has provided to the Administrative Agent all information related to Holdings,
the Borrower and the Restricted Subsidiaries (including but not limited to names, addresses and tax identification numbers (if applicable))
reasonably requested in writing by the Administrative Agent and mutually agreed to be required by the Patriot Act to be obtained by the
Administrative Agent or any Lender and the use of proceeds of the Loans will not violate the Patriot Act in any material respect, and
(ii) the information included in the Beneficial Ownership Certification is true and correct in all material respects.

 

8.19          OFAC
and FCPA.

 

(a)            Holdings
and its Restricted Subsidiaries will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other Person, for the purpose of funding (i) any activities
of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions, or (ii) any
other transaction that will result in a violation by any Person (including any Person participating in the transactions, whether as a
underwriter, advisor, investor, lender or otherwise) of Sanctions.

 

(b)            Holdings
and its Restricted Subsidiaries will not use the proceeds of the Loans directly, or, to the knowledge of the Borrower, indirectly, for
any payments to any governmental official or employee, political party, official of a political party, candidate for political office,
or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation
of the United States Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”).

 

(c)            Except
as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, to the knowledge of Holdings,
neither Holdings nor the Restricted Subsidiaries has, in the past five years, committed a violation of applicable Sanctions, Title III
of the Patriot Act or the FCPA or any other anti-corruption or anti-money laundering law applicable to Holdings and its Restricted Subsidiaries.

 

(d)            None
of Holdings, the Restricted Subsidiaries or, to the knowledge of the Borrower, any director, officer, any employee or agent of any Credit
Party or other Restricted Subsidiary, in each case, is an individual or entity currently on OFAC’s list of Specially Designated
Nationals and Blocked Persons or is the subject of Sanctions, nor is Holdings, the Borrower or any Restricted Subsidiary located, organized
or resident in a country or territory that is the subject of Sanctions.

 

8.20           Labor
Matters. There are no strikes, lockouts, stoppages or slowdowns or other labor disputes affecting the Borrower or any of its
Restricted Subsidiaries pending or threatened that have had, or would reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect. All payments due from the Borrower or any of its Restricted Subsidiaries, or for which any claim may be made
against the Borrower or any of its Restricted Subsidiaries, on account of wages and employee health and welfare insurance and other benefits,
have been paid or accrued as a liability on the books of such Person to the extent required by GAAP, except to the extent that the failure
to do so has not had, and would not reasonably be expected to have, a Material Adverse Effect.

 

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8.21          Insurance.
The Borrower and its Restricted Subsidiaries are insured by reputable and financially sound insurers of recognized financial responsibility
against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged.

 

8.22          Use
of Proceeds. The Borrower will use the proceeds of the Loans and will request the issuance of Letters of Credit only for the purposes
specified in Section 9.13.

 

Section 9.  Affirmative
Covenants.

 

Holdings
(but only with respect to Sections 9.4, 9.5, 9.6, 9.12 and 9.14) and the Borrower hereby covenant
and agree that on the Closing Date and thereafter, until the Commitments and each Letter of Credit have terminated or been collateralized
in accordance with the terms of this Agreement and the Loans and Unpaid Drawings, together with interest, Fees and all other Obligations
incurred hereunder (other than contingent indemnity obligations, Secured Hedge Obligations and Secured Cash Management Obligations and
Letters of Credit collateralized in accordance with the terms of this Agreement), are paid in full:

 

9.1            Information
Covenants. The Borrower will furnish to the Administrative Agent (which shall promptly make such information available to the Lenders
in accordance with its customary practice):

 

(a)            Annual
Financial Statements. On or prior to the earlier of (i) the date that is 105 days after the end of each fiscal year ended December 31,
2021 and thereafter and (ii) the date the following statements would have been required to be filed under the rules and regulations
of the SEC, giving effect to any extension available for the filing of such statements, the consolidated balance sheet of the Borrower
and its Restricted Subsidiaries as at the end of each fiscal year, and the related consolidated statements of operations and cash flows
for such fiscal year, setting forth comparative consolidated and/or combined figures for the preceding fiscal year, all in reasonable
detail and prepared in accordance with GAAP, and, in each case, certified by RSM US LLP or other independent certified public accountants
of recognized national standing whose opinion shall not be qualified as to the scope of audit or as to the status of the Borrower or
any of the Material Subsidiaries (or group of Subsidiaries that together would constitute a Material Subsidiary) as a going concern (other
than any exception, explanatory paragraph or qualification that is expressly solely with respect to, or expressly resulting solely from,
(i) an upcoming maturity date under any series of Indebtedness occurring within one year from the time such opinion is delivered,
(ii) any potential inability to satisfy a financial maintenance covenant on a future date or in a future period or (iii) the
activities, operations, financial results, assets or liabilities of any Unrestricted Subsidiary).

 

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(b)            Quarterly
Financial Statements. On or prior to the earlier of (i) the date that is 50 days after the end of each of the first three quarterly
accounting periods in each fiscal year of the Borrower commencing with the quarterly accounting period ended June 30, 2021 and (ii) date
the following statements would have been required to be filed under the rules and regulations of the SEC, giving effect to any extension
available for the filing of such statements, commencing with the fiscal quarter ending June 30, 2021, the consolidated balance sheet
of the Borrower and its Restricted Subsidiaries as at the end of such quarterly period and the related consolidated statements of operations
for such quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly period,
and the related consolidated statement of cash flows for the elapsed portion of the fiscal year ended with the last day of the applicable
quarterly period, and setting forth comparative consolidated and/or combined figures for the related periods in the prior fiscal year
or, in the case of such consolidated balance sheet, for the last day of the related period in the prior fiscal year, all of which shall
be certified by an Authorized Officer of the Borrower as fairly presenting in all material respects the financial condition, results
of operations and cash flows of the Borrower and its Restricted Subsidiaries as at such date and for such periods in accordance with
GAAP (except as noted therein), subject to changes resulting from normal year-end adjustments and the absence of footnotes.

 

(c)             Beneficial
Ownership Certification. Promptly following any request therefor, information and documentation reasonably requested by the Administrative
Agent or any Lender for purposes of compliance with the Beneficial Ownership Regulation.

 

(d)            Officer’s
Certificates. Not later than five days after the delivery of the financial statements provided for in Sections 9.1(a) and
(b), a certificate of an Authorized Officer of the Borrower to the effect that no Default or Event of Default exists or, if any
Default or Event of Default does exist, specifying the nature and extent thereof, as the case may be, which certificate shall set forth
(i) a specification of any change in the identity of the Restricted Subsidiaries and the Unrestricted Subsidiaries as at the end
of the fiscal year or the fiscal quarter, as the case may be, from the Restricted Subsidiaries and the Unrestricted Subsidiaries, respectively,
identified to the Lenders on the Closing Date or in the most recent certificate delivered pursuant to this clause (d) in
which any such changes were disclosed, as the case may be, and (ii) (x) the Consolidated Total Debt to Consolidated EBITDA
Ratio for such Test Period and the then applicable Status and (y) the Fixed Charge Coverage Ratio for such Test Period and, in each
case, the underlying calculations in connection therewith. At the time of the delivery of the financial statements provided for in Section 9.1(a),
a certificate of an Authorized Officer of the Borrower setting forth changes to the legal name, jurisdiction of formation and type of
entity and, solely with respect to any Credit Party organized in a jurisdiction where an organizational identification number is required
to be included in a Uniform Commercial Code financing statement, organizational number (or equivalent) of any Credit Party or confirming
that there has been no change in such information since the Closing Date or the date of the most recent certificate delivered pursuant
to this clause (d) in which any such changes were disclosed, as the case may be.

 

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(e)            Notice
of Default or Litigation. Promptly after an Authorized Officer of the Borrower or any of the Restricted Subsidiaries obtains knowledge
thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the
nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto and (ii) any
litigation or governmental proceeding pending against the Borrower or any of the Subsidiaries that would reasonably be expected to be
determined adversely and, if so determined, to result in a Material Adverse Effect.

 

(f)              Environmental
Matters. Promptly after an Authorized Officer of the Borrower or any of the Restricted Subsidiaries obtains knowledge of any one
or more of the following environmental matters, unless such environmental matters would not reasonably be expected to result in a Material
Adverse Effect, notice of:

 

(i)              any
pending or threatened Environmental Claim against any Credit Party or any Real Estate; and

 

(ii)             the
conduct of any investigation, or any removal, remedial or other corrective action in response to the actual or alleged presence, Release
or threatened Release of any Hazardous Material on, at, under or from any Real Estate.

 

All
such notices shall describe in reasonable detail the nature of the claim, investigation or removal, remedial or other corrective action
in response thereto. The term “Real Estate” shall mean land, buildings, facilities and improvements owned or leased
by any Credit Party.

 

(g)             Budgets.
Within 90 days after the commencement of each fiscal year of the Borrower, a budget of the Borrower in reasonable detail on a quarterly
basis for such fiscal year as customarily prepared by management of the Borrower and limited to a projected consolidated statement of
operations and a bridge to projected Consolidated EBITDA (collectively, the “Projections”), which Projections shall
in each case be accompanied by a certificate of an Authorized Officer of the Borrower stating that such Projections have been prepared
in good faith based on assumptions that were believed to be reasonable at the time of preparation of such Projections, it being understood
that actual results may vary from such Projections.

 

(h)             Other
Information. Promptly upon filing thereof, copies of any filings (including on Form 10-K, 10-Q or 8-K) or registration statements
(other than drafts of pre-effective versions of registration statements) with, and reports to, the SEC or any analogous Governmental
Authority in any relevant jurisdiction by the Borrower or any of the Restricted Subsidiaries (other than amendments to any registration
statement (to the extent such registration statement, in the form it becomes effective, is delivered to the Administrative Agent), exhibits
to any registration statement and, if applicable, any registration statements on Form S-8) and copies of all financial statements,
proxy statements, notices, and reports that the Borrower or any of the Restricted Subsidiaries shall send to the holders of any publicly
issued debt of the Borrower and/or any of the Restricted Subsidiaries, in their capacity as such holders, lenders or agents (in each
case to the extent not theretofore delivered to the Administrative Agent pursuant to this Agreement) and, with reasonable promptness,
such other information (financial or otherwise) as the Administrative Agent on its own behalf or on behalf of any Lender (acting through
the Administrative Agent) may reasonably request in writing from time to time; provided, that none of the Borrower nor any Restricted
Subsidiary will be required to disclose or permit the inspection or discussion of any document, information or other matter (i) that
constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative
Agent or any Lender (or their respective contractors) is prohibited by law, or any binding agreement, (iii) that is subject to attorney
client or similar privilege or constitutes attorney work product or (iv) that is otherwise subject to Section 13.16;
provided that in the event the Borrower or any Restricted Subsidiary does not disclose or permit inspection or discussion of any document,
information or other matter in reliance on the preceding proviso, the Borrower shall provide notice to the Administrative Agent that
such document, information or other material is being withheld and the Borrower shall use commercially reasonable efforts to describe,
to the extent both feasible and permitted under applicable Requirement of Law or confidentiality obligations, or without waiving such
privilege, as applicable, the applicable document, information or other material.

 

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Notwithstanding
the foregoing, the obligations in clauses (a) and (b) of this Section 9.1 may be satisfied with respect
to financial information of the Borrower and its Restricted Subsidiaries by furnishing (A) the applicable financial statements of
the Borrower or any direct or indirect parent of the Borrower or (B) the Borrower’s (or any direct or indirect parent thereof),
as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC; provided that, with respect to each of subclauses
(A) and (B) of this paragraph, to the extent such information relates to a parent of the Borrower, such information
is accompanied by consolidating or other information that explains in reasonable detail the differences between the information relating
to such parent, on the one hand, and the information relating to the Borrower and its Restricted Subsidiaries on a standalone basis,
on the other hand.

 

Documents
required to be delivered pursuant to clauses (a) and (b), of this Section 9.1 (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 earliest date on which (i) the Borrower posts such documents, or provides a link thereto on the Borrower’s
website on the Internet; (ii) such documents are posted on the Platform in accordance with Section 13.17, or (iii) such
financial statements and/or other documents are posted on the SEC’s website on the internet at www.sec.gov; provided, that,
(A) the Borrower shall, at the request of the Administrative Agent, continue to deliver copies (which delivery may be by electronic
transmission) of such documents to the Administrative Agent and (B) the Borrower shall notify (which notification may be by facsimile
or electronic transmission) the Administrative Agent of the posting of any such documents on any website described in this paragraph.
Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents
from the Administrative Agent and maintaining its copies of such documents.

 

Each
Credit Party hereby acknowledges and agrees that, unless the Borrower notifies the Administrative Agent in advance, all financial statements
furnished pursuant to Sections 9.1(a) and (b) above are hereby deemed to be suitable for distribution, and to
be made available, to all Lenders and may be treated by the Administrative Agent and the Lenders as not containing any material nonpublic
information.

 

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9.2            Books,
Records, and Inspections. The Borrower will, and will cause each Restricted Subsidiary to, permit officers and designated representatives
of the Administrative Agent or the Required Lenders to visit and inspect any of the properties or assets of the Borrower and any such
Subsidiary in whomsoever’s possession to the extent that it is within such party’s control to permit such inspection (and
shall use commercially reasonable efforts to cause such inspection to be permitted to the extent that it is not within such party’s
control to permit such inspection), and to examine the books and records of the Borrower and any such Subsidiary and discuss the affairs,
finances and accounts of the Borrower and of any such Subsidiary with, and be advised as to the same by, its and their officers and independent
accountants, all at such reasonable times and intervals and to such reasonable extent as the Administrative Agent or the Required Lenders
may desire (and subject, in the case of any such meetings or advice from such independent accountants, to such accountants’ customary
policies and procedures); provided that, excluding any such visits and inspections during the continuation of an Event of Default,
(a) only the Administrative Agent on behalf of the Required Lenders may exercise rights of the Administrative Agent and the Lenders
under this Section 9.2, (b) the Administrative Agent shall not exercise such rights more than one time in any calendar
year, which such visit will be at the Borrower’s expense, and (c) notwithstanding anything to the contrary in this Section 9.2,
none of the Borrower or any of the Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making
copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets
or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their
respective representatives or contractors) is prohibited by law or any agreement binding on a third-party or (iii) is subject to
attorney-client or similar privilege or constitutes attorney work product; provided, further, that in the event the Borrower
or any Restricted Subsidiary does not disclose or permit the inspection, examination or the making of copies or abstracts of, or discussion
of, any document, information or other matter in reliance on the preceding proviso, the Borrower shall provide notice to the Administrative
Agent that such document, information or other material is being withheld and the Borrower shall use commercially reasonable efforts
to describe, to the extent both feasible and permitted under applicable Requirement of Law or confidentiality obligations, or without
waiving such privilege, as applicable, the applicable document, information or other material; provided, further, that
when an Event of Default exists, the Administrative Agent (or any of its respective representatives or independent contractors) or any
representative of the Required Lenders may do any of the foregoing at the expense of the Borrower at any time during normal business
hours and upon reasonable advance notice. The Administrative Agent and the Required Lenders shall give the Borrower the opportunity to
participate in any discussions with the Borrower’s independent public accountants.

 

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9.3            Maintenance
of Insurance. (a) The Borrower will, and will cause each Material Subsidiary to, at all times maintain in full force and effect,
pursuant to self-insurance arrangements or 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 the availability of insurance on a cost-effective
basis) 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 the availability of insurance on a cost-effective
basis; and will furnish to the Administrative Agent, promptly following written request from the Administrative Agent, information presented
in reasonable detail as to the insurance so carried and (b) if at any time the area in which any improvements located on any Mortgaged
Property is designated 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 applicable
Credit Party, to (i) maintain, or cause to be maintained, with a 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. Each such policy
of general liability (including excess and umbrella general liability), property or casualty insurance shall (i) in the case of
each general liability (including excess and umbrella general liability) insurance policy, name the Collateral Agent, on behalf of the
Secured Parties, as an additional insured thereunder as its interests may appear and (ii) in the case of each property or casualty
insurance policy, contain a loss payable clause or endorsement that names the Collateral Agent, on behalf of the Secured Parties, as
the loss payee thereunder; provided that, unless an Event of Default shall have occurred and be continuing and subject to Section 5.2,
(A) all proceeds from insurance policies shall be paid to the Borrower or applicable Guarantor, (B) to the extent the Collateral
Agent receives any proceeds, the Collateral Agent shall, promptly following receipt of an Officer’s Certificate of the Borrower
certifying that no Event of Default has occurred and is continuing, turn over to the Borrower any amounts received by it as an additional
insured or loss payee under any property insurance maintained by the Borrower or any of its Subsidiaries, and (C) the Collateral
Agent agrees that the Borrower and its Subsidiaries shall have the sole right to adjust or settle any claims under such insurance.

 

9.4            Payment
of Taxes. Except as would not reasonably be expected to have a Material Adverse Effect, Holdings and the Borrower will pay and discharge,
and will cause each of the Restricted Subsidiaries to pay and discharge, all material Taxes imposed upon it (including in its capacity
as a withholding agent) or upon its income or profits, or upon any properties belonging to it, prior to the date on which material penalties
attach thereto, and all lawful material claims in respect of any Taxes imposed, assessed or levied that, if unpaid, would reasonably
be expected to become a material Lien (other than a Permitted Lien) upon any properties of Holdings, the Borrower or any of the Restricted
Subsidiaries.

 

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9.5            Preservation
of Existence; Consolidated Corporate Franchises. Holdings and the Borrower will, and will cause each Material Subsidiary to, take
all actions necessary (a) to preserve and keep in full force and effect its existence, organizational rights and authority and (b) to
maintain its rights, privileges (including its good standing (if applicable)), permits, licenses and franchises necessary in the normal
conduct of its business, in each case, except to the extent (other than, with respect to clause (a), in the case of the Borrower and
Holdings) that the failure to do so would not reasonably be expected to have a Material Adverse Effect; provided, however,
that the Borrower and its Subsidiaries may consummate any transaction permitted under Permitted Investments and Sections 10.2,
10.3, 10.4, or 10.5.

 

9.6            Compliance
with Statutes, Regulations, Etc. Holdings and the Borrower will, and will cause each Restricted Subsidiary to, (a) comply with
all applicable laws, rules, regulations, and orders applicable to it or its property, including, without limitation, applicable Sanctions,
the FCPA and the Patriot Act the rules and regulations promulgated thereunder, and all governmental approvals or authorizations
required to conduct its business, and to maintain all such governmental approvals or authorizations in full force and effect, (b) comply
with, and use commercially reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all Environmental Laws,
and obtain and comply with and maintain, and use commercially reasonable efforts to ensure that all tenants and subtenants obtain and
comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by Environmental Laws, and
(c) 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, other than such orders and directives which are being timely contested in good faith by proper proceedings, except in each case
of clauses (a), (b), and (c) of this Section 9.6, where the failure to do so would not reasonably
be expected to result in a Material Adverse Effect.

 

9.7            ERISA.
(a) The Borrower will furnish to the Administrative Agent promptly following receipt thereof, copies of any documents described
in Sections 101(k) or 101(l) of ERISA that any Credit Party or any of its Subsidiaries may request with respect to any Multiemployer
Plan to which a Credit Party or any of its Subsidiaries is obligated to contribute; provided that if the Credit Parties or any
of their Subsidiaries have not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer
Plan, then, upon reasonable request of the Administrative Agent, the Credit Parties shall promptly make a request for such documents
or notices from such administrator or sponsor and the Borrower shall provide copies of such documents and notices to the Administrative
Agent promptly after receipt thereof; provided, further, that the rights granted to the Administrative Agent in this Section 9.7(a) shall
be exercised not more than once with respect to the same Multiemployer Plan during any applicable plan year, and (b) the Borrower
will notify the Administrative Agent promptly following the occurrence of any ERISA Event or Foreign Plan Event that, alone or together
with any other ERISA Events or Foreign Plan Events that have occurred, would reasonably be expected to result in liability of any Credit
Party that would reasonably be expected to have a Material Adverse Effect.

 

9.8            Maintenance
of Properties. The Borrower will, and will cause each of the Restricted Subsidiaries to, keep and maintain all property material
to the conduct of its business in good working order and condition, ordinary wear and tear, casualty, and condemnation excepted, except
to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

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9.9            Transactions
with Affiliates. The Borrower will conduct, and cause each of the Restricted Subsidiaries to conduct, all transactions with any of
its Affiliates (other than the Borrower and its Restricted Subsidiaries) involving aggregate payments or consideration in excess of the
greater of (x) $2,500,000 and (y) 5.50% of TTM Consolidated EBITDA (determined at the time of such Affiliate transaction),
for any individual transaction or series of related transactions on terms that are at least substantially as favorable to the Borrower
or such Restricted Subsidiary as it would obtain in a comparable arm’s-length transaction with a Person that is not an Affiliate,
as determined by the board of directors of the Borrower or such Restricted Subsidiary in good faith; provided that the foregoing
restrictions shall not apply to (a) transactions permitted by Section 10.5, (b) consummation of the Transactions
and the payment of the Transaction Expenses, (c) the issuance of Capital Stock or Stock Equivalents of the Borrower (or any direct
or indirect parent thereof) or any of its Subsidiaries not otherwise prohibited by the Credit Documents, (d) loans, advances and
other transactions between or among the Borrower, any Restricted Subsidiary or any joint venture (regardless of the form of legal entity)
in which the Borrower or any Restricted Subsidiary has invested (and which Restricted Subsidiary or joint venture would not be an Affiliate
of the Borrower but for the Borrower’s or a Restricted Subsidiary’s ownership of Capital Stock or Stock Equivalents in such
joint venture or Restricted Subsidiary) to the extent permitted under Section 10, (e) employment and severance arrangements
between the Borrower and its Restricted Subsidiaries and their respective employees, directors, officers, managers, consultants or independent
contractors (including management and employee benefit plans or agreements, stock option plans and other compensatory arrangements) in
the ordinary course of business (including loans and advances in connection therewith), (f) [reserved], (g) the payment of
customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, employees, directors, officers, managers,
consultants or independent contractors of the Borrower (or any direct or indirect parent thereof) and the Subsidiaries in the ordinary
course of business to the extent attributable to the ownership or operation of Holdings, the Borrower and the Subsidiaries, (h) transactions
undertaken pursuant to membership in a purchasing consortium, (i) transactions pursuant to any agreement or arrangement as in effect
as of the Closing Date and set forth on Schedule 9.9, or any amendment, modification, supplement or replacement thereto (so long as any
such amendment, modification, supplement or replacement is not disadvantageous in any material respect to the Lenders when taken as a
whole as compared to the applicable agreement as in effect on the Closing Date as determined by the Borrower in good faith), (j) [reserved],
(k) the existence and performance of agreements and transactions with any Unrestricted Subsidiary that were entered into prior to
the designation of a Restricted Subsidiary as such Unrestricted Subsidiary to the extent that the transaction was permitted at the time
that it was entered into with such Restricted Subsidiary and transactions entered into by an Unrestricted Subsidiary with an Affiliate
prior to the redesignation of any such Unrestricted Subsidiary as a Restricted Subsidiary; provided that such transaction was
not entered into in contemplation of such designation or redesignation, as applicable, (l) any customary transactions with a Receivables
Subsidiary effected as part of a Receivables Facility and (m) entry into of any tax receivable agreements that are customary and
reasonably acceptable to the Administrative Agent in connection with the IPO; provided that the Tax Receivable Agreement shall be deemed
to be customary and reasonably acceptable to the Administrative Agent.

 

9.10          End
of Fiscal Years. The Borrower will, for financial reporting purposes, cause each of its, and each of the Restricted Subsidiaries’,
fiscal years to end on dates consistent with past practice; provided, however, that the Borrower may, upon written notice
to the Administrative Agent change the financial reporting convention specified above to (x) align the dates of such fiscal year
for any Restricted Subsidiary whose fiscal years end on dates different from those of the Borrower or (y) any other financial reporting
convention (including a change of fiscal year) reasonably acceptable (such consent not to be unreasonably withheld or delayed) to the
Administrative Agent, in which case the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make
any adjustments to this Agreement that are necessary in order to reflect such change in financial reporting.

 

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9.11          Additional
Guarantors and Grantors. Subject to the Perfection Exceptions and any applicable limitations set forth in the Security Documents,
the Borrower will cause each direct or indirect Subsidiary (other than any Excluded Subsidiary) formed or otherwise purchased or acquired
after the Closing Date (including pursuant to a Permitted Acquisition), and each other Subsidiary that ceases to constitute an Excluded
Subsidiary, within 60 days from the date of such formation, acquisition or cessation, as applicable (or such longer period as the Administrative
Agent may agree in its reasonable discretion), and the Borrower may at its option cause any Domestic Subsidiary, to execute a supplement
to each of the Guarantee, the Pledge Agreement and the Security Agreement in order to become a Guarantor under the Guarantee and a grantor
under such Security Documents or, to the extent reasonably requested by the Collateral Agent, enter into a new Security Document substantially
consistent with the analogous existing Security Documents and otherwise in form and substance reasonably satisfactory to the Collateral
Agent and take all other action reasonably requested by the Collateral Agent to grant a perfected security interest in its assets to
substantially the same extent as created and perfected by the Credit Parties on the Closing Date and pursuant to Section 9.14(d) in
the case of such Credit Parties. For the avoidance of doubt, no Credit Party or any Restricted Subsidiary that is a Domestic Subsidiary
shall be required to take any action outside the United States to perfect any security interest in the Collateral (including the execution
of any agreement, document or other instrument governed by the law of any jurisdiction other than the United States, any State thereof
or the District of Columbia).

 

9.12          Pledge
of Additional Stock and Evidence of Indebtedness. Subject to the Perfection Exceptions and any applicable limitations set forth in
the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Borrower (as
agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders
therefrom or (y) to the extent doing so would reasonably be expected to result in material adverse Tax consequences as reasonably
determined by the Borrower in consultation with the Administrative Agent, Holdings and the Borrower will and will cause (i) all
certificates representing Capital Stock and Stock Equivalents of any Restricted Subsidiary (other than any Excluded Stock and Stock Equivalents)
held directly by the Borrower or any other Credit Party, (ii) all evidences of Indebtedness in excess of the greater of (a) $3,500,000
and (b) 8.0% of TTM Consolidated EBITDA received by the Borrower or any of the Guarantors in connection with any disposition of
assets pursuant to Section 10.4(b), and (iii) any promissory notes executed after the Closing Date evidencing Indebtedness
in excess of the greater of (a) $3,500,000 and (b) 8.0% of TTM Consolidated EBITDA that is owing to the Borrower or any other
Credit Party, in each case, to be delivered to the Collateral Agent as security for the Obligations accompanied by undated instruments
of transfer executed in blank pursuant to the terms of the Security Documents. Notwithstanding the foregoing any promissory note among
the Borrower and/or its Subsidiaries need not be delivered to the Collateral Agent so long as (i) a global intercompany note superseding
such promissory note has been delivered to the Collateral Agent, (ii) such promissory note is not delivered to any other party other
than the Borrower or any other Credit Party, in each case, owed money thereunder, and (iii) such promissory note indicates on its
face that it is subject to the security interest of the Collateral Agent.

 

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9.13          Use
of Proceeds.

 

(a)            The
Borrower will use Letters of Credit and Revolving Loans for working capital and general corporate purposes (including any transaction
not prohibited by the Credit Documents but limited on the Closing Date to (i) issuances of Letters of Credit for the purposes of
backstopping cash management obligations or backstopping or replacing letters of credit outstanding on the Closing Date under the Existing
Credit Agreement and (ii) funding Revolving Loans in an amount not to exceed $5,000,000).

 

(b)            The
Borrower will use the proceeds of the Initial Term A Loans to effect the Transactions, for general corporate purposes (including any
transaction not prohibited by the Credit Documents) and to pay fees and expenses incurred in connection therewith.

 

9.14          Further
Assurances.

 

(a)            Subject
to the Perfection Exceptions and the terms of Sections 9.11 and 9.12, this Section 9.14 and the Security Documents,
Holdings and the Borrower will, and will cause each other Credit Party to, execute any and all further documents, financing statements,
agreements, and instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings,
mortgages, deeds of trust, and other documents) that may be required under any applicable law, or that the Collateral Agent or the Required
Lenders may reasonably request, in order to grant, preserve, protect, and perfect the validity and priority of the security interests
created or intended to be created by the applicable Security Documents, all at the expense of the Borrower and its Restricted Subsidiaries.

 

(b)            Subject
to the Perfection Exceptions and any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable
determination of the Administrative Agent and the Borrower (as agreed to in writing), the cost or other consequences of doing so would
be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material
adverse Tax consequences as reasonably determined by the Borrower in consultation with the Administrative Agent, if any assets (other
than Excluded Property) (including any real estate or improvements thereto or any interest therein and excluding any real estate which
the Borrower or applicable Credit Party intends to dispose of pursuant to a Permitted Sale Leaseback so long as actually disposed of
within 270 days of acquisition (or such longer period as the Administrative Agent may reasonably agree)) with a fair market value in
excess of the greater of (a) $3,500,000 and (b) 8.0% of TTM Consolidated EBITDA (at the time of acquisition) are owned by the
Borrower or any other Credit Party on the Closing Date or acquired by the Borrower or any other Credit Party after the Closing Date (other
than assets constituting Collateral under a Security Document that become subject to the Lien of the applicable Security Document upon
acquisition thereof) that are of a nature secured by a Security Document or that constitute a fee interest in real property in the United
States, the Borrower will notify the Collateral Agent, and, if requested by the Collateral Agent, the Borrower will cause such assets
to be subjected to a Lien securing the Obligations and will take, and cause the other applicable Credit Parties to take, such actions
as shall be necessary or reasonably requested by the Collateral Agent, as soon as commercially reasonable but in no event later than
90 days, unless extended by the Administrative Agent in its sole discretion, to grant and perfect such Liens consistent with the applicable
requirements of the Security Documents, including actions described in clause (a) of this Section 9.14.

 

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(c)            Any
Mortgage delivered to the Administrative Agent in accordance with the preceding clause (b) shall, if requested by the Collateral
Agent, be received as soon as commercially reasonable but in no event later than 90 days (except as set forth in the preceding clause
(b)), unless extended by the Administrative Agent acting reasonably, and accompanied by (x) a policy or policies (or an unconditional
binding commitment therefor to be replaced by a final title policy) of title insurance (each a “Title Policy”) issued
by a nationally recognized title insurance company, in such amounts as reasonably acceptable to the Administrative Agent not to exceed
the fair market value of the applicable Mortgaged Property, insuring the Lien of each Mortgage as a valid first Lien on the Mortgaged
Property described therein, free of any other Liens except as expressly permitted by Section 10.2 or as otherwise permitted
by the Administrative Agent and otherwise in form and substance reasonably acceptable to the Administrative Agent and the Borrower, together
with such endorsements, coinsurance and reinsurance as the Administrative Agent may reasonably request but only to the extent such endorsements
are (i) available in the relevant jurisdiction and (ii) available at commercially reasonable rates, (y) an opinion of
local counsel to the applicable Credit Party in form and substance reasonably acceptable to the Administrative Agent (with respect to,
among other things, enforceability and due authorization, execution and delivery of the applicable Mortgage), (z) a completed “Life-of-Loan”
Federal Emergency Management Agency Standard Flood Hazard Determination, and if any improvements on such Mortgaged Property are located
in a special flood hazard area, (i) a notice about special flood hazard area status and flood disaster assistance duly executed
by the applicable Credit Parties and (ii) certificates of insurance evidencing the insurance required by Section 9.3
in form and substance reasonably satisfactory to the Administrative Agent, each of which shall (I) be endorsed or otherwise amended
to include a “standard” or “New York” lender’s loss payable or mortgagee endorsement (as applicable), (II) name
the Collateral Agent, on behalf of the Secured Parties, as additional insured or loss payee/mortgagee (as applicable), (III) identify
the address of each property located in a special flood hazard area, indicate the applicable flood zone designation, the flood insurance
coverage and the deductible relating thereto, (IV) provide that the insurer will give the Administrative Agent 45 days’ written
notice of cancellation or non-renewal and (V) shall be otherwise in form and substance reasonably satisfactory to the Administrative
Agent, and (aa) an ALTA survey (or Express Map or other survey equivalent) in a form and substance reasonably acceptable to the Collateral
Agent or such existing survey together with a no-change affidavit sufficient for the title company to remove all standard survey exceptions
from the Title Policy related to such Mortgaged Property and issue the endorsements required in clause (x) above; provided that
the Collateral Agent will not enter into a Mortgage unless and until each Lender has received and approved the documentation set forth
in clause (z) hereof.

 

(d)            Post-Closing
Covenant. The Borrower agrees that it will, or will cause its relevant Subsidiaries to, complete each of the actions described on
Schedule 9.14 as soon as commercially reasonable and by no later than the date set forth in Schedule 9.14 with respect
to such action or such later date as the Administrative Agent may reasonably agree.

 

9.15          Lines
of Business. The Borrower and its Restricted Subsidiaries, taken as a whole, will not fundamentally and substantively alter the character
of their business, taken as a whole, from the business conducted by the Borrower and the Subsidiaries, taken as a whole, on the Closing
Date and other business activities which are extensions thereof or otherwise incidental, synergistic, reasonably related, or ancillary
to any of the foregoing (and non-core incidental businesses acquired in connection with any Permitted Acquisition or similar Permitted
Investment).

 

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Section 10.  Negative
Covenants

 

The
Borrower (and solely with respect to Section 10.8, Holdings) hereby covenants and agrees that on the Closing Date and thereafter,
until the Commitments and each Letter of Credit have terminated or been collateralized in accordance with the terms of this Agreement
and the Loans and Unpaid Drawings, together with interest, Fees, and all other Obligations incurred hereunder (other than contingent
indemnity obligations, Secured Hedge Obligations and Secured Cash Management Obligations and Letters of Credit, collateralized in accordance
with the terms of this Agreement), are paid in full:

 

10.1          Limitation
on Indebtedness. The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, issue, assume, guarantee
or otherwise become liable, contingently or otherwise (collectively, “incur” and collectively, an “incurrence”)
with respect to any Indebtedness (including Acquired Indebtedness) and the Borrower will not issue any shares of Disqualified Stock and
will not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or, in the case of Restricted Subsidiaries that are
not Guarantors, preferred stock; provided that the Borrower may incur Permitted Other Indebtedness (including Acquired Indebtedness)
or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Permitted Other Indebtedness (including Acquired Indebtedness),
issue shares of Disqualified Stock and issue shares of preferred stock, if, after giving effect thereto on a Pro Forma Basis, the Borrower
is in compliance with (a) the Maximum Incremental Ratio and (b) the Fixed Charge Coverage Ratio set forth in Section 10.7(b);
provided, further, that the amount of Indebtedness (other than Assumed Indebtedness), Disqualified Stock and preferred
stock that may be incurred pursuant to the foregoing, together with any amounts incurred under Section 10.1(n)(x), in each
case by Restricted Subsidiaries that are not Guarantors, shall not exceed the greater of (x) $15,000,000 and (y) 35.0% of TTM
Consolidated EBITDA at any one time outstanding.

 

The
foregoing limitations will not apply to:

 

(a)             Indebtedness
arising under the Credit Documents;

 

(b)             Indebtedness
incurred or issued by the Borrower (such debt “Incremental Equivalent Debt”); provided that:

 

(i)              immediately
after giving effect to the incurrence of such Incremental Equivalent Debt, the Consolidated Total Debt to Consolidated EBITDA Ratio (calculated
on a Pro Forma Basis) shall be less than or equal to the Maximum Incremental Ratio as of such date,

 

(ii)            such
Incremental Equivalent Debt shall not be Guaranteed by any Person that is not a Guarantor and, if secured, shall not be secured by any
assets other than the Collateral and shall be secured on a junior priority basis to the Lien securing the Obligations hereunder,

 

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(iii)            if
such Incremental Equivalent Debt is secured, then the Borrower, the Guarantors, the Administrative Agent and the representative and collateral
trustee acting on behalf of the holders of such Incremental Equivalent Debt shall have executed and delivered to the Administrative Agent
an intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent, 

 

(iv)            the
final maturity date of any Incremental Equivalent Debt shall be no earlier than the Initial Term A Loan Maturity Date and the weighted
average life to maturity of any Incremental Equivalent Debt shall be no shorter than the remaining weighted average life to maturity
of the Initial Term A Loans,

 

(v)            the
terms of such Incremental Equivalent Debt shall not be more restrictive, taken as a whole, to the Credit Parties (as determined in good
faith by the Borrower) than the terms applicable to any facility under this Agreement at the time of incurrence of such Incremental Equivalent
Debt unless (x) this Agreement is amended so that such more restrictive terms are also applicable for the benefit of the Lenders
under the then-existing facilities under this Agreement or (y) any such terms apply after the Latest Maturity Date at the time of
incurrence of such Incremental Equivalent Debt, and

 

(vi)           no
Event of Default shall exist before or after giving effect to the incurrence of such Incremental Equivalent Debt;

 

(c)            (i) Indebtedness
(including any unused commitment) outstanding on the Closing Date listed on Schedule 10.1 and (ii) intercompany Indebtedness
(including any unused commitment) outstanding on the Closing Date listed on Schedule 10.1 (other than intercompany Indebtedness
owed by a Credit Party to another Credit Party);

 

(d)            Indebtedness
(including Capitalized Lease Obligations), Disqualified Stock and preferred stock incurred by the Borrower or any Restricted Subsidiary
to finance the purchase, lease, construction, installation, maintenance, replacement or improvement of property (real or personal) or
equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or the Capital Stock of any Person
owning such assets and Indebtedness arising from the conversion of the obligations of the Borrower or any Restricted Subsidiary under
or pursuant to any “synthetic lease” transactions to on-balance sheet Indebtedness of the Borrower or such Restricted Subsidiary,
in an aggregate principal amount which, when aggregated with the principal amount of all other Indebtedness, Disqualified Stock and preferred
stock then outstanding and incurred pursuant to this clause (d) and all Refinancing Indebtedness incurred to refinance any
other Indebtedness, Disqualified Stock and preferred stock incurred pursuant to this clause (d), does not exceed the greater of
(x) $11,000,000 and (y) 25.0% of TTM Consolidated EBITDA at the time of incurrence;

 

(e)             Indebtedness
incurred by the Borrower or any Restricted Subsidiary (including letter of credit obligations consistent with past practice constituting
reimbursement obligations with respect to letters of credit issued in the ordinary course of business), in respect of workers’
compensation claims, deferred compensation, performance or surety bonds, health, disability or other employee benefits or property, casualty
or liability insurance or self-insurance or other Indebtedness with respect to reimbursement or indemnification type obligations regarding
workers’ compensation claims, deferred compensation, performance or surety bonds, health, disability or other employee benefits
or property, casualty or liability insurance or self-insurance;

 

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(f)              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 or assumed in connection with the acquisition or disposition of any business, assets or
a Subsidiary or other Person, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business,
assets or a Subsidiary for the purpose of financing such acquisition;

 

(g)             Indebtedness
of the Borrower to Holdings or to any Restricted Subsidiary; provided that any such Indebtedness owing to a Restricted Subsidiary
that is not the Borrower or a Guarantor is subordinated in right of payment to the Obligations; provided, further, that
any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to
be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to another Restricted Subsidiary) shall
be deemed, in each case to be an incurrence of such Indebtedness not permitted by this clause;

 

(h)             Indebtedness
of a Restricted Subsidiary owing to the Borrower or any Restricted Subsidiary; provided that (x) if a Guarantor incurs such
Indebtedness owing to a Restricted Subsidiary that is not the Borrower or a Guarantor, such Indebtedness is subordinated in right of
payment to the Obligations and to the Guarantee of such Guarantor as the case may be and (y) if a non-Guarantor incurs such Indebtedness
owing to a Credit Party, such Investment is permitted by Section 10.5; provided, further, that any subsequent
transfer of any such Indebtedness (except to the Borrower or another Restricted Subsidiary) shall be deemed, in each case to be an incurrence
of such Indebtedness not permitted by this clause;

 

(i)             shares
of preferred stock of a Restricted Subsidiary issued to the Borrower or another Restricted Subsidiary; provided that (x) any
such issuance by a Credit Party to a non-Credit Party is permitted by Section 10.5 and (y) any subsequent issuance or
transfer of any Capital Stock or any other event which results in any such 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 such shares of preferred stock not permitted by this clause;

 

(j)             Hedging
Obligations (excluding Hedging Obligations entered into for speculative purposes);

 

(k)             obligations
in respect of self-insurance, performance, bid, appeal, and surety bonds and completion guarantees and similar obligations provided by
the Borrower or any Restricted Subsidiary or obligations in respect of letters of credit, bank guarantees or similar instruments related
thereto, in each case, in the ordinary course of business or consistent with past practice;

 

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(l)             (i) Indebtedness,
Disqualified Stock and preferred stock of the Borrower or any Restricted Subsidiary in an aggregate principal amount or liquidation preference
up to 100% of the net cash proceeds received by the Borrower since immediately after the Closing Date from the issue or sale of Equity
Interests of the Borrower or cash contributed to the capital of the Borrower (in each case, other than Excluded Contributions, any Cure
Amount, proceeds of Disqualified Stock or sales of Equity Interests to the Borrower or any of its Subsidiaries or any net cash proceeds
received by or contributed to the Borrower in or from the IPO) as determined in accordance with Sections 10.5(a)(ii)(B) and
10.5(a)(ii)(C) to the extent such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted
Payments or to make other Investments, payments or exchanges pursuant to Section 10.5(b) or to make Permitted Investments
(other than Permitted Investments in Guarantors (other than Holdings) specified in clauses (i) and (iii) of the
definition thereof) and (ii) Indebtedness, Disqualified Stock or preferred stock of the Borrower or any Restricted Subsidiary not
otherwise permitted hereunder in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount
and liquidation preference of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant to
this clause (l)(ii), does not at any one time outstanding exceed the greater of (x) $20,000,000 and (y) 45.0% of TTM
Consolidated EBITDA at the time of incurrence (it being understood that any Indebtedness, Disqualified Stock or preferred stock incurred
pursuant to this clause (l)(ii) shall cease to be deemed incurred or outstanding for purposes of this clause (l)(ii) but
shall be deemed incurred for the purposes of the first paragraph of this Section 10.1 from and after the first date on which
the Borrower or such Restricted Subsidiary could have incurred such Indebtedness, Disqualified Stock or preferred stock under the first
paragraph of this Section 10.1 without reliance on this clause (l)(ii));

 

(m)            the
incurrence or issuance by the Borrower or any Restricted Subsidiary of Indebtedness, Disqualified Stock or preferred stock which serves
to refinance any Indebtedness, Disqualified Stock or preferred stock incurred as permitted under the first paragraph of this Section 10.1
and clause (b) above, clause (c) above, clause (l)(i) above, this clause (m) and
clause (n) below or any Indebtedness, Disqualified Stock or preferred stock issued to so refinance, replace, refund, extend,
renew, defease, restructure, amend, restate or otherwise modify (collectively, “refinance”) such Indebtedness, Disqualified
Stock or preferred stock (the “Refinancing Indebtedness”) prior to its respective maturity; provided, that
such Refinancing Indebtedness (1) 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, Disqualified Stock or preferred stock being
refinanced, (2) to the extent such Refinancing Indebtedness refinances (i) Indebtedness that is unsecured or secured by a Lien
ranking junior to the Liens securing the Obligations, such Refinancing Indebtedness is unsecured or secured by a Lien ranking junior
to the Liens securing the Obligations, respectively, (ii) Disqualified Stock or preferred stock, such Refinancing Indebtedness must
be Disqualified Stock or preferred stock, respectively, and (iii) Indebtedness subordinated to the Obligations, such Refinancing
Indebtedness is subordinated to the Obligations at least to the same extent as the Indebtedness being refinanced and (3) shall not
include Indebtedness, Disqualified Stock or preferred stock of a Subsidiary of the Borrower that is not a Guarantor that refinances Indebtedness,
Disqualified Stock or preferred stock of the Borrower or a Guarantor;

 

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(n)             Indebtedness,
Disqualified Stock or preferred stock of (x) the Borrower or a Restricted Subsidiary incurred or issued to finance an acquisition,
merger, or consolidation; provided that the amount of Indebtedness (other than Assumed Indebtedness), Disqualified Stock and preferred
stock that may be incurred pursuant to the foregoing, together with any amounts incurred under the first paragraph of this Section 10.1,
in each case by Restricted Subsidiaries that are not Guarantors, shall not exceed the greater of (i) $15,000,000 and (ii) 35.0%
of TTM Consolidated EBITDA at any one time outstanding, or (y) Persons that are acquired by the Borrower or any Restricted Subsidiary
or merged into or consolidated with the Borrower or a Restricted Subsidiary in accordance with the terms hereof (including designating
an Unrestricted Subsidiary a Restricted Subsidiary); provided that after giving effect to any such acquisition, merger, consolidation
or designation described in this clause (n), (1) the Consolidated Total Debt to Consolidated EBITDA Ratio (calculated on
a Pro Forma Basis) shall be either (A) less than or equal to the Consolidated Total Debt to Consolidated EBITDA Ratio immediately
prior to such acquisition, merger, consolidation or designation or (B) less than or equal to the Maximum Incremental Ratio and (2) the
Fixed Charge Coverage Ratio (calculated on a Pro Forma Basis) shall be either (A) greater than or equal to the Fixed Charge Coverage
Ratio immediately prior to such acquisition, merger, consolidation or designation or (B) greater than or equal to the Fixed Charge
Coverage Ratio set forth in Section 10.7(b);

 

(o)             Indebtedness
arising from 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;

 

(p)             (i) Indebtedness
of the Borrower or any Restricted Subsidiary supported by a letter of credit, in a principal amount not in excess of the stated amount
of such letter of credit so long as such letter of credit is otherwise permitted to be incurred pursuant to this Section 10.1
or (ii) obligations in respect of letters of support, guarantees or similar obligations issued, made or incurred for the benefit
of any Subsidiary of the Borrower to the extent required by law or in connection with any statutory filing or the delivery of audit opinions
performed in jurisdictions other than within the United States;

 

(q)             (1) any
guarantee by the Borrower or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted Subsidiary so long as in
the case of a guarantee of Indebtedness by a Restricted Subsidiary that is not a Guarantor such Indebtedness could have been
incurred directly by the Restricted Subsidiary providing such guarantee and, in the case of a guarantee by a Credit Party of
Indebtedness of a non-Credit Party Restricted Subsidiary, such guarantee is permitted by Section 10.5 (other than
pursuant to clause (x) of the definition of “Permitted Investments”) or (2) any guarantee by a Restricted
Subsidiary of Indebtedness of the Borrower;

 

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(r)            Indebtedness
of Restricted Subsidiaries that are not Guarantors in an amount, not to exceed, in the aggregate at any one time outstanding, the greater
of (x) $11,000,000 and (y) 25.0% of TTM Consolidated EBITDA;

 

(s)           Indebtedness
of the Borrower or any of the Restricted Subsidiaries consisting of (i) the financing of insurance premiums or (ii) take or
pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business or consistent with past practice;

 

(t)           (i) Indebtedness
of the Borrower or any of the Restricted Subsidiaries undertaken in connection with cash management and related activities with respect
to any Subsidiary or joint venture in the ordinary course of business, including with respect to financial accommodations of the type
described in the definition of “Cash Management Services” and (ii) 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 its Restricted
Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances
of the Borrower and its Restricted Subsidiaries;

 

(u)           Indebtedness
consisting of Indebtedness issued by the Borrower or any of the Restricted Subsidiaries to future, current or former officers, directors,
managers and employees thereof or of Holdings or any Parent Entity and their respective estates, spouses and 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 described in clause (4) of Section 10.5(b);

 

(v)           [reserved];

 

(w)          [reserved];

 

(x)           Attributable
Receivables Indebtedness in an amount not to exceed the greater of (a) $22,000,000 and (b) 50.0% of TTM Consolidated EBITDA
in the aggregate at any one time outstanding;

 

(y)           Indebtedness,
Disqualified Stock or preferred stock of a joint venture owed to the Borrower and to the other holders of Equity Interests or participants
of such joint venture, so long as (i) the percentage of the aggregate amount of such Indebtedness, Disqualified Stock or preferred
stock of such joint venture owed to such holders of its Equity Interests or participants of such joint venture does not exceed the percentage
of the aggregate outstanding amount of the Equity Interests of such joint venture held by such holders or such participant’s participation
in such joint venture and (ii) the aggregate amount of Indebtedness, Disqualified Stock and preferred stock that may be incurred
pursuant to the foregoing shall not exceed the greater of (x) $11,000,000 and (y) 25.0% of TTM Consolidated EBITDA at any one
time outstanding; and

 

(z)           guarantees
incurred in the ordinary course of business in respect of obligations to suppliers, customers, franchisees, lessors, licenses, sub-licenses
and distribution partners; and

 

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(aa)         (i) Indebtedness
in respect of Permitted Debt Exchange Notes incurred pursuant to a Permitted Debt Exchange in accordance with Section 2.15
(and which does not generate any additional proceeds) and (ii) any refinancing, refunding, renewal or extension of any Indebtedness
specified in subclause (i) above; provided that (x) the principal amount of any such Indebtedness is not increased
above the principal amount thereof outstanding immediately prior to such refinancing, refunding, renewal or extension (except for any
original issue discount thereon and the amount of fees, expenses, and premium and accrued and unpaid interest in connection with such
refinancing) and (y) such Indebtedness otherwise complies with the definition of “Permitted Other Indebtedness”.

 

For
purposes of determining compliance with this Section 10.1: (i) 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 Indebtedness, Disqualified
Stock or preferred stock described in clauses (a) through (y) above or is entitled to be incurred pursuant to
the first paragraph of this Section 10.1, the Borrower, in its sole discretion, will classify and may reclassify such item
of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) (except that all Hedging Obligations must be incurred
pursuant to clause (j) and all Attributable Receivables Indebtedness must be incurred pursuant to clause (x)) and will only be required
to include the amount and type of such Indebtedness, Disqualified Stock or preferred stock in one of the above clauses or paragraphs;
and (ii) at the time of incurrence, the Borrower will be entitled to divide and classify an item of Indebtedness in more than one
of the types of Indebtedness described in this Section 10.1.

 

Accrual
of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of
interest or dividends in the form of additional Indebtedness, Disqualified Stock or preferred stock will not be deemed to be an incurrence
of Indebtedness, Disqualified Stock or preferred stock for purposes of this covenant. Any Refinancing Indebtedness and any Indebtedness
incurred to refinance Indebtedness incurred pursuant to clauses (a) and (l)(i) above shall be deemed to include
additional Indebtedness, Disqualified Stock or preferred stock incurred to pay premiums (including reasonable tender premiums), defeasance
costs, fees, and expenses in connection with such refinancing.

 

For
purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the principal amount of
Indebtedness denominated in another 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, in the case of revolving credit debt; provided that if
such Indebtedness is incurred to refinance other Indebtedness denominated in another 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 (i) the principal amount of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting
discounts, premiums, and other costs and expenses and accrued and unpaid interest incurred in connection with such refinancing.

 

The
principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness
being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness
is denominated that is in effect on the date of such refinancing.

 

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This
Agreement will not treat (1) unsecured Indebtedness as subordinated or junior to secured Indebtedness merely because it is unsecured
or (2) senior Indebtedness as subordinated or junior to any other senior Indebtedness merely because it has a junior priority with
respect to the same collateral.

 

10.2         Limitation
on Liens. The Borrower will not, and will not permit any of the Restricted Subsidiaries to, create, incur, assume or suffer to exist
any Lien upon any property or assets of any kind (real or personal, tangible or intangible) of the Borrower or any Restricted Subsidiary,
whether now owned or hereafter acquired (each, a “Subject Lien”), except if such Subject Lien is a Permitted Lien.

 

10.3         Limitation
on Fundamental Changes. The Borrower will not, and will not permit any of the Restricted Subsidiaries to, enter into any merger,
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell,
lease, assign, transfer or otherwise dispose of, all or substantially all its business units, assets or other properties, except that:

 

(a)           so
long as no Event of Default has occurred and is continuing or would result therefrom, any Subsidiary of the Borrower or any other Person
may be merged, amalgamated or consolidated with or into the Borrower; provided that (A) the Borrower shall be the continuing
or surviving corporation or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not the Borrower
(such other Person, the “Successor Borrower”), (1) the Successor Borrower shall be an entity organized or existing
under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, (2) the Successor Borrower
shall expressly assume all the obligations of the Borrower under this Agreement and the other Credit Documents pursuant to a supplement
hereto or thereto or in a form otherwise reasonably satisfactory to the Administrative Agent, (3) each Guarantor, unless it is the
other party to such merger, amalgamation or consolidation, shall have by a supplement to the Guarantee confirmed that its guarantee thereunder
shall apply to any Successor Borrower’s obligations under this Agreement, (4) each Subsidiary grantor and each Subsidiary pledgor,
unless it is the other party to such merger, amalgamation or consolidation, shall have by a supplement to any applicable Security Document
affirmed that its obligations thereunder shall apply to its Guarantee as reaffirmed pursuant to clause (3), (5) each mortgagor
of a Mortgaged Property, unless it is the other party to such merger, amalgamation or consolidation, shall have affirmed that its obligations
under the applicable Mortgage shall apply to its Guarantee as reaffirmed pursuant to clause (3), and (6) the Successor Borrower
shall have delivered to the Administrative Agent (x) an officer’s certificate stating that such merger, amalgamation, or consolidation
and such supplements preserve the enforceability of the Guarantee and the perfection and priority of the Liens under the applicable Security
Documents and (y) if requested by the Administrative Agent, an opinion of counsel to the effect that such merger, amalgamation, or
consolidation does not violate this Agreement or any other Credit Document and that the provisions set forth in the preceding clauses
(3) through (5) preserve the enforceability of the Guarantee and the perfection of the Liens created under the applicable
Security Documents (it being understood that if the foregoing are satisfied, the Successor Borrower will succeed to, and be substituted
for, the Borrower under this Agreement); provided, further, that the Borrower agrees to provide any documentation and other
information about the Successor Borrower at least three Business Days prior to the effectiveness of such merger, amalgamation, or consolidation
resulting in a Successor Borrower as shall have been reasonably requested in writing by any Lender through the Administrative Agent that
such Lender shall have reasonably determined is required by regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation;

 

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(b)          so
long as no Event of Default has occurred and is continuing or would result therefrom, any Subsidiary of the Borrower or any other Person
(in the latter case, other than the Borrower) may be merged, amalgamated or consolidated with or into any one or more Subsidiaries of
the Borrower; provided that (i) in the case of any merger, amalgamation or consolidation involving one or more Restricted
Subsidiaries, (A) a Restricted Subsidiary shall be the continuing or surviving Person or (B) the Borrower shall cause the Person
formed by or surviving any such merger, amalgamation or consolidation (if other than a Restricted Subsidiary) to become a Restricted Subsidiary,
(ii) in the case of any merger, amalgamation or consolidation involving one or more Guarantors, a Guarantor shall be the continuing
or surviving Person or the Person formed by or surviving any such merger, amalgamation or consolidation shall execute a supplement to
the Guarantee and the relevant Security Documents in form and substance reasonably satisfactory to the Administrative Agent in order to
become a Guarantor and pledgor, mortgagor and grantor, as applicable, thereunder for the benefit of the Secured Parties, and (iii) the
Borrower shall have delivered to the Administrative Agent an officer’s certificate stating that such merger, amalgamation or consolidation
and any such supplements to any Security Document preserve the enforceability of the Guarantees and the perfection and priority of the
Liens under the applicable Security Documents;

 

(c)           any
Restricted Subsidiary may merge, dissolve, liquidate, amalgamate, consolidate with or into another Person or dispose of its assets if
(i) such transaction is undertaken in good faith to improve the tax efficiency of the Borrower and its Subsidiaries and (ii) after
giving effect to such transaction, each of the security interest of the Collateral Agent in the Collateral, taken as a whole, and the
value of the Guarantees, taken as a whole, is not materially impaired;

 

(d)          (i) any
Restricted Subsidiary that is not a Credit Party may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets
(upon voluntary liquidation or dissolution or otherwise) to the Borrower or any other Restricted Subsidiary or (ii) any Credit Party
(other than the Borrower or Holdings) may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon
voluntary liquidation or dissolution or otherwise) to any other Credit Party (other than Holdings);

 

(e)           any
Subsidiary may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or dissolution
or otherwise) to a Credit Party (other than Holdings); provided that the consideration for any such disposition by any Person other
than a Guarantor shall not exceed the fair value of such assets;

 

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(f)           any
Restricted Subsidiary (in each case, other than the Borrower) may liquidate or dissolve if (i) the Borrower determines in good faith
that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders and
(ii) to the extent such Restricted Subsidiary is a Credit Party, any assets of such Restricted Subsidiary not otherwise disposed
of or transferred in accordance with Section 10.4 or 10.5 or, in the case of any such business, not discontinued, shall
be transferred to, or otherwise owned or conducted by, a Credit Party (other than Holdings) after giving effect to such liquidation or
dissolution;

 

(g)          the
Borrower’s Restricted Subsidiaries may consummate a merger, dissolution, liquidation, consolidation, investment or conveyance, sale,
lease, assignment or disposition, the purpose of which is to effect an Asset Sale (which for purposes of this Section 10.3(g),
will include any disposition below the Dollar threshold set forth in clause (d) of the definition of “Asset Sale”)
permitted by Section 10.4 or an investment permitted pursuant to Section 10.5 or an investment that constitutes
a Permitted Investment; and

 

(h)          so
long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower or any Restricted Subsidiary may change
its legal form; provided that, if either the Borrower or such Restricted Subsidiary was organized under the laws of the United
States or a state thereof immediately prior to such change, then such entity shall remain organized under the laws of the United States
or a state thereof.

 

10.4         Limitation
on Sale of Assets. The Borrower will not, and will not permit any Restricted Subsidiary to, consummate an Asset Sale, unless:

 

(a)           the
Borrower or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the
Fair Market Value (as determined at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of;
and

 

(b)          except
in the case of a Permitted Asset Swap, if the property or assets sold or otherwise disposed of have a Fair Market Value in excess of the
greater of (x) $3,000,000 and (y) 6.50% of TTM Consolidated EBITDA at the time of such disposition, 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 or Cash Equivalents; provided
that the amount of:

 

(i)            any
liabilities (as reflected on the Borrower’s most recent consolidated balance sheet or in the footnotes thereto, or if incurred or
accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Borrower’s consolidated
balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet,
as determined in good faith by the Borrower) of the Borrower, other than liabilities that are by their terms subordinated to the Loans,
that are assumed by the transferee of any such assets (or are otherwise extinguished in connection with the transactions relating to such
Asset Sale) and for which the Borrower and all such Restricted Subsidiaries have been validly released by all applicable creditors in
writing;

 

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(ii)           any
securities, notes or other obligations 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 or Cash Equivalents, or by their terms are required to be satisfied
for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within 180 days following the closing
of such Asset Sale;

 

(iii)          Indebtedness,
other than liabilities that are by their terms subordinated to the Loans, that are 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 all Restricted Subsidiaries have been validly released
from any Guarantee of payment of such Indebtedness in connection with such Asset Sale; and

 

(iv)         any
Designated Non-Cash Consideration received by the Borrower or such Restricted Subsidiary in such Asset Sale having an aggregate Fair Market
Value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (iv) that is at that
time outstanding, not to exceed the greater of (x) $3,000,000 and (y) 6.50% of TTM Consolidated EBITDA 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,

 

shall be deemed to be cash for purposes
of this clause (b) of this provision and for no other purpose.

 

Within
the Reinvestment Period after the Borrower’s or any Restricted Subsidiary’s receipt of the Net Cash Proceeds of any Asset
Sale, the Borrower or such Restricted Subsidiary shall apply the Net Cash Proceeds from such Asset Sale:

 

(i)            to
prepay Loans in accordance with Section 5.2(a)(i); and/or

 

(ii)           to
make investments in the Borrower and its Restricted Subsidiaries; provided that the Borrower and its Restricted Subsidiaries will
be deemed to have complied with this clause (ii) if and to the extent that, within the Reinvestment Period after the Asset
Sale that generated the Net Cash Proceeds, the Borrower or such Restricted Subsidiary has entered into and not abandoned or rejected a
binding agreement to consummate any such investment described in this clause (ii) with the good faith expectation that such
Net Cash Proceeds will be applied to satisfy such commitment within 180 days of such commitment and, in the event any such commitment
is later cancelled or terminated for any reason before the Net Cash Proceeds are applied in connection therewith, the Borrower or such
Restricted Subsidiary prepays the Loans in accordance with Section 5.2(a)(i).

 

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(c)           Pending
the final application of any Net Cash Proceeds pursuant to this covenant, the Borrower or the applicable Restricted Subsidiary may apply
such Net Cash Proceeds temporarily to reduce Indebtedness outstanding under the Revolving Credit Facility or any other revolving credit
facility or otherwise invest such Net Cash Proceeds in any manner not prohibited by this Agreement.

 

Notwithstanding
anything to the contrary, (i) the Borrower and its Subsidiaries shall not transfer (including by way of an exclusive license) any
Material Intellectual Property to an Unrestricted Subsidiary, (ii) no Subsidiary that owns any Material Intellectual Property shall
be designated as an Unrestricted Subsidiary and (iii) no Unrestricted Subsidiary shall own any Material Intellectual Property.

 

10.5         Limitation
on Restricted Payments.

 

(a)           The
Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly:

 

(1)           declare
or pay any dividend or make any payment or distribution on account of the Borrower’s or any Restricted Subsidiary’s Equity
Interests, including any dividend or distribution payable in connection with any merger or consolidation, other than:

 

(A)         dividends
or distributions by the Borrower payable in Equity Interests (other than Disqualified Stock) of the Borrower or in options, warrants or
other rights to purchase such Equity Interests, or

 

(B)          dividends
or distributions by a Restricted Subsidiary 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 Restricted Subsidiary other than a Wholly-Owned 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;

 

(2)           purchase,
redeem, defease or otherwise acquire or retire for value any Equity Interests of the Borrower or any Restricted Subsidiary or any direct
or indirect parent company of the Borrower, including in connection with any merger or consolidation;

 

(3)           make
any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value in each case, prior to any scheduled
repayment, sinking fund payment or maturity, any Subordinated Indebtedness of the Borrower or any Restricted Subsidiary, other than (A) Indebtedness
permitted under clauses (g) and (h) of Section 10.1; so long as, in the case of any such Indebtedness
owed by the Borrower or a Guarantor to a Restricted Subsidiary that is not the Borrower or a Guarantor, no Event of Default shall have
occurred and be continuing or (B) the purchase, repurchase or other acquisition of Subordinated Indebtedness purchased in anticipation
of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase,
repurchase or acquisition; or

 

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(4)           make
any Restricted Investment;

 

(all such payments and other actions set forth
in clauses (1) through (4) above (other than any exception thereto) being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment:

 

(i)            no
Event of Default shall have occurred and be continuing or would occur as a consequence thereof (or in the case of a Restricted Investment,
no Event of Default under Section 11.1 or 11.5 shall have occurred and be continuing or would occur as a consequence
thereof); and

 

(ii)           such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Borrower and its Restricted Subsidiaries
after the Closing Date (including Restricted Payments permitted by clauses (1), (2) (with respect to the payment of
dividends on Refunding Capital Stock pursuant to clause (b) thereof only), and (6)(C) of Section 10.5(b) below,
but excluding all other Restricted Payments permitted by Section 10.5(b)), is less than the sum of (without duplication) (the
sum of the amounts attributable to clauses (A) through (E) below is referred to herein as the “Available
Amount”):

 

(A)         100%
of the aggregate net cash proceeds and the Fair Market Value of marketable securities or other property received by the Borrower since
immediately after the Closing Date (other than the net cash proceeds from Cure Amounts or to the extent such net cash proceeds have been
used to incur Indebtedness, Disqualified Stock or preferred stock pursuant to clause (l)(i) of Section 10.1) from
the issue or sale of (x) Equity Interests of the Borrower, including Retired Capital Stock (but excluding cash proceeds and the Fair
Market Value of marketable securities or other property received from the sale of (1) Equity Interests to any employee, director,
officer, manager, consultant or independent contractor of the Borrower, any direct or indirect parent company of the Borrower and the
Borrower’s Subsidiaries after the Closing Date to the extent such amounts have been applied to Restricted Payments made in accordance
with clause (4) of Section 10.5(b) below, and (2) Designated Preferred Stock) and, to the extent such
net cash proceeds are actually contributed to the Borrower, Equity Interests of any direct or indirect parent company of the Borrower
(excluding contributions of the proceeds from the sale of Designated Preferred Stock of such companies or contributions to the extent
such amounts have been applied to Restricted Payments made in accordance with clause (4) of Section 10.5(b) below)
or (y) Indebtedness of the Borrower or a Restricted Subsidiary that has been converted into or exchanged for such Equity Interests
of Holdings or any other direct or indirect parent company of the Borrower; provided that this clause (A) shall not
include the proceeds from (a) Refunding Capital Stock, (b) Equity Interests or Indebtedness that has been converted or exchanged
for Equity Interests of the Borrower sold to a Restricted Subsidiary or the Borrower, as the case may be, (c) Disqualified Stock
or Indebtedness that has been converted or exchanged into Disqualified Stock or (d) Excluded Contributions, plus

 

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(B)          100%
of the aggregate amount of cash and the Fair Market Value of marketable securities or other property contributed to the capital of the
Borrower following the Closing Date (other than the net cash proceeds from Cure Amounts or to the extent such net cash proceeds (i) have
been used to incur Indebtedness, Disqualified Stock or preferred stock pursuant to clause (l)(i) of Section 10.1,
(ii) are contributed by a Restricted Subsidiary or (iii) constitute Excluded Contributions), plus

 

(C)          100%
of the aggregate amount received in cash and the Fair Market Value of marketable securities or other property received by means of (A) the
sale or other disposition (other than to the Borrower or a Restricted Subsidiary) of Restricted Investments made by the Borrower and its
Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Borrower and its Restricted Subsidiaries
and repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments made by the Borrower or the Restricted
Subsidiaries, in each case, after the Closing Date; or (B) the sale (other than to the Borrower or a Restricted Subsidiary) of the
stock of an Unrestricted Subsidiary (other than in each case to the extent such Investment constituted a Permitted Investment) or a dividend
from an Unrestricted Subsidiary after the Closing Date, plus

 

(D)          in
the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary after the Closing Date, the Fair Market Value of
the Investment in such Unrestricted Subsidiary at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary,
other than to the extent such Investment constituted a Permitted Investment, plus

 

(E)          the
aggregate amount of any Retained Declined Proceeds since the Closing Date, plus

 

(F)          the
greater of (a) $11,000,000 and (b) 25.0% of TTM Consolidated EBITDA.

 

(b)           The
foregoing provisions of Section 10.5(a) will not prohibit:

 

(1)           the
payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of such notice such payment
would have complied with the provisions of this Agreement;

 

(2)           (a) the
redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”) or Subordinated
Indebtedness of the Borrower or any Restricted Subsidiary, or any Equity Interests of any direct or indirect parent company of the Borrower,
in exchange for, or out of the proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary) of, Equity Interests
of Holdings or any other direct or indirect Parent Entity or management investment vehicle to the extent contributed to the Borrower (in
each case, other than any Disqualified Stock) (“Refunding Capital Stock”) and (b) if immediately prior to the
retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under clause (6) of this
Section 10.5(b), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock
the proceeds of which were used to redeem, repurchase, 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 was declarable
and payable on such Retired Capital Stock immediately prior to such retirement;

 

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(3)           the
prepayment, redemption, defeasance, repurchase or other acquisition or retirement for value of Subordinated Indebtedness of the Borrower
or a Restricted Subsidiary made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the
Borrower, or a Restricted Subsidiary, as the case may be, which is incurred in compliance with Section 10.1 so long as: (A) the
principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount of (or accreted value,
if applicable), plus any accrued and unpaid interest on the Subordinated Indebtedness being so redeemed, defeased, repurchased, exchanged,
acquired or retired for value, plus the amount of any premium (including reasonable tender premiums), defeasance costs and any reasonable
fees and expenses incurred in connection with the issuance of such new Indebtedness, (B) if such Subordinated Indebtedness is subordinated
to the Obligations, such new Indebtedness is subordinated to the Obligations or the applicable Guarantee at least to the same extent as
such Subordinated Indebtedness so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired for value, (C) such
new Indebtedness has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Subordinated Indebtedness
being so redeemed, defeased, repurchased, exchanged, acquired or retired, (D) if such Subordinated Indebtedness so purchased, exchanged,
redeemed, repurchased, acquired or retired for value is (i) unsecured then such new Indebtedness shall be unsecured or (ii) secured
by a Lien ranking junior to the Liens securing the Obligations then such new Indebtedness shall be unsecured or secured by a Lien ranking
junior to the Liens securing the Obligations, and (E) such new Indebtedness has a weighted average life to maturity equal to or greater
than the remaining weighted average life to maturity of the Subordinated Indebtedness being so redeemed, defeased, repurchased, exchanged,
acquired or retired;

 

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(4)           a
Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests (other than
Disqualified Stock) of the Borrower or any direct or indirect parent company of the Borrower or management investment vehicle held by
any future, present or former employee, director, officer, manager, consultant or independent contractor of the Borrower, any of its Subsidiaries
or any direct or indirect Parent Entity or management investment vehicle, or their estates, descendants, family, spouse or former spouse
pursuant to any equity incentive plan, management equity plan or stock option or phantom equity plan or any other management or employee
benefit plan or agreement, or any stock subscription or shareholder agreement (including, for the avoidance of doubt, any principal and
interest payable on any notes issued by the Borrower or any direct or indirect Parent Entity or management investment vehicle in connection
with such repurchase, retirement or other acquisition); provided that, except with respect to non-discretionary purchases, the
aggregate Restricted Payments made under this clause (4) subsequent to the Closing Date do not exceed in any calendar year
the greater of (a) $11,000,000 and (b) 25.0% of TTM Consolidated EBITDA (with unused amounts in any calendar year being carried
over to succeeding calendar years); provided, further, that such amount in any calendar year may be increased by an amount
not to exceed: (A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Borrower and, to the
extent contributed to the Borrower, the cash proceeds from the sale of Equity Interests of any direct or indirect Parent Entity or management
investment vehicle, in each case to any future, present or former employees, directors, officers, managers, consultants or independent
contractors of the Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle that occurs
after the Closing Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to make
Restricted Payments by virtue of clause (ii) of Section 10.5(a), plus (B) the cash proceeds of key man life
insurance policies received by the Borrower and its Restricted Subsidiaries after the Closing Date, less (C) the amount of any Restricted
Payments previously made pursuant to clauses (A) and (B) of this clause (4); and provided, further,
that cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from any future, present or former employees, directors,
officers, managers, consultants or independent contractors of the Borrower, any direct or indirect Parent Entity or management investment
vehicle or any Restricted Subsidiary, or their estates, descendants, family, spouse or former spouse in connection with a repurchase of
Equity Interests of the Borrower or any direct or indirect Parent Entity or management investment vehicle will not be deemed to constitute
a Restricted Payment for purposes of this Section 10.5 or any other provision of this Agreement;

 

(5)           the
declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Borrower or any Restricted Subsidiary
or any class or series of preferred stock of any Restricted Subsidiary, in each case, issued in accordance with Section 10.1
to the extent such dividends are included in the definition of “Fixed Charges”;

 

(6)           (A) the
declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued
by the Borrower after the Closing Date; (B) the declaration and payment of dividends to any direct or indirect parent company 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 such parent company issued after the Closing Date; provided that the amount of dividends
paid pursuant to this clause (B) shall not exceed the aggregate amount of cash actually contributed to the Borrower from the
sale of such Designated Preferred Stock; or (C) the declaration and payment of dividends on Refunding Capital Stock in excess of
the dividends declarable and payable thereon pursuant to clause (2) of this Section 10.5(b); provided that,
in the case of each of (A), (B), and (C) of this clause (6), for the most recently ended four full fiscal quarters for which
for which Section 9.1 Financials have been delivered immediately preceding the declaration of such dividends on Designated Preferred
Stock or Refunding Capital Stock, after giving effect to such issuance or declaration on a Pro Forma Basis, the Borrower and its Restricted
Subsidiaries on a consolidated basis would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00;

 

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(7)           payments
in connection with (or payments made to permit any applicable Parent Entity to make payments in connection with) any tax receivable agreements
that are customary and reasonably acceptable to the Administrative Agent to the extent such payments are ordinary course annual payments
excluding lump sum payments on any acceleration event; provided that the Tax Receivable Agreement shall be deemed to be customary
and reasonably acceptable to the Administrative Agent;

 

(8)           (i) payments
made or expected to be made by the Borrower or any Restricted Subsidiary in respect of withholding or similar Taxes payable or expected
to be payable by any future, present or former employee, director, officer, manager, consultant or independent contractor of the Borrower
or any Restricted Subsidiary of the Borrower (or their respective Affiliates, management investment vehicles, estates, descendants, family
members, spouses and former spouses and any trusts, limited liability companies, corporations, partnerships or other entities for the
benefit of, or controlled by, any of the foregoing) in connection with the exercise of stock options or the grant, vesting or delivery
of Equity Interests (including, without limitation, restricted stock units) of the Borrower (or any direct or indirect parent company
of the Borrower) and repurchases of Equity Interests (including, without limitation, restricted stock units) deemed to occur upon the
exercise of stock options or the grant, vesting or delivery of Equity Interests to the extent the Equity Interests subject to such repurchase
represent a portion of the exercise price of such options or warrants, (ii) payments or other adjustments to outstanding Equity Interests
in accordance with any incentive equity plan, management equity plan, stock option plan or any other similar employee benefit plan, agreement
or arrangement in connection with any Restricted Payment, (iii) payments of Permitted Tax Distributions and (iv) distributions
and payments necessary to allow each Parent Entity to pay franchise and similar Taxes, and other fees and expenses, necessary to maintain
such entity’s organizational existence;

 

(9)           the
declaration and payment of dividends on the Borrower’s common stock (or the payment of dividends to any direct or indirect parent
company of the Borrower to fund a payment of dividends on such company’s common stock), of up to 6.00% per annum of the net cash
proceeds received by or contributed to the Borrower in or from the IPO;

 

(10)         Restricted
Payments in an amount that does not exceed the amount of Excluded Contributions made since the Closing Date;

 

(11)         [reserved];

 

(12)         distributions
or payments of Receivables Fees;

 

(13)         [reserved];

 

(14)         other
Restricted Payments; provided that after giving Pro Forma Effect to such Restricted Payments (x) the Consolidated Total Debt
to Consolidated EBITDA Ratio does not exceed, (i) with respect to the first twelve months after the Closing Date, 3.25 to 1.00 and
(ii) thereafter, 3.75 to 1.00 and (y) the Borrower is in compliance with the Fixed Charge Coverage Ratio set forth in Section 10.7(b);

 

(15)         [reserved];

 

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(16)         the
repurchase, redemption or other acquisition for value of Equity Interests of the Borrower deemed to occur in connection with paying cash
in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share split, reverse share split,
merger, consolidation, amalgamation or other business combination of the Borrower, in each case, permitted under this Agreement;

 

(17)         the
distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Borrower or a Restricted Subsidiary
by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash Equivalents); and

 

(18)         payments
or distributions to satisfy dissenters’ rights, pursuant to or in connection with a consolidation, amalgamation, merger or transfer
of assets that complies with Section 10.3;

 

provided that at the time of, and after
giving effect to, any Restricted Payment permitted under clauses (10) (but only if the Excluded Contribution was made
more than six months prior to such time) and (14) above, no Event of Default shall have occurred and be continuing or would occur
as a consequence thereof (or in the case of a Restricted Investment, no Event of Default under Section 11.1 or 11.5
shall have occurred and be continuing or would occur as a consequence thereof).

 

The Borrower will not permit
any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the last sentence of the definition of “Unrestricted
Subsidiary”. For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by
the Borrower and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted
Payments in an amount determined as set forth in the last sentence of the definition of “Investment”. Such designation will
be permitted only if a Restricted Payment in such amount would be permitted at such time, whether pursuant to Section 10.5(a) or
under clause (10) of Section 10.5(b), or pursuant to the definition of “Permitted Investments”, and
if such Subsidiary otherwise meets the definition of “Unrestricted Subsidiary”. Unrestricted Subsidiaries will not be subject
to any of the restrictive covenants set forth in this Agreement.

 

For purposes of determining
compliance with this Section 10.5, solely with respect to Investments (and not with respect to other Restricted Payments),
in the event that a proposed Investment (or a portion thereof) meets the criteria of any of clauses (1) through (18)
above or is entitled to be made pursuant to clause (ii) of Section 10.5(a) and/or one or more of the exceptions
contained in the definition of Permitted Investments (the “Investment Reclassification Baskets”), the Borrower will
be entitled to classify or later reclassify (based on circumstances existing on the date of such reclassification) such Investment (or
portion thereof) among such Investment Reclassification Baskets, in a manner that otherwise complies with this Section 10.5.

 

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(c)           Prior
to the Initial Term A Loan Maturity Date, to the extent any Permitted Debt Exchange Notes are issued pursuant to Section 10.1(aa)
for the purpose of consummating a Permitted Debt Exchange, (i) the Borrower will not, and will not permit any Restricted Subsidiary
to, prepay, repurchase, redeem or otherwise defease or acquire any Permitted Debt Exchange Notes unless the Borrower or a Restricted Subsidiary
shall concurrently voluntarily prepay Term Loans pursuant to Section 5.1(a) on a pro rata basis among the Term Loans,
in an amount not less than the product of (a) a fraction, the numerator of which is the aggregate principal amount (calculated on
the face amount thereof) of such Permitted Debt Exchange Notes that are proposed to be prepaid, repurchased, redeemed, defeased or acquired
and the denominator of which is the aggregate principal amount (calculated on the face amount thereof) of all Permitted Debt Exchange
Notes in respect of the relevant Permitted Debt Exchange then outstanding (prior to giving effect to such proposed prepayment, repurchase,
redemption, defeasance or acquisition) and (b) the aggregate principal amount (calculated on the face amount thereof) of Term Loans
then outstanding and (ii) the Borrower will not waive, amend or modify the terms of any Permitted Debt Exchange Notes or any indenture
or other agreement pursuant to which such Permitted Debt Exchange Notes have been issued in any manner inconsistent with the terms of
Section 2.15(a), Section 10.1(aa), or the definition of “Permitted Other Indebtedness” or that would
result in a Default hereunder if such Permitted Debt Exchange Notes (as so amended or modified) were then being issued or incurred.

 

Notwithstanding anything to the contrary, (i) the
Borrower and its Subsidiaries shall not transfer (including by way of an exclusive license) any Material Intellectual Property to an Unrestricted
Subsidiary, (ii) no Subsidiary that owns any Material Intellectual Property shall be designated as an Unrestricted Subsidiary and
(iii) no Unrestricted Subsidiary shall own any Material Intellectual Property.

 

10.6         Limitation
on Subsidiary Distributions. The Borrower will not permit any of the Restricted Subsidiaries to, directly or indirectly, create or
otherwise cause or suffer to exist or become effective (A) any agreement or other arrangement that prohibits, restricts or imposes
any condition upon its ability to create or suffer to exist any Lien upon any of its properties or revenues, whether now owned or hereafter
acquired, to secure the Obligations or (B) in the case of Restricted Subsidiaries that are not Guarantors, any consensual encumbrance
or consensual restriction on the ability of any such Restricted Subsidiary to:

 

(a)           (i) pay
dividends or make any other distributions to the Borrower or any Restricted Subsidiary on its Capital Stock or 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 Restricted Subsidiary;

 

(b)           make
loans or advances to the Borrower or any Restricted Subsidiary; or

 

(c)           sell,
lease or transfer any of its properties or assets to the Borrower or any Restricted Subsidiary;

 

except (in each case)
for such encumbrances or restrictions (x) solely in the case of clause (B) above, which the Borrower has reasonably determined
in good faith will not materially impair the Borrower’s ability to make payments under this Agreement when due or (y) existing
under or by reason of:

 

(i)            contractual
encumbrances or restrictions in effect on the Closing Date, including pursuant to this Agreement and the related documentation and related
Hedging Obligations;

 

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(ii)           [reserved];

 

(iii)          (x) purchase
money obligations for property acquired in the ordinary course of business or consistent with past practice and Capitalized Lease Obligations
that impose restrictions of the nature discussed in clause (c) above on the property so acquired and (y) other secured
Indebtedness otherwise permitted to be incurred pursuant to Sections 10.1(x) that contain restrictions applying only to the
property securing such Indebtedness;

 

(iv)          Requirements
of Law or any applicable rule, regulation or order;

 

(v)           any
agreement or other instrument of a Person acquired by or merged or consolidated with or into the Borrower or any Restricted Subsidiary,
or of an Unrestricted Subsidiary that is designated a Restricted Subsidiary, or that is assumed in connection with the acquisition of
assets from such Person, in each case that is in existence at the time of such transaction (but not created in contemplation thereof),
which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and
its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired or designated;

 

(vi)          solely
in the case of clause (B) above, contracts for the sale of assets, including customary restrictions with respect to a Subsidiary
of the Borrower pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital
Stock or assets of such Subsidiary;

 

(vii)         solely
in the case of clause (B) above, (x) secured Indebtedness otherwise permitted to be incurred pursuant to Sections 10.1
and 10.2 that limit the right of the debtor to dispose of the assets securing such Indebtedness and (y) restrictions on transfers
of assets subject to Permitted Liens (but, with respect to any such Permitted Lien, only to the extent that such transfer restrictions
apply solely to the assets that are the subject of such Permitted Lien);

 

(viii)        restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

 

(ix)          (1) solely
in the case of clause (B) above, other Indebtedness, Disqualified Stock or preferred stock of Restricted Subsidiaries permitted to
be incurred subsequent to the Closing Date pursuant to the provisions of Section 10.1 and (2) solely in the cause of
clause (A) above, other Indebtedness, Disqualified Stock or preferred stock of Restricted Subsidiaries that are not, and are not
required to be, Guarantors hereunder permitted to be incurred subsequent to the Closing Date pursuant to the provisions of Section 10.1
that imposes such restrictions solely on such Restricted Subsidiaries;

 

(x)           customary
provisions in joint venture agreements or arrangements and other similar agreements or arrangements relating solely to such joint venture
and the Equity Interests issued thereby;

 

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(xi)          customary
provisions contained in leases, sub-leases, licenses, sub-licenses or similar agreements, in each case, entered into in the ordinary course
of business;

 

(xii)         restrictions
created in connection with any Receivables Facility that, in the good faith determination of the board of directors of the Borrower, are
necessary or advisable to effect such Receivables Facility; and

 

(xiii)        any
encumbrances or restrictions of the type referred to in clauses (a), (b), and (c) above imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments
or obligations referred to in clauses (i) through (xii) above; provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements, or refinancings (x) are, in the good faith judgment of
the Borrower’s board of directors, no more restrictive in any material respect with respect to such encumbrance and other restrictions
taken as a whole than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement
or refinancing or (y) solely in the case of clause (B) above, do not materially impair the Borrower’s ability to pay
its respective obligations under the Credit Documents as and when due (as determined in good faith by the Borrower).

 

10.7         Financial
Covenants. (a)          Commencing with the Test Period ending December 31,
2021, the Borrower will not permit the Consolidated Total Debt to Consolidated EBITDA Ratio as of the last day of any Test Period to
be greater than the levels set forth below for each such fiscal quarter:

 

	Fiscal Quarter Ending	Consolidated Total Debt to Consolidated EBITDA Ratio
	December 31, 2021 – September 30, 2022	4.75:1.00
	December 31, 2022 – September 30, 2023	4.50:1.00
	December 31, 2023 – September 30, 2024	4.25:1.00
	December 31,
    2024 – September 30, 2025 	4.00:1.00
	December 31, 2025 and thereafter	3.75:1.00

 

(b)           Commencing
with the Test Period ending December 31, 2021, the Borrower will not permit the Fixed Charge Coverage Ratio as of the last day of
any Test Period to be less than 1.20 to 1.00.

 

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10.8         Holdings
Covenant. Holdings will not conduct, transact or otherwise engage in any material operating or business activities other than (i) the
ownership and/or acquisition of the Equity Interests of the Borrower, including receipt and payment of Restricted Payments and other
amounts in respect of Equity Interests permitted to be made by the Borrower pursuant to the terms of this Agreement, (ii) the maintenance
of its legal existence, including the ability to incur and pay, as applicable, fees, costs and expenses and taxes relating to such maintenance,
(iii) participating in tax, accounting and other administrative matters related to any Parent Entity, Holdings, and the Borrower
or any of their Subsidiaries, (iv) the performance of its obligations under and in connection with the Credit Documents and any
documentation governing any Indebtedness of the Borrower and the Restricted Subsidiaries permitted hereby, (v) equity financing
activities, including any issuance or registration of its Equity Interests for sale or resale, including the costs, fees and expenses
related thereto, (vi) the receipt and the making (or payment) of dividends and distributions, making contributions to the capital
of the Borrower and its Restricted Subsidiaries and guaranteeing the obligations of the Borrower and its other Restricted Subsidiaries,
(vii) incurring fees, costs and expenses relating to overhead and general operating matters, including professional fees for legal,
tax and accounting issues, employment of corporate-level executives, administration of executive and employee cash incentive plans and
paying taxes, (viii) holding any cash or property (but not operating any property) (excluding any Equity Interest of any Person
other than the Borrower), (ix) providing indemnification to officers and directors as otherwise permitted in Section 9.9, (x) activities
as necessary to consummate any Permitted Acquisition or any other Investment of the Borrower and its Restricted Subsidiaries permitted
hereunder, (xi) activities incidental to the consummation of the Transactions, (xii) any transaction with the Borrower or any
Restricted Subsidiary to the extent expressly permitted under this Section 10 and (xiii) activities incidental to the businesses
or activities described in clauses (i) through (xi) of this paragraph.

 

Section 11. Events
of Default

 

Upon the occurrence of any
of the following specified events (each an “Event of Default”):

 

11.1         Payments.
The Borrower shall (a) default in the payment when due of any principal of the Loans or (b) default, and such default shall
continue for five or more Business Days, in the payment when due of any interest on the Loans or any Fees or any Unpaid Drawings or of
any other amounts owing hereunder or under any other Credit Document; or

 

11.2         Representations,
Etc. Any representation, warranty or statement made or deemed made by any Credit Party herein or in any other Credit Document or
any certificate delivered or required to be delivered pursuant hereto or thereto shall prove to be untrue in any material respect on
the date as of which made or deemed made, and, to the extent capable of being cured (except those in the Credit Documents made or deemed
made on the Closing Date), such incorrect representation or warranty shall remain incorrect for a period of 30 days after written notice
thereof from the Administrative Agent to the Borrower; or

 

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11.3         Covenants.
Any Credit Party shall:

 

(a)           default
in the due performance or observance by it of any term, covenant or agreement contained in Section 9.1(e)(i), Section 9.5
(solely with respect to the Borrower), Section 9.14(d) or Section 10; provided that any Event of Default
under Section 10.7 is subject to cure as provided in Section 11.14 and an Event of Default with respect to such
Section shall not occur until the expiration of the 10th Business Day subsequent to the date the relevant financial statements are
required to be delivered for the applicable fiscal quarter pursuant to Section 9.1(a) or (b); or

 

(b)          default
in the due performance or observance by it of any term, covenant or agreement (other than those referred to in Section 11.1
or 11.2 or clause (a) of this Section 11.3) contained in this Agreement or any Security Document and such
default shall continue unremedied for a period of at least 30 days after receipt of written notice to the Borrower from the Administrative
Agent or the Required Lenders; or

 

11.4         Default
Under Other Agreements. (a) The Borrower or any of the Restricted Subsidiaries shall (i) fail to make any payment with
respect to any Indebtedness (other than the Obligations) in an aggregate principal amount in excess of the greater of (x) $8,500,000
and (y) 20.0% of TTM Consolidated EBITDA in the aggregate, for the Borrower and such Restricted Subsidiaries, beyond the period
of grace and following all required notices, if any, provided in the instrument or agreement under which such Indebtedness was created
or (ii) default in the observance or performance of any 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 (after giving
effect to all applicable grace periods and delivery of all required notices) (other than, with respect to Indebtedness consisting of
any Hedge Agreements, termination events or equivalent events pursuant to the terms of such Hedge Agreements (it being understood that
clause (i) above shall apply to any failure to make any payment with respect to any Indebtedness (other than the Obligations)
in an aggregate principal amount in excess of the greater of (x) $8,500,000 and (y) 20.0% of TTM Consolidated EBITDA that is
required as a result of any such termination or similar event and that is not otherwise being contested in good faith)), the effect of
which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent
on behalf of such holder or holders) to cause, any such Indebtedness 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; provided that this clause (a) shall not apply to secured Indebtedness that becomes due as a result of the
sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such
Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement), or (b) without limiting
the provisions of clause (a) above, any such Indebtedness shall be declared to be due and payable, or required to be prepaid
other than by a regularly scheduled required prepayment or as a mandatory prepayment (and, with respect to Indebtedness consisting of
any Hedge Agreements, other than due to a termination event or equivalent event pursuant to the terms of such Hedge Agreements (it being
understood that clause (a)(i) above shall apply to any failure to make any payment in excess of the greater of (x) $8,500,000
and (y) 20.0% of TTM Consolidated EBITDA that is required as a result of any such termination or equivalent event and that is not
otherwise being contested in good faith)), prior to the stated maturity thereof; provided that this clause (b) shall
not apply to (x) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing
such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness, (y) Indebtedness
which is convertible into Qualified Stock and converts to Qualified Stock in accordance with its terms and such conversion is not prohibited
hereunder, or (z) any breach or default that is (I) remedied by the Borrower or the applicable Restricted Subsidiary or (II) waived
(including in the form of amendment) by the required holders of the applicable item of Indebtedness, in either case, prior to the acceleration
of Loans pursuant to this Section 11; or

 

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11.5         Bankruptcy,
Etc. Except as otherwise permitted by Section 10.3, the Borrower or any Material Subsidiary shall commence a voluntary
case, proceeding or action concerning itself under (a) Title 11 of the United States Code entitled “Bankruptcy” or (b) in
the case of any Foreign Subsidiary that is a Material Subsidiary, any domestic or foreign law relating to bankruptcy, judicial management,
insolvency, reorganization, administration or relief of debtors in effect in its jurisdiction of incorporation, in each case as now or
hereafter in effect, or any successor thereto (collectively, the “Bankruptcy Code”); or an involuntary case, proceeding
or action is commenced against the Borrower or any Material Subsidiary and the petition is not dismissed within 60 days after commencement
of the case, proceeding or action; or a custodian (as defined in the Bankruptcy Code), judicial manager, compulsory manager, receiver,
receiver manager, trustee, liquidator, administrator, administrative receiver or similar Person is appointed for, or takes charge of,
all or substantially all of the property of the Borrower or any Material Subsidiary; or the Borrower or any Material Subsidiary commences
any other voluntary proceeding or action under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency,
winding-up, administration or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Borrower
or any Material Subsidiary; or there is commenced against the Borrower or any Material Subsidiary any such proceeding or action that
remains undismissed for a period of 60 days; or the Borrower or any Material Subsidiary is adjudicated insolvent or bankrupt; or any
order of relief or other order approving any such case or proceeding or action is entered; or the Borrower or any Material Subsidiary
suffers any appointment of any custodian receiver, receiver manager, trustee, administrator or the like for it or any substantial part
of its property to continue undischarged or unstayed for a period of 60 days; or the Borrower or any Material Subsidiary makes a general
assignment for the benefit of creditors; or any corporate action is taken by the Borrower or any Material Subsidiary for the purpose
of effecting any of the foregoing; or

 

11.6         ERISA.
(a) An ERISA Event or a Foreign Plan Event shall have occurred, (b) a trustee shall be appointed by a United States district
court to administer any Pension Plan(s), (c) the PBGC shall institute proceedings to terminate any Pension Plan(s), or (d) any
Credit Party or any of their respective ERISA Affiliates shall have been notified by the sponsor of a Multiemployer Plan that it has
incurred or will be assessed Withdrawal Liability to such Multiemployer Plan and such entity does not have reasonable grounds for contesting
such Withdrawal Liability or is not contesting such Withdrawal Liability in a timely and appropriate manner; and in each case in clauses
(a) through (d) above, such event or condition, together with all other such events or conditions, if any, would
reasonably be expected to result in a Material Adverse Effect; or

 

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11.7         Credit
Documents; Guarantee. Any material provision of any Credit Document shall for any reason be asserted in writing by any Credit Party
not to be a legal, valid and binding obligation of any party thereto (other than in accordance with its terms). Any Guarantee provided
by any Credit Party or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof
and thereof) or any such Guarantor thereunder or any other Credit Party shall deny or disaffirm in writing any such Guarantor’s
obligations under the Guarantee; or

 

11.8         Pledge
Agreement. The Pledge Agreement or any other Security Document pursuant to which the Capital Stock or Stock Equivalents of the Borrower
or any Subsidiary is pledged shall cease to be in full force or effect or any material collateral pledged thereunder shall cease to be
subject to a valid and perfected security interest (other than pursuant to the terms hereof or thereof, as a result of acts or omissions
of the Collateral Agent or any Lender or as a result of the Collateral Agent’s failure to maintain possession of any Capital Stock
or Stock Equivalents that have been previously delivered to it) or any pledgor thereunder or any Credit Party shall deny or disaffirm
in writing any pledgor’s obligations under any Security Document; or

 

11.9         Security
Agreement. The Security Agreement or any other Security Document pursuant to which the assets of the Borrower or any Material Subsidiary
are pledged as Collateral shall cease to be in full force or effect or any material collateral pledged thereunder shall cease to be subject
to a valid and perfected security interest (other than pursuant to the terms hereof or thereof, as a result of acts or omissions of the
Collateral Agent in respect of certificates, promissory notes or instruments actually delivered to it (including as a result of the Collateral
Agent’s failure to file a Uniform Commercial Code continuation statement)) or any grantor thereunder or any Credit Party shall
deny or disaffirm in writing any grantor’s obligations under the Security Agreement or any other Security Document; or

 

11.10       Judgments.
One or more final judgments or decrees shall be entered against the Borrower or any of the Restricted Subsidiaries involving a liability
in excess of the greater of (x) $8,500,000 and (y) 20.0% of TTM Consolidated EBITDA in the aggregate in the aggregate for all
such judgments and decrees for the Borrower and its Restricted Subsidiaries (to the extent not covered by insurance or indemnities as
to which the applicable insurance company or third party has not denied coverage) and any such judgments or decrees shall not have been
satisfied, vacated, discharged or stayed or bonded pending appeal within 60 days after the entry thereof; or

 

11.11       Change
of Control. A Change of Control shall occur.

 

11.12       Remedies
Upon Event of Default. If an Event of Default occurs and is continuing, the Administrative Agent shall, upon the written request
of the Required Lenders, by written notice to the Borrower, take any or all of the following actions, without prejudice to the rights
of the Administrative Agent or any Lender to enforce its claims against the Borrower, except as otherwise specifically provided for in
this Agreement (provided that, if an Event of Default specified in Section 11.5 shall occur with respect to the Borrower,
the result that would occur upon the giving of written notice by the Administrative Agent as specified in clauses (i), (ii),
(iii), and (iv) below shall occur automatically without the giving of any such notice): (i) declare the Total
Revolving Credit Commitment terminated, whereupon the Revolving Credit Commitment of each Lender shall forthwith terminate immediately
and any Fees theretofore accrued shall forthwith become due and payable without any other notice of any kind; (ii) declare the principal
of and any accrued interest and fees in respect of all Loans and all Obligations to be, whereupon the same shall become, forthwith due
and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower to the extent
permitted by applicable law; (iii) terminate any Letter of Credit that may be terminated in accordance with its terms; and/or (iv) direct
the Borrower to pay (and the Borrower agrees that upon receipt of such notice, or upon the occurrence of an Event of Default specified
in Section 11.5 with respect to the Borrower, it will pay) to the Administrative Agent at the Administrative Agent’s
Office such additional amounts of cash, to be held as security for the Borrower’s respective Reimbursement Obligations for Unpaid
Drawings that may subsequently occur thereunder, equal to the aggregate Stated Amount of all Letters of Credit issued and then outstanding.
In the case of an Event of Default under Section 11.3(a) in respect of a failure to observe or perform the covenant
under Section 10.7, provided that the actions hereinafter described will be permitted to occur only following the
expiration of the ability to effectuate the Cure Right if such Cure Right has not been so exercised.

 

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11.13               Application
of Proceeds. Any amount received by the Administrative Agent or the Collateral Agent from any Credit Party (or from proceeds of any
Collateral) following the exercise of remedies under this Agreement or any Event of Default with respect to the Borrower under Section 11.5
shall be applied:

 

(i)              first,
to the payment of all reasonable and documented costs and expenses incurred by the Administrative Agent or the Collateral Agent in connection
with any collection or sale of the Collateral or otherwise in connection with any Credit Document, including all court costs and the reasonable
fees and expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent or the Collateral Agent
hereunder or under any other Credit Document on behalf of any Credit Party and any other reasonable and documented costs or expenses incurred
in connection with the exercise of any right or remedy hereunder or under any other Credit Document to the extent reimbursable hereunder
or thereunder;

 

(ii)            second,
to the payment of all reasonable and documented costs and expenses incurred by the other Secured Parties in connection with any Credit
Document, including all court costs and the reasonable fees and expenses of legal counsel and any other reasonable and documented costs
or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Credit Document to the extent
reimbursable hereunder or thereunder;

 

(iii)            third,
to the payment of the portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, Reimbursement
Obligations and other Obligations arising under the Credit Documents, ratably among the Lenders and the Letter of Credit Issuers in proportion
to the respective amounts described in this clause third payable to them;

 

(iv)            fourth,
to the payment of that portion of the Obligations constituting principal of Loans, Reimbursement Obligations and Obligations then owing
under Secured Cash Management Agreements and Secured Hedge Agreements, ratably among the applicable Secured Parties in proportion to the
respective amounts described in this clause fourth payable to them;

 

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(v)            fifth,
to the Administrative Agent for the account of the applicable Letter of Credit Issuers, an amount sufficient to Cash Collateralize all
Letters of Credit Outstanding on the date of any distribution, and, if such moneys shall be insufficient to Cash Collateralize all Letters
of Credit Outstanding, then ratably (without priority of any one over any other) to such Letter of Credit Issuers to Cash Collateralize
the Letters of Credit Outstanding; and

 

(vi)           sixth,
any surplus then remaining shall be paid to the applicable Credit Parties or their successors or assigns or to whomsoever may be lawfully
entitled to receive the same or as a court of competent jurisdiction may direct;

 

provided that any amount applied to Cash
Collateralize any Letters of Credit Outstanding that has not been applied to reimburse the Borrower for Unpaid Drawings under the applicable
Letters of Credit at the time of expiration of all such Letters of Credit shall be applied by the Administrative Agent in the order specified
in clauses (i) through (iii) above. Notwithstanding the foregoing, amounts received from any Guarantor that is
not an “Eligible Contract Participant” (as defined in the Commodity Exchange Act) shall not be applied to its Obligations
that are Excluded Swap Obligations, but appropriate adjustments shall be made with respect to payments from the other Guarantors or on
account of their assets to preserve the allocation to the Obligations set forth above.

 

11.14               Equity
Cure. Notwithstanding anything to the contrary contained in this Section 11, in the event that the Borrower fails to
comply with the requirement of the Financial Covenants, from the beginning of the most recently ended fiscal period until the expiration
of the 10th Business Day following the date financial statements referred to in Sections 9.1(a) or (b) are required
to be delivered in respect of such fiscal period for which such Financial Covenants are being measured, any holder of Capital Stock or
Stock Equivalents of the Borrower or any direct or indirect parent of the Borrower shall have the right to cure such failure (the “Cure
Right”) by causing cash net equity proceeds derived from an issuance of Capital Stock or Stock Equivalents (other than Disqualified
Stock, unless reasonably satisfactory to the Administrative Agent) by the Borrower or from a contribution to the common equity capital
of the Borrower, and upon receipt by the Borrower of such cash contribution (such cash amount being referred to as the “Cure
Amount”) pursuant to the exercise of such Cure Right, such Financial Covenants shall be recalculated giving effect to the following
pro forma adjustments:

 

(a)            Consolidated
EBITDA of the Borrower and its Restricted Subsidiaries on a consolidated basis shall be increased, solely for the purpose of determining
the existence of an Event of Default resulting from a breach of the Financial Covenants with respect to any period of four consecutive
fiscal quarters that includes the fiscal quarter for which the Cure Right was exercised and not for any other purpose under this Agreement,
by an amount equal to the Cure Amount;

 

(b)            Consolidated
Total Debt shall not be decreased from the proceeds of the Cure Amount (including, without limitation, by means of “cash netting”)
for calculating compliance with the Financial Covenants for the fiscal quarter for which such Cure Amount is deemed applied; provided
the amount of Consolidated Total Debt may be reduced for purposes of determining compliance with the Financial Covenants in subsequent
fiscal quarters to the extent the proceeds of the Cure Amount are applied to prepay Indebtedness; and

 

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(c)            if,
after giving effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements of the Financial Covenants,
the Borrower shall be deemed to have satisfied the requirements of the Financial Covenants 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 such Financial
Covenants that had occurred shall be deemed cured for the purposes of this Agreement; provided that (i) in each period of
four consecutive fiscal quarters there shall be at least two fiscal quarters in which no Cure Right is made, (ii) there shall be
a maximum of five Cure Rights made during the term of this Agreement, (iii) each Cure Amount shall be no greater than the amount
expected to be required to cause the Borrower to be in compliance with the Financial Covenants; and (iv) all Cure Amounts shall be
disregarded for the purposes of any financial ratio determination under the Credit Documents (other than for determining compliance with
the Financial Covenants) and for all other purposes.

 

Notwithstanding
anything herein to the contrary, if an Event of Default has occurred under Section 10.7, until the Cure Amount has been made, the
Borrower shall not be able to obtain any extension of credit under the Credit Documents.

 

Section  12.The
Agents

 

12.1                 Appointment.

 

(a)                   Each
Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other
Credit Documents and irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions
of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the
Administrative Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably
incidental thereto. The provisions of this Section 12 (other than Sections 12.1(c), 12.3 and 12.6 with
respect to the Joint Lead Arrangers and Bookrunners and Sections 12.1, 12.9, 12.11 and 12.12 with respect
to the Borrower) are solely for the benefit of the Administrative Agent, the Collateral Agent and the Lenders, and none of the Borrower
or any other Credit Party shall have rights as third party beneficiary of any such provision. Notwithstanding any provision to the contrary
elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth
herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any other Credit Document or otherwise exist against the Administrative Agent. In performing its
functions and duties hereunder, each Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed to have
assumed any obligation towards or relationship of agency or trust with or for Holdings, the Borrower or any of their respective Subsidiaries.

 

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(b)            The
Administrative Agent, each Lender and each Letter of Credit Issuer hereby irrevocably designate and appoint the Collateral Agent as the
agent with respect to the Collateral, and each of the Administrative Agent, each Lender and each Letter of Credit Issuer irrevocably authorizes
the Collateral Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit
Documents and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this
Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision
to the contrary elsewhere in this Agreement, the Collateral Agent shall not have any duties or responsibilities except those expressly
set forth herein, or any fiduciary relationship with any of the Administrative Agent, the Lenders or the Letter of Credit Issuers, and
no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit
Document or otherwise exist against the Collateral Agent.

 

(c)            Each
of the Joint Lead Arrangers and Bookrunners each in its capacity as such, shall not have any obligations, duties or responsibilities under
this Agreement but shall be entitled to all benefits of this Section 12, and shall be an intended third party beneficiary
of all provisions of this Agreement applicable thereto.

 

12.2                Delegation
of Duties. The Administrative Agent and the Collateral Agent may each execute any of its duties under this Agreement and the other
Credit Documents by or through agents, sub-agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning
all matters pertaining to such duties. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence
or misconduct of any agents, subagents or attorneys-in-fact selected by it in the absence of its gross negligence or willful misconduct
in the selection thereof (as determined in the final non-appealable judgment of a court of competent jurisdiction).

 

12.3                 Exculpatory
Provisions. No Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable
for any action lawfully taken or omitted to be taken by any of them under or in connection with this Agreement or any other Credit Document
(except for its or such Person’s own gross negligence or willful misconduct, as determined in the final non-appealable judgment
of a court of competent jurisdiction, in connection with its duties expressly set forth herein) or (b) responsible in any manner
to any of the Lenders or any participant for any recitals, statements, representations or warranties made by any Credit Party or any
officer thereof contained in this Agreement or any other Credit Document or in any certificate, report, statement or other document referred
to or provided for in, or received by such Agent under or in connection with, this Agreement or any other Credit Document or for the
value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Credit Document, or the creation,
perfection or priority of any Lien or security interest created or purported to be created under the Security Documents, or for any failure
of any Credit Party to perform its obligations hereunder or thereunder. No Agent shall be under any obligation to any Lender to ascertain
or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other
Credit Document, or to inspect the properties, books or records of any Credit Party or any Affiliate thereof. No Agent shall be under
any obligation to any other Agent or any Lender to ascertain or to inquire as to the observance or performance of any of the agreements
contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit
Party. The exculpatory provisions of this Article shall apply to the Agents and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the Credit Facilities as well as activities as Administrative Agent.

 

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12.4                 Reliance
by Agents. The Administrative Agent and the Collateral Agent shall be entitled to rely, and shall be fully protected in relying,
upon any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order
or other document or instruction believed by it to be genuine and correct and to have been signed, sent or made by the proper Person
or Persons and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts
selected by the Administrative Agent or the Collateral Agent. The Administrative Agent and the Collateral Agent may deem and treat the
Lender specified in the Register with respect to any amount owing hereunder as the owner thereof for all purposes unless a written notice
of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent and the
Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Credit Document
unless it shall first receive such advice or concurrence of the Required Lenders (or such other number or group of Lenders as may be
indicated hereunder) 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
and the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the
other Credit Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act
pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans; provided that the Administrative Agent
and the Collateral Agent shall not be required to take any action that, in its opinion or in the opinion of its counsel, may expose it
to liability or that is contrary to any Credit Document or applicable Requirements of Law.

 

12.5                 Notice
of Default. Neither the Administrative Agent nor the Collateral Agent shall be deemed to have knowledge or notice of the occurrence
of any Default or Event of Default unless the Administrative Agent or the Collateral Agent has received written notice from a Lender
or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice
of default.” In the event that the Administrative Agent receives such a notice, it shall give notice thereof to the Lenders and
the Collateral Agent. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably
directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions,
the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such
Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to the extent that this Agreement
requires that such action be taken only with the approval of the Required Lenders or each of the Lenders, as applicable.

 

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12.6                 Non-Reliance
Agents and Other Lenders. Each Lender expressly acknowledges that neither the Administrative Agent nor the Collateral Agent or Joint
Lead Arrangers and Bookrunners nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has
made any representations or warranties to it and that no act by the Administrative Agent, the Collateral Agent or any Joint Lead Arranger
and Bookrunner taken, including any review of the affairs of any Credit Party, shall be deemed to constitute any representation or warranty
by the Administrative Agent, the Collateral Agent or Joint Lead Arrangers and Bookrunners to any Lender or any Letter of Credit Issuer.
Each Lender and the Letter of Credit Issuer represents to the Administrative Agent, the Collateral Agent and the Joint Lead Arrangers
and Bookrunners that it has, independently and without reliance upon the Administrative Agent, the Collateral Agent, any Joint Lead Arranger
and Bookrunner or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal
of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower and
each other Credit Party and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents
that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent 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 analysis, appraisals and decisions
in taking or not taking action under this Agreement and the other Credit Documents, and to make such investigation as it deems necessary
to inform itself as to the business, operations, property, financial and other condition and creditworthiness of any of the Credit Parties.
Except for notices, reports, and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder,
neither the Administrative Agent nor the Collateral Agent shall have any duty or responsibility to provide any Lender with any credit
or other information concerning the business, assets, operations, properties, financial condition, prospects or creditworthiness of any
Credit Party that may come into the possession of the Administrative Agent or the Collateral Agent any of their respective officers,
directors, employees, agents, attorneys-in-fact or Affiliates.

 

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12.7                 Indemnification.
The Lenders agree to severally indemnify each Agent in its capacity as such (to the extent not reimbursed by the Credit Parties and without
limiting the obligation of the Credit Parties to do so), ratably according to their respective portions of the Total Credit Exposure
in effect on the date on which indemnification is sought (or, if indemnification is sought after the date upon which the Commitments
shall have terminated and the Loans shall have been paid in full, ratably in accordance with their respective portions of the Total Credit
Exposure in effect 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 (including at any time following
the payment of the Loans) be imposed on, incurred by or asserted against an Agent in any way relating to or arising out of the Commitments,
this Agreement, any of the other Credit 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 the Collateral Agent under or in connection
with any of the foregoing; provided that no Lender shall be liable to an Agent for the payment of any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s
gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction; provided,
further, that no action taken by the Administrative Agent in accordance with the directions of the Required Lenders (or such other
number or percentage of the Lenders as shall be required by the Credit Documents) shall be deemed to constitute gross negligence or willful
misconduct for purposes of this Section 12.7. In the case of any investigation, litigation or proceeding giving rise to any
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever
that may at any time occur (including at any time following the payment of the Loans), this Section 12.7 applies whether
any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each
Lender shall reimburse each Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorneys’
fees) incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement
(whether through negotiations, legal proceedings or otherwise) of, or legal advice rendered in respect of rights or responsibilities
under, this Agreement, any other Credit Document, or any document contemplated by or referred to herein, to the extent that such Agent
is not reimbursed for such expenses by or on behalf of the Borrower; provided that such reimbursement by the Lenders shall not
affect the Borrower’s continuing reimbursement obligations with respect thereto. If any indemnity furnished to any Agent for any
purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease,
or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in no event shall
this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit,
cost, expense or disbursement in excess of such Lender’s ratable portion thereof (as determined in accordance with the first sentence
of this Section 12.7); and provided, further, this sentence shall not be deemed to require any Lender to indemnify
any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement resulting from
such Agent’s gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction.
The agreements in this Section 12.7 shall survive the payment of the Loans and all other amounts payable hereunder. The indemnity
provided to each Agent under this Section 12.7 shall also apply to such Agent’s respective Affiliates, directors, officers,
members, controlling persons, employees, trustees, investment advisors and agents and successors. For the avoidance of doubt, for purposes
of this Section 12.7, the term “Lender” includes any Letter of Credit Issuer.

 

12.8                 Agents
in Their Individual Capacities. The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose
any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder. Each Agent and its Affiliates may make loans
to, accept deposits from and generally engage in any kind of business with any Credit Party as though such Agent were not an Agent hereunder
and under the other Credit Documents. With respect to the Loans made by it, each Agent shall have the same rights and powers under this
Agreement and the other Credit Documents as any Lender and may exercise the same as though it were not an Agent, and the terms Lender
and Lenders shall include each Agent in its individual capacity.

 

12.9                 Successor
Agents.

 

(a)                   Each
of the Administrative Agent and the Collateral Agent may at any time give notice of its resignation to the Lenders, the Letter of Credit
Issuers and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the consent
of the Borrower (not to be unreasonably withheld or delayed) so long as no Event of Default has occurred and is continuing, to appoint
a successor, which shall be a financial institution with an office in the United States, or an Affiliate of any such financial institution
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 Agent gives notice of its resignation, then the retiring Agent may (but shall not be
obligated to) on behalf of the Lenders and the Letter of Credit Issuers, appoint a successor Agent meeting the qualifications set forth
above (including receipt of the Borrower’s consent (not to be unreasonably withheld or delayed) if applicable); provided
that if the Administrative Agent or Collateral Agent shall notify the Borrower and the Lenders that no qualifying person has accepted
such appointment, then such resignation shall nonetheless become effective in accordance with such notice (the “Resignation Effective
Date”).

 

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(b)                   If
the Person serving as the Administrative Agent is a Defaulting Lender pursuant to clause (v) of the definition of “Lender
Default”, the Required Lenders may to the extent permitted by applicable law, subject to the consent of the Borrower (not to be
unreasonably withheld or delayed), by notice in writing to the Borrower and such Person remove such Person as the Administrative Agent
and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders
and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal
Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective
Date.

 

(c)                   With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (1) the retiring or removed agent shall
be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral
security held by the Collateral Agent on behalf of the Lenders or the Letter of Credit Issuers under any of the Credit Documents, the
retiring or removed Collateral Agent shall continue to hold such collateral security as nominee until such time as a successor Collateral
Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the retiring or
removed Administrative Agent shall instead be made by or to each Lender and Letter of Credit Issuer directly, until such time as the Required
Lenders appoint a successor Agent as provided for above in this Section 12.9. Upon the acceptance of a successor’s appointment
as the Administrative Agent or the Collateral Agent, as the case may be, hereunder, and upon the execution and filing or recording of
such financing statements, or amendments thereto, and such amendments or supplements to the Mortgages, and such other instruments or notices
as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted or
purported to be granted by the Security Documents, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring (or retired) or removed Agent, and the retiring or removed Agent shall be discharged from all of its duties
and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this Section 12.9).
Except as provided above, any resignation or removal of Bank of America, N.A. as the Administrative Agent pursuant to this Section 12.9
shall also constitute the resignation or removal of Bank of America, N.A. as the Collateral Agent. The fees payable by the Borrower (following
the effectiveness of such appointment) to such 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 Agent’s resignation or removal hereunder and under the other Credit
Documents, the provisions of this Section 12 (including Section 12.7) and Section 13.5 shall continue
in effect for the benefit of such retiring or removed 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 Agent was acting as an Agent.

 

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(d)                   Any
resignation by or removal of Bank of America, N.A. as the Administrative Agent pursuant to this Section 12.9 shall also constitute
its resignation or removal, as applicable, as a Letter of Credit Issuer (if Bank of America, N.A. is a Letter of Credit Issuer). Upon
the acceptance of a successor’s appointment as the Administrative Agent hereunder, (a) such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring Letter of Credit Issuer, (b) the retiring Letter
of Credit Issuer (if Bank of America, N.A. is a Letter of Credit Issuer) shall be discharged from all of its respective duties and obligations
hereunder or under the other Credit Documents, and (c) the successor Letter of Credit Issuer shall issue letters of credit in substitution
for the Letters of Credit issued by such Affiliate of the Administrative Agent or the Administrative Agent, if any, outstanding at the
time of such succession or make other arrangements satisfactory to the retiring Letter of Credit Issuer (if Bank of America, N.A. is a
Letter of Credit Issuer) to effectively assume the obligations of the retiring Letter of Credit Issuer (if Bank of America, N.A. is a
Letter of Credit Issuer) with respect to such Letters of Credit.

 

12.10               Withholding
Tax. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender under any
Credit Document an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any 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, was not properly executed, or because
such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of,
withholding Tax ineffective) or if the Administrative Agent reasonably determines that a payment was made to a Lender pursuant to this
Agreement without deduction of applicable withholding Tax from such payment, such Lender shall indemnify the Administrative Agent (to
the extent that the Administrative Agent has not already been reimbursed by any applicable Credit Party and without limiting the obligation
of any applicable Credit Party to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise,
including penalties, additions to Tax and interest, together with all expenses incurred, including legal expenses, allocated staff costs
and any out-of-pocket expenses. 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 Credit Document against any amount due to the Administrative
Agent under this Section 12.10. The agreements in Section 12.10 shall survive the resignation and/or replacement
of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the
repayment, satisfaction or discharge of all other Obligations. For the avoidance of doubt, for purposes of this Section 12.10,
the term Lender includes the Letter of Credit Issuers.

 

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12.11               Agents
Under Security Documents and Guarantee. Each Secured Party hereby further authorizes the Administrative Agent or the Collateral Agent,
as applicable, on behalf of and for the benefit of the Secured Parties, to be the agent for and representative of the Secured Parties
with respect to the Collateral and the Security Documents. Subject to Section 13.1, without further written consent or authorization
from any Secured Party, the Administrative Agent or the Collateral Agent, as applicable, may execute any documents or instruments necessary
to (a) release any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent (or any sub-agent
thereof) under any Credit Document (i) upon the termination of all Commitments and all Letters of Credit (other than Letters of
Credit that have been Cash Collateralized) and the payment in full in cash of all Obligations (except for contingent indemnification
obligations in respect of which a claim has not yet been made and Secured Hedge Obligations and Secured Cash Management Obligations),
(ii) that is sold or transferred as part of or in connection with any sale or other transfer permitted hereunder or under any other
Credit Document to a Person that is not a Credit Party, (iii) if the property subject to such Lien is owned by a Guarantor, upon
the release of such Guarantor from its Guarantee otherwise in accordance with the Credit Documents, (iv) as to the extent provided
in the Security Documents, (v) that constitutes Excluded Property or Excluded Stock and Stock Equivalents or (vi) if approved,
authorized or ratified in writing in accordance with Section 13.1; (b) 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; (c) subordinate any Lien on any property granted to or held by the Administrative Agent or the
Collateral Agent under any Credit Document to the holder of any Lien permitted under clause (vi) of the definition of “Permitted
Liens” (solely as such clause relates to Section 10.1(d)); or (d) enter into subordination or intercreditor agreements
with respect to Indebtedness to the extent the Administrative Agent or the Collateral Agent is otherwise contemplated herein as being
a party to such intercreditor or subordination agreement.

 

The Collateral Agent shall
have its own independent right to demand payment of the amounts payable by the Borrower under the Credit Documents, irrespective of any
discharge of the Borrower’s obligations to pay those amounts to the other Lenders resulting from failure by them to take appropriate
steps in insolvency proceedings affecting the Borrower to preserve their entitlement to be paid those amounts.

 

Any amount due and payable
by the Borrower to the Collateral Agent for the account of the Lenders under the Credit Documents shall be decreased to the extent that
the other Lenders have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the
Credit Documents and any amount due and payable by the Borrower to the Collateral Agent under those provisions shall be decreased to the
extent that the Collateral Agent has received (and is able to retain) payment in full of the corresponding amount under the Credit Documents.

 

12.12               Right
to Realize on Collateral and Enforce Guarantee. Anything contained in any of the Credit Documents to the contrary notwithstanding,
Holdings, the Borrower, the Agents and each Secured Party hereby agree that (i) no Secured Party shall have any right individually
to realize upon any of the Collateral or to enforce the Guarantee, it being understood and agreed that all powers, rights, and remedies
hereunder may be exercised solely by the Administrative Agent, on behalf of the Secured Parties, in accordance with the terms hereof
and all powers, rights, and remedies under the Security Documents may be exercised solely by the Collateral Agent, on behalf of the Secured
Parties, in accordance with the terms hereof and thereof, and (ii) in the event of a foreclosure by the Collateral Agent on any
of the Collateral pursuant to a public or private sale or other disposition, the Collateral Agent or any Lender may be the purchaser
or licensor of any or all of such Collateral at any such sale or other disposition and the Collateral Agent, as agent for and representative
of the Secured Parties (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, for the purpose of bidding and making settlement or payment of the purchase price for
all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as a credit on account of
the purchase price for any collateral payable by the Collateral Agent at such sale or other disposition. No holder of Secured Hedge Obligations
or Secured Cash Management Obligations shall have any rights in connection with the management or release of any Collateral or of the
obligations of any Credit Party under this Agreement. No holder of Secured Hedge Obligations or Secured Cash Management Obligations that
obtains the benefits of any Guarantee or any Collateral by virtue of the provisions hereof or of any other Credit 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 Credit Document or otherwise
in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender or Agent
and, in such case, only to the extent expressly provided in the Credit Documents. Notwithstanding any other provision of this Agreement
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, Obligations arising under Secured Hedge Agreements and Secured Cash Management 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 Bank or Hedge Bank, as the case may be.

 

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12.13               [Reserved]

 

12.14               The
Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under the Bankruptcy Code or any other
judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan or outstanding
Letter of Credit 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, Letters of Credit
Outstanding 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 Letter of Credit Issuers and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the Letter of Credit Issuers and the Administrative Agent and their respective agents
and counsel and all other amounts due the Lenders, the Letter of Credit Issuers and the Administrative Agent under Section 4
and Section 13.5) allowed in such judicial proceeding; and

 

(b)            to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by
each Lender and Letter of Credit Issuer 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 Letter of Credit 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 to the Administrative Agent under Section 4 and Section 13.5.

 

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

 

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12.15               ERISA
Representation of the Lenders.

 

(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 Agents and their respective Affiliates and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other
Credit Party, that at least one of the following is and will be true:

 

(i)            such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise for purposes of Title I
of ERISA or Section 4975 of the Code) 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
prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38
(a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions
determined by in-house asset managers), is applicable so as to exempt from the prohibitions of Section 406 of ERISA and Section 4975
of the Code 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 subsections (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.

 

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(b)                   In
addition, unless either (1) subclause (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 subclause (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, 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 Agents and their respective Affiliates and not, for the avoidance
of doubt, to or for the benefit of the Borrower or any other Credit 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 Credit Document or any documents related hereto or thereto).

 

12.16               Erroneous
Payments.

 

(a)                   Each
Lender and each Letter of Credit Issuer hereby severally agrees that if (i) the Administrative Agent notifies (which such notice
shall be conclusive absent manifest error) such Lender or Letter of Credit Issuer that the Administrative Agent has determined in
its sole discretion that any funds received by such Lender or Letter of Credit Issuer from the Administrative Agent or any of its Affiliates
were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Lender or Letter of Credit Issuer (whether or
not known to such Lender or Letter of Credit Issuer) or (ii) it receives any 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, (y) that was not preceded or accompanied by a notice
of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment or (z) that such Lender or Letter
of Credit Issuer otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) then, in each case
an error in payment has been made (any such amounts specified in clauses (i) or (ii) of this Section 12.16(a), whether
received as a payment, prepayment or repayment of principal, interest, fees or otherwise, individually and collectively, an “Erroneous
Payment”) and the Lender or Letter of Credit Issuer, as the case may be, is deemed to have knowledge of such error at the time
of its receipt of such Erroneous Payment and to the extent permitted by applicable law, such Lender or Letter of Credit Issuer shall not
assert any right or claim to the Erroneous Payment, and hereby waives, 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 Erroneous Payments received, including
without limitation waiver of any defense based on “discharge for value” or any similar doctrine.

 

(b)                  Without
limiting the immediately preceding clause (a), each Lender and each Letter of Credit Issuer agrees that, in the case of clause
(a)(ii) above, it shall promptly (and, in all events, within one Business Day of its knowledge (or deemed knowledge) of such error)
notify the Administrative Agent in writing of such occurrence and, in the case of either clause (a)(i) or (a)(ii) above upon
demand from the Administrative Agent, it shall promptly, but in all events no later than one Business Day thereafter, return to the Administrative
Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds (in the currency
so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof)
was received by such Lender or Letter of Credit Issuer to the date such amount is repaid to the Administrative Agent in same day funds
at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation from time to time in effect.

 

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(c)                   The
Borrower and each other Credit Party hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered
from any Lender or Letter of Credit Issuer that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative
Agent shall be subrogated to all the rights of such Lender or Letter of Credit Issuer with respect to such amount, (y) an Erroneous
Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Credit Party and
(z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations,
the Obligations or any part thereof that were so credited, and all rights of the applicable Lender, Letter of Credit Issuer, Administrative
Agent or other Secured Party, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction
had never been received.

 

(d)                   Each
party’s obligations under this Section 12.16 shall survive the resignation or replacement of the Administrative Agent
or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction
or discharge of all Obligations (or any portion thereof) under any Credit Document.

 

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Section 13. Miscellaneous

 

13.1                 Amendments,
Waivers, and Releases. Except as otherwise expressly set forth in the Credit Documents, neither this Agreement nor any other Credit
Document, nor any terms hereof or thereof, may be amended, supplemented or modified, nor may any Obligation under any Credit Document
or any Lien securing such Obligations be subordinated, except in accordance with the provisions of this Section 13.1. Except
as provided to the contrary under Section 2.10(b), Section 2.14 or 2.15 or the fifth paragraph of this
Section 13.1 in respect of Replacement Term Loans, and other than with respect to any amendment, modification or waiver contemplated
in clause (i) to the proviso below, which shall only require the consent of the Lenders expressly set forth therein and not
the Required Lenders, the Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent and/or
the Collateral Agent may, from time to time, (a) enter into with the relevant Credit Party or Credit Parties written amendments,
supplements or modifications hereto and to the other Credit Documents or other agreements for the purpose of adding any provisions to
this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or of the Credit Parties hereunder or
thereunder or (b) waive in writing, on such terms and conditions as the Required Lenders or the Administrative Agent and/or the
Collateral Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents
or any Default or Event of Default and its consequences; provided, however, that each such waiver and each such amendment,
supplement or modification shall be effective only in the specific instance and for the specific purpose for which given; and provided,
further, that no such waiver and no such amendment, supplement or modification or other agreements shall (x) (i) forgive
or reduce any portion of any Loan or extend the final scheduled maturity date of or the date of any amortization payment in respect of
any Loan or reduce the stated rate (it being understood that only the consent of the Required Lenders shall be necessary to waive any
obligation of the Borrower to pay interest at the “default rate” or amend Section 2.8(c)), or forgive any portion
thereof, or reduce or forgive any interest or fee payable hereunder, or extend the date for the payment of any interest or fee payable
hereunder (other than as a result of waiving the applicability of any post-default increase in interest rates), or extend the final expiration
date of any Letter of Credit beyond the Letter of Credit Expiration Date, or amend or modify any provisions of Sections 5.2(c),
5.2(d) (with respect to the pro rata requirements therein only), 5.2(e) (with respect to the pro rata requirements
therein only), 5.3(a) (with respect to the ratable allocation of any payments only), 11.13, 13.8(a) or
13.20, or make any Loan, interest, Fee or other amount payable in any currency other than expressly provided herein, in each case
without the written consent of each Lender directly and adversely affected thereby; provided that a waiver of any condition precedent
in Section 6 or 7 of this Agreement, the waiver of any Default, Event of Default, default interest, mandatory prepayment
or reductions, any modification, waiver or amendment to the Financial Covenant definitions or financial ratios or any component thereof
or the waiver of any other covenant shall not constitute an increase of any Commitment of a Lender, a reduction or forgiveness in the
interest rates or the fees or premiums or a postponement of any date scheduled for the payment of principal, premium or interest or an
extension of the final maturity of any Loan or the scheduled termination date of any Commitment, in each case for purposes of this clause
(i), or (ii) consent to the assignment or transfer by the Borrower of its rights and obligations under any Credit Document
to which it is a party (except as permitted pursuant to Section 10.3), in each case without the written consent of each Lender,
or (iii) amend, modify or waive any provision of Section 12 without the written consent of the then-current Administrative
Agent and Collateral Agent (or any former Administrative Agent or Collateral Agent) in a manner that directly and adversely affects such
Person, or (iv) amend, modify or waive any provision of Section 3 with respect to any Letter of Credit without the written
consent of each Letter of Credit Issuer to the extent such amendment, modification or waiver directly and adversely affects such Letters
of Credit Issuer, or (v) change any Revolving Credit Commitment to a Term Loan Commitment, or change any Term Loan Commitment to
a Revolving Credit Commitment, in each case without the prior written consent of each Lender directly and adversely affected thereby,
or (vi) release all or substantially all of the value of the Guarantees (except as expressly permitted by the Guarantees or this
Agreement) or release all or substantially all of the Collateral under the Security Documents (except as expressly permitted by the Security
Documents or this Agreement) without the prior written consent of each Lender, or (vii) decrease the Term Loan Repayment Amount
applicable to Initial Term A Loans or extend any scheduled Term Loan Repayment Date applicable to Initial Term A Loans, in each case
without the written consent of each Lender directly and adversely affected thereby, or (viii) subordinate all or any portion of
the Obligations under the Credit Documents to any other Indebtedness without the prior written consent of each Lender other than a Defaulting
Lender, or subordinate all or any portion of the Liens securing the Obligations under the Credit Documents to Liens securing any other
Indebtedness, without the prior written consent of each Lender other than a Defaulting Lender, in each case except in connection with
any Indebtedness or Lien that was permitted by the Credit Documents (without giving effect to such
amendment) to be senior to the Obligations; or (ix) reduce the percentages specified in the definitions of the terms “Required
Lenders,” “Required Revolving Credit Lenders” or “Required Initial Term A Loan Lenders” or amend, modify
or waive any provision of this Section 13.1 that has the effect of decreasing the number of Lenders that must approve any
amendment, modification or waiver, without the written consent of each Lender, (y) notwithstanding anything to the contrary in clause
(x), (i) extend the final expiration date of any Lender’s Commitment or (ii) increase the aggregate amount of the
Commitments of any Lender, in each case, without the written consent of such Lender, or (z) in connection with an amendment that
addresses solely a repricing transaction in which any Class of Term Loans is refinanced with a replacement Class of Term Loans
bearing (or is modified in such a manner such that the resulting Term Loans bear) a lower Effective Yield, only the consent of the Lenders
holding Term Loans subject to such permitted repricing transaction that will continue as a Lender in respect of the repriced tranche
of Term Loans or modified Term Loans.

 

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Notwithstanding anything to
the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except
(x) that the Commitment of such Lender may not be increased or extended without the consent of such Lender and (y) for any such
amendment, waiver or consent that treats such Defaulting Lender disproportionately from the other Lender of the same Class (other
than as it relates to its status as a Defaulting Lender).

 

Any such waiver and any such
amendment, supplement or modification shall apply equally to each of the affected Lenders and shall be binding upon the Borrower, such
Lenders, the Administrative Agent and all future holders of the affected Loans. In the case of any waiver, the Borrower, the Lenders and
the Administrative Agent shall be restored to their former positions and rights hereunder and under the other Credit Documents, and any
Default or Event of Default waived shall be deemed to be cured and not continuing, it being understood that no such waiver shall extend
to any subsequent or other Default or Event of Default or impair any right consequent thereon. In connection with the foregoing provisions,
the Administrative Agent may, but shall have no obligations to, with the concurrence of any Lender, execute amendments, modifications,
waivers or consents on behalf of such Lender.

 

Notwithstanding the foregoing,
in addition to any credit extensions and related Joinder Agreement(s) effectuated without the consent of Lenders in accordance with
Section 2.14, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the
Administrative Agent and the Borrower (a) to add one or more additional credit facilities to 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 Credit Documents with the Term Loans and the Revolving Credit Loans and the accrued interest and fees
in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required
Lenders and other definitions related to such new Term Loans and Revolving Credit Loans.

 

In addition, notwithstanding
the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing
the relevant Replacement Term Loans to permit the refinancing of all outstanding Term Loans of any Class (“Refinanced Term
Loans”) with a replacement term loan tranche (“Replacement Term Loans”) hereunder; provided that (a) the
aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans
(plus an amount equal to all accrued but unpaid interest, fees, premiums, and expenses incurred in connection therewith), (b) the
Applicable Margin for such Replacement Term Loans shall not be higher than the Applicable Margin for such Refinanced Term Loans, unless
any such Applicable Margin applies after the Initial Term A Loan Maturity Date, (c) the weighted average life to maturity of such
Replacement Term Loans shall not be shorter than the weighted average life to maturity of such Refinanced Term Loans at the time of such
refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment
of the applicable Term Loans), and (d) the covenants, events of default and guarantees shall be not materially more restrictive (taken
as a whole) (as determined in good faith by the Borrower) to the Lenders providing such Replacement Term Loans than the covenants, events
of default and guarantees applicable to such Refinanced Term Loans, except to the extent necessary to provide for covenants, events of
default and guarantees applicable to any period after the maturity date in respect of the Refinanced Term Loans in effect immediately
prior to such refinancing.

 

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The Lenders hereby irrevocably
agree that the Liens granted to the Collateral Agent by the Credit Parties on any Collateral shall be automatically released (i) in
full, upon the termination of this Agreement all Commitments and all Letters of Credit (other than Letters of Credit that have been Cash
Collateralized pursuant to arrangement reasonably satisfactory to the Letter of Credit Issuers) and the payment in full in cash of all
Obligations (except for (w) contingent indemnification obligations in respect of which a claim has not yet been made, (x) Secured
Hedge Obligations, (y) Cash Collateralized Letters of Credit pursuant to arrangements reasonably acceptable to the applicable Letter
of Credit Issuer, and (z) Secured Cash Management Obligations), (ii) upon the sale or other disposition of such Collateral (including
as part of or in connection with any other sale or other disposition permitted hereunder) to any Person other than another Credit Party,
to the extent such sale or other disposition is made in compliance with the terms of this Agreement (and the Collateral Agent may rely
conclusively on a certificate to that effect provided to it by any Credit Party upon its reasonable request without further inquiry),
(iii) to the extent such Collateral is comprised of property leased to a Credit Party, upon termination or expiration of such lease,
(iv) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage
of the Lenders whose consent may be required in accordance with this Section 13.1), (v) to the extent the property constituting
such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the applicable Guarantee (in
accordance with the second following sentence), (vi) as required to effect any sale or other disposition of Collateral in connection
with any exercise of remedies of the Collateral Agent pursuant to the Security Documents, and (vii) if such assets constitute Excluded
Property or Excluded Stock and Stock Equivalents. Any such release shall not in any manner discharge, affect, or impair the Obligations
or any Liens (other than those being released) upon (or obligations (other than those being released) of the Credit Parties in respect
of) all interests retained by the Credit Parties, including the proceeds of any sale, all of which shall continue to constitute part of
the Collateral except to the extent otherwise released in accordance with the provisions of the Credit Documents. Additionally, the Lenders
hereby irrevocably agree that any Restricted Subsidiary that is a Guarantor shall be released from the Guarantees upon consummation of
any transaction not prohibited hereunder resulting in such Subsidiary ceasing to constitute a Restricted Subsidiary. The Lenders hereby
authorize the Administrative Agent and the Collateral Agent, as applicable, to execute and deliver any instruments, documents, and agreements
necessary or desirable to evidence and confirm the release of any Guarantor or Collateral pursuant to the foregoing provisions of this
paragraph, all without the further consent or joinder of any Lender.

 

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Notwithstanding anything herein
to the contrary, the Credit Documents may be amended to add syndication or documentation agents and make customary changes and references
related thereto with the consent of only the Borrower and the Administrative Agent.

 

Notwithstanding anything in
this Agreement (including, without limitation, this Section 13.1) or any other Credit Document to the contrary, (i) this
Agreement and the other Credit Documents may be amended to effect an incremental facility or extension facility pursuant to Section 2.14
(and the Administrative Agent and the Borrower may effect such amendments to this Agreement and the other Credit Documents without the
consent of any other party as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower,
to effect the terms of any such incremental facility or extension facility); (ii) no Lender consent is required to effect any amendment
or supplement to any intercreditor agreement or arrangement permitted under this Agreement that is for the purpose of adding the holders
of any Indebtedness as expressly contemplated by the terms of such intercreditor agreement or arrangement permitted under this Agreement,
as applicable (it being understood that any such amendment or supplement may make such other changes to the applicable intercreditor agreement
as, in the good faith determination of the Administrative Agent, are required to effectuate the foregoing; provided that such other
changes are not adverse, in any material respect, to the interests of the Lenders taken as a whole); provided, further,
that no such agreement shall amend, modify or otherwise directly and adversely affect the rights or duties of the Administrative Agent
or the Collateral Agent hereunder or under any other Credit Document without the prior written consent of the Administrative Agent or
the Collateral Agent, respectively; (iii) any provision of this Agreement or any other Credit Document may be amended by an agreement
in writing entered into by the Borrower and the Administrative Agent to (x) cure any ambiguity, omission, mistake, defect or inconsistency
(as reasonably determined by the Administrative Agent and the Borrower) and (y) effect administrative changes of a technical or immaterial
nature (including to effect changes to the terms and conditions applicable solely to a Letter of Credit Issuer in respect of issuances
of Letters of Credit by it), and, in each case, such amendment shall be deemed approved by the Lenders if the Lenders shall have received
at least five Business Days’ prior written notice of such change and the Administrative Agent shall not have received, within five
Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders
object to such amendment; and (iv) guarantees, Security Documents and related documents executed by Credit Parties in connection
with this Agreement may be in a form reasonably determined by the Administrative Agent and may be, together with any other Credit Document,
entered into, amended, supplemented or waived, without the consent of any other Person, by the applicable Credit Party or Credit Parties
and the Administrative Agent or the Collateral Agent in its or their respective sole discretion, (A) to effect the granting, perfection,
protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit
of the Secured Parties, (B) as required by local law or advice of counsel to give effect to, or protect any security interest for
the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable law, or (C) to
cure ambiguities, omissions, mistakes or defects (as reasonably determined by the Administrative Agent and the Borrower) or to cause such
guarantee, collateral security document or other document to be consistent with this Agreement and the other Credit Documents.

 

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Notwithstanding anything in
this Agreement or any Security Document to the contrary, the Administrative Agent may, in its sole discretion, grant extensions of time
for the satisfaction of any of the requirements under Sections 9.11, 9.12 and 9.14 or any Security Documents in respect
of any particular Collateral or any particular Subsidiary if it determines that the satisfaction thereof with respect to such Collateral
or such Subsidiary cannot be accomplished without undue expense or unreasonable effort or due to factors beyond the control of the Borrower
and its Restricted Subsidiaries by the time or times at which it would otherwise be required to be satisfied under this Agreement or any
Security Document.

 

13.2                 Notices.
Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any other Credit Document
shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the applicable
address, facsimile number or electronic mail address, and all notices and other communications expressly permitted hereunder to be given
by telephone shall be made to the applicable telephone number, as follows:

 

(a)            if
to the Borrower, the Administrative Agent, the Collateral Agent or a Letter of Credit Issuer, to the address, facsimile number, electronic
mail address or telephone number specified for such Person on Schedule 13.2 or to such other address, facsimile number, electronic
mail address or telephone number as shall be designated by such party in a notice to the other parties; and

 

(b)            if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire
or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice
to the Borrower, the Administrative Agent, the Collateral Agent and the Letter of Credit Issuers.

 

All such notices and other communications shall
be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if
delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, three Business
Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone;
and (D) if delivered by electronic mail, when delivered; provided that notices and other communications to the Administrative
Agent or the Lenders pursuant to Sections 2.3, 2.6, 2.9, 4.2 and 5.1 shall not be effective until received.

 

13.3                 No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent, the Collateral
Agent or any Lender or Letter of Credit Issuer, any right, remedy, power or privilege hereunder or under the other Credit 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.

 

13.4                 Survival
of Representations and Warranties. All representations and warranties made hereunder, in the other Credit 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 hereunder.

 

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13.5                 Payment
of Expenses; Indemnification.

 

(a)                   The
Borrower agrees, within thirty (30) days after receipt of a written request therefor, together with any supporting documentation reasonably
requested by the Borrower, (i) to pay or reimburse each of the Agents for all their reasonable and documented out-of-pocket costs
and expenses (without duplication) incurred in connection with the development, preparation, execution and delivery of, and any amendment,
supplement, modification to, waiver and/or enforcement of this Agreement and the other Credit Documents and any other documents prepared
in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby (limited,
in the case of legal fees, costs and expenses, to the reasonable fees, disbursements and other charges of Latham & Watkins LLP
(or such other counsel as may be agreed by the Administrative Agent and the Borrower) and, if reasonably necessary, one firm of local
counsel in each relevant material local jurisdiction with the consent of the Borrower (such consent not to be unreasonably withheld or
delayed) (which may include a single special counsel acting in multiple jurisdictions)), (ii) to pay or reimburse each Agent, any
Letter of Credit Issuer and any Lender for all their reasonable and documented out-of-pocket costs and expenses incurred in connection
with the enforcement or preservation of any rights under this Agreement, the other Credit Documents and any such other documents (limited,
in the case of legal fees, costs and expenses, to the reasonable fees, disbursements and other charges of one firm or counsel to such
Persons, and, if reasonably necessary, one firm or local counsel in each relevant material local jurisdiction with the consent of the
Borrower (such consent not to be unreasonably withheld or delayed) (which may include a single special counsel acting in multiple jurisdictions))
(and, solely in the case of any actual or reasonably perceived conflict of interest where the Person affected by such conflict notifies
the Borrower of the existence of such conflict, one additional counsel for all similarly situated and affected Persons taken as a whole),
(iii) to pay or reimburse all reasonable out-of-pocket expenses incurred by the Letter of Credit Issuers in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder (limited, in the case of legal fees, costs
and expenses, to the reasonable fees, disbursements and other charges of one firm or counsel to the Letter of Credit Issuers, and, if
reasonably necessary, one firm or local counsel in each relevant material local jurisdiction with the consent of the Borrower (such consent
not to be unreasonably withheld or delayed) (which may include a single special counsel acting in multiple jurisdictions)), and (iv) to
pay, indemnify and hold harmless each Lender, each Agent, the Letter of Credit Issuer and their respective Related Parties (without duplication)
(the “Indemnified Persons”) from and against any and all losses, claims, damages, liabilities, obligations, demands,
actions, judgments, suits, costs, expenses, disbursements or penalties of any kind or nature whatsoever of any such Indemnified Person,
in each case, to the extent arising out of or relating to any action, claim, litigation, investigation or other proceeding (regardless
of whether such Indemnified Person is a party thereto), arising out of, or with respect to the Transactions or to the execution, delivery,
performance and administration of this Agreement and the other Credit Documents or the use of proceeds of any credit extension hereunder,
including any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law or any actual
or alleged presence, Release or threatened Release of Hazardous Materials attributable to the Borrower or any of its Subsidiaries (limited,
in the case of legal fees, costs and expenses, to the reasonable fees, disbursements and other charges of one firm or counsel to all Indemnified
Persons taken as a whole (and, solely in the case of an actual or reasonably perceived conflict
of interest where the Indemnified Person affected by such conflict notifies the Borrower of the existence of such conflict, one additional
counsel for all similarly situated and affected Indemnified Persons taken as a whole), and, if reasonably necessary, one firm or
local counsel in each relevant material local jurisdiction (which may include a single special counsel acting in multiple jurisdictions))
(all the foregoing in this clause (iv), regardless of whether brought by the Borrower, any of its Subsidiaries or any other Person,
collectively, the “Indemnified Liabilities”); provided that the Borrower shall have no obligation hereunder
to any Indemnified Person with respect to Indemnified Liabilities to the extent arising from (i) the gross negligence, bad faith
or willful misconduct of such Indemnified Person or any of its Related Parties as determined in a final and non-appealable judgment of
a court of competent jurisdiction, (ii) a material breach of the obligations of such Indemnified Person or any of its Related Parties
under the terms of this Agreement by such Indemnified Person or any of its Related Parties as determined in a final and non-appealable
judgment of a court of competent jurisdiction, or (iii) any proceeding between and among Indemnified Persons that does not involve
an act or omission by Holdings, the Borrower or its Subsidiaries; provided the Agents, to the extent acting in their capacity as
such, shall remain indemnified in respect of such proceeding, to the extent that neither of the exceptions set forth in clause (i) or
(ii) of the immediately preceding proviso applies to such person at such time. The agreements in this Section 13.5
shall survive repayment of the Loans and all other amounts payable hereunder. This Section 13.5 shall not apply with respect
to Taxes, other than any Taxes that represent losses, claims, damages, liabilities, obligations, penalties, actions, judgments, suits,
costs, expenses or disbursements arising from any non-Tax claim.

 

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(b)            No
Credit Party nor any Indemnified Person shall have any liability for any special, punitive, indirect or consequential damages resulting
from this Agreement or any other Credit Document or arising out of its activities in connection herewith or therewith (whether before
or after the Closing Date); provided that the foregoing shall not limit the Borrower’s indemnification obligations to the
Indemnified Persons pursuant to Section 13.5(a) in respect of damages incurred or paid by an Indemnified Person to a
third party. No Indemnified Person shall be liable for any damages arising from the use by unintended recipients of any information or
other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with
this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby, except to the extent that such damages
have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of its Related Parties as
determined by a final and non-appealable judgment of a court of competent jurisdiction.

 

13.6          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, except that (i) except as expressly permitted by Section 10.3, the Borrower may not assign
or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each
Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender
may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 13.6. 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 clause (c) of this Section 13.6)
and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the
Letter of Credit Issuers, the Joint Lead Arrangers and Bookrunners and the Lenders and each other Person entitled to indemnification
under Section 13.5) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b)            (i) Subject
to the conditions set forth in clause (b)(ii) below and Section 13.7, 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 Commitments
and the Loans (including participations in L/C Obligations) at the time owing to it) with the prior written consent (such consent not
to be unreasonably withheld or delayed) of:

 

(A)            the
Borrower; provided that no consent of the Borrower shall be required for (1) an assignment of Term Loans to (X) a Lender,
(Y) an Affiliate of a Lender, or (Z) an Approved Fund, (2) an assignment of Revolving Credit Loans to (X) an existing
Revolving Credit Lender or (Y) an Affiliate or Approved Fund of an existing Revolving Credit Lender or (3) an assignment of
Loans or Commitments to any assignee if an Event of Default under Section 11.1 or Section 11.5 (with respect
to Holdings or the Borrower) has occurred and is continuing; provided, further, that the Borrower shall be deemed to have
consented to an assignment of all or a portion of the Loans and Commitments unless it shall have objected thereto by written notice to
the Administrative Agent within ten (10) Business Days after having received notice thereof; and

 

(B)            the
Administrative Agent (not to be unreasonably withheld or delayed) and, in the case of Revolving Credit Commitments or Revolving Credit
Loans only, the Letter of Credit Issuers; provided that no consent of the Administrative Agent shall be required for an assignment
of any Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; and provided, further that no consent of the
Administrative Agent and the Letter of Credit Issuers shall be required for an assignment of any Revolving Credit Commitments or Revolving
Credit Loans to a Lender or an Affiliate of a Lender.

 

Notwithstanding the foregoing,
no such assignment shall be made to (w) a natural Person (or holding company, investment vehicle or trust for, or owned and operated
for the primary benefit of, a natural person), (x) Disqualified Lender, (y) Defaulting Lender or (z) Holdings, the Borrower
or any of its Affiliates or Subsidiaries; provided, however, that, notwithstanding clause (x) hereof, assignments
may be made to Disqualified Lenders unless a list of Disqualified Lenders has been made available to all Lenders. For the avoidance of
doubt, the Administrative Agent shall bear no responsibility or liability for ascertaining, monitoring or enforcing compliance with the
list of Persons who are Disqualified Lenders at any time.

 

(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 Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject
to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the
Administrative Agent) shall not be less than $1,000,000 in the case of Revolving Credit Commitments and $500,000 in the case of Term
Loans and, in each case, in increments of $500,000 in excess thereof, unless each of the Borrower and the Administrative Agent otherwise
consents (which consents shall not be unreasonably withheld or delayed); provided that no such consent of the Borrower shall be
required if an Event of Default under Section 11.1 or Section 11.5 has occurred and is continuing; provided,
further, that contemporaneous assignments by a Lender and its Affiliates or Approved Funds shall be aggregated for purposes of
meeting the minimum assignment amount requirements stated above (and simultaneous assignments to or by two or more Related Funds shall
be treated as one assignment), if any;

 

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(B)            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; provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all
the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;

 

(C)            the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic settlement
system or other method reasonably acceptable to the Administrative Agent, together with a processing and recordation fee in the amount
of $3,500 (which, for the avoidance of doubt, shall be payable by the assignor); provided that the Administrative Agent may, in
its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; and

 

(D)            the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form approved by
the Administrative Agent (the “Administrative Questionnaire”) and applicable Tax forms (as required under Section 5.4(e)).

 

(iii)            Subject
to acceptance and recording thereof pursuant to clause (b)(v) of this Section 13.6, from and after the effective
date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Acceptance, 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 Acceptance, be released from its obligations under this
Agreement (and, in the case of an Assignment and Acceptance 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 2.10,
2.11, 3.5, 5.4 and 13.5). Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this Section 13.6 shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with clause (c) of this Section 13.6. For the avoidance
of doubt, in case of an assignment to a new Lender pursuant to this Section 13.6, (i) the Administrative Agent, the
new Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired
and assumed had the new Lender been an original Lender signatory to this Agreement with the rights and/or obligations acquired or assumed
by it as a result of the assignment and to the extent of the assignment the assigning Lender shall be released from further obligations
under the Credit Documents and (ii) the benefit of each Security Document shall be maintained in favor of the new Lender.

 

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(iv)            The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Administrative Agent’s
Office a copy of each Assignment and Acceptance 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 the Loans (and stated interest amounts) and any payment made by the Letter of
Credit Issuer under any Letter of Credit 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, the Collateral Agent,
the Letter of Credit Issuers 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, notwithstanding notice to the contrary. The Register shall be available for
inspection by the Borrower, the Collateral Agent, the Letter of Credit Issuers, the Administrative Agent and its Affiliates and, with
respect to itself, any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(v)            Upon
its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee’s completed
Administrative Questionnaire and applicable Tax forms (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in clause (b) of this Section 13.6 and any written consent to such assignment required by clause
(b) of this Section 13.6, the Administrative Agent shall promptly accept such Assignment and Acceptance and record
the information contained therein in the Register. No assignment, whether or not evidenced by a promissory note, shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this clause (b)(v).

 

(c)            (i) Any
Lender may, without the consent of the Borrower, the Administrative Agent or the Letter of Credit Issuers, sell participations to one
or more banks or other entities (other than (x) a natural person (or holding company, investment vehicle or trust for, or owned
and operated for the primary benefit of, a natural person), (y) Holdings, the Borrower and its Subsidiaries or any of their respective
Affiliates and (z) any Disqualified Lender provided, however, that, notwithstanding clause (z) hereof,
participations may be sold to Disqualified Lenders unless a list of Disqualified Lenders has been made available to all Lenders) (each,
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 Letter of Credit Issuer, 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. For
the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for ascertaining, monitoring or enforcing
compliance with the list of Disqualified Lenders or the sales of participations thereto at any time. 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 or any other Credit Document; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in clauses (i), (vi) and (vii) of the second proviso to Section 13.1 that affects
such Participant. Subject to clause (c)(ii) of this Section 13.6, the Borrower agrees that each Participant shall
be entitled to the benefits of Sections 2.10, 2.11, 3.5, and 5.4 to the same extent as if it were a Lender
(subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment
pursuant to clause (b) of this Section 13.6, including the requirements of clause (e) of Section 5.4)
(it being agreed that any documentation required under Section 5.4(e) shall be provided to the participating Lender)).
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 13.8(b) as though
it were a Lender; provided such Participant shall be subject to Section 13.8(a) as though it were a Lender.

 

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(ii)             A
Participant shall not be entitled to receive any greater payment under Section 2.10, 2.11, 3.5 or 5.4
than the applicable Lender would have been entitled to receive absent the sale of such the participation sold to such Participant, unless
the sale of the participation to such Participant is made with the Borrower’s prior written consent (which consent shall not be
unreasonably withheld). 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
amounts) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”).
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. 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, letters of credit
or its other obligations under any Credit Document) 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) and proposed Section 1.163-5(b) of
the United States Treasury Regulations.

 

(d)            Any
Lender may, without the consent of the Borrower or the Administrative Agent, 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 other central bank having jurisdiction over such Lender and this Section 13.6 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)            Subject
to Section 13.16, the Borrower authorizes each Lender to disclose to any Participant, secured creditor of such Lender or
assignee (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s
possession concerning the Borrower and its Affiliates that has been delivered to such Lender by or on behalf of the Borrower and its
Affiliates pursuant to this Agreement or that has been delivered to such Lender by or on behalf of the Borrower and its Affiliates in
connection with such Lender’s credit evaluation of the Borrower and its Affiliates prior to becoming a party to this Agreement.

 

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(f)            [Reserved].

 

(g)            SPV
Lender. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant
to a special purpose funding vehicle (an “SPV”), identified as such in writing from time to time by the Granting Lender
to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender
would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute
a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise such option or otherwise fails to provide all
or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan
by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting
Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement
(all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which
agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in
full of all outstanding commercial paper or other senior indebtedness of any SPV, it shall not institute against, or join any other Person
in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of
the United States or any State thereof. In addition, notwithstanding anything to the contrary contained in this Section 13.6,
any SPV may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without
paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial
institutions (consented to by the Borrower and the Administrative Agent) other than a Disqualified Lender providing liquidity and/or
credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) subject to Section 13.16,
disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider
of any surety, guarantee or credit or liquidity enhancement to such SPV. This Section 13.6(g) may not be amended without
the written consent of the SPV. Notwithstanding anything to the contrary in this Agreement but subject to the following sentence, each
SPV shall be entitled to the benefits of Sections 2.10, 2.11, 3.5 and 5.4 to the same extent as if it were
a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment
pursuant to clause (b) of this Section 13.6, including the requirements of clause (e) of Section 5.4
(it being agreed that any documentation required under Section 5.4(e) shall be provided to the Granting Lender)).
Notwithstanding the prior sentence, an SPV shall not be entitled to receive any greater payment under Section 2.10, 2.11,
3.5 or 5.4 than its Granting Lender would have been entitled to receive absent the grant to such SPV, unless such grant
to such SPV is made with the Borrower’s prior written consent (which consent shall not be unreasonably withheld).

 

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13.7          Replacements
of Lenders Under Certain Circumstances.

 

(a)            The
Borrower shall be permitted (x) to replace any Lender or (y) terminate the Commitment of any Lender or Letter of Credit Issuer,
as the case may be, and (1) in the case of a Lender, repay all Obligations of the Borrower due and owing to such Lender relating
to the Loans and participations held by such Lender as of such termination or replacement date and (2) in the case of a Letter of
Credit Issuer, repay all Obligations of the Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held
by the Letter of Credit Issuer as of such termination or replacement date and cancel or backstop on terms satisfactory to such Letter
of Credit Issuer any Letters of Credit issued by it that (a) requests reimbursement for amounts owing pursuant to Sections 2.10
or 5.4, (b) is affected in the manner described in Section 2.10(h) and as a result thereof any of the
actions described in such Section is required to be taken, or (c) becomes a Defaulting Lender, with a replacement bank or other
financial institution; provided that (i) such replacement does not conflict with any Requirements of Law, (ii) no Event
of Default shall have occurred and be continuing at the time of such replacement, (iii) the Borrower shall repay (or the replacement
bank or institution shall purchase, at par) all Obligations in respect of Loans and Letters of Credit and other amounts pursuant to Sections
2.10, 2.11, or 5.4, as the case may be, owing to such replaced or terminated Lender prior to the date of replacement
or termination, (iv) the replacement bank or institution, if not already a Lender, an Affiliate of the Lender or Approved Fund,
and the terms and conditions of such replacement, shall be reasonably satisfactory to the Administrative Agent, (v) the replacement
bank or institution, if not already a Lender shall be subject to the provisions of Section 13.6(b), (vi) the replaced
Lender shall be obligated to make such replacement in accordance with the provisions of Section 13.6 (provided that
unless otherwise agreed the Borrower shall be obligated to pay the registration and processing fee referred to therein), and (vii) any
such replacement 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 Lender.

 

(b)            If
any Lender (such Lender, a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge
or termination that pursuant to the terms of Section 13.1 requires the consent of either (i) all of the Lenders directly
and adversely affected or (ii) all of the Lenders, and, in each case, with respect to which the Required Lenders (or at least 50.1%
of the directly and adversely affected Lenders) shall have granted their consent, then the Borrower shall have the right (unless such
Non-Consenting Lender grants such consent) to (x) replace such Non-Consenting Lender by requiring such Non-Consenting Lender to
assign its Loans and its Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent (to the extent
such consent would be required under Section 13.6) or to terminate the Commitment of such Lender or Letter of Credit Issuer,
as the case may be, and (1) in the case of a Lender, repay all Obligations of the Borrower due and owing to such Lender relating
to the Loans and participations held by such Lender as of such termination or replacement date and (2) in the case of the Letter
of Credit Issuer, repay all Obligations of the Borrower owing to such Letter of Credit Issuer relating to the Loans and participations
held by the Letter of Credit Issuer as of such termination or replacement date and cancel or backstop on terms satisfactory to such Letter
of Credit Issuer any Letters of Credit issued by it; provided that (a) all Obligations hereunder of the Borrower owing to
such Non-Consenting Lender being replaced or terminated shall be paid in full to such Non-Consenting Lender concurrently with such assignment
including any amounts that such Lender may be owed pursuant to Section 2.11, (b) the replacement Lender shall purchase
the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest
thereon, and (c) the Borrower shall pay to such Non-Consenting Lender all such other amounts, if any, owing to such Lender. In connection
with any such assignment, the Borrower, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise
comply with Section 13.6; provided that any Non-Consenting Lender shall be deemed to have consented to the assignment
and delegation of its interests, rights and obligations if it does not execute and deliver an Assignment and Acceptance to the Administrative
Agent within one (1) Business Day after having received a request therefor.

 

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13.8          Adjustments;
Set-off.

 

(a)            Except
as contemplated in Section 13.6 or elsewhere herein, if any Lender (a “Benefited Lender”) shall at any
time receive any payment of all or part of its Loans, or interest thereon, 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 11.5, or otherwise),
in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s
Loans, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion
of each such other Lender’s Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds
thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds
ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter
recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of
such recovery, but without interest.

 

(b)            After
the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies of the Lenders provided by law,
each Lender or its affiliate shall have the right, without prior notice to the Credit Parties but with the prior consent of the Administrative
Agent, any such notice being expressly waived by the Credit Parties to the extent permitted by applicable law, upon any amount becoming
due and payable by the Credit Parties hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate
and apply against such amount any and all deposits (general or special, time or demand, provisional or final) (other than payroll, trust,
Tax, fiduciary, and petty cash accounts), in any currency, and any other credits, indebtedness or claims, in any currency, in each case
whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency
thereof to or for the credit or the account of the Credit Parties. Each Lender agrees promptly to notify the Credit Parties and the Administrative
Agent after any such set-off and application made by such Lender; provided that the failure to give such notice shall not affect
the validity of such set-off and application.

 

13.9          Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile
or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. The words
 “execution,” “execute”, “signed,” “signature,” and words of like import in or related
to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation
any Assignment and Acceptances, amendments or other modifications, Notices of Borrowing, Conversion/Continuation Notices, waivers and
consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic
platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may
be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree
to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures
approved by it.

 

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13.10        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.

 

13.11        Integration.
This Agreement and the other Credit Documents represent the entire agreement of the Borrower, the Collateral Agent, the Administrative
Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties
by the Borrower, the Administrative Agent, the Collateral Agent nor any Lender relative to subject matter hereof not expressly set forth
or referred to herein or in the other Credit Documents.

 

13.12        GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH LETTER OF CREDIT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK.

 

13.13        Submission
to Jurisdiction; Waivers. Each party hereto irrevocably and unconditionally:

 

(a)            submits
for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit Documents to which it is
a party to the exclusive general jurisdiction of the courts of the State of New York or the courts of the United States for the Southern
District of New York, in each case sitting in New York City in the Borough of Manhattan, and appellate courts from any thereof;

 

(b)            consents
that any such action or proceeding shall be brought in such courts and waives (to the extent permitted by applicable law) any objection
that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was
brought in an inconvenient court and agrees not to plead or claim the same or to commence or support any such action or proceeding in
any other courts;

 

(c)            agrees
that service of process in any such action or proceeding shall be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to such Person at its address set forth on Schedule 13.2 at such
other address of which the Administrative Agent shall have been notified pursuant to Section 13.2;

 

(d)            agrees
that nothing herein shall affect the right of the Administrative Agent, any Lender or any other Secured Party to effect service of process
in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Borrower or any other Credit Party
in any other jurisdiction; and

 

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(e)            waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to
in this Section 13.13 any special, exemplary, punitive or consequential damages; provided that nothing in this clause
(e) shall limit the Credit Parties’ indemnification obligations set forth in Section 13.5.

 

13.14        Acknowledgments.
The Borrower hereby acknowledges that:

 

(a)            it
has been advised by counsel in the negotiation, execution, and delivery of this Agreement and the other Credit Documents;

 

(b)            (i) the
credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection
with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm’s-length commercial transaction
between the Borrower and the other Credit Parties, on the one hand, and the Administrative Agent, the Lenders and the other Agents on
the other hand, and the Borrower and the other Credit Parties are capable of evaluating and understanding and understand and accept the
terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents (including any amendment, waiver
or other modification hereof or thereof);

 

(ii)            in
connection with the process leading to such transaction, each of the Administrative Agent and the other Agents is and has been acting
solely as a principal and is not a financial advisor, agent or fiduciary for the Borrower, any other Credit Party or any of their respective
Affiliates, stockholders, creditors or employees, or any other Person;

 

(iii)           neither
the Administrative Agent nor any other Agent has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the
Borrower or any other Credit Party with respect to any of the transactions contemplated hereby or the process leading thereto, including
with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective of whether the Administrative
Agent or other Agent has advised or is currently advising the Borrower, the other Credit Parties or their respective Affiliates on other
matters) and neither the Administrative Agent or other Agent has any obligation to the Borrower, the other Credit Parties or their respective
Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other
Credit Documents;

 

(iv)          the
Administrative Agent, each other Agent and each Affiliate of the foregoing may be engaged in a broad range of transactions that involve
interests that differ from those of the Borrower and its Affiliates, and neither the Administrative Agent nor any other Agent has any
obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and

 

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(v)            neither
the Administrative Agent nor any other Agent has provided and none will provide any legal, accounting, regulatory or tax advice with
respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other
Credit Document) and the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate.
The Borrower hereby agrees that it will not claim that any Agent owes a fiduciary or similar duty to the Credit Parties in connection
with the Transactions contemplated hereby and waives and releases, to the fullest extent permitted by law, any claims that it may have
against the Administrative Agent or any other Agent with respect to any breach or alleged breach of agency or fiduciary duty; and

 

(c)            no
joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Lenders or among the Borrower, on the one hand, and any Lender, on the other hand.

 

13.15        WAIVERS
OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) TRIAL BY JURY
IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

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13.16        Confidentiality.
The Administrative Agent, each other Agent and each Lender, each on behalf of itself and its controlled Affiliates (collectively, the
 “Restricted Persons” and, each a “Restricted Person”), shall treat confidentially all non-public
information provided to any Restricted Person by or on behalf of any Credit Party hereunder in connection with such Restricted Person’s
evaluation of whether to become a Lender hereunder or obtained by such Restricted Person pursuant to the requirements of this Agreement
(“Confidential Information”) and shall not publish, disclose or otherwise divulge such Confidential Information; provided
that nothing herein shall prevent any Restricted Person from disclosing any such Confidential Information (a) pursuant to the
order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required
by applicable law, rule or regulation or compulsory legal process (in which case such Restricted Person agrees (except with respect
to any routine or ordinary course audit or examination conducted by bank accountants or any governmental or bank regulatory authority
exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, rule or regulation,
to inform the Borrower promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory authority having
jurisdiction over such Restricted Person or any of its Affiliates (in which case such Restricted Person agrees (except with respect to
any routine or ordinary course audit or examination conducted by bank accountants or any governmental or bank regulatory authority exercising
examination or regulatory authority) to the extent practicable and not prohibited by applicable law, rule or regulation, to inform
the Borrower promptly thereof prior to disclosure), (c) to the extent that such Confidential Information becomes publicly available
other than by reason of improper disclosure by such Restricted Person or any of its Affiliates or any Related Parties thereto in violation
of any confidentiality obligations owing under this Section 13.16, (d) to the extent that such Confidential Information
is received by such Restricted Person from a third party that is not, to such Restricted Person’s knowledge, subject to contractual
or fiduciary confidentiality obligations owing to any Credit Party or any of their respective Subsidiaries or Affiliates, (e) to
the extent that such Confidential Information was already in the possession of the Restricted Persons prior to any duty or other undertaking
of confidentiality or is independently developed by the Restricted Persons without the use of such Confidential Information, (f) to
such Restricted Person’s affiliates and to its and their respective officers, directors, partners, employees, legal counsel, independent
auditors, and other experts or agents who need to know such Confidential Information in connection with providing the Loans or action
as an Agent hereunder and who are informed of the confidential nature of such Confidential Information and who are subject to customary
confidentiality obligations of professional practice or who agree to be bound by the terms of this Section 13.16 (or confidentiality
provisions at least as restrictive as those set forth in this Section 13.16) (with each such Restricted Person, to the extent
within its control, responsible for such person’s compliance with this paragraph), (g) to potential or prospective Lenders,
hedge providers, participants or assignees, in each case who agree (pursuant to customary syndication practice) to be bound by the terms
of this Section 13.16 (or confidentiality provisions at least as restrictive as those set forth in this Section 13.16);
provided that (i) the disclosure of any such Confidential Information to any Lenders, hedge providers or prospective Lenders,
hedge providers or participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance
by such Lender, participant, hedge provider or prospective Lender or participant that such Confidential Information is being disseminated
on a confidential basis (on substantially the terms set forth in this Section 13.16 or confidentiality provisions at least
as restrictive as those set forth in this Section 13.16) in accordance with the standard syndication processes of such Restricted
Person or customary market standards for dissemination of such type of information, which shall in any event require “click through”
or other affirmative actions on the part of the recipient to access such Confidential Information and (ii) no such disclosure shall
be made by such Restricted Person to any person that is at such time a Disqualified Lender; provided that, for the avoidance of
doubt, 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 to any prospective assignee or Participant
on a confidential basis (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), (h) for purposes of establishing a “due diligence” defense, (i) with the
consent of the Borrower, (j) to any rating agency in connection with rating the Borrower or its Subsidiaries or the Credit Facilities
who are informed of the confidential nature of such Confidential Information and who are subject to customary confidentiality obligations
of professional practice or who agree to be bound by the terms of this Section 13.16 and to the CUSIP Service Bureau or any
similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Credit Facilities and (k) in
connection with the exercise of any remedies under this Agreement, under any other Credit Document or under any Secured Hedge Agreement
or Secured Cash Management Agreement, or any action or proceeding relating to this Agreement, any other Credit Document or any Secured
Hedge Agreement or Secured Cash Management Agreement, or the enforcement of rights hereunder or thereunder. Notwithstanding the foregoing,
(i) Confidential Information shall not include, with respect to any Person, information available to it or its Affiliates on a non-confidential
basis from a source other than the Borrower, its Subsidiaries or their respective Affiliates, (ii) the Administrative Agent shall
not be responsible for compliance with this Section 13.16 by any other Restricted Person (other than its officers, directors
or employees), (iii) in no event shall any Lender, the Administrative Agent or any other Agent be obligated or required to return
any materials furnished by the Borrower or any of its Subsidiaries, and (iv) each Agent and each Lender may (A) disclose the
existence of this Agreement and information about this Agreement to market data collectors, similar services providers to the lending
industry, and service providers to the Agents and the Lenders in connection with the administration, settlement and management of this
Agreement and the other Credit Documents, and (B) place customary advertisements in financial and other newspapers and periodicals
or on a home page or similar place for dissemination of customary information on the Internet or worldwide web as such Agent or
Lender may choose, and circulate similar promotional materials, in the form of a “tombstone” or otherwise describing the
names of the Borrower and its affiliates (or any of them), and the type, size and Closing Date of the credit facilities, and utilizing
the logos and trademarks of, the Borrower and its Affiliates (or any of them) all at the expense of such Agent or Lender;.

 

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13.17        Direct
Website Communications. The Borrower may, at its option, provide to the Administrative Agent any information, documents and other
materials that it is obligated to furnish to the Administrative Agent pursuant to the Credit Documents, including, without limitation,
all notices, requests, financial statements, financial and other reports, certificates, and other information materials, but excluding
any such communication that (A) relates to a request for a new, or a conversion of an existing, borrowing or other extension of
credit (including any election of an interest rate or interest period relating thereto), (B) relates to the payment of any principal
or other amount due under this Agreement prior to the scheduled date therefor, (C) provides notice of any Default or Event of Default
under this Agreement or (D) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement
and/or any borrowing or other extension of credit thereunder (all such non-excluded communications being referred to herein collectively
as “Communications”), by transmitting the Communications in an electronic/soft medium (including e-mail, FpML messaging,
and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, including pursuant to e-mail to the Administrative
Agent at an email address provided by the Administrative Agent from time to time; provided that (i) upon written request
by the Administrative Agent, the Borrower shall deliver paper copies of such documents to the Administrative Agent for further distribution
to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower
shall notify (which may be by facsimile or electronic mail) the Administrative Agent 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. Each Lender shall be solely
responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent
and maintaining its copies of such documents. Nothing in this Section 13.17 shall prejudice the right of the Borrower, the
Administrative Agent, any other Agent or any Lender to give any notice or other communication pursuant to any Credit Document in any
other manner specified in such Credit Document.

 

The Administrative Agent
agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth on Schedule 13.2 shall constitute
effective delivery of the Communications to the Administrative Agent for purposes of the Credit Documents. Each Lender agrees that notice
to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective
delivery of the Communications to such Lender for purposes of the Credit Documents. Each Lender agrees (A) to notify the Administrative
Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing
notice may be sent by electronic transmission and (B) that the foregoing notice may be sent to such e-mail address.

 

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The Borrower further acknowledges
agrees that any Agent may, but shall not be obligated to, make available to the Lenders and the Letter of Credit Issuers materials and/or
information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the
Borrower Materials on IntraLinks, Syndtrak, ClearPar, or a substantially similar electronic transmission system (the “Platform”).

 

THE PLATFORM IS PROVIDED
 “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY 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” and each an “Agent Party”) have any liability to the Borrower, any Lender, 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
or the Administrative Agent’s transmission of Borrower Materials through the internet, except to the extent the liability of any
Agent Party resulted from such Agent Party’s (or any of its Related Parties’ (other than any trustee or advisor)) gross negligence,
bad faith or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction.

 

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 Holdings, any Parent Entity, the Borrower, its Subsidiaries or their securities) and, if documents or notices
required to be delivered pursuant to the Credit Documents or otherwise are being distributed through the Platform, any document or notice
that the Borrower has indicated contains only publicly available information with respect to the foregoing may be posted on that portion
of the Platform designated for such public-side Lenders. The Borrower hereby agrees that it will use commercially reasonable efforts
to identify that portion of the Borrower Materials that may be distributed to the “public-side” Lenders and that (w) all
such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word
 “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,”
the Borrower shall be deemed to have authorized the Agents and the Lenders to treat such Borrower Materials as not containing any material
non-public information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of
United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute
Information, they shall be treated as set forth in Section 13.16); (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 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;” provided, however that,
the following documents shall be deemed to be marked “PUBLIC,” unless the Borrower notifies the Administrative Agent promptly
that any such document contains material nonpublic information: (1) the Credit Documents, (2) any notification of changes in
the terms of the Credit Documents and (3) all financial statements and certificates delivered pursuant to Sections 9.1(a),
(b) and (d).

 

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13.18        USA
PATRIOT Act. Each Lender and each Letter of Credit Issuer hereby notifies each Credit Party 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”) and
the Beneficial Ownership Regulation, it is required to obtain, verify, and record information that identifies each Credit Party, which
information includes the name, tax identification number and address of each Credit Party and other information that will allow such
Lender or such Letter of Credit Issuer to identify each Credit Party in accordance with the Patriot Act and the Beneficial Ownership
Regulation.

 

13.19        [Reserved].

 

13.20        Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to any Agent or any Lender, or any Agent 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 such Agent or
such Lender in its discretion) to be repaid to a trustee, receiver, or any other party, in connection with any proceeding 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 severally
agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any 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 applicable Overnight
Bank Funding Rate from time to time in effect.

 

13.21        No
Fiduciary Duty. Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”),
may have economic interests that conflict with those of the Credit Parties, their equityholders and/or their affiliates. Each Credit
Party agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship
or fiduciary or other implied duty between any Lender, on the one hand, and such Credit Party, its stockholders or its affiliates, on
the other. The Credit Parties acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the
exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the
one hand, and the Credit Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no
Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its equityholders 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 has advised, is currently advising or will advise any Credit Party, its equityholders or its affiliates on other
matters) or any other obligation to any Credit Party except the obligations expressly set forth in the Credit Documents and (y) each
Lender is acting solely as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders or creditors.
Each Credit 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 Credit Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary
or similar duty to such Credit Party, in connection with such transaction or the process leading thereto.

 

13.22        [Reserved].

 

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13.23        Acknowledgement
Regarding Any Supported QFCs. To the extent that the Credit Documents provide support, through a guarantee or otherwise, for any
Hedge Agreement 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 Credit 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 Credit 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 Credit 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.

 

13.24        Real
Estate Matters. No MIRE Event may be closed until the date that is (a) if there are no Mortgaged Properties in a Flood Zone,
ten (10) Business Days or (b) if there are any Mortgaged Properties in a Flood Zone, thirty (30) days (in each case, the “Notice
Period”), after the Administrative Agent has delivered to the Lenders the following documents in respect of such real property:
(i) a completed Flood Certificate from a third party vendor; (ii) if such real property is located in a “special flood
hazard area”, (A) a notification to the applicable Credit Parties of that fact and (if applicable) notification to the applicable
Credit Parties that flood insurance coverage is not available and (B) evidence of the receipt by the applicable Credit Parties of
such notice; and (iii) if required by Flood Insurance Laws, evidence of required flood insurance; provided that any such
MIRE Event may be closed prior to the Notice Period if the Administrative Agent shall have received confirmation from each applicable
Lender that such Lender has completed any necessary flood insurance due diligence to its reasonable satisfaction.

 

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Section 14.Acknowledgement
and Consent to Bail-In of EEA Financial Institutions.

 

Notwithstanding anything
to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any parties to any Credit Document,
each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Credit 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 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 Credit Document; or

 

(iii)          the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any applicable Resolution
Authority.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    211 

     

    

 

IN WITNESS WHEREOF, each
of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

 

	 	EW HOLDCO, LLC,

    as the Borrower
	 	 
	 	By:	/s/ Gavin O’Connor
	 	 	Name: 	Gavin O’Connor
	 	 	Title: 	Chief Legal Officer

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	EW INTERMEDIATE HOLDCO, LLC,

as Holdings
	 	 
	 	By:	/s/ Gavin O’Connor
	 	 	Name: 	Gavin O’Connor
	 	 	Title: 	Chief Legal Officer

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	BANK
OF AMERICA, N.A.,

as a Letter of Credit Issuer and a Lender
	 	 
	 	By:	/s/ Matt
Powers
	 	 	Name: 	Matt
Powers
	 	 	Title: 	Director

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	BANK
OF AMERICA, N.A.,

as Administrative Agent
	 	 
	 	By:	/s/ Denise
Jones
	 	 	Name: 	Denise
Jones
	 	 	Title: 	Vice
President

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	MORGAN STANLEY SENIOR FUNDING, INC.,

as a Letter of Credit Issuer and a Lender
	 	 
	 	By:	/s/ Michael
King
	 	 	Name: 	Michael
King
	 	 	Title: 	Vice
President

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	JEFFERIES FINANCE LLC,

as a Letter of Credit Issuer and a Lender
	 	 
	 	By:	/s/ Brian
Buoye
	 	 	Name: 	Brian
Buoye
	 	 	Title: 	Managing
Director

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	TRUIST BANK,

as a Letter of Credit Issuer and a Lender
	 	 
	 	By:	/s/
    J. Haynes Gentry III
	 	 	Name: 	J.
Haynes Gentry III
	 	 	Title: 	Managing
Director

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	CITIBANK, N.A.,

as a Letter of Credit Issuer and a Lender
	 	 
	 	By:	/s/
    Jyoti
Narayanan
	 	 	Name: 	Jyoti
Narayanan
	 	 	Title: 	Vice
President

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	PRIVATE DEBT INVESTORS FEEDER, LLC,

as a Lender
	 	 
	 	By: Guggenheim Corporate Funding,
LLC,

as Manager
	 	 
	 	By:	/s/
    Kevin
M. Robinson
	 	 	Name: 	Kevin
M. Robinson
	 	 	Title: 	Attorney-in-Fact

 

[Signature
Page to Credit Agreement]igms-ex102_58.htm

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT, dated as of July 29, 2021 is between IGM Biosciences, Inc., a Delaware corporation (the “Company”) and Chris H. Takimoto (“Executive”). In consideration of the mutual covenants contained herein, the parties agree as follows:

 

1.Employment; Term of Employment.  The Company hereby employs Executive on a date to be confirmed by the Company and Executive (the “Effective Date”), but in any event not later than July 30, 2021, and Executive hereby accepts such employment with the Company, upon all the terms and conditions set forth below. The term of Executive’s employment under this Agreement shall continue from the Effective Date until terminated in accordance with this Agreement (the “Employment Term”).

 

The Company and Executive acknowledge that Executive’s employment is at will and can be terminated by either party at any time upon written notice, with or without Cause (as defined below). 

 

2.Duties.

 

(a)Position.  The Company shall employ Executive in the position of Chief Medical Officer. 

 

(b)Duties and Responsibilities.  Executive shall perform the duties and responsibilities customary for the position set forth above and such other related duties as are lawfully assigned by the Company.  Executive shall devote Executive’s full professional efforts and time to the Company.  Notwithstanding the foregoing, nothing in this Agreement shall prevent Executive from serving on boards of directors or otherwise serving as an advisor to other businesses, provided that such participation does not, individually or in the aggregate, materially interfere with the performance by Executive of his duties hereunder, and provided further that such service has been approved by the Chief Executive Officer of the Company (which approval will not be unreasonably withheld). By signing this Agreement, Executive confirms that Executive has no contractual commitments or other legal obligations that would prohibit Executive from performing the duties set forth herein.

 

3.Compensation.

 

(a)Base Salary.  The Company shall pay Executive salary at the annualized rate of US $460,000.00, less payroll deductions and required withholdings (“Base Salary”).   Base Salary shall be paid periodically in accordance with normal Company payroll practices. 

 

(b)Bonus.  For the Company’s 2021 fiscal year (and subsequent years, subject to Board or Compensation Committee approval), Executive shall be eligible to receive a target discretionary bonus (the “Bonus”).  For the Company’s 2021 fiscal year, the discretionary 

Bonus target is up to 45% of Executive’s full (not prorated) Base Salary of $460,000.00.   The amount and payment of such Bonus, if any, shall be determined by the Company based on achievement of performance objectives to be determined by the Company in its sole and absolute discretion.  If payable, the Bonus shall be paid in accordance with the Company’s Executive Incentive Compensation Plan.  Unless determined otherwise by the Board or Compensation Committee, as applicable, any such bonus will be subject to Executive’s continued employment through and until the date of payment.  Executive’s annual bonus opportunity and the applicable terms and conditions may be amended from time to time or terminated by the Company in its sole discretion in accordance with the provisions of the Company’s Executive Incentive Compensation Plan.

 

(c)Option Grant.  Subject to the approval of the Board of Directors of the Company (or the applicable committee thereof), the Company will grant Executive a stock option (the “Option”) under the Company’s equity compensation plan to purchase 150,000 shares of the Company’s Common Stock at an exercise price equal to the fair market value of the Common Stock on the date of grant of the Option.  The Option will become exercisable (or “vest”) as to twenty-five percent (25%) of the shares on the first anniversary of the Effective Date, provided that Executive’s service with the Company has not terminated prior to such anniversary date. No shares shall vest before such date, and no rights to any vesting shall be earned or accrued prior to such date. The remaining shares shall vest and become exercisable over the following 36 months in equal monthly installments for each month of Executive’s continuous service with the Company.  The Option will be subject to documentation including the Company’s customary terms.  In addition, any transactions involving our shares by Executive will be subject to the Company’s Insider Trading Policy.

 

(d)Employee Benefits.  Executive shall be eligible to participate in any employee benefits plans and executive compensation programs maintained by the Company applicable to similarly situated executives of the Company, including health and disability insurance and vacation.  Such eligibility shall be subject in each case to the generally applicable terms and conditions of the plan or program in question and to the determination of any committee administering such plan or program.  The Company reserves the right to modify, amend, suspend or terminate the benefit plans and programs it offers to its employees at any time.

 

4.Severance Benefits.  As of the Effective Date, Executive will be eligible to participate in the Company’s Change in Control and Severance Policy (the “CIC/Severance Policy”), a copy of which has been provided to Executive separately. The CIC/Severance Policy and the participation agreement under the CIC/Severance Policy, which specify the severance payments and benefits Executive may become entitled to receive in connection with certain qualifying terminations of Executive’s employment with the Company, may be changed by the Company at any time in its sole discretion.

 

5.Non-Assignability.  Neither this Agreement nor any right or interest hereunder shall be assignable by Executive, his beneficiaries, or legal representatives without the Company’s prior written consent; provided, however, that nothing in this subparagraph shall preclude (i) Executive from designating a beneficiary to receive any benefit payable hereunder 

2

 

upon his death, or (ii) the executors, administrators, or other legal representatives of Executive or his estate from assigning any rights hereunder to the person or persons entitled thereunto.

6.Confidentiality; Assignment of Inventions; Policies.  Executive shall be subject to all terms set out in the Company’s standard form Employee Confidential Information, Invention Assignment and Arbitration Agreement (the “Confidentiality Agreement”) to be executed concurrently herewith. Executive further agrees not to disclose the terms of this Agreement without the express approval of the Company, except as required by applicable law.  As an employee of the Company, Executive will be expected to abide by the Company’s policies as communicated to Executive from time to time.

 

7.Successors.  Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets may assume the obligations under this Agreement and agree to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession.  For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 7 or which becomes bound by the terms of this Agreement by operation of law.

 

8.Binding Effect.  This Agreement shall inure to the benefit of and be binding upon the parties and their respective heirs, successors, legal representatives and assigns.

 

9.Notices.  Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and either delivered in person or sent by first class certified or registered mail, postage prepaid, if to the Company at the Company’s principal place of business, and if to Executive, at his home address most recently filed with the Company, or to such other address as either party shall have designated in writing to the other party hereto.

 

10.Law Governing.  This Agreement shall be governed by and construed in accordance with the laws of the State of California.

 

11.Severability.  If any provision of this Agreement shall be determined to be invalid, illegal or unenforceable in whole or in part, neither the validity of the remaining part of such provision nor the validity of any other provision of this Agreement shall in any way be affected thereby.

 

12.Waiver.  Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or condition.

 

13.Entire Agreement; Modifications.  This Agreement, together with the confidentiality and assignment of inventions agreement referenced in Section 6, constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements, oral and written between the parties hereto with respect to the subject matter hereof.  This Agreement may be modified or amended only by an instrument in writing signed by both parties.

3

 

 

4

 

 

 

14.Employment and Income Taxes; Advice; Eligibility.  All payments made pursuant to this Agreement will be subject to withholding of employment taxes.  Executive is responsible for understanding the tax consequences of this Agreement and is not relying on the Company or its representatives for tax advice.  As required by law, Executive’s employment with the Company is also contingent upon Executive providing legal proof of his identity and authorization to work in the United States.

 

15.Protected Activity Not Prohibited. Nothing in this Agreement or in any other agreement between Executive and the Company, as applicable, will in any way limit or prohibit Executive from engaging for a lawful purpose in any Protected Activity. For purposes of this Agreement, “Protected Activity” means filing a charge, complaint, or report with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may be conducted by, any state, federal, or local governmental agency or commission, including the U.S. Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board (the “Government Agencies”). Executive understands that in connection with such Protected Activity, Executive is permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information under the Confidentiality Agreement to any parties other than the Government Agencies. Executive further understands that “Protected Activity” does not include the disclosure of any Company attorney-client privileged communications. Any language in the Confidentiality Agreement regarding Executive’s right to engage in Protected Activity that conflicts with, or is contrary to, this paragraph is superseded by this Agreement. In addition, pursuant to the Defend Trade Secrets Act of 2016, Executive is  notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

 

16.Proof of Identity and Authorization.  As required by law, Executive’s employment with the Company is also contingent upon Executive providing legal proof of identity and authorization to work in the United States.  Executive must provide such documentation to the Company within three (3) business days of date of hire as a condition of this offer and of Executive’s employment.  Executive’s failure to comply with this condition gives the Company the right to revoke this offer or immediately terminate its employment relationship with Executive.

5

 

 

IN WITNESS WHEREOF the Company and Executive have duly executed and delivered this Agreement as of the day and year first above written.

 

 

	

	
IGM BIOSCIENCES, INC., a Delaware corporation

 

 

 

 

By: 

Fred M. Schwarzer, Chief Executive Officer

 

 

EXECUTIVE

 

 

 

 

Chris H. Takimoto

6

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